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C.J.George, Managing Director, Geojit BNP Paribas, has said that the Union Budget is very positive with a focus on savings and investments.
The exemption limit under Section 80C, exemption increase for interest on housing loans, raising of income tax exemption limit of ₹50,000 will cumulatively increase the savings and investments in the capital markets.
He said that the announcement of selling of shares of PSU banks to only Indian public is a major positive step because till today the Government was holding the shares indirectly for the public. With this decision, George said the public would now get an opportunity to directly get shares of PSU banks while retaining the 51 per cent control.
The decision to treat foreign portfolio investors profit as capital gains and not under any other income is also commendable, he said.
According to George, the development of corporate debt market, liberalisation of GDR and ADR and the introduction of Bharat Depository Receipts are beneficial for Indian companies to attract capital from outside.
The announcement of uniform KYC across the financial sector covering banks, insurance, brokers and depository will provide a big convenience for retail investors. Besides the declarations of single demat account for all financial assets are other investor friendly measures to boost the capital market investments, he added.
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