BUDGET 1999-2000
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'I expect the market sentiment to improve on a sustained basis, barring political uncertainty'

R Ravimohan

The Budget identifies future-oriented industries -- essentially knowledge-based industries such as IT, media, pharma etc -- and encourages them. It has also a large dollop of measures for construction activity through its emphasis on housing and road development.

Its emphasis on the capital markets is also commendable. I expect the market sentiment to improve on a sustained basis, barring political uncertainty. Structural issues such as tariffs, subsidies have not been addressed.

The overall impact for the corporate sector is slightly negative, though there are bright spots. This Budget differs from the earlier Budget, in its efforts to be a lobby-proof Budget! Only major structural issues have been addressed, rather than the usual 5 to 10 per cent tinkering that usually goes on.

R Ravimohan, MD, CRISIL

Budget 1999-2000

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