/ -- Siddharth Mehta, Founder and CIO, Bay Capital said that though the budget has not been path breaking, given the limited room for manoeuvre, the measures around the re-alignment on personal tax rates (notwithstanding the removal of the exemptions), the removal of the dividend distribution tax and the tax exemptions for sovereign wealth funds for investments in infrastructure are some of the positive developments. However, providing an option to personal taxpayers to either opt for the old or new regime seems counterproductive and complicated given the Government's intent to simplify the overall governance structure.
He further said, "The 10% GDP nominal growth target is a realistic one, given the overall environment as is maintaining of the deficit target at 3.5% for FY 21. Moreover, specific initiatives such as the privatisation of IDBI Bank, the proposal for the LIC to go in for an IPO, the revision of limits for FPI investments in corporate bonds are positive."
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