BUDGET 1999-2000
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BUDGET 98-99
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'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.

Budget 1999-2000

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