Market reactions and high and lows of Budget 2013

Amid much anticipation, the Union Budget 2013 was released on the last day of February. There were mixed responses from all quarters, few appreciating and applauding, while few booing. Reactions of the stock market were gloomy, as has been usual for the past several years. Indices of both the bourses – NSE and BSE slumped now and then for nearing a month and Union Budget 2013 is no exception. What is appreciative is P. Chidambaram’s target of bringing down India’s fiscal deficit to 4.8 percent of GDP next fiscal from the current 5.2 percent and several measures have been introduced for the same. But it did not have a positive impact on the reactions of the stock market.

In terms of applause from market participants, it is on the capital market, as the budget promotes broad-basing. Investor base will certainly increase in the securities, encouraging participation from households, thus increasing the investor base. The triggers are reduction of STT, increase in income limit for RGESS (3 years extension), and inclusion of mutual funds. Regarding negative reactions of stock market participants, it is on non-revival of capex cycle, lack of encouragement for participation to retail investors, new surcharge on domestic corporates, and FII tax issues. Of course highs and lows of Budget 2013 are exhibited in every industry segment including the stock market as has been noticed year after year, and it is no new phenomenon.
What are the highs and lows of Budget 2013, especially in terms of the cost factor? Things that would be costlier now are cigarettes, high-end mobile phones, set-top boxes, SUVs, imported luxury cars, yachts, silk clothes, dining in restaurants, houses, marbles, parking fees, etc. Prices have gone down for jewellery, precious stones, carpets, cotton garments, branded apparels, cinema, agricultural testing procedures, etc.
In the context of rating agencies, Union Budget 2013 seemed to be realistic. According to Moody’s Investor Service, the budget plans to meet the country’s fiscal deficit target. It further said that solutions implemented, though challenging, would earn for the country a positive credit rating. Out of the three major rating agencies including Standard & Poor’s and Fitch that gave a negative credit rating, it has been Moody’s that considered the country’s economy as stable. Had not Chidambaram taken bold decisions in the budget, the ‘junk’ status tagging would have majorly affected India’s rapport in the world market. It is now to wait and watch the ratings by the rating agencies.


Joe Montana After The NFL

Joseph Clifford “Joe” Montana is a famous, retired football quarterback. Montana played for the San Francisco 49ers for 14 seasons, starting in 1979. While playing for the 49ers, he started in four Super Bowl games and the team went on to win all of them. In 1993, and 1994, which were his final two playing seasons, he played for the Kansas City Chiefs. In 2000, Joe Montana was place in the Pro Football Hall of Fame. He is therefore one of the most iconic and celebrated football players in history.

Montana Fights Hunger in America

Since his retirement, Montana purchased a home in Sonoma County, California. However, in 2009 he put the home up for sale to move to a horse ranch and winery, which produces wine under the label Montagia. Montana has a philanthropic nature, which is evidenced through his support of many charities. His primary charity is Feeding America, which he supports through endorsing fundraising events and private donations. Feeding America’s Huddle to Fight Hunger is a program whose goal is to give away 20 million meals to hungry Americans. It is a huge program that lasts several months of fundraising efforts, and seeks to engage the public and consumers. Many other companies join in on the fundraising efforts, pledging to donate meals or money. For example, Kraft pledged to donate seven meals to Feeding America for ever $ 1 donated.

Montana Volunteers for Children’s Causes

Montana supports several other charitable causes, especially those supporting children in need. He has donated a lot of time volunteering for the Make-A-Wish foundation, encouraging children with chronic life threatening diseases to pursue their dreams. Joe also works with the Boys & Girls Club of Richmond, California, hosting a charity golf tournament, and encouraging celebrity golfers to participate. Another children’s charity that Joe works with is the Charm Foundation, which raises funds for programs that improve the lives of foster children, such as educational programs and children’s hospitals.

Montana Supports Medical Research

Another cause that Joe Montana supports is awareness of American’s blood pressure. When, in 2002, Joe Montana was diagnosed with high blood pressure, he became one of 58 million Americans with the disease. He has become accustomed to the seriousness of the disease and has become one of its spokespersons. He has teamed up with Dr. James Rippe on the educational campaign, “Take the Pressure Off…With Better Blood Pressure Control”, sponsored by Novartis Pharmaceutical Group. This campaign aims to educate the public about how to achieve better blood pressure control.

Living in San Francisco Again

Montana recently moved back to the city that made him a legend, San Francisco. He and Jennifer made the decision to downsize their living space into the luxury condos at Millennium Tower. As the most famous resident of the luxury condo building, Montana helps promote the building as a place where San Francisco residents can find an oasis among the hustle and bustle city life. Millennium Tower in SoMa is also the tallest residential building in the State of California and all states west of the Mississippi.

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