As a part of Mint’s budget coverage, we spoke to various industry leaders and sectors heads to ask them what they would do if they were the finance ministers. Anupama Chandrashekaran spoke to Murugalvel Janakiraman, the founder of Bharat Matrimony.
(i)We are a consumer-oriented business, hence I would prefer to retain the service tax at 10.3 % as this impacts our pricing point.
(ii)I would also like the tariff on communication to be realigned by reducing the levy on telecom carriers to accelerate growth and encourage a healthy economy.
Murugavel Janakiraman: Founder, Bharat Matrimony
(iii)I would like internet and mobile businesses to be given industry status, as they are the next generation media to push consumer products.
It would also help if the government offers incentives. For example the government could offer a tax moratorium for internet companies for five years to promote the medium. Just as governments in Western countries have done this to accelerate growth in such sectors, it is required in India as Internet growth is still in its nascent stage.
If you were allowed to change one policy/law/legislation/act in an industry other than your current one what would it be?
Tax exemptions on exports offered to software technology parks of India (STPI) should be extended for another 10 years. This will fuel growth in the economy and stimulate other industries as well.
With the war in Sri Lanka now over, the country is set to emerge as a major competitor in exports.
If the tax exemption scheme for STPI exports were extended, it would benefit small and medium scale enterprises and create more jobs.
Name one already implemented act/law that you would not change.
I would maintain service tax at 10.3%
What does inclusive growth mean to you?
To me, inclusive growth means development in multiple sectors of the economy. It also means growth in consumer products and services in tier two and tier three cities. Inclusive growth will happen only if there is better infrastructure and improvement in exports. Healthcare, education and employment opportunities should be available to citizens in rural areas as well.