08-09 BUDGET EXCEEDS TRADE
EXPECTATIONS : ASSOCHAM CHIEF

“Laying the strong foundations for a sustained double digit economic growth, particularly by focusing on building `Human Resource Development Bank’, tremendous boost to agrarian economy paving way for PPP in education and health, the Finance Minister has even exceeded expectations of Corporate Sector in his budget proposals for 2008-09 and gave him 8 marks out of 10”, say ASSOCHAM President Mr. Venugopal Dhoot and its President Elect, Mr. Sajjan Jindal.

Complementing the Finance Minister, the Chamber in a statement said that the Finance Minister has provided succor to small and marginal farmers who were groaning under heavy debt burden and struggling hard for survival, is a much needed step in right direction. Both Mr. Dhoot and Mr. Jindal said that waiving off loans is not the ultimate solution and therefore, strongly suggested for building a mechanism to monitor various laudable schemes announced by the Finance Minister to ensure that their deliveries reach the targeted groups.

Likewise, allocations have been increased for health and education particularly for opening of 3 IITs would help India create a huge human pool of `knowledge workers’ that will contribute towards stronger growth element. Similarly, a strict time schedule have been provided for containment of fiscal and revenue deficit as also revised promises made for a fresh schedule for putting in place the GST road map.

Mr. Jindal, however, said that it would have been better if heavy export duties were imposed on exports of mineral resources and surcharge on corporate tax waived off, besides, announcements made for creating an infrastructure fund in which corporates would have been called upon to contribute their equities investment by granting them certain tax benefits.