K L Chandak, executive director, West Coast Paper Mills Ltd termed the budget as 'excellent' for the paper industry, with the excise cut giving the sector a much needed boost.

Venu Srinivasan, Chairman, TVS Motor Co Ltd welcomed the lowering of excise duty from 16 to 12 per cent, adding that this leg-up from the finance minister, which comes at a time when the two-wheeler industry is going through a downturn, will come as ''a shot in the arm to reverse the trend."

Ranga Iyer, managing director, Wyeth Ltd was waiting to hear about research and development extension, which was not ''heard about much.'' He anticipated the analysis of the ''fine print'' to see what else the budget holds, while expressing optimism about the healthcare sector on account of the increased allocation.

U S Awasthi, managing director, Indian Farmers Fertiliser Co-Op Ltd, was ''pretty happy with the waiver of loans for marginal farmers,'' which he estimates will cover at least 40-45 per cent of the farmer population. However, he was less enthusiastic about the fertiliser subsidy, deeming it as somewhat inadequate, though he continues to hope to get more in the first supplementary (budget). He said that the nutrient-based subsidy will bring about balanced fertilisation and an increase in soil productivity.

Sunil Khandelwal, chief financial officer, Alok Industries said the cut in overall CENVAT rates will reduce input costs for his company. Besides that, he was at a loss for more positive points in the budget.

Uday Kotak, managing director, Kotak Mahindra Bank believes that growth is moderating in general, and the Budget 2008-09 is more towards the 8 per cent mark in terms of growth rate, though it could be lower depending on the global situation.

Deepankar Sanwalka, executive director, KPMG said that the populist budget would see consumption increase because of excise duties coming down, and more money in the hands of the people on account of the changed standard limit. He said the budget was 'okay for the consumer industry', but was disappointed with the absence of any specific incentives for the food processing industry.

Sudhir Kapadia, head of tax, regulatory services KPMG, Mumbai said foreign institutional investors (FIIs) would face higher taxation because of the hike in the short-term capital gains tax from 10 per cent to 15 percent. Kapadia said this will increase the cost of doing business for the FIIs. He was also disappointed with the 'temporary' surcharge on corporate tax, which has not been removed.

Vikas Khemani, co-head institutional equities, Edelweiss Securities, Mumbai said that the increase in short-term capital gains was avoidable, as tax collection figures have been rather buoyant over past years. Also, the securities transaction tax now feels like a business expense rather than a credit expense, and will be a huge negative for the trading community.

Sanjay Santhanam, director, Canara Robeco Asset Management, applauded the finance minister's initiative of  putting more money in the people's hands, in terms of raising the standard limit to Rs150,000. he said that the waiver of agricultural loans will also ensure more liquidity on the rural side as well, and together, the income tax and agricultural loan waiver will basically ensure a continuation of the consumption story, with reasonable growth.

Ramesh Chandak, managing director, KEC International termed it as a ''very positive budget for power equipment sector.'' He said immediate benefits will come from the duty cut on scrap, which will also contribute to reducing steel prices. Hailing the specific allocations for rural electrification schemes, Chandak said that the finance minister's promise of setting up of five additional ultra-mega power projects will help build overall momentum for the sector.

Santosh Singhi, chief financial officer, Amtek Auto welcomed the cut in excise duty for cars, buses and two-wheelers, as the only positive for the auto component sector, and a factor that would boost critical volumes, through not essentially margins. Auto companies, he said, may choose to pass on the savings to customers.