Corporate tax rate cut: Biggest move since 1991 reforms, says Vallabh Bhanshali

Terming the decision to slash corporate tax a 'momentous move', Vallabh Bhanshali, Chairman, Enam Securities, said the intent of the government can be gauged from the decisions taken in the past one month.

"This is very, very momentous. We must see this in the context of two other parameters. One of them is that the monetary policy has been responding correctly after a big gap. In the last 2-3 years, we had terrible monetary policy," he said in an interview with CNBC-TV18.

Bhanshali further added that interest rates are already low, and the global opportunity is immense.

"After the 1991 reforms, this is one of the greatest responses I have ever seen. If the government continues the attitude of respecting the job creators, I think what was missing from the last 5-6 years will also happen," he said.

Commenting on the state of markets, Bhanshali said that investors can brace for a big move on the upside followed by some more announcements on the regulatory front.