Uneasy on Budget Eve

Uneasy on Budget Eve Nishtar THE pre-budget bullish fervour noticed on the previous two occasions is conspicuously lacking this time. Instead, the stock market presents an uneasy look. The new licensing policy has evoked a mixed reaction. While the raising of the exemption limit from Rs 25 lakhs to Rs one crore has been welcomed, the market is not pleased with the exclusion of large industrial houses from participating Fully in industrial growth. It is also critical of the option allowed to public financial institutions to convert their future loans and debentures into equity capital on the argument that this would not only discourage prospective investors but also lead to unnecessary freezing of funds.