Indian industry today welcomed the Union Budget for 2010-11 saying it was a balanced approach though it expressed disappointment over the hike in minimum alternate tax (MAT) from 15 per cent to 18 per cent.

The captains of the industry lauded the concessions given to individual and corporate tax payers, saying Mukherjee had done a "good" job.

"The Finance Minister has done a good in balancing job... He has been able to contain the fiscal deficit at 6.9 per cent, which is very good," said Harshpati Singhania, President of apex chamber Ficci.

"However, there is a big surprise and disappointment on MAT. Decrease in surcharge would be eaten by increase in the MAT rate," Singhania added.

CII President Venu Srinivasan said: "It is a very balanced and responsible budget. The growth will continue with this Budget. The changes in Income Tax slabs are a welcome step." He also complimented the Finance Minister for calibrated roll back of stimulus measures, which is how the industry had wanted it.

"The only dark spot is increase in MAT."