Measures announced in the Budget will make it a lot more easier for corporates to do long-term financial planning. Mr Sinha has also done a commendable job on revenue front - both in indirect taxes and direct taxes. The removal of surcharge on income tax and reduction of dividend tax from 20 per cent to 10 per cent are good initiatives.

Mr Sinha has also accorded protection to domestic industry, wherever it is doing well, against imports by raising custom duty.

Specifically on paper sector, the Budget will not have much impact. Removal of the 10 per cent surcharge on custom duty will help us to look at imports of inputs such as pulp.

The Finance Minister also needs to be complimented on the beginning he has made towards labour reforms. He has set the tone for the right regulatory environment, in which it would be much easier to cut down excess work force. Laying off workers would now take much lesser time. The increase in compensation from 15 days salary for every year of service to 45 days will not make much of a difference.

Overall, an excellent job done. Mr Thapar is Ballarpur Industries MD