Dubbing it as an "election Budget", India Inc on Friday said Finance Minister P Chidambaram has done a "remarkable job" to ensure that economy continues to grow at nine per cent, even as it was divided over loan waivers to farmers.

There were disappointments among captains of industry and investment banking over lack of concession in corporate tax and increase in short-term capital gains tax, with a few even fearing that the burden of loan waiver could be passed on to them.

"We realise that it was an election Budget. However, a lot of aspects of it have confirmed that the finance minister has done a remarkable job," FICCI president Rajeev Chandershekhar said.

"The finance minister has ensured that the growth momentum will continue...and we, as an industry, are completely sure that we will be able to maintain the 9 per cent growth," he said.

On the other hand, Bharti Group chief Sunil Mittal welcomed the proposal of the government to waive loans of the farmers, but he too has some reservations.

"We are delighted for million of farmers who have been given waiver...They deserve that salutation," Mittal said but with the caveat that the move could send wrong signals.

Echoing the sentiments, ASSCOHAM president and Videocon [Get Quote] head V N Dhoot said that though the Budget would ensure growth momentum and Chidambaram had exceeded expectations of the industry, loan waiver was not the ultimate solution.

Kotak Mahindra Bank [Get Quote] managing director Uday Kotak said: "Corporate tax are at fair levels. An increase of five per cent on short-term capital gains will make people hold for medium term."