The finance minister (FM) has done a good job to maintain an aggregate demand in a recessionary situation by increasing rural spending and giving some reprieve in income tax by cutting the surcharge. It’s a fairly balanced Budget. The fall in markets is an over-reaction as the finance minister has never said that there would not be any divestment. Instead, he has hinted that nearly Rs 25,000 crore is likely to be raised through divestment.
Also, markets are reading too much into the fiscal deficit target. India is fairly poised to manage her fiscal deficit compared to many other world economies.
Raamdeo Agrawal
Managing Partner, Motilal Oswal, Financial Services
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