Following the announcement of the Union Budget 2009-10, please find
enclosed below the Budget Reaction of Mr. Sumit Banerjee, Managing Director,
ACC Ltd.
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*July 06, 2009*
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*Union Budget 2009-10 --- General view and impact on cement*
"Overall the Finance Minister has balanced the need for a budget that
promotes "inclusive growth", support to socially-oriented programmes and
rural development with a focus on infrastructure development. It is
heartening to hear that government will lead the economy back to growth of 9
per cent, revive domestic industry and spur agriculture to grow at 4 per
cent. There are other appealing promises on urban and rural housing,
increasing investment in infrastructure to 9% of GDP by 2014 and simplifying
the tax system. We welcome the objective to enrol half of all rural women in
India as members of Self Help Groups over the next five years. We eagerly
await details of government's roadmap to achieve all these plans. The
thrust on infrastructure and housing spells well for construction and
building materials such as cement and steel.
But we are disappointed that cement fails to get any respite from the high
rate of taxes and duties. In fact the recent petroleum price hike has
further increased the burden on cement. Similarly we were hoping that retail
housing would get a boost by way of an increase in personal income-tax
exemption on housing loan interest but that has not happened."
*Sumit Banerjee
Managing Director,
ACC Limited*
Also, have attached the word document of the comment and a photograph of Mr.
Sumit Banerjee for your perusal.
Thanks & regards
*Dipti Agarwal
Hanmer MS&L Communications Pvt. Limited* | Member of *PUBLICIS GROUPE *
Rehem Mansion 1, 3rd Floor, 42, Shahid Bhagat Singh Road
Colaba, Mumbai - 400001, India
T : +91 22 6752 4600 / 6633 5969
F: +91 22 66335979
M: +91 9967378705
E: diptiagarwal@hanmermsl.com, diptiag@gmail.com
W: www.hanmermsl.com | www.hanmergroup.com
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