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Judged by any standard, the Finance Minister has presented an excellent Budget. His prudence in keeping the fiscal deficit target at 3.5 per cent has to be commended and will help create an environment for easier flow of foreign capital.
The FM probably also recognises the limitations to our implementation capacities, and the ability to spend money efficiently and effectively. It would be more appropriate to work at upgrading these capabilities before risking higher fiscal deficits for getting growth.
The increase in outlays and the greater effectiveness of the Ministry under Nitin Gadkari are fully justified and necessary. The proposals for strengthening PSU banks are good, though there are doubts as to whether the provision of ₹25,000 crore would be adequate.
Finally, the infra cess on cars is hard to justify. The industry is struggling to maintain some growth. Is it correct to load the industry with this cess at this point in time?
RC Bhargava
Chairman, Maruti Suzuki India
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