Given the statesman that he is, the finance minister has done a fine balancing act in today's Budget. On the one hand, he has a fiscal deficit that's projected to grow at 6.8 per cent of GDP by 2010. He has to balance this with the interests of consumers by not taking measures that would cause consumer prices to rise.
The Budget has also stressed on inclusive growth. On the issue of taxation, we've got what we wanted. Whether it was scrapping of the fringe benefit tax, giving a time bound introduction of GST in April 2010, or assuring that the discussion on direct tax code will be taken up in the next 45 days, he has scored on all these fronts very well.
Finally, on investments in infrastructure, granting incentives to investments in cold storage for the farm structure, extending the R&D weighted deduction of 150 per cent primarily to all manufacturing sectors with a few exceptions, the finance minister virtually has granted all our requests.
