The finance minister has obviously kept his promise about fiscal responsibility and has ensured adherence to the Fiscal Responsibility Management Act.
On the globalization front, obviously the reduction in customs duty would increase imports and enhance access to raw materials at cheaper prices. Reduced duty will make Indian industry more competitive, to the benefit of consumers. Successive reductions in duty have made the Indian industry very competitive.
No significant measures, however, have been announced in the FDI area, but promises have been made to bring in the insurance bill and other bills in the budget session.
That FDI has gone up to $12.5 billion this year and overtaken FII inflow certainly demonstrates the efficacy of our foreign investment policy.
Allowing mutual funds to invest abroad and individual investors to participate will deepen the capital markets.
Moves to set up two special subsidiaries to use some of the foreign exchange reserves to fund the foreign exchange expenditure of Indian companies and to enhance the creditworthiness of borrowers are indeed steps towards globalizing Indian companies.
Overall, on the globalization front, some measures have been taken as a part of a continuum. However, no radical measures have been proposed.
(Nandan Nilekani is Chief Executive Officer and Managing Director of Infosys Technologies Ltd.)