Budget is not all about taxes; there’s also a signalling on more even wealth distribution: N Jayakumar

economictimes.indiatimes.com:

N Jayakumar, MD, Prime Securities, says “large swathes of India are okay that the people who are making more money are paying a little more and in some form or shape through the government is coming back to us. These may be socialistic streaks, but it is also a reality. There is a co-existence of the billionaires along with the looting of shops in San Francisco and in different parts of the US. The same is true in Europe as well. Social unrest is out on streets in many parts of the world and heavens forbid we have anything like that here.”
Do you agree that more than the capital gains adjustment, it is the global cues that are going to be dictating to the Indian market as is the case this morning?
N Jayakumar: And indeed that should be the case. All said and done, the budgets come and go. The roadmap has been re-emphasised and laid out again. If it means taking a little more from the people who are “making a lot of money,” which is through the markets, it is par for the course. I do not have an issue with that. Growth needs to be inclusive.

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One of the big things post-Covid we have seen is that the disparity between certain sections of society and people who are invested in the markets, for instance, has become substantially wider and the government is more cognisant of