According to FICCI report, overall capacity utilisation of the manufacturing sectors trended around 75%; utilization in India's manufacturing sector hasn't really changed in many quarters, reflecting a poor demand environment.

Third phase of Ude Desh Ka Aam Naagrik scheme awarded airlines 235 routes to create a seat capacity of 6.9 million, the biggest seat addition so far.

Lack of a formal capital support plan for the public sector banks (PSBs) was also credit negative, middle-class tax relief and measures to boost farmers' incomes are credit positive for Indian asset-backed securities and residential mortgage-backed securities.

Assured cash transfers to small and marginal farmers might become more inclusive, leading to a new form of universal basic income.

Finance Minister Arun Jaitley, in an interaction with journalists after the Budget, says income support can co-exist with subsidies.

Though the interim finance minister Piyush Goyal mentioned 'start-ups' in his speech quite a few times, there was no major announcement for the ecosystem.

Recently, the populist announcements like farm loan waivers had dented the state budgets of Punjab, Uttar Pradesh, Maharashtra, Karnataka, Madhya Pradesh, Rajasthan and Chhattisgarh.