The FM did what was the need of the hour. Rural and agricultural reforms, infrastructure outlays, will help boost the economy.
The capital markets will undergo some pain due to the LTCG being levied, but I see no major long-term effects as Equities remain to be the most attractive asset class in the coming years too. LTCG was removed when Securities Transaction Tax was levied, hence STT should have been reviewed/removed. Gold monetization and strengthening E-nam and agriculture markets, both spot and futures will be a big boost to the commodity markets.
It is reflective of being the last budget before elections and is set to meet the economic challenges as well. The fiscal deficit number is more than the market expectations, but it’s a calculated choice giving preference to growth and investment.