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Budget lacks transparency: Dholakia
Our Bureau
Ahmedabad, Feb. 29
Welcoming the Budget 2008-09 in general, eminent economist, Dr Bakul Dholakia, said today the exercise lacks transparency on both the revenue as well as the expenditure sides.
There is also a question mark on fiscal deficit target, which is going to be more than 2.5 per cent. There is no information about how exactly the Centre would finance the ambitious schemes. “No budgetary provisions have been made at all in the farm loan waiver announcement to the tune of Rs 60,000 crore,” he told Business Line.
Dr Dholakia, former IIM-A Director and currently Advisor to the Adani Group, said in the past Budgets, revenue was normally underestimated. “This is the first time that it has been over-estimated. On the other hand, expenditure has been underestimated.”
‘Pleasing everyone’
However, overall, the new Budget tries to please everyone and is a successful exercise to some extent. The long-standing demands for tax rationalisation, such as Income Tax, have been met with. “But, again there is no word on how the revenue loss of Rs 30,000 crore on this count would be compensated.”
On the whole, the Budget would help India sustain growth rate between 8 and 9 per cent and keep inflation under control. “And, what matters now is high growth and low inflation.”
The Gujarat Chamber of Commerce and Industry (GCCI) Chairperson, Ms Paruben Jaikrishna, herself an industrialist, described it as a “thumbs up” Budget for aam admi, which is also growth-oriented.
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