80% pass

Everyone and their uncle in the media are running around hoops on how the budget is a 'missed opportunity', not so good etc. etc. I do not agree with this.

For one, the budget is what it was meant to be - a bald recital of the Government's accounts over the next year. It is not the place to make grandiose policy announcements, or to give punters a chance to pump up some stocks and dump others.

Secondly, it prescribes the right dose for India's ailing economy - fiscal stimulus (albeit directly in the hands of the consumer). I felt the removal of the tax surcharge was a really good thing (since the section affected by this is never part of any traditional vote-bank and thus easy pickings for all grasping politicos). It also removed another regressive tax - the FBT. And it committed to introduction of the most efficient goods and sales tax (the GST) from next year.

Third, the budget does not sugar coat any of the hard messages - fiscal deficit is going to be high at 6.8% of GDP (much higher if one accounts for the deficit properly), tax revenues are going to be down, and disinvestment is going to be a slow and tortuous affair, large doses of government spending is going to be required to shore up the rural economy. Were the manic punters bidding up our markets hoping any different? If so, they deserve what they got from the market.