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As expected, the Budget is focused on the common man. It has a lot to offer on the social sectors such as education, infrastructure and health. The Budget also has a great emphasis on agriculture.

It provides some indirect impetus to information technology industry. The emphasis on education in general and science & technology in particular is helpful, because over the long run, it will address the supply side issues. There is also an empha sis on usage of IT in governmental operations. This is also likely to enhance the acceptance of IT in country. As regards direct benefits to the IT sector, the provision relating to service tax indirectly helps – because it offers an avenue for setoffs for the service tax paid by the IT companies. On the other hand, there is no extension on the STPI scheme nor is there any re-look at the fringe benefit tax, especially on employee stock option plans.

Ravi Pandit, Chairman & Group CEO,

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