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Mar 19, 2012, 08.49 AM IST | Source: CNBC-TV18

Budget 2012: No big ideas, non-event for the market, says Udayan

CNBC-TV18's managing editor Udayan Mukherjee says, the Budget has no big ideas and is not a reformist Budget. “It is a non-event for the market,” he adds.

The Finance Minister Pranab Mukherjee presented the Budget 2012 in the Parliament today. The market is flat and the bond market has gone up to 8.4% plus the yield.

CNBC-TV18's managing editor Udayan Mukherjee says, the Budget has no big ideas and is not a reformist Budget. “It is a non-event for the market,” he adds.

According to him, no significant repair has happened to the fisc barring some statements on directions in terms of cutting expenditures. “Expenditures are actually not been cut,” he adds.

He further says, fuel and fertiliser subsidies are not touched. “There is no direction there barring a small mention of targeting,” he asserts.

On taxes he says, there is no timeline on GST or DTC. Income tax has been cut very modestly, very small changes. “Excise duties and service taxes have gone up and there no mention of FDI as well,” he adds.

All in all, he says, there is no big announcement in this Budget. “I don’t know whether this will lift corporate sentiment dramatically, but to me it appears like a big non-event from a market’s perspective. Barring small positives, like the Rajiv Gandhi Equity Scheme, the minor STT cut only on deliveries. But, otherwise, there is no big idea in this Budget,” he states.

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