Navneet Munot, HDFC AMC CEO, Discusses Budget 2024 Capital Gains Tax | NDTV Profit - video Dailymotion

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Transcript

00:00Navneet Manot with us now, MD and CEO of HDFC AMC.

00:04Navneet, great to have you on Budget Day on NDTV Profit.

00:08Let's start with getting your take on what has been done with capital gains tax

00:12and how you are seeing it.

00:14The first reaction from the market is clearly negative.

00:17A bit of recovery right now. Do you see it as a big hindrance?

00:21I think we have seen these changes many times over the last 30 years

00:26and what the market has been expecting is some bit of stability on this front.

00:30I hope that we get stability over the next several years

00:35and this is what is final.

00:37Our demand from mutual fund industry has been to also look at the taxation

00:41on the debt funds because it has multiple objectives

00:45including the development of the corporate bond market

00:48which is very critical to achieve our ambition of becoming a developed country

00:53and really boost investments.

00:55We have seen a good SIP book building, the retail resilience,

00:58providing stability to the market through the equity flows

01:02but we need to encourage debt flows also.

01:04But I'm sure you have experts who will tell you a lot more about the nuances

01:08within the taxation change structure.

01:10But what I liked about when she said that we are going to have a very simplified structure

01:16and a comprehensive review of the Income Tax Act

01:20and I hope that that makes life better for all the taxpayers

01:25and us the tax base and it's good for everyone.