'Tax proposals to boost market flows, consumption,' NSE MD reacts to budget

NSE's chief executive and managing director Ashish Chauhan on Saturday welcomed tax proposals in the Union budget, saying it will help increase flows into the markets.

The proposal of nil tax on incomes up to Rs 12.75 lakh per annum for salaried professionals will also help consumption, the chief of the country's largest stock bourse said.

"The much-expected tax relief is given to the taxpayer up to Rs 12.75 lakh per annum for a salaried person does not have to pay even a rupee as tax. I think that is a very welcome move, which will help consumption and also investment increase into markets," Chauhan told PTI.

He added that as consumption increases, the profitability of companies will also increase.

The NSE chief also welcomed the fiscal management proposals presented by Finance Minister Nirmala Sitharaman in the budget.

He said the budget aims to give a fillip to growth by committing higher investments with a 10 per cent growth in the capital expenditure.

The proposals for reforms across taxation, power sector, urban development, mining, agriculture, small businesses and export units will help the growth process, Chauhan added.

The budget places India in a strong position and will play an important role in achieving the objective of transforming into a developed country by 2047, he noted.