While describing the Budget as ``very timid'', Shroff, however, expressed appreciation of the government's shift back to economic reforms which had been done away with last year. ``The rationalisation of excise duty and the self denial ordinance of the government that it will not take any ad hoc measures in between the year regarding the given exemptions in excise duties ushers good news for reforms,'' Shroff said.

While the excise duty structure had been put in a reasonably stable base, Shroff, however, held that in the wake of the recession, Finance Minister Yashwant Sinha should have given selective concessions in excise duties, particularly, to the steel and automotive sectors.

Despite the rationalisation of customs duty, ``the general direction was against the wind,'' Shroff opined. Pointing to the five per cent surcharge on customs, he said, ``If you want reforms, you don't raise tariffs. Probably, this was a price to pay to win over the swadeshi lobby but it is not a good vision in economic terms''.

Also pointing out that there was no recognition in Sinha's speech that domestic demand and exports needed to be stimulated, Shroff stressed that the RBI should allow the exchange rate to further float down to help exports.

Featuring among Shroff's list of things ``not done'' by the finance minister were control on expenditure, subsidies and fiscal deficit. ``As finance ministers have been doing over the years, Sinha has also over estimated revenues and underestimated expenditure. He has also made rash promises regarding divestment,'' he added.