The Budget isn't important for stock markets: Ridham Desai

Interview with the head of India Research and India Equity Strategies, Morgan Stanley

The Budget has become a highly overrated document, says Ridham Desai, head of India Research and India Equity Strategies, Morgan Stanley. In a conversation with Niraj Bhatt and Hamsini Karthik, he explains why fiscal consolidation would remain the key focus in the coming Budget. Edited excerpts:

How do you see the government’s policy on fiscal consolidation this Budget? 

We think fiscal consolidation will continue. It has helped rebalance the economy along with the Reserve Bank of India’s (RBI) positive real rate approach, and this has stemmed inflation. Growth is slowly recovering and coming out of the dull phase of the