Niti Aayog Vice Chairman Rajiv Kumar expressed surprise over the stock market reacting negatively on the Budget proposals, saying investors probably expected some big bang reforms and ignored the initiatives towards investment and growth.
Kumar in an interview to India’s flagship newswire -PTI said the Budget has done nothing wrong, and it has “ticked all the boxes”.
Giving a thumbs down to the Budget, the market benchmark Sensex logged its biggest single-day plunge in more than a decade, wiping out Rs 3.46 lakh crore investor wealth.
“I am actually quite surprised by the market’s reactions yesterday, going down 1,000 points. I was trying to understand why did that happen,” he wondered.
Kumar added that “the Budget does nothing wrong, it has got nothing anti-private investment or anti-private sector or anti-growth, the Budget is ticking all the boxes”.
Probably, the market was expecting some big bang reforms that are associated with huge push for consumption as was witnessed in the aftermath of Lehman Brothers crisis in 2008.