Sensex closes 900 pts down, biggest fall since budget of 2001
http://economictimes.indiatimes.com/unionbudget.cmsThe government has given thrust to infrastructure spending, raised income tax exemption limit and scrapped taxes like FBT and Commodities transaction tax.
Bombay Stock Exchange’s Sensex closed at 14,035.67, down 877.38 points or 5.88 per cent. The index touched an intra-day low of 13959.44 and high of 15097.87.
National Stock Exchange’s Nifty ended at 4162.80, down 261.45 points or 5.91 per cent. The broader index touched a low of 4133.70 and high of 4479.80.
BSE Midcap Index was down 5.15 per cent and BSE Smallcap Index declined 4.41 per cent.
BSE Realty Index fell 7.92 per cent, BSE Bankex slipped 7.72 per cent and BSE Metal Index was down 7.22 per cent.
Reliance Infrastructure (-13.11%), Jaiprakash Associates (-11.26%), Tata Steel (-10.56%), ICICI Bank (-9.85%) and DLF (-9.82%) were amongst the Sensex losers.
ITC (3.44%) and Hindustan Unilever (1.35%) were the only Sensex gainers.
Market breadth was negative on the BSE with 2002 losers and 568 gainers.
(All figures are provisional)
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Market loses further ground; Sensex tumbles 6% Government committed to public sector disinvestment: PM Budget seeks to minimise impact of global recession: PM Govt eyes Rs 1,120 cr via divestment; to hold min 51% in PSUs Market cuts losses; Sensex down 500 points Budget 2009-10 lays major emphasis on infrastructure
- Government committed to public sector disinvestment: PM
- Government to hold majority stake in state-owned banks
- Tax reforms to be expedited, says Mukherjee
- Budget 2009-10 lays major emphasis on infrastructure
- Farmers's debt relief scheme extended
- Budget allocates Rs.39,000 crore for rural jobs scheme
- Tax sops, more funds for welfare, infrastructure in budget
- IT exemption limit increased, corporate tax rate unchanged
- Budget 2009-10 lays major emphasis on infrastructure
- Govt eyes Rs 1,120 cr via divestment; to hold min 51% in PSUs
- Surcharge abolition to boost consumption: Chawla
Budget speech: Thrust on agriculture
6 Jul 2009, 1520 hrs ISTAgriculture has been the mainstay of our economy with 60 per cent of our population deriving their sustenance from it.
Recovery dependent on global turnaround: Mukherjee
6 Jul 2009, 1518 hrs ISTFinance Minister Pranab Mukherjee on Monday said recovery of Indian economy in the current fiscal would be difficult unless there were "visible improvements" in the global economic scenario.
Higher education gets boost, IITs, NITs bag Rs.21 billion
6 Jul 2009, 1457 hrs ISTContinuing its thrust on higher education, the union budget 2009-10 Monday proposed to allocate over Rs.21 billion for the Indian Institutes of Technology (IITs) and the National Institutes of Technology (NITs).
Direct Taxes Code to simplify tax structure in 45 days
6 Jul 2009, 1456 hrs ISTThe government on Monday promised to come out within 45 days with a framework for the Direct Taxes Code that will simplify tax structure.
Recovery dependent on global turnaround: Mukherjee
6 Jul 2009, 1456 hrs ISTFinance Minister Pranab Mukherjee Monday said recovery of Indian economy in the current fiscal would be difficult unless there were "visible improvements" in the global economic scenario.
Defence budget stays at Rs.141,703 crore
6 Jul 2009, 1450 hrs ISTIndia's defence expenditure during 2009-10 remains unchanged from Rs.141,703 crore ($28 billion) allocated in the interim budget earlier this year - which was a hike of 34 percent over the previous year.
Budget speech: Thrust on agriculture
6 Jul 2009, 1520 hrs ISTAgriculture has been the mainstay of our economy with 60 per cent of our population deriving their sustenance from it.
Recovery dependent on global turnaround: Mukherjee
6 Jul 2009, 1518 hrs ISTFinance Minister Pranab Mukherjee on Monday said recovery of Indian economy in the current fiscal would be difficult unless there were "visible improvements" in the global economic scenario.
Higher education gets boost, IITs, NITs bag Rs.21 billion
6 Jul 2009, 1457 hrs ISTContinuing its thrust on higher education, the union budget 2009-10 Monday proposed to allocate over Rs.21 billion for the Indian Institutes of Technology (IITs) and the National Institutes of Technology (NITs).
Direct Taxes Code to simplify tax structure in 45 days
6 Jul 2009, 1456 hrs ISTThe government on Monday promised to come out within 45 days with a framework for the Direct Taxes Code that will simplify tax structure.
Recovery dependent on global turnaround: Mukherjee
6 Jul 2009, 1456 hrs ISTFinance Minister Pranab Mukherjee Monday said recovery of Indian economy in the current fiscal would be difficult unless there were "visible improvements" in the global economic scenario.
Defence budget stays at Rs.141,703 crore
6 Jul 2009, 1450 hrs ISTIndia's defence expenditure during 2009-10 remains unchanged from Rs.141,703 crore ($28 billion) allocated in the interim budget earlier this year - which was a hike of 34 percent over the previous year.
Relief for media: Hike in ad rates to continue
6 Jul 2009, 1410 hrs ISTThe government on Monday came to the rescue of a recession-hit media by extending the hike in government advertisement rates for print media by another six months.
Govt allocates resources for schemes to ensure inclusive growth
6 Jul 2009, 1406 hrs ISTGovt has set aside a reasonable amount of resources for schemes that would ensure inclusive growth in India. Here are the highlights
Duties on life-saving drugs reduced
6 Jul 2009, 1404 hrs ISTThe government on Monday reduced basic customs duty on influenza vaccine and nine other specified life-saving drugs used for treating breast cancer, hepatitis-B, rheumatic arthritis, etc.
Three challenges before Indian economy
6 Jul 2009, 1403 hrs ISTThe Indian economy faces primarily three challenges, according to Finance Minister Pranab Mukherjee's budget speech.
Rs 120 cr for Unique Identity Cards; first set in 18 months
6 Jul 2009, 1402 hrs ISTCountrymen will start getting the sophisticated unique identity cards from within the next 18 months with the government today allocating Rs 120 crore for the purpose in the general budget.
Funds for minority affairs up by 74 per cent
6 Jul 2009, 1347 hrs ISTFunds for the ministry of minority affairs has been hiked from Rs.1,000 crore to Rs.1,740 crore to implement projects for the welfare of the minorities.
Farmers's debt relief scheme extended
6 Jul 2009, 1344 hrs ISTThe government has extended the debt relief scheme for farmers from June 30 to the end of the year, Finance Minister Pranab Mukherjee announced on Monday.
Expert Speak
- It's a budget for continuity
- Fault not with budget, but with the market
- Divestment is now on the anvil: Kamal Nath
- Budget on expected line: Rangarajan
- Huge focus on rural area: Manoj Kohli
Impact on You
- One rank one pension for ex-servicemen
- Fringe benefit tax abolished
- Higher edu gets boost, IITs, NITs bag 21 bn
- Tax benefits for New Pension System
- Additional excise duty on big cars cut
Market News
- Markets expectations not met: Jhunjhunwala
- MFs welcome budget 2009-10
- Auto shares plunge after Budget announcement
- Infra stocks plunge amid Budget announcement
- Govt scraps Commodity Transaction Tax
One rank one pension for ex-servicemen
6 Jul 2009, 1459 hrs ISTGovt to improve the pension of pre 1.1.2006 defence pensioners below officer rank.
Higher education gets boost, IITs, NITs bag Rs.21 billion
6 Jul 2009, 1457 hrs ISTContinuing its thrust on higher education, the union budget 2009-10 Monday proposed to allocate over Rs.21 billion for the Indian Institutes of Technology (IITs) and the National Institutes of Technology (NITs).
Additional excise duty on big cars cut
6 Jul 2009, 1446 hrs ISTIt also cut the duty of petrol-driven trucks to eight per cent from 20 per cent at present.
Govt to create 12 mn jobs a year: FM
6 Jul 2009, 1440 hrs ISTPranab Mukherjee said that the economy has changed rapidly in past 10 years and the worst two quarters are behind us.
Budget a 'low-on-deliverance' affair: Angel Broking
6 Jul 2009, 1431 hrs ISTDinesh Thakkar, CMD - Angel Broking, said, 'the Budget proved to be a 'low-on-deliverance' affair
Government proposes full interest subsidy scheme for poor students
6 Jul 2009, 1421 hrs ISTPresenting the Union Budget for 2009-10 in the Lok Sabha, Finance Minister Pranab Mukherjee said the interest subsidy scheme is expected to benefit nearly five lakh students.
