Budget wish list 2009

Azharbeig v has sent you a hi5 Friend Request

2010-01-19T22:15:00.001+05:30

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Take a look at my photos on Facebook

2010-01-15T14:48:00.000+05:30

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Harsh Sinha has:
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Take a look at my photos on Facebook

Hi Budgetwishlist2009,

I set up a Facebook Profile where I can post my pictures, videos and events and I want to add you as a friend so you can see it. First, you need to join Facebook! Once you join, you can also create your own profile.

Thanks,
Harsh

To join Facebook, please follow the link below:

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K.Vittal Shetty
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Oberoi Sameer	Pramod Shrikanth D	Tommy Rang
Manish Idnani	Ashok Duraisamy	Chitra Awasthi
Nata Rajan	Chandra Mohan S	Shruti Naik

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Reminder: Uma Raghunathan invited you to join Facebook...

2010-01-15T07:40:00.000+05:30

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Hi,

The following person invited you to be their friend on Facebook:

Uma Raghunathan
Invite sent:
Sep 22, 2009

Other people who have invited you to join Facebook:

Prabhu Bakthavachalam
Invite sent:
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K.Vittal Shetty
Invite sent:
Dec 10, 2009

Facebook is a great place to keep in touch with friends, post photos, videos and create events. But first you need to join! Sign up today to create a profile and connect with the people you know.

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daniel ha calificado tu foto

2010-01-15T00:05:00.001+05:30

Hola emilia,

daniel ha calificado tu foto

Haz clic en el enlace más abajo para ver tu foto

http://www.shtyle.fm/photo.do?id=11230690

Saludos,
Todos nosotros en Shtyle.fm

A little gift - Sahasranam

2010-01-13T18:42:00.001+05:30

Sahasranam Kalpathy belongs to Skoost and sent you a little gift.

Click below to collect your gift:
http://uk.skoost.com/fun?Budgetwishlist2009%40gmail%2Ecom/24646205/12

P.S. This is a safe and innocent gift that Sahasranam Kalpathy sent from Skoost.

This e-mail was sent to budgetwishlist2009@gmail.com on 13.1.2010 13:11:10
on behalf of Sahasranam Kalpathy (ramani2911@gmail.com)

ÝÊÇå ÊãÇÑÓ ÇáÌäÓ ãä Óä 10 ÓäæÇÊ ÈÇáÕæÑ

2010-01-04T00:45:00.001+05:30

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Úä ØÑíÞ ÇÍÏ ÇáÌåÇÊ ÇáãÎÊÕå æÊã ÊÕæíÑåÇ æåì Ýì ÇæÖÇÚ ãÎáå ááÃÏÇÈ æäÔÑåÇ Úáì ãæÞÚ ÎÇÕ

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ÝÊÇå ÊãÇÑÓ ÇáÌäÓ ãä Óä 10 ÓäæÇÊ ÈÇáÕæÑ

2010-01-03T12:31:00.001+05:30

ÝÊÇå ÇãÑíßíå ÊãÇÑÓ ÇáÌäÓ æåì Ýì Óä ÇáÜÜÜ 10 ÓäæÇÊ æÞÏ Êã ÊÕæíÑ ÌãíÚ ÊÍÑßÇÊåÇ

Úä ØÑíÞ ÇÍÏ ÇáÌåÇÊ ÇáãÎÊÕå æÊã ÊÕæíÑåÇ æåì Ýì ÇæÖÇÚ ãÎáå ááÃÏÇÈ æäÔÑåÇ Úáì ãæÞÚ ÎÇÕ

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ÝÊÇå ÊãÇÑÓ ÇáÌäÓ ãä Óä 10 ÓäæÇÊ ÈÇáÕæÑ

2010-01-03T12:01:00.001+05:30

ÝÊÇå ÇãÑíßíå ÊãÇÑÓ ÇáÌäÓ æåì Ýì Óä ÇáÜÜÜ 10 ÓäæÇÊ æÞÏ Êã ÊÕæíÑ ÌãíÚ ÊÍÑßÇÊåÇ

Úä ØÑíÞ ÇÍÏ ÇáÌåÇÊ ÇáãÎÊÕå æÊã ÊÕæíÑåÇ æåì Ýì ÇæÖÇÚ ãÎáå ááÃÏÇÈ æäÔÑåÇ Úáì ãæÞÚ ÎÇÕ

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ÇÖÛØ Úáì ÇáÒÑ ÇáÇÎÖÑ áÇÙåÇÑ ÇáÊÝÇÕíá / ÇáÕæÑ / ãáÝÇÊ ÇáÝíÏíæ

happy new year

2010-01-01T15:05:00.001+05:30

Melanie Jones invited you to join the group "FREE Play Station 3 GIVEAWAY - JOIN AND WIN!!!"...

2009-12-26T13:48:00.001+05:30

Melanie invited you to join the Facebook group "FREE Play Station 3 GIVEAWAY - JOIN AND WIN!!!".

Melanie says, "Visit http://www.facebook.com/l/df5f4;www.payformycollege.net, click on one of the advertisements with the blue link at the bottom, then invite your friends to this group for a chance to win a Playstation 3!".

To see more details and confirm this group invitation, follow the link below:
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To register, go to:
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If you're receiving this email and are already a member of Facebook, please make sure this email address is associated with your Facebook account.

Thanks,
The Facebook Team

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Take a look at my photos on Facebook

2009-12-10T14:11:00.001+05:30

facebook

K.Vittal Shetty has:
102 friends
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Take a look at my photos on Facebook

Hi BudgetWishlist2009,

I set up a Facebook Profile where I can post my pictures, videos and events and I want to add you as a friend so you can see it. First, you need to join Facebook! Once you join, you can also create your own profile.

Thanks,
K.Vittal

To join Facebook, please follow the link below:

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Uma Raghunathan
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Prabhu Bakthavachalam
49 friends

Other people you may know on Facebook:

Nata Rajan	Ashok Duraisamy	Alok Sharan
Oberoi Sameer	Jessie Hachey	Chandra Mohan S
Manish Idnani	Chitra Awasthi	Pramod Shrikanth D

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Dr.Heart .

2009-11-28T00:03:00.001+05:30

Hola emilia!

Dr.Heart .
College: economics and political science and public administration
Village:

Tu perfil Shtyle

emilia

Dr.Heart . solicita tu amistad después de visitar tu perfil de Shtyle.fm
Mensaje:

Haga click para ver

Dr.Heart . Perfil de Shtyle.com: http://www.shtyle.fm/profile.do?userid=3590702

Tu perfil de Shtyle.com: http://www.shtyle.fm/profile.do?userid=6308451

Tu información de acceso a Shtyle.fm budgetwishlist2009@gmail.com Olvido contraseña?

Comparte tonos de timbre, canciones y documentos con tus amigos de Shtyle.fm. Tu cuenta incluye 100MB de memoria en línea.

Actualizaciones de Rajesh KumarK VITTAL SHETTY, Rajesh Kumar

2009-11-27T16:26:00.000+05:30

Shtyle.fm

Hola emilia,
Desde la ultima vez que estuviste en Shtyle.fm, las siguientes cosas han pasado.

1 petición de amigos pendientes.

	Rajesh Kumar 69 amigos 1 fotos 0 archivos compartidos
agregar a todos como amigos
ó escoger los amigos para agregar

Actividad Reciente de Amigos

ver todas las actividades de amigos

K VITTAL SHETTY y MEHTA son ahora amigos.
K VITTAL SHETTY y anand son ahora amigos.

Visitantes Recientes a Tu Perfil

ver todos los visitantes

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Nuevos Comentarios

ver todos los comentarios

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Cargar y compartir archivos

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Olvido contraseña?

Visita Tu Perfil

Check out my photos on Facebook

2009-11-24T13:33:00.000+05:30

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Prabhu Bakthavachalam has:
37 friends
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Check out my photos on Facebook

Hi Budgetwishlist2009,

I set up a Facebook profile where I can post my pictures, videos and events and I want to add you as a friend so you can see it. First, you need to join Facebook! Once you join, you can also create your own profile.

Thanks,
Prabhu

To sign up for Facebook, follow the link below:

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Reminder: Uma Raghunathan invited you to join Facebook...

2009-11-19T01:38:00.001+05:30

facebook

Hi,

The following person invited you to be their friend on Facebook:

Uma Raghunathan
Invite sent:
Sep 22, 2009

Other people you may know on Facebook:

	Harish Venkatesh India		Deepthi Raghuram
	Thiagarajan Lakshmi		Raksha Badri
	Soundarya Ramanan		Rema Sethumadhavan

Facebook is a great place to keep in touch with friends, post photos, videos and create events. But first you need to join! Sign up today to create a profile and connect with the people you know.

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Rajesh Kumar

2009-10-09T16:33:00.001+05:30

Hola emilia!

Rajesh Kumar

Tu perfil Shtyle

emilia

Rajesh Kumar solicita tu amistad después de visitar tu perfil de Shtyle.fm
Mensaje:
would u like my freindship.

Haga click para ver

Rajesh Kumar Perfil de Shtyle.com: http://www.shtyle.fm/profile.do?userid=2514407

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This is pretty interesting...

2009-09-27T02:18:00.001+05:30

If you can't see this email, please click here.

Azhar.beig43

Azhar.beig43 wants you to become a Zorpian

Hi Murali,

You must be special!
Your friend Azhar.beig43, has invited you to be apart of Zorpia!

Join now for free!

Azhar.beig43's Friends:

This message was delivered with the azhar.beig43 initiation.
If you wish to discontinue receiving invitations from us, please click here: Block future invitations
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Software4Free.In

2009-09-26T10:04:00.001+05:30

New MSI setup is now uploaded to http://www.software4free.in absolutely for you

now u can download with following links or u can visit the website
http://www.software4free.in

http://www.software4free.in/downloads/SDTimer.msi
http://www.software4free.in/downloads/Mail-g-Mail.msi
http://www.software4free.in/downloads/IPTracer10.msi

Enjoy

http://www.software4free.in/

hi

2009-09-25T15:17:00.001+05:30

Check out my photos on Facebook

2009-09-23T11:15:00.001+05:30

facebook

Check out my photos on Facebook

Hi budgetwishlist2009@gmail.com,

I set up a Facebook profile where I can post my pictures, videos and events and I want to add you as a friend so you can see it. First, you need to join Facebook! Once you join, you can also create your own profile.

Thanks,
Uma

To sign up for Facebook, follow the link below:

http://www.facebook.com/p.php?i=100000038121656&k=Z6E3Y5WX463FYGBJPB63QTS2RRKGZ6Y&r

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Re: Did you get my previous mail ?

2009-09-23T00:07:00.000+05:30

Hi,

I think you missed my previous mail ! Ok no probs ...

Came across this new interesting project ... called "areapal" .

Giving you an invite into that project .... Click the following link to
enter :

http://www.areapal.com/register.php?iid=1640043&key=hKf74E8

Regards,

Narayanan
from Choolaimedu !

Note : Entry into project 'areapal' is highly moderated and only via.
limited invites . Please make use of the invite .

If you want to un-subscribe from this category of mails , please reply
back saying "Dont send" - and you want here from us again :)

Sivasubramanaiam Pushpavanam sent you a private message on Infoaxe - please respond

2009-08-30T19:15:00.000+05:30

If you can't see this email please click here to respond

Sivasubramanaiam Pushpavanam

Sivasubramanaiam Pushpavanam has added you as a friend

Is Sivasubramanaiam Pushpavanam your friend?

Click Yes if Sivasubramanaiam Pushpavanam is your friend, otherwise click No. But you have to click!

Please respond or Sivasubramanaiam Pushpavanam may think you said no :(

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YOU ARE A WINNER OF £1,23O,310!!!

2009-08-28T19:53:00.001+05:30

£1,23O,310 is in your favour contact Dr Derek Max.
Send your NAME/ADDRESS/COUNTRY/OCCUPATION/PHONE/ADE.
to cgnl_claimsdircectdpt@hotmail.com IMMEDIATELY

New message

2009-08-18T19:10:00.001+05:30

Good News
Now you can get IMEXSU products for Europe from

IMEXSU Europe GmbH

Congratulation to withstand against the present scenario and market situation,
We can help a little bit to survive in this situation by:

* Cutting Cost Per Components
* Improving your quality
* Reduce delivery time.
* Reduce man-power
* Giving consistency

if you think you are ready now to introduce few new things to your present Machining system, which will save lot of your Hard Earned Money, it's time to contact IMEXSU.

The range what we have is unique, and that's your tomorrow's need but we are ready to offer today to you. This is Just few.

Examples of few DeBurred Job's
Steel IMPOSSIBLE done on right photo half side only on left, compare the photo before

S.S. Very Difficult

C.I.

Aluminum

This are just few
We have more then this in All Metals and Non-Metals.

You are missing something in your setup, or with your present systems something left ? and if you want to complete your range of DeBurring after Machining,
Please feel free to get in touch with us, We will be glad to co-operate.
What we need from you for your solution:

# A photo of the components (Full and Showing Burr)
# Soft Copy if Possible
# Clamping position of same in Machine
# Some details about you

Shortly we are going to start a Case-Study of components, and if you wish to subscribe, send your small product photo, and whenever we will have similar products we will be in touch with you, Also every month you will have a new product news form us, Inform your willingness.

And we will be in touch with you for your needs.
Thanks And Best Personal Regards
Praveen Panchal
Mobile +919869457899

Visit
www.de-burring.com
www.imexsu.com

IMEXSU (INDIA)
( GPS position N 19°07.136' ; E 072°53.316' )
8-A, Vaibhav Industrial Estate, Baji Pasalkar Marg, Next to SakiVihar Telephone Exchange,
Mumbai - 400072, INDIA
Telephone +91-22-28570339 / 0445 / 2814, Fax +91-22-28574829
USA Fax. +1-413-771-3099,
Email:- pm1@imexsu.in, Website:- www.imexsu.com & www.de-burring.com

DeBurring Brushes & Holders to Directly DeBurr on your Present
Vertical & Horizontal Machining Center (VMC / HMC)

"when the going gets tough, the tough gets going"

This e-mail is not spam. Please note that the sender has used his authentic email address and can be reached for any question or complain.

CONFIDENTIALITY NOTICE:
This e-mail transmission may contain confidential; or legally privileged information that is intended for the individual or entity named in the e-mail address. Use of such information by any intended recipient shall be limited to the purpose for which such information was sent. Unauthorized use, disclosure or copying is strictly prohibited and may be unlawful. If you have received this e-mail transmission in error, please reply to the sender and delete the message.

These information and our technical advice - whether verbal, in writing or by ways of trials - are given in good faith but without warranty, and this also applies where proprietary rights of third parties are involved. Our advice does not release you from the obligation to check it validity and to test our products as to their suitability for the intended processes and uses. The application use and processing of our products and the products manufactured by you on the basis of our technical advice are beyond our control and, therefore, entirely your own responsibility. Our products are sold in accordance with our General Conditions of Sale and Delivery in case if you need copy please ask for.

K VITTAL SHETTY high fived you

2009-08-06T05:13:00.001+05:30

K VITTAL SHETTY high fived you

K VITTAL SHETTY

Ver & contestar desde tu perfil:

http://www.shtyle.fm/profile.do

Shtyle.fm

Comparte tonos de timbre, canciones y documentos con tus amigos de Shtyle.fm. Tu cuenta incluye 100MB de memoria en línea.

K VITTAL SHETTY sends a champagne

2009-07-16T15:55:00.001+05:30

K VITTAL SHETTY has sent you a champagne

K VITTAL SHETTY

To accept this gift please click the following link:

http://www.shtyle.fm/einv.do?iid=FD1733DD7E34291E2D540452CB52F282

Message :

Enjoy your gift,
Shtyle.fm

Share ringtones, songs, documents with your Shtyle.fm friends. 100MB of online storage space with your account.

