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FM Sitharaman issued a word of caution on rise of retail traders in F&amp;O market saying that any unchecked explosion in retail trading of F&amp;O can create future challenges, not just for the markets, but for investor sentiment and household finances

Unchecked explosion in retail trading of F&O can create challenges: FM Sitharaman

FM Sitharaman issued a word of caution on rise of retail traders in F&O market saying that any unchecked explosion in retail trading of F&O can create future challenges, not just for the markets, but for investor sentiment and household finances

<h2>FM Sitharaman issued a word of caution on rise of retail traders in F&amp;O market saying that any unchecked explosion in retail trading of F&amp;O can create future challenges, not just for the markets, but for investor sentiment and household finances</h2>

Finance Minister Nirmala Sitharaman, while speaking at BSE's Viksit Bharat - 2047 event expressed confidence that PM Modi will be back for a third term, adding that stability of government and policy is an important criterion for markets to be efficient. &nbsp;
<h3>India's financial market</h3>
Talking about India's financial markets, FM said that markets have far exceeded expectations and as a result is attracting both foreign and domestic investors. She also added that India's bond inclusion in JP Morgan and Bloomberg index will lead to significant inflows into India.&nbsp;
<h3>India's retail investor</h3>
Talking about retail investors, she pointed out that in the last year alone, 3.6 crore demat accounts have been added and in the past four years mutual fund industry AUMs have doubled. However, addressing the massive rise of retail traders in the F&amp;O market, FM Sitharaman issued a word of caution saying that any unchecked explosion in retail trading of F&amp;O can create future challenges, not just for the markets, but for investor sentiment and household finances.&nbsp;
<h3>On Rupee depreciation</h3>
Responding to a question on the depreciation of the rupee, FM said that currency fluctuations are being closely monitored by RBI, adding that India can't afford to take action without considering the US Dollar versus other currencies.&nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/inheritance-tax-will-impact-india-s-middle-class-finance-minister-nirmala-sitharaman-1714119808600">Inheritance tax will impact India's middle class: Finance Minister Nirmala Sitharaman</a>

Indian Economy-A Review predicts the GDP to grow 7% in FY25. It also mentions that India will become a $5 trillion economy in the next three years and can aspire for $7 trillion by 2030

Finance Ministry skips Economic Survey but predicts 7% GDP growth for FY25

No Economic Survey ahead of Interim Budget; but Fin Min review report projects FY25 GDP around 7%

<h2>Indian Economy-A Review predicts the GDP to grow 7% in FY25. It also mentions that India will become a $5 trillion economy in the next three years and can aspire for $7 trillion by 2030</h2>

Just days ahead of the interim budget announcement, a review report by the finance ministry says that the Indian economy is likely to see a GDP growth of nearly 7% in FY25.
Since this is an interim budget, which is only a vote on account ahead of the general elections, there won't be an Economic Survey this year. Instead, the finance ministry has released a report 'Indian Economy&ndash;A Review'. The Economic Survey will be released before the full budget after the elections.
<h3>Indian Economy&ndash;A Review</h3>
The Finance ministry in its report 'Indian Economy&ndash;A Review' has predicted the GDP growth close to 7% in FY25. The report is authored by officials of from the office of the Chief Economic Adviser V Anantha Nageswaran.
"&hellip;the robustness seen in domestic demand, namely, private consumption and investment, traces its origin to the reforms and measures implemented by the government over the last ten years. The supply side has also been strengthened with investment in infrastructure &ndash; physical and digital &ndash; and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country. Accordingly, in 2024-25, real GDP growth will likely be closer to 7%," the report said.
Also Read: <a href="https://www.editorji.com/business-news/economy/rbi-governor-forecasts-7-economic-growth-and-subsiding-inflation-for-india-in-2024-25-1705554039518">RBI governor forecasts 7% economic growth and subsiding inflation for India in 2024-25</a>
The report on the pace of physical infrastructure growth, strengthening of balance sheets, improvement in institutional efficiency due to rapidly expanding digital infrastructure, and technological progress picking up pace with increasing overseas collaboration notes that there is "considerable scope for the growth rate to rise well above 7% by 2030".&nbsp;
The Ministry further adds that it is "eminently possible for the Indian economy to grow in the coming years at a rate above 7%" given the strength of the financial sector and "other recent and future structural reforms". The report also identified &nbsp;the elevated risk of geopolitical conflicts as the only concern.
The report further says the country will become a $5 trillion economy in the next three years and can aspire for $7 trillion by 2030.
<h3>No Economic Survey</h3>
In the report, the Finance Ministry has also said, "This is not the Economic Survey of India prepared by the Department of Economic Affairs. That will come before the full budget after the general elections."
The last Economic Survey pegged India's GDP growth for FY24 in a broad range of 6-6.8%, depending on the trajectory of economic and political developments globally. The survey's baseline forecast for real GDP growth is 6.5%. The Economic Survey FY22 projected India to grow by 8&ndash;8.5%.
&nbsp;

The Finance Minister inaugurated the Common Facility Centre (CFC) at the Indian Institute of Gems and Jewellery (IIGJ) in Udupi

No income tax for people earning up to ₹7.27 lakh per annum under new tax regime, clarifies FM 

The Finance Minister inaugurated the Common Facility Centre (CFC) at the Indian Institute of Gems and Jewellery (IIGJ) in Udupi

Finance Minister Nirmala Sitharaman on Friday said the Narendra Modi government has provided several tax benefits to middle class people, including income tax exemption for those earnings up to Rs 7.27 lakh per annum.
Asserting that no section of the society has been left out by the government, she mentioned about skepticism in certain quarters when it was decided to provide income tax exemption for those earnings up to Rs 7 lakh in the Union Budget for 2023-24.
The skepticism was about what will happen to those earnings little more than Rs 7 lakh, she noted.
"So, we sat as a team and went into the details (to find out) at what stage you pay tax for every additional Re 1 you earn... (for instance) for Rs 7.27 lakh, you don't pay any tax now. It is only at Rs 27,000 that the break even comes. After that you start paying tax.
"You have a standard deduction of Rs 50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now. We have brought in the simplicity in the paying rate and the compliance side,&rdquo; Sitharaman said.
Speaking about the achievements of the government, she said the total budget for the Micro, Small and Medium Enterprises (MSME) has increased to Rs 22,138 crore for 2023-24 compared to Rs 3,185 crore in 2013-14.
This is a jump in budgetary allocation by almost seven times in nine years, symbolising the government's unwavering commitment to empower MSME sector, she said.
Under the 'Public Procurement Policy for Micro and Small Enterprises' scheme, she said 33 per cent of the total procurement made by 158 Central Public Sector Enterprises has been from MSMEs and that is the highest ever till date.
"We launched the TReDS platform (Trade Receivables Discounting System) so that the MSMEs and other corporations do not have to face any liquidity crunch due to non-payment by their buyer," she said.
Sitharaman said the ONDC (Open Network for Digital Commerce) has enabled MSME businesses to reach out to a larger potential customer base and added that the world appreciates that India has set up a public platform comparable to the 'Amazons of the world'.
Pointing out that India's efforts to improve the ease of doing business are being acknowledged on the global stage, the minister said the country's ranking in the World Bank's Ease of Doing Business Index surged from 142 in 2014 to 63 in 2019.
"We have reduced unnecessary compliance burden by repealing more than 1,500 archaic laws and nearly 39,000 compliances. Decriminalisation of the Companies Act has happened," she noted.
The Finance Minister also inaugurated the Common Facility Centre (CFC) at the Indian Institute of Gems and Jewellery (IIGJ) in Udupi.
In 2017, while serving as the Commerce and Industries Minister, Sitharaman had laid the foundation stone of IIGJ in Udupi. The facility has been set up with her MPLADS (Members of Parliament Local Area Development Scheme) funds as well as support from the Gem &amp; Jewellery Export Promotion Council &amp; National Institute of Design, Ahmedabad.
The institute will provide training to the youth in the region in various aspects of hand-crafted jewellery making.
Earlier in the day, Sitharaman visited Adamar Mutt and Sri Krishna Temple in Udupi.

In an event, Sitharaman stressed during her speech that it's important to exercise prudence when taking the advice of fin-influencers through financial advice apps

Finance Minister recommends people to stay vigilant while following financial influencers

In an event, Sitharaman stressed during her speech that it's important to exercise prudence when taking the advice of fin-influencers through financial advice apps

Nirmala Sitharaman, India's finance minister, spoke on the subject of financial influencers on Sunday and emphasised the risks associated with Ponzi apps that purport to provide financial assistance.
Sitharaman said during her speech that there isn't currently a proposal to control "fin-fluencers," but that it's important to exercise prudence.
"If three or four people are giving us very objective, good advice, seven out of ten others are probably motivated by other factors," she advised.
According to reports, the Finance Ministry is collaborating with the Reserve Bank of India (RBI), the Ministry of Electronics and Information Technology (MeitY), and other agencies to crack down on fraudulent apps and shield the public from financial scams.
Sitharaman advised people to double-check, counter-check, and speak with other individuals. She cautioned people against jumping into something without first conducting their research in groups.

Amid the global banking crisis, finance minister Nirmala Sitharaman has called state-owned lenders' meet, reported Economic Times

Global banking crisis: FM calls state-owned lenders' meet

Amid the global banking crisis, finance minister Nirmala Sitharaman has called for a meeting of state-owned lenders.&nbsp;

Amid the global banking crisis, Finance minister Nirmala Sitharaman has called for a state-owned lenders' meet. As per a report by economic times, the meet is likely to be held on saturday. The FM will seek the lenders views on global concerns over the banking system's vulnerability due to monetary tightening.&nbsp;
Though experts have ruled out any possible spillover impact on domestic banks, the government wants to know from the lenders if any policy intervention is required.&nbsp;
The finance minister will also assess the performance of public sector banks as FY23 draws to a close, said the economic times report&nbsp;

Insurance industry body to meet FM Sitharaman to seek relaxation on taxation: Report 

Shares of most life insurance companies have been under pressure after the Budget 2023 announcements regarding limiting income tax exemption from the proceeds of insurance policies

The insurance industry was left disappointed with Budget 2023. In fact one of the budget proposals, limiting exemptions on high value insurance policies, came as a big blow to the industry.&nbsp; As per reports, the industry body will meet Finance Minister Nirmala Sitharaman to seek a relaxation on taxation on insurance.&nbsp;
According to CNBC-TV18, the industry body seeks raising the limit on premium for taxation to ₹10 lakh/year vs budget announcement of ₹5 lakh/year.&nbsp;
Shares of most life insurance companies have been under pressure after the Budget 2023 announcement, which said that the payout of life insurance policies where the premium was above Rs 5 lakh, would be taxed.&nbsp;
&nbsp;

With budget 2023 round the corner, tax payers have a slew of demands from the finance minister. 

Budget 2023: What does the salaried class want? 

Budget 2023: How can it help salaried employees?

India's salaried class, one of the largest groups of taxpayers in the country, have high expectations from this year's budget. Tax payers are hoping for some announcements to ease the tax burden.&nbsp;

The salaried class is keenly awaiting this year's budget announcement. After being left disappointed last year, with not too much being announced by way of tax relief, the salaried class has high hopes from the Finance Minister, this year.&nbsp; Income Tax Slab Revision: Personal income tax slabs and rates have not been changed since 2017-18. Experts are of the view that income tax slabs should be revised to give tax payers more purchasing power.&nbsp;
Basic Exemption Limit: Expectations are that the basic exemption limit be raised to Rs 5 lakh from the prevailing Rs 2.5 lakh.&nbsp; Increase the limit under section 80 C: A long standing demand has been to increase the 80 C limit from the current 1.5 lakhs (since 2014-15) to 2.5 lakhs. There are a whole slew of long-term savings options such as PPF, ELSS, NSC, NPS, Bank FDs etc. And an increase in this limit would encourage taxpayers to increase investments while saving taxes.&nbsp; Increase the limit under section 80 D: Experts say the limit under section 80D for claiming health insurance should be increased from Rs 25,000 to Rs 50,000 and for the elderly from Rs 50,000 to 75,000.&nbsp;
Home office expenses: With work from home continuing for a lot of companies, experts say that home office expenses should be allowed as a deduction.&nbsp;

A possible customs duty hike on as many as 35 items may be on the cards in the upcoming union budget. This could include things like jewellery and electronics 

Budget 2023: Electronics, jewellery may get more expensive

A possible customs duty hike on as many as 35 items including high-end electronics and jewellery, may be on the cards in the upcoming union budget. 

