Budget Reaction by Vinita Singhania, Vice President Cement Manufacturers Association & MD JK Lakshmi Cement

Dear Editor:

 

For the column ‘Budget Line’, here follows the reaction on budget by Mrs Vinita Singhania, Managing Director, JK Lakshmi Cement and Vice President Cement Manufacturers Association (CMA).

 

A photograph is also attached for your reference, please.

 

Regards,

 

Pankaj

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Pankaj Sukhija

+91 98101 23446

 

 

Comments of Smt. Vinita Singhania, Managing Director JK Lakshmi Cement Ltd and Vice President, Cement Manufacturers Association, on the budget presented by Finance Minister

 

“Given the fact that it is a mid-term budget with only 7 months left for the financial year to end and the fact that a number of measures have already been taken by the government through their stimulus packages announced in December and January, I feel the budget exercise has been an excellent job.

 

I am particularly impressed by the government’s commitment and confidence to take the economy to 9% growth on a sustained basis.  Equally heartening is the government’s commitment to take infrastructure spent to over 9% of GDP by 2014.  These intentions augur well for the economy as a whole and for the infrastructure related industries in particular. Rural economy has been the main beneficiary from this budget and I feel that is the way it should be. 

 

There are concerns of course, such as absence of specific measures for interest rate reduction or measures to bridge the fiscal deficit.  Cement industry’s request for correction  in the excise structure as also its expectation of enhancement of  the exemption limit of income tax on housing loans have not found a place in his speech.  Service tax on the railway freight is a damper and would raise the delivered cost of many commodities, including cement.”