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'A Budget clearly aiming for the sky'

Sunil B Mittal

Great Budget. Very straightforward. Rooted in the realities of the Indian economy, clearly aiming for the sky.

Simplification and rationalisation has been taken forward with excise now at one slab, surcharge on customs, IT taken off.

Reduction in dividend tax and long term capital gains on shares redeployed in the primary market to be exempt from tax is a step to spur the capital markets. Steps have been taken that will allow companies to approach Indian cap markets with greater enthusiasm.

Downsizing government is good, a strong pronuncement on labour reforms, abolishing duty on food and fruit are all bold initiatives for in the economic environment.

In infrastructure, the government has made strong pronouncements by extending the tax holiday from 2000 to 2003. If divestment targets are met it will set the ball rolling for the upliftment of the economy.

Sunil B Mittal is chairman, Bharti Enterprises

Budget 2001

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