Group of Technopark companies (GTech) have expressed appreciation to the Union Government for presenting a focussed and Balanced Budget, aimed at putting India back on the economic growth trajectory. In a press release issued to the media today, GTech said that the budget allocation for the Infrastructure, Agriculture and Health sectors would ensure the sustainable growth of the Indian Economy. Appreciating the Finance Minster for Fiscal Prudence in containing the Fiscal Deficit to a new target of 5.5 % , GTech felt that this would send a positive signal to Investors on India’s Economic Outlook.
GTech welcomed the proposals in the Budget like changes in the Income Tax Slabs, Surcharge reduction to 7.5 %, maintaining the status quo on service tax, Implementation of the Uniform Direct Tax Code and Goods Services Tax (GST) by April 2011 and Simplification of the refund of the accumulative credit to exporters in the IT and the BPO space. The thrusts laid down by the Finance Minister on the urban and rural development and also increase in the budget allocation for NREGA would help in the inclusive growth of the economy.
However GTech expressed the IT Industry’s disappointment for the increase in MAT from 15 % to 18%. This increase in the MAT would hit the mid size IT companies operating in the state.
The press release also noted the appreciable efforts taken by the Government in laying down a fiscal deficit management roadmap and also the emphasis to attain a GDP growth rate of 10% in the near future.
GTech welcomed the proposals in the Budget like changes in the Income Tax Slabs, Surcharge reduction to 7.5 %, maintaining the status quo on service tax, Implementation of the Uniform Direct Tax Code and Goods Services Tax (GST) by April 2011 and Simplification of the refund of the accumulative credit to exporters in the IT and the BPO space. The thrusts laid down by the Finance Minister on the urban and rural development and also increase in the budget allocation for NREGA would help in the inclusive growth of the economy.
However GTech expressed the IT Industry’s disappointment for the increase in MAT from 15 % to 18%. This increase in the MAT would hit the mid size IT companies operating in the state.
The press release also noted the appreciable efforts taken by the Government in laying down a fiscal deficit management roadmap and also the emphasis to attain a GDP growth rate of 10% in the near future.
