The mutual fund expert says that the finance minister has left very little room for error by presenting a practical Budget
Kenneth Andrade, Chief Investment Officer at IDFC Mutual Fund, is not a Budget freak. He believes that Indian companies have moved out of the domestic market and are more affected by the global economic scenario than policies announced in the Budget. Some excerpts from an interview with Forbes India.
How do you look at the Budget? Do you see any long-term impact on the market?
It was actually a non eventful day. Over the last three years, we have been looking for a fiscal balance. In fact, budgets have not been able to do anything path-breaking for a long time. There have been no big implications on any industry through budgets. This year, there were talks about increasing the prices of diesel cars. That did not happen. I think it’s better to increase the price of diesel than the prices of the cars. I think somewhere down the line we will have a fuel price hike. As growth is coming down, the fiscal deficit is climbing. But as far as the capital markets are concerned, you can say that the Budget is almost becoming a non event.