See a Budget that pleases market: Udayan Mukherjee

Here is a verbatim transcript of Udayan Mukherjee's comments on CNBC-TV18. Also watch the accompanying video.

Q: From Mr Pranab Mukherjee's, Finance Minister of India (FM), body language just on a scale of moderate, low or high how fast do you think we are going to see some of these FDI reforms perhaps starting from real estate, retail and insurance?

A: He is a very conservative man and he is a seasoned politician. So he would not give away anything which is micro level which the market can feed on, four weeks before a Union Budget. You cannot expect a man who is such a seasoned politician to make that mistake. So he wouldn't comment on specifics but one can sense that he is rearing to go in his first Budget and the fact that he has confirmed that there is a budget on the first week of July, that he has got his team excited and running about the Budget. I think you will find that this will not be a disappointing Budget.

In his last interim Budget, he did not give away anything. He said, "This is an interim Budget, I will only do things when there is a full Budget next time around if I am sworn back to power or voted back to power." The sense I got from him is that while he would not give away specifics, there is a lot which the market would expect. It is always better not to expect too much and to go in with low expectations but my sense is that you should expect good things from his first Budget because he seemed quite aware of the fact that there is a lot of expectation riding on the first document from this government and I doubt very much whether that will be a very tepid, lukewarm kind of document which will come up. So not to stoke up expectations for the stock market but I would think that there would be many things which the market will like in this current Union Budget.
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