Budget Reactions: Credible promises, will be acceptable by market, says Enam

Vallabh Bhanshali of Enam Securities tells CNBC-TV18 that this Budget will find more acceptence with the market as time goes by. "The finance minister has proved to be a greater friend of the economy," he says. According to him, the focus has been on promising growth and the Budget has provisioned for actual delivery, he says.

"Fiscal deficit projection at 5.1% was well within expected range and therefore there was nothing shocking in that," he says. He however thinks that fiscal consolidation could have been better, but difficult, given the political conditions.
"Increasing excise duty and service tax to 10-12% was a very pragmatic move," he says.
Bhanshali is extremely pleased with the fact that there has only been a marginal increase in allocations made towards welfare schemes. "Food Security is the only scheme that the FM has laid emphasis on during this Budget and that he has promised to provide for," he says. Below is a edited transcript of the interview. Also watch the video. Q: Has the FM addressed the problem of fiscal consolidation?
A: Given the realities of politics, I think this is a credible Budget. The fiscal deficit of 5.1% was expected by most people. The measures to increase excise increase from 10 to 12 and service tax from 10 to 12, and covering the whole universe under service tax are very pragmatic moves the finance minster has made. The welfare schemes have not gone berserk; he had just made marginal increases in those schemes. As the time goes by you will find this Budget has more and more acceptance. Q: What is your view of the investment sentiments post Budget?
A: The Budget has not spoiled the sentiment by bringing in more welfare schemes. It has created a more realistic environment. Interest rates are not going down in a hurry and if that doesn