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budget reaction

2009-07-15T08:39:00.001+05:30

Neglecting the INDIAN MIDDLE-CLASS

The budget 2009-2010 was a huge disappoint for the lower middle class and middle class population (aam - aadmi). Additional tax exemption of rs..1000 (net) was all it offered. The BPL (Below Poverty Line) got most out of the 10, 00,000 crore+ government spending (only 15% of which reaches the public) . The removal of surcharge, CTT (rather than STT), increase in the exemption limit for wealth tax and reduction of duty on branded jewellery hardly carries any significance for the Indian Middle Class. Further, scrapping FBT has relieved the Company but has diverted the tax burden on the employees. Also the projected government borrowings will increase the cost of borrowing for the masses. No major announcement to control prices of Commodities Basket was seen. The Indian Middle Class got neglected on the whole.

Bharat.C.Jain

Coimbatore

Love Cricket? Check out live scores, photos, video highlights and more. Click here.

write up for Rly.budget.

2009-07-11T14:34:00.000+05:30

Sir, I do hope u have not considered my my write up to flash in ur esteem news paper.

Anyhow I will be on action.

Thanks

Prof.PK.GHOSH

Kerala.

See the Web's breaking stories, chosen by people like you. Check out Yahoo! Buzz.

Re: Thanks for your inputs Re: Fwd: scholarship form

2009-07-10T17:44:00.001+05:30

u wel cum budy and send in two days k u get 20000 scholarship on direct ur acnt by take care

On Fri, Jul 10, 2009 at 5:33 PM, Murali D <budgetwishlist2009@gmail.com> wrote:

Thanks for your inputs.
D. Murali
http://budgetwishlist2009.blogspot.com/

Fwd: scholarship form

2009-07-10T17:33:00.001+05:30

---------- Forwarded message ----------
From: azhar beig <azhar.beig43@gmail.com>
Date: Fri, Jul 10, 2009 at 5:28 PM
Subject: scholarship form
To: imtiyazmb@gmail.com

hi ths is azhar find atach file and fill it ur detail and send to below address

in kannada
colleage shikshana ayoktar kacheri
sheshadri road bangalore 560001

thanks and regards azhar

Post Budget Reaction for Information Technology Industry

2009-07-10T14:48:00.001+05:30

Post Budget Reaction for Information Technology Industry

Writer: Mr. C R Vinay, Co-Founder, Chairman & Managing Director, Customer Centria

In the post recession period there has been a phenomenal change in the fortunes as well as the working styles of the different industries. The economic slowdown was like a jolt unexpectedly forcing the companies to do a serious introspection on their policies. With layoff notices, unpaid leave and 'on the bench' becoming the most commonly floating words around, the Indian workforce tasted recession, the worst import of the West. Not only were the industries forced to cut on costs, they were also asked to justify their spending and revenues and to add value to every expenditure they made.

One of the worst hit industries in the aftermath of recession was the IT industry of India. Once the blue-eyed industry of the west, especially US, the Indian IT companies were an instant hit due to their large talent pool of English speaking workers. After experiencing the dot com downfall, this is the second time the US is facing a decline of revenues in the IT sector. The recession this time might not be similar to the dot com bubble burst of the 90s but the impact is more or less the same. There are confirmed reports that IT budgets in a number of industries in the US and UK, have been nearly halved. After project cancellations and lay-offs, a number of Indian IT workers in the US were asked to leave. The situation has been aggravated further by southward movement in the billing rates, a longer payment period cycle and increased competition from other low cost destinations.

With a much more stable UPA back in its second innings, India's Industry was hopeful that this budget would rev up the industry and bring back its former glory. The IT/ITes industry that contributes around 6% to the national GDP has high expectations from the Union Budget 2009. The demands were few and fair.

The demand of the industry was to extend the tax holiday by another decade as the growth is on a steep decline in the last one year due to recession globally. The recession and the lack of tax subsidy are resulting in businesses to layoff teams. There is a need for a stable policy regime for the IT hardware industry and for growth-oriented measures to boost domestic IT consumption. The STPI extension in this regard has come as huge relief to the IT sector. Even though the tax-holiday has been extended only for a year, it still will be able to give the recession hit industry support and stamina to revive itself.

Tax analysts feel that even though the tax savings from this holiday might not be able to make up for the huge losses these businesses have suffered globally, it still is going to be beneficial. Extension of the 10A/10B extension will surely provide a breather. This is particularly important for SMEs to facilitate their continued growth, which might not have the right resources to move into SEZs. This will also facilitate move into Tier 2 and 3 cities. The extension of this scheme is an important and necessary step to ensure continued growth for this sector.

For the employees, abolition of fringe benefit tax (FBT) will make ESOPs (employee stock ownership plan) more attractive. Transfer pricing was a cause for concern. The IT industry has been one of the biggest contributors to the FBT tax, due to its high expenditure in terms of traveling, hospitality and ESOPs.

There was also a much-required need for a new tax structure on the e-commerce businesses. The Information Technology Act, 2000, which is the first legislation to deal with electronic commerce, is silent on taxation. Substantial amount of state revenue, which is generated through direct and indirect taxes, is lost when Internet transactions remain untaxed. The removal of FBT for the industry and employees to emphasis on key e-governance projects has come as a major breakthrough for the sector of e- governance. It is heartening to see investment in key e-governance projects with an emphasis on important initiatives like unique ID programme. The excise duty exemption on packaged software is also a positive step.

One of the main reasons behind the success of India's IT sector over the years has indeed been the tax holiday which has helped these firms plough back their earnings and fund their growth, especially given the fact that the banks have been loath to funding IT companies. Primarily, the sector had been asking the Finance Ministry to clear the mist around tax anomalies. This budget has helped cleared a lot of confusion on the multiplicity of taxes on packaged software.

Brief profile of Mr. C R Vinay

Co-Founder, Chairman & Managing Director

Vinay is an MBA in Marketing and Information systems from a premier institute in India with more than 13 years of experience in Advertising, Marketing and Technology. His vast global experience ranges from providing Marketing and Advertising consulting to leading companies in India to Analytical CRM and Analytical Marketing consulting to leading enterprises globally. His penchant for Customer Management coupled with his strong background of technology-driven Marketing focusing on driving a globally competent Customer Management company. He is driven by the belief that every enterprise needs to get Customer Centric in order to maximize all round value.

Thanks and Regards.

Anindita Sharma
Account Executive
Aurous Communications & Events India Pvt.Ltd.
1st Floor, Kapadia Mansion, 142, Modi Street, Fort
Mumbai - 400 001

anindita.aurous@gmail.com

Mobile - +91-9730959859
Phone - 022 65256346
022 65256328

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budget line

2009-07-07T21:21:00.000+05:30

Dear Sir,

This relates to the series of opinions published by you regarding budget expectations. This was a welcome move and needs appreciation.I request you to continue this in the years to come and also extend the same even for the State (Tamil Nadu ) Budget. But one thing I wish to point out. You had published only the opinions of top brass of a company or organisation and had ignored the views of professionals and common man; i.e., it seems that BL presumes that only those who hold higher positions in famous companies can make some ideas to the Govt. This I am saying because you had called for a brief note about the background and photo. Tax reforms can be suggested only by Professionals and the irony is that they cannot disclose their qualification and cannot even mention about their practise experience fearing punishment from their parnet bodies/ Institutes (treating the same as amounting to publicity).So they may refrain from disclosing their identity and give only their name and opinion.Such is the position of law in this country for educated ones. Hence I request you to give credit to the value of the opinions and not to their background as to whether they are business magnets or not. Similarly a common can only give his expectations based on his day to day sufferings and he may not like her / his identity got published. I think the expectations should be a mixture of all these and not of industry people alone.Please treat the above as a suggestion and not criticism.

Thanking you,

N. NAGARAJAN.

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Post budget reactions from Shemaroo

2009-07-07T15:03:00.000+05:30

Subject: Post budget reactions from Shemaroo

Please find attached post budget reactions from Mr Hiren Gada, Director, Shemaroo and his photograph.

Kindly publish.

Regards

Girija

Girija Balakrishnan
Sr. Manager
pr@pressmanindia.com m: +91 9821736716

Pressman Advertising Limited, 505 Raheja Centre, Nariman Point, Mumbai 400021 t: +9122 22188880 f: +9122 22166741 w: www.pressmanindia.com, www.pressmanpr.com
Please don't print this email unless you really need to. This will preserve trees on our planet.
This e-mail is intended for the above-mentioned addressees only. It may contain privileged or confidential information, the review, dissemination or disclosure of which is strictly prohibited. If you have received this e-mail by mistake please immediately destroy it and so inform us by e-mail.

Attached the self reactions on Indian Railway Budget 2009-2010

2009-07-07T13:09:00.001+05:30

Dear Editor,

Please find the attached self evaluation on Indian Railway Budget 2009-2010 here with.

Looking forward to your kind perusal.

Prof. P.K GHOSH.

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attatched reader's reactions on Indian Railway Budget 2009-2010

2009-07-07T12:56:00.000+05:30

Dear editor,

Please find the attatched self brief reactions on Railway budget 2009-2010 here with.

Looking forward to your kind perusal in the next publication.

Prof.P. K. Ghosh.

N/B. Brief self profile also attatched.

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Thanks Re: Fwd: Budget Quote from Lovely Professional University

2009-07-06T21:51:00.001+05:30

Thanks for your quick 'reactions'!

Warm regards
D. Murali
http://Budget2009Reactions.blogspot.com/

Soma's comments on Union Budget

2009-07-06T18:53:00.001+05:30

Hi,

Please find below the comments from Mr. Ankineedu Maganti, CEO, Soma Enterprise Ltd on the Union Budget 2009-10. Would be grateful if you could carry the same in your esteemed publication.

According to Mr. Ankineedu Maganti, CEO, Soma Enterprise Ltd, "The move of the union government to enable IIFCL to refinance banks in infrastructure projects is a very positive step. In addition to the incremental funding available, banks will take comfort from this move, and be more aggressive in funding projects in various infrastructure sectors.

It would have been a further encouragement for banks to reinstate the income tax exemption provided to banks lending to infrastructure projects under Sec. 10 23G, as this would have reduced the cost of debt.

The announcement of increasing the allocation of funds to Highway, Rail and Urban infrastructure projects though is a positive step, the allocation could have been higher, especially for Highways.

Currently all infrastructure projects executed on PPP basis enjoy tax exemption under Sec 80 IA and pay MAT instead. The steep hike in MAT will impact these projects and reduce the viability. This is detrimental to the impetus the government is trying to give to PPP projects.

The clarification provided in exemption of Excise duty on goods manufactured at site for use in construction is a welcome relief. This had been a cause of tremendous debate over the past couple of years especially with urban projects depending heavily on pre-cast elements etc.

Similarly applicability of Service Tax on construction projects should also have been clarified. Currently, there is significant ambiguity in terms of which projects attract the Service Tax and which do not."

Regards,

Ritu Tanwar

9891598540

Image Public Relations

: Budget reaction from Mr. B. Ramaswamy, MD of Sonata Software

2009-07-06T18:02:00.000+05:30

Given below is the quote from Mr B. Ramaswamy, MD of Sonata Software. Also, please find attached his photograph.

"The most striking feature of the budget has been the expression of confidence by setting a growth objective of 9%. From the industry's point of view, scrapping of the FBT and clarification on the service tax applicability on packaged software are positives. Extension of STPI, though welcome, has fallen short of expectations."

Regards,

Girija

Post Budget Quote from Hexaware Technologies

2009-07-06T17:03:00.000+05:30

A WELCOME BUDGET

This is a welcome budget; it will stimulate growth and it also brings several tax reforms

For the IT/BPO industry : It is very positive since it addresses almost all the concerns. Exemption under STPI scheme has been extended till 31^st march 2011.

Tax anomalies for SEZ units have been removed. Fringe Benefit Tax (FBT) has been abolished making ESOPs more attractive. Also proper dispute resolution has been created for transfer pricing.

This budget will help the Indian IT/BPO industry to remain globally competitive

- Mr. Atul Nishar, Founder & Executive Chairman, Hexaware Technologies Ltd.

About Hexaware:

Hexaware is a leading global provider of IT and BPO services. The Company has achieved leadership position in domains such as Banking, Financial Services, Insurance, Transportation, Logistics and HR-IT solutions. Hexaware focuses on delivering business results leveraging technology solutions and specializes in Business Intelligence & Analytics, Enterprise Applications, Independent Testing and Legacy Modernization. Hexaware has been providing technology solutions for business for 18 years and offers world class service delivery, technology leadership and skilled human capital. For additional information logon to www.hexaware.com

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Reactions to Budget from MetricStream

2009-07-06T16:51:00.000+05:30

Please find below the budget reaction from Mr. Shankar Bhaskaran, Senior Director of MetricStream. Also, please find attached his picture.

1) Mr. Shankar Bhaskaran, Senior Director, MetricStream, the market leader in the enterprise-wide, Governance, Risk, Compliance (GRC) and Quality Management solutions

"Given the current economic scenario, I think it is a very balanced budget in terms of growth and stability. The key focus is obviously on getting the growth rate back to 9% at the earliest with primarily focusing on infrastructure, agriculture and continuous in flow of foreign capital.

It is heartening to see that there are a lot of positive steps taken in the budget to bring the economy back to its normal state, such as, reduction of CENVAT, reduction Of Excise Duties for various sectors including Pharma, Automobile sector, etc., Section 35D benefit extended to service companies, cut on the Customs Duty on project imports will have a positive impact on Engineering and Power Cos.. However, in certain areas, the budget has disappointed the business community, such as, no extension of tax holiday for EOU/STPI. Overall, I feel that the budget is a positive one for India."

Regards,

Girija

Reactions to Budget from SpikeSource

2009-07-06T16:50:00.001+05:30

Please find below the budget reaction from Mr. Ramesh Shastri, MD India of SpikesSource. Also, please find attached his photograph.

1) Mr. Ramesh Shastri, MD India, SpikeSource, a provider of business-ready solutions

"Poor infrastructure leads to increased cost of products and effects service delivery. Hence government focus on infrastructure is very welcome. However quality and speed of execution is critical.

The share of our IT sector as a percentage of the Global Market is still very small. We have made good progress in the IT services sector; we are now beginning to see more activity in areas of Intellectual Property development. Hence continuation of benefits would help."

Regards,

Girija

Reactions to Budget from Jivox

2009-07-06T16:50:00.000+05:30

Reactions to Budget from Jivox. Kindly publish. Regards. Girija

Please find below reactions from Naren Nachiappan, MD India of Jivox. Also, please find attached his picture.

Mr. Naren Nachiappan, MD India, Jivox, India's no. 1 online video ad company

* This is a budget that affirms the fact that in many broad ways India's economy is heading in right direction.

* The current international economic crisis is being seen as cause of the drop in GDP. That is why no drastic steps being taken to overcome that as the FM said that the worse is over.

* There has not been many drastic policy changes indicating that government wants to stay course.

* Increasing tax exemption, especially for women and senior citizen will mean the middle class of India will have more cash in hand.

* Many brands will eye that extra cash and advertising for that segment will increase. As online video ads enable better targeting than TV video ads, there will be more interest coming from big brands.

* Online spends among TV manufactures and consumer electronics will increase. To convey feel, they will do more online video ads

* FMCG sector has been stable through the day. This reflects markets understanding that extra cash with middle class converts into good revenue for FMCG too. They will be spending more in advertising to attract that segment.

Post Budget Reaction - Kale Consultants Ltd.

2009-07-06T15:52:00.000+05:30

Hello,

Please find below the quote on behalf of Vipul Jain - CEO & Managing Director, Kale Consultants Ltd.

