To: Mohan Marette who wrote (964 ) 2/29/2000 9:25:00 PM From: Mohan Marette Read Replies (1) | Respond to
View from the Top-> Sunil Mittal 'Unleasing the Telecom Tiger' Unleashing the telecom tiger Finance Minister Yashwant Sinha's Budget is an acknowledgment of the fact that information technology and the telecommunication industry are key drivers of the new Indian economy. I am of the view that a new mindset has come into being, one that has allowed the present government to give concessions in the form of major duty reductions for this sector. India is now well on its way in providing a hassle free economic environment with the government acting as a facilitator to transform the country into a global economic power in the next decade. This objective will be achieved through augmentation of infrastructure, and I believe that the role of telecom's is very fundamental to this effort. A major fillip has been given with liberalisation in venture capital finance, both in structure and tax related issues. Internet Service Providers have also been granted infrastructure status, making it possible to set up large scale Internet services at affordable rates for customers.However, the demand of the basic telecom industry to grant duty concessions on wireless equipment has been sacrificed giving in to the unjustified demands of the so called local manufacturers.On the macro economic front, the budget can be summarised as following: simpler norms and the guts to tax exports . These two actions are commendable and deserve unstinted praise and appreciation as they are based on the actual reality of India's economy . We must thank the Finance Minister for the sector-specific rewards and simplification of the myriad regulations. This action will unleash the caged Indian entrepreneurial spirit. (Sunil Bharti Mittal is chairman & group MD, Bharti Enterprises: bhartibt.com ) financialexpress.com
