BUDGET 1999-2000
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BUDGET 98-99
BUDGET 97-98
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'NRIs are positively welcome -- that seems to be the Budget message'

G P Goenka

The Budget has got both positive and negative aspects. The scrapping of four secretary posts is a sign that the government is serious about downsizing.

The disinvestment programme has got a boost. The target has been raised from Rs 50 billion to Rs 100 billion. Although the target has been not met, the revised target indicates that the government has got its act together.

There is a lack of spending on housing and infrastructure. Nothing positive has been done to correct the go-slow in the Indian economy.

The Budget cannot be said to be pro-MNC, anti-swadeshi. This is my initial view. But the fine print has to be read for a final view.

The high power committee that the FM has mentioned to tackle the NPAs problem in the banking industry is a step in the right direction.

The biggest surprise is the increase in the rate of direct taxes. Usually, the trend is to reduce the taxes.

There are hardly any signs of Indian industry coming out of the current depressive state. I feel the situation won't improve in the next year. Things will be very difficult.

One must give credit to Mr Sinha. He had very few options. In the situation prevailing, where government borrowing has spiralled, he had to work within certain stipulations. I am inclined to give the FM 7 to 7.5 points on a scale of 1 to 10 for the FM's effort in Budget-making.

NRIs can look forward to a government that is willing to address their problems. The FM's speech mentioned the automatic route to 100% investments. NRIs are positively welcome -- that seems to be the Budget message. By and large, the NRIs have cause to be happy, if not to rejoice. The effort is there to care of their problems. NRIs are welcome, that's the bottomline. So, friends, time to once again say, Mera Bharat Mahaan.

G P Goenka, chairman, Duncans Ltd

Budget 1999-2000

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