Hyderabad, Andhra Pradesh, Finance Minister Sri Pranab Mukherjee has certainly presented a Budget best suiting the need of the time. We laud the proposal to upgrade infrastructure in rural and urban areas by providing on outlay of Rs.1,73,552 crore. These are extremely important for the pace (10% economic growth) at which we intend to grow as a country.

While, retaining the service tax rate at 10% is a very positive sign for the overall industry, increase in take home income through pruning of tax slabs for salaried class is a definite booster. We do however expect to see the promise to simplify the proposed Saral 2 form for individual salaried assessee and welcome the additional deductions offered under 80C on individual front.

Finance Minister has however stopped short of making a statement on STPI benefits to IT and ITeS sector. While there is a strong view that extension of these benefits for a longer term period is imperative to foster growth of small and medium companies, especially during the comeback from a slowdown witnessed last year, it is far more important to have clarity and definitiveness from the policy makers. IT and ITeS together with the Real Estate Industry under the STPI scheme have been a proven success story in generating unprecedented growth, exports and employment over the last decade and more. An announcement to this effect was much keenly awaited and the industry looks forward to understanding governments stand on this subject.

While we welcome the stand on FDI we wish to look forward to understanding how Government wishes to simplify the FDI regime and make it user friendly by compling all guidelines into one document.

Notes to Editor

About Quinn Group: The Quinn Group is an international business conglomerate with annual turnover exceeding Euro 2.2 billion and over 8,000 employees in 13 countries including Ireland, the UK, France, Germany, Russia and India.

The Quinn Group was formed by its Chairman, Mr. Sean Quinn, in 1973. Expanding from a small quarrying operation in Northern Ireland, where its headquarters is still located, the privately owned Quinn Group has grown to become one of Ireland most successful companies with a proven track record of success in the diverse industries it has ventured into: cement and concrete products, container glass, general and health insurance, radiators, plastics, energy, hospitality and real estate.