Budget 2017 in a nutshell

INVESTOR
FPIs happy there's no indirect transfer tax, everyone pleased there's no long-term cap gains tax. But some worry on long-term capital gains tax on shares purchased after Oct 1, 2004. Lower GoI borrowings imply lower rates, so money shifts between debt and equity markets

CONSUMER
Ability to spend rises for lower middle-income group as it gets more money in hand post tax cut. But the rich hit with surcharge and Rs 3 lakh cash transaction limit, so high-end consumption may fall.

Big boost for consumers in the lower-income bracket looking to buy affordable housing.

TAXPAYER
More tax, thanks to 10% surcharge, for those in Rs 50 lakh- 1 crore slab

Less tax, owing to Rs 12,500 rebate for all and 5% tax on income of Rs 2.5-5L

No change for Rs 1 cr-plus slab, but they save about Rs 14,000 via rebate (and also save on 15% surcharge on that amount)

Home loan interest benefit capped at Rs 2 lakh if property rented out

ECONOMY
Lower GoI borrowings to pull down rates; that plus big rural spend to boost consumption and investment

Rs 3.1 lakh crore government capex to keep investment moving while private sector boots up

Emphasis on fiscal consolidation, lack of populism and end of FIPB will encourage foreign investment

DIGITAL
New Payment Regulatory Board under Reserve Bank of India to oversee all digital transactions

Aadhaar Pay, an Aadhaar number-linked digital payments system, to be launched soon

Government sets a massive target of 2,500 crore digital transactions for the next fiscal year