Despite it being a “fairly well-balanced budget”, it is “not close to what the markets were expecting”, according to Nitin Jain, CEO-Retail Capital Markets & Global Asset Management, Edelweiss.
He pointed out that the levy on corporate taxation, rationalisation of wealth tax, and incentives by more spending on infrastructure are all positives.
“Though it is a fairly well-balance budget, the market expectations were really sky-rocketing before this day. The levy on corporate taxation, rationalisation of wealth tax, incentives by more expenditure towards infrastructure are all positives. But nowhere close to what markets were expecting,” he said.