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<ul><li>Experts expect the <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> to deliver a couple of more 50 bps rate hikes during the course of this fiscal year.</li><li><keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">Inflation</keyword> continues to trend above the RBI’s comfort level with its year-end target at 6%. </li><li>As real interest rates continue to be below inflation levels, RBI will be forced to hike repo rate further from the current 5.4%.</li></ul> The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> delivered yet another rate hike of 50 basis points (100 basis points equal to 1 percentage point), but it is nowhere near done. Given that inflation continues to above the central bank’s targeted upper tolerance band of 6%, rate hikes are expected to be front-loaded. Clearly, 50 basis point rate hikes are the new normal. While this is good news for depositors, who will earn more from fixed income instruments, borrowers will, unfortunately, pay more. Economists and fixed income experts at mutual fund houses expect the RBI to deliver a couple of more 50 bps rate hikes during the course of this fiscal year. Why are interest rates negative? The central bank has been battling a Black Swan events like the Russian invasion of Ukraine and its consequent impact on prices of products ranging from base metals, crude oil to edible oil. While prices of several commodities have cooled down, given that real interest rates continue to be negative, the central bank will continue to increase rates to suck out liquidity from the system to curb prices. Interest rates are considered to be negative when inflation is higher than interest rates, which means that your money is losing value when you keep money in banks as deposits. Interest rates are positive when the benchmark interest rates are higher than inflation. The central bank during the pandemic cut interest rates by 115 basis points, with the key repo rate dropping to 4%. This made loans significantly cheaper for borrowers till the middle of this year. But this cycle is now set to turn, making loans of all kinds more expensive. According to <keyword id="130246" type="General" weightage="50" keywordseo="abheek-barua" source="Orion">Abheek Barua</keyword>, chief economist and executive VP at HDFC Bank, “We expect the RBI to continue with its rate hikes in the upcoming policies taking rates up to 5.75% by the end of the year.” Given that repo rate is at 5.4% and inflation estimate is at 6.7%, the RBI will have to deliver several more rate hikes to take the policy rates even to neutral territory if not positive. Akhil Mittal, senior fund manager-fixed income, <keyword id="128170" type="General" weightage="50" keywordseo="tata-mutual-fund" source="Orion">Tata Mutual Fund</keyword>, is of the view that RBI has taken inflation head-on by raising rates by 50 basis points. “The endeavour to get real rates in positive territory, as mentioned earlier by RBI, gets closer with this move and we expect another 50-bps rate hike by MPC over next couple of MPC meetings before the pause,” he says. <keyword id="42546" type="General" weightage="20" keywordseo="growth" source="Orion">Growth</keyword>, not <keyword id="6357558" type="General" weightage="20" keywordseo="recession" source="Orion">recession</keyword> like other economies Typically when interest cycle turns, growth often comes under pressure as higher prices tend to dent demand and higher inflation expectations prevent companies from undertaking capital expenditure. But in this cycle, the RBI does not expect growth to be impacted and has retained the GDP forecast at 7.2% for FY23. Says Nilesh Shah, group president and MD, Kotak Mahindra Asset Management Company, “The RBI’s hike of 50 bps in repo rate is front-loaded to ensure that easing inflation comes below RBIs upper band of 6% by the fourth quarter of FY23. Since growth is becoming broad-based and private capex is showing signs of revival, the RBI has front-loaded repo rate hike to control inflation. Interestingly, the RBI has kept the Indian economy flying high (7.2 % GDP growth in FY23) through turbulent weather. The RBI has clearly differentiated itself vis a vis many other central banks which are looking to hard land their economy (recession in FY23) to bring down inflation.” SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/globalized-inflation-is-threat-to-global-economy-itself-says-rbi-guv-das/articleshow/93366552.cms">Globalized inflation is a threat to global economy itself, says RBI guv Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/hdfc-seals-worlds-largest-social-loan-worth-1-1-billion-for-affordable-housing/articleshow/93366669.cms">HDFC seals world’s largest social loan worth $1.1 billion for affordable housing</a>

Shakti’s Gati on interest rate hikes to continue

