Like many experts, market veteran Shankar Sharma too was impressed by the Union Budget 2023. For Sharma, the key highlight of the budget was the absence of any tinkering with long-term capital gains tax.
"From a stock market perspective, all of us were worried about any tinkering with the long-term capital gains tax. However, as market sentiment wasn't too great in the run-up to the budget, I think it would have weighed on the Finance Minister's desire to propose any changes to the long-term capital gains tax," Sharma said in an interview with Moneycontrol.
"So that being out of the way, I think there is nothing in the Budget for the stock market or the economy to complain about. All in all, the budget was fantastic by all means, short and crisp," Shankar added.
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Talking about foreign investments making their way to the equity market, Sharma believes the elephant in the room is the current account and balance of payments deficit.
On that account, Sharma said he would have liked to see a removal or reduction of long-term capital gains for Foreign Portfolio Investments (FPIs) which would boost foreign inflows in the domestic equity market.
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