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Budget 2026 comes at a precarious time for markets, says Radhika Gupta

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Budget 2026 comes at a precarious time for markets, says Radhika Gupta
As India heads into a crucial Union Budget, market participants are weighing whether policy measures can stem recent capital outflows and revive investor confidence. Speaking to ET Now, Edelweiss Mutual Fund MD and CEO Radhika Gupta said the Budget is arriving at a particularly delicate juncture, with global uncertainties, tariff concerns, and volatile asset class movements shaping investor sentiment.

On whether the Budget can reverse foreign outflows, Gupta struck a cautious tone.

“I do not know if this budget can do too much to turn outflows into inflows outside of long-term capital gains on FPIs. But it is coming at a very tricky time. It is coming at a time when you have done a lot already in the previous financial year to bring back growth. You are probably seeing some signs of that in earnings, but you also have what I call a tariff threat that has been looming over the last one year. A trade deal that is not done. So, it is a very precarious time. So, I actually want to know what rabbits are going to be pulled out of the hat this year. It is a very-very tricky time.”

She added that the absence of major elections could give the government more room to increase capital expenditure.

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“The good thing is you might have less revenue expenditure and more capital expenditure this year, as you said, because they can afford to get away with it. You also do not have any major elections this year. So, this might be a time when you can dial up capex, which you did not last year.”


ET Now highlighted the growing challenges for capital markets, noting that despite an 8% rise in the Nifty between last budget and this one, recent performance has lagged global peers. The channel also pointed to concerns around capital inflows, the rupee, and sharp moves across asset classes, underlining the need for a multi-asset investment strategy.
Gupta agreed that recent months have been unsettling for investors across the board.“The month of January itself has been really spooky for investors and not just for equity investors, even for bond investors. So, if you look at the corporate bond index, that is down over the last month. And just when you thought gold and silver were okay till the end of the month, you had the last day of the month where silver apparently has had its largest move in the last 200 years, actually more than the Hunt brothers crash. So, you have also seen very-very volatile asset class movements ahead of you.”

With limited fiscal headroom and the need to support growth, the focus is expected to remain on capital spending. Gupta said defence, infrastructure, and manufacturing are likely to remain priority areas.

“I think people will want to continue to see defence. I think both the whole Atmanirbharta defence theme has to continue and carry on. Infrastructure push which has been outlined in the last few budgets will continue. PLI has to be expanded.”

She also stressed the importance of job creation and technology-linked sectors.

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“Another big theme of the past few budgets has been the whole element of jobs, and we have a young demographic. We are seeing a number of challenges in the job market. I mean, IT salaries have not grown in the last 20 years. So, is there a scope for PLI and AI, PLI and some of the technology-linked sectors? I think that you cannot get away jobs from this whole thing.”

On manufacturing and the effectiveness of policy support, Gupta described the Production-Linked Incentive (PLI) scheme as a mixed bag.

“I think PLI has been a mixed bag. It has worked in some sectors. So, it has worked in electronics. It has worked in mobile phones. It has been difficult in textiles. It has been patchy in chemicals. So, PLI has been a mixed bag, but it has been a positive experiment.”

She added that structural reforms will remain key going forward.

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“Labour and land has always been a question mark. This year we have done work on labour. Now, what you can do in terms of land reforms, MSME credit, those are some of the spaces perhaps you may want to look at.”

Gupta also ruled out major changes to capital gains taxation this year, suggesting the government’s policy levers are more limited compared to the previous budget.

“I do not think capital gains is going to get tinkered this year. I do not think you can do very much with that. So, the levers you have in hand are much lower this year. I feel last year you had a lot of tools that you could use, direct tax, indirect tax, all of that has been exhausted.”

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GlobalData schedules AGM for April 28, 2026

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GlobalData schedules AGM for April 28, 2026

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Plans unveiled for huge new town near Bristol

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The government is proposing to construct seven new towns in the UK

Brabazon Park with views of the lake and YTL Live entertainment complex

Brabazon Park with views of the lake and YTL Live entertainment complex(Image: Handout)

The government has announced plans to create a 40,000-home town in the West of England. The Brabazon and West Innovation Arc – a corridor of connected developments in South Gloucestershire – is one of seven areas that have been put forward as part of the proposals by Labour to build seven new towns in Britain.

A national consultation will be held on the plans as the government looks to ramp up housebuilding to a level not seen since the post-war era. Labour has pledged to build some 1.5 million new homes in England by the next election.

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The latest announcement comes after a dozen locations were shortlisted in September. The other towns under consideration are Crews Hill and Chase Park, Enfield; Leeds South Bank, West Yorkshire; Manchester Victoria North, Greater Manchester; Thamesmead, Greenwich; and Milton Keynes, Buckinghamshire.

On Thursday, housing secretary Steve Reed visited the West Innovation Arc with Helen Godwin, mayor of the West of England. He said: “The West of England is ready to build, and together with the new National Housing Bank, we’re laying the foundations our communities deserve.”

Helen Godwin, Mayor of the West of England, said: “The country’s fastest growing regional economy here in the West of England is the perfect place for a new town: Brabazon and the West Innovation Arc. As we continue to create jobs and growth, we need to build the right homes in the right places – with the services and infrastructure that people need.”

Prime Minister Sir Keir Starmer has promised to break ground on the new towns by 2029 in an attempt to tackle the housing crisis. Last year, he said the aim for the new towns is for at least 40 per cent of homes to be affordable.

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Brabazon includes the new Bristol Arena as well as some 6,500 homes, offices, student accommodation and a train station, and is being built on the historic former Filton Airfield by Malaysia-based YTL. The development is expected to create thousands of local jobs.

