Budget 2013: Indications are FM will deliver: Nirmal Jain

In an interview to CNBC-TV18, Nirmal Jain, Chairman of IIFL shared his readings and outlook on market and Union Budget 2013.

Below is a verbatim transcript of the interview:

Q: Just from the equity markets point of view what is it that you expect to hear from the Budget today?

A: A lot is expected from this Budget. In the last few years many people have been talking about Budget as a non event. However the context in which today's Budget is presented is a significant event because we are passing through unprecedented crisis of fiscal as well as current account deficit, both being higher than tolerable or prudent levels.

And it is really a challenge because on one hand we have a very high deficit in current account and fiscal on the other hand we have to make sure the investment cycle, which has more or less collapsed, is again rejuvenated.

And also you have a backdrop of global turmoil where things are not stable and any slightly negative cue from developed market can spook the market sentiment here. And also you have election year. So there are political compulsions as well.

So the finance ministers job today is probably one of the toughest. Although whatever he has done in the past five-six months is indicating he will come up to the task and do something which is the best possible under the circumstances but today's budget is really a significant event.