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'The Budget is not at all exciting'

Chirayu Amin

The Union Budget which was presented this morning by Yashwant Sinha was not at all exciting.

There has been no change in the income tax rates. They would continue to be 10 per cent, 20 per cent and 30 per cent respectively as earlier. Two per cent surcharge on account of Gujarat earthquake relief has been abolished, but instead 5 per cent surchage on income tax has been levied.

As far as the travel industry is concerned, there has been some relief. The tax would now be applicable to room tax only. There have been no incentive offered to the Indian industry. On the contrary reduction of excise duty from 35 per cent-25 per cent would act as a disincentive to our industry because it would help the importers.

In broad terms, we would like to see downsizing of the government. Last year there was some mention about it in the Budget, but this year it has not been mentioned at all.

The government has spoken about reforms in the power sector. But unfortunately the power tariff has been constantly going up in the last few years.

Since I am from the pharmaceutical industry, I would like to see more investment in the research and development in this sector. Barring giving Rs 1.5 billion to this sector, nothing has been said about putting in more money or giving incentive like in the case of software sector.

Chirayu Amin is CMD, Alembic Ltd and past president of the Federation of the Indian Chambers of Commerce and Industry.

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