"A Humpty Dumpty Budget": Mamata Banerjee Jabs Centre

Bengal Chief Minister Mamata Banerjee used a popular nursery rhyme to take a swipe at the Centre, labelling the Bugdet a 'Humpty Dumpty Budget.' She was alluding to a 'great fall' that Indian markets suffered following Finance Minister Nirmala Sitharaman's record ninth Budget presentation.

"They have not given a single paisa for Bengal. This is a Humpty Dumpty budget," declared the Bengal Chief Minister. 

Sensex, the 30-share pack of the Bombay Stock Exchange (BSE), fell over 1,600 points during afternoon trade, and Nifty, representing the top 50 stocks by market value in the National Stock Exchange (NSE), lost over 500 points.

The markets, however, recovered half of the losses quickly after the end of the Budget speech. Currently, Sensex is trading 600 points lower and Nifty 250 points in the red.

"This Budget is directionless, visionless, actionless and anti-people. It is also anti-women, anti-farmer, anti-education and against the SC, ST and OBC," Banerjee added.

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The Congress too criticised the Budget, saying it was "totally lacklustre" and fell woefully short of the hype that was generated around it as it offers nothing for the farmers or for providing employment to the youth.

Presenting the Budget, Finance Minister Nirmala Sitharaman proposed setting up a "High Level Committee on Banking for Viksit Bharat", to comprehensively review the sector and align it with India's next phase of growth.

The Finance Minister also announced a set of indirect tax measures in the Budget, aimed at further simplifying the tariff structure, supporting domestic manufacturing, promoting export competitiveness, and correcting duty inversion.

The budget came in the backdrop of global uncertainties, trade frictions and US tariffs and slowdown in exports.

Prime Minister Narendra Modi described the Budget as "historic", saying it reflected the aspirations of 140 crore Indians and strengthened the reform journey and charts a clear roadmap for Viksit Bharat.

PM Modi, in his televised post-budget comments, said this year's budget presents an ambitious roadmap to give new momentum to the 'Make in India' and 'Aatmanirbhar Bharat' initiatives.

"This budget is the foundation for our journey towards a Viksit Bharat by 2047. This year's budget will give India's reform express new energy and new momentum," PM Modi said.

The Budget was "tactical" but not a "breakthrough", Moody's Ratings said in its reaction to a government roadmap for the next financial year.