Stock Exchange Budget Disappoints

THE eagerly awaited Central Bud^ get is now out of the way but the outlook for equities has not become any the less uncertain because of this. The budget has failed to cheer stock markets because it is neither production-oriented nor investment, oriented nor even anti~inflationai?y. There is, in fact, general disap-pointment that Morarji Desai has not proposed any measures aimed specifically at reviving the capital market. It is not that the Budget contains no welcome features. But nobody expects that the concessions