“These steps are big signals about the government mindset. (They) show its determination to shed the skin of legacy and step firmly into the future,” the Mahindra group chairman wrote on micro-blogging site Twitter.
He specifically welcomed reform measures on political funding, merging the rail budget, abolition of the Foreign Investment Promotion Board, and removal of plan and non-plan labels on the expenditure front.
In his speech, Jaitley capped individual cash donations to political parties at Rs 2,000 from Rs 20,000 earlier, and also abolished the FIPB, saying over 90 per cent of the FDI proposals are through the direct route now.
Mahindra, however, was quick to add that he does not make pre or post budget comments as he feels that the budget should not be seen as the “main policy reform instrument.”
The head of the diversified conglomerate also commented on the equity markets’ behaviour, which rallied after the speech.
“The market reaction to the Budget confirms that the appropriate description of Budget watching is ‘waiting to exhale’,” he wrote.