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Notably, this is not the first time that the Indian bureaucracy has been receptive to such progressive requests.

Centre allows IRS officer to change gender on official records 

Notably, this is not the first time that the Indian bureaucracy has been receptive to such progressive requests.

In a historic decision, the central government has given its approval to a Hyderabad-based Indian Revenue Service (IRS) officer to change name and gender on official records.&nbsp;
M Anusuya had requested the Union Finance Ministry to change his name to M Anukathir Surya, and the gender from female to male.
And the request was promptly approved by the Central Board of Indirect Taxes and Customs department.&nbsp;
&ldquo;The request of Ms. M. Anusuya has been considered. Henceforth, the officer will be recognised as &lsquo;Mr. M. Anukathir Surya&rsquo; in all official records,&rdquo; read the memo posted by the Central Board Of Indirect Taxes and Customs on its website.
Notably, this is not the first time that the Indian bureaucracy has been receptive to such progressive requests.
In 2015, Aishwarya Rutuparna Pradhan then serving in the Odisha Finance Service publically announced her transgender identity, making her the first transgender civil servant in the country.&nbsp;

India's economic resilience shines through in the face of global uncertainties, driven by strong domestic demand, a revival in rural consumption, and robust investment.

India's economic resilience strong amid global challenges: Economic review by Fin Min 

India's economic resilience shines through in the face of global uncertainties, driven by strong domestic demand, a revival in rural consumption, and robust investment.

India's economic resilience persists despite the headwinds of global uncertainty, as outlined in the latest Economic Review for March. The report underscores the nation's steadfast economic performance, on the heels of strong domestic demand, a revival in rural consumption, vigorous investment, and a sustained manufacturing upswing.
A notable highlight is the significant downtrend in retail inflation for the fiscal year 2023-24, reaching its lowest ebb since the onset of the Covid-19 pandemic. In response, the Reserve Bank of India (RBI) opted to maintain policy rates, citing the ongoing abatement of price pressures. The RBI's Monetary Policy Committee remains committed to aligning inflation with its 4 percent target, acknowledging potential challenges such as geopolitical tensions and weather-related disruptions.
Optimism pervades growth projections, with both the RBI and the International Monetary Fund (IMF) expressing confidence in India's economic trajectory. March 2024 witnessed several milestones indicative of robust economic health, including record-breaking stock market performances, impressive Goods and Services Tax (GST) collections, and substantial growth across manufacturing and services sectors.
However, global trade contraction in 2023 posed challenges, resulting from reduced demand in developed nations and trade weaknesses. While India's merchandise exports and imports moderated, non-petroleum and non-gems &amp; jewellery exports demonstrated resilience, growing by 3% in fiscal year 2023-24. Services exports, particularly software and business services, expanded significantly.
India's capital inflows saw a notable upturn in fiscal year 2023-24, with foreign exchange reserves hitting an all-time high in March 2024. The reserves now cover 11 months of projected imports and exceed 100% of total external debt.

Taxpayers can choose between the old and new tax regimes, with the option to opt out until filing for Assessment Year 2024-25. 

Finance Ministry issues clarification regarding new tax regime amidst misinformation on social media

Taxpayers can choose between the old and new tax regimes, with the option to opt-out until filing for Assessment Year 2024-25.&nbsp;