The finance minister has given a balanced approach to the budget. Initiatives towards abolishing FBT and increase in tax exemption for salaried employees is commendable. The 1 year extension of the STPI scheme is appreciated, but a longer extension would have definitely helped the industry. Increase in MAT is also not a favourable move. The honorable minister had a good chance to boost the corporate sector in face of the economic conditions, but the focus seems to be on driving demand by giving incentives to the rural sector.

Please find attached the photograph of Vipul Jain.

Warm Regards

Dhanya Nambiar

Adfactors PR Pvt. Ltd.

Technology Communications Group
Raj Mahal, 4th Floor,
84, Veer Nariman Road, Churchgate,
Mumbai 400020
tel: +91 22 2287 1361
fax: +91 22 2287 1365
mobile: +91 9324490030

Post Budget Quote from Hexaware Technologies

2009-07-06T15:32:00.000+05:30

Hi,

Kindly find below the Post Budget Quote from Hexaware Technologies.

BUDGET QUOTE

Date – 6^th July 2009

Spokesperson – Atul Nishar, Founder & Executive Chairman, Hexaware Technologies Ltd.

This is a welcome budget; it will stimulate growth and it also brings several tax reforms

For the IT/BPO industry

It is very positive since it addresses almost all the concerns. Exemption under STPI scheme has been extended till 31^st march 2011.

Tax anomalies for SEZ units have been removed. Fringe Benefit Tax (FBT) has been abolished making ESOPs more attractive. Also proper dispute resolution has been created for transfer pricing.

This budget will help the Indian IT/BPO industry to remain globally competitive

Warm regards,

Serena Paes

Account Executive

Adfactors Public Relations Pvt. Ltd.

Raj Mahal, 4th Floor

84,Veer Nariman Road,

Churchgate, Mumbai - 400020

Tel: +91 022 22871361

Mobile Number: 9833100320

Fax: +91 022 22871365

email: serena.paes@adfactorspr.com

Web: www.adfactorspr.com

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Visit my Netlog profile

2009-07-06T13:44:00.001+05:30

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Budget quote from MM University

2009-07-06T11:41:00.001+05:30

Dear Sir,

Please find the budget Quote from MM University, Mullana.

"The improvement in the higher education system could only be achieved through a balanced partnership between the public and private sector. This, in turn, called for liberal policies by the government for increased private-sector participation along with a significant upgrading in the public education infrastructure since; to improve the state of education it is very important to give opportunities to other players in the market" said Mr Tarsem Garg, Chancellor MM University.

Regards,

Aanchal Sood
PR Executive
Blue Lotus Communications Pvt Ltd
II Floor, SCO 43,
Sector 47 D, Chandigarh
160047
09876574040
0172-5034004

Expectations and Wish list for insurance industry from Budget

2009-07-06T10:36:00.001+05:30

Expectations and Wish list for insurance industry from Budget

By Shashwat Sharma, Director, Financial Services, KPMG

The Indian insurance industry has witnessed several changes in the
last eight years post liberalization than it had in the previous one
hundred years. Changes in the industry have been so drastic that all
the companies, the incumbent LIC included, had to review their
strategic plans several times in the last eight years!
De-tariffication in the Non-life segment and high capital requirements
in the Life insurance segment posed new set of challenges to the
players.

These challenges however, have not reined in growth and the growth
rate continues to remain one of the highest in the world. But to be
able to sustain these growth rates and overcome the current economic
downturn, the industry needs a fillip from the Government and the
Regulator. While the last year's budget witnessed some initiatives
like increase in deduction for individuals for payment towards medical
insurance premium for parents, some of the key issues like Foreign
Direct Investment (FDI), carrying forward of losses, tax exemption for
long term investments remain unresolved. We hope that this year's
budget would address these issues.

Expectations and Wish list:

* Foreign Direct investment to go up to 49%: This has been
discussed for long time now and had also been included in the
insurance reform bill, introduced in December 2008. It is expected
that FDI would be increased to 49% in this budget session
* Permission to the foreign re-insurance companies to open
offices: As presented in the insurance reform bill, it is expected
that the foreign reinsurance companies would be allowed to open
offices and conduct business in India to provide a fillip to
reinsurance business in India
* Losses to be allowed to be carried forward for 10 years: Life
Insurance business has a long gestation period with average break-even
period of around 10 and 12 years. The current global economic crisis
has only helped in elongating this period. In view of the current
global economic scenario and nature of the industry, we hope that the
life insurance companies would be allowed to carry forward their
losses for 10 years as compared to the existing prescribed limit of 8
years
* Increased tax exemptions for life insurance and pension plans:
Life insurance and pension plans are the key financial instruments
which can meet the long term investment needs of the individuals and
provide social security to them. To promote the long term savings
amongst the Indian consumers, we feel the need for providing a
separate limit of deductions (apart from Rs 1 lac) under Section 80C
for life insurance and pension plans
* Encourage public private partnership: Public Private Partnership
(PPP) can play a key role in promoting insurance specially health
insurance in India. While Government has encouraged PPP in past by
implementing schemes like RSBY, it is expected that the Government
would launch more schemes like RSBY to provide social security
coverage to poor households
**

Constructing the Way up - Budget 2009

2009-07-06T10:34:00.001+05:30

Constructing the Way up - Budget 2009

By Nandita Tripathi, Associate Director, Tax, KPMG

The recent downturn has hit the realty sector the hardest. From a
stage where cash was chasing limited quality projects, the sector is
now facing a severe financial crunch. While the Government with a
clear mandate has provided the requisite stability to the economy, it
should now focus to retrieve the sluggish real estate sector, being a
key driver of the Indian economy.

Real estate in India is the second largest employer next only to
agriculture and its size is close to USD 12 billion, growing at 30%
per annum. Growth in the sector has a direct impact on its ancillary
industries of steel, cement, etc. In the backdrop of its importance
to the growth of the Indian economy, it is vital for the Government to
nudge growth in the sector to newer heights through fiscal stimulus
which would also help make affordable housing a reality and within the
reach of the proverbial "aam aadmi".

As a first step, the Government should accord "infrastructure status"
to the housing sector and appoint a regulator to act as a single
window for overseeing and monitoring the affordable housing agenda.
After being hit by the global financial meltdown, real estate
developers have now recognized the growing demand for affordable
housing. To provide further impetus to this direction of development,
the Government should consider reinstatement of the tax holiday
benefits under section 80IB-(10) for affordable housing projects.

Increase in the limit of interest on housing loan from the existing Rs
1.5 lacs to Rs 3 lacs and a corresponding increase in the tax
deduction limit for the principal loan amount would further go a long
way to enhance the common man's appetite for home loans by lowering
their tax outflows and hence, making their dream home a reality.

Large scale developments such as SEZs and Industrial Parks are the
answer to India's next round of industrial growth. The existing law
provides unequal tax structures for SEZs and Industrial Parks. Despite
the latter being granted "infrastructure status", restrictive and
stringent application of tax incentives coupled with delays in timely
clearance of applications has seen far and few takers for development
of Industrial parks. Tax incentives similar to SEZs should also be
granted to Industrial Parks. Given that such large developments are a
key factor to growth of India's industrial/ commercial sector, there
is definitely a case for extending the tax holiday benefits for
Industrial Parks which expired in March 2009, to March 2015 and
relaxing the tax holiday provisions.

In the current economic slowdown, Real Estate Mutual Funds (REMFs)
could provide the necessary financial support to the cash starved
housing sector. However, since its introduction a year back, REMFs
have not found any takers due to unclear regulations and absence of
guidelines for their tax treatment. Recognizing the need for REMFs as
an important capital contributor for the sector, the Government should
consider aligning the regulations to global best practices, including
providing a tax pass through status for registered REMFs.

Separately, outdated and draconian provisions such as section 50C
should be repealed as they result in an unfair basis for taxation. In
today's times, where real estate transactions are governed by market
dynamics, applying a notional basis for taxation causes undue hardship
to the taxpayer. Section 50C deems the transfer value adopted for
stamp duty purposes (ie the circle rate) as the consideration for
transfer of a capital asset being land or building, where such value
is higher than the actual sales consideration. The irony is that these
values fixed more than 5 years back have not been brought down even
when prices in the real estate market have fallen.

On the indirect tax front, in light of recent clarification issued by
tax authorities, credit of service tax paid on construction activities
is not available as the output in such case is an immovable property,
which is neither 'service' nor 'goods'. This clearly results in input
cost burden on developers due to denial of credit of service tax paid
on construction activities against output service tax liability. The
aforesaid clarification is against the scheme of the CENVAT credit law
as the definition of 'input service' specifically includes services in
relation to setting up, modernization, renovation etc. Accordingly, in
order to reduce costs, it should be clarified that credit of service
tax paid on construction services would be admissible against output
service tax liability of the developer.

In the backdrop of the wish-list provided above, it would be a tough
balancing act for the Finance Minister but given his background as a
seasoned politician and his experience in the North Block, the real
estate industry is looking forward to his guidance in the forthcoming
budget to steer clear of the current crisis.
**

Logistics Sector - Pre Budget Expectations

2009-07-06T10:33:00.001+05:30

Logistics Sector - Pre Budget Expectations
Ravi Shingari, Associate Director, Tax, KPMG

In parity with the international trends, the logistics sector in
India, over a period of time, has developed into a key service sector
helping majority of businesses (including automobile, pharmaceutical,
FMCG among others) concentrate on their core activities while their
logistics requirements are taken care of by such third party logistics
companies.

However exorbitant logistic cost (14% of the total value of goods)
still erode the competitiveness of the Indian goods in the
international market and shall continue to do so unless corrective
measures are not taken, according to The Associated Chambers of
Commerce and Industry of India (ASSOCHAM).

The Joint Paper brought out by KPMG-ASSOCHAM says that administrative
hurdles account for large delays and additional cots for the logistics
sector. The Paper further says the areas of improvement exist in all
segments of logistics chain viz., trucking, warehousing, rail
transport, port operations, customs procedures, material handling etc.
while each of these needs to be addressed in their individual contexts
at the earliest, the greater imperative is to coordinate the
initiatives in a phased and planned manner.

Budget 2009 is expected to be positive for the logistics sector as
various policy initiatives may be announced to boost the industry. The
industry strongly suggests setting up a separate regulatory authority
for the logistics sector as a whole along the same lines as the
Insurance Regulatory & Development Authority and Telecom Regulatory
Authority of India.

The frequent suggestions voiced by the industry today include, among
others, the following:

* The Indian Railways' plans to set up a Multi-modal Logistics
Park and intelligent inventory management at selected locations along
the Dedicated Freight Corridors (DFCs) should be taken on a
war-footing
* Allow issuace of Form 'C' for setting up ports, logistic parks,
transportation facilities, etc. (similar to power, telecom) by way of
suitable amendemnt in CST laws
* Provide an exemption from applicability of Service tax on
various infrastructure/ construction projects in relation to logistics
sector (at present such exemption has been granted to ports, airports
etc. but not specifically for logistics sector)
* Currently, services in relation to logistics sectors are covered
under various services categories like Cargo Handling, Business
Support, Transportation of goods by Air/ Road/ Rail, etc. and there
appears to be an overlap as regards the scope of activities covered
under each of these categories which leads to confusion as regards
taxability and classification. Accordingly, suitable clarifications
should be issued regarding classification of services and
applicability of Service tax on various revenue elements pertaining to
logistics sector to avoid any disputes with the authorities
* Currently, Service tax laws provide an option to discharge
Service tax liability under abatement scheme in certain specified
categories (including transport of goods by road/ rail). However,
service providers engaged in providing similar services (along with
other services) who are discharging their liability under other
taxable categories (e.g. Transport of goods by air) do not have such
an option. Accordingly, suitable amendments be made in Service tax
laws, providing the option to pay Service tax under abatement scheme
under such other categories
* While export cargo is exempt from Service tax under Cargo
Handling services and Transport of goods by air service, similar
exemption is not currently provided under other taxable categories
like Transport of goods by road/ rail and Business Support Services. A
blanket exemption may be granted to such export cargo irrespective of
classification
* Imported raw materials & parts for use in manufacture of
specified ships enjoy exemption from effective Customs duty. However,
similar exemption is not provided from levy of Excise duty on domestic
procurements of such raw materials and parts meant for manufacture of
ships. Such anomaly should be done away with to boost the domestic
industry
* Centralized toll mechanism is needed to ensure uniformity in the
toll charges paid by trucker drivers at various check points.
* Since time-definite delivery is critical, inter-state
check-posts should have a clearance passage for refrigerated
transportation

Consequently the logistics sector expects the Government to take note
of its long pending demands and bring about positive and encouraging
policy changes to help provide boost to this deserving sector.
**

Expectations of Roads/ Highways Sector from Budget 2009

2009-07-06T10:31:00.001+05:30

Expectations of Roads/ Highways Sector from Budget 2009
Nabin Ballodia, Director, Tax, KPMG

The roads/ highways sector in India forms a critical part of the
overall infrastructure space and is significant to any hopes that the
Government may have to revitalize the economic activity. The
Government has embarked upon an ambitious plan of augmenting existing
network of national and state highways besides development of new
expressways. It is estimated that an investment of approximately USD
50-60 billion is required to improve road infrastructure in India. In
order to make an investment of this magnitude, the Government,
understandably, is aggressively pursuing 'Public-Private Partnership'
Model.

However, the Government needs to take a serious look at the current
tax provisions in order to present a viable risk return profile to the
private investor. One of the major anomalies in the current tax
provisions that require immediate attention is the applicability of
Minimum Alternate Tax ('MAT') to companies engaged in developing roads
and highways. While section 80IA of the Income Tax Act, 1961 ('the
Act') provides tax holiday for 10 out of 20 years to such companies,
they are still liable to pay MAT at the rate of 11.33%. In effect, the
incentive provided by section 80IA is diluted to a great extent by
applicability of MAT. The Finance Minister should consider correcting
this anomaly in order to attract further private investment in the
road sector.

One of the major initiatives taken by Government includes broadening
of existing network of national and state highways. While the project
includes adding additional lanes, construction of over-bridges and
relaying the entire stretch, there is considerable ambiguity over the
status of refurbished highway in the context of applicability of
section 80IA. It is important to note that tax holiday under section
80IA is available only in respect of 'new' infrastructure facility.
The dispute is whether the refurbished highway will be considered as a
'new' infrastructure facility or not. The industry hopes that the
Finance Minister would clarify this issue and include broadening of
existing highways within the ambit of section 80IA.

The government should also consider restoring the neutrality of
corporate restructuring transactions in the infrastructure space. As
per the current tax provisions, if the undertaking which is engaged in
developing/ operating the highway is transferred before the expiry of
tax holiday period (10 out of 20 years), the transferee is not
entitled to the tax holiday for balance number of years. Such a tax
regime virtually stubs out an investor who, although interested in
developing the project, may not be keen to stay invested for a longer
duration of time, especially after completion of the construction
phase.

As far as indirect taxes are concerned, there is a long standing
dispute in relation to applicability of excise duty on pre-fabricated
structures (pre-stressed concrete girders, slabs etc.) constructed at
casting yards away from site during construction of road. The industry
contends that the structures are customized according to a specified
project and are therefore not liable to excise duty. However, this
argument does not find favor with the revenue department. Further,
benefit of concessional rate of central sales tax of 2% on production
of Form C is not allowed on inter-state purchases for goods used in
road construction projects. Both of the above substantially increase
the cost of the project. The industry is hopeful that the Finance
Minister would look into this matter and provide suitable relief to
the industry.

