Indian industry has expressed disappointment over Finance Minister P Chidambaram’s Budget for 2007-08, raising concerns on lack of measures to increase productivity and for losing an opportunity to provide relief to the corporate sector.
“This budget is disappointing as there has been no steps announced to increase productivity in agriculture, electricity and other sectors which are not producing up to their potential,” R Sesashayee CII President said.
He pointed out since revenues from peak customs and excise were increasing, this could have been a time to reduce excise duty to 20 per cent, if not 15 per cent overall, which would have been in line with Kelkar Committee Report.
FICCI President Habil Khorakiwala said a wrong signal has gone to the corporate world as the government has increased cess and dividend distribution tax.
Tags: Budget-07