CII President Sunil Kant Munjal gave thumbs up to the Budget and said it was a "directional budget" touching all sectors of Common Minimum Programme along with providing a "human face" to the entire exercise that lays great emphasis on social spending.

Reliance Industries Vice Chairman Anil Ambani's initial reaction to the budget was positive, while Ficci President Y K Modi hailed the fiscal incentives to the industry.

There was also some concern expressed over breaking up tax structure for the textile sector and Cenvat.

Jamshed Godrej, Group Director, Godrej Group, and Nimesh Kampani, Chairman, JM Morgan Stanley, enjoying a laugh during the televised Budget at CII, Mumbai.

Photo: Jewella C Miranda

Budget 2004-05: Complete Coverage