Post-Budget Comments of Mr. Sushanto Roy, Head – Infrastructure & Housing, Sahara Prime City Limited
First of all, I would like to congratulate the Hon’ble Finance Minister for paying emphasis on infrastructure growth, higher education, social and economic rural development and urban infrastructure.
GST coming in April 2010 is a positive sign. FBT goes, some tax breaks have come in for IT companies, 10A-10B goes up by one year, CTT has been abolished and for the personal income tax payer, the surcharge goes.
However, the market is disappointed as the market was expecting some kind of announcement on the fuel policy, foreign direct investment and the disinvestment roadmap. Two things seem to have spooked the markets. One, the fact that fiscal deficit is seen at 6.8% versus 6.2% in the interim budget and secondly, the hike in Minimum Alternate Tax to 15% from 10%.
There has been nothing on the banking sector, insurance, and even on housing finance sops. Many of the sectors which had gone up like education, aviation and real estate hoping for sops, have got knocked back.
