Moon B. Shin, managing director LG Electronics India
The management of the economy is the responsibility of the government and we must compliment the government for it. Budget 2008 has exceeded expectations in terms of rural development, education and agriculture. It is commendable that the economy has seen a growth rate of over 8.8 per cent. This budget will provide an impetus to inflation control.
Specific to LG India, there will not be any major changes in terms of product pricing as there has been no major relief in duties. We welcome the relaxation in excise duty from 16 per cent to 14 per cent.
However, for a manufacturer, as we are exposed to open competition with the various ASEAN countries, some relief on raw materials and intermediate goods would have made our industry competitive globally.
On the whole, it is extremely favourable towards the agricultural community. The various reform measures announced moves at improving the health & the farming sector in the country. This would also result in the upliftment of the economy as steps have been taken towards improving the lifestyle of the farmers. This would further create additional markets, which is an encouraging sign.
Overall, I foresee an improvement in the macro economic condition of the country as this Union Budget proposes to boost agriculture, health and rural industry.