Bangalore, Feb. 28
Infosys Technologies Ltd's board member and Chief Financial Officer, Mr T.V. Mohandas Pai, has termed the Union Budget as that of consolidation and growth, but felt that the Finance Minister could have done more in terms of reducing the excise duty to 12 per cent from 16 per cent. "From a macro-economic point of view, it's a very good Budget because the tax collection has gone up from 9.2 per cent of the GDP to 11.2 per cent in 4 years. "
For the IT sector, he said the levy of eight per cent excise on packaged software is not good and believes that it would hurt the education sector much more than anywhere else. However, for Infosys, the levy will not have any significant impact as the company can always download the software from the Net, he added.
Mr Pai welcomed the rationalisation of FBT from 20 per cent to 5 per cent for tour and travel.