The Finance Ministry has issued a clarification amidst the circulation of misleading information on social media platforms regarding the new tax regime. It clarifies that there are no new changes taking effect from April 1, 2024. Taxpayers can choose between the old and new tax regimes based on their preferences and financial circumstances, with the option to opt out of the new regime until filing their return for Assessment Year 2024-25. Eligible individuals without business income can alternate between the old and new regimes for each financial year.
<blockquote class="twitter-tweet">
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that: 👉 There is no new change which is coming in from 01.04.2024. 👉 The new tax regime under section 115BAC(1A) was&hellip; <a href="https://t.co/DtKGkK0D5H">pic.twitter.com/DtKGkK0D5H</a>
&mdash; Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/1774504330499879372?ref_src=twsrc%5Etfw">March 31, 2024</a></blockquote>
On the social media platform, the Finance Ministry posted: "It has come to notice that misleading information related to the new income tax regime is being spread on some social media platforms. It is therefore clarified that:
1)There is no new change which is coming in from 01.04.2024.
2)The new tax regime under section 115BAC(1A) was introduced in the Finance Act 2023, as compared to the existing old regime (without exemptions) (SEE TABLE BELOW) 3)The new tax regime is applicable for persons other than companies and firms, is applicable as a default regime from the Financial Year 2023-24 and the Assessment Year corresponding to this is AY 2024-25. 4)Under the new tax regime, the tax rates are significantly lower, though the benefit of various exemptions and deductions, other than the standard deduction of Rs. 50,000 from salary and Rs. 15,000 from a family's pension is not available, as in the old regime. 5)The new tax regime is the default tax regime, however, taxpayers can choose the tax regime (old or new) that they think is beneficial to them.
6)The option for opting out from the new tax regime is available till the filing of return for the AY 2024-25. Eligible persons without any business income will have the option to choose the regime for each financial year. So, they can choose a new tax regime in one financial year and an old tax regime in another year and vice versa. Also Watch: <a href="https://www.editorji.com/business-news/budget/budget-2024-tax-rebate-likely-to-be-hiked-to-rs-7-5-lakh-under-new-income-tax-regime-1704698804317">Budget 2024: Tax rebate likely to be hiked to Rs 7.5 lakh under new income tax regime</a>

India's Finance Ministry's Monthly Economic Review reveals a promising economic outlook, with growth projections for FY24 surpassing 7%. Fiscal discipline is evident as the fiscal deficit estimate is lowered, aiming for 5.1% in FY25.

Indian Economy Shines Bright, GDP Growth Strong, Inflation Set to Cool Down says FinMin Report

Fin Min review report: India's economic outlook bright; inflation to fall further

India's Finance Ministry's Monthly Economic Review reveals a promising economic outlook, with growth projections for FY24 surpassing 7%. Fiscal discipline is evident as the fiscal deficit estimate is lowered, aiming for 5.1% in FY25.

In its latest monthly economic report for January, the Finance Ministry sheds light on the promising trajectory of India's economy. The report shows a bright outlook, attributing it to better-than-expected GDP numbers that have prompted many global agencies to revise India's growth projection upward. This upward revision underscores the resilience of the Indian economy, particularly noteworthy amidst ongoing geopolitical headwinds.
Moreover, the report emphasizes the anticipated role of the Interim Budget in supporting and sustaining this growth momentum. With increased government spending expected, especially in critical areas, the budget is poised to play a pivotal role in bolstering economic activity and fostering resilience.
Despite these positive indicators, the report also acknowledges challenges stemming from the global economic slowdown, which have led to weakened demand for India's exports. This aspect underscores the interconnectedness of the global economy and the need for strategic measures to navigate turbulent external conditions effectively.
On the domestic front, the report points out a favorable trend in inflation, which moderated in January and is anticipated to continue on a downward trajectory. This trend bodes well for overall economic stability and consumer confidence, potentially freeing up resources for increased investment and consumption.
Also Watch: <a href="https://www.editorji.com/business-news/economy/india-s-gdp-likely-to-grow-by-7-3-in-2023-24-government-estimates-1704460456584#google_vignette">India's GDP likely to grow by 7.3% in 2023-24: Government estimates</a>

In the ongoing fiscal year, the government has garnered ₹12,504 crore through the disinvestment of minority stakes in 7 Central Public Sector Enterprises (CPSEs). These include notable entities such as Coal India, NHPC, RVNL, and IREDA.

Government sets FY25 disinvestment target at ₹50,000 crore; expected to secure ₹30,000 crore in FY24

In the ongoing fiscal year, the government has garnered ₹12,504 crore through the disinvestment of minority stakes in 7 Central Public Sector Enterprises (CPSEs). These include notable entities such as Coal India, NHPC, RVNL, and IREDA.

