Mangalore : It is a new Team and naturally all eyes are on their every move – especially on the Central Budget which is supposed to be one big document signaling the Government’s Intentions, Directions and Actions, said  Mohammed Ameen president of Kanara Chember of Commerce in his reaction to the Budget.

On looking at the Budget, the Intention of the new Team is quite clear, the Direction taken is quite encouraging but when it comes to proposed Action it has fallen short of our expectations.

The intention portrayed by the incoming team and on which it got a big mandate was to speed track Development – to control inflation and revive economic growth.  

In his marathon two hour speech, the Finance Minister took pains in covering all the priority areas and the setting direction the government seeks to towards development. Development of Urban Housing and Smart cities, Agri-Research, Skill Development, Power, Irrigation, Education, Health services, IT infrastructure, support to SMEs, Tourism, SEZ revival, Port Development, Capital markets and Banking reforms – the Menu Card is crowded and difficulty seems to be in the details. The outlays are too small and scattered – a few hundred crores here and there and a cohesive action plan seems to be missing.

Compared to the path breaking intentions and announcements made by the new team in its run-up to the elections and immediately after taking charge, the Actions proposed in the Budget do not sound radical and path-breaking. The positives are of course in the form of increasing minimum tax slabs, increasing savings limits, electronic interface for government clearances and documentations, ending retrospective tax amendments, making transfer pricing rules more transparent, linking MNREGA to agricultural productivity, and using customs and excise duties towards boosting productivity and clean energy. The big signals of change in the manner the Government desires to raise resources and channelize spending could not be read in this Budget.

We have to come to terms that this Team is not a Twenty-Twenty Team but is just in the middle of a good first day first session of a long test match.

Marks: Six out of Ten with hope and prayers that more Action will follow on their good intentions and well-chosen directions. Mohammed Ameen preseident of Kanara Chember of commerce reacts  on Union Budget 2014.