Twitterati finds Budget good for middle class; so-so for investors

NEW DELHI: The Budget 2017 was not entirely a blockbuster one, but it sent out all the right vibes to people belonging to the middle class, companies as well as investors, showed a Twitter poll conducted by ETMarkets.com.

As many as 37 per cent of Twitterati said Budget 2017 will benefit the middle class, 13 per cent said it will benefit investors, 20 per cent thought it would benefit companies and 30 per cent though it will benefit the poor.

The Budget might not have any doleouts for investors, but the measures announced were enough to ignite a fresh rally on Dalal Street, which took the benchmark indices past their key resistance levels.

Living up to the adage ‘no news is good news’, the benchmark indices saw a breakout, as the S&P BSE Sensex scaled Mount 28,000 post-Budget on Wednesday, while the Nifty50 rose nearly 200 points to reclaim its crucial resistance level of 8,700.



The recent rally witnessed on D-Street is a welcome sign, which showed analysts, not just in India but across the globe, gave a 'thumbs up' to the Budget 2017. Most analysts ETMarkets.com spoke to gave 4 out of 5 to Arun Jaitley's Budget 2017.

Investors must have heaved a sigh of relief as there was no tinkering with the long-term capital gains tax and the tenure for classification of the same or for matter security transaction tax, was retained as it is.

With fiscal deficit contained at 3.2 per cent for FY18, and 3 per cent for the next 3 years, it will please foreign portfolio investors (FPIs), who have been on a selling spree since the December quarter.

"The market is more excited that the Finance Minister did no damage and presented a reasonably good Budget within his constraints. It has by and large maintained fiscal discipline," Akash Prakash, CEO & Director, Amansa Capital, said in an interview with ETNow.

“The borrowing requirement is lower than expected and overall it is a pretty decent Budget within the constraints,” he said.