The Union Budget 2009-10 is a positive forward looking statement of intent though it suffers under the weight of high expectations, some of it raised by the economic survey. As a roadmap for the next five years of this Government, it sets out the contours of the economic agenda to put the economy back on high growth combined with fiscal responsibility and for setting a timetable for tax reforms. 

The Finance Minister has stuck to what has worked in a difficult year, with no change to the revival programmes and in fact by enhancing public spending to stimulate demand.   With a time lag, private investment including foreign investments should resume, marking the return to high economic growth.  

The worries in this regard are two-fold. Firstly, the nature of the Government''''s borrowal programme and its impact on the interest rates and the role of private investments.  The second one arises out of the high quantum of Government outlay without an attempt to extract accountability and efficiency from the implementation machinery.   

The feel good for the people comes from lowering of the threshold of personal income tax.   Corporates will surely welcome the abolition of the irritating and unproductive FBT and will not dispute the logic of MAT.  

A budget that is positive for the economy is good for our industry.   Extension of weighted expenditure deduction for in-house R&D is welcome.  The intent and increased funding for road infrastructure development, JNNURM and all that boosts the construction sector is good news for the industry.