India Inc reacts to Union Budget 2015-16

Rajan Bharti Mittal, Vice Chairman, Bharti Enterprises:

"I am happy the FM has given clarity that he wants simplification of processes. For corporate tax, he has set a roadmap. That's the right way to handle things. Rather than putting it at x per cent with all the exemptions, which means more paperwork and more discretion, he has given a roadmap. The rise in service tax rates is a signal of moving towards GST. Given that it has been increased from 12.5% to 14% and with the rise in excise duty, it looks like GST (rates) will be 24 to 26%."

SK Roongta, Chairman, Balco:

"A number of measures have been announced in the infrastructure sector. The Finance Minister has not only increased the total spending in the sector by Rs 70,000 crore, but [he] has also announced setting up of a national infrastructure fund. There is a positive announcement of tax-free infra bonds for roads, rail and irrigation projects. He has proposed to bring in public contract resolution of disputes bill which will clear the roadblocks for stuck projects"

Ravi Uppal, MD & Group CEO, JSPL:

"The Budget is consistent with its policy stance and stands for continuity. It creates a predictable policy environment, which should go a long way in soothing the nerves of investors. This, along with its stress on creating a transparent and ethical context for business, will boost the confidence of both domestic and foreign investors. Also commendable is its commitment to enhancing ease of doing business in India through measures like single-window clearance."

RC Bhargava, Chairman, Maruti Suzuki:

"The Budget is as good as it can possibly be. First, it is very comprehensive. Second, it sets out a clear roadmap of what should happen in the major areas of economic interest. The third is disinvestment. 'Make in India' gets a boost because there will be certainty about what's going to happen. Rs 70,000 crore more in infrastructure is not enough. So the money should come from the private sector. Mr Jaitley certainly comes across as a guy who understands business."

Vikram Kirloskar, Vice Chairman, Toyota Kirloskar Motor:

"I am happy about the simplification of taxes, reduction of corporate tax over 4 years, removing the wealth tax - return itself is a nuisance. I would be happier if the taxes on cars had been reduced - the excise duty is still high for vehicles. I am also not able to see any 'Make in India' issues in the Budget. Make in India is important for the country - 35 to 40 per cent of manufacturing is the auto sector. If the auto sector doesn't kick off, the rest of manufacturing doesn't pick up."