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India Inc gives thumbs down to budget

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Agencies

Posted: Feb 16, 2009 at 1925 hrs IST

New Delhi India Inc on Monday gave a thumbs down to the interim budget 2009-10, proposed by Finance Minister Pranab Mukherjee, saying it is a non-event and more of a political statement.

"It was completely (a) non-event. It was (more a) political statement than (an) interim budget. There was nothing for any sector, forget about real estate," Parsvnath Developers Chairman Pradeep Jain said.

Expressing similar sentiments, Kotak Mahindra Bank Managing Director Uday Kotak said, "Acting finance minister Pranab Mukherjee has stuck to what is good convention."

TCS ED and CFO S Mahalingam said there were two stimulus packages given in the past couple of months and they were going to stay as they were. "I am disappointed," he added.

Stating that the government did not have much of a choice, Hinduja Group CFO Prabal Banerjee said: "They did what they could best do."

Navin Raheja, MD, Raheja Developers said that the budget has failed to meet the expectations at this time of global down turn.

“The Government has taken no initiatives towards reviving the sector which is under serious recession and employs a larger work force. The budget does not put any light on tax incentives under section 80IB for making smaller units which we expected would get further extension and interest benefits under income tax on home loans,” he added.

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corporates by Muchkund Dubey on 16 Feb 2009

The corporates want only bail out pakages and no taxes for themselves so that they can live in five star comfort - they are not bothered about the common man so why bother about what they have to say

Corporates always crib by Munnabhai on 16 Feb 2009

who cares for the rich corporates they do nothing except grab profits and once their profits are down they retrench employees and ask Govt for bail outs.

A good portent by Dominiq Lobo on 16 Feb 2009

In the past, the party which presented a vote on account has been thrown out of power in the subsequent elctions. This means there is hope for us.

Budget conflicting interests by Manu on 16 Feb 2009

"One man's victory is other persons loss", I think this situation is applicable in all cases. With respect to the budget, the news read that market did not welcome the budget positively, so they were the loosers, So who won.....? I think it is the common man, who won, With realty, sugar etc down because of no SOPs, I hope to see the land prices coming down. I hope to see food prices coming down. With investment in infrastructure and agriculture, I hope to see increase in quality of life. Yes the market has given a thumbs down, I feel that "aam admi" should understand their victory and give the budget a thumbs up.

Budget reasons by Kumar on 16 Feb 2009

So... All those who are critising the budget, please do so with a valid reason and justification, dont unnecessarily vent your frustration on Congress. Please give some constructive reasons / suggestions, it will be helpful.

Union Budget 09-10 by vijay on 16 Feb 2009

What can you expect from interim Finance Minister. Poor fellow forget his accumen in Finance which was his forte 25 years back. As is the precedent no incumbent Govt will come to power after placing the interim budget. There was a chance to redeem Congress by presenting a populist budget now. As every sector is in red, FM should have looked into Reality, Tax sops for individauls, rate cut in Petroleum prices , Export subsidies. See what USA is doing helping out sector which are down. FM has brought doom to Congress and this time they will lose heavily

What else do you expect from Sonia? by Alfred Nimble on 16 Feb 2009

What else do you expect from someone like Sonia with her expert P.M. convalscing, and her real F.M. donning the uniform of a Daroga

India Inc. by Mahi on 16 Feb 2009

India Inc. always wants lower interest rate, lower taxes etc from government. But, when it comes to pass on the benefits to the consumer they are reluctant.Look at the Airline companies ATF prices are lowest ever still they are not lowering the prices. Now what they want? ATF for free or what?Look at the real estate developers when government ask them to reduce the prices they don’t want that but they expect the government to give sops.I think the current crisis is not because there is no money but it is because prices are not correct. It is high time India Inc. think about it. Rather than expecting sops from government to prop up the demand they should cut the prices to revive demand.

Congress is repsonible by Gopal on 16 Feb 2009

This is another UPA farce. They should go as early for the benefit on Indians. People are sick of this Govt.

AIRTICKET by ABCD on 16 Feb 2009

private airlines give a false advertisement about fare misleading passengers. they say fare is 500 whereas when the passenger goes to purchase air tickewt the cost is 5000---passengers are not interested about fuel surcharge or psf or any other surcharge they want total amount to be paid for the ticket--SUCH DECEPTIVE AND FALSE ADVERTISEMENT SHOULD BE BANNED--AIRLINES MUST ADVERTISE ACTUAL AMOUNT REQUIRED FOR A TICKET---moreover there is no MRP[maximaum retail price] for air tickets-----sometimes there is camouflaged auction of air ticket when the demand is very heavy and the price paid becomes very high-------ONE DAY A TICKET IS SOLD FOR 3000 ON ANOTHER DAY FOR THE SAME SECTOR IT IS SOLD AT 10000---what is the MAXIMUM RETAIL PRICE?----------passengers are not bothered about various nomenclatures like airport surcharege, fuel surcharge, psf etc--they want to know the total cost--AIRLINES ARE DECEIVING,MISLEADING PASSENGERS BY SAYING PRICE IS 500 OR 499 ETC--why this slyness?

This convinces me that the budget is a good one by Anon on 16 Feb 2009

Because 'India Inc.' has given thumbs down to budget, I am convinced it is a good one for our time.It was these MBA trained idiots who got our world into this economic mess. Time to throw those books away, get rid of the executive parasites, and govern by common sense for a change.Lets fund food production (rural), education (colleges), urban poor and small loans for individual entrepreneurs. All that oxygen will bring the economic fire roaring back.Lets punish and get rid off the irresponsible banking/loan schemes for buying overpriced houses, and clip the salary of parasitic executives and managers. That will remove the wet wood from the economic fire and let the it really blaze again.

Budget by Harsh on 16 Feb 2009

It is nice to know that true economists are still there in our country

Agree by Shailesh on 16 Feb 2009

MBA trained Idiot is an intereting term. Looks like they are trained to take advantantage of loopholes in the system...Like Raju did for Satyam.

This was no budget by Vijay on 16 Feb 2009

Yes , it only dictated past laurels. Might as well not presented it.

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