The government on Thursday pegged disinvestment target for 2024-25 fiscal at ₹50,000 crore in the interim budget for 2024-25, up from ₹30,000 crore in the revised estimate for the current financial year.
During the current fiscal (2023-24), the revised estimates of disinvestment mop-up has been pegged at ₹30,000 crore, lower than ₹51,000 crore budgeted at the time of presentation of Budget last year.
As per the Interim Budget 2024-25 document tabled in the Lok Sabha, the government is not expected to receive any money from monetisation of public assets in the current fiscal.
It had planned to receive ₹10,000 crore in the budget estimates for 2023-24.
With regard to disinvestment, so far in the current fiscal, the government has collected ₹12,504 crore through minority stake sales in 7 CPSEs, including Coal India, NHPC, RVNL and IREDA.
By March, the government expects to mop in a total of ₹30,000 crore from disinvestment.
The government historically has been missing the disinvestment targets set in budgets with the exception of 2018-19 and 2017-18 financial years.
The highest ever mop-up from disinvestment at ₹1,00,056 crore was recorded in 2017-18, marginally exceeding the budget target of ₹1 lakh crore.
In 2018-19, the government collected ₹84,972 crore from CPSE disinvestment, higher than ₹80,000 crore pegged in the Budget for that year.&nbsp; Also Watch: <a href="https://www.editorji.com/liveblog/business-news/union-budget-2024-live-updates-fm-nirmala-sitharaman-to-present-interim-budget-nbsp-1706756556783">Union Budget 2024 LIVE: 'Viksit Bharat Roadmap in July's full budget' says FM Nirmala Sitharaman</a>

The Finance Ministry in its Monthly Economic Review has mentioned that the Kharif sowing has progressed well and improved reservoir levels augur well for the upcoming Rabi season 

India's FY24 outlook is Bright, to remain fastest growing economy: Finance Ministry report

<h2>The Finance Ministry in its Monthly Economic Review has mentioned that the Kharif sowing has progressed well and improved reservoir levels augur well for the upcoming Rabi season&nbsp;</h2>

Monthly Economic Review:&nbsp;The Finance Ministry on Monday said that India will remain the fastest-growing major economy in the world in 2023-24 fiscal. The Ministry attributed this to strong domestic fundamentals and benign inflation expectations.
"In sum, as IMF projections also confirm, India will remain the fastest-growing major economy in the world in 2023-24," the report mentioned.
<h3>India's Bright Outlook</h3>
The Ministry further said that the outlook for the Indian economy is "bright", although it does face "significant" headwinds from fresh geo-political tensions, volatile crude oil prices and sluggish global demand.
"...India's macroeconomic outlook for 2023-24 is bright and is solidly underpinned by strong domestic fundamentals. Alongside private consumption, investment demand is also firming up," the ministry said on October 23 in its Monthly Economic Review report.
Also Read: <a href="https://www.editorji.com/business-news/economy/rbi-monetary-policy-committee-meet-minutes-reveal-determination-to-reach-4-inflation-target-1697810671794">RBI Monetary Policy Committee meet minutes reveal determination to reach 4% inflation target</a>
The Ministry said that the Kharif sowing has progressed well and improved reservoir levels "augur well" for the upcoming rabi season and that there are additional growth levers in broad-based industrial growth and buoyant residential property markets.
The report also cautioned about "significant" headwinds that remain.&nbsp;
<h3>IMF Projection</h3>
India's GDP will grow by 6.3% this financial year. This forecast however is 20 basis points lower than the 6.5% projected by the government and the Reserve Bank of India.&nbsp;

Finance Ministry responds to concerns about declining household savings, citing diversified investments and asset acquisitions as reasons, and refuting economic distress claims

Finance Ministry responds to worries about savings drop, points to more investments and growing assets

