Do not see a radical change in Budget 2014: Swaminathan Aiyar

ET Now caught up with its Consulting Editor Swaminathan Aiyar for his first reactions on the Budget. Excerpts:

ET Now: What is your first reactions on the Budget?
Swaminathan Aiyar: You heard the first budget of the Modi government. Somebody was saying we had expected that it will be long on vision, it has turned out to be long on duration possibly the longest budget speech anybody has ever seen. But at the end of it all I have to confess I am disappointed.

I had thought that we are going to see some new vision over five years. The Economic Survey said we will see a situation hopefully where the direct tax rates are taken down to the level of that in our competing countries in the ASEAN.

It seems to me, however, that this is a kind of budget that frankly, could have even been presented by Mr Chidambaram. At the end of it all frankly, I do not see a radical change.

ET Now: There was initially some confusion whether the fiscal deficit target is 4.5% or 4.1%. What is the rating?

Swaminathan Aiyar: Well, I do not think there has been any reset it all. If one is to be generous I would say let us still stick to a figure of just 5%.