Budget 2013: Need to open up our financial market, says Malvinder Singh

Malvinder Mohan Singh, Chairman, Fortis Healthcare, spoke about his sectors' expectations.

Below is the verbatim transcript Q: Everyone expects this to be a capital markets friendly Budget. Do you really have expectations that the FM is going to move on securities transaction tax (STT), he is going to move on capital gains? Do you think he would want the message to go out that this is a capital markets friendly Budget if he cannot really do much for the common people given the fiscal constraints? A: On one hand he will certainly be able to tighten the fiscal deficit to the number that he has been talking about. Having done that and given a very tight balancing act that he has I would hope that he is able to steer investments, get growth in the capital markets which will really enable people, domestic and international people to invest money which will then go out in terms of investments from business as an industry into the economy. Q: What would you expect for him to bring in more, foreign direct investment (FDI) as well as foreign institutional investors (FIIs) investments? Yesterday for instance the economic survey said the government should shed very cautiously on ECBs. A: We need to open up our financial markets, we need to get and have more access to global capital coming in and that will only come when you have a more stable environment and when you have consistency and continuity in the message of the reforms process that is going on. So, the Finance Minister continues to take the right steps and I hope he will continue to build on that in order to get the confidence of domestic and international investors to come and put more money in India.