The scale of activity in the road/ highways sector is bound to
increase, given that the higher echelons of the Government have made
clear that it attaches top priority towards investment in
infrastructure space, particularly roads and highways. However, a
timely move to set right, the anomalies in the current tax provisions
and provide further fiscal incentives would certainly go a long way in
enabling further investment in the road sector.
**

Budget 2009: Indian Aviation - Looking forward to clearer skies

2009-07-06T10:29:00.001+05:30

Budget 2009: Indian Aviation - Looking forward to clearer skies

By Naveen Aggarwal, Executive Director, KPMG

The Indian aviation sector has witnessed exponential growth over the
past few years. The Vision 2020 statement announced by the Ministry of
Civil Aviation, envisages and is committed to creating infrastructure
to handle about 280 million passengers by the year 2020. Through the
interim solution of cutting down domestic flights and moving them over
to international routes, the Indian aviation sector has done clever in
curbing the crisis. Further, the resilience of the Indian economy seen
in recent times is also helping reinforce a safe flight for the
country's aviation sector.

Despite the promising environment, the sector has not been insulated
from the ill-effects of the recent downturn triggered by the global
financial crisis. A consistent drop in load factors despite fare
revisions, sliding rupee vis-a vis the dollar making operational costs
sky rocket and exchange fluctuations impacting leasing and maintenance
costs are some of the factors that the industry has had to bear in
recent times. Adding to this, the inadequate infrastructure in
airports to support airlines have created a black hole in the profits
and left the companies grappling with huge losses and building debts.

To this effect, the Government needs to propel the sector to meet the
ministry's vision by implementing an investment oriented tax regime
which encourages growth and improved infrastructure.

Incentives in the form of a 10 year tax holiday are available to
infrastructure facilities (including airports) with a view to attract
investors in this space. These benefits are available for developing,
operating and maintaining any new infrastructure facility. Common
inference of this is believed to be that the term 'new infrastructure
facility' would refer to a green field project however it remains
ambigious whether the tax holiday would be available in respect of
modernization, upgradation, redevelopment of the existing airports.

Since substantial investments are being made towards upgradation of
existing airports, the issue needs to be looked into greater detail
and it may be clarified whether the tax holiday would also be
available to the developers of existing airport facilities.

On indirect tax front (excise/ custom duties/ VAT), it would be a
reasonable aspiration for the sector to expect some tax relief/
concessions on supplies made on airport projects, as they assume a
significant cost. Similarly, service tax exemption on outsourced
services for such airport projects may also be looked into to boost
infrastructure.

On another aspect, lease rentals on aircrafts are subject to levy of
fringe benefit tax (FBT). This is a huge cost to airline operators
considering the high value transactions and puts a further squeeze on
the airline margins. In this context, exemption from levy of FBT will
definitely be a welcome move.

Under the current system, service tax is charged on international air
travel undertaken by passengers from India other than those traveling
in economy class. Also, tax is levied on air transport services
provided to a passenger embarking in India for international journey
by scheduled airlines. Several arguments have been propagated against
this, primarily on the grounds that such services are essentially
provided outside India and therefore should not be chargeable to
service tax. The issue gets further complicated with the fact that
export benefits are also not available in respect of such services,
since the same have been kept out of the ambit of Export Rules.

In addition, tax authorities are of the view that this tax is leviable
on the full value of ticket even in cases where there are stopovers in
and outside India or where tickets are booked for the return journey
or where bookings have been made from outside India for an
international journey commencing from India. A suitable clarification
on the above is long-awaited by the industry.

Gliding further, presently the Aviation Turbine Fuel (ATF) is
chargeable to Excise duty at the rate of 8 percent, and VAT is levied
by the States at varying rates generally in the range of 20-30
percent, thereby resulting in a very high effective tax rate in the
range of 30-40 percent for ATF. This coupled with uncertain crude
prices results in a major financial burden for the airlines. With
this backdrop, the industry has been long demanding 'declared goods'
status for ATF, which would help reduce the applicable VAT to 4
percent or lower.

The above steps would certainly be in line with the Government's
commitment over last few years with respect to encouraging the
investment in this sector. With the 2010 Commonwealth Games a little
over a year away, airline traffic is expected to grow substantially
and the Government should clearly aim for investment-oriented tax
incentives with intent to meet the increased infrastructural
requirement in the sector.

In essence, the Indian aviation industry is now moving ahead from
turbulent times to more stable skies and clarity by the government on
key tax issues plaguing the sector today would certainly go a long way
in providing the much needed momentum to the Indian Aviation.
**

Budget 2009 – Expectations of common man!

2009-07-06T10:27:00.001+05:30

Budget 2009 – Expectations of common man!

Vikas Vasal, Executive Director, KPMG

It is human nature to expect more, every time. Similar is the
situation this time wherein individual tax payers have lot of
expectations from the new UPA Government which is going to announce
its Budget shortly. On one hand, there is an expectation to lower the
tax rates while on the other hand there is an expectation to increase
the social and infrastructure expenditure. Therefore, it is always a
tough task for every Finance Minister to balance out different
expectations while preparing the Budget.

Nevertheless, few of the key expectations of the common man from this
year's Budget are as follows:

Revision in tax slab rates for individuals

It is a fact that in the last one year, individuals and families have
faced many challenges in respect of their income and expenses. The
global economic slowdown, has impacted the Indian industry and
business, which in turn has put pressure on the income levels, job
security, etc., for the individuals. Therefore, there is lot of
expectation from the individuals to provide some relief from tax this
year. Currently, the minimum amount not chargeable to tax for
individuals is Rs.150,000. This should be raised to Rs.250,000.

Correspondingly, for females this limit may be increased from
Rs.180,000 to Rs.300,000 and for senior citizens this should be
revised from Rs.225,000 to Rs.350,000.

The highest tax rate of 30% is triggered at a very low level of income
of Rs.500,000. This limit should also be enhanced to Rs.1,000,000.
This will provide more disposable income in the hands of the
individuals and hence boost the consumption, saving, and investment in
the economy. This in turn will help the corporate sector which is
facing recessionary pressure owing to global economic crises.

Reduction in peak rate of 30%

The maximum rate of individual income tax is 30% which with surcharge
and education cess amounts to 33.99%. This is on higher side as
compared with other countries like Russia, Hong Kong, Singapore, etc.
Further, under the current tax provisions not many
exemptions/deductions are available to the individuals especially the
salaried individuals. Therefore, the peak rate of 30% should be
reduced to 25%. This will increase the purchasing power of the
individual and stimulate demand in the economy.

Surcharge on tax for individuals

Surcharge @10% on tax is levied if total income of an individual
exceeds Rs.10,00,000. Surcharge was introduced as a short term measure
to collect revenue to meet certain contingencies being faced by the
country. Therefore, the intention of levying surcharge was always for
specified reasons and for a particular period of time. Hence, the
surcharge should be removed.

Limits for deduction u/s 80C

Currently, the deduction allowed u/s 80C of the Income-tax Act, 1961
(the Act) is limited to Rs.100,000 for different investments/ expenses
incurred by individuals. In view of the fact that there is no
comprehensive social security scheme in India, (though a good
beginning has been made recently with the New Pension Scheme) that
could provide support and take care of individuals after their
retirement this limit is very low in today's context. Therefore, this
limit should be enhanced to say Rs.200,000 per annum.

Separate deduction for education expenses

Education is the backbone for long-term development of any society.
India is no exception. A large majority of the individuals in our
country still struggle to meet their ends meet. Therefore, providing
quality education to their children still remains a distant dream even
after more than 60 years of independence.

The Government had earlier provided relief in this context by allowing
deduction upto Rs.100,000 u/s 80C in respect of expenses incurred
towards tuition fees in any university, college, school or any other
educational institution. This deduction is, however, clubbed with
other investments u/s 80C, even though; it has a very different
objective to meet. Therefore, a separate deduction of upto say
Rs.100,000 for education expenses incurred on the education of the
children/other family members should be allowed. Also, as a family
planning measure, this limit may be restricted upto Rs.50,000 per
child upto a maximum of two children, upto 18 years of age.

Re-introduction of standard deduction

Salaried individuals pay tax on their gross salary. No deduction is
allowed to them while computing the taxable salary in comparison to an
individual engaged in business / profession. In today's times, it is
equally essential for the salaried individuals to keep abreast with
the latest developments in their area of work/specialization. For this
purpose, they incur expenses on journals, magazines, trainings etc.
that may not be paid for by the employer. Further, the concept of
"home offices" is becoming popular, which again entails additional
costs for the salaried employees that are not picked up by the
employer. All these expenses are in the nature of official expenses in
the true sense to earn salary income and are not merely personal
expenses.

As against this, other individuals who are in business or profession
are able to compute their taxable profits by claiming various expenses
that are essential for carrying on such business/profession.

As an outcome, there is a disparity between the salaried employees and
those carrying on business / profession, resulting in higher tax being
paid by the salaried employees.

To bring in the necessary parity amongst individuals, the government
should reintroduce the standard deduction that was allowed earlier.
Approximately 20% of the gross salary, subject to a maximum limit of
say Rs.50,000, could be considered for the purpose of standard
deduction.

Medical reimbursement by employer

The non-taxable medical reimbursement to the salaried employees by the
employer is limited to Rs. 15,000 per annum for self and dependents.
This amount is very low as medical expenses have witnessed substantial
increase in the last few years. A re-look in this matter to enhance
the limit, with adequate checks to curb misuse of claiming frivolous
expenses, is desirable. The limit could be increased to Rs.50,000 per
annum to provide genuine relief to the employees.

Further, there is no significant loss to the revenue as Fringe Benefit
Tax (FBT) is paid by the employer on the non-taxable portion of the
medical expenses.

Transport allowance

Transport allowance is presently exempt from tax to the extent of
Rs.800 per month i.e. Rs. 9,600 per annum. This exemption is on
account of conveyance expenses incurred by the employee on travel from
home to office and back. Keeping in view the rising transportation
costs, the amount of exemption does not compensate for such expense.
Therefore, this limit should be enhanced to provide relief to the
employees. A more realistic limit would be Rs.2,500 per month.

Alternatively, if the amount is not proposed to be increased, this
allowance could be removed altogether and the slab rates for taxes
increased accordingly to provide relief in respect of transport
expenses incurred by the employees.

Education loan for higher studies

At present, deduction u/s 80E of the Act is allowed on interest for
education loan taken for certain specified courses. The principal
amount is however, not allowed as deduction. Prior to the amendment in
this section, both the principal and interest amounts were allowed as
deduction subject to specified limits.

As education is one of the important focus areas of our government
(for which even education cess is levied on tax payers), it is
desirable that repayment of principal amount is also considered for
claiming deductions.

Interest on house property

The present limit for claiming deduction u/s 24 of the Act on interest
paid for loan taken on house property is restricted to Rs.150,000 for
a self occupied house. Keeping in view the upward revision in the
interest rates on housing loans and the ever increasing property
prices, it is only practical that this upper cap be enhanced
substantially to provide some relief from the high interest burden.
Accordingly, the limit could be increased to Rs.250,000.

Loan linked to construction period

It is pertinent to note that the interest deduction upto Rs.150,000 is
available only if the property so acquired or constructed is completed
within three years from the end of the financial year in which the
capital was borrowed. Most of the housing projects have been delayed
beyond their original completion dates and are taking more than three
years to complete. The aforesaid time period of three years should be
enhanced to five years, as in most cases, this delay is beyond the
control of an individual, who has taken the loan.

Adjustment of refund

Presently, there is no specific provision whereby an individual can
adjust the refund granted in a particular year against the tax payable
in the subsequent year. As a result, the individual pays tax for
subsequent year, while he simultaneously claims refund from the tax
authorities for the earlier year. This results in cash flow issues for
the individuals.

As a matter of procedural relief any tax refund to be granted by the
tax authorities may be allowed to be offset against the tax payable in
the following year.

Credit for foreign taxes for the purpose of TDS calculations by the employer

As per Double Taxation Avoidance Agreement (DTAA) between India and
various countries, Indian residents employed overseas who have paid
taxes outside India are entitled to claim tax credit for the tax paid
outside India. Accordingly, the balance tax payable in India by such
residents is computed after allowing credit for the foreign tax.

This credit, however, can be claimed by the individual only in his
personal tax return at the end of the relevant year. The said credit
cannot be claimed at the time of computing the withholding taxes (TDS,
as is commonly understood) by the employer, which results in an
adverse cash flow situation for an individual. If the entire Indian
taxes are deducted and deposited by the employer during the year, then
claiming such credit in the tax return could result in a tax refund
situation. Therefore, specific provision should be introduced in the
Act to enable the employer to withhold taxes after allowing credit for
the tax paid by individual outside India on his salary income.

Age limit for senior citizens

Generally, the retirement age for individuals is around 60 years.
However, under the Act, a person qualifies to be senior citizens on
attaining 65 years of age. Therefore, the age limit for senior
citizens should be reduced to 60 years so that they can avail the
benefit of higher threshold in income tax slab rates.

New Pension Scheme – self employed

Even though every Indian citizen including salaried employed and self
employed is eligible to participate in the New Pension Scheme (NPS),
however, tax deduction u/s 80CCD is available only to salaried
employees. Therefore, this anomaly needs to be corrected by making
necessary amendment in the Act and thereby providing relief to all
individuals including non-salaried employees.

New Pension Scheme – EET

Currently, the NPS works on exempt, exempt, tax (EET) model.
Therefore, income/amount received finally at the retirement age would
be liable to tax. In contrast, the other retirement schemes like
Provident Fund ('PF'), Public Provident Fund ('PPF'), etc work on
exempt, exempt, exempt ('EEE') model. Therefore, in order to
popularize NPS and encourage individuals to participate in the scheme,
the EEE model should be extended to NPS.

To sum up

Like the corporate world, individuals have lot of hope and
expectations from the Finance Minister in the current year's Budget.
While the Finance Minister also has a challenging task to contain the
increasing fiscal deficit keeping in view the tough economic
situation.

Therefore, it is a tough road ahead, still with lot of hope!
**

Retail Industry – Pre Budget Perspective

2009-07-06T10:26:00.001+05:30

Retail Industry – Pre Budget Perspective

By Anand Ramanathan, Manager, KPMG Advisory Services

Indian retail employs about 8% of the country's workforce and accounts
for about 12 per cent of national GDP. It is second to only
agriculture in terms of inefficiencies in utilizing the factors of
production such as land, labour and capital. This is not to say that
the local kirana down the road is inefficient. On the contrary some
of the most efficiently run stores in terms of ROI and net stock turns
are not large chain stores but family operated small standalone kirana
shops. However, what make the overall retail sector look unproductive
is disguised unemployment, alarming levels of wastage, lack of scale
in sourcing, multiple levels of intermediation and lack of industry
status for a sector that is one of the largest employers and
contributors to national income. Unlike the issue of FDI regulation
that has received sustained activism on the part of retail
professionals these issues of productivity and realization of
efficiencies have not received the same levels of attention and
intervention at an industry and policy level.
The upcoming budget is set in the context of a stable government being
sworn in after a decisive mandate - with a strong focus on enhancing
infrastructure and promoting inclusive growth and an economy that
would be on a rebound trajectory reversing the slowdown that was
witnessed over the past year. Given this context of global recovery
and economic stability the budget presents an opportunity for policy
to clearly spell out the discourse for the retail industry. The
exercise provides an avenue for the present government to demonstrate
its credentials for promoting inclusive growth in a sector that has
pan India presence – rural and urban and is the largest segment within
the services pie of the economy from both an employment and income
perspective.

The Road ahead – Strategy, policy and initiatives

There has been a rising demand for giving industry status to the
retail sector. Industry status to retail is the first basic step
needed for reforming the retail sector. According to Assocham, the
industry status will not only give boost to the retail sector but also
make availability of organised financing and establishment of
insurance norms easier. Granting Industry status may also enable the
high potential retail sector to receive fiscal incentives and the
growth rate of retail would also be higher with simple legislations.
Retail operations currently need to obtain multiple licenses and
permits, ranging from basic trading licences to product-specific
licences to pollution clearances thereby adding time and cost to the
process of establishing a retail chain.

