Budget 2013: PC's balancing act and the city
Experts from the city share their views on how the budget would affect various sectors:
Banking and industries
The budget was presented within the framework of Vijay Kelkar Committee report, which was presented to the government in September last year. The decision to improve funding to Small Industries Development Bank of India (SIDBI) is quite appreciable. However, there should be proper monitoring to ensure funds are channelized properly.
Rajas Jain, MD, Kumar Properties
Its great to know that the first time home buyers would get an additional tax break of up to Rs 1 lakh. This will lead to a spurt in affordable housing. However, the reduction in rate of abatement on homes/flats of 2,000 square feet and above or houses costing Rs 1 crore and above from 75% to 70% will make luxury homes more expensive.
Information and technology
Co-chairman (IT Cell), MCCIA
It’s quite disappointing for the IT and the BPO industry. Although the government has taken steps to enhance vocational education and skill development, the start-ups and Small and Medium Enterprises (SMEs) have been ignored. The government should have given SMEs some tax benefits.
Ajit Setiya, Chairman, Poona Merchant Chambers
Yesterday’s budget disappointed retail merchants to a great extent. Following the government’s decision to introduce FDI in retail sector, the retailers were hopeful of some special concessions. The budget even failed to make provisions for the development of trading sector.