Union Budget 2026: Quote by Mahavir Lunawat, Chairman & Managing Director, Pantomath Capital

Mr Mahavir Lunawat, Chairman & Managing Director, Pantomath Capital

“This budget provides a massive boost to the capital market by creating new, efficient pathways for raising capital. The ₹100 crore incentive for municipal bonds and the push for CPSEs to launch dedicated REITs show a clear strategy to unlock value from public assets. By simplifying the Foreign Exchange Management (FEMA) rules and expanding the Portfolio Investment Scheme, the government is opening the doors wide for global capital to flow into Indian companies. These reforms make it significantly easier and cheaper for both the government and private enterprises to fund their next phase of growth, ensuring that the pipeline for new listings and infrastructure projects remains robust and attractive to investors. The introduction of a market-making framework and total return swaps for corporate bonds is a game-changer; it ensures that investors can buy and sell with much greater ease and lower costs. Additionally, turning TReDS receivables into asset-backed securities creates an entirely new category of liquid assets for the market to trade. While the adjustments in Securities Transaction Tax (STT) reflect a move toward market stability, the overall emphasis on digital integration and faster settlement processes makes our trading ecosystem more transparent and resilient. We are seeing the Indian markets evolve into a highly efficient, world-class platform.”