The Hindu Business Line : `Budget attempts to boost markets half-hearted'

IN its analysis on the impact of the Budget 2003-04 on the equity and debt markets, the Associated Chambers of Commerce (Assocham) has said that this year's Budget has made a half-hearted attempt to address the problems nagging the equity market in the immediate and short terms, although the impact on the corporate and banking sector has been positive.

It also said that though relief has been palpable among technology stocks where the exemption under Section 10A and 10B has been restored, this change is unlikely to trigger a meaningful bout of buying in IT stocks since the effect will be felt only in case of transfer of ownership of the undertaking.

The chamber has stated that though one of the key expectations from the Budget was withdrawal of capital gains tax, it is only applicable to purchases made from March 1, 2003 and would be in force only until February 29, 2004.

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