We are standing just 4 days away from Union Budget 2022. Before the budget, corporate leaders are being talked to to understand the mood of the market and the industry. HDFC Vice Chairman and CEO Keki Mistry joined HDFC Vice Chairman and CEO Keki Mistry in a special show on CNBC-Awaaz to discuss what the industry expects from the budget. In the conversation, Mistry expressed hope that the housing sector will get relief from the budget to be presented on February 1. He said that due to the relief to the housing sector, sectors like cement, steel, paint, power will also get a push.
After the pandemic, there was a bounceback in the economy again
Keki Mistry said that the COVID crisis affected the country including the whole world, but the government has handled the COVID crisis well. The fiscal deficit during the first wave was kept under control by the efforts of the government. During this, the government’s focus was on maintaining economic growth. I believe that now the focus of the government will be on increasing the jobs. The government can give relief to the industry for job creation.
Housing sector growth pushes sectors like cement, steel, paint, power
Taking forward his talk on the expectations of the housing sector from the budget, Mistry said that the housing sector is a big job creator. The growth of other sectors is also linked to housing. While the growth of housing will give a push to sectors like cement, steel, paint, power. In this budget, if housing gets relief in the budget, then other sectors will also benefit. I hope that this time the focus of the government can be on Housing, Infra and Healthcare.
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Individual tax rates should be reduced
Keki Mistry further said that reforms on tax can be brought in the budget to be presented this time. This time personal taxes should be seen coming down. There is a need to reduce the personal tax rates because the reduction in rates will increase the number of tax payers, which will be seen in tax collection. An example of this is that the reduction in corporate tax rates by the government has not affected the collection.
Economy back on track, so tax should not increase
HDFC Vice Chairman said that this time the budget is not likely to increase the tax burden on the middle class. Anyway, the economy seems to be back on track, so the tax should not increase. This time more than 9% GDP growth is expected in FY22. Apart from this, no tax like covid surcharge can be expected.
What is the view of FIIs on investment in India
When asked by Keki Mistry, HDFC Group is the favorite group of FIIs, so what does he think about investing in India, he said that the investor opinion about India is positive. Investors are happy with the way the country and the economy were handled by the COVID crisis. Big FDI investment is coming to India. Not only this, India has the fourth largest foreign exchange reserves.
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Is the group making any other acquisitions?
HDFC remains in the discussion due to acquisitions and other initiatives, due to the previous acquisition, talks are going on in the market with some other company, disclosing such speculation, Keki Mistry said that we have done many acquisitions in the last 3 years. But at the moment there are no such plans in the pipeline. Therefore, one should not pay attention to the speculations being made in the market.
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