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The Rediff Budget Jury/R Sreesankar

'The 5.1% fiscal deficit is the highest forecast since liberalisation began'

BUDGET 2000

I cannot see anything that has made buying of an overseas company by an Indian company easier. What I understand is that we may see separate notification from the Reserve Bank of India in this regard. So I am afraid that we have to wait and see what is going to happen.

The disappointing thing about the Budget is that the fiscal deficit is projected to be around 5.1 per cent of the gross domestic product that, in terms of forecast, is the highest forecast since the liberalisation process began. The tax implication has not for once changed the fundamental story of the companies or has it changed that of the industries.

I suspect that the knee-jerk reaction the stockmarket gave was due to the over-expectation that was built into the Budget. Probably they expected some goodies....

R Sreesankar is the Chief Investment Officer, DSP Merrill Lynch Asset Management India Limited.

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