A possible customs duty hike on as many as 35 items including high-end electronics and jewellery, may be on the cards in the upcoming union budget.&nbsp;

Budget 2023 may see a customs duty hike for a slew of non-essential items. As per an economic times report, a list of 35 items has been drawn up by the govt and are being examined for a possible hike in customs duty. Private jets, helicopters, high-end electronics, jewellery are some of the items that could become costlier.&nbsp;
One of the main reasons behind this move is to curb imports and encourage local manufactuing, giving a boost to 'Aatmanirbhar Bharat' initiatives. In fact, import tariffs on a number of items have already been hiked in the past few years to support such initiatives.&nbsp; As per the economic times report, India's current account deficit reached a 9-year high of 4.4% of GDP for the July to Sept 2022 quarter.&nbsp;
&nbsp;

India's economy to grow despite world is ‘dangerous’:  Amidst reports of a global recession and downgrading of growth rates of almost all major economies, Finance Minister Nirmala Sitharaman.

India's economy to grow despite world is ‘dangerous’: FM Sitharaman 

The minister, however, observed that the Indian economy is not exempt from the impact of swirling global currents

India's economy to grow despite world is &lsquo;dangerous&rsquo;:&nbsp; Amidst reports of a global recession and downgrading of growth rates of almost all major economies, Finance Minister Nirmala Sitharaman exuded confidence on India's relative and absolute growth performance in the rest of the decade and forecast the country's growth rate to be around 7 per cent this financial year.
The minister, however, observed that the Indian economy is not exempt from the impact of swirling global currents.&nbsp;
&ldquo;After the unprecedented shock of the pandemic, came the conflict in Europe with its implications for energy, fertiliser and food prices. Now, synchronised global monetary policy is tightening in its wake. So, naturally, growth projections have been revised lower for many countries, including India. This triple shock has made growth and inflation a double-edged sword,&rdquo; Sitharaman said.
After the conflict started in February 2022, there was a sharp increase in food and energy prices. India had to ensure that the rising cost of living did not lead to lower consumption through erosion of purchasing power.
<a href="https://www.editorji.com/business-news/economy/why-is-p-chidambaram-asking-fm-sitharaman-to-take-up-astrology-1657776179722">Nirmala Sitharaman</a> is on her 6-day visit to the US from October 11-16, the minister would meet US Treasury Secretary Janet Yellen and <a href="https://www.editorji.com/business-news/the-recession-risk-and-reality-world-bank-warns-fedex-flags-worry-1663304464644">World Bank </a>President David Malpass separately to discuss the issues of mutual interest.

Finance Minister Nirmala Sitharaman decided to implement several measures to check such apps amid increasing cases of digital frauds.

Modi Government initiates crackdown on illegal loan apps

The Ministry of Electronics and Information Technology (MeitY) will ensure that only these are 'hosted' on the App Store. RBI will monitor such accounts which can be used for money laundering. 

Finance Minister Nirmala Sitharaman decided to implement several measures to check such apps amid increasing cases of digital frauds. It was decided that RBI will prepare a list of all legal loan apps.

Amid rising cases of suicide among borrowers by the day due to alleged harassment by some scamsters of digital loan apps, the government has asked the Reserve Bank of India (RBI) to prepare a &ldquo;white list&rdquo; of legal digital lending apps to be permitted in app stores.
Most of the digital lending apps are not registered with the central bank and are self-operated.&nbsp; Finance Minister <a href="https://www.editorji.com/business-news/economy/fm-sitharaman-takes-on-cm-kejriwal-in-the-freebies-debate-1660281026231">Nirmala Sitharaman</a> decided to implement several measures to check such apps amid increasing cases of digital frauds.
It was decided that <a href="https://www.editorji.com/business-news/markets/rbi-repo-rate-hike-top-10-points-that-you-should-know-1659688935035">RBI</a> will prepare a list of all legal loan apps. Also, the Ministry of Electronics and Information Technology (MeitY) will ensure that only these are 'hosted' on the App Store. RBI will monitor such accounts which can be used for money laundering. Also, dormant NBFCs (Non-Banking Financial Company) will be reviewed to avoid any misuse.
According to a report, more than one in two Indians who use instant <a href="https://www.editorji.com/business-news/explained-why-google-removed-over-2000-loan-apps-from-india-play-store-1661487880755">loan apps </a>are facing very high-interest charges, extortion and data misuse. While 58 per cent of people said when they or someone in their family/ household staff took a loan using instant loan apps in the past two years, they were charged annual interest of over 25 per cent.
Read More:-<a href="https://www.editorji.com/india-news/central-vista-avenue-inauguration-pm-modi-unveils-28-feet-tall-netaji-statue-at-india-gate-1662650160383"> Central Vista Avenue inauguration: PM Modi unveils 28-feet-tall Netaji statue at India Gate</a> &nbsp;

