'Tax on super-rich is a small move towards growth'

Business Standard's investment editor Puneet Wadhwa speaks to Sunil Singhania, Head of Equity, Reliance Capital, on Budget 2013

Puneet: Hi, this is Puneet Wadhwa and we have Sunil Singhania, Head of Equity, Reliance Capital with us for the Talk Show. Good Afternoon, Sunil and welcome.

Sunil: Hi

Puneet: What is your take on the Union Budget? Did it meet your expectations? Judging by the reaction, the markets seem to have given a thumbs-down to it.

Sunil: See, I think Budget has been okay and Finance Minister did a very good balancing act by meeting the fiscal deficit target and at the same time ensured that the social schemes get enough capital boost so overall its a practical Budget.

Sunil: Markets have given a knee-jerk reaction to the news flow but we can't take decision on that basis. I think we need to give markets some time and then figure out as to where they are headed.

Puneet: What is your take on 'Super-rich tax'? Was it on expected lines?

Sunil: This is a very small tax and a small move towards the growth and development of the economy so I don't think its a big news. Its a nominal tax that will be implemented for just 1 year so it should not create problem for anyone.

Puneet: What are your views on amendments to Section 90A?

Sunil: I think the market took an instant reaction of reacting negatively to it but we need to go through the fine print.

Puneet: Thanks, Sunil for your time. See you again soon

Sunil: Most welcome. Bye!