Putting his bet on the upcoming new year 2017, Leo Puri, MD, UTI Asset Management on Tuesday said that market will see certainity next year. “2017 will be the year of global realignment”. In an interview with CNBC TV18 he said that it is very unlikely to see demonetisation pain lasting beyond March 2017. Tax base is likely to expand due to demonetisation, he added. “Expanded tax base will give room to the government which was needed to invest in reforms. I hope that government puts this exapnsion to good use and invests in projects.”
Recently Puri said the government can become much bolder with the administrative and financial sector reforms to build the people’s confidence and show that changes are indeed taking place on the ground. Stating that issues around “land, labour and resources” are very deep-rooted, Puri said any reform in these areas would certainly take time and therefore the government needs to focus on areas where reforms are much easier. “To the extent you were hoping for big-bang reforms, perhaps there has been some disappointment. But that does not mean that we should not expect some very strong, purposeful, incremental reforms,” he said.
Puri, a dual Masters degree holder from Oxford and Cambridge University of the UK, said that no one is underweight on India. “The consensus is neutral or slightly overweight.”