Stay ahead of the curve! That is the brief from the boss at North Block Nirmala Sitharaman to regulators. Emphasising the need for fair and transparent business practices, Union minister Nirmala Sitharaman on Tuesday said regulators have to be well advanced and ahead of the curve in understanding digitisation to ensure that there is no misuse of technologies.
Speaking at an event to flag off 'Iconic Week' celebrations of the corporate affairs ministry as part of the Azadi ka Amrit Mahotsav (AKAM), she noted that digitisation will have an impact on markets.
Consequently, the Competition Commission of India (CCI), National Financial Reporting Authority (NFRA) and others have to be ahead of the curve to see where the regulations are falling in place, where the norms need a soft touch, where the regulations will have to be a strong deterrent.
"We cannot be behind the curve... the regulators will have to understand at what level and with what effect they need to come in. We have to be well advanced in this kind of situation rather than being caught unawares," she said.
Delving into the topic of digitisation, the minister also said it is very well for regulators and institutes to benefit from digitisation. At the same time, there has to be strong manpower, which constantly looks at ways in which they can evolve firewall mechanisms to safeguard the digital platforms and digital world that have been created for our convenience.
"Every institution will have to give equal attention to experts who have to be deputed on a constant basis to understand the challenges, where they come from, and strengthen the firewall mechanism. Or else that which made our lives easy, that which is making our lives continuously easy, can become the biggest (challenge)...," she said.
 

Stay ahead of the curve! FM tells regulators in the new age of digitization

The Finance Minister was&nbsp;speaking at a Ministry of Corporate Affairs (MCA) event marking the ongoing weeklong celebrations of 'Azadi ka Amrut Mahotsav'

Stay ahead of the curve! That is the brief from the boss at North Block Nirmala&nbsp;Sitharaman&nbsp;to regulators. Emphasising the need for fair and transparent business practices, Union minister Nirmala Sitharaman on Tuesday said regulators have to be well advanced and ahead of the curve in understanding digitisation to ensure that there is no misuse of technologies.
Speaking at an event to flag off 'Iconic Week' celebrations of the corporate affairs ministry as part of the Azadi ka Amrit Mahotsav (AKAM), she noted that digitisation will have an impact on markets.
Consequently, the Competition Commission of India (CCI), National Financial Reporting Authority (NFRA) and others have to be ahead of the curve to see where the regulations are falling in place, where the norms need a soft touch, where the regulations will have to be a strong deterrent.
"We cannot be behind the curve... the regulators will have to understand at what level and with what effect they need to come in. We have to be well advanced in this kind of situation rather than being caught unawares," she said.
Delving into the topic of digitisation, the minister also said it is very well for regulators and institutes to benefit from digitisation. At the same time, there has to be strong manpower, which constantly looks at ways in which they can evolve firewall mechanisms to safeguard the digital platforms and digital world that have been created for our convenience.
"Every institution will have to give equal attention to experts who have to be deputed on a constant basis to understand the challenges, where they come from, and strengthen the firewall mechanism. Or else that which made our lives easy, that which is making our lives continuously easy, can become the biggest (challenge)...," she said.

Finance Minister Nirmala Sitharaman&nbsp;left for the United States to attend the spring meetings of the World Bank and the IMF as well as G20 finance ministers and central bank governors (FMCBG).
During the official visit to the US, Sitharaman will take part in bilateral meetings with several countries, including Indonesia, South Korea, Sri Lanka and South Africa.
She will also hold one-on-one meetings with CEOs from the semiconductor, energy and other sectors of priority for the Government of India, the finance ministry said in a statement.
India is expected to record the highest growth rate among large economies of the world. As per the Economic Survey, India may log 8-8.5 per cent GDP growth in the current fiscal ending March.
In a high-level meeting, it said, the finance minister will also meet David Malpass, President, World Bank.
Sitharaman will also participate in a high-level panel discussion on 'Money at a Crossroad' hosted by the Managing Director, IMF.
Apart from the official meetings with the World Bank, IMF, G-20 and Financial Action Task Force, the finance minister will also attend an event at the Atlantic Council, a prominent think tank based in Washington DC, and will also interact with the faculty and students at Stanford University.

FM Sitharaman leaves for US to attend World Bank, IMF meetings

Here is what is on the agenda for the power trip

FM Sitharaman in the United States

FM in the United States for the spring meet of IMF, World Bank FM to hold bilateial meetings during US trip FM in US: To meet CEOs from semi-conductor, energy sector&nbsp; FM to participate in IMF&nbsp;panel on&nbsp;'Money at a Crossroad' FM's US AGENDA&nbsp; - Spring meet IMF, World Bank - Bilateral talks with Sri&nbsp;Lanka, S Korea etc - One-on-One meet with CEOs&nbsp; - Meeting with World Bank President&nbsp; - IMF&nbsp;Panel briefing "Money at a Crossroad" - Event organised by think tank&nbsp;Atlantic Council - Meet with faculty and students at&nbsp;Stanford University.

Finance Minister&nbsp;will take part in bilateral meetings with several countries, including Indonesia, South Korea, Sri Lanka and South Africa.

Finance Minister Nirmala Sitharaman&nbsp;left for the United States to attend the spring meetings of the World Bank and the IMF as well as G20 finance ministers and central bank governors (FMCBG).
During the official visit to the US, Sitharaman will take part in bilateral meetings with several countries, including Indonesia, South Korea, Sri Lanka and South Africa.
She will also hold one-on-one meetings with CEOs from the semiconductor, energy and other sectors of priority for the Government of India, the finance ministry said in a statement.
India is expected to record the highest growth rate among large economies of the world. As per the Economic Survey, India may log 8-8.5 per cent GDP growth in the current fiscal ending March.
In a high-level meeting, it said, the finance minister will also meet David Malpass, President, World Bank.
Sitharaman will also participate in a high-level panel discussion on 'Money at a Crossroad' hosted by the Managing Director, IMF.
Apart from the official meetings with the World Bank, IMF, G-20 and Financial Action Task Force, the finance minister will also attend an event at the Atlantic Council, a prominent think tank based in Washington DC, and will also interact with the faculty and students at Stanford University.

