Thrust on reforms, a positive surprise: Gaurav Dua

Gaurav Dua, Head-Research, Sharekhan

The Finance Minister has addressed the key issues of containing fiscal slippage and outlined a clear roadmap for the next three years. The net government borrowing program for 2010-11 is well under control and allays fears of crowding-out of bank credit for the private sector. Tax proposals related to corporate and capital markets are benign and in line with expectations. The thrust on reforms and announcements such as banking licenses for the private sector non-banking companies came as positive surprises.