Finance Ministry responds to concerns about declining household savings, citing diversified investments and asset acquisitions as reasons, and refuting economic distress claims

The finance ministry has responded to concerns regarding the impact of declining household savings on the economy, asserting that there is no cause for distress as people are diversifying their investments in various financial products.&nbsp;
The ministry's statement, published on X, rebuffed criticisms regarding the decade-long drop in household savings and its potential repercussions on the overall economy.
The Reserve Bank's latest monthly bulletin disclosed that net household savings had plummeted to a 47-year low of 5.1% of the gross domestic product (GDP) in FY23, down from the previous year's 7.2%. During the same period, households' annual financial liabilities surged by 5.8% of GDP compared to 3.8% in the previous fiscal year.
In defence of this situation, the finance ministry pointed out that the stock of household gross financial assets had risen by 37.6%, while the stock of household gross financial liabilities had increased by 42.6% between June 2020 and March 2023. The ministry emphasized that although households added fewer financial assets to their portfolios in FY23 compared to the previous years, their overall net financial assets continued to grow.
This apparent decrease in financial asset addition was attributed to households taking loans to purchase tangible assets like homes. The ministry cited RBI data on personal loans, highlighting that a significant portion of these loans is used for real estate and vehicle purchases, both of which are collateralized. This trend indicated that households were not in financial distress but were instead investing in real assets with the help of loans.
The finance ministry also underscored the steady double-digit growth in housing loans since May 2021 and substantial growth in vehicle loans since April 2022 as evidence that households were actively engaging in asset acquisition.
Furthermore, the ministry emphasized that overall household savings, including financial, physical, and jewellery assets, had grown at a Compound Annual Growth Rate (CAGR) of 9.2% between 2013-14 and 2021-22, aligning with the CAGR of nominal GDP during the same period at 9.65%.
The ministry attributed the increase in net financial assets in FY23 to the substantial flow of credit from Non-Banking Financial Corporations (NBFCs) to the household sector, including unincorporated enterprises. While commentators raised concerns about the magnitude of this credit flow, the ministry highlighted the context of these figures as 'flow' numbers rather than representing distress.
&nbsp;

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available. 

Finance Bill 2023: Govt does away with taxation benefits for debt funds 

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available.&nbsp;

Lok Sabha on Friday passed the Finance Bill giving effect to tax proposals without debate. The proposal to remove the capital gains tax benefit given to debt mutual fund investors is also amended. According to the amendment, debt funds not having more than 35% invested in equity shares would be taxed at the income tax slab level. It will also be treated as a short term capital gain.&nbsp;
So far, debt mutual funds are treated as long-term investments if held for more than 3 years and taxed at the rate of 20% along with indexation benefits or 10% without indexation. (Indexation benefit is where the taxes are calculated accounting for inflation). For those with a holding period of less than 3 years, they are taxed according to their tax slab.
The changes, are also applicable for gold, international equity and even domestic equity fund of funds (FoFs). This will be applicable from April 1, 2023 and therefore, investors who want to take advantage before the proposed changes come into effect can do so before year-end.
Experts say that these proposals are a big negative for the mutual fund industry which will have to overhaul their debt portfolio. Meanwhile, banks are likely to see an increase in fixed deposit flows because there will be no added benefit of investing in debt funds versus FDs.&nbsp;&nbsp;

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

Amid global banking crisis, Finance Ministry seeks PSB's bond portfolio data

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

As per Business Standard, the Union finance ministry has asked public sector banks (PSBs) to furnish details of their bond portfolios ahead of their meeting with Finance Minister Nirmala Sitharaman on Saturday, amid the turmoil in global banks.
As an exercise to determine the resilience of banks against interest-rate risks, the ministry has specifically requested details on holdings under the held-to-maturity (HTM) and available-for-sale (AFS) portfolios, bankers said
While the HTM portfolio protects banks from potential losses on bond holdings, the government wants to ascertain how banks will respond in the case of large bond sales from that book, sources said.
Sitharaman will hold a meeting with all PSB heads on Saturday where she will review their work, including lending to infrastructure and flow of cash transfers to beneficiaries under various government flagship schemes.
Source: Business Standard&nbsp;

Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday.

