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Feb 26, 2010, 06.00 PM IST
The government needs to review public spending and improve its fiscal position, Finance Minister Pranab Mukherjee said on Friday, kicking-off the presentation of his Budget for the fiscal year that starts on April 1.
He also unveiled efforts to lift agricultural production in a country where high food prices have helped push broader inflation to what some economists expect could hit 10% next month, with a push to improve farm output in the eastern part of India.
Following are reactions from company officials on the budget.
Sanjay Tapriya, Director, Simbhaoli Sugar Mills
"Specifically for sugar, there was nothing in it. There were expectations on direction or reforms on opening up sugar sector.
However, the government is committed to agriculture growth. That will help sugarcane crop. For sugar corporates, there is nothing to cheer. No damage, no reforms."
Sunil Khandelwal, CFO, Alok Industries
"Given the circumstances they have done a good job. For the textile industry, they have left most of the duties untouched and also extended the interest subvention by an year. These are certainly positives. We are waiting for other details like allocation under TUFS (technology upgradation fund scheme).
JM Garg, Chairman and MD, Corporation Bank
"The Budget is good. We are quite happy. The relief to farmers has been extended, it is a good thing. The tap on borrowing will reduce yields and ease upward pressure on interest rates. With re-capitalisation we will have minimum capital for the tier I segment.
The Budget will leave more money in the hands of consumers and more funds are expected in bank deposits. It is a good budget for both the urban and rural areas."
Adi Godrej, Chairman, Godrej Consumer Products
"The overall reaction is positive. I think the best part of the Budget is that the income tax slabs has been raised, that will create a lot of disposable income in the hands of the (socio-economic classes).
"Despite these benefits the fiscal deficit has been contained at 5.5% and that is a clear indication it will come down in 2012/13, so its a positive budget.
"The increased allocation under NREGA is also positive as it leads to better rural income and rural remuneration structure which leads to growth."
Tags: Budget, Sanjay Tapriya, Simbhaoli Sugar Mills, Finance Minister Pranab Mukherjee, Sunil Khandelwal, Alok Industries, JM Garg, Corporation Bank, Adi Godrej, Godrej Consumer Products, Arvind Parakh, JSL LTD, Shekhar Bajaj, Subbarao Amarthaluru, GMR Group, Sarang Wadhawan, Vishnu Mathur, Auto Components Manufacturers Association, ACMA, Som Mittal, National Association Of Software And Services Cos, NASSCOM, Milind Sarwate, Marico, S.Mahalingam, Tata Consultancy Services, Pradeep Jain, Parsvnath Developers , Venugopal Dhoot, Videocon Industries , S C Gupta, United Bank Of India, Paras Chowdhary, Ceat Ltd
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