In an interview to CNBC-TV18, Nirmal Jain, Chairman and CEO of IIFL Finance reacted to Finance Minister Nirmala Sitharaman’s Union Budget 2021.

Praising the Finance Minister, Jain said that the Budget has been very positive.

“Not only has it provided for huge investment and almost 35 percent increase in capex, but the most important and what market is really relieved and enthused about is that there is no COVID tax, no increase in long term capital gains tax, no wealth tax. So these are things which were feared by the market and none of them have come true. So, finance minister has acted very prudently and very smartly in a way that not to spook the sentiment because that is very crucial to raise money for disinvestment as well as privatization. So, all in all, it is a very good Budget. It provides lot of money for growth and investment and that will create jobs and at the same time no negative news for taxpayers or anybody for that matter,” he said.

On banks, he said, “Banking sector is a proxy for the economy and when you see a V-shaped recovery in the economy which is getting its momentum from the Budget and the huge amount of capex and money that is laid out, I think banks will do well.”

For entire discussion, watch the video

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(Edited by : Abhishek Jha)

First Published:Feb 1, 2021 1:46 PM IST