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On the positive side, the initiatives on the personal tax front such as the abolition of income-tax surcharge will increase disposable income in the hands of taxpayers.

The Budget has maintained its focus on building infrastructure, growing the rural economy and social sector spending.

This signals a strong continuation of fiscal stimulus and the focus on inclusive growth by the Government.

The impact has been the 36 per cent increase in the planned and non-planned expenditure and the consequent high fiscal deficit for the medium term.

One could have expected a roadmap on PSU divestment in this Budget though the Finance Minister has already announced his openness for divestment up to 51 per cent in PSUs.

Anil Kumar,

CEO, Birla Sun Life Mutual Fund

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