One rank one pension for ex-servicemen
6 Jul 2009, 1459 hrs ISTGovt to improve the pension of pre 1.1.2006 defence pensioners below officer rank.
Higher education gets boost, IITs, NITs bag Rs.21 billion
6 Jul 2009, 1457 hrs ISTContinuing its thrust on higher education, the union budget 2009-10 Monday proposed to allocate over Rs.21 billion for the Indian Institutes of Technology (IITs) and the National Institutes of Technology (NITs).
Additional excise duty on big cars cut
6 Jul 2009, 1446 hrs ISTIt also cut the duty of petrol-driven trucks to eight per cent from 20 per cent at present.
Govt to create 12 mn jobs a year: FM
6 Jul 2009, 1440 hrs ISTPranab Mukherjee said that the economy has changed rapidly in past 10 years and the worst two quarters are behind us.
Budget a 'low-on-deliverance' affair: Angel Broking
6 Jul 2009, 1431 hrs ISTDinesh Thakkar, CMD - Angel Broking, said, 'the Budget proved to be a 'low-on-deliverance' affair
Government proposes full interest subsidy scheme for poor students
6 Jul 2009, 1421 hrs ISTPresenting the Union Budget for 2009-10 in the Lok Sabha, Finance Minister Pranab Mukherjee said the interest subsidy scheme is expected to benefit nearly five lakh students.
Enhancement of the limit for payment of wealth tax
6 Jul 2009, 1419 hrs ISTWith a view to providing for inflation-adjustment, it is proposed to raise the threshold limit for payment of wealth tax from fifteen lakh rupees to thirty lakh rupees.
Relief for media: Hike in ad rates to continue
6 Jul 2009, 1410 hrs ISTThe government on Monday came to the rescue of a recession-hit media by extending the hike in government advertisement rates for print media by another six months.
Compensation received on voluntary retirement
6 Jul 2009, 1407 hrs ISTIt is proposed that no relief shall be granted in respect of any amount received on his voluntary retirement.
Taxation of transactions on income from other sources
6 Jul 2009, 1405 hrs ISTIt is, therefore proposed to provide that the value of any property received without consideration or for inadequte consideration will also be included in the computation of total income of the recipient.
Duties on life-saving drugs reduced
6 Jul 2009, 1404 hrs ISTThe government on Monday reduced basic customs duty on influenza vaccine and nine other specified life-saving drugs used for treating breast cancer, hepatitis-B, rheumatic arthritis, etc.
Tax benefits for New Pension System
6 Jul 2009, 1404 hrs ISTTo synchronise tax treatment under, it is proposed to make NPS Trust a complete pass-through in so far as taxation is concerned.
Enhancement of the limit for payment of advance tax
6 Jul 2009, 1403 hrs ISTWith a view to providing for inflation adjustment, it is proposed to raise the threshold limit for payment of advance tax from the present five thousand rupees to ten thousand rupees.
More @ : http://economictimes.indiatimes.com/Union-Budget/Reactions/budgetnews/4700487.cms
News and Analysis
- Direct Taxes Code to simplify tax structure in 45 days
- Recovery dependent on global turnaround: Mukherjee
- Defence budget stays at Rs.141,703 crore
- Rs 120 cr for ID Cards; first set in 18 months
- Funds for minority affairs up by 74 per cent
Budget speech of Pranab Mukherjee, Minister of Finance
6 Jul 2009, 1528 hrs ISTPranab Mukherjee presents the regular budget after the new Government assumed office.
Budget unsatisfactory but fair efforts to boost growth: Moody's
6 Jul 2009, 1521 hrs ISTPolicymakers took expansionary steps in a wide range of areas including trade finance, farm subsidies, rural health, food security for poor households, and environment protection.
Bangaloreans cheer hike in income tax exemption
6 Jul 2009, 1510 hrs ISTSalaried residents of Bangalore have welcomed the proposed increase in income tax exemption limits for women and others by Rs.10,000 and scrapping of the fringe benefit tax (FBT).
BJP dubs budget as unimpressive
6 Jul 2009, 1423 hrs ISTBJP on Monday dubbed the general budget as timid, tepid and unimpressive while the Congress hailed Finance Minister Pranab Mukherjee for doing an 'excellent job'.
