The budget has focused on the rural and the agriculture sector and has not provided much for the industry, except for some duty cuts for the export industry.

The industry, however, feels they have already received whatever they wanted even before the Interim Budget was presented in Parliament on Monday.

Industry sectors such as real estate and gems and jewellery have already been given duty cuts recently.

The government also extended interest subsidy till September for exporters, who are now expecting more in the face of extraordinary challenges being faced in the overseas markets.

The realty sector was banking on tax breaks for housing projects with flat sizes of less than 1,500 sq feet, but it is only restricted to projects that began before March 31, 2007.

An increase in tax breaks provided to house finance companies from 20 to 40 per cent was also expected, which did not see any mention in the Interim Budget.

Developers in Gujarat are, however, not worried. "Though there were a lot of expectations, the former Union Finance Minister had been quite prompt in the last one year. He had been supportive in lowering the bank interest rates," said Rituraj Mehta of Nal Safari in Ahmedabad.

The diamond industry has also said that steps were taken actually before the budget was presented in Parliament on Monday.

Shantialal Patel, the president of Gems and Jewellery Trade Council of India, said: "Recently, the Centre waived 30 per cent Customs Duty on raw diamonds. At present, there is zero per cent tax on the diamond industry. So, most of the measures were taken much before the budget."

The IT and the ITeS industry in Gujarat is, however, not very happy.

The industry was looking for some clarity on the Software Technology Parks of India (STPI) scheme under which the IT industry has been given certain duty cuts.