Dalal terms Budget '07 as 'progressive and balanced one'

Mumbai, Feb 28 (UNI) The President of IT major, Cisco India, Mr Jangoo Dalal today termed the Budget '07 as a 'progressive and balanced one' from the long-term economic perspective and praised the Government's efforts to promote information technology (IT) in the country.

''The overall focus of the Union Budget 2007 was on faster and more inclusive growth with spotlight on rural development, which augurs well for the long term economic development of the country.

It is heartening to see that the Government is clearly committed to e-governance, having increased the allocation both at the Center and state level, with a new scheme for manpower development in the software export industry. Computerization programmes for the public distribution system and FCI will also enhance efficiency and benefit the common man,'' he observed.

''The proposal to grant pass-through status to venture capital funds for undertakings in IT, biotech and other emerging sectors, and the service tax exemption for technology business services provided by technology business incubators and eligible incubatees will further encourage innovation and IP creation in India, he predicted.

''Significantly, increased allocation to both primary and secondary education and innovative financing for infrastructure projects are positives and are imperative to sustain growth in excess of 9 per cent per annum,'' Mr Dalal added.

UNI