The industry has welcomed the Budget with open arms.

India Inc today lauded the Union Budget as a "dream budget of a different kind" saying steps for rural development, agriculture and employment generation will boost the sentiments for all around economic growth but the stock market gave a thumbs down with the announcement of a turnover tax.

Dr Amit Mitra, secretary general, Federation of Indian Chambers of Commerce and Industry, said: The Budget is market oriented, positive looking and investment-oriented.

However, Manoj Choraria, a leading BSE and NSE broker, apprehended a serious fallout of the imposition of 0.15 per cent tax on every transaction of equity saying it would deter the investors from the market.

Naina Lal Kidwai and Anu Agha of Thermax at CII, Mumbai, listening to the finance minister on televised screening of the Union Budget 2004-05.

Photo: Jewella C Miranda

Budget 2004-05: Complete Coverage