The Union Budget is a “cut-and-paste budget” and “an accountant's budget” that has received a lukewarm response from the public, said Ananthakrishna, Chairman, Karnataka Bank.
He was speaking on “Impact of budget on the banking industry” as one of the panellists in the Corporation Bank-sponsored The Hindu-Business Line “Budget Talk” held in the city on Saturday.
Referring to the non-plan expenditure for 2012-13, which is 8.7 per cent higher than the estimate for the same in 2011-12, he asked why so much of taxpayers' money was being spent.
He said that the expenditure could have been curtailed by avoiding byelections. Some method must be evolved by which byelections are held only in case of death of the representative.
“Do we need byelections every six months in this country?” he said.
Walter D'Souza, Chairman, Federation of Indian Export Organisations (FIEO), Southern Region, speaking on “Impact of budget on EXIM policy” said that the budget needed better pragmatism. He said that the FIEO welcomes the focus on infrastructure under the National Highway Development Project, the exemption of duty on fuel for power generation, and the reduction of external commercial borrowings in power, roads, and airlines that would benefit the export sector.