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Budget 2023
Budget 2023

Daily Voice | Budget 2023 will be a market event only if there is change in capital gains tax, says this CIO

Research & Ranking’s Chief Investment Officer Jaspreet Singh Arora expects the Union Budget to announce measures to boost rural demand and thinks road, rail and defence sectors will benefit from the government's spending push

January 21, 2023 / 11:00 AM IST

The Union Budget 2023 will be an event for the market only if there are changes in the tax rates or tenures of Long Term Capital Gains (LTCG) or Short Term Capital Gains (STCG) across asset classes, Research & Ranking’s Chief Investment Officer Jaspreet Singh Arora has said.

Indian markets have been volatile and analysts expect the volatility to continue as participants wait for the Budget 2023-24, the last full budget of the Modi government ahead of the 2024 national elections.

Since it is an election year, the government may announce benefits and policies aimed at the rural sector to boost languishing demand, says Arora. Certain measures could also be aimed at uplifting rural infrastructure, which indirectly boosts employment and relieves distress.

In an interview to Moneycontrol, Arora, who has over 18 years of experience in the capital markets, says there is a high probability of the Nifty delivering low to mid-double-digit returns in 2023. Edited excerpts: