Budget Reactions: CII not too very happy; mixed bag for economy

CNBC-TV18 catches up with an elite panel of CII members for their first reaction on Budget 2012-13. Check out the discussion of the panel consisting of president Muthuraman, who is also vice chairman  of Tata Steel; Adi Godrej, president designate at CII and chairman, Godrej Group; Hari S Bhartia, former president, CII; Sunil Kant Munjal, chairman of CII eco policy council and chairman, Hero MotoCorp; Rajiv Memani, chairman of CII national committee on indirect taxes; and Malvinder Singh, deputy chairman of CII and chairman, Dion Global Solutions.

Below is the edited transcript of the interview. Also watch the accompanying videos. Q: Sunil Munjal, your view was that Pranab Mukherjee is going to deliver. Is it a wasted last opportunity? Munjal: I have mixed response to that. On the one hand from the recommendation that CII had made he has actually picked a lot of that stuff. I have to say, on the FRBM, capping subsidies etc, a whole host of things. Q: But the point is the how? Capping subsidies at 2% of GDP, how? Munjal: Exactly. More could have been done and if more was to be done this is the year to do it, this was the year to do it. So, on that front I would agree that we probably missed an opportunity. The politics of the day seems to have become so complex that it does not allow some of the things which are known to be good for the economy and for India. Those are getting held up and that