While the overall budget is lacklustre, these are some key points we should know.

Real GDP growth is estimated at 7.4% in FY26, moderating to 6.8–7.2% in FY27.

What matters to investors in nominal GDP which is expected to be 10%. It would be good if this growth number is accompanied by moderate inflation. Good nominal growth would mean better revenues for corporates & better results for equity investors. This may have no impact for equity investors.

Gross market borrowing is pegged at ₹17.2 lakh crore (+16% YoY).

 This is negative for debt markets. The bond market was expecting lower number. Higher borrowing would mean the borrowing cost may rise. It may have moderate impact on banks margins. Overall negative.

Fiscal deficit narrows marginally to 4.3% of GDP in FY27 (vs 4.4% in FY26).

 This was on expected lines. India is on fiscal consolidation glide path. So naturally the deficit will come down. No major impact.

Capital expenditure rises to ₹12.2 lakh crore to sustain infrastructure momentum.

 A big surprise. This is good for medium to long term growth of India. But the question is the additional investment needs to come from revenue. Hence nominal GDP number has to be achieved. Else it could hit debt market investors as the borrowing will rise.

Semiconductor 2.0 Mission allocates up to ₹40,000 crore for electronics manufacturing.

 The government is clearly focused on this opportunity. You will see more investments coming in this space. Good to see continuity here.

Logistics push includes freight corridors, 20 new national waterways, and economic regions in Tier 2–3 cities.

 Good for long term. Freight costs to come down but this will happen over time.

STT on derivatives is increased across futures and options.

 Bad for traders but no impact for investors. Hedging costs will go up, so arbitrage returns, SIFs & AIF returns will get impacted a bit.

Tax incentives introduced for foreign cloud firms (holiday till 2047) and IFSC units essentially GIFT City (exemption extended to 20 of 25 years).

 This is super news for investors. Tax clarity is one of the key aspects foreign investors look for. Hope this helps spruces up investments in this space. Good for real estate in the states that win these companies.

Overall this budget was on expected lines. No major reforms were anticipated and now it's all about execution. We would be keenly watching quarterly results to see the impact of all these measures on equity markets.