The Budget evoked mixed reactions from businessmen, traders and the salaried class in Mumbai as most seemed to view it through the demonetisation prism. Those looking at the big picture were pleased that greater transparency would come about with the push towards a cashless economy. Others were expecting far more and were disappointed.

An employee of Mantralaya said sops on incomes below Rs 5 lakh per annum would bring relief to middle-class segments.”My salary falls in the Rs 5-10 lakh bracket so I stand to gain from a tax rebate of Rs12,500 per annum,” he said.

However, those with specific hopes and demands were disappointed. “The tax rebate means little after the losses caused to the economy by demonetisation. Small businesses have virtually lost clients or closed down. I run a wedding card business and have had a dismal se ason. I was hoping for more,” said Shridhar Naik, who operates near Dadar station.

The realty sector welcomed the fact that the lock-in period of three years before an investor can sell his property has been reduced to two years now. “The long-term capital gains tax of 20% can now be paid after two years. Earlier, a person had to pay short-term capital gains tax of 30% if he sold the flat within three years. This will help investors who wish to come back into the market,” said a realtor.