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The Union Budget this year is a mixed bag. While we are disappointed with the corporate tax and surcharge rates being unchanged, the reduction in CENVAT from 16 per cent to 14 per cent and lowering of Central sales tax to 2 per cent are progressive measures. The setting up of a National Fund for power transmission and a Permanent Institutional Mechanism for promoting renewable energy are steps in the right direction for the renewable energy sector. The IT peripherals indus try will gain from the Rs 1,860 crore outlay for rural broadband and data networks. Lowering of duty to 5 per cent on convergence products will benefit the entertainment sector. The proposal to avoid levy of dividend distribution tax at both parent and subsidiary company levels is a welcome move. Overall, a lot more could have been done to boost the industrial growth rate.

Yogesh Mathur, Group CFO,

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