Fair value for market at least 15% below current levels: Saurabh Mukherjea

It will be great if the government approaches the first Budget and five out of five years of the second term with the same approach, says Saurabh Mukherjea, founder, Marcellus Investment Managers

With PM Narendra Modi receiving a stronger mandate for his second term, Saurabh Mukherjea, founder, Marcellus Investment Managers, elaborates on expectations from the new government and the markets, in a conversation with Hamsini Karthik. Edited excerpts:

What are your expectations from the new government and for the market?

Governments and markets are two different things. The question is whether democratically elected governments make a meaningful difference in the functioning of the economy. That said, in the first two years of the previous National Democratic Alliance (NDA) government, we saw the energy and resolve. It will be great if the government approaches the