The government has hit 5 sixes in a row with this Budget: Shankar Sharma

Q1: Has the government batted on the front foot and hit a six as regards the budget proposals or are they still playing a test match?
Ans:

The government his hit 5 sixes in a row with this Budget

Good work of the last few years continues

Global and domestic macros challenging, but the Budget has delivered

Q2: What is the one defining characteristic, according to you, that makes this Budget stand out compared to the ones presented over the last few years?
Ans:

New-age companies in focus: Drones, EVs, organic farming, 5G equipment, artificial intelligence, optical fibre

Sectors already on my ‘buy' list

Maximum bang for the buck

Sharpened focus on the ‘new India'

India as a tech powerhouse instead of service economy

Q3: Start-ups also found a mention in the budget. Do you see more companies with vague revenue outlook approach primary markets at obnoxious valuation over the next few months?
Ans:

New listings: Some damage already done to the Indian startup ecosystem

Buyer's beware – Investors need to be careful

New-age listings to take a backseat

Q4: As regards taxes, long-term capital gains for all assets have been capped at 15 per cent. RBI also plans to introduce a digital rupee. Budget also proposed taxing digital assets/ cryptos. How are you reading into this? Will it trigger a shift from digital assets to equities?
Ans:

Equity market will continue to get domestic retail inflows

Too early to assume a shift from cryptos into equities/ bonds

Tax on cryptos is par for the course

Q5: How will you, as a fund manager, approach the equity markets in the backdrop of the budget proposals?
Ans:

>Not buying large-caps: Banks, FMCG, oil and gas etc

>IT sector still holds promise

>India remains a great small-cap market, but choose wisely

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