Retail in Asia

In Markets

India Inc. welcomes budget despite excise rollback

For corporate India, Finance Minister Pranab Mukherjee’s budget came largely as one spurring demand and this explains why, despite the partial rollback of stimulus in the form of an across-the-board hike in excise duty by 2 percent, all major industry sectors welcomed the budget. The stock markets welcomed it also, with all sectoral indices ending the day on a positive note, barring IT and fast-moving consumer goods.

What clearly had India Inc. celebrating the most was the affirmation by Mukherjee that the Government would move towards the goods and services tax and direct tax code from 1 April 2011.