Union Budget gives a reasons to cheer for savers. Lenders like State Bank of India (SBI), HDFC Bank, Axis Bank and ICICI Bank have opted to hike the deposit rates.
The rising rate comes as a good news for depositers who have been earning one of the lowest rates of interest in almost 20 years. 
The State Bank of India, which is the largest lender in India, has increased deposit rates on fixed deposits two times earlier in this week. There is a chance of a change in the interest-rate cycle, SBI is taking inspiration from private lenders HDFC Bank, Axis Bank and ICICI Bank.HDFC BankAccording to its website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.
Compared to this, for deposits below Rs 2 crore, State Bank of India (SBI) is offering interest rates in the range of 2.9-5.4% on FDs with various tenors ranging from 7 days to 10 years. 
In the case of ICICI Bank, the interest rates are applicable for new deposits and renewal of existing fixed deposits. The bank gives interest rates ranging from 2.5 per cent to 5.50 per cent on deposits maturing in 7 days to 10 years. Senior citizens continue to get a 50 basis points (bps) higher interest rate than others.
Kotak Mahindra Bank has hiked the interest rate on fixed deposits (FD) across various tenors. After the latest revision, for FDs maturing in 7 to 30 days, 31 to 90 days and 91 to 120 days, Kotak Mahindra Bank offers an interest rate of 2.5%, 2.75% and 3% respectively. 
 

FD rate hike: Time to start saving - get all  the details here 

The rising rate comes as a good news for depositors who have been earning one of the lowest rates of interest in almost 20 years. 

Check out the new rates here: 

Fixed Deposits interest rates hike? check latest FD rates here

Union Budget 2022 may have&nbsp;disappointed&nbsp;taxpayers but this could be a good news for savers.&nbsp;
Major banks like SBI, HDFC Bank and ICICI&nbsp;Bank have increased interest rates on fixed deposits&nbsp;in January 2022.
This enables higher returns for depositors on FDs&nbsp;who have been earning one of the lowest interest rates in decades.&nbsp;
Editorji&nbsp;compiles the latest FD rates for you:
HDFC&nbsp;Bank, in a recent update, has revised its interest&nbsp;rate on Fixed deposits.&nbsp;
According to the website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch a 5.4% rate and 5 years 1 day and 10 years will fetch 5.6%.
Compared to this, The State Bank of India, which is the largest lender in India, has increased deposit rates on fixed deposits not once but twice earlier this month. After the latest revision, SBI is giving 5.1% on FD with tenure between 1 year to less than 2 years. For senior citizens the rate has been increased from 5.50 percent to 5.60 percent. ICICI&nbsp;- ICICI Bank gives interest rates ranging from 2.5 percent to 5.60 percent&nbsp;on deposits maturing in 7 days to 10 years.&nbsp;
According to the bank&rsquo;s website, ICICI Bank is offering a&nbsp;5.20%&nbsp;percent interest rate on FDs maturing in&nbsp;2 years 1 day to 3 years whereas&nbsp;a 5.60 percent interest rate on FDs maturing in 5 years to 10 years.
 Kotak Mahindra Bank&nbsp;has hiked the interest rate on fixed deposits (FD) across various tenors. After the latest revision, the interest rate by 10 bps to 5.3% on fixed deposits maturing in 3 to 5 years. Investors will also receive returns at an interest rate of 5.3% on term deposits maturing in 5 years to 10 years.

The interest rate on fixed deposits for tenure 1 year to less than 2 years has been increased to 5.1% from 5.0%. For senior citizens the rate is increased from 5.50% to 5.60%

Though Union Budget 2022 disappoints majority of taxpayers but this might be a good news for savers.&nbsp; Lenders such as State Bank of India (SBI) and HDFC Bank have revised interest rates on fixed deposits (FDs), enabling higher returns for depositors on maturity. The rising rate comes as a good news for depositors&nbsp;who have been earning one of the lowest rates of interest&nbsp;in almost 20 years.&nbsp; Also read: <a title="Forgot it ...then fix it! Tax payers get 2 years to report 'overlooked' income" href="https://www.editorji.com/business-news/personal-finance/forgot-it-then-fix-it-tax-payers-get-2-years-to-report-overlooked-income-1643772243376">Forgot it ...then fix it! Tax payers get 2 years to report 'overlooked' income</a>
Here&nbsp;Editorji&nbsp;lists down the latest FD rates for you:
The State Bank of India, which is the largest lender in India, has increased deposit rates on fixed deposits two times earlier in this week. There is a chance of a change in the interest-rate cycle, SBI is taking inspiration from private lenders HDFC Bank, Axis Bank and ICICI Bank. HDFC&nbsp;Bank According to its website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.
Compared to this, for deposits below Rs 2 crore, State Bank of India (SBI) is offering interest rates in the range of 2.9-5.4% on FDs with various tenors ranging from 7 days to 10 years.&nbsp;
In the case of&nbsp;ICICI Bank, the interest rates are applicable for new deposits and renewal of existing&nbsp;fixed deposits. The bank gives interest rates ranging from 2.5 per cent to 5.50 per cent on deposits maturing in 7 days to 10 years. Senior citizens continue to get a 50 basis points (bps) higher interest rate than others.
Kotak Mahindra Bank has hiked the interest rate on fixed deposits (FD) across various tenors. After the latest revision, for FDs maturing in 3 years, 5 years and 10 years,&nbsp;Kotak Mahindra Bank&nbsp;offers an interest rate of 5.15%, 5.3% respectively.&nbsp;

For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 35 paise from borrowings and other liabilities, 5 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2022-23.
According to the Union Budget 2022-23 presented in Parliament by Finance Minister Nirmala Sitharaman on Tuesday, goods and services tax will contribute 16 paise in every rupee revenue, while corporation tax will contribute 15 paise to each rupee earned.
The government is also looking to earn 7 paise for every rupee from Union excise duty and 5 paise from customs duty. Income tax will yield 15 paise to every rupee collection.
The collection from 'borrowings and other liabilities' will be 35 paise, according to the Budget 2022-23.
On the expenditure side, the biggest outlay component is interest payments at 20 paise for every rupee, followed by the states' share of taxes and duties at 17 paise.
Allocation for the defence stood at 8 paise.
Expenditure on central sector schemes will be 15 paise, while the allocation for centrally-sponsored schemes will be 9 paise.
The expenditure on the 'Finance Commission and other transfers' is pegged at 10 paise. Subsidies and pension will account for 8 paise and 4 paise, respectively, in each rupee spending.
The government will spend 9 paise in every rupee on 'other expenditures'.

