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'We have become satisfied with $ 33 bn forex reserves and therefore decided to tax export incomes which is regressive'

BUDGET 2000

Vikram Thapar

I think the market is down primarily because of the increase in dividend tax and overall taxes by small amounts here and there.

There is some reduction on subsidies, but it has been indirect. I am not very happy with the Budget. I think we have become satisfied with $ 33 billion forex reserves and therefore decided to tax export incomes which is a regressive step.

We are not at a level today where excessive reserves create domestic inflation and this is therefore regressive. The one thing that the FM has done for the paper industry is indirect in that he has announced a national commission for land use. It has long been the industry's demand that we have to generate our own raw material and this commission, if practical and pragmatic, would actually resolve this problem.

Vikram Thapar is vice-chairman, Karam Chand Thapar & Bros

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