Hope you are doing well.
Please find below a quote on Union Budget 2009- 2010 from Mr. Ajay
Nanavati, Managing Director, 3M India Limited. Also attached is Mr. Ajay
Nanavati's profile and photograph.
Thank you.
Quote:
"Firstly, would like to congratulate the FM for an inclusive development
focused budget. The emphasis on infrastructure development through PPPs
is a welcome move. The Finance Minster has also outlayed substantial
investment in the power and oil & gas sector through the APDRP, National
Gas Grid and the Assam Gas Cracker project, which is a positive step
towards meeting the energy needs of the country. Another commendable
initiative is the focus on improving healthcare delivery for the masses
by increasing the planned outlay for both the National Rural Health
Mission and the Rashtriya Swasthya Bima Yojna.
From a corporate standpoint, abolishing the FBT gets a big thumbs-up.
Also, the Finance Minster has announced that the Scope of provisions
relating to weighted deduction of 150% on expenditure incurred on
in-house R&D to all manufacturing businesses being extended; this move
will definitely provide a much needed impetus to corporate innovation
aimed at meeting the evolving customer demands. It is disappointing to
note that corporate tax rates have remained unchanged; a reduction of
rates in this area would have been welcome.
Lastly, while the Finance Minster remains growth focused and aims to
regain the 9% growth rates for the economy, the high fiscal deficit
estimate of 6.8% is a huge concern area."
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