Billionaire businessman and trader Rakesh Jhunjhunwala said he is “extremely bullish” on growth in Indian markets after finance minister Nirmala Sitharaman presented Budget 2022 on Tuesday. Jhunjhunwala also said India is “very well placed” and he is “lucky to be an investor in India at this time”.
On the government setting a target of Rs 65,000 crore from disinvestment in 2022-23, Jhunjhunwala said he expects tax revenue collections “to go through the roof”. He further said he expects the fiscal deficit to be 1-1.5% lower than government projections for this year.
Tax revenue in the current fiscal will be Rs 3-4 lakh crore higher than budgeted estimate, he said. “Improvements made by government in tax laws and administration is now yielding fruit,” Jhunjhunwala added.
He also lauded the government on product-linked incentive (PLI) schemes in 14 sectors that will help in creating around 60 new lakh jobs and the next phase of Ease of Doing Business, which will be steered by active involvement of states, digitization of manual processes and interventions.
Jhunjhunwala further said India has a “well-regulated tax regime”.
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Finance minister Sitharaman in her fourth budget speech said the private sector holds the key to sustainable and speedy revival, and therefore, a big jump of 35.4% in capital expenditure to fund infrastructure projects in 2022-23 was announced.
Jhunjhunwala said, “The private sector capex is going to see a big surge. The private sector is ready to invest… We are very-well placed.”
Sensex surged 900 points again on Tuesday after slipping into red after Sitharaman’s Budget 2022 speech. Benchmark indices were trading near the day’s high level amid volatility with Nifty touching around 17,600 points. Sensex jumped 912.25 points or 1.57% at 58,926.42, and Nifty was up 257.90 points or 1.49% at 17,597.70 points.
The Budget 2022 provided the much-needed clarity on how digital currencies will be taxed in India. The government proposed that the transfer of any virtual or cryptocurrency asset will be taxed at 30%. No deduction except the cost of acquisition will be allowed and no loss in transaction will be carried forward.
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