Budget 2022: For every rupee in govt coffer, 58 paise to come from taxes

The collection from 'borrowings and other liabilities' will be 35 paise, according to the Budget 2022-23.

Every govt rupee has 58 paisa coming from tax money

Government's major source of revenue to come from the taxes, almost 58%.

For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 35 paise from borrowings and other liabilities, 5 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2022-23.
According to the Union Budget 2022-23 presented in Parliament by Finance Minister Nirmala Sitharaman on Tuesday, goods and services tax will contribute 16 paise in every rupee revenue, while corporation tax will contribute 15 paise to each rupee earned.
The government is also looking to earn 7 paise for every rupee from Union excise duty and 5 paise from customs duty. Income tax will yield 15 paise to every rupee collection.
The collection from 'borrowings and other liabilities' will be 35 paise, according to the Budget 2022-23.
On the expenditure side, the biggest outlay component is interest payments at 20 paise for every rupee, followed by the states' share of taxes and duties at 17 paise.
Allocation for the defence stood at 8 paise.
Expenditure on central sector schemes will be 15 paise, while the allocation for centrally-sponsored schemes will be 9 paise.
The expenditure on the 'Finance Commission and other transfers' is pegged at 10 paise. Subsidies and pension will account for 8 paise and 4 paise, respectively, in each rupee spending.
The government will spend 9 paise in every rupee on 'other expenditures'.

Budget 2022: Finance Minister Nirmala Sitharaman: Production Linked Incentive Scheme for achieving Aatmanirbhar Bharat has received an excellent response

Budget 2022: PLI Scheme to create 60 lakh new jobs in next 5 years, says FM

PLI Scheme to create 60 lakh new jobs in next 5 years, says FM

In April 2021, the Union Cabinet approved a Rs 4,500 crore production linked incentive (PLI) scheme to boost domestic manufacturing capacity of solar PV modules.

&nbsp;Finance Minister Nirmala Sitharaman on Tuesday proposed enhancing the funding under the PLI scheme for domestic solar cells and module manufacturing to Rs 24,000 crore from the existing Rs 4,500 crore to make India an exporting nation.
"For facilitating domestic manufacturing for the ambitious goal of 280GW of installed solar capacity by 2030, an additional allocation of Rs 19,500 crore for PLI scheme for manufacturing of high efficiency (solar) modules with priority of fully integrate manufacturing units for polysilicon to solar PV modules will be made," Sitharaman said in her Budget speech in the Lok Sabha.
In April 2021, the Union Cabinet approved a Rs 4,500 crore production linked incentive (PLI) scheme to boost domestic manufacturing capacity of solar PV modules.
The scheme was aimed at adding 10,000 MW manufacturing capacity of integrated solar PV modules entailing direct investment of Rs 17,200 crore at present (existing).
With the increase in allocation to Rs 24,000 crore, the quantum of investments and domestic manufacturing capacity envisaged under the PLI scheme would further increase.
The PLI scheme -- National Programme on High Efficiency Solar PV Modules -- approved by the Union Cabinet, was aimed at reducing import dependence in a strategic sector like electricity.
Under the scheme, solar PV manufacturers will be selected through a transparent competitive bidding process. The PLI will be disbursed for five years post commissioning of solar PV manufacturing plants, on sales of high efficiency solar PV modules.
Manufacturers will be rewarded for higher efficiencies of solar PV modules and also for sourcing their material from the domestic market. The PLI amount increases with increased module efficiency and increased local value addition.
<a href="https://www.editorji.com/business-news/budget/budget-2022-nirmala-sitharaman-says-govt-focus-is-to-steer-economy-for-25-years-1643697312225" target="_blank">Budget 2022: Nirmala Sitharaman says govt focus is to steer economy for 25 years</a>
<a href="https://www.editorji.com/liveblog/budget/budget-2022-live-updates-fm-nirmala-sitharaman-to-present-budget-at-11-am-today-26" target="_blank">Budget 2022 Live Updates: Record Capex,&nbsp;Tax on Crypto&nbsp;&amp; No Income Tax relief for middle class</a> &nbsp;

India is likely to set aside about Rs 3 lakh crore  ($40 billion) on food and fertiliser subsidies in Budget 2022, marking a second year of record spending on subsidies 

Union Budget 2022: India plans over $40bn for food, fertiliser subsidy

India is likely to set aside about Rs 3 lakh crore  ($40 billion) on food and fertiliser subsidies in Budget 2022, marking a second year of record spending on subsidies ahead of crucial polls. 

Budget subsidy spend - $40 billion kitty ahead of polls?

Narendra Modi&nbsp;Govt has already raised fertiliser subsidies twice in this fiscal year, and reported said that its payouts for 2021/22 could be its highest yet

Union Budget 2022: India is likely to set aside about Rs 3 lakh&nbsp;crore&nbsp;&nbsp;($40 billion) on food and fertiliser subsidies in <a href="https://www.editorji.com/business-news/budget" target="_blank">Budget 2022</a>, marking a second year of record spending on subsidies ahead of crucial polls.&nbsp;
India's subsidy bills have spiralled due to pandemic relief measures for the poor and a sharp rise in global prices of chemicals.
North Block has already raised fertiliser subsidies twice in this fiscal year, and reports say that its payouts for FY22 could be its highest yet.
Also Watch:&nbsp;<a href="https://www.editorji.com/business-news/where-is-your-tax-money-being-spent-by-the-govt-1643344069709" target="_blank">Where is your tax money being spent by the govt?</a>
According to reports,&nbsp;In the <a href="https://www.editorji.com/business-news/budget-2022-tax-slabs-and-rate-will-there-be-a-relief-1641969627694" target="_blank">Budget</a> Finance Minister Nirmala Sitharaman is due to present on Tuesday, the government will allocate ₹1.1 lakh crore to fertiliser subsidies, and ₹2-lakh crore to food subsidies.&nbsp;