There is a need for a national marketing policy for the retail sector
in India as is the case for manufacturing, agriculture and tourism, to
increase penetration levels. Organised marketing in India has been
growing over 15% and has given a boost to real estate. It has,
however, not helped rural marketing, supply chain, consumption and
purchases by tourists. Malls have not gone into ethnic goods either.
A number of variants would have to be considered by the Government
while formulating a comprehensive policy including wholesale vs
retail, rural vs urban, lifestyle goods vs basic goods and organised
vs unorganised marketing.

The Government had earlier proposed further liberalisation in the
retail sector allowing 51 per cent FDI in consumer electronics, sports
goods, stationery and building equipment. The government has to follow
it up and implement it to attract more investment into the economy.
The government also needs to be clear regarding the rationale behind
allowing only 51 per cent FDI as against 100 per cent in single-brand
retailing. This question becomes imperative considering the benefits
offered by investments in the single-brand retail segment. There are
huge benefits in the form of better job opportunities, superior human
resource skills, enhanced consumer satisfaction and support to
ancillary industries.

Development of a regulatory framework is required for retail
establishing a proper and simplified licensing system, keeping in mind
the interests of all - the large and the small retailers, the farmers
and the national economy besides checking the private monopolies.
Since the operations of organized retailers impact upon various
sectors of the economy, policy guidelines should be framed involving
all the relevant Departments, including Commerce, Agriculture and
Urban Development. Moreover, since regulation of the large format
retailers would mainly be in the domain of the states and local
bodies, State Governments have to be consulted and involved in the
process of framing policy guidelines. A Central legislation or a Model
legislation, which can be enacted by the State Governments, may also
be considered for this purpose.

Strong labour reforms are also required for the retail sector as the
stricter labor regulation has a strong negative effect on employment.
Labor regulations fall under the jurisdiction of the state governments
and are contained in the Shops and Establishments Act (SEA).
Provisions like Compulsory registration of shop/establishment within
thirty days of commencement of work and certain Obligations of
employers and employees create a difficulty although ensuring proper
enforcement is also a big challenge.
**

Facilitating transactions/ restructurings in the infra sector - What should the Budget do?

2009-07-06T10:25:00.001+05:30

Facilitating transactions/ restructurings in the infra sector - What
should the Budget do?

- Girish Vanvari and Vikram Naik

'Our government will have to focus on implementing and strengthening
the infrastructure investments' said Mr. Pranab Mukherjee on being
elected as the Finance minister for the coming 5 year term. In the
interim budget earlier, Mr. Mukherjee had emphasised the significance
of the forthcoming policies to bridge the gap in infrastructure
development by increasing investment therein to more than 9 percent of
GDP by 2014. The infrastructure currently in place is inadequate, with
port capacity needing to double by 2012, peak power deficits, and the
majority of current road projects running behind schedule. The growing
economy can be expected to put further strain on infrastructure
services. The current economic scenario is deterring private players
from investing in infrastructure, leaving room for increased
government initiative. While the government has been consciously
increasing infrastructure spend, some of the below fiscal measures may
be introduced in the forthcoming budget to provide impetus to its
plans.

The coveted '80IA Benefit'

Section 80IA of the Income Tax Act provides for deductions in respect
of profits and gains of enterprises engaged in infrastructure
development. Section 80IA (12) which earlier allowed continuity of
benefit of deduction to any enterprise transferred in a scheme of
amalgamation or demerger to the amalgamated/resultant company, was
withdrawn in the Finance Act 2007 with the introduction of subsection
(12A). While the rationale behind this withdrawal was to provide
incentive for initial investment and entrepreneur risk, we believe it
stifles the broader objective of Section 80IA benefit which is to
attract private investments in infrastructure. Enterprises now can
consider M&A activity only at the risk of losing the tax benefits.
Restructuring is crucial to global competitiveness and thus companies
need to reposition themselves quickly, especially in the current
economic environment. Additionally, 80IA does not mention anything
with respect to availability of benefit in situations other than
amalgamation or demerger, such as transfer via a slump sale.
Investment via M&A would be spurred if the restriction under
sub-section (12A) is revoked from retrospective effect and the
position on other methods of transfer is clarified.

It would also be worthwhile to explore the option of expanding the
scope of Section 80IA to exempt any income derived from modernisation,
upgradation, renovation and repair of infrastructure facilities. This
would also help attract investments in the airports and seaports,
which require extensive technological upgradation and modernisation to
meet the burgeoning demand.

Earlier benefit of deduction was available to even companies which
executed works contracts entered into with an infrastructure
undertaking. However, the same was repealed in 2007. Thus, the benefit
is now limited to entities which directly enter into an agreement with
the government to develop, operate and maintain infrastructural
facilities. However, it defeats the intent of the section which is to
provide incentive to enterprises engaged in the development of
infrastructure projects. Infrastructure contracts are spread over a
long duration and involve continuous sub-contracting. In view of this,
believe that benefit of deduction should be extended to such
sub-contractors as well.

Most infrastructure investments are capital intensive and have long
gestation periods. Although enterprises engaged in infrastructure
development are eligible for tax deduction under section 80IA, they
are liable to pay minimum alternate tax (MAT). Despite the
availability of MAT credit in the future, impact on the current cash
flows of companies strains their working capital. Thus, exemption from
MAT is sought to enable these companies to avail complete tax relief.

The finance minister should also consider extending the sunset clause
so that there is no interruption in the momentum of the investments in
this sector which requires a very strong progressive factor at this
stage of growth.

Investments in Brown-field projects

Currently, only companies in the business of development and
maintenance of infrastructure facilities, as defined under section
80IA, could be accorded the status of a venture capital undertaking
under section 10(23FB) and enjoy the benefits stated therein. However,
besides new infrastructure facilities, India also needs to make
massive and continuous investments in its existing but worn-out
infrastructure facilities. Thus, the finmin should consider including
companies undertaking restoration of such facilities to encourage
structured investment in these sectors.

Tax exemption under Section 10(23G)

Section 10(23G) exempted dividends, interest and long-term capital
gains (LTCG) of financing companies/banks investing in infrastructure
companies This reduced the cost of capital for infrastructure projects
at a time when interest and tax rates were high. These benefits were
repealed by the Finance Act 2006 on the grounds that the tax and
interest rates had come down, dividends distributed by domestic
companies were already exempt under Section 10 (34), and LTCG were
exempt on sale of investment in listed companies.

However, Dividend Distribution Tax (DDT) and MAT haven't allowed
complete freedom from tax since 2006. Also, it has made it harder for
infrastructure projects to establish credit support from lenders. This
is matter of concern as a large portion of the estimated $300 billion
in infrastructure investment over the next 5 years is expected to come
from the private sector. Investment in this sector would still be
subject to DDT, LTCG and MAT. Reinstating the 10 (23G) benefit would
address issues related to cost of capital, promote private
participation and increase capital liquidity and availability.

Double Tax Avoidance

Infrastructure companies usually have a multi-layer company structure.
Special Purpose Vehicles (SPVs) are incorporated for various reasons
one of which is required as per the covenants of the PPP Concession
Agreements entered into with the government. This means that dividend
distributed by the multi-layers of SPVs to the holding company is
subject to DDT everytime they declare dividend. Credit is available
under section 115O for the DDT paid only at one level below the
holding company. Providing relief from this double taxation in a
manner similar to the exemption granted to SEZ Developers would boost
the rate of return for private companies and encourage further
investment in the sector.

To summarise, in the recent past, the infrastructure sector has
witnessed enormous growth but it has been within the parameters of
various restrictions. However, given the need of the hour, its time to
rationalise these restrictions. The burgeoning demand for
infrastructure development not only presents a huge area of
opportunity, but will also undoubtedly augment India's impressive
growth trajectory. Hopefully, Mr. Mukherjee would translate his words
into actions to be able to justify the whole hearted mandate the UPA
government has received by the still optimistic people of this country
for an India Shining (actually).
**

Food Processing sector Pre Budget Wishlist

2009-07-06T10:23:00.001+05:30

Food Processing sector Pre Budget Wishlist

By Veera Lokesh Ayireddy – Consultant, KPMG

Introduction

India is world's second largest producer of food and has the potential
to be the largest with the current demand levels and government push.
Rapid urbanization, changing demographics and lifestyle, rise in
organized retail are contributing to the fast rise in the sector. The
sector contributes about 4% of the GDP and is a strong focus area for
the government to further the GDP growth. According to an India Food
Report 2008, released by Research and Markets, India's Food Processing
Market is estimated at over $182 Bn and is projected to reach $300 Bn
by 2015.

The Food Processing industry consists of segments like Dairy, Fruits
and Vegetables, Meat and Poultry, Fisheries, Grains and cereals,
Beverages, Confectionary and others. India is a strong producer being
the largest producer of milk, livestock, cereals, second largest in
fruits and vegetables, third largest in fisheries and top five in
rice, wheat, groundnuts, tea, coffee, tobacco, spices, sugar and
oilseeds. With such strong supply base, India has the potential to be
the one of the largest exporters, yet India's share in global food
processing trade is just 1.5%. The government has recognized the
potential of the industry and has given the sector a high priority.
Also, the low share of global processed food trade indicates that
there is a lot for the exporters and investors to gain.

Constraints hindering the growth of the sector

The tremendous potential of Indian Food Processing Industry is
constrained by several factors ranging from policy, lack of
high-technology agri-equipment, fragmented supply chain to poor level
of processing. The wastage levels across the value chain are very
high, resulting in lower level of processing. Infrastructure
bottlenecks also are responsible for higher wastage and lower export
share. The equipment used for farming/processing is mostly obsolete or
is not customised for the Indian context. There are too many
intermediaries in the supply chain raising the cost of inputs for the
processors and lower price realisation for the farmers. Also, Indian
quality and safety standards do not comply to the export requirements,
leading to FDA cracking down on the Indian exports.

Further drivers required for growth

To achieve the targeted growth significant investments need to be made
to strengthen the business across the value chain. Farmers should be
equipped with latest equipment customised for use in the Indian
context, provided with technical & commercial knowledge and market
intelligence through feasible means like SMS, Kiosks etc.
Infrastructure along the value chain needs to be strengthened by means
of an integrated supply chain and warehousing. Focus on Quality and
Safety management should be high. To enable all this, government
should provide easy financing, fiscal incentives for development of
training and R&D facilities.

Government Initiatives for the drivers

Indian government approved several food parks with an objective to
make the country's farm sector market-driven rather than
supply-driven. This would also help eliminate the intermediaries.
Also, integrated cold chain facilities are planned to be set up across
the country so that there is no missing link from farm to the
retailer/consumer. National Institute of Food Technology,
Entrepreneurship and Management (NIFTEM) is proposed to be set up with
an investment of Rs 245 crores. This institute will function as a
knowledge centre for food processing. Government has come up with
plans and mechanisms for financing support, strengthening of
institutes at central and state level and improvement of R&D in the
sector.

The Road ahead

Government has taken credible and strong steps forward in improving
the growth potential of the sector. However, there are still some
issues that need urgent focus:

Financing and Fiscal Incentives

Most of the incentives focus on small scale industries,
depriving the sector of scale advantages and hence exports
uncompetitive. Financing to Food Processing sector should be a
priority and should be made easier, probably by having a dedicated
bank for food processing and also systemically developing the
infrastructure for micro finance activity.

Hard Infrastructure

The government should speed up the implementation of Integrated
Cold Chain and supporting infrastructure like warehouses, rural roads,
etc. Also, the government needs to go the extra mile in making Food
Parks a success. The food parks have not taken off yet and the reason
quoted by many players is the consolidated nature of the parks as they
stand today. Industry feels that instead of few large Food Parks where
an investor makes one huge investment, there should be many food parks
distributed across the country with each player investing in setting
up a large number of smaller units.

Soft Infrastructure

The focus on R&D though is recognized, is still not implemented
and supported at a policy level. There should be universities having
research wings supported by the government and fiscal incentives
should be extended to companies setting up R&D centres in India.

The government should also come up with ways to increase market
intelligence of the farmers. The case of 'Kenya Agricultural Commodity
Exchange' which facilitates trade by communicating the prices of more
than 42 commodities in 10 local markets through various channels like
kiosks, SMS on mobiles and an online platform for trading. This helps
remove the barriers to farmers and get a better price for their
produce by allowing them to sell even in the international market.

As demanded by the industry, the government should speed up
building the national reference data on nutrition parameters of all
agricultural and horticultural produce before implementation of the
mandatory nutritional labelling (Notification GSR 664E) for the
packaged food products.

Marketing Support

The state governments need to be more empowered to attract
investments in food processing sector by promoting the state as a
destination for agribusiness through targeted schemes and
communication in relevant global markets. They should also be provided
access to diplomatic mission in respective countries.

India needs to be strongly promoted as a destination for food
and culinary experience by conducting road show in the Middle East,
South East Asia and the OECD countries on the lines of incredible
India campaign to help promote and increase the consumption of Indian
cuisine in large export markets.

Policy and Regulation

Regulations governing Contract Farming should be extended to
Land Ceiling also. The land ceiling for contract farming should be
removed. Health and wellness is a major policy concern and the
government should specifically look at tax rebates for food products
positioned on nutrition and well being platform.

With the opening up of economy and the implementation of the WTO
regime, it is imperative for India promoters to streamline their
standards and overall food quality programmes for avoiding on tariff
barriers in OECD markets. Hence policy needs to enable training on
HACCP, GMP and GHP requirements. Separate community boards promoting
the interest of specific commercial crops on the lines of tea or
coffee or spice boards need to be further strengthen in specific areas
of growth such as floriculture, medicinal and aromatic plants, etc.

In a nutshell, the government should take quick steps in encouraging
the Food Processing Industry by providing incentives across the value
chain and help players reap benefits of consumption-led Indian demand
and growing export possibilities.
**

GST – Challenges Abound

2009-07-06T10:21:00.001+05:30

GST – Challenges Abound

By K R Girish, Partner, B S R & Co and National Leader Indirect Taxes

With a majority Government back in power, India is all set to
transition to a unified indirect taxation regime in the form of GST.
The prospect of a regime with uniform taxes across states which is
supposed to remove cascading of taxes with simplified compliances, has
made the industry both excited and anxious about the timely transition
to GST.

Although the Finance Minister recently reaffirmed the original
timeline of April 2010 for GST implementation the enterprising factor
argue that the proposed implementation may have to be deferred by
another year. Political reasons apart, the time required to get the
entire implementation infrastructure in place could trigger the delay.
This may not necessarily be dire news, as it gives the Government
sufficient time to iron out various structural issues that would
accompany the transition.

A lot of deliberation has already happened at various levels on GST,
and the focus so far has been primarily on the broad contours, such as
a concurrent dual GST system, uniformity of rate at State and at the
Central level. Needless to say these are the building blocks of any
tax regime, and any flaws in the overall design would be a nightmare
for all stakeholders. Though the attention to the basics is well
justified, it does not, in any manner, undermine the need for
addressing the granular details of GST implementation, such as the
taxable event, place of supply rules, cross credit mechanism, taxable
value, etc. Each of these would have a significant bearing on
taxpayers and hence, need to be thought-through.

For instance, currently Excise duty is levied on the manufacture of
goods even though it is payable at the time the goods are removed from
the factory. Further, Service tax is levied on the provision of
taxable services, and is also payable on advance payments. As for
other levies such as VAT, the taxable event is not linked to the
receipt of consideration. Under GST, there would be a common taxable
event and triggering events for deposit of tax. In most other
countries, GST is applicable on supply of goods or services. A similar
common event (i.e. supply, as opposed to manufacture/ receipt of
consideration) would need to be devised for India. Further, the fate
of existing registrations and compliances associated with the other
existing events (e.g. excise on manufacture) would also need to be
decided.