Budget a difficult balancing act: Rangarajan
6 Jul 2009, 1405 hrs ISTFormer Reserve Bank of India (RBI) governor C. Rangarajan said Finance Minister Pranab Mukherjee's union budget presented in parliament Monday was a "difficult balancing act".
FM does a good job: Narayana Murthy
6 Jul 2009, 1358 hrs ISTWe must realise that it's a difficult time. Whatever the FM did is good, says Infosys mentor Murthy.
6 Jul 2009, 1530 hrs IST, AGENCIES
The exemption limit will now be Rs 240, 000 for senior citizens, Rs 190, 000 for women & Rs 160, 000 for others. What's your money worth? | Impact of budget |
- India Inc welcomes Budget with reservations
- Budget 2009-10 backs infrastructure, farmers
- Budget allocates Rs 39,000 crore for rural jobs scheme
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Markets expectations not met: Jhunjhunwala
Market Commentary
http://budget.moneycontrol.com/
Populist Budget spooks markets, Sensex crashes 869 pts
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Pharmaceuticals
15:58 Excise Rate Cut; +ve for AIDS Drug Cos:PwC, Sun Pharma, Cipl...
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15:39 Biodiesel duties reduced; Praj in focus
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15:38 Duty on Paper paperboard retained at 4%; +ve ITC
ITC 197.70 6
Godfrey Phillip 1243.75 18.9
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Budget Hightlights | |||
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Corporate tax rate unchanged | |||
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Fringe Benefit Tax abolished | |||
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Minimum Alternate Tax hiked to 15% from 10% | |||
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IT exemption limit raised for personal for tax payers | |||
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Fiscal deficit up from 2.7% to 6.8% of GDP | |||
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Gold import to decline further | ||||||||||||||||
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Explaining the need for a revision in the levy on precious metals because of manifold increase in prices, the Finance Minister in the Budget 2009 - 10 doubled customs duty on import of gold and silver. Read | ||||||||||||||||
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Budget a routine document: Orissa finance minister | ||||||||||||||||
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Terming the Union Budget as a routine document, Orissa Finance Minister Prafulla Ghadai today said it was devoid of innovative programmes and provisions to accelerate economic growth. Read | ||||||||||||||||
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UPDATE:NDA will oppose Union Budget for ignoring Bihar cause: Nitish | ||||||||||||||||
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Slamming Union Finance Minister, Pranab Mukherjee for allegedly ignoring the demands for special status to Bihar, Chief Minister Nitish Kumar today said the Union Government was biased against the state. Read | ||||||||||||||||
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I have taken risk to return to higher growth rates: Mukherjee | ||||||||||||||||
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Finance Minister Pranab Mukherjee today said that he has taken tremendous risk to return to higher growth rates by opting for higher deficit and hoped to achieve nine per cent growth next fiscal. Read | ||||||||||||||||
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NIA gets Rs 15 cr budegt allocations | ||||||||||||||||
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The NIA, which came into existence in February this year with the appointment of Radha Vinod Raju as its first Director General, has to accomplish important tasks in next 100 days under the Union Home Ministry's Action Plan-II announced by P Chidambaram recently. Read | ||||||||||||||||
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Auto shares plunge after Budget announcement | ||||||||||||||||
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An excise duty cut on big cars failed to enthuse the shares of auto firms as the scrips plunged in sync with the broader market, which nosedived on concerns of widening of fiscal deficit. Read | ||||||||||||||||
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Indirect tax rates unchanged, exchequer to take a hit | ||||||||||||||||
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The government today retained the broad rate structure for all indirect taxes, which will dent its kitty under this head by 16.11 per cent this fiscal compared to projections a year ago. Read | ||||||||||||||||
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Govt seeks to offer fertiliser subsidy on nutrients | ||||||||||||||||
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The government today sought to shift to a nutrient-based subsidy regime to facilitate balanced use of fertilisers and bring in fresh investment to the sector. Read | ||||||||||||||||
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Minimum Rs 30 lakh needed to be called 'wealthy' | ||||||||||||||||