As third wave has airlines flying into deep-red, private carrier indiGo has asked the government to cut taxes on jetfuel and repair parts. The country's largest domestic airline, IndiGo said that the government needs to reduce indirect taxes on the sector that has resulted in losses and prevented the sector from boosting commerce and employment. 
IndiGo CEO Ronojoy Dutta on Wednesday urged finance minister Nirmala Sitharaman to bring down excise duty on jet fuel from the current 11 to 5%.
“It is an unreasonable proposition to expect that the industry should earn a 21 per cent margin just to pay taxes to the Government. This unreasonable proposition is resulting in an industry that is chronically ill and is unable to live up to its true potential of boosting commerce and employment,” he added.
In the September-ended quarter of FY22, IndiGo had posted a net loss of Rs 1,435.6 crore as against a loss of Rs 1,194.80 crore in the corresponding quarter last year.

Airlines industry already chronically ill; need some relief on taxes: IndiGo CEO 

The civil aviation currently pays 21% of its revenues to the government in indirect taxes without any or rather very little input credit highlighted IndiGo CEO Ronojoy Dutta. 

Aviation chronically ill, indirect tax pressure must reduce: Indigo

As third wave has airlines flying into deep-red, private carrier indiGo&nbsp;has asked the government to cut taxes on jetfuel and repair parts.&nbsp;
The country's largest domestic airline, IndiGo&nbsp;said that the government needs to reduce indirect taxes on the sector that has resulted in losses and prevented the sector from boosting commerce and employment.&nbsp;
IndiGo CEO Ronojoy Dutta on Wednesday urged finance minister Nirmala Sitharaman to bring down excise duty on jet fuel from the current 11 to 5%.
Dutta&nbsp;further said it is an unreasonable proposition to expect that the industry should earn a 21 per cent margin just to pay taxes to the Government. This unreasonable proposition is resulting in an industry that is chronically ill.&nbsp;
In the September-ended quarter of FY22, IndiGo had posted a net loss of Rs 1,435.6 crore as against a loss of Rs 1,194.80 crore in the corresponding quarter last year.

Ronojoy Dutta requested the Ministry of Finance to reduce central excise taxes on fuel from 11% to 5% and eliminate custom duties on aircraft repair parts

As third wave has airlines flying into deep-red, private carrier the IndiGo&nbsp;chief has asked the government to cut taxes on jetfuel&nbsp;while hoping for relief in the upcoming budget.&nbsp; Also read &amp; watch:&nbsp;<a title="EJ Explains: What is regular market approval vs emergency use approval for vaccines" href="https://www.editorji.com/coronavirus/ej-explains-what-is-regular-market-approval-vs-emergency-use-approval-for-vaccines-1642651443422">EJ Explains: What is regular market approval vs emergency use approval for vaccines</a> The civil aviation currently pays 21% of its revenues to the government in indirect taxes without any or rather very little input credit highlighted&nbsp;IndiGo CEO Ronojoy Dutta.&nbsp;
&ldquo;It is an unreasonable proposition to expect that the industry should earn a 21 per cent margin just to pay taxes to the Government. This unreasonable proposition is resulting in an industry that is chronically ill and is unable to live up to its true potential of boosting commerce and employment,&rdquo; he added.
IndiGo CEO Ronojoy also&nbsp;urged finance minister Nirmala Sitharaman to bring down excise duty on jet fuel from the current 11 to 5%. Fuel makes up 25%-40% of an airline&rsquo;s operating cost.&nbsp;
In the September-ended quarter of FY22, IndiGo had posted a net loss of Rs 1,435.6 crore as against a loss of Rs 1,194.80 crore in the corresponding quarter last year.

The wait is over. Life Insurance Corporation of India could file a prospectus in the final week of January for what would be the nation’s biggest initial public offering
LIC IPOAccording to reports, the embedded value of LIC is likely to be more than 4 trillion rupees, and its market value could be about four times that amount
To get the maximum output from LIC’s IPO, authorities will also be reviewing the rules on foreign direct investment and may even amend a few to ensure even investors from abroad can participate.
LIC and its historyLIC was established on September 1, 1956 by an Act of Parliament. The objectives were to provide security to the policy monies and to mobilise savings for development of infrastructure necessary for industrialisation of the country. In the last 64 years, LIC devoted itself to achieve these foundational objectives to emerge as the most successful public sector financial institution.

 LIC IPO: India's biggest IPO in Jan end; here's you all need to know 

The wait is over. Life Insurance Corporation of India could file a prospectus in the final week of January for what would be the nation’s biggest initial public offering

Here's all you need to know: 

To get the maximum output from LIC&rsquo;s IPO, authorities will also be reviewing the rules on foreign direct investment and may even amend a few to ensure even investors from abroad can participate.

LIC&nbsp;IPO&nbsp;coming!&nbsp;The wait is finally&nbsp;over.&nbsp;Life Insurance Corporation of India could file a prospectus in the final week of January for what would be the nation&rsquo;s biggest initial public offering.&nbsp;
The mega&nbsp;LIC&nbsp;IPO According to reports, the embedded value of LIC is likely to be more than Rs 4 lakh crore and its market value could be about four times that amount.
To get the maximum output from LIC&rsquo;s IPO, government&nbsp;will also be reviewing the rules on foreign direct investment and may even amend a few to ensure even investors from abroad can participate.
A look back and ahead LIC was established on September 1, 1956 by an Act of Parliament. &nbsp;LIC today is competing with 23 private insurers. Even after 20 years of competition, it is continuing to dominate the market with a share of around 66% in premium income and 75% in number of policies. For the financial year 2021, LIC earned a total premium income of Rs 4.02 lakh crore (both new business and renewal).

