From an equity standpoint, what stood out for you in the Budget?
Through the Budget, the government has reaffirmed its support for the investment cycle by increasing the allocation towards capital expenditure by 17 per cent. This is in line with market expectations. This time around, they have also tried to boost consumption through new initiatives without taking a populist route.
Another notable aspect was the tax rationalisation and the planned comprehensive review of the tax code. The hike in capital gains taxation is an adverse development for the equity market. However, given that the market can compound somewhere between 15 per cent and 17 per cent at a broader level over the next few years, the roughly 20 per cent increase in long-term capital gains taxation should not be a major worry for investors.
Now that the elections and Budget are out of the way, what factors will dictate the market's direction?
While the medium-to-long-term view of India remains positive, there can be some short-term hiccups depending on how earnings manifest.
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