For Indian stock market investors, the devil in Budget presentations has always been in the detail.

Past ‘dream’ Budgets which have seen the Finance Minister’s speech greeted with cheers from the gallery, have given way to a more sober mood as investors have discovered provisions relating to the taxation of foreign portfolio investors or changes in personal taxation lurking in the Memorandum.

What is in the Union Budget 2023 for the investor and how did the markets react?

Aarthi Krishnan explains.