Indian industry gives thumbs up to Budget

The Indian industry and investment bankers on Friday gave a thumbs up to the Union Budget, saying Finance Minister P Chidambaram has done a "fantastic" job.

"Budget is on the expected lines and the industry has not been penalised although we are disappointed that the corporate tax has not been changed," apex industry body CII's President Sunil Mittal said.

"Corporate tax are at fair levels. An increase of five per cent on short-term capital gains will make people hold for medium term," Kotak Mahidra Bank Managing Director Uday Kotak said.

Industrialist Sajjan Jindal, Vice-Chairman and MD of JSW Steel said: "This is a mixed budget and the FM has not touched upon the corporate tax, which we were anticipating. The focus is on agriculture and education sector." Although there is a little disappointment on not meeting the concerns on iron ore conservation and the taxes imposed on chrome ore export are also a long-pending demand of ours, which is a welcome step, he added.