Finance Minister Pranab Mukherjee set the tone for his Budget 2010 as soon as he began his speech. At the back of his mind no doubt that this is perhaps the one year that he can take some hard steps without the fear of political impediments like elections and voters to woo.
“We have weathered this crisis well,” Mukherjee said, adding, “that is not to say that the challenges today are any less than they were nine months ago.
As the Union Budget nears, the textile industry is losing hope of any favourable moves. Although the $62-billion Indian textile industry knocked at the doors of the Union finance minister well in time to present him with a list of demands, it expects a negative budget from Pranab Mukherjee.
The sector, which survived the financial crisis, is hoping to clock a 10% growth in 2010-11. However, it expects incentives from the government to keep the momentum going.
Presenting the Railway Budget for 2010-11 in the Lok Sabha on Wednesday, Railway Minister Mamata Banerjee said that there will be no hike in freight tariff and service charge on air-conditioned fares will be cut.
Mamata’s populist Rail Budget also has many social welfare plans and job-generation schemes too.
With just a few days to go for the Union Budget ’10, the radio industry has has pinned its hopes on FM Pranab Mukherjee. Radio players on their Budget wishlist, which includes cut in ST & lowering of duties on import of radio equipment, among others.
Tarun Katial, CEO, Reliance Media World Ltd, commented, “We would like to see Phase III implemented, or at least the policies recommended for Phase III need immediate implementation as this will increase the footprint of FM dramatically, giving the medium an impetus for growth.
Pranab Mukherjee had made 45 major announcements in his Budget speech for 2009-10. As he prepares to present his next Budget for the UPA government on February 26, Mukherjee may well pat himself on the back for having fulfilled almost four-fifths of the promises he had made less than eight months ago.
Action on implementing 36 of the 45 major announcements has either already been completed or is in the final stage of implementation.
Budget 2010 may disappoint those who are expecting major policy announcements or for that matter the stock markets but the annual February exercise this year will, perhaps, be the keystone for India’s future growth story.
If FM’s across the world were busy trying to boost demand and consumption last year, this year it is all about bringing back fiscal prudence and discipline while giving enough room and cushion for growth to unfold.
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