Taxable base is another aspect that merits consideration. Currently,
while the taxable consideration under most levies is derived from
transaction value, the specific valuation provisions differ across
levies. For instance, consideration received in kind (e.g. goods) is
not liable to VAT, whereas the service tax laws provide for special
valuation principles in such cases. Also, unlike Excise, under
service tax and most VAT laws there aren't any special provisions for
valuation in case of related party transactions. Thus, the valuation
mechanism under GST would have to be devised taking into account the
divergent provisions existing today for the different levies.

It appears that the Empowered Committee has suggested discontinuance
of location and industry based exemptions, and conversion of existing
exemption schemes to cash refund schemes after collection of tax.
However, there is no clarity on how some of these incentives would
continue to be relevant for the companies after transition to GST.
For instance, as discussed earlier, if the taxable event of
manufacture (for levy of excise duty) is replaced with supply of goods
under GST, then the existing excise exemption in States like Himachal
Pradesh, Jammu & Kashmir, etc. will become redundant. Therefore, the
Government would need to come out with a scientific basis of reworking
such benefits in alignment with the proposed GST regime.

Similarly, if the Central Sales Tax (CST) is phased out and replaced
with some form of destination based tax, then the fate of CST existing
exemption/ concession, being offered by most States to companies
setting up new manufacturing units or undertaking substantial
expansion, will have to be revisited. It may be noted that the MoUs
signed by some of the companies recently with the State agencies
oblige the latter to protect the incentives upon transition to GST!
However, the mechanism for making good the same has yet to be
deliberated upon.

On the administrative front, while the authority to levy/ collect tax
may be allocated between Center and States as part of the blueprint of
GST, extensive time and resources would also need to be spent on
training, organizational restructuring, etc. Successful
implementation would also require lot of interpersonal skills, in
order to change the mindset of the authorities at the ground level and
help them embrace the new regime.

The issues highlighted in this article are just the tip of the
iceberg. There are several other important issues that are
fundamental to the GST framework, and are yet to be deliberated with
all the stakeholders. These include cross credits between Central and
State GST, coverage of sectors (such as hospitality, entertainment,
legal) which currently have limited exposure to service tax/ VAT,
treatment of works contracts, etc. While it is important to stick to
and work towards the proposed timeline of 2010 for GST implementation,
inadequate attention to the details of GST framework cannot be used as
an excuse to justify the implementation.

To conclude, a comprehensive, well thought out GST regime is far more
important than a hastily introduced GST regime that requires extensive
patchwork for every issue encountered ! Industry will be more than
willing to wait for another year where the draft of the law is
thoroughly debated and then introduced, no hasty action please !!!
**

Changes in Tax codes and what does it augur for India

2009-07-06T10:16:00.001+05:30

Changes in Tax codes and what does it augur for India
Aravind Srivatsan

Post the historical US presidential elections, it was evident that
getting the economy back on track would be number one on the agenda of
the new US President Barack Obama. The US is presently facing its
worst economic crisis in 50 years and the new government's revenue
proposals were keenly awaited. In this background, on May 4, 2009,
the US president introduced proposals relating changes in the tax law
for Fiscal Year 2010 and a week later (on May 11) the administration
issued general explanations for these revenue proposals (commonly
referred to as 'the Greenbook').

The present system of international taxation in the US is exceedingly
complex, a combination of high statutory rates and a host of
exemptions, deductions and special provisions for specific types of
businesses and entities. Thus, effective tax rates are much lower
than statutory tax rates. As per a 2004 study, US companies paid an
effective tax rate of 2.3% while statutory corporate tax is 35% (among
the highest in industrial countries)1. In these times of economic
turmoil, the new provisions are primarily at least in theory an
attempt to make US corporations shift business back to US, thereby
create employment and consequently improve the state of the US
economy.

In this context, it is also pertinent to note that, the US has been
taking other measures to curb international tax avoidance. For
example, the US has been inserting / strengthening the limitation of
benefit clause (LOB) in various treaties to curb tax benefits through
treaty shopping. For example, a new treaty between Hungary - US is
also expected to be signed which includes a LOB clause.

Immediate Industry reactions

The above proposals are expected to increase the cost of US
Corporations doing business outside the US (thereby encouraging
investments within the US). However, another view is that the above
proposals may have a negative impact on businesses by making US
multinationals less competitive in the global market. The deferral
provisions are particularly expected to impact many of the large
technology companies and have therefore attracted flak from companies
operating out of the Silicon Valley. Multinational groups (such as GE
and Microsoft) are now joining together as a coalition to lobby
against Obama's plan.

The US tax proposals could require multinational businesses to
restructure their global operations. However, these are early stages
of the proposal and it is not possible to predict which of these
proposals will be enacted into law and at what terms.

What does it augur for India

The immediate knee-jerk reaction has been that the tax proposals will
affect outsourcing to India. This can also be related to the fact
that Obama while introducing the proposals famously remarked that the
US tax code is "a tax code that says you should pay lower taxes if you
create a job in Bangalore, India, than if you create one in Buffalo,
N.Y".

In this regard, the questions that first come to the mind are: Whether
US multinational companies invest in India only to take advantage of a
favourable US tax system? Is India a tax haven? Is not the highly
skilled manpower pool, cheap labour and other cost reduction benefits
the main reason?

Therefore, even assuming that these proposals indeed get implemented
the advantage of locational savings from India would have to be
weighted against the tax impact in US. A cost-benefit evaluation
would be necessary before deciding on further investment into India.

New outsourcing contracts have clauses which mandate that certain work
be delivered onshore. If the new proposals are implemented it could
further impact the performance of these companies and their market
prices.

In this globalised world outsourcing assists in making US goods and
services cheaper, thereby making them more competitive. Though tax is
an important factor in making business decisions, companies will
continue making an exhaustive cost-benefit analysis before making
economic / business decisions. The Indian government could
independently consider extending or providing new incentives to ensure
the competitiveness of the Indian outsourcing industry considering the
importance of the service sector to GDP.

Key Trends in other countries

It is interesting to note that whereas the US administration is
proposing measures that may negatively impact captive investments of
US Corporations abroad, many European countries continue to exempt
foreign source income to facilitate accelerated repatriation of funds
from overseas investments in hopes of revival without attaching
strings like that proposed by the US. Countries such as United
Kingdom, Japan, and Canada are also considering similar proposals.
(From 1 April 2009, 95% of dividend income received by Japanese a
corporate will be exempt from corporate tax in Japan, if it owns at
least 25% of the shares in the foreign investment.)

Also, average corporate tax rates among the 106 countries surveyed
this year have fallen again, from 26.8 percent in 2007 to 25.9 percent
in 20082.

But it is not just in rate changes that government tax policies are
revealed. In a move that is being replicated elsewhere in the world,
both Singapore and Germany have introduced specialized groups within
their tax authorities, focused on helping businesses to improve their
handling of VAT/GST. This may reflect another growing trend, seen in
Europe in particular, towards greater co-operation and transparency
between tax authorities, businesses and their advisors. While this
process may result in improvements and simplifications, the ultimate
objective is clearly to ensure protection of the tax base and prevent
businesses from moving their tax structures to other locations.

India Budget 2009

India Budget 2009 would have to weigh the above global developments.
Taking a cue from the fact that US has provided an exemption for
research and experimentation expenses from the proposed deferral
rules; India should also consider extending the sun-set clause for tax
exemption on research and development expenditure beyond March 2012.
Also, going by the trend, reducing the tax rates would be imperative
to India to stay competitive.

In the context of international tax reforms it is also expected that
the government will usher such as anti-abuse rules that will empower
tax authorities to lift the corporate veil and look for what are
called 'avoidance' transactions. Other anti-avoidance measures could
include controlled foreign corporation (CFC) regulations and norms on
thin capitalisation.

India is well poised to be a safe reservoir for international funds.
Lessons from the global crisis clearly indicate that putting money
into India would be a safer bet especially for institutional investors
and pension funds. A fiscal policy which provides flexibility to
invest in banks/financial services and insurance could just help
recapitalise institutions operating in India and hasten the recovery
process in India including stabilising the dollar and the markets and
prove positive to implement the disinvestments in a positive
environment. The challenge for India would be to look more lucrative
to attract foreign investments and towards that our fiscal policies
need to be more supportive.
**

Power Sector needs to be empowered by the forthcoming Budget

2009-07-06T10:08:00.001+05:30

Jayesh Kariya and Anish Sanghvi, Chartered Accountants based in Mumbai

Has India Inc done enough to improve investment in power sector? are
investors satisfied with the incentives available to investment in
power sector ? let us take a sneak preview of the present situation of
the power sector and the expectations that the power sector has from
the Budget 2009.

According to the report from the Central Electricity Authority (CEA),
at present, India has an installed power generation capacity of around
147,000 Megawatts ("MW") – a current deficit of almost 20,000 MW.
Equally important are the transmission and distribution activities for
power. Recent estimates indicate that to sustain a level of GDP growth
rate of 8% until 2012, India would need to increase its installed
capacity to 227,000 MW. Even in a low growth scenario of 4%, India
would still require an installed capacity of 183,000 MW by 2012.
Clearly, the country's economic growth runs the risk of being derailed
if urgent steps are not initiated to overcome the substantial power
deficit.

This indicates a requirement for significant investment in the power
industry. Although a proportion of this investment will be made by
the public sector to achieve capacity additions of the magnitude
required, substantial private investment is a must.

One of the most difficult challenges faced for infrastructure projects
is to achieve financial closures for the project – this is more so the
story for power projects. Obviously, to attract private investment,
the Government needs to give appropriate carrots to investors by
providing incentives to investors – one important form of incentive
for investors is tax breaks and exemptions and a consistent tax
policy.

In contrast, the Government took two steps backwards in 2007, when the
Budget rolled out complete overhaul of the tax provisions relating to
income of venture capital funds investing in the power sector.

Under the erstwhile provisions, income of venture capital funds from
investments made in any sector was not subject to tax in the hands of
the fund, but was taxable in the hands of the investors thereby
according a pass through status to the fund and taxing the investors
directly.

However, with the changes made in 2007, the tax exemption available
under Section 10 (23FB) and the pass through status accorded under
Section 115U was restricted to investment made only in specified
sectors. More importantly, while this list contains most activities
that ordinarily classify as infrastructure development (for eg., road,
ports, airports, water supply, etc), the power industry which is a key
to India's economic development was missed out. This resulted into
step motherly treatment to the power sector given the need for
development of massive power infrastructure.

Given this clear mismatch, it is imperative that the Finance Minister
appreciates the need of the hour and makes necessary amendments to
these provisions while presenting this year's budget and include power
sector as one of the sectors in which investment would qualify for
pass through treatment for the fund. Of course, the preference may be
given to all sectors which can be classified as infrastructure, but
including the power industry may be a good start to begin with. Such
an amendment, if implemented, would clearly attract venture capital
funds investment in this investment starved sector.

One other area that the Finance Minister needs to address in this
budget is the tax holiday provisions relating to the power sector.
Currently, tax holiday is available to undertakings which commences
power related activities (whether generation, transmission or
distribution) by 31 March 2010. Given the time period required to set
up power plants to meet with the deficit situation, this time limit
should be extended to at least 31 March 2015 so that there is enough
visibility to the players who proposes to make investment in the power
sector. This will also attract investment in the sector as well as
new players.

Also, given the huge requirement for capacity additions and the
evolving business environment which is waking up from recessionary
trends, there are tremendous opportunities of consolidation in the
form of inorganic growth. Mergers, acquisitions, sell-offs are likely
to be the order of the day. In such an era, restriction of benefits
on account of restructuring or acquisitions would hamper the growth of
the industry. In order to support the sector, the Finance Minister
should consider the removing the restrictions introduced in section
80IA(12A) by the Finance Act, 2007 and reinstate the benefits to the
transferee entity on transfer of undertaking under amalgamation
/demerger.

Power sector will continue to be focus area of the Government as well
as the investors given the huge demand supply gap and getting the
right investment is also essential. The Finance Minister should
consider implementing some of the requests of the sector as it would
help the sector to attract significant investments, which would give
the much needed fillip to this sector.
**

Reality of the Indian Realty Sector

2009-07-06T10:05:00.001+05:30

Reality of the Indian Realty Sector

Jayesh Kariya and Bhairav Dalal, Chartered Accountants

Ever since the Real Estate sector opened up to Foreign Direct
Investment in March 2005, the sector has seen unprecedented, to an
extent, uncontrolled, growth. The sector has grown by 30% to 35% in
the past five years. In terms of product mix, residential contributed
to 80% of the real estate and the remaining 20% is for commercial
property which included offices, shopping malls, hotels, hospitals,
multiplexes and entertainment centers. The glory did not continue
longer and witnessed the shadow of "dark clouds"..

The global slowdown, high interest rates and low confidence in the
economic outlook have impacted the realty sector hard in the latter
half of 2008 and early 2009. The control measures that RBI had
undertaken to control the growth have resulted in cash crunch
situation and an exponential increase in the cost of financing. The
end user has to bear such increased finance cost in the form of
increased rates. The home loan interest rates have increased
proportionately, putting the customer into a Catch 22 situation. The
commercial property segment is affected by high capital cost and
reduction in rental values while the residential sector on the other
hand felt a big dent as the supply has outpaced the demand. Though,
despite the positive sentiments displayed by the Indian economy very
recently, this sector is still grappling with the challenges posed by
multi- pronged pressures.

The stimulus package provided by the Government in the form of
'Affordable Housing' and the slashing of the mortgage rates by the
banks is expected to provide an impetus for the property market from
the downward trend it has experienced, at least in the low to mid end
housing segment. This could help the Indian economy recover,
supported by a large, young workforce; gradual but consistent
liberalization reforms and a high rate of consumer and private-sector
savings. The growing population and economic expansion will mean that
India needs not just homes but offices, schools, hospitals, and
entertainment centers. Addressing infrastructure needs will be an
important priority to support this property development.

But it's not enough to just provide for the stimulus packages. To
generate interests from the developers and promoters, it is important
that the Government announces certain additional measures like tax
incentives and exemptions to the developers, which can be passed on to
the consumer in the form of lower property prices. Stamp duty is
another high cost for property transactions along with the fact that
the same varies across the states. Currently, it is being charged on
both, the land and the apartment. It is imperative that Stamp duty and
registration charges be rationalized for this sector to sail through
this turbulent phase.

Some of the policy measures mentioned below will boost the growth of the sector:

* Accord infrastructure industry status to the Housing Sector as
it is the second largest employer next only to agriculture and it will
help the cash starved sector in the form of bank funding;
* Provide clarity on regulations and guidelines for Real Estate
Mutual Funds (REMFs) as it provide alternate investment avenues to the
investors as well as developers to augment their fund requirement;
* Opening up of ECB regime for the real estate sector especially
for mass economy housing and mega projects

Additionally, some of the tax incentives discussed below could create
positive impact on the sector:

* Increase in limit for deduction for interest paid by end user on
home loans from Rs. 1.5 lacs to Rs. 3.00 lacs. This could encourage
people to explore the opportunity of going for their 'Dream Home'
* Tax exemptions for mass and economy housing projects similar to
section 80IB(10)
* Clarity on the taxability of the lease rentals on the commercial
property. Currently there seems to be different views in the market
and the litigation around this with the tax department is just
increasing the need to clarity.
* Tax Depreciation is not allowed as a deduction when the rental
income is taxed as house property income. Allowability of
depreciation against income from house property should be considered
to provide some boost to the weakening commercial property sector.
* Industrial Parks is an area which promises the growth of the
Indian Economy. Tax holidays for units in Industrial Parks should be
brought at par with Special Economic Zones;
* Repeal the impracticable and draconian provision of section 50C
requiring imputation of notional stamp duty value for the purpose of
taxation in today's decayed market;
* Rationalization of stamp duty and registration charges
*

On indirect taxes, the industry would hope that the current reduction
in excise duty rates are maintained, as any increase in indirect tax
rates transpires into increased cost of construction, adding burden on
the otherwise sluggish demand. The concern on the change in indirect
tax rates stems also from the apprehension that the finance minister
may, in order to move towards the proposed onset of GST, consider
revisiting indirect tax rates.

