Economists of Kolkata on Tuesday described the Union budget presented by Finance Minister Nirmala Sitharaman as a mixed bag, saying it attempted to balance the needs of large and small industries, but the middle class people did not get any tax relief which could have increased cash in their hands. They praised the introduction of digital currency and the focus on skill development.

Professor Ajitava Ray Chaudhuri of Jadavpur University said the finance minister reduced customs duty for some items and raised it for others, which will aid to increased manufacturing activity within the country. He said the salaried class has not been given any tax relief in the budget while the ultra-rich had also been spared from any additional levy. The proposal to introduce digital currency is a "bold move" by the government, Chaudhuri said adding that focus has also been given on boosting supply chain management.

Siddhartha Sanyal, the chief economist of Bandhan Bank, said the budget aims at creating the necessary social infrastructure, while it attempts to balance the needs of large and small industries. The focus to support MSMEs by extension of the emergency credit line guarantee scheme till March 2023 is a welcome step, he said. Sanyal said the emphasis on some long term priorities such as skill development, social security and clean energy is also worthwhile.

Economist Abhirup Sarkar said the budget relies on the fact that if public investment is increased, private investment will come. However, he said there is a doubt whether private investment will increase as consumption may not rise, and may not induce private investors to pump in more money. What was needed to boost private consumption is to give money in the hands of the middle class people in the form of tax relief, which is not there in the budget, Sarkar said.