So the reactions of the Calcutta-based chambers of trade and industry and industry captains began with words "appreciating" the minister's "difficult tasks", thrust on agriculture and rural development, and being "in the right direction". The Bharat Chamber of Commerce, representing small time business called it "investor friendly". But the stock markets as well as big brother Confederation of Indian Industry's eastern region members felt otherwise.

After the stock phrases, came the regrets moaning about the recycling of old ideas such as the repeal of the Foreign Exchange Regulation Act and the Urban Land (Ceiling & Regulation) Act.

"It is not a big bang budget, and could be slightly inflationary," said A V Lodha, presidentof the Indian Chamber of Commerce, as he began listing the negative points. Rajive Kaul, past president of the CII, also warned of inflation.

Noted economist Baidya Nath Mishra's comment possibly summed up their viewpoints. "There is no focus in the budget," Mishra told The Financial Express correspondent in Bhubaneswar. "For me it was like reading an economics book for two hours."

The ICC's Lodha pointed out that a lot more could have been done for the capital markets. And there has not been much of internal liberalisation either, Lodha said. H V Lodha, chairman of the ICC's banking and finance committee, deviated from his subject to point out that the growth aspect of the economy has been ignored.

The comments on banking came from Dipankar Chatterjee, a noted chartered accountant and a CII member. Chatterjee was full of praise on the proposal to allow weaker banks to form asset reconstruction companies. He also welcomed the kisan credit cards. On the growth aspect, the ICC's views were echoed by theBengal National Chamber of Commerce & Industry. D Dutta Gupta, the BNCCI's president complained that the budget does not provide any positive fiscal stimuli for the growth of industries and experts.

For the Bengal Chamber of Commerce & Industry, one "particularly objectionable" feature was the disallowance retrospectively of any extortion money paid by a company. "This needs to be reconsidered," BCCI president S S Prasad said.

The BCCI otherwise welcomed other measures such as the opening up of insurance to the Indian private sector, changing the pattern of provident fund investment and securitising the debts of state electricity boards. On the steps to revive the capital markets, the BCCI was disappointed to note that buyback of shares had not found mention in the budget. "While the Chamber welcomes the concessions given to Non-Resident Indians, it has to be seen how far it will act as a stimulant to the revival of the capital market," Prasad said.

On the extension of service tax, Prasad said thegovernment is unlikely to get much revenue by bringing professionals and management consultants under the net. Here, ICC president Lodha had mixed feelings: as a chartered accountant by profession, he showed no love for the levy. As a chamber head, he welcomed it.

The finance minister's pronouncements - or rather the lack of them -- on direct taxes were welcomed by all chambers. "The finance minister deserves special appreciation for not resorting to further hike in direct tax rates, but widening the tax base," said the BCC. As did the BCCI's Prasad, the CII, and the ICC's Lodha, who said this was measure of long-term fiscal stability would make tax planning easier.

A move criticised by all industrialists was the across-the-board reduction of five per cent in modvat credit, which was not in line with the VAT scheme and was a retrograde one, as the CII's Rajive Kaul said.

The reactions from Orissa were on similar lines. National Aluminium Co's chairman S N Johri, who is also the chairman of Orissachapter of the Confederation of Indian Industry (CII) said "the budget is industry and investment friendly."

Johri said the budget has provided the much required protection to the India industry from multinationals by way of the eight per cent non-modvatable duty on certain imported items. This duty will provide the level playing field to the Indian industry, he added.

Jagdish Lal, president of the Utkal Chamber of Commerce & Industry, lauded the budget as a "very good job".

Lal said the steps for small-scale industry were most welcome. Especially the provision of making big companies pay interest on outstanding dues of SSIs. Lal explained that SSIs do not claim interest out of fear of losing further orders. Lal, whose outfit is affiliated with the Federation of Indian Chambers of Commerce & Industry, agreed with the CII's Johri that Indian industry will get a level playing field because of the eight per cent levy.