Rupa Rege Nitsure, Chief Economist, Bank Of Baroda, MumbaiEncouraging but challenging too is what the chief economist of Bank of Barado, Nitsure, thought of the budget.
"The finance minister has painted a very encouraging macro picture but with a 30 percent growth in planned expenditure it would be extremely challenging to contain the fiscal deficit at 4.8 percent,” she said.
"Prima-facie the budget has addressed most of the sectors under stress such as infrastructure, capital goods, housing, etcetera, but how these measures are actually implemented and the resultant outcome will depend on the evolving growth-inflation dynamics,” she added.
"The high gross borrowing and the higher spending is going to be inflationary and RBI would rather think of slowing the pace of monetary easing rather than increasing it."
Shubhada Rao, Chief Economist, Yes Bank, MumbaiAn overall good budget was what the chief economist of Yes Bank thought.
"Overall, it is a good budget. It has taken small steps to address infrastructure bottlenecks, stalled investments and fuel supply issues, and these are the measures we need to focus on,” she said adding, "We are unlikely to see a very strong inflationary trend because of the proposed tax structure. Coming out of a difficult year, it is not an over ambitious budget, and it is do-able."
Bhaskar Pramanik, Chairman, Microsoft India, New DelhiBhaskar Pramanik was positive of the budget and said was looking out as to how the government would implement it.
"The intent is very strong. It is really to see how they implement this. There seems to be a lot of focus on reviving growth. A lot of issues in the IT sector has been addressed. One of the areas which was a concern is that we have been seeing a decline in new investment in R&D units."
R.C. Bhargava, Chairman, Maruti Suzuki, New Delhi"A budget can`t provide solutions to all the problems in the economy. Solution lies in various ministries of government of India. Finance Minister doesn`t have capabilities to take action on their behalf. Actions have to be taken at state levels, at ministry levels, if we are talking about 6 to 7 percent growth,” RC Bhargava said.
He felt it was an overall good budget stating "It is neither political nor populist. He has kept the fiscal deficit down. He is trying to bring in investments to the country. Overall it`s a good budget."
S. Sandilya, President, SIAM and chairman of Eicher MotorsS. Sandilya was happy with the overall tax but not with the hike in excise duty on SUVs.
"Overall tax rates not having gone up ... is very good. However, on the SUVs, he increased excise duty, saying they occupy more parking spaces, which is totally surprising. We need to find out how it affects the overall sales. It was one area where growth was significant and yes, this will have an impact,” he said.
"Also on imported vehicles, he increased the customs duty which is expected,” he added.
Sunil Duggal, CEO, Dabur IndiaThe CEO of Dabur India expressed satisfaction over the budget.
“Rural stimuli has been continued which is good for the consumer sector. We are expecting the implementation of the goods and services tax from April 2014 and the finance minister indicated a positive build up to that which was good,” he said.
Sunil Duggal added saying, “major issue for us will be to watch the impact this budget will have on inflation, which will have an impact on demand for us.”
H.M. Bharuka, Managing Director, Kansai Nerolac“There was nothing exciting in the budget but it`s not a populist one which is good. What remains to be seen is how the own to 4.8 percent when planned expenditure has been increased by 30 percent and that I think is the most important part,” said the MD of Nerolac.
"The other bit is he has increased expenditure in rural markets so overall consumer spending should not be affected in the coming year. The consumer industry will also cheer the development on the GST front. The finance minister indicated that there has been some consensus that has emerged on the issue and that it will get passed in the near future,” he added.
P. Balendran, Vice-president, General Motors IndiaThe vice-president of GM India was not happy with the hike in excise duty on SUVs and imported cars.
“The hike in excise duty is not on expected lines, especially when automobile industry continues to remain sluggish,” he said.
“Unless you see the fine print, you may not be able to know how much is going to be the impact. In auto industry, for the commercial vehicles, good (budget). From GM India perspective, the budget doesn`t get more than out of 10 points,” he opined.
Anand Mahindra, IndustrialistAnand Mahindra, Chairman & Managing Director of Mahindra & Mahindra use Twitter to express his reaction on the Budget.
"No quarrel if ALL large cars taxed. Singling out SUV`s destroys a level field. Sad,one has to fight harder to succeed in one`s own country"