GDP on path to 7% growth, inflation to subdue soon: Finance Ministry

Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday

Notwithstanding global challenges, the Indian economy is predicted to expand by 7% in FY23, and retail inflation would reduce in line with wholesale inflation, which dropped to a 25-month low in January, the Finance Ministry's report Monthly Economic Review noted.
India's current account deficit is expected to decrease in FY23 and FY24, protecting the rupee in tumultuous times, according to the Monthly Economic Review published by the ministry. This is due to the benefits from high services exports, the moderation in oil prices, and the recent decline in demand for import-intensive goods.
This would ensure that India's foreign finances are not a significant source of concern at a time when the Fed is anticipated to raise rates further, the report added. It will also give India's external sector the much-needed cushion it needs.
As India increases its market share in both IT and non-IT services, whose demand has been stimulated by the pandemic, the increase in net service exports over the previous year is a critical development, it was stated. It was also noted that imports are now less expensive due to the drop in global commodity prices.
According to numerous foreign forecasting organizations, India's inflation will likely moderate in FY24 compared to FY23 and remain in the range of 5 to 6%, with risks being evenly distributed, it added.
Although corporates are already highly leveraged, tightening financial conditions by central banks to control inflation has sparked worries about the escalation of corporate debt vulnerabilities, it said.
The issue appears to be limited, according to the research, in the instance of India. Since mid-2021, the debt in India's private non-financial sector has steadily decreased, and the quality of the debt has improved.
According to the report, India's corporate sector credit-to-GDP ratio is also below its historical trend, indicating that there is enough room for the corporate sector to borrow more. It also stated that the corporate sector's strong debt profile will be crucial in preserving the macroeconomic stability of the economy in the future.

Crypto trading and all related financial services will now come under the PMLA (Prevention of money laundering act). This is as per a notification issued by the finance ministry. 

Crypto transactions brought under money laundering law 

Crypto trading and all related financial services will now come under the PMLA (Prevention of money laundering act). This is as per a notification issued by the finance ministry.&nbsp;

The government has imposed anti-money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets.
In a gazette notification, the Finance Ministry said the anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services.
After this, Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit India
The move is in line with the global trend of requiring digital-asset platforms to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stock brokers.
Digital currency and assets like NFTs (non-fungible tokens) have gained traction globally over the last couple of years. Trading in these assets has increased manifold with cryptocurrency exchanges being launched. However, India till last year, did not have a clear policy on either regulating or taxing such asset classes.
The notification said, "Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets, and participation in and provision of financial services related to an issuer's offer and sale of a virtual digital asset" will be now be covered by Prevention of Money-laundering Act, 2002.
Virtual digital assets were defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value.
Last month, Finance Minister Nirmala Sitharaman told Parliament that India was discussing with the G-20 member countries the need to develop a standard operating protocol for regulating crypto assets.
She had said crypto assets and Web3 are relatively new and evolving sectors and require significant international collaboration for any specific legislation on these sectors to be fully effective.
Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation for regulation or for banning can be effective only with significant international collaboration on the evaluation of the risks and benefits and evolution of common taxonomy and standards.
In the Budget for 2022-23, she had brought a 30 per cent tax on income from transactions in such assets. Also, to bring such assets under the tax net, she introduced a 1 per cent TDS (tax deducted at source) on transactions in such asset classes above a certain threshold. Gifts in crypto and digital assets were also taxed.

Finance Ministry's January economic review says that India is on track to achieve 7% growth in FY23. However, the report also says that the 6.5% growth forcast for FY24 has more downside than upside risks. 

