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This will help interest rates to kind of come off, reduce the cost of capital, and in turn actually act as a catalyst or a booster for investments to kind of come in.
So, while probably the allocation to capital expenditure has probably been lowered versus expectations, but indirectly I still think the budget really creates the platform for cost of capital to come down and spending on infrastructure and investment to basically kickstart. The C of capex now becomes C of consumption. Is that the third C, which is capital market, should focus on?Nilesh Shah: Yes, absolutely. Capital markets should do well irrespective of whether it is capex or consumer goods. It is all a function of how capital markets and how markets kind of react to that. So, clearly, that is a space which anyway is in for a structural long-term bull market. If India is in a long-term bull market, the capital market-related side of the market is bound to do well. The tailwinds are very-very strong, irrespective of whether it is capital goods or consumption.What happens to PSU banks now? What happens to this great India capex story, buy PSU banks, buy banks because they are a multiplier on capex, working capital. All those stocks, will they take a backseat? Will they reverse or they will also come back eventually?Nilesh Shah: No, I think they will eventually come back. The challenge is that the banks will do well when the FPIs come in because that is the space that they really like. It is a liquid space. You have many names to pick and choose from so that I think will have to wait till the FPIs come back. But beyond that, there is so much really happening. I mean, even within the entire lending space, it is the fintechs which are now taking over and growing at a much faster pace. Guys who are using technology, which are creating digital platform.
So, they are the ones who are more relevant to essentially a growing new age Indian consumer and that is really the space to watch out for.
Nobody is talking about the fact that whatever talk was there of LTCG and STCG, that has not happened.Nilesh Shah: Means the hike is not?Hike is not.Nilesh Shah: Yes, do no harm.
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