Mohit Anand, MD, Belkin India Sub-continent
“Economic uncertainties in the past year have exposed India Inc. to financial and economic vulnerabilities. The year 2011 witnessed Inflationary pressures and rupee devaluation that have affected IT spending across consumers and the corporate sector. The Union Budget 2012-13 brings with itself a hope of a better tomorrow. Aspects of Duty corrections like Withdrawal of MRP based assessment for IT Products, elimination of ambiguity on transfer pricing rules and implementation focus on manufacturing centric policies are key areas to look out for in this year’s union budget. The implementation of the biggest direct tax reform – GST is a critical growth lever for the IT industry we are hopeful that it will find a mention in this year’s budget, this would phase out other major taxes like excise duty, VAT, service tax, will be instrumental in unifying the markets in term of local taxation, which in turn, will bring down overall cost of goods and services in the country. We are also hopeful that the issue of FDI in multi brand retail, will be resolved soon , which will be a boon for consumers and industry alike. This year’s Union Budget will be the key influencer of India’s development and economic stability.”
