Union Finance Minister Pranab Mukherjee marginally raised the Income Tax exemption limit, abolished Fringe Benefit Tax and Commodity Transaction Tax and announced some schemes to benefit the aam aadmi.
The reaction to the Budget was varied: the Opposition blasted the Budget, the industry captains hailed it, and the Sensex plunged by 870 points on Monday.
What exactly does the Budget hold for the common man? Will you benefit from the Budget proposals? Or do you really don't care? How does it affect you?
In an hour-long chat on rediff.com on Thursday, founding chairman & managing director of Country Club, India Rajeev Reddy replied to many such queries. Here is the transcript:
Rajeev Reddy says, Hi Readers, Welcome to the chat
tegdub asked, hi who r we talking to?
Rajeev Reddy answers, at 2009-07-09 13:56:07I'm Rajeev Reddy, Chairman & MD, Country Club India Ltd
gopi asked, how is life
Rajeev Reddy answers, Life's great & we are really rocking. Being in an industry like Country Club which is a combination of entertainment, leisure & health, this is a great time to be in
ARULKUMAR asked, IS REAL BUDGET LEADS TO DISINVESTMENT IN INDIAN MARKET.
Rajeev Reddy answers, I think disinvestment is a great way of creating wealth & also handing over the entrepreneurial responsibility to professional corporates who know how to do their job. Govt should focus mostly on monitoring enterprises & creating wealth and employment
SS asked, any comment on real esate sector and power sector especially suzlon energy, reliance petroleum,reliance power, unitech and parasvnth developers
Rajeev Reddy answers, I think it is a beginning of another big take-off for real estate though it may take at least 12-18 months but this time only the genuine users will benefit from it and at the right price. As far as power is concerned, there is a lot of space for more people to enter the market. The country requires them
suresh s asked, why Stock market is getting down after the budget?
Rajeev Reddy answers, I think the budget was totally contrary to what people from the international community expected. we should understand that there are lot of corporate FIs who have invested in India. The budget is a total reflection of the mandate given by about 140 crore people & was implemented in true spirit. the very fact that we are aiming at 9% growth in this recessionary times is definitely an indicator that we are looking at the future by making our rural India very strong. We cannot forget that more than 80 % people come from rural backgrounds and strengthening them with better infrastructure, health & education facilities India can hope to be the next super economic power in the next 2 decades. Both China & Japan have paid very heavily by depending only on the global environment and today they are paying a price for it.
rajivparekh asked, WHAT IS THE IMPACT OF FBT ABOLISHMENT ON EMPLOYEE?
Rajeev Reddy answers, It's a great boon for the employee. I'm sure the entire corporate world would benefit from it
damodar asked, Your company(Country Club) stock has fallen by nearly 15%. Any specific reason behind the same. Do reply. Thanks.
Rajeev Reddy answers, Like I said earlier a lot depends on the sentiments of the foreign investors. AS far as the Company is concerned we are maintaining the same growth rate and in fact we are looking at recession like an opportunity. I'm sure that since the Comapny is fundamentally strong it's only a question of time that the stocks should bounce back.
aaaaaaaa asked, what is country club's offerings for aam adami????
Rajeev Reddy answers, off course the very concept of country club right from its inception has been affordability accessibility and value for money. This is the best way to beat recession and also to keep your self both healthy and happy.
majid asked, r u statisfide this budget
Rajeev Reddy answers, I am satisfied but I feel that more focus should have been given towards the tourism and hospitality industry. Even in countries like Dubai, Singapore, Malaysia survive on tourism and it could have been a great opportunity to promote India.
crazysu asked, is the new budget will realy help the indian middle class?
Rajeev Reddy answers, of course it is meant for the middle class and also for the rural people. definitely an average middle class person should benefit from this budget.
amul asked, What are the future plan's of country club?
Rajeev Reddy answers, Country Club today has got about fifty five properties and has a pan India presence. apart from that we have presence in Sri Lanka and Dubai. Going forward we are looking at opportunities in Europe, UAE, Egypt, Africa and also USA where more segments of Asian population is based.
blaah asked, will the hospitalaty sector boom or burst?
Rajeev Reddy answers, Hospitality segment which declined by 33% will now witness a slow growth because recession in India is now slowly receding. But leisure segments like country club which has got a mixed use along with time sharing associated with RCI will definitely benefit because it makes financial sense.
aaaaaaaa asked, r we talking to the same person who always has a THUMBS UP gesture???
Rajeev Reddy answers, Yes. You got it right! I am the Thumbs Up Reddy!
satyajeetakoijam asked, Sir,What changes will you bring into your company after this budget?
Rajeev Reddy answers, of course, we plan to set up more clubs in tier II cities because we feel that is where the growth is. With the government investing heavily on infrastructure the route for country club's expansion in to the interior areas the country is the next logical thing to do.
sgupta asked, sir, please tell me what should indians do for stopping the budget to be just a puppet in hands of our politicians
Rajeev Reddy answers, already more than a billion Indians have given a clear mandate to the political leadership of this great country. Finance Minister is an eminent and enlightened person and I am sure what ever he has done he has kept the larger interest of the country in mind.
tttttttttttttt asked, hi, please define country club in one word.
Rajeev Reddy answers, Exciting.
amul asked, How india wil become a superpower by 2020?
Rajeev Reddy answers, in today's global recession Asia is the only continent to look upto and in Asia both China and Japan which were basically depending on global markets have crashed. 80% of India's economy is self sufficient economy not dependent on other countries. At this point of time if we are strong at grass root level, India will be a great place for a lot of global investors to co-partner its growth and take it to becoming an economic super power. All the sectors like infrastructure, airports, power, hospitality and other allied areas will get a great opportunity in India's growth story.
sujay asked, do you think budget is supportive for the general public.
Rajeev Reddy answers, Yes of course. But I feel that budget on defence which is approximately 20% should be scaled down to 2 or 3 % in the next decade. We could use more diplomatic and international pressure to solve any problem because today we are all global citizens and the money should go for the benefit of the people of the country in areas like education, ,health, drinking water and other basic needs.
Kishore asked, Do you really think we need more clubs where as the basic infrastructure & social security is still a basic problem in this country.
Rajeev Reddy answers, of course. At the end of hard day's work families need to relax and have a healthy life style at a very reasonable price. Clubs are part of the infrastructure and a social need of the country.
Rajeev Reddy says, It was great and thrilling experience chatting with you guys. Bye