India on track to achieve 7% GDP Growth in FY23: Finance Ministry 

Finance Ministry's January economic review says that India is on track to achieve 7% growth in FY23. However, the report also says that the 6.5% growth forcast for FY24 has more downside than upside risks.&nbsp;

The finance ministry has released its January economic review report outlining the current state of the economy and the road ahead.&nbsp;&nbsp; On GDP Growth, the report says that India is on track to achieve 7% GDP growth in 2022-23. Manufacturing is growing steadily and overall demand conditions are conducive to support economic activity. However, the report also cautions that the 6.5% growth forecast for FY24 has more downside than upside risks.&nbsp; On Inflation: Despite a sticky core inflation currently, the inflation risks are likely to be lower for India in FY24. While there have been some instances of inflation stiffening above the downward trending like, the report points out that "Inflation decline does not often happen in a straight line as prices are usually downward sticky." But that, this situation could prolong if global commodity prices do not head towards the pre-pandemic levels.&nbsp; Another word of caution is basis predictions of the return of El-Nino conditions. If that happens, monsoon rains could be deficient which may lead to lower agriculture output and higher prices.&nbsp;&nbsp; Exports: There is a likelihood of exports showing a tepid growth with major export markets of India likely to decline sharply.&nbsp; External deficits may be a lesser challenge in FY24 than in FY23, but close attention to trends in international trade and capital flows will be warranted.
Global outlook: Global inflation likely to moderate gradually, but will remain higher than pre-pandemic levels. However, inflation risks remain as geopolitical conflicts and the resulting supply disruptions that contributed to higher inflation in 2022 are still present.&nbsp;&nbsp;
&nbsp;
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Budget 2023: FM Sitharaman to begin pre-budget consultations

The participants will give suggestions on the 2023-24 Budget which will be presented in Parliament by the Finance Minister on February 1

As the budget 2023 is almost two months away now, Finance Minister Nirmala Sitharaman has begin her pre-budget meetings starting with industry leaders and experts in infrastructure and climate change.
The meetings will be held virtually by Sitharaman seeking suggestions for the 2023-24 budget-making from stakeholders.
Also read/watch: <a title="Budget 2023: India Inc expects this from FM Nirmala Sitharaman" href="https://www.editorji.com/business-news/budget-2023-india-inc-expects-this-from-fm-nirmala-sitharaman-1669028672010">Budget 2023: India Inc expects this from FM Nirmala Sitharaman</a>
On November 22, the minister will meet agriculture and agro-processing industry, representatives from the financial sector and capital market.
She will also be meeting the representatives of services sector and trade bodies, besides experts from social sector, including health, education, water and sanitation, on November 24.
The pre-budget meetings with the trade union representatives and economists are scheduled for November 28.
The participants will give suggestions on the 2023-24 Budget which will be presented in Parliament by the Finance Minister on February 1.

On November 8, six years ago, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes

Six years of demonetisation in India; jury is still not out on efficacy of it 

On November 8, six years ago, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes

It has been six years since the Narendra Modi government at the centre conducted the process of demonetisation in order to curb the circulation of black money, but Jury is still not out on the decision to demonetise high value currency notes on November 8, 2016.&nbsp;
While the government claims it has helped greater formalisation of the economy, LocalCircles reports that people are still paying or accepting black money in the real estate transactions.&nbsp;
On November 8, six years ago, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money, besides eliminating terror funding.
As per a Reserve Bank data, currency with the public has jumped to a new high of Rs 30.88 lakh crore an October 21, indicating that cash usage is still substantial even six years after the demonetisation move.&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.

Prime Minister Narendra Modi&nbsp;inaugurates&nbsp;the Iconic Week Celebrations of the Ministry of Finance and the Ministry of Corporate Affairs on Monday.
The PMO noted in a statement that this week is being celebrated as part of the 'Azadi Ka Amrit Mahotsav' (AKAM) from June 6 to 11.
Modi&nbsp;launched the national portal for credit-linked government schemes - Jan Samarth Portal. It is a one-stop digital portal linking government credit schemes, the PMO said, adding that it's a first-of-its-kind platform that directly connects beneficiaries to lenders.
Also read/watch | Loans get more expensive, rates hiked again by banks
The main purpose of the Jan Samarth portal is to encourage inclusive growth and development of various sectors by guiding and providing them with the right type of government benefits through simple and easy digital processes. The portal ensures end-to-end coverage of all the linked schemes.
Modi&nbsp;also inaugurated a digital exhibition that traces the journey of the two ministries over the past eight years, and released special series of Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20 coins. These special series of coins have the theme of the logo of AKAM and will also be easily identifiable to visually impaired persons.
Also read/watch | RBI June Monetary Policy: Factors at play for Shaktikanta Das

