Finally, The budget has been announced. This was a very special budget. I say this because somehow here was a budget that was challenging India on its face to grow faster and better than what it had grown last year. Indian's who have always been shy of winning on global front have never been so optimistic. Most of the people in my office were eagerly waiting for Chidambaram's speech and today almost everyone except me had a copy of The Economic Times and Business Standard with them. From what I hear people are not really dancing with joy with this years budget nor are they cribbing too much. Talk of being indifferent.
Telecom companies it seems aren’t too pleased with what FINMIN has given them. Their rationale for disappointment is that when they already have to pay a high Access Deficit Charge, double tax and high licensing fees why should they be subjected to the 12% service tax. Something good that PC has done here is sanctioning more money for its rural telephony programme. Now Ramu can also give his chameli a cell phone and they can be in touch if Ramu goes to the town.
Pharma companies were expecting some nice goodies but had to do with only a few sops. I hear that drugs for life threatening diseases like Aids and Cancer will become cheaper.
The increase in the service tax to 12% is what is pinching most of people around. The argue that now they have to pay more for the dosa or the burger that they eat out. "SMOKING BEAUTIES" have also shown their discontent with a couple of them saying “ BACCHE KI JAAN LEGA KYA” on being asked how a 5% hike in cigarettes will affect them.
After software it’s now the turn of the hardware industry to get their long due 21 gun salute. This segment is slated to get some help by way of reduced customs duty etc. I am not complaining, as lately I have been thing of getting a comp.
More updates as an when I get the news. BAH BYE