YTL UK Group chief executive Colin Skellett said: “We’re delighted that Brabazon and the West Innovation Arc has been included in the new towns consultation, it marks a crucial step further towards becoming the most exciting multi-purpose destination in the South West.”

He added: “The potential new town status will unlock even more homes and opportunities for Brabazon, along with the public transport and infrastructure needed to support it.”

Douglas Ure, new chief executive of South West chamber Business West, welcomed the news. He said: “This is exactly the kind of long-term public-private collaboration that drives tangible change, strengthening our key sectors, and improving connectivity between Bristol’s city centre and the region’s highest value employment areas.

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“High quality housing, modern transport links and robust cultural infrastructure are essential foundations for prosperity. Our businesses tell us time and time again that these factors are critical to attracting and retaining the talented and skilled workforce that they need. Brabazon and the West Innovation Arc will boost business confidence in our regional economy and help unlock further private sector investment in our region.”

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IHI: Pullback Creates A Buying Opportunity In High-Growth MedTech

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Daimler Truck Is Still A Sell

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AdvancedAdvT buys back 150,000 shares at 165 pence each

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AdvancedAdvT buys back 150,000 shares at 165 pence each

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Power-led quartet join Killi

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Power-led quartet join Killi

Shares in West Perth-based junior Killi Resources surged 121 per cent after the junior appointed Nev Power as chair.

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At Close of Business podcast March 23 2026

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At Close of Business podcast March 23 2026

Ella Loneragan talks to Isabel Vieira about Grace Forrest’s push to end global modern slavery.

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Kim Kardashian Fuels Dating Rumors with Lewis Hamilton in Tokyo While Reflecting on Viral Oscars Mishap

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Kim Kardashian was traumatised by the robbery

Los Angeles — Kim Kardashian sparked fresh speculation about her personal life this week after photos surfaced of her stepping out with Formula 1 champion Lewis Hamilton in Tokyo, just days after a viral tumble at the 2026 Vanity Fair Oscars after-party. The 45-year-old entrepreneur and reality star, known for her business empire and high-profile relationships, continues to dominate headlines with a mix of fashion moments, family life, and entrepreneurial milestones.

Kim Kardashian was traumatised by the robbery
AFP

The Tokyo sighting, captured in photos shared across social media on March 22, showed Kardashian and Hamilton walking closely together, with the SKIMS founder linking arms with the racing icon. Fans quickly interpreted the casual outing as evidence of romance, though neither has confirmed any relationship. The pair’s connection has drawn attention since earlier collaborations and mutual admiration, adding another layer to Kardashian’s post-divorce chapter following her 2022 split from Kanye West.

The Tokyo trip follows Kardashian’s high-profile appearance at the Vanity Fair Oscars party on March 15 at the Los Angeles County Museum of Art. Dressed in a curve-hugging gold Gucci gown from the Fall/Winter 2026 collection, she paired the look with sky-high Pleaser platform heels and icy blue contact lenses that gave her an almost unrecognizable appearance. The ensemble evoked her 2016 aesthetic, complete with a tousled bob hairstyle and dramatic makeup.

Behind-the-scenes footage shared on TikTok and Instagram on March 18 captured a lighter moment: while navigating an outdoor path with friend Stephanie Shepherd, Kardashian questioned if her shoes needed tightening. Moments later, she lost balance, stumbling and partially falling into a bush. She twisted her ankle but recovered quickly, with help from those nearby, and proceeded to the red carpet. Kardashian laughed off the incident in her posts, writing captions that embraced the relatable mishap. “Every girl has been here before,” one viral clip echoed.

The near-fall became a social media sensation, with outlets like Page Six, E! News, and Complex highlighting the clip. Kardashian attended alongside sisters Kendall Jenner, Kris Jenner, and Kylie Jenner, reinforcing the family’s strong presence at Hollywood events. Her gold glitter look drew praise for its elegance, though the footwear proved challenging in the skin-tight dress.

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Business remains a priority for Kardashian in 2026. She was named a CNBC Changemaker earlier this year for leading SKIMS to a $5 billion valuation in 2025 and driving global expansion. The brand’s ongoing partnership with Nike produced the NikeSKIMS Spring 2026 collection, released in March. Kardashian fronted the campaign, showcasing a mix-and-match system of two-toned activewear essentials designed for versatility. The drop, available online since March 12, highlights her influence in shaping inclusive, performance-driven apparel.

Kardashian has also completed her six-year legal apprenticeship, earning her law license and positioning herself as an advocate for criminal justice reform. Through her private equity firm SKKY Partners, she pursues investments aligned with her values. These professional strides underscore her evolution from reality TV star to multifaceted mogul.

Family moments provide balance amid the spotlight. Kardashian frequently shares content with her four children—North, Saint, Chicago, and Psalm—co-parented with West. Recent TikToks featuring North highlight their close bond, with fans anticipating more collaborative content.

The divorce from West, finalized years ago, occasionally resurfaces in discussions. Kardashian has spoken positively about maintaining civility for the children’s sake and even praised certain YEEZY designs in interviews. She has emphasized personal growth post-split, describing a “new me” with renewed confidence independent of past relationships.

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As speculation swirls around her Tokyo appearance with Hamilton, Kardashian maintains focus on her brands, philanthropy, and family. Her ability to turn everyday mishaps into viral, relatable content—while commanding attention at elite events—demonstrates why she remains one of entertainment’s most influential figures.

With SKIMS’ continued growth, potential legal advocacy expansions, and an active social presence, Kardashian’s 2026 trajectory blends glamour, business acumen, and authenticity. Whether navigating heels or headlines, she navigates the spotlight with characteristic poise and humor.

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Deputy calls for an end to Guernsey overseas aid

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Deputy calls for an end to Guernsey overseas aid

A Guernsey Deputy says there is strong support for scrapping the island’s £5.6m aid spending.

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