The ministers also lauded Finance Minister Arun Jaitley for offering "many" concessions to honest tax payers, while tightening the noose around those evading taxes and fleeing the country.
"No bad news on long term capital gains tax is relief for equity investors. Overall, Union Budget is positive for economy in general and equity markets in particular," said Sharekhan research head Gaurav Dua.
Noting that the Finance Minister has shown fiscal prudence by keeping the Fiscal deficit target at 3.2 percent, she has rated the budget "overall a 7/10".
Reacting to the proposals in the Budget presented by Finance Minister Arun Jaitley today, he praised the Centre's move to bring "much-needed" reforms in political funding by making political parties file income tax returns, and lowering the maximum cash donation received by any party from one source to only Rs 2,000 from Rs 20,000.
Dinanath Dubhashi, Managing Director, L&T Financial Services is of the view that it‘s a fiscally prudent Budget despite being "expansionary" in right directions.
"Focus on farmers, infrastructure and digital economy will create transparency and will have an overall positive sentiment in the market," PNG Jewellers Chairman and Managing Director and India Bullion and Jewellers Association (IBJA) Saurabh Gadgil told PTI here.
Rupee-denominated offshore bonds, popularly known as masala bonds, today got a tax benefit boost with the Union Budget exempting them from taxation for transfer among non-residents, while a low rate of 5 percent will apply for investors till 2020.
"The Budget focuses a lot on the rural and agriculture sector. Though the thrust on digital continues, reforms announced in the Budget will generate employment and help in doubling farmers income," chairman Harsh Kumar Bhanwala told PTI.
Although no major reforms were announced, plans to amend Drugs and Cosmetics Rules, formulate new norms for medical devices and taking steps for strengthening medical education will reduce healthcare cost for the masses, industry players today said.
K Ravichandran, Group Head, Corporate Sector ratings at ICRA is of the view that Union Budget has several favourable proposals for the oil & gas sector such as creation of two more strategic oil reserve projects, reduction in basic customs duty (BCD) on LNG from 5 percent to 2.5 percent and creation of an integrated oil PSU major.
The amount budgeted for 'Indira Gandhi Matritva Sahyog Yojana' saw a four times jump with Rs 2,700 crore being set aside this year as compared to Rs 634 crore in 2016-17. As per this scheme Rs 6,000 will be provided for mothers who seek institutionalised delivery and vaccination.
According to Sunil Mishra, Chief Strategy Officer at PropTiger.com, Union Budget 2017 has been cautious while the standalone sector being the real estate.
The budget is expected to bring positive impact on job market as the focus on infrastructure and ease of doing business is aligned with the government's vision of job creation, experts say.
Chhattisgarh Chief Minister Raman Singh praised the Union Budget presented today in Parliament, saying it is in accordance with Prime Minister Narendra Modi's vision of 'Sabke Saath Sabka Vikas'.
Analysts and market experts have welcomed the tax proposals in the Budget saying the slew of pro-business measures along with more inclusive taxation for individuals and small firms, will go a long way in boosting consumption which in turn will help the economy grow faster.
Meaningful recovery in consumption unlikely as FM focuses targets spends towards rural poor.
CNBC-TV18‘s Sapna Das spoke to Secretary of Finance, Ashok Lavasa wherein he gave the reason for the deviation in the fiscal number to 3.2%.
Despite its sops for various sections of society, the Budget seeks to keep fiscal deficit to 3.2 per cent which is laudable, he said, praising Prime Minister Narendra Modi and Finance Minister Arun Jaitley.
"Budget presented by the finance minister for the year 2017-2018 looks failed to address the objective of Budget as declared by finance minister," BMS said in statement after the Budget, presented in Parliament by Finance Minister Arun Jaitley.
A new era has begun by not only adhering to fiscal prudence but also bringing social equity at the same time, Prabhu said after the presentation of the General Budget by Finance Minister Arun Jaitley.
The Chairman of the Special Investigation Team (SIT) on black money, Justice (retd) M B Shah said in order to check stash funds some "stern steps" are needed to be taken but the government also has to go by the advice of economists and others and not alone them.
The subsidy bill on food, petroleum and fertilisers is estimated at Rs 2,40,338.6 crore for 2017-18 fiscal, according to the Budget proposals presented by Finance Minister Arun Jaitley in Parliament.
Noting that "limited number of individuals availed this deduction", the Union Budget 2017-18 today proposed to rationalise this tax benefit introduced in Finance Act, 2012 and phase it out from assessment year 2018-19.
"The new capital for state of Andhra Pradesh is being constructed by innovative land-pooling mechanism without use of the Land Acquisition Act. I propose to exempt from capital gain tax," Jaitley said while tabling the Union Budget for 2017-18 in the Lok Sabha.
Unveiling the Budgetary proposals for 2017-18, Jaitley said: "As per the data of assessment year 2015-16, there are 6.94 lakh companies filing returns, out of which 6.67 lakh companies fall in this category. Therefore percentage wise, the 96 per cent companies will get the benefit of this lower taxation".