Check out what the BS Jury has to say about P Chidambaram's Budget for 2007-08.

Kumar Mangalam Birla, Chairman, Aditya Birla Group

The Budget is consistent with the macro objective of keeping India's economy on a high growth trajectory. But even while stoking the growth engine, the focus is on the human dimension. Commendably, these twin objectives are sought to be achieved without compromising on fiscal prudence, policy stability and commitment to reforms.

The human face of the Budget shows up in measures for the underprivileged sectors and physically challenged. The message is that there cannot be sustained growth without inclusive growth.

That said, there are missed opportunities. The Budget does not talk of letting long-term money, particularly of pension funds, into equity markets. The rise in the dividends distribution tax will raise concerns about the stability of tax policies going forward.

Sunil Mittal, Chairman, Bharti Group

The Budget is on expected lines. The thrust to agriculture was to be expected, but this is the first time a Budget has given so much attention to the sector. Given that industry has done well, the Finance Minister seems confident these sectors will remain on course.

The inclusion of IT and BPO firms in MAT is no surprise, either, and the Budget has finally acknowledged the multiplicity of taxes on telecom and the need to reduce them.

Inflation clearly was on the FM's mind and he has tackled it on the supply side by reducing import duties. On the other side, a signal has gone to industrial sectors like cement to pass the benefits of scale and growth to consumers.

Education and vocational skills have also been given attention. But application  of the resources generated will be key.

K V Kamath, MD and CEO, ICICI Bank

The Budget aims at sustaining the growth momentum while extending the benefits to the larger masses. It is a fine balance of resource allocation along with forward-looking policy actions focused on growth.

The emphasis on expanding education capacities particularly in the area of vocational education is timely, given the criticality of skilled human capital to the growth of India's knowledge economy.

The financial sector policies are in continuance of the current supportive environment. In particular, the decision to use PAN as the sole identification number in capital markes transactions is welcome.

The setting up of an autonomous Debt Management Office to separate debt from monetary management has been announced. We will need to see how this evolves going forward.

Jagdish Khattar, MD, Maruti Udyog

This Budget has made the annual Budget a non-event. The FM has taken the hype out of it, which is good. In a globalised economy, policies cannot be confined to an annual exercise. This Budget focuses on issues that governments ought to focus on: social sector, agriculture and infrastructure. The initiative on power generation is a positive.

The FM should be commended for leaving industry alone. Barring some tinkering, the corporate sector has been left free to continue the growth momentum. Reduction in customs duties and the export duty on iron ore should dampen inflation somewhat.

The reference to climate change is a big step forward for an Indian Budget speech. While concrete measures may take time, even referring to the issue is a positive.

S Ramadorai, CEO, TCS

The Budget has provided an overall thrust to agriculture and the social sector that will provide a basis for sustained economic growth. For IT specifically, the money given for finishing schools for graduates, plans to upgrade the ITIs as well as an additional one percentage point cess to fund secondary education are big positives. The thrust given to e-governance is noteworthy.

The decision to impose MAT on book profits is a surprise and has taken away the assumed benefits the IT sector was to enjoy until 2009.

The only silver lining is that by making the MAT connected to companies enjoying tax breaks under Section 10A and 10B, the government seems to be hinting at an implicit commitment that the tax incentives under the STPI scheme will be extended beyond 2009.

Nimesh Kampani, Chairman, JM Financial Group

The Finance Minister has crafted the Budget within the constraints of managing inflation, while keeping the reform momentum on.

Some announcements will have far-reaching impacts on the markets. With the sale of stake in State Bank of India and the formation of the Debt Management Office in the government, the RBI's role will gradually become that of a monetary authority.

Measures such as increase in the rates of the dividend distribution tax, increase in education cess, service tax on rent for commercial properties and inclusion of ESOPs under FBT are a surprise.

On the infrastructure side, a limit of Rs 50 lakh per investor for capital gains bonds under section 54EC will restrict the flow of funds for infrastructure development.

Sanjay Nayar, CEO, Citigroup India

The underlying themes of this Budget are fiscal consolidation, judicious growth management and keeping a check on inflation. The phased withdrawal of tax exemptions may impact select sectors like IT and real estate in the short term but will help better fiscal management in the long run.

Due emphasis has been accorded to basic needs such as education, health care and employment, reflecting the government's priority to build "human capital".

The incentives offered to agriculture should help check inflation and also translate into a multiplier effect for the corporate sector to maintain targeted growth rates.

For the infrastructure sector, while the FM has given direction for capacity enhancements, he has not announced any substantial/concrete measures to ease supply side bottlenecks.

B Muthuraman, MD, Tata Steel

The Budget is focused on making under-performing sectors perform, without jeopardising the overall growth trajectory of the economy.

While increased investment in health and education will bring inclusive growth, the focus on infrastructure will support increased demand for manufactured goods and make them cost-competitive in the long run.

While the Budget is neutral towards the steel sector, the introduction of export duty on iron ore and chrome ore is very welcome and is aimed at conserving resources. Restricting exports volume, too, could have been considered.

However, the increase in dividend distribution tax and cess on education will increase the tax burden on the corporate and is a negative from the investors' point of  view.

Baba Kalyani, CMD,  Bharat Forge

This Budget appears economically balanced and will help in sustaining high growth. There are some notable macro policy announcements. The FM's assurance on continuation of export promotion policies is heartening for exporters. The emphasis he has placed on development of manpower skills is also a welcome initiative.

For the auto component industry, extension of the exemption under Section 35 (2AB) of the Income Tax Act for expenditure incurred on R&D till 2012 meets a long-standing demand.

This coupled with the reduction of customs duty on imports by approved R&D institutions will support the industry's development efforts. Reduction in customs duties on all coking coal and steel seconds and defectives could also perhaps moderate input prices.

Shashi Ruia, Chairman, Essar Group

The Finance Minster deserves credit for striking a balance between growth and inflation in the Union Budget.  Increased allocations for rural and social sectors are steps in the right direction.

He deserves praise on issues like the cut in CST, financing infrastructure through foreign exchange reserves, developing a mortgage guarantee mechanism and promoting development of skilled manpower.

However, his proposals for increasing the dividend distribution tax, the additional education cess and extension of MAT will not be greeted enthusiastically by the corporate sector.

In view of an already high tax regime, this will affect the global competitiveness of Indian companies, especially against China.  We hope he will revisit some of these issues during the course of the year.