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The increase in MAT rate when it is felt that it is already high, would not have a beneficial effect on the industry, though this would be marginally offset by the reduction in surcharge. The imposition of MAT on SEZ developers will have an adverse effect on SEZs.
Industries like steel, that have high capital outlays and also have high contribution towards creating infrastructure, should have been categorised as infrastructure industry too. There's an opportunity to develop Mumbai as an international financial centre in view of the decline of traditional financial centres in the West and elsewhere, but the measures expected to be announced in this regard fell short of what could have been done to capitalise on the opportunity. Foreign investment in mutual funds would enable greater inflows and greater participation in the Indian capital markets but at the same time, this would also require careful monitoring.
Mr H.M. Nerurkar, Managing Director, Tata Steel
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