Long-term capital gains tax not responsible for stock market drop: Commerce Minister Suresh Prabhu
Suresh Prabhu
'I would like to ensure that the market is going to improve in the next few days,' Suresh Prabhu
Minister of Commerce and Industry Suresh Prabhu expressed his opinion on today's Sensex bloodbath which led to an estimatedloss of a whopping Rs 5.4 lakh crore to the investors.
In an interview with Zee Group Prabhu noted that the drop in the markets does not attribute to any domestic phenomenon.
"Markets are linked globally and it is the after-effect of whatever happens in the international market," he noted.
He also noted that the proposed long-term capital gains tax was not responsible for the drop in markets as it didn't reflect any changes in the markets on the day of the budget as well.
"Global markets are showing weaker trends, something that trickled down to our domestic market as well," the minister shared.
He also shared that the fundamentals of our economy are strong due to which the markets will bounce back to normal again.
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"I would like to ensure that the market is going to improve in the next few days," he added.
He further added that the consultation for the new industrial policy has begun, the policy will be futuristic in nature. "Keeping global trade in mind, we will be formulating a separate export policy as well which will enable us to achieve an economy worth 5 trillion dollars in the next 8 years," Prabhu concluded.
Stock markets plummeted on Tuesday as panic in global markets triggered a sell-off at Dalal Street with Sensex crashing 1,003 points and Nifty dropping as much as 371.4 points in the opening trades.