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Feb 27, 2010, 11.11 AM IST
In an interview with CNBC-TV18, Venu Srinivasan, President at CII, Malvinder Singh, Group Chairman of Fortis Healthcare & Religare Enterprises, Sunil Kant Munjal, MD & CEO, Hero Corporate Service and Rajiv Memani, Chief Executive Officer & Country Managing Partner of Ernst & Young India, spoke about their outlook on Budget 2010.
Here is a verbatim transcript of an exclusive interview with Venu Srinivasan, Malvinder Singh, Sunil Kant Munjal, Rajiv Memani and Hari Bhartia on CNBC-TV18. Also watch the accompanying video. Q: You said that it’s going to be a middle of a road sort of a Budget. What do you come out saying now?
Q: On that excise front, are you going to be passing on that 2% hike to customers? Srinivasan: Yes we will and it’s about Rs 500-1,000 depending on the model. Q: Don’t expect to change anything on the demand front? Srinivasan: No. Q: You should be very happy. He has talked about more private banking licenses and NBFC also to try and get banking licenses.
Q: How happy are you on what he laid out on more private sector participation in the banking space and on NBFC as well is that big opportunities for someone like you? Singh: I think that’s a big opportunity for someone in the financial services space. At the same time, one would want to understand what he means by adhering to the guidelines. So we would have to see what the come up is. Q: Are saying the devil could be in the fine print? Singh: I don’t know. Let’s see what comes out with it. We can take a call from that.
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Srinivasan: It’s a Budget that created expectations which could be met and they met those expectations. I am coming out very pleased by saying it’s a middle of the road Budget. However, with clear long term goals on fiscal deficit, it has got certain long term goals on reform. At the same time it has done the minimum that we expected on excise duties to put it back. By and large, this Budget is an excellent Budget because I think time has it come for transparency where you create expectations and fulfill them. 
Singh: The Budget is very much on expected lines. He is clearly focusing on a 9-10% growth though he has spoken about it from a medium term view point. We are very happy to see what he is doing on the fiscal deficit. On the financial services side, he wants to broaden the platform and also look at capitalizing more of the PSU banks which is coming in is very positive. 
