While it is important to give a growth-oriented Budget, it is more important to ensure that the Government shows commitment to stability, a senior official with the Manufacturers' Association for Information Technology (MAIT) said.

“At a macro level, we want a Budget which invigorates growth in the industry. But above all, it should be stable. We don't want any major changes or roll backs,” said Dr Alok Bharadwaj, President, MAIT.

Giving an example, he highlighted the Government's decision to levy the Minimum Alternative Tax (MAT) on Special Economic Zones (SEZ).

“The Government should never go back on its word. It should become like a gospel truth. Once you have made a commitment, you should not change it even if it is painful.”

SEZs were earlier exempt from MAT, but when the Budget was presented in 2011, the Finance Ministry decided to levy MAT of 18.5 per cent on book profits of SEZ companies.

Dr Bharadwaj said that leading political parties should discuss issues and come to a consensus that will hold even if there is a change in the ruling party at the Centre.

“We need a national agenda which will not be touched under any circumstances. Otherwise, it cuts down the air pipe and India can't breathe.”

Earlier this month, MAIT had released a list of seven Budget recommendations. When asked about the top three items that he wanted, Dr Bharadwaj said that he wanted the 4 per cent special additional duty and MAT to be abolished.

“We also want the Government to withdraw MRP-based assessments. This is very detrimental and makes the duty higher,” he said.

>balaji.n@thehindu.co.in

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