New Delhi, Feb 27 Prime Minister Dr. Manmohan Singh on Friday commended Finance Minister Pranab Mukherjee for the budget, describing it as a right mix of enabling growth while sticking to the fiscal deficit consolidation requirements.

"My overall impression is that the FM has done a right mix of estimating the growth requirements as well as the same time building in it a certain amount of moderation on the price front," Dr. Singh said in his post-budget interview to a national television channel.

"You must look at the total picture emerging from the budget, the revenue gains for the finance minister is only Rs.20,000 crore in an economy as large as India," he added.

When asked if the proposed hikes in central excise duties would result in increased inflationary trends, the prime minister said: "This resource mobilisation effort should not trigger any inflationary pressures at the same time it gives a much needed signal. The Finance Minister has not gone back to the pre-stimulus excise duty rate.

"He has exercised moderation while signalling to the economy that you cannot have all things together."

The prime minister also sought to allay fears of India Inc over the proposed direct tax code and said all apprehensions of stake holders would be considered before the roll-out.

"The direct taxes code must be a source to strengthening the growth impulses, dynamic impulses but the direct taxes code which was delayed it has aroused certain apprehensions in the minds of the business community," he said.