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February 27, 1999
'It is a status quo simplification Budget'
R V Kanoria
I think the absence of any proposals on exports is very disquieting. I do feel that the export effort of this country is not going to receive any fillip.
There is also a reversal in the trend in direct taxes which is a wrong signal. Because this was the only area where the performance and collections exceeded the FM's expectations.
The Budget offers very little to revive the economy. I do feel that very bold steps should have been taken to signal a more competitive rate for the rupees to the extent of 8 to 10 per cent below today's levels.
There are no tax benefits for industry. The only good thing is the move towards rationalisation of indirect tax rates.
I do not think is a swadeshi Budget. It is a status quo simplification Budget, but not a radically forward looking Budget.
R V Kanoria, chairman, Foreign Trade Committee, FICCI, and MD Kanoria Chemicals.
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