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February 28, 2001                                       Feedback  

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'If this feel good Budget doesn't work, nothing will'

Suketu V Shah

The Budget highlighted one major lacuna of the past, which is that there was no accountability. For the first time, the finance minister has introduced a report card for the 1999-2000 Budget.We may finally know where our money actually goes!

The overall growth in roads and infrastructure should help the steel industry a little bit. It is not a magic pill, but it is at least in the right direction for steel.

This Budget is a "feel good" Budget and will help sentiment. This is the first step in achieving growth. If this doesn't work, nothing will.

There are major changes in labour law particularly with reference to lay-offs and retrenchment. Companies with less than 1,000 employees can now lay-off or retrench employees without government permission, which was always denied in the past. However, they now have to pay a retrenchment compensation of 45 days per year of employment versus 15 days in the past.

Last year the stock market after the Budget crashed by 166 points. This year it is up by 166 points, so far. The expectation is that the market will definitely go up with all the announced measures.

Suketu V Shah is president and director, Mukand Ltd.

Budget 2001

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