Category
🗞
NewsTranscript
00:00Navneet Manot with us now, MD and CEO of HDFC AMC.
00:04Navneet, great to have you on Budget Day on NDTV Profit.
00:08Let's start with getting your take on what has been done with capital gains tax
00:12and how you are seeing it.
00:14The first reaction from the market is clearly negative.
00:17A bit of recovery right now. Do you see it as a big hindrance?
00:21I think we have seen these changes many times over the last 30 years
00:26and what the market has been expecting is some bit of stability on this front.
00:30I hope that we get stability over the next several years
00:35and this is what is final.
00:37Our demand from mutual fund industry has been to also look at the taxation
00:41on the debt funds because it has multiple objectives
00:45including the development of the corporate bond market
00:48which is very critical to achieve our ambition of becoming a developed country
00:53and really boost investments.
00:55We have seen a good SIP book building, the retail resilience,
00:58providing stability to the market through the equity flows
01:02but we need to encourage debt flows also.
01:04But I'm sure you have experts who will tell you a lot more about the nuances
01:08within the taxation change structure.
01:10But what I liked about when she said that we are going to have a very simplified structure
01:16and a comprehensive review of the Income Tax Act
01:20and I hope that that makes life better for all the taxpayers
01:25and us the tax base and it's good for everyone.