Hi,
Just wanted to drop a mail with a quote from Patni in case you are pursuing a story on the Budget announcement today.
Kindly attribute it to Mr. Surjeet Singh, Chief Financial Officer, Patni
“Overall, the Budget is a growth budget and stimulates consumption of investment. The target of 9% GDP growth is indeed an encouraging sign and the Finance Ministry has made some bold attempts at tax reforms.
For the IT Services sector in particular, the removal of FBT and the reforms in indirect taxes is seen as a major plus, allowing for stock based compensation to be more effective. In a knowledge sector such as ours, this calls for better attraction and retention of talent across all levels, and inspires innovation and entrepreneurship.
The extension of 10A and STPI is seen as another positive move by the Ministry, and although the expectations that the industry had, were for an extension beyond 1 year, in light of the overall incentives laid down, I find the budget to be promising.
That said, the 5% increase in MAT to 15% is a slight disappointment and will lead to higher cash output in the short term. We are also awaiting greater clarity on the service tax on IT services exports, and expect further policy announcements in public sector disinvestment and infrastructure reforms in the days to come.”
I have also attached his photo for your reference.
Regards,
Avantika
Avantika Ghildyal
account executive
Text 100 Public Relations
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