The Budget is a comprehensive one with focus on digital learning, e-modules and digital storage of information, and legal framework of Aadhaar card which can enable e-KYC, among others. With these, I believe, both financial inclusion and deepening can happen faster. Significantly, the Budget has addressed the requirement for transparency in commodities and has proposed online integrated physical markets. Going forward, we may see, some of the internationally popular liquid products, and indices, among others, here too. We are also looking forward to ideas for the bond market articulated in the Budget. What NSE started long back, the fixed income market is now coming to life. Initial Budget papers suggest that the Centre has also provided tailwinds to the International Finance Centre project in the GIFT city and the SEZ framework at large. As we understand, except the 9 per cent MAT, no other transaction taxes are applicable. With these it has the potential to put India on the global map, as a cost competitive destination. On the domestic front, it is perhaps a mixed bag as far as the capital market is concerned. The good news is that service tax on regulatory services provided by SEBI has been removed from the coming financial year. We also welcome the proposal to list general insurance companies to the stock exchange platform. However, some of the traders may be concerned with the fact that STT has increased in Options and the fact that dividend will be taxed for many salaried income holders. I am sure that many are also pleased with the fact the government has decided to continue with the STT paid transactions rather than introducing other taxes, etc.

CHITRA RAMKRISHNA, MD & CEO, NSE

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