The wait is finally over! This year <keyword id="143" type="General" weightage="80" keywordseo="bollywood" source="Orion">Bollywood</keyword> will witness the silver screen comeback of several stars. From superstar <keyword id="1671" type="General" weightage="80" keywordseo="shah-rukh-khan" source="Orion">Shah Rukh Khan</keyword> to <keyword id="15760" type="General" weightage="100" keywordseo="fardeen-khan" source="Orion">Fardeen Khan</keyword>, a slew of actors are gearing up to return to woo you all with their acting after a long break. Let's look at the actors whose comebacks you should not miss in 2023. 1. Shah Rukh Khan Superstar Shah Rukh Khan, who was last seen in 'Zero' in 2018, is all set to return to silver screen after four year with '<keyword id="12756474" type="General" weightage="80" keywordseo="pathaan" source="Orion">Pathaan</keyword>'. Helmed by Siddharth Anand, the film will see SRK in an action-packed avatar alongside Deepika Padukone and John Abraham. The film will be out in theatres on January 25. Apart from 'Pathaan', he also has two other big releases -- 'Jawan' and 'Dunki'. 2. Fardeen Khan After almost 11 years, actor Fardeen Khan will put a full stop to his hiatus from the silver screen with 'Visfot', which is the Hindi remake of the Venezuelan film Rock Paper Scissors (2012), which was the Venezuelan entry for Best Foreign Language Film at 85th Academy Awards. It is being directed by Kookie Gulati and also stars Riteish Deshmukh. Fardeen was last seen in the 2010 film Dulha Mil Gaya, in which he co-starred with Sushmita Sen. 3. <keyword id="6357860" type="General" weightage="80" keywordseo="anushka-sharma" source="Orion">Anushka Sharma</keyword> It's a special year for Bollywood diva Anushka Sharma's fans as the actress will make a powerful comeback to films after 4 years. Anushka, who was last seen in Zero, will be seen headling Netflix project 'Chakda Xpress'.'Chakda Xpress' is a sports biopic based on the life of former Indian cricketer Jhulan Goswami. The film also marks Anushka's comeback to films after giving birth to Vamika. 4. <keyword id="2064" type="General" weightage="80" keywordseo="helen" source="Orion">Helen</keyword> Veteran actor Helen has been away from the silver screen ever since she was spotted in Madhur Bhandarkar's Heroine. 2023 is going to be different as you all can see her making her comeback with Abinay Deo's 'Brown', which stars Karisma Kapoor in the lead role. The series is based on Abheek Barua's book called City of Death.

Bollywood actors SRK, Fardeen Khan, Anushka Sharma and Helen to make a comeback to silver screen in 2023 after hiatus

<ul><li>Finance minister Nirmala Sitharaman’s <keyword id="12743893" type="General" weightage="20" keywordseo="Budget-2023" source="Orion">Budget 2023</keyword> has set the tone for the Indian economy’s longer-term future, or the <keyword id="13005152" type="General" weightage="20" keywordseo="Amrit-Kaal" source="Orion">Amrit Kaal</keyword>, as the government put it. </li><li>The broad consensus amongst analysts is that the government’s focus on capital expenditure and conservatism on welfare schemes has improved the quality of spending. </li><li>Going forward, analysts expect cyclical and capital-intensive sectors like infrastructure to benefit from the government’s economic direction. </li></ul>Finance minister Nirmala Sitharaman’s<a href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-emerge-as-the-stars-of-budget-2023-24/articleshow/97521646.cms"> Budget 2023</a> has set the tone for the Indian economy’s longer-term future by making room for fiscal consolidation while still boosting the government’s capital expenditure investments, made possible by cutting down on populism, say analysts. This is crucial especially at a time when the global economy is expected to slow down – according to the International Monetary Fund’s latest<a href="https://www.imf.org/en/Publications/WEO/Issues/2023/01/31/world-economic-outlook-update-january-2023"> World Economic Outlook</a>, the global economy is projected to grow at 2.9% in 2023, significantly lower than the historical average of 3.8%. “The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> has tried to strike some balance between fiscal consolidation and growth, by continuing its focus on capital expenditure and creating fiscal space for that by cutting revenue expenditure,” said a report by CRISIL. Fiscal discipline is an easy casualty in pre-election budgets, since public interest and desire to engage in populism to curry favour with the electorate is at its highest during these times, as far as budgets are concerned. However, analysts expected the government to keep its fiscal consolidation policy on track, and as such, the announcements to cut revenue expenditure did not come as a surprise. “The government continued with its thrust on <keyword id="46930" type="General" weightage="20" keywordseo="capex" source="Orion">capex</keyword>, in-line with our expectation, and did not increase welfare spending,” said a report by Goldman Sachs. <cmsannotation type="cmsannotation" annotationid="Populism out, fiscal prudence in: On expected lines, say analysts" comment="subhead" text="Populism out, fiscal prudence in: On expected lines, say analysts">Populism out, fiscal prudence in: On expected lines, say analysts</cmsannotation> Amongst the populist measures which have seen a cutdown in Budget 2023 are food and fertilizer subsidies, which have been reduced by 31% and 22% year-on-year to ₹1.97 lakh crore and ₹1.75 lakh crore in FY24 respectively. In sharp contrast, capital expenditure outlay has been increased by 33% to ₹10 lakh crore for FY24. When compared to FY19, this is a three-fold increase. Sitharaman said that the government will meet the fiscal deficit target of 6.4% of the gross domestic product (GDP) in FY23, while the FY24 target has been set at 5.9%. Subsequentially, its target for FY25-26 is more ambitious, with the fiscal deficit projected to be less than 4.5%. The claw down on populism has been received well by economists and experts, who have called this year’s budget a “force multiplier”. “In keeping with its focus on inclusive growth, the Union Budget has hiked outlays on infrastructure and agriculture which in our view would have a force multiplier impact on the economy,” said S Ranganathan, head of research at LKP Securities. Sitharaman also announced that the gross borrowings are estimated at ₹15.43 lakh crore in FY24, lower than the Economic Survey 2023 estimate of ₹15.77 lakh crore. This should also lead to a moderation in the 10-year bond yields to 7-7.1% in FY24, according to Abheek Barua, chief economist, HDFC Bank. <cmsannotation type="cmsannotation" annotationid="Preparing for a world with slower economic growth" comment="subhead" text="Preparing for a world with slower economic growth">Preparing for a world with slower economic growth</cmsannotation> With analysts expecting a slowdown in the world economy, analysts say the Budget has been set with this in mind – this is evident from the government’s smarter allocation of funds to capex while trimming down welfare schemes. The government also expects a moderation in the GDP growth going forward – the Indian economy is projected to grow 7% in FY23, further moderating to 6-6.8% in FY24. However, brokerages are relatively conservative in their estimates, pegging GDP to grow between 6% to 6.5% in FY24. “Slower global growth will hit India’s exports, while tight financial conditions in the country could weaken domestic demand, cumulatively leading to lower revenue growth compared with this fiscal,” said the CRISIL report. On the flip side, moderating inflation will help the government in reducing its food and fertilizer subsidy bills, the report added. The slowdown in exports, combined with the thrust on capex mean that the Indian economy’s growth will be aided by domestic demand instead, according to the analysts at KPMG. “The lending capacity of banks having cleaner balance sheets, the ability of companies with lower debt to borrow, and the government’s digital investments are three key growth magnets for the coming years,” the financial advisory firm said in its report. <cmsannotation type="cmsannotation" annotationid="Fiscal deficit targets ‘ambitious’, but ‘quality’ of spending better" comment="subhead" text="Fiscal deficit targets ‘ambitious’, but ‘quality’ of spending better">Fiscal deficit targets ‘ambitious’, but ‘quality’ of spending better</cmsannotation> However, analysts at Motilal Oswal noted that the government’s fiscal deficit target of 4.5% in FY25-26 could prove to be a challenge. “It is possible only and only if the government keeps its spending growth extremely muted for the subsequent two years, thus restricting its ability to support economic growth,” the brokerage said. It added that the ambitious spending cuts could result in the government falling short of its target in FY24 – either in terms of fiscal deficit, or the market borrowing target it has set for itself. “Government continues to focus on better spending quality,” the brokerage said, given that the focus was on capex over welfare measures. <cmsannotation type="cmsannotation" annotationid="‘Positive for infrastructure and capex-sensitive sectors’" comment="subhead" text="‘Positive for infrastructure and capex-sensitive sectors’">‘Positive for infrastructure and capex-sensitive sectors’</cmsannotation> The broader consensus amongst analysts is that the spending allocations have been done in a smart manner. A moderation in subsidies and allocation of more funds for capex are expected to hit two targets with a single stone, being lower fiscal deficit, and keeping the economy chugging along. “Our equity strategists view the budget as positive for infrastructure and capex-sensitive sectors, given the large capex outlays in the budgets. Our sector analysts also think that the budget is positive for industrials and infrastructure,” said a Goldman Sachs report. The government’s capex push will benefit infrastructure and capex-sensitive sectors. As far as the markets are concerned, analysts believe<a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms"> cyclical and capital-intensive stocks will benefit the most</a>. “We prefer BFSI, IT, Industrials, Auto and Cement while we are underweight on Energy in our model portfolio,” said Motilal Oswal, adding that going forward, factors like the upcoming policy meet of the Reserve Bank of India will be important to understand the monetary direction in the near-term. Earlier, a report by ICICI Securities had outlined how cyclical and capital-intensive stocks have outperformed since FY21. The central bank’s expectation of a revival of India Inc’s capital expenditure cycle, and now the government’s capex push has aligned the stars for cyclical and capital-intensive stocks to continue performing well. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-says-it-would-not-have-been-morally-correct-to-continue-with-adani-enterprises-fpo/articleshow/97542675.cms">Gautam Adani says it would not have been ‘morally correct’ to continue with Adani Enterprises FPO</a> <a href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-emerge-as-the-stars-of-budget-2023-24/articleshow/97521646.cms">Income tax bonanza, capex push emerge as the stars of Budget 2023-24</a> <a href="https://www.businessinsider.in/budget/news/indian-economy-projected-to-grow-between-6-6-8-in-fy24-says-economic-survey-2023/articleshow/97489284.cms">Indian economy projected to grow between 6-6.8% in FY24; private capex necessary for job creation: Economic Survey 2023</a>

Budget for the Amrit Kaal: Powered by capex, rooted in fiscal consolidation

<ul><li>Finance Minister of India <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will present the Union Budget on February 1, 2022.</li><li>This will be the 10th budget that the BJP government led by Narendra Modi presents.</li><li>Huge expectations are pinned to the upcoming budget as it comes at a time when the country is fast recovering from the slowdown across multiple sectors due to COVID-19.</li></ul>The Union Finance and Corporate Affairs Minister Nirmala Sitaraman is expected to present the budget on February 1. This budget will be the fourth one presented by the Narendra Modi led BJP government during its second tenure. The Budget session will start at the Parliament around 11 am on February 1, 2022. Year on year, the Union Government generally hosts the customary Halwa Ceremony to mark the final stage of the Union Budget making process. However, in compliance with the pandemic necessitated safety protocols, this year sweets were distributed to the core staff at their own workplaces. <cmsannotation type="cmsannotation" annotationid="What is special about the 2022 budget?" comment="subhead" text="What is special about the 2022 budget?">What is special about the 2022 budget?</cmsannotation> Setting a new trend, the Union Budget of 2021-22 was presented in paperless form for the first time in the history of the country. Budget 2022-23 will also follow the same trend in furthering environmental friendly initiatives. Also, the government had launched a ‘Union Budget Mobile App’, which facilitated hassle-free access of the budget documents for the members of parliament (MPs) and the general public in the country. Once the Budget session is complete on February 1, 2022 in the parliament, Union Budget 2022-23 will also be available on the Mobile App. The mobile app will provide full access to around 14 Union Budget-related documents, including the budget speech, annual financial statement (budget), finance bills prescribed by the constitution, and demand for grants (DG). This mobile app will be made available in Hindi and English. It will be made available on Android and iOS platforms. ‘The Union Budget Mobile App’, will be available for download on the Union Budget website (<a href="http://www.indiabudget.gov.in">www.indiabudget.gov.in</a>). General public can also download the budget documents on this website. <cmsannotation type="cmsannotation" annotationid="Latest media reports about Budget 2022" comment="subhead" text="Latest media reports about Budget 2022">Latest media reports about <keyword id="10547300" type="General" weightage="20" keywordseo="budget-2022" source="Orion">Budget 2022</keyword></cmsannotation> There will not be any zero hour scheduled in the parliament on January 31 and February 1. Arrangements have been made for the Rajya Sabha leaders to meet virtually on January 31. The parliament is all set to comply with all the COVID-19 protocols strictly during the budget session. <cmsannotation type="cmsannotation" annotationid="Expert remarks on Budget 2022-23" comment="subhead" text="Expert remarks on Budget 2022-23">Expert remarks on Budget 2022-23</cmsannotation> Abheek Barua, chief economist of HDFC Bank said, “Unlike last year when the US Federal Reserve was unleashing a deluge of liquidity in the international banking system, in 2022 the Indian government is drawing up its annual budget at a time when global financial conditions are not quite so conducive. With the Fed signaling an aggressive rate hike path, the degree of monetary support that the Reserve Bank of India has the room to extend is now constrained and the government may therefore have to rely more on fiscal ammunition to ensure that the country’s growth recovery remains on track.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/rupee-is-likely-to-weaken-against-the-us-dollar-in-2022-as-per-experts/articleshow/89218673.cms">Experts say the rupee is likely to weaken against the US dollar this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/explained-indias-annual-economic-survey/articleshow/89201135.cms">EXPLAINED: India’s annual Economic Survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/with-covid-expenses-rising-taxpayers-need-more-than-an-insurance-rebate-says-a-wealth-manager/articleshow/89199947.cms">With COVID expenses rising, taxpayers need more than an insurance rebate, says a wealth manager ⁠</a>

Union Budget 2022: Time, date and other details you need to know

<ul><li>Income tax bonanza for the salaried class and the government’s capital expenditure push have emerged as the stars of Budget 2023-24.</li><li>While the income tax exemptions are expected to increase disposable incomes of taxpayers and thereby boost demand, the capex push is aimed at promoting growth and increasing job opportunities, say experts.</li><li>The government also announced a slew of measures for the agriculture and green energy sectors, promoting the use of technology to boost output and transition to green energy.</li></ul>An upward revision in income tax slabs and a continued push on capital expenditure investments emerged as the key highlights of the Union Budget 2023-24. While the revised tax slabs under the new tax regime will benefit the middle-class and salaried individuals, the government also announced a 33% increase in its capital investment outlay for FY24 to boost growth and promote job creation. “We are steering an ambitious people-centric agenda to address global challenges and to facilitate sustainable economic development,” finance minister Nirmala <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> said, announcing the budget. Despite an increase in capital expenditure outlay, the government has continued on its path of fiscal consolidation. Sitharaman said that while the government will meet the fiscal deficit target of 6.4% in FY23, it has been reduced to 5.9% in FY24, and further below 4.5% in FY 25-26. Sitharaman also announced that the gross borrowings are estimated at ₹15.43 lakh crore in FY24, lower than the Economic Survey 2023 estimate of ₹15.77 lakh crore. “This budget is a Bahubali budget. With one arrow multiple targets are shot. Fiscal prudence is achieved with lower deficit and path set till FY26. Consumption is supported through tax cuts. Investment outlay is enhanced. Numbers are realistic or conservative to enhance the credibility,” said Nilesh Shah, managing director, Kotak Mahindra Asset Management Company. <cmsannotation type="cmsannotation" annotationid="Here are all the major announcements of Budget 2023-24" comment="subhead" text="Here are all the major announcements of Budget 2023-24">Here are all the major announcements of Budget 2023-24</cmsannotation> Slabs for income tax computation enhanced under the new regime: Under the new income tax regime, individuals with an annual income of up to ₹9 lakh will now have to pay an income tax of ₹45,000, which is an effective tax rate of 5%. The government has also increased the limit for rebate under section 87A of the Income Tax Act to ₹7 lakh from ₹5 lakh earlier. The following are the new tax slabs: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Slab </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹0-3 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3-6 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6-9 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9-12 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12-15 lakh </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15 lakh and above </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> In addition to this, there’s good news for salaried individuals as well, with the standard deduction being hiked to ₹52,500 from ₹50,000 earlier. Further, the tax exemption limit for leave encashment has been raised from ₹3 lakh to ₹25 lakh. Lastly, the new income tax regime will be applicable by default going forward. However, assessees will have an option to opt out and file their returns under the old regime. “More money in the hands of the middle class will have a cascading effect across the economy which needs this push as we continue to depend on domestic demand to beat the global uncertainty,” Sanjeev Krishan, chairperson, PwC in India. Capital expenditure outlay gets a major boost: In a bid to promote growth and job creation, the government has announced a 33% increase in capital expenditure outlay to ₹10 lakh crore for FY24, or about 3.3% of the gross domestic product (GDP). The capex outlay for FY23 is estimated at ₹7.5 lakh crore. Sitharaman outlined that infrastructure is one of the seven priorities of the government, which is now backed by the 33% increase in capex outlay for this segment. Overall, the government’s capex outlay has increased over three-fold from ₹3.1 lakh crore in FY19 to ₹10 lakh crore in FY24. Here’s how the government’s capex spending has trended since 2019 <div type="image" title="Capex spending FY19-FY24." msid="97524051" hostid="261" sizebytes="16064" caption="&amp;lt;p&amp;gt;Indian government&amp;#39;s capex spending trends since FY19&amp;lt;/p&amp;gt;"></div> “This is a positive development for domestic commercial vehicle space and more so for medium and heavy commercial vehicle (M&amp;HCV) domain,” said ICICI Direct. The government announced an allocation of ₹2.7 lakh crore for roadways and ₹2.4 lakh crore for railways. “A 33% increase in capital expenditure to ₹10 lakh crore, the highest ever, will go a long way in building roads, ports, and airports — crucial for making India a reliable investment destination. Investment of ₹2.4 lakh crore in railways is commendable,