By NNN-PTI
New Delhi : The Finance heads of Corporate India has termed the Union budget for 2008-09 as ‘populist’, with a majority of top executives believing that economic reforms could have been pursued further, according to an opinion poll conducted by a leading global consultancy.
As per the poll conducted by tax and advisory firm Pricewaterhouse Coopers a day after the budget presentation, about 71 per cent of respondents said it would have a positive impact on broadening the indirect tax base.
However, about 76 per cent of the respondents felt that the increase in short-term capital gains tax is not justified.
The poll conducted in Delhi, Mumbai and Bangalore covered over 600 top-level officials from some of the country’s largest businesses. The officials included chief executives, chairmen, managing directors, chief operating officers, chief financial officers and non-executive directors.
Among the respondents, majority (51 per cent) said the budget is ‘positive for industry as a whole’ whereas 49 per cent felt otherwise.
Meanwhile, 55 per cent said the budget has not taken meaningful steps to promote growth with low inflation and 95 per cent felt concrete steps have not been taken to address infrastructure problems.
Moreover, only 38 per cent of those surveyed said the budget contains ‘significant measures to make India Inc globally competitive’, while 62 per cent felt it does not have significant measures to make the country competitive.