Budget credible, but lack of FII-friendly measures disappoints markets: Ravi Dharamshi

Indian equity markets reacted negatively to the Union Budget and a hike in securities transaction tax. Market veteran Ravi Dharamshi stated the disappointment arose from the absence of measures to attract foreign capital. He noted that foreign institutional investors have been net sellers for over a year. Dharamshi described the budget as fiscally credible, with well-managed key parameters.