Hemang Jani, Head (Advisory), Sharekhan by BNP Paribas said, “Indian markets end the day on a positive note. The markets continue their upward trend supported by FII (foreign institutional investor) buying in the past two consecutive trading days. The current government winning the general elections by a two-thirds of majority will clam the political environment in the country.”

The DPIIT, under the commerce and industry ministry, which has prepared the document, has also suggested setting up of 500 new incubators and accelerators by 2024; 100 innovation zones in urban local bodies; deployment of entire corpus of Rs 10,000 crore Fund of Funds; and expanding CSR funding to incubators.

“However, it is noteworthy that foreign investors pumped in money on the day of election results as the mandate became clear,” said Vidya Bala, Head – Mutual Funds Research at FundsIndia.

As per the system being worked out by the Revenue Department, the taxpayer will get full refund from his jurisdictional officer once the claim is sanctioned, while at the back-end the Centre and states will apportion the amount to be paid to each other.Currently, once a taxpayer files refund claim with the jurisdictional tax authority, say the central tax officer, then he would clear 50 percent of the claims, and the remaining is cleared by the state tax officers after further scrutiny.

If he hangs his boots, railways minister Piyush Goyal, who served as the interim finance minister when Jaitley was undergoing treatment, may step into his shoes. However, other names are also doing the rounds for this post. 

“In this environment, we expect domestic cyclicals which include industrials and financials to outperform,” said Vijay Chandok, managing director and chief executive officer, ICICI Securities.