Talking about GST, the infrastructure industry would also be eager to
understand as to whether the concessions or benefits that are
currently available to infrastructure projects would continue under
the GST regime, or whether the same would be discontinued. One view in
the matter could be that given the basic premise of the GST being
implemented with no exemptions/ concessions, the same premise should
be extended to infrastructure projects also. However, another view
could be that given the need for development of infrastructure in the
country, the infrastructure projects should be accorded a special
status under the GST regime with earmarked benefits/ concession/
exemptions. Of course, the matter requires deliberation not only from
a fiscal perspective, but also from an overall socio political
perspective. Whatever be the outcome, which the industry would
definitely be waiting with bated breath, it would at least be hoping
that the benefits which are currently available, are given in a manner
such that they do not discriminate between the various infrastructure
projects. A case in point could be while construction of ports and
airports currently enjoy service tax exemption, no exemption is
available on construction of power plants, which is as much an
important clog to the wheel of infrastructure. Similarly, while
development and construction of infrastructure projects enjoy the
service tax exemption, services relating to maintenance of same
projects attract service tax. And then there are issues in
interpretation on the scope of existing exemptions, for e.g. would a
metro project be regarded as "railways" for the purpose of service tax
law and hence should enjoy the benefit of service tax exemption that
is currently available to railways?

Policy changes and tax incentives mentioned above will provide timely
help for the sector and will certainly help in re-building the
confidence of the players in the sector.
**

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Indian Venture Capitalist Association's expectations from Budget 2009

2009-07-05T22:59:00.001+05:30

Dear Sir,

As a representative of the Indian Venture Capitalist Association (IVCA), India's premier PE/VC body, my wish list to the Finance Minister for the Budget 2009 is as follows:

Approval process for seeking registration as an FVCI should be hastened. The restrictions on select areas of investments should be removed as it discourages foreign investment in India.
Tax pass through for domestic venture capitalists should not be restricted to the few identified sectors.
Threshold value ascribed to Open Offers under the Takeover Code, i.e. 15%, is very low and becomes a major impediment for private equity investors.
The risk weight-age allocated to investments into VCFs should be reduced. Further, investments by banks or their subsidiaries into VCFs should not be counted under the capital markets ceiling.
The delisting process should be simplified and SEBI should set prudent timelines in delisting guidelines for a panel to take decision.
A new Press Note should be issued to bring uniformity, consistency and homogeneity in the computation of indirect foreign investments.
A new Press Note should be issued clarifying that NBFCs engaged in microfinance activities are not subject to Press Note 4 (2009). Separately, the prescribed minimum foreign investment requirement for NBFCs (US$ 0.5 million) should be reduced for those engaged in microfinance activities.
Tax regime for assessing LLPs should be resolved at the earliest.
Policy on allowing finances for domestic acquisitions should be liberalized.

Best Regards

Mahendra Swarup

President, Indian Venture Capital Association

Indian Venture Capitalist Association's expectations from Budget 2009

2009-07-05T22:45:00.001+05:30

Dear Sir,

As a representative of the Indian Venture Capitalist Association (IVCA), India's premier PE/VC body, my wish list to the Finance Minister for the Budget 2009 is as follows:

Approval process for seeking registration as an FVCI should be hastened. The restrictions on select areas of investments should be removed as it discourages foreign investment in India.
Tax pass through for domestic venture capitalists should not be restricted to the few identified sectors.
Threshold value ascribed to Open Offers under the Takeover Code, i.e. 15%, is very low and becomes a major impediment for private equity investors.
The risk weight-age allocated to investments into VCFs should be reduced. Further, investments by banks or their subsidiaries into VCFs should not be counted under the capital markets ceiling.
The delisting process should be simplified and SEBI should set prudent timelines in delisting guidelines for a panel to take decision.
A new Press Note should be issued to bring uniformity, consistency and homogeneity in the computation of indirect foreign investments.
A new Press Note should be issued clarifying that NBFCs engaged in microfinance activities are not subject to Press Note 4 (2009). Separately, the prescribed minimum foreign investment requirement for NBFCs (US$ 0.5 million) should be reduced for those engaged in microfinance activities.
Tax regime for assessing LLPs should be resolved at the earliest.
Policy on allowing finances for domestic acquisitions should be liberalized.

FW: Budget Wish List

2009-07-05T16:06:00.001+05:30

-----Forwarded by Yegyanarayanan R/Reporting/Coimbatore/ksl on 07/05/2009 04:06PM -----

To: <ryegya@yahoo.co.in>, <ryn@thehindu.co.in>
From: "annamalai.k" <acsannam@gmail.com>
Date: 06/30/2009 12:46PM
Subject: FW: Budget Wish List

To : The Editor, Business Line

Dear Sir,

This has reference to Business Line's Invitation seeking views from various sources for the Finance Minister.

I am former President of Coimbatore Stock Exchange and also Director, DJS Stock & Shares Ltd. and M.D.- Annamalai Capital Services (P) Ltd. We have been in this market for the last 18 years and servicing more 10000 retail clients with 30 branches network.

We enclose herewith our suggestions and views for the forthcoming budget.

This is for your kind consideration and necessary action.

Thanks,

K.Annamalai
Annamalai Capital Services (P) Ltd.
14, Arts College Road ,
Coimbatore

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UNVEIL SOVEREIGN WEALTH FUND -3

2009-07-05T07:09:00.000+05:30

in continuance of the earlier suggestions please add the following for your reference - ( for implementing the scheme ) - the crux of the plan is All, Private, Public, Government, Sector, class, inclusive, level, area, pan india.. NO EXEMPTION, DEVIATION, OR CONCESSION BE MADE. <SINCE ALREADY STIMULUS, LIQUIDITY ARE PROVIDED AND WILL STAY THE COURSE,TILL GLOBAL RECESSION OVERCOME AND EXPORTS TAKE IT NORMAL COURSE> THE PLAN IS TOO SIMPLE, TOO EASY TO OPERATE. NO COMPLEXITIES, NO HATRED, NO FEAR, NO GREED. NO CARAT, NO STICK, THIS ASWAMETHA YAGA HORSE WILL CONQUER THE HEARTS OF ALL WORLD WITH ALL ITS LOVE, PEACE, EQUALITY, TRANQUILITY, AND THE BEST BENEFITS TO THE MANKIND. STILL THE GREAT HORSE WILL REACH THE STABLE. THIS KAMADHENU WILL BIVE OUR GREAT NATION ALL ITS REQUIRED INFRASTRUCTURE DEVELOPMENTS, ALL OUR JOBS SECURITY AND THE PRIDE FOR THE STRONG CENTRAL GOVERMENT.<CONCLUDED>

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Indian Venture Capitalist Association's expectations from Budget 2009

2009-07-04T21:45:00.001+05:30

Dear Sir,

Venture Capital and Private Equity have been the drivers of innovation and economic growth around the world and in India. Over the last 5 years, over US$ 35 billion has been invested in India, helping create Companies such as Bharti, Suzlon, Biocon etc. Over the last years VC/PE accounted for around half the FDI in to India. Countries around the world notably US and Israel have created several policy measures that encourage VC/PE in their countries.

Given below are some regulatory actions that, as a representative of the Indian Venture Capital Association (IVCA) we wish for, which could significantly aid growth of VC/PE growth in India

a) FDI in to India has already dropped to around US$30 billion last year from over US$80 billion in 2007. For our economy to grow at 8% we desperately need more investment in all sectors. Unfortunately, today foreign VC firms (FVCI's) are allowed to invest only in some restricted sectors. This must change as not only do we need their money in all sectors, if we discourage them, this money will flow to countries competing with us.

b) Similarly, tax pass through for Domestic VC firms is restricted to just a few specifies sectors. For instance, it does not include BPO/KPO. This restriction should also be removed because no one, in the private sector or government, can predict where the next innovation will come from. Also, because of these restrictions, domestic VC/PE firms find it difficult to raise money, especially since most of this has to raised abroad.

c) Such restrictions discourage the flow of VC/PE to India, which will then find other attractive locations.

d) To improve corporate governance and protect minority interests VC/PE investors ask for several affirmative rights. This gets confused with " deemed control", "change of control", "acquiring promoters obligations", etc. This confusion should be removed as it makes the investments more risky and so the investments may not happen.

e) Over 80% of all VC/PE invested in India is from foreign sources. This is dangerous as tomorrow some other country could become the flavor of the day and this sector will be left with no capital. It is therefore critical that government introduces policy measures that enable the creation of a domestic pool of money for VC/PE. This could be done by allowing/encouraging Pension Funds, Insurance Companies, Banks and other institution to invest in VC/PE. Also, like in many other countries, we should provide a tax write off to HNI's investing in seed stage Companies/Funds. These measures are important to encourage innovation as globally; it is mostly domestic capital and domestic HNI's that invest in early stage companies.

Best Regards,

Saurabh Srivastava
Chairman, Indian Venture Capital Association

2009-07-04T20:45:00.001+05:30

Stronger banks for the future.

After the 1990's there has been substantial increase in the number of banks in india. Altogether there are more than 85 banks in india's banking sector. By allowing global banks to operate in the indian banking industry, stiff competition arises and if we are not having a strong base in the banking industry then it will make those banks which are smaller in size to their collapse. With the coming of global banks to india by availing more services & facilities to customers, there is a chance for loss of customers for the indian banks, to overcome this we have to maintain a strong customer and market base at the earliest.

As the industrial sector is growing daily, the need of funds for their functioning will increase as they need more money for longer period, at the present situation only few banks can be able to provide the needs of industry. As small banks which are concentrated only to a certain region, they cannot raise large funds, sometimes which are above their total business. By strengthining the banking industry through mergers of small banks with big ones and reducing the total number of banks in india to less than 15 we can face the competition from global banks upto a certain extent. By this, banks can collect more & distribute it according to the needs of various industries.

by...

Akhil.S ,

Kottayam,

Kerala.

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BUDGET 2009

2009-07-04T20:13:00.001+05:30

Dear Shri Murali,

I am sending my suggestions regarding   Budget 2009 to be published in 'Budget Line' in BUSINESS LINE.

Regards
Mohanan

-----------------------
                       DO NOT PRIVATISE PUBLIC SECTOR INSURANCE COMPANIES
                       ---------------------------------------------------------

The Government should not go for disinvestment of public sector general insurance companies. The recession is not much affected our economy due to the strong presene of Public Sector banks and insurance companies.   To contain the 'global meltdown' ,Western countries are introducing stiff regulations and control over their private financial institutions. We cannot
forget the fact that to bail out the insurance giant AIG (American International Group) from rout, the USA government had to spend crores of money from the public exchequer . The Finance Minister should take steps to strengthen the four public sector general insurance companies by amalgamating them into a single Corporation.

Further, the move to increase the Foreign Direct investment (FDI) limit to 49 per cent from the present 26 per cent will not help the insuring public.

P.P.MOHANAN
General Secretary,
General Insurance Officers All India Association, Kerala
KOCHI

Ph: 09249796359

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2009-07-04T20:01:00.000+05:30

This is uma raghunathan fm blore.i did my graduation fm chennai QMarts college. iam attached my buget wishlist .hope the details about me are sufficent . expecting your reply. Tks.

i

Budget proposal - reg.

2009-07-04T17:08:00.001+05:30

Proposal for Union Budget 2009-10

Excise Duty on Automobile Products :-

Global financial crisis has affected number of Automobile Industries of Advance Countries. Many automobile giants like General Motors of USA are suffering due to Financial crisis.

India is a growing economy (Per Capita Income and Gross National Income with simultaneous growth of demand for many goods including passenger cars). The present slow down in growth may affect the automobile industry. Most of the automobile industries are in the infant stage. To protect the automobile industry from recession and accelerate the growth of the industry, the Finance Minister should reduce the Excise Duty to a reasonable extent at least for the medium size cars in the 2009-10 budget. Reduction in excise duty will definitely reduce the price of the vehicles and the industry will continue to produce the same quantity. This step by the Finance Minister will safe guard the automobile industry during the financial crisis.

2. Infrastructure Development :-

Global financial crisis is mainly responsible for negative growth in many advanced countries. In India, we expect 6-7% growth in the financial year. To accelerate the growth and employment, the Govt has to spend a large amount through public works programmes. India is in need of good infrastructure viz., road, transport, two wheeler lane and communication etc. Road development - National highways and State highways and the rural road should be the first priority for all round economic progress. Public spending / Public Private participation for infrastructure development will automatically increase the demand for basic goods and overall employment in the country. Good infrastructure of international standards will attract more foreign investors to our Country and pave the way for further development in the years to come.

G.Nagapillai

Managing Director

Pillai & Sons Motor Company

(Dealer for Maruti Cars)

Past President, Chamber of Commerce & Industries

Thanjavur

union budget 2009

2009-07-04T16:14:00.000+05:30

From

T.K. SIVARAMAN
21 Nallathambi Street
TRIPLICANE
CHENNAI 600 005

Mobile No ( 0 ) 9444184786

Dear Sirs,

I would like to give some suggestions for the forthcoming Union Budget 2009.

As to my Educational qualifications, I am a Commerce graduate aged 43 and have active habits.

I am a good reader of Economics Times, Business line and Business Standard.

As to to my livelihood, I am an LIC AGENT in CHENNAI.

Thanking you,

Yours truly,

T.K. SIVARAMAN.

Budget wishlist- Mr Shaily Grover, MD, Osim India

2009-07-04T15:10:00.001+05:30

Good Afternoon,

I am forwarding the Budget Wish List of Mr. Shaily Grover, MD, Osim India, for the 'Budget Line' column along with his photograph.

Hope this can be incorporated in your esteemed publication.

> 1.The most important thing is rationalisation of taxes. This is one of the
> most serious impediments to growth and us being globally competitive.
>
> 2.GST is the way forward and should be implemented right away. If the will
> is there the implementation will be fast and smooth otherwise preparations
> for the same are never ending.
>
> 3.Retail FDI should be allowed and retail should be treated as industry and
> it should be given some relief and concessions.
> -Retail is the culmination point of all manufacturing and service process.
> -It is the interface between business community and consumers.
> -Organised Retails yields higher indirect and direct tax collections will
> also grow.
> -Service tax should be removed on rent and other services for retailers.
> They should be allowed refund of unutilised service credits.
>
> 4.FBT should be withdrawn. These days employees travel for company etc
> cannot construe as benifits to employees etc. On the controry you need to
> incentivise them and not tax them. These are routinue business expense and
> by no chance a benifit. Today date and age you are forced to incurr those
> expense and on top of this putting FBT hurts a lot.
>
> 5.This budget should also take a view of stabilising rupee dollar prices.
> For SMEs it is a big issue as due to lack of exposure and knowledge they
> need to investa lot of time and energy to hegde and most of the time
> causing losses.
>
> 6. Income tax exemption uptill 3 lakhs should be there especially for metro
> residents where life is very expensive.
>
> 7. For corporate a 5% reduction in income tax will give a very positive
> movement .
>
> 8. Removal of dividend tax should be done as once the profits of company has
> been taxed , then why should dividend tax be paid . This is an anamoly and
> is actually double taxation.
>
> 9. The bugdet should create and send positive sentiments which is needed in
> ailing markets or economy.
>
> The above are requests for the respectable finance minister.