PM Modi launches Jan Samarth Portal, special coin series at Iconic Week Celebrations

Modi&nbsp;released special series of Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20 coins for&nbsp;visually impaired persons.

Prime Minister Narendra Modi&nbsp;inaugurates&nbsp;the Iconic Week Celebrations of the Ministry of Finance and the Ministry of Corporate Affairs on Monday.
The PMO noted in a statement that this week is being celebrated as part of the 'Azadi Ka Amrit Mahotsav' (AKAM) from June 6 to 11.
Modi&nbsp;launched the national portal for credit-linked government schemes - Jan Samarth Portal. It is a one-stop digital portal linking government credit schemes, the PMO said, adding that it's a first-of-its-kind platform that directly connects beneficiaries to lenders.
Also read/watch | <a href="https://www.editorji.com/business-news/markets/loans-get-more-expensive-rates-hiked-again-by-banks-1654066145800" target="_blank">Loans get more expensive, rates hiked again by banks</a>
The main purpose of the Jan Samarth portal is to encourage inclusive growth and development of various sectors by guiding and providing them with the right type of government benefits through simple and easy digital processes. The portal ensures end-to-end coverage of all the linked schemes.
Modi&nbsp;also inaugurated a digital exhibition that traces the journey of the two ministries over the past eight years, and released special series of Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20 coins. These special series of coins have the theme of the logo of AKAM and will also be easily identifiable to visually impaired persons.
Also read/watch | <a href="https://www.editorji.com/business-news/rbi-june-monetary-policy-factors-at-play-for-shaktikanta-das-1654078209537" target="_blank">RBI June Monetary Policy: Factors at play for Shaktikanta Das</a>

GST latest news: The Government of India has released the entire amount of GST compensation payable to States up to 31st May, 2022 by releasing an amount of Rs.86,912 crores. This decision was taken to assist the States in managing their resources and ensuring that their programmes especially the expenditure on capital is carried out successfully during the financial year. This decision has been taken despite the fact that only about Rs.25,000 crore is available in the GST Compensation Fund. The balance is being released by the Centre from its own resources pending collection of Cess.

Centre releases entire GST compensation due to states

Modi Govt has released the entire amount of GST compensation payable to States up to 31st May, 2022 by releasing an amount of Rs.86,912 crores. 

Centre clears GST bill for states, all dues till May 31

Balance released by the Centre from its own resources pending collection of Cess.

GST&nbsp;latest news:&nbsp;The Modi&nbsp;Govt has&nbsp;released the entire amount of GST compensation payable to States up to 31st May, 2022 by releasing an amount of Rs.86,912 crores.&nbsp; In a statement issued the govt said that the money has been released despite the fact that only about Rs.25,000 crore is available in the GST Compensation Fund. The excess Rs 60,000 cr is being&nbsp;released by the Centre from its own resources pending collection of Cess.
Also read/watch| <a title="GDP hits a year low in March quarter; FY22 growth at 8.7%" href="https://www.editorji.com/business-news/gdp-for-jan-march-at-1-year-low-4-1-fy-22-gdp-at-8-7-inline-with-estimates-1653998875226">GDP hits a year low in March quarter; FY22 growth at 8.7%</a> GST was introduced in the country w.e.f. 1 July, 2017 and the states were assured for compensation for loss of any revenue arising on account of implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. 2022 marks the end of the said 5 year tenure of compensation to states by the central govt.&nbsp;

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.

