Corporate India''s reactions to the Union Budget for 2007-08 were mixed. While pharmaceutical companies have welcomed the budgetary announcements calling it ''very positive'', the automobile industry has a different view of the proposals. Industry chamber CII also reacted in a guarded manner.

Reacting to the budgetary announcements, CII said there was a lot of hype with regard to the budget. However, FM has failed to announce any major policy decisions with regard to the industry. "We were expecting more. There are no major excise cuts," laments CII.

However, CII praised Chidambaram for the budget thrust on education, agriculture and social sector. "There have been some good policies initiated for the social sector, which is a very positive step."