This Budget is part of the larger scheme to make india attractive

By Abheek Barua, chief economist, HDFC Bank

I think this (higher fiscal deficit) was on the cards because the government had been making a case for public investment.

I think this is a very sensible policy, given the fact that a lot of things are crimping the fiscal space available to the centre.

And I hope and wish the rating agencies and the investor community in general understand the rationale behind this.

I think trying to stick to a 3.6 per cent deficit target would be far riskier, in terms of ultimately ending up with low growth and having to slash expenditure further and getting into this vicious downward cycle that we have been in for the last couple of years, partly because of this fetishisation of a particular number of the fiscal deficit.

I think there's been endless controversy for corporates over the absence of a consolidated FII (foreign institutional investor) limit.

I think it's just making the process of investing in India and Indian companies that much easier. It is still very much a part of the larger scheme of making India an attractive destination and introducing transparency.

The gold monetisation scheme has helped other countries like Turkey. I think it will work. It certainly will help foster one step to a more active gold market in India.