Budget 2016 India: 'Focus on developing agriculture, rural markets, middle class'

Jayant Manglik, President, Retail Distribution at Religare Securities

"This is a fiscally responsible Budget which has tried to cover all constituents through its nine pillar strategy. It is focused on developing agriculture, rural markets and the middle class which are important for our growth over the next several years. While there are several positives but the budget is also significant for what it did not propose i.e. increase of service tax and increase in holding period for long term capital gains. One disappointment perhaps is that only Rs 25,000 Cr is provided for bank recapitalisation which is woefully inadequate. But the budget is clearly high on purpose and trying for growth while being fiscally disciplined."

"Now we can look forward to a decrease in interest rates as a signal from the government to drive growth."