Business Today

India Inc. reacts

Some CEOs liked it, some didn’t, but few could afford to ignore Chidambaram’s 2008-09 budgetary bouquet.

     Print Edition: Budget 2008 Special

"It is clearly an inclusive Budget. Bold measures such as farm loan waiver, focus on irrigation, higher outlays for education and health have been prioritised against a backdrop of high economic growth and buoyant revenues”
A.M. Naik, CMD, L&T

“This is a very progressive Budget with concern for the common man…The crucial challenge will be monitoring and implementation of schemes where large sums of money are being pumped in”
S.P. Hinduja, Chairman, Hinduja Group

“This is a People-driven Budget and not a Corporate-driven Budget. As an airline operator, I am quite disappointed as we have not been given any tax breaks”
Jeh Wadia, Managing Director, GoAir

“This Budget will provide an impetus to inflation control. We welcome the relaxation in excise duty from 16 per cent to 14 per cent”
Moon B. Shin, Managing Director, LG Electronics India

“I think that the government’s decision to reduce excise duty on all goods produced in the pharmaceutical sector from 16 per cent to 8 per cent is a very positive move, especially from the point of view of smallscale players who had to close down in the past”
Dr Swati Piramal, Director, Nicholas Piramal

“Total reduction of excise duties by 2 per cent will give a welcome boost to the manufacturing sector. Also, the exemption of specified parts of set-top boxes from customs duties is, indeed, commendable and will help in reducing the costs for customers”
Rakesh Bharti Mittal, Vice Chairman, Bharti Enterprises

"It’s an election Budget. A Rs 60,000 crore debt waiver for farmers and tax relief for individuals—what more could one expect as handouts”
R. Subramanian, MD, Subhiksha

“The Finance Minister has displayed remarkable courage in pursuing economic reforms”
Baba Kalyani, CMD, Bharat Forge

“This is a mixed Budget. The FM has not touched upon the corporate tax, which we were anticipating”
Sajjan Jindal, Vice-Chairman & MD, JSW Steel

“The Budget is a stimulus package towards social, health, employment, agriculture, education and other sectors”
Gautam Hari Singhania, CMD, Raymond

“The fact that the government has waived (farmers’) loans is the big positive...”
Shekhar Bajaj, Chairman & MD, Bajaj Electricals

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