The government will move towards consolidation especially in the finance industry, legendary investor Mark Mobius of Mobius Capital Partners told CNBC-TV18 ahead of the 2020 Union Budget.
On the coronavirus scare, which has impacted global markets, Mobius said it won't be a serious concern. “It would be an opportunity to buy because I don’t think it is going to be as serious as some people expect,” he said.
On the 2020 Union budget Mobius said: “My expectation is that they are going to continue to move towards more consolidation particularly in the financial industry. I think the challenge for the government is to increase tax income.
“I have always advocated more infrastructure spending by the government and I think this government will move in that direction. There is room for a lot more borrowing from the international markets particularly now with interest rates where they are at so low point.
“We have been quite optimistic about the prospects for India. We have run into a few bumps here and there but I will remain optimistic and I believe the budget will probably reinforce that optimism."