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Budget 2008 has largely kept the upcoming elections in mind. It was therefore no surprise that at the macro-level the allocation for health and education was higher and there was renewed emphasis on agriculture and irrigation sector.

The increase in income tax exemption limits is welcome. The increase in short-term capital gains tax will impact the capital market, which is already under pressure.

The Finance Minister has admitted the dichotomy with regard to oil pool accounts, bonds and sought to address them which is welcome.

Overall the budget is friendly to the individual taxpayers, indifferent to the corporate except for reduction in cenvat across board and reduction in excise duty in automobile sector. The budget was certainly not bold enough in addressing macro issues.

R. Gopalakrishnan, Executive Director, Vishwanber Cements Ltd, Hyderabad

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