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When the Finance Minister increased the tax rate on short term capital gains, extended service tax to cover stock exchanges and introduced the commodity transaction tax on the lines of STT, most investors considered such attempts by the Finance Minster as an market-unfriendly measure, however, in actual practice as in the case of most budgets, the objective in this budget too has been to tax the haves and to distribute and give relief to the have nots. The Finance Minister must have done a lot of homework before making such an attempt and the fact which everyone knows is that India growth story continues to be buoyant and to me such an attempt by the Finance Minister shall have only a small impact, if any and that too a temporary one.

Dr Rakesh Shahani, Reader (Business Economics), Bhim Rao Ambedkar College (University of Delhi).

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