Business Daily from THE HINDU group of publications
Saturday, Mar 01, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Mar 01, 2008 ePaper | Mobile/PDA Version |
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Info-Tech
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Budget `Not positive to IT industry' Mr Kris Gopalakrishnan, CEO and MD, Infosys Technologies Ltd, said, "Overall economic growth has averaged 8.8 per cent in the last four years. GDP growth rate for the year is estimated at 8.7 per cent with services leading the growth at 10.7 per cent and manufacturing growing by 9.4 per cent. Tax revenues have been extremely buoyant, increasing to 12.5 per cent of GDP, fiscal deficit is down to 2.5 per cent next year with revenue deficit at 1 per cent of GDP. The economy is on a roll. This has allowed the Finance Minister to make significant investments in agriculture, education and social sectors. However, we see inadequate allocation for higher education once again. The Budget has not been positive for the IT industry. Smaller companies should have been given tax relief to counter the impact of a sharply appreciated rupee. The increase in excise duty for packaged software will lead to increased piracy
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