As the budget 2022 is around the corner, tax experts suggest Finance Ministry should consider tax relief measures for salaried employees who work from home owing to increased employment related-costs.Why standard deduction may be increasedThe demand for a higher standard deduction limit comes at a time when household expenses have gone up as a result of inflation.
From electricity to medical expenses and more, taxpayers have seen a sharp jump in expenses.
Many experts agree that the government should look at increasing 30-35% standard deduction limit due to rising inflation and increased expenses due to Covid-19.
However, the standard deduction limit will only be applicable to eligible taxpayers who opt for the old income tax structure. The limit is not applicable in the case of the new tax regime.What is standard deduction?
As the name suggests, standard deduction allows deducting a certain amount from the gross salary such that the total taxable income comes down.
At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers.
A standard deduction of Rs 40,000 was introduced in 2018 and was later enhanced to Rs 50,000 by Piyush Goyal in the interim budget in 2019.
 

Budget 2022: Standard Deduction may be doubled, here is what is expected

With less than a month to go for Budget 2022-23, salaried employees expect a hike in the standard deduction limit

Check how much they want: 

With less than a month to go for Budget 2022-23,&nbsp;salaried employees expect a hike in the standard deduction limit.
In view of the growing demand for changes in income tax, many industry bodies have already appealed to the government to provide some relief to taxpayers.
As taxpayers remain hopeful about some announcements in the upcoming budget, it has come to light that the government is holding discussions to increase the limit of standard deduction from the existing Rs 50,000.
According to reports, standard deduction limit available to salaried taxpayers and pensioners may be increased by 30-35 per cent in the upcoming budget
At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers.
A standard deduction of Rs 40,000 was introduced in 2018 and was later enhanced to Rs 50,000 by Piyush Goyal in the interim budget in 2019.

Many experts agree that the government should look at increasing the standard deduction limit due to rising inflation and increased expenses due to Covid-19.

As the budget 2022 is&nbsp;around the corner, tax experts suggest Finance Ministry should consider tax relief measures for salaried employees who work from home owing to increased employment related-costs.
Deloitte&nbsp;India, in its Pre-Budget Expectations 2022,&nbsp;recommended an additional &lsquo;work from home&rsquo; standard deduction of Rs 50,0000 for salaried employees.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/budget-2022-tax-slabs-and-rate-will-there-be-a-relief-1641969627694" target="_blank">Budget 2022: Tax slabs and rate, will there be a relief?</a> Why standard deduction may be increased The demand for a higher standard deduction limit comes at a time when household expenses have gone up as a result of inflation.
Taxpayers have seen a sharp jump in expenses related to electricity, work from home furniture, internet, additional&nbsp;medical expenses, and more.
Many experts agree that the government should look at increasing at least 30-35% standard deduction limit due to rising inflation and increased expenses due to Covid-19.
However, the standard deduction limit will only be applicable to eligible taxpayers who opt for the old income tax structure. The limit is not applicable in the case of the new tax regime. What is&nbsp;standard deduction?
As the name suggests, standard deduction allows deducting a certain amount from the gross salary such that the total taxable income comes down.
At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers.
A standard deduction of Rs 40,000 was introduced in 2018 and was later enhanced to Rs 50,000 by Piyush Goyal in the interim budget in 2019.
&nbsp;

The EC would not like to interfere in the presentation of the Union Budget, Chief Election Commissioner (CEC) Sushil Chandra said on Saturday, asserting the annual exercise would not disturb the level-playing field for parties during elections to five states.
The Election Commission (EC) on Saturday announced the schedule for assembly elections for Uttar Pradesh, Uttarakhand, Punjab, Manipur and Goa. Polls will be held between February 10 and March 7 in seven phases with counting of votes on March 10.
Responding to a question on whether the Union Budget on February 1 and the president's address to the two houses of Parliament before that would disturb the level-playing field, Chandra said the Union Budget is an yearly statement which has to be laid before Parliament.
"The Election Commission would not like to interfere in the presentation of the Budget because that is for the whole country and not limited to these five states only," he said.
Noting that budget was a statement of expenditure and revenue, the CEC said, "How will the level-playing field will be disturbed? The level-playing field will not be disturbed (by its presentation).

Budget 2022: Election Commission says election schedule not to effect Union Budget

Responding to a question on whether the Union Budget on February 1 and the president's address to the two houses of Parliament before that would disturb the level-playing field

EC would not like to interfere in Union Budget presentation

Would the upcoming elections in 5 states and the model code of conduct disrupt the presentation of the Union Budget slated for February 1 - here is what the chief election commissioner had to say&nbsp; PLAY SOT&nbsp;

The Election Commission (EC) announced the schedule for assembly elections to Uttar Pradesh, Uttarakhand, Punjab, Manipur and Goa

The EC would not like to interfere in the presentation of the Union Budget,&nbsp;Chief Election Commissioner&nbsp;(CEC) Sushil Chandra said asserting the annual exercise would not disturb the level-playing field for parties during elections to five states. Also read and watch:&nbsp;<a title="The legal brawl between Bharat Pe founder and Uday Kotak over Nykaa" href="https://www.editorji.com/business-news/the-legal-brawl-between-bharat-pe-founder-and-uday-kotak-over-nykaa-1641785542772">The legal brawl between Bharat Pe founder and Uday Kotak over Nykaa</a>
The Election Commission (EC) on Saturday announced the schedule for assembly elections for&nbsp;Uttar Pradesh, Uttarakhand, Punjab, Manipur and Goa. Polls will be held between February 10 and March 7 in seven phases with counting of votes on March 10.
Responding to a question on whether the&nbsp;Union Budget&nbsp;on February 1 and the president's address to the two houses of Parliament before that would disturb the level-playing field, Chandra said the&nbsp;Union Budget&nbsp;is an yearly statement which has to be laid before Parliament.
"The Election Commission would not like to interfere in the presentation of the Budget because that is for the whole country and not limited to these five states only," he said.
Noting that budget was a statement of expenditure and revenue, the CEC said, "How will the level-playing field will be disturbed? The level-playing field will not be disturbed (by its presentation).

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