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While rural, social and infrastructure sector reforms have been the major thrust of the Budget; I take it to be a balanced and responsible budget which has addressed all the major issues facing the economy. The ball is now, clearly, in the RBI’s court and I almost expect a 50 bps rate cut in the next 48 hours. The Budget has signalled the government’s intention to remain responsible to fiscal targets, while at the same time being cognizant of the investment and consumption challenges posed to the economy. The provision for 100 per cent promoter holding in ARCs will ensure capital flow and also drive faster NPA resolution in the banking sector. This is also the first instance when the Finance Ministry has backed the proposal of reducing government holding below 50 per cent in select public sector banks. Exempting the REITs from dividend distribution tax and introduction of insolvency code for financial institutions are other key financial sector reforms.
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