'Share market disappointed with Budget'
Anxiety is written large on S P Prabhu's face even as he reacts to Finance Minister Pranab Mukherjee's Budget proposals. In between, he nervously tries to catch a glimpse of the stock market ticker that scrolls on a huge screen at the Bombay Stock Exchange building in Mumbai.
A business who trades in chemicals that act as ingredients for making medicines, Prabhu is confident that the nervous sentiment will improve in the days to come "when the markets realise that this is a growth-oriented Budget."
According to him, higher government spending will lead to an increase in consumption, ultimately acting as a growth trigger.
"The share market was expecting a lot of sops, concessions for the industry, which has not come out in the budgetary proposals. In fact, the minimum alternate tax has increased (from 10 per cent to 15 per cent). That's also the reason for the market sentiment to go down," Prabhu laments.
However, he is happy with the token increase of Rs 10,000 in the tax exemption limit for both men and women.
Despite his nervousness, Prabhu manages a bold front. His advice: The 900 point dip in the Sensex is a good time to buy shares.
Image: 'Share market disappointed with Budget'