'The rationalisation of duties in Textile industry is the only silver lining'
Arvind Singhal, Chairman, KSA Technopak
On the overall budget and its effect on the Indian economy:
One word best describes today's budget - insipid. We were expecting a few bold measures that would raise the country's expectations, but there is nothing exceptional about this budget at all. We were also hoping for a stimulus for investment given the dreary climate of the past year, but there are no indicators for the same.
How will this budget affect the textiles & food processing industry?
The duties in the Textile industry have been rationalised which is positive, and certain loopholes have been plugged. It targets the organised sectors and is in line with our expectations, perhaps the only silver lining in this budget.
With regards to food processing there is a statement of Intent to drive the industry, which is good. But the logistics and the "hows" still have to be worked out. The government has realised the importance of the food processing industry, which is a good beginning. Let's hope it doesn't remain just as a good beginning at the end of the year.
The shortcomings in the budget:
The "feel good" factor in this years budget is missing. The prevailing lack of enthusiasm will continue, as none of the numbers mentioned in the budget look very good, moreover no real boost has been given to the economy. And not a single bold step have been taken e.g. the sheer size of government has not been reduced & corporate taxation rate remains at the same high level as before.
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