Expressing disappointment over lack of any reformist measure the economists today termed the Budget 2009-10 a "moderate" one with emphasis on infrastructure, rural spending and housing.

"The budget overall was a disappointment in the context of the huge expectations everyone had in terms of the bold brave strokes that Mukherjee was expected to paint," research firm Gartner analyst Partha Iyengar said.

Other than an oblique reference to PSU disinvestment, the Budget lacked some expected bold measures like aggressive disinvestment, FDI reform, focus on governance and transparency of money being spent, he said.

"The stock markets have voted on the tax budget presented today. However, this fall could be partially due to the markets having run up on the back of disproportionate expectations," KPMG India CEO Russell Parera said.

Parera said the economic survey set out some aggressive direction for the economy but the government has repeatedly sought to play down the impact of one day, be it the Budget or the credit policy.

Moody's Economy.com, the research arm of rating agency Moody's, said the country announced a "moderate fiscal budget" given the heavy debt burden and large fiscal deficit projection of 6.8 per cent of GDP for 2009-10.

"... budget may not please all, but is a fair effort by the government... the authorities have set an ambitious target: boosting growth to nine per cent at the earliest while promoting inclusive development," Moody's said.

Thus, policymakers took expansionary steps in areas including trade finance, farm subsidies, rural health, food security for poor households, and environment, Moody's economist Sherman Chan said.

Another global rating agency Fitch termed the FY'10 budget as "neutral", particularly for the corporates from a credit perspective, and said even the relief measures taken by the government would have marginal impact.

"While the new budget seeks to continue providing relief to export hit sectors and also provides for tax and other benefits to other sectors such as oil and gas, autos, gems and jewellery, the benefits on account of these, in Fitch's opinion, are likely to be marginal," the agency said.

Financial services firm Goldman Sachs said the "budget is expansionary, given the emphasis on infra, rural spending, and housing". It retained its GDP growth view of 5.8 per cent.

"It's a good budget under the present circumstances as the Finance Minister has little choice. However, fiscal deficit at 6.8 per cent is worrisome," he said adding FBT should have been simplified instead of scrapping.

Dun & Bradstreet COO Kaushal Sampat said, "The Union Budget 2009 -10 is largely positive, and seems to be an ‘aspirational’ budget in terms of what it seeks to achieve over a long term horizon," he said.