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Union Budget 2014 - Analysis

 FM has done a commendable job in balancing the interests of various stakeholders and regions without embarking on sweeping changes. - Roopen Roy, Senior Director, Deloitte in India

Minimal changes to the indirect tax regime for facilitating transition to Goods and Services Tax have been coupled with measures aimed at widening the tax base and enhancing compliance. - Prashant Deshpande, Senior Director, Deloitte in India

Several changes in Customs and Excise duties, which are intended to encourage manufacturing in India are most welcome. – M.S. Mani, Senior Director , Deloitte in India

The confidence with which the FM said that he would address the concern of the States as regards revenue loss on account of GST introduction is encouraging. – Krupa Venkatesh, Senior Director, Deloitte in India

Proposed investments in infrastructure and improving the financial ecosystem to fund infrastructure projects is welcome. – K. Kumar, Senior Director, Deloitte in India

The Finance Minister in his budget speech has laid out his vision aimed at reinforcing confidence through a slow but steady rebuilding of the economy. - Anis Chakravarty, Senior Director, Deloitte in India

While people were expecting some significant changes, the budget still puts additional money in people’s hand and also makes items like processed foods, soaps, LCD/LEDs, footwear etc cheaper. - Gaurav Gupta, Senior Director, Deloitte in India

Budget talks of “development of industrial corridors, with smart cities linked to transport connectivity” being the cornerstone of India’s strategy to drive manufacturing growth and urbanization. - Arindam Guha, Senior Director, Deloitte in India

The budget provides support to new start-ups through technology development fund which could be expected to seed and accelerate the growth of product and IP oriented technology companies. – P. N. Sudarshan, Senior Director, Deloitte in India

Decision to set up several more AIIMS will provide high quality tertiary care in these towns, the more urgent need is for the government to tackle primary and secondary care so that the pressure on tertiary and quaternary facilities can be reduced. - Charu Sehgal, Senior Director, Deloitte in India

Rise of FDI limit from 26% to 49% by the FM is positive. The Government has attempted to follow a balanced approach for the foreign and Indian companies to work for indigenous defense manufacturing requirements in India. - Nidhi Goyal, Director, Deloitte in India

The FM has reiterated the Government’s focus on addressing the issue of black money. There is an attempt to drive certain initiatives to encourage people into moving into financial products/ savings rather than unproductive assets like gold. – K. V. Karthik, Senior Director, Deloitte in India

While the exact timelines and framework for consolidation are yet to be defined, Finance minister has stressed on the need for accelerating consolidation process in Indian Banking sector. – Monish Shah, Senior Director, Deloitte in India

Though there were no big ticket infra announcements, measures to encourage banks to raise long term loans with flexible structuring, allocation of substantive funds for highways, ports , Smart cities, warehousing, encouraging PPPs, plans to revive SEZs and encouraging a stable & predictable tax regime, the Union Budget has given the positive message to stakeholders. – Vishwas Udgirkar, Senior Director, Deloitte in India

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