Dear Esteemed Members of the Media,
Appended below is the CII CEO's Quotes on Union Budget 2013-14 Would be most obliged if you could kindly carry the dame in your esteemed newspapers. With warm regards, John ------------------------------------------------------------------- John S Fernandes Executive Officer Goa State Office Confederation of Indian Industry 502, Unitech City Center, M. G. Road, Panaji, Goa 403 001 Tel: 0832 - 2422790 / 2422796 / 9822982979 e-mail: <mailto:[email protected]> [email protected] ; <mailto:[email protected]> [email protected] ; ------------------------------------------------------------------- Before printing, think about ENVIRONMENTAL responsibility. CII CEO's Quotes on Union Budget 2013-14 Mr R Mukundan, Deputy Chairman, CII WR & Managing Director, Tata Chemicals Ltd said that "the increase in social sector spending in the budget is a step in the right direction. Women, youth and the poor are the sections that need to be taken care of. The budget emphasis on roadmap or supporting MSMEs, Agriculture and infrastructure is welcome. Now what needs to be seen is prudent and effective tax management." Mr Arun Nanda, Past Chairman, CII WR and Director, Mahindra & Mahindra said "Given the challenges that the economy is facing, the Finance Minister has come out with a reasonably balanced budget. It is good news that there have been no harsh tax levies though more could have been done for incentivising investments particularly in the infrastructure sector - and providing liquidity boost by boosting savings and infrastructure SOPs for bringing more funds in this sector. " Mr Satish Jamdar, Chairman, CII Maharashtra State Council and Managing Director, Blue Star Ltd stated that "the budget is quite focused in terms of devoting attention to the underdeveloped parts in the country. A lot of schemes have been announced for the rural sector, roads, MSMEs which gives a good direction. However, the budget does not bring in too much extra revenue. It is otherwise a soft budget." Mr Govind Sankaranarayanan Past Chairman, CII WR Economic Affairs Sub-Committee and CFO & Chief Operating Officer - Corporate Affairs, Tata Capital Ltd, has said that the budget has focused on a lot of small and micro issues which will in the long run spell a lot of difference. The social services spending in the budget is strong on intent but its ability to enhance consumption remains to be seen. The support to Housing, support for infrastructure debt funds is a specific positive measure. However details on this are awaited." Mr Ashank Desai, Founder, Mastek Ltd felt that "the positive part of the budget was the acceptance of the Rangachari committee measures. Focus on angel investors and CSR benefits provided to incubators will benefit IT industry. A fifty per cent increase in funds for JNNURM is a welcome move and will spell benefits for the IT sector which is primarily located in urban centres. In the long term, projects like DMIC and the proposed industrial corridor from Bengluru - Chennai will help augment investments. However, no specific announcement on MAT was a big disappointment." Mr Anuj Puri, Chairman, CII WR Real Estate Conference and Chairman & Country Head Jones Lang LaSalle Property Consultants India hi-lighted the following points: "One per cent TDS on Sales proceeds will bring in transparency and good governance and also reduce speculations. The demand for housing in tier II and tier III cities has been propagated by additional tax relief for first time home buyers. However the budget does not touch upon the issue of Real Estate Investment Trust (REIT). Affordable housing could also be given an industry status" Mr Ninad Karpe, Vice Chairman, CII Maharashtra State Council and CEO & Managing Director, Aptech Ltd" The Budget speaks a lot on education and skilling. The proposal to reward Rs 10,000 to those pursuing courses at NSDC is a welcome step. However the intent of achieving a target of 10 lakh beneficiaries from the initiative will be a challenge." 28th February, 2013 Mumbai -- ------------------------------------------------------------------------------------------------------ Disclaimer This message, including any files transmitted with it, is for the sole use of the intended recipient and may contain information that is confidential, legally privileged or exempt from disclosure under applicable law. If you are not the intended recipient, please note that any unauthorized use, review, storage, disclosure or distribution of this message and/or its contents in any form is strictly prohibited. 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