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The government today doubled the threshold for calling a person or entity wealthy, saying the wealth tax would be imposed only on those having a net wealth exceeding Rs 30 lakh. Read | ||||||||||||||||
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UPDATE:Govt's expenditure to rise in FY'10 on subsidies, 6th Pay Comm | ||||||||||||||||
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The government's total expenditure for the first time will surpass the Rs 10,00,000-crore mark in the current fiscal. Read | ||||||||||||||||
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Budget speech a mix of wit, humour and words of wisdom | ||||||||||||||||
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Quoting the sayings of medieval India's political thinker Kautilya as well as Mahatma Gandhi, Finance Minister Pranab Mukherjee today punctuated his budget speech with words of wisdom, wit and humour. Read | ||||||||||||||||
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Govt eyes Rs 1,120 cr via divestment; to hold min 51% in PSUs | ||||||||||||||||
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The government today announced increasing people's holding in public sector undertakings through the disinvestment programme, but said it would retain at least 51 per cent equity in these enterprises and would keep the banks and insurance companies under its control. Read | ||||||||||||||||
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Karuna hails setting aside of Rs 500 crore for Lankan Tamils | ||||||||||||||||
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Tamil Nadu Chief Minister M Karunanidhi today welcomed the announcements made in the Union budget including allocation of Rs 500 crore for rehabilitation of Tamils refugees in Sri Lanka. Read | ||||||||||||||||
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Higher Plan outlay in Budget to accelerate growth: Chidambaram | ||||||||||||||||
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Higher Plan outlay in the Budget will provide stimulus to the economy and accelerate the growth process, Home Minister P Chidambaram said today. Read | ||||||||||||||||
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UPDATE:Defence to get 34% hike in budgetary allocation | ||||||||||||||||
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With an aim of fast-tracking procurement of defence equipment, the government today steeply hiked the budgetary allocation for defence to Rs 1,41,703 crore, a 34 per cent increase over the previous fiscal. Read | ||||||||||||||||
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SP joins oppn in criticising Budget | ||||||||||||||||
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Samajwadi Party, which is extending support to the government, today joined the opposition in ridiculing the General Budget, terming it as "sour", "trepid" and "unimpressive". Read | ||||||||||||||||
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Big push for rural development projects in Union Budget | ||||||||||||||||
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Giving a push to its rural development projects, government today announced a 144 per cent jump in the allocation for the flagship job guarantee scheme, NREGA, and 45 per cent hike for the Bharat Nirman programme that seeks to improve infrastructure in villages. Read | ||||||||||||||||
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UPDATE: BJP dubs Budget as unimpressive | ||||||||||||||||
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BJP today dubbed the General Budget as timid, tepid and unimpressive while the Congress hailed Finance Minister Pranab Mukherjee for doing an "excellent job". Read | ||||||||||||||||
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Budget reactions: Realty sector hails plan to hike in infra spends | ||||||||||||||||
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We / Ansal API welcomes the budget announced today in Parliament by our Hon’ble Finance Minister. On the whole, the focus of the aam aadmi has been maintained with the introduction of subsidies and grants for education, employment and self help groups. Also, the move to decrease the level of poverty is key to India being mentioned in the same breath as the developed nations of the world. Read | ||||||||||||||||
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UPDATE:Budget seeks to minimise impact of global recession: PM | ||||||||||||||||
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Prime Minister Manmohan Singh today said the Union Budget 2009-10 is aimed at minimising the "impact of the global recession" and achieving 8 to 9 per cent growth in the medium term. Read | ||||||||||||||||
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http://www.thehindubusinessline.com/budget09.htm
Union Budget 2009
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Highlights of Union Budget 2009-10 |
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* Govt plans to bring back economy to high growth of 9%