Thank you

Regards

Moumita
Image Manager
Mindpie
A- 28, II Floor, Hauz Khas
New Delhi 16
E mail - moumita.mindpie@gmail.com
Tel : 91 11 41656296
Cell : 9811700464

2009-07-04T13:21:00.001+05:30

further to my budgetwishlist2009 - UNVEIL SOVEREIGN WEALTH FUND - THE SUGGESTED 1 RUPEE STAMP LEVY SHOULD BE APART FROM AND ADDITION TO THE EXISTING TAXES ONLY TO ESTABLISH THE SOVEREIGN WEALTH FUND. THE STAMP LEVY SHOULD INCLUDE ALL PRIVATE PUBLIC AND GOVERNMENT HOSPITALS, EDUCTION AND COACHING INSTITUTIONS, PASSPORT AND VISAS, TRUSTS, CHARITIES AND ALL PROFESSIONALS.... HOPE OUR DEVELOPMENTS, JOBS ARE SECURED AND OUR NATION FLOURISH.

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Request you to feature the comments in your budget line- Birla Sun Life Insurance Co. Ltd

2009-07-04T12:53:00.000+05:30

Request you to feature the comments in your budget line

Budget Expectations

By

Vikram Kotak, Chief Investments Officer, Birla Sun Life Insurance Co. Ltd.

The UPA’s first budget due in early July is the next big event on the Indian macro front. While expectations are high, we believe that hopes on economic reforms in year one need to be realistic as the government would need to adhere to measures that got them re-elected. Also pending state elections will also play an important role in deciding the budget. As regards headline deficit numbers, we believe there could be a marginal improvement over FY09 levels due to better growth prospects, higher non-tax revenues and divestments, which will likely offset expenditure on the rural and social sector.

The Union Budget…Expectations must be realistic

In line with the government’s mantra of ‘inclusive growth’, the emphasis of the budget will likely be on social infrastructure (education and health), rural and agricultural growth, and infrastructure financing. We thus continue to expect a focus on all its flagship schemes. One could also see further measures to aid sectors such as SME and exports – both of which have been affected by the global downturn.

Revenues to be aided by Non-tax revenues and Divestments

Tax Revenues – No major changes

While there are clear green shoots, growth is still sub-par. Thus we do not immediately expect any reversal of measures announced in the stimulus packages in the UPA government's first term. While the overall tax structure is likely to be unchanged, measures could be aimed at improving compliance, plugging leakages, a further widening of the tax net by including more services and the continuation of the process of rationalizing taxes to enable the government to introduce the harmonized Goods and Services Tax (GST) in 2010. We expect reduction in the Central Sales Tax (CST) rate from 2% to 1% in the budget.

Non-Tax Revenues – 3G Auctions

Another factor that could help offset expenditure would be revenues from the auction of spectrum licenses for third-generation (3G) mobiles. The cost of each license is expected to be at US$1.0-1.5bn; which would potentially generate revenues to the tune of US$8-10bn. Revenues generated from these auctions would classify as ‘non-tax revenues’ in budgeted numbers for FY10.

Divestments – Key to offsetting higher expenditure:

Divestments are now formally on the government’s agenda with the president stating that there will soon be a roadmap for listing PSUs. While ruling out privatization by saying that government equity is not likely to fall below 51%. Government plans to raise around Rs. 100 bn in FY10. However, the bottom line is that divestments, which have been on the back burner for a long, long time, will likely see the light of day.

Expenditures – Continued Focus on Social Sector Schemes but infrastructure could be back on the radar

Social Sector Schemes to get priority: In line with the government’s mantra of ‘inclusive growth’, the emphasis of the budget will likely be on social infrastructure (education and health), rural and agricultural growth. We expect continued focus on all the flagship schemes - Sarva Siksha Abhiyan (Rs.131bn), Bharat Nirman (409bn) , Jawaharlal Nehru Urban Renewal Mission (118.4bn) and National Rural Health Mission ( 120bn) as well as a further extension of the National Rural Employment Guarantee Scheme( 301bn). Despite significant increase in allocation in social schemes in the interim budget, we expect further increase in allocation in the current budget in the schemes.

Infrastructure: Financing India’s infrastructure deficit is likely to be a major focus area. To this end, one could see measures to open up the debt market, given that of the total investment requirements of US$517bn, debt financing is estimated at US$247bn. This could include tax exemptions on infrastructure bonds, further raising limits for viability gap funding.

Direct Taxes: We are not expecting major changes on the Direct Taxes front except simplifying procedural hurdles for the industry at large. Some minor changes may include

Might extend the current Income Tax rules to provide 100% tax breaks on profits to many IT units as promised under the Special Economic Zone Act.
Hike the exemption available for interest payment on home loan to Rs. 2.5 lakhs from currently Rs. 1.5 lakhs
May do away with fringe benefit tax (FBT), cess and surcharge on corporate taxes and replace it with single tax rate of 34%.
May remove STT to bring down trading cost and increase volumes.

Industry: As industrial growth is a long-term proposition, it is rather difficult to predict as to what measures the Union Budget (2009-2010) will take to reverse the slowdown in the manufacturing sector. The Finance Ministry would have to provide stimulus to the micro and small enterprises through some well-designed & effectively executed policies.

Pending & new 'Structural' Reforms: To be undertaken over the next 6 months

Pending legislations include, amongst others, those concerning the liberalization and further opening up of the insurance, pension, banking, retail, real-estate and telecom sectors. The new Government is also expected to put in place policies for attracting private investment for oil exploration will also be followed for other mineral resources, including coal and iron-ore. Further, structural reforms in the areas of infrastructure (encouraging greater private participation), subsidy rationalization, judiciary (including police reforms), labour laws and social security can be expected to be on the anvil in the near-to-medium term.

Disclaimer

The comments made above are informed views rather than firm predictions. Neither Birla Sun Life Insurance Company Limited, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations.

real estate wishlist from upcoming budget

2009-07-04T10:47:00.001+05:30

Dear Sir,

Please find pasted below the inputs on real estate /home builders expectations from upcoming budget from Mr. Ananth Narayanan, Head - Karnataka , DLF Southern Homes from industry perspective .

"Infrastructure is the back bone of every economy. To revitalize the economy, Govt needs to add stimuli in such a way that the result is impactful to the society at large. Since there is a perennial shortage of housing for the country men, Govt must take positive steps to bring down the input costs, so that real estate promoters would start offering large number of affordable housing. Since Govt cannot fund this sector, they need to allow funding by relaxing various norms".

Have also attached a photograph for your reference.

Hope you would be able to use it. Do let us know if you are looking for any other specific inputs regarding budget stories .

Warm Regards,
Smriti Kumari
Account Executive
PR HUB, Bengaluru-560025
Mobile: 9886424590
Telefax: +91-80-22483007/8

real estate wishlist from upcoming budget

2009-07-04T10:30:00.001+05:30

Dear Sir,

Have also attached a photograph for your reference.

Hope you would be able to use it. Do let us know if you are looking for any other specific inputs regarding budget stories .

Warm Regards,
Smriti Kumari
Account Executive
PR HUB, Bengaluru-560025
Mobile: 9886424590
Telefax: +91-80-22483007/8

2009-07-03T18:33:00.000+05:30

BUDGET WISH LIST

TEXTILE SECTOR an ailing Industry needs sops.

The Textile Industry which is the Second largest employer after agriculture in India employing around 35 million people. The present position of the Textile Industry is in a very bad shape and needs various sops in the ensuing budget.

Reason for downfall of the Textile Industry is on account of

Ø High interest rates on Working Capital Loan

Ø Lack of credit facility

Ø High Rawmaterial price

Ø Recession in US and Europe

All these factors resulted in the production decline of textile fabrics by 1.9% to 54966 million Sq.mts in 2008-09.

The 40% hike in Minimum Support Price to the Cotton by the Government in the last year has resulted in the steep rise in prices and fall in the demand for cotton in the domestic market which were reeling under financial crises. Cotton prices in India continued to rise while Global price decline due to economic recession.

In view of the above the textile industry expects that Interest rate on the Working Capital has to be reduced and further Soft Loans is to be provided. The Interest Rate on Working Capital needs facility as provided under Textile Upgradation Funds i.e. 5% rebate for Working Capital Loan. Further the present power position throughout the Country is grim and there is an expectation that power rates may go up further.

Inview of this also the textile industry expects subsidy on the power to the extent of atleast Rs.2 per Unit to be reimbursed, which helps to reduce production cost.

BRIEF PROFILE

I, A S VEERANNA, is a Chartered Accountant and Fellow Member of Institute of Chartered Accountants of India. At present I am the Chairman of Spinning Units at Davangere owning about 80,000 spindles.. I am also the Vice-President of Karnataka Textile Mills Owners' Association, Bangalore. I am actively involved in the management of Textile Industry.

Veeranna Athani.

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: Budget views

2009-07-03T18:29:00.000+05:30

Dear Mr Murali,

Attached please find views on the forthcoming budget from Mr Vishal Goenka, CEO, Kantilal Chhaganlal Securities Pvt Ltd and his photograph.

Kindly publish.

Regards

Girija Balakrishnan
Sr. Manager
pr@pressmanindia.com m: +91 9821736716

Pressman Advertising Limited, 505 Raheja Centre, Nariman Point, Mumbai 400021 t: +9122 22188880 f: +9122 22166741 w: www.pressmanindia.com, www.pressmanpr.com
Please don't print this email unless you really need to. This will preserve trees on our planet.
This e-mail is intended for the above-mentioned addressees only. It may contain privileged or confidential information, the review, dissemination or disclosure of which is strictly prohibited. If you have received this e-mail by mistake please immediately destroy it and so inform us by e-mail.

: Shemaroo Entertainment

2009-07-03T18:28:00.000+05:30

Dear Mr Murali,

Attached please find Mr Hiren Gada, Director, Shemaroo Enterrtainment - views on the forthcoming budget and his photograph.

Kindly publish

Regards

Girija Balakrishnan
Sr. Manager
pr@pressmanindia.com m: +91 9821736716

Pressman Advertising Limited, 505 Raheja Centre, Nariman Point, Mumbai 400021 t: +9122 22188880 f: +9122 22166741 w: www.pressmanindia.com, www.pressmanpr.com
Please don't print this email unless you really need to. This will preserve trees on our planet.
This e-mail is intended for the above-mentioned addressees only. It may contain privileged or confidential information, the review, dissemination or disclosure of which is strictly prohibited. If you have received this e-mail by mistake please immediately destroy it and so inform us by e-mail.

Fwd: Budget Wish List from ICICI Prudential Life

2009-07-03T18:15:00.001+05:30

Dear Suresh

Please find attached a word copy on Union Budget 2009 from Mr. Puneet Nanda, Executive Vice President, ICICI Prudential Life.

--
Regards,
Darshana Vyas
Adfactors PR, Mumbai
0 9892611982

Budget Wishlist-Symphony Services

2009-07-03T17:48:00.000+05:30

Amitava Roy, Chief Operating Officer, Symphony Services

"India’s transformation journey seems set for growth with a stable government in 2009. With the Prime Minister’s 100 days agenda to bring reforms in the healthcare and education sector the foundation of economic and social welfare would be strengthened. This year’s budget should focus on India Inc’s inclusive growth.

As we tide over the current global economic conditions, the IT industry expects the Finance minister to extend the STPI scheme to the small and medium scales industries.

Also, India is one of the leading offshoring destinations in the world; however, our lack of proper infrastructure truly fails us. The Government needs to have a focus on delivering pragmatic policies to improve telecom, road and port infrastructure with stringent deadlines of deliverables. Major projects such as the Metro Rail Project in various cities around India, the National Highway Development Programme need to be implemented with the promise of functioning within a reasonable amount of time. The Indian industry urges the government to play the role of an enabler for speedy implementation of projects."

Warm regards,

Susan John

Genesis Burson-Marsteller

THE HOLMES REPORT, 2008 CONSULTANCY OF THE YEAR

Shubharam Complex, No.144 & 144/1, Mahatma Gandhi Road |Bangalore 560 001, Karnataka, India |Website: www.genesisbm.in

Email: susan.john@bm.com | Mob: +91 99160 67278 | Tel PBX: +91 80 2555-0405 |Ext: 133 | Fax: +91 80 2558-9125

Disclaimer: The information in this email is confidential and may be legally privileged. It is intended solely for the addressee and others authorised to receive it. If you are not the intended recipient, any disclosure, copying, distribution or action taken in reliance on its contents is prohibited and may be unlawful.

BudgetWishlist_CEO_Infinite Computer Solutions

2009-07-03T16:48:00.001+05:30

Dear Sir,

I am writing to you on behalf of Infinite Computer Solutions Pvt Ltd exploring the possibility of placing the wishlist from Budget 09 -10 in Hindu Business Line "Budget Line" section.

Mr. Upinder Zutshi, CEO, Infinite Computer Solutions has shared his wishlist from the upcoming Budget.

Attached is his wishlist, along with his profile and photograph.

Kindly let me know if you would require with any other details.

Thank you.
--
Warm Regards
Deepti Iyengar V

Adfactors PR Pvt Ltd
Bangalore
Tel: +91 80 41133062/ 64
Cell: +91 9742272209
E- Mail: deepti.iyengar@adfactorspr.com

Budget wish list-Mr Raj Halve-July 3,2009

2009-07-03T16:12:00.000+05:30

Date: July 3, 2009

Author: Mr. Raj Halve, Business Expert in the field of PE Investment, Mobile Gaming, Teleshopping, IT, Liquor, E- Commerce, Hospitality and Entertainment Industry

Budget Wish List – Top 5

The Indian economy is at a pivotal point today and the budget will pay a crucial role in signaling the way forward for the economy. I see the budget more important in terms of the direction and philosophy it will indicate, rather than the specifics, as the flexibility the Finance Minister has is somewhat limited to do "big bang" policy changes.

With this in mind, I am therefore hoping and wishing that the Finance Minister delivered on the following:

1. Reductions in Subsidies: The fertilizer and other such subsidies must be reduced given the enormous pressures they are creating on the economy. Even if subsidies are required to make the goods affordable to the more vulnerable sections, the subsidy should be shifted from producers to end consumers.

2. Limitation on Fuel under-pricing: With world oil prices likely to be in the US$70 + range, the subsidization of petrol and diesel has to be reduced, if not eliminated. There are only so many lakh crores that the Government can issue as bonds. Even subsidies on kerosene and gas cylinders must be limited per family to incentivize judicious use of these resources.

3. Removal of 'irritants' : The various marginal taxes like FBT must be eliminated as this will show the commitment of the Government towards an overall simplification of the tax regime while impacting very little in terms of actual tax collections.

4. Timelines and targets on Dis-investment: I wish for a clear timetable on PSU disinvestment and focus on raising non-tax revenues. I also hope that specific targets on funds planned to be raised through this route are transparently announced.

5. Focus on Infrastructure: With infrastructure being perhaps the biggest bottleneck for India's growth, I expect to see a slew of initiatives to incenitivise both an exponential increase in the investment levels in such projects as well as a further incentive for timely implementation of projects.

Budget wish list-Mr Raj Halve-July 3,2009

2009-07-03T16:09:00.001+05:30

To whom so ever it may concern,

Please find attached a 200 word write up from Mr. Raj Halve for the Budget Wish List for the column Budget Line in Hindu Business Line.

Also, attached is the profile of the author and a photograph.

Thanks and Regards.

For further query please contact

Anindita Sharma
Account Executive
Aurous Communications & Events India Pvt.Ltd.
1st Floor, Kapadia Mansion, 142, Modi Street, Fort
Mumbai - 400 001

anindita.aurous@gmail.com

Mobile - +91-9730959859
Phone - 022 65256346
022 65256328