I think Finance Minister Arun Jaitley's maiden Budget matches the need of the occasion. Prime Minister Narendra Modi had made promises on the development agenda during the election campaign and people wanted to know how this will be reflected in the Budget. Specifics in some cases and contours in others were present in the Budget speech. In the last two to three years, the collapse of growth has been disconcerting for all. On this count, while many things have been clearly said, there's only a contour in many others. The FM rightly said it would not be wise to expect everything in the first Budget presented within 45 days of formation of the new government. The full flavour of the Budget and policies will be clear in February 2015.
Some people will be left unsatisfied. In the Vodafone tax issue, the FM has not spelt out what he wants to do. The clear position on FDI in insurance, defence, and withholding tax is positive. There are problems on the expenditure side and the finance minister is trying to address that by institutionalising a mechanism -Expenditure Management Commission. On growth, the FM could have been a bit more bullish.
Former member, Planning Commission