* GDP growth dipped to 6.7% in FY'09 * FM to make pre-budget talks with state FMs annual affair * Fiscal deficit up from 2.7% to 6.8% of GDP * Return to fiscal prudence at the earliest * 'Aam admi' is focus of all programmes and schemes * IT exemption limit raised; Rs 15,000 (rpt) 15,000 for Sr.Citizens * Limit raised by Rs 10,000 for tax payers, including women * 10% surcharge on personal income tax scrapped * Fringe Benefit Tax abolished * No change in corporate tax * Defence gets Rs 1,41,703 cr, up 34% * Total fiscal stimulus in 2008-09 amounts to Rs 1,86,000 cr * IIFCL to evolve mechanism for increased funding of infra * IIFCL to re-finance commercial bank loans up to 60 per cent in critical projects through PPP to tune of Rs 1,00,000 cr * Allocations for highways being stepped up by 23 per cent * Funds for housing, amenities for urban poor up Rs 3,973 cr * Funds for JN Urban Renewal Mission up 87% to Rs 12,887 cr * Assistance for storm-water drainage project up by Rs 300 cr * Farm credit target up at Rs 3,25,000 cr from Rs 2,87,000 cr * Interest rates incentive to farmers to repay loans on time * Additional Rs 1,000 crore for accelerated irrigation scheme * Export Credit Guarantee scheme extended till March 2010 * 2% interest subvention (IS) scheme extended till March 2010 * IS scheme to cover 7 job-oriented sectors, including textile, handicrafts and handlooms. * Commodity Transaction Tax abolished * New pension system trust exempted from STT; DDT * Minimum Alternate Tax hiked to 15% from 10% * Tax holiday on petro sector extended to natural gas * 100% tax deduction on political donation * Stimulus for print media for another six months * Fertiliser subsidy to be nutrient-based, not price * Expert Grp to form viable pricing for imported petro goods * Banks and insurance firms to remain in public sector * Rs 100 cr one-time grant to expand banks in unbanked areas * Govt committed to provide Rs 100 a day as wages under NREGA * Allocation of Rs 39,100 cr to be made for NREGA * NREGA coverage increased to 4.74 crore households in FY'09 * Work National Food Security scheme has begun * Allocation for Bharat Nirman being raised by 45 per cent * Rs 2,000 cr rural housing fund under National Housing Bank * Mission for female literacy with focus on minorities, SC/ST * 50% of all rural women to be brought into SHG programmes * Full interest subsidy for students in select institutions * Five lakh students to benefit * Modernisation of national exployment exchanges * Action for social security to unorganised sector workers * New pension benefits for 12 lakh jawans and JCOs from July * One lakh dwelling units for paramilitary forces personnel * Unique Identification Card to citizens in 12-18 months * Provision of Rs 120 crore for UIC project * Rs 2,113 crore allocated for IITs and new IITs * Rs 3472 cr for Commonwealth Games from Rs 2112 cr |
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Mkts slide as FM sees FY10 fiscal deficit at 6.8%
The benchmark indices were seeing huge selling pressure, despite buying interest at lower levels. FM kept FY10 fiscal deficit at 6.8% as against 5.5%. Capital Goods, metals, banking, oil & gas, FMCG and technology stocks declined. The Sensex tanked 282 points, to 14,630 and the Nifty lost 95 points, to 4,329. Finance Minister on Union budget:
Finance Minister Pranab Mukherjee is presenting this Budget against a backdrop of muted expectations from Dalal Street. In the run-up to the budget traders had cut down their positions. Institutional investors also have been keeping a low key over the past few days. Since the UPA government came to power the markets have moved up 22% (Sensex was at 12173.42 before the election results) amid hopes that some crucial reforms may finally happen. CLSA in its report has said that a ‘normal’ budget could trigger a market correction given high expectations. Historically stocks tend to correct or move in a tight range soon after the budget. On the next page - see how Indian markets performed in the last one hour |
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**********************************************************INSTANT VIEW - Budget hikes spending, deficit 6.8 pct/GDP -
INSTANT VIEW - Budget hikes spending, deficit 6.8 pct/GDP
NEW DELHI (Reuters) - The new government said it will hike spending to spur growth, pushing the 2009/10 fiscal deficit to a much higher than expected 6.8 percent of GDP, slamming local stocks and pushing bond yields higher.
Financial markets had been expecting the fiscal deficit in the 2009/10 budget unveiled on Monday to rise to as high as 6.5 percent of GDP, from a previous government target of 5.5 percent.
The government's gross market borrowing is expected to rise to 4.51 trillion rupees, versus 3.95 trillion rupees in a Reuters poll.
Finance Minister Pranab Mukherjee pledged the government would return to fiscal responsibility targets "at the earliest". He also vowed to return the country to a higher growth rate of 9 percent a year as soon as possible, from an estimated 6.7 percent in 2008/09.
Total spending in the 2009/10 budget will rise to 10.2 trillion rupees, up 36 percent from 2008/09.
India's BBB-minus sovereign rating, placed on negative outlook in February, does not face any significant rating pressure, Standard & Poor's analyst Takahari Ogawa said after the budget was released.
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OTHER KEY POINTS: Continued...