As the government will tax the interest earned on Provident Fund (PF) contributions exceeding ₹2.50 lakh yearly from April 1st, our tax expert Avinash Gupta, Partner, APT and Co LLP, Former Chairman, Northern India Regional Council of Institute of Chartered Accountants of India explains further on this: 

Explained: How Interest on Provident Fund Likely to be Taxed From April 1

As the government will tax the interest earned on Provident Fund (PF) contributions exceeding ₹2.50 lakh yearly from April 1st, our tax expert Avinash Gupta explains further on this: 

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Provident Fund: From 1 April 2022, PF accounts are likely to be divided into two parts - taxable and non-taxable accounts
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As the government will tax the interest earned on Provident Fund (PF) contributions exceeding&nbsp;₹2.50 lakh yearly from April 1st, our tax expert&nbsp;Avinash Gupta, Partner, APT and Co LLP,&nbsp;Former Chairman, Northern India Regional Council of Institute of Chartered Accountants of India explains further on this:&nbsp;
Also read/watch |&nbsp;<a title="Big tax changes from April 1: Here are the latest updates" href="https://www.editorji.com/business-news/personal-finance/big-tax-changes-from-april-1-here-are-the-latest-updates-1648713680377">Big tax changes from April 1: Here are the latest updates</a>

Now unhealthy food is not only going to make you feel bad about your cheat days but also will burn your pocket. To tackle the rising obesity problem in India, Centre is planning to impose a tax on foods that are high in sugar, fat, and salt. 
According to reports, the Centre's think-tank NITI Aayog is reviewing the evidence to understand the actions India can take to tackle rising obesity.
In its report, the think-tank said that incidences of overweight and obesity are increasing among children, adolescents and women in India.
How much tax is the too much tax?
At present, non-branded namkeens, bhujias, fruit and vegetable chips and snack foods are charged 5% GST. For branded and packaged items, the tax is 12%. On the contrary, sin goods like tobacco products face 28% GST to discourage their use.
 

Fat tax is coming ! Govt set to impose tax on unhealthy food items

To tackle the rising obesity problem in India, Centre is planning to impose a tax on foods that are high in sugar, fat, and salt. 

Full report here:

Be taxed if you are unhealthy! 

As per the National Family Health Survey 2019-20, the proportion of obese women in India has gone up to 24% from 20.6% in 2015-16. Among men, 22.9% were overweight as per the survey, compared with 18.9% four years earlier.

Now unhealthy food is not only going to make you feel bad about your cheat days but also will burn your pocket. To tackle the rising obesity problem in India,&nbsp;Centre is planning to impose a tax on foods that are high in sugar, fat, and salt.&nbsp;
Also read &amp; watch| <a title="Meet the first woman chief of SEBI: Madhabi Puri Buch gets appointed as SEBI Chairperson" href="https://www.editorji.com/business-news/meet-the-first-woman-chief-of-sebi-madhabi-puri-buch-gets-appointed-as-sebi-chairperson-1646037167893">Meet</a><a title="Meet the first woman chief of SEBI: Madhabi Puri Buch gets appointed as SEBI Chairperson" href="https://www.editorji.com/business-news/meet-the-first-woman-chief-of-sebi-madhabi-puri-buch-gets-appointed-as-sebi-chairperson-1646037167893"> the first woman chief of SEBI: Madhabi Puri Buch gets appointed as SEBI Chairperson</a>
According to reports, the Centre's think-tank NITI&nbsp;Aayog is reviewing the evidence to understand the actions India can take to tackle rising obesity.
In its report, the think-tank&nbsp;said that incidences of overweight and&nbsp;obesity&nbsp;are increasing among children, adolescents and women in India.
How much tax is the too much tax?
At present, non-branded namkeens, bhujias, fruit and vegetable chips and snack foods are charged 5% GST. For branded and packaged items, the tax is 12%. On the contrary, sin goods like tobacco products face 28% GST to discourage their use.
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finance ministry

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