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Below the Quote on Union Budget announcement by Mr. Navneet Munot, MD & CEO, HDFC Asset Management Co. Ltd

Budget walked the talk on fiscal consolidation without losing sight of the much-needed consumption boost needed to stimulate economic growth. Government has been doing heavy lifting on public capex. Now, spurring consumption by putting more money in the hands of taxpayers is a step in the right direction. Government’s intention of investing in economy, people and innovation was the need of the hour to harness India’s demographic edge. Set-up of Fund of Fund aimed at start-ups, along with a focus on MSMEs fosters entrepreneurship and could transform India from a nation of job-seekers to job-creators. Simplification of tax structure and ease of compliance should aid in investor confidence and stimulate both, domestic and foreign investments. While short-term volatility could be par for the course due to the current global economic backdrop, the long-term direction rooted in policy prudence and support for growth should bolster Destination India’s credentials for foreign and domestic investors alike.

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