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Immediate benefits are clearly visible in budget, Future Group
03
Mar '08
Mr Kishore Biyani
Mr Kishore Biyani
Mr Kishore Biyani, CEO, Future Group gives his post-budget comments exclusively to Fibre2fashion.

If farmers and income tax payers are considered to be the two major interest-groups in the country, this budget could not have been any better.

The Government has waived off more than Rs60,000 crore in rural loans, and in addition, announced enhanced spending in the rural economy.

Back of the envelope calculations show that the income tax benefits would allow tax payers to retain around Rs30,000 crore, if not more in their pockets.

In addition there is a decrease in CENVAT, Central Sales Tax and excise duty on certain products. As a retailer, we can hope to capture some part of the additional consumption that will generate from these measures.

Our country is going through an unprecedented phase of growth and this was the time to make long-term decisions on how to sustain this rate of growth.

And surprisingly enough, this budget does little about envisioning long-term growth plan for the economy and for various industries.

While immediate benefits are clearly visible in the budget, one finds it hard to find long-term measures for new economy businesses that were gaining momentum.

Fibre2fashion News Desk - India

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