All work, no play: FM fails to entertain

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The nation may be gung-ho over IPL and Jodha Akbar, but finance minister P Chidambaram is not so high on the entertainment sector. He acknowledges music, literature, dance, art, cuisine and especially films as ‘soft power’ that must be projected in a sophisticated and subtle manner.

But the FM allocated a meagre Rs 75 crore to the Indian Council of Cultural Relations to design and implement its programmes. This is quite small, considering that UTV Motions Pictures spent Rs 45 crore on the historical flick Jodha Akbar and in just 10 days, recovered around Rs 74 crore, world over. So, the entertainment sector could have done with much more attention.

S Saminathan, MD, Pyramid Saimira Group, said, “For the entertainment industry, this is a neutral budget; but simulation of debt market and harmonisation of dividend distribution tax between holding and subsidiary is positive. Secondly, specific parts of set top boxes (STBs) have been fully exempted from customs duty.”

Vikram Kaushik, CEO and MD, Tata Sky Ltd, said, “There seems to be no significant impact on the DTH sector, which is reeling under unprecedented tax burden (56%) as no special mention is made for the bigger items like differential treatment on service tax due to double taxation and desired level of reduction on excise duty on STBs.”

Deepak Chandnani, CEO, Wire and Wireless India Limited, has welcomed the duty waived on the digital STBs and reduction in duty for convergence products.