'Budget will unleash India's growth potential'

Shachindra Nath, Group CEO Religare Enterprises on the Union Budget 2015

“Given the constraints of the fiscal space, it is a well balanced and well thought through budget that will unleash India’s growth potential in the coming years and make it a preferred investment destination for global investors. Rationalization of corporate taxes, deferment of GAAR rules and ease of doing business will in general improve confidence. At the same time, the budget has introduced a comprehensive social security system for the country’s poor that will provide them a much needed security net. As far as Religare and the overall financial services too is concerned, there are a number of positive takeaways from this budget including bringing NBFC operations under the ambit of SARFAESI Act that will make our NPA recovery more robust. Given our sizeable assets under AIF and bouquet of India focussed funds, the proposal to allow foreign investments in AIF will help us attract more funds. The budget has also taken the commendable step of significantly raising the limit for health insurance and that will encourage individuals to buy health insurance cover. The move to monetise gold will put this asset to more productive use.”