'I have stopped having any expectations from the budget'

Mudit Jain is president of the Rs 700 crore (Rs 7 billion) DCW Ltd.

The management graduate from the Wharton School of Business, University of Pennsylvania, says: "The Budget is more a media event. There should be more transparency in the process, like there is in the developed countries."

"Yes, the Budget is important as it highlights the close control the government has over the economy."

He says the Budget is a political statement and as there is hardly any close monitoring of the budget proposals throughout the year, most promises remain on paper.

"Past Budgets have been disappointing so I have stopped having expectations," says Jain.

"Ours is a going concern. We have to deal with problems immediately, our plans cannot be kept in abeyance for the Budget," he says when asked if he keeps the budget in mind before taking important business decisions.

"(Finance Minister) Chidambaram has a good grasp of economics and a very analytical mind. However, for India to become a true economic power, our mindset should change, which unfortunately is not reflected in the Budget," rues Jain.

"If I were to become the finance minister, I would follow the philosophy of Ronald Reagan (the late US president) -- 'Less governance and less taxes.' That's the only mantra for success."

-- A Ganesh Nadar

Budget 2004-05: Complete Coverage

Also see: The 9 Indian Billionaires