For Mint’s “If I were FM” series, we spoke to some of the most powerful Industry leaders to ask them what they would liked to have seen in this budget. We asked them questions across four parameters:

Now that the budget has been unveiled, how did these expectations measure up? Mint gives a breakdown as well as a report card Rating: [Read more]

If you were granted three wishes as the finance minister, what would they be?
*Bring in a massive investment push to upgrade infrastructure for nurturing entrepreneurship
* Focus on increased government spending on Education and Healthcare with a major stress on primary education and healthcare
* Introduce incentives for SME growth through enhancing the collateral free credit guarantee fund provided for small industries, enforcing the public and private sector banks to create micro-finance schemes by partnering with NGOs and improving credit delivery in rural and semi-urban areas. [Read more]

If you were granted three wishes as the finance minister, what would they be?

The world economy continues to be in recession. No one knows when recovery in the developed world will set in. Perhaps, it might from early 2010.

To improve our current precarious fiscal situation, we have to look at both offensive and defensive aspects. We have to try to raise revenue, without raising taxes and cut expenses. Also, we should resort to disinvestment.

1. It is essential to increase domestic demand, contain fiscal deficit and keep inflation under control. To increase demand, banks should lend to companies, especially small and medium enterprises and to customers. Banks are still not lending at a reasonable rate of interest because of the large borrowing programme of the government, the competition for deposits and the continued risk aversion of banks.

To ensure fiscal prudence, government must ensure that the money it spends is for creating productive assets and the wasteful, non-merit subsidies are gradually eliminated. [Read more]

If you were granted three wishes as the finance minister, what would they be?

If I were the finance minister, I would introduce a credible fiscal policy, keep inflation under control, introduce financial reforms, which will boost the competitiveness of India Inc, globally and improve the amount and quality of money spent on primary education.

If you could end something in terms of a policy or a law or legislation, what would it be?

I would abolish the fringe benefit tax (FBT) for once and for all. [Read more]

In the past couple of months the good news has clearly come from rural India. Rural India is consuming more cars, consumer durables and other value added products. The reason is not that difficult to find. Government measures like the loan waiver, the strengthening of the NREGS, the increase in the minimum support price (MSP) and higher salaries for government employees have put more money in the hands of the rural consumer. Now, when they are spending it on television sets or cars or refrigerators, it is helping create, or at least protect jobs in industries across India. [Read more]

Photo from Hindu Business Line

If you had three wishes for the upcoming budget what would they be?
1. Immediately chalk a roadmap for the implementation of a national-level Goods and Services Tax (GST) that should be shared between the Centre and the States. The government has already announced its intent to do away with our multi-layered and complex indirect tax structure, which has also been scaring many foreign investors. But what’s clearly missing is the action plan for the same.

2. Open the tap for greater FDI inflows by permitting FDI in retail. Opening up FDI in Retail will lead to increased employment, besides offering consumers easier access to competitively priced goods and services. [Read more]

If you were granted three wishes as the FM what would you wish for?
I would like to focus on investment in infrastructure. The rapid growth of the country over the past few years has considerably strained the infrastructure. The government must prioritize the transportation and energy sectors in its infrastructure development plan. Investment in social infrastructure like education and health is also imperative for growth. The government should also look at public private partnerships to fuel infrastructure improvement.

I would also stimulate the economy to grow faster and create jobs. One of the biggest challenges is to achieve inclusive growth when the global crisis is taking a toll on almost every sector. There should be an equal focus on the informal sector to ensure a level playing field. [Read more]

If you had three wishes for the upcoming budget, what would they be?
I would step out of a self centered industry approach and see the government do the following:
1. Continue investment and accountability in Infrastructural Development.
2. Take comprehensive time-bound steps to address Health.
3. Take broad steps in taxation, logistics, infrastructure to support domestic consumption in urban & rural areas.

Name one thing you would want changed out of your industry
Our bad system of central, state, district taxation system on sale,
commodity movement, and consumption. I would bring about a unified national general
sales tax. [Read more]

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If you had three wishes as the FM, what would they be?
The first would be fiscal consolidation. India had been following a path of fiscal consolidation, bringing home its level of deficit over the last couple of years. Then about 18 months back in the last budget and the one before that, it let go and we have seen fiscal deficit climb quite considerably. What we need is very clear agenda to address the issue by way of a roadmap for the future.

The second is infrastructure. I know the government has committed itself to spend on infrastructure, but I would like to emphasize the fact that we need to start spending a lot more on urban infrastructure. [Read more]

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What is your wish list for this budget?
Allocating higher expenditure for social sectors along with private sector partnerships to work towards sustainable incomes, education for all and health and medical services for all at affordable costs will receive topmost priority.
It is imperative to raise the level of public investment in agriculture and in rural India with emphasis on strengthening and modernization of marketing infrastructure and investment in agri-logistics, among others.
My next priority will be in removing bottlenecks that impede investment in infrastructure, especially in power and roadways, wherein a stable policy framework is an essential prerequisite to attract private capital, both domestic and foreign. In this context, I plan to prescribe not just clear guidelines for funding but also place equal emphasis on strict monitoring of new and ongoing PPP (public-private partnership) projects. [Read more]