Reactions to the Union Budget 2010 presented by Finance Minister Pranab Mukherjee have started pouring in from across the industry sectors. Siddarth Shankar, Economist at Kassa Financial Services believes that overall, Friday’s budget has maintained a "status quo."
"The reduction in personal income tax rate will have a direct impact on the consumer and he would be under less pressure to meet his daily needs. I do not see the consumption level going up drastically because there exists a huge amount of food inflation and that will continue to go up in the coming months. Rise in fuel prices will also add to inflation.”
Shankar has however has expressed disappointment over not much being done to increase agricultural production.
"What is disappointing is the fact that nothing much has been done to increase the agricultural production, which is core importance in the long run."
"Benefits like no service tax on transport or food grain would have no major impact on food inflation. Housing etc may not get much boost as was expected by industry. Larger coverage of service would add more services getting costlier. Rise in excise on cars could have been more."
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