Opportunity to develop capital market missed

India’s first-ever digital Union Budget and the first in the new decade rests on six pillars for rebuilding the nation in the post-pandemic era. If the broader objectives under all the six pillars of the Union Budget 2021-22 are achieved, it will go down in history as one of the most impactful Budgets ever.

Introduction of SEBI as a regulatory authority for the gold exchange is a welcome step. SEBI, since long, has been a regulator of the Indian capital markets and has been instrumental for its robust growth.

There is a bit of disappointment as well as the Budget ignores the suggestions made by ANMI for Capital Market development. The recommendations were made after a study of cost of transaction /dividend etc at major global exchanges. Had the cost rationalisation been carried out, it would have gone a long way in rebuilding a robust capital market.

Overall, the budget has been a well thought out. It will lead to a sustained growth for the economy at a faster rate in a situation which calls for an additional shot in the arm.

The writer is the President of Association of National Exchanges Members of India (ANMI)