PC has proved himself a true ladies' man!

<div class="section1"><div class="Normal" style="" text-align:="" justify="">Chidambaram has done a fine job for the common man who generally worries before the Budget whether his tax burden will increase or not. With the re-working of personal income tax slabs, incomes of up to Rs 1 lakh will not be taxed, providing relief to over 1.4 crore assessees.<br /><br />The Budget has been presented against a backdrop of a fairly good economy growing at 6.9 per cent . There has been a significant rise in industrial production backed by a strong business confidence index. Equity markets have been buoyant and the external sector stable. <br /><br />A key focus of the Budget has been enhancing micro finance and rural infrastructure. The enhanced allocation of outlays for education and health are in line with the CMP. The manufacturing sector, textiles and the sugar industry have received a boost. <br /><br />There are some welcome capital market measures such as permitting mutual funds to offer gold-traded exchange funds and permitting FIIs to participate in the derivatives market. <br /><br />Savings will receive a boost with the introduction of a consolidated deduction of up to Rs 1 lakh. Retaining exemptions such as interest paid on housing loans, reflects the FM’s deft handling of direct taxation. The removal of Section 80L, however, puts depositors at disadvantage. <br /><br />The Budget seeks to give Mumbai a facelift. Besides an incre-ased outlay for the Mumbai Metro Rail Project, Mumbai Trans Harbour Link and Mumbai Western Expressway Sealink, PC has also sought to develop it as a regional financial sector. <br /><br />PC’s financial acumen is undoubted. But with the introduction of gender budgeting, reduction of excise duty on imitation jewellery, elimination of customs duty on cooking gas and raising the threshold exemption limit for women, he has proved to be a true ladies’ man!<br /><br /><span style="" font-weight:="" bold="" font-style:="" italic="">Parekh is chairman of HDFC and has been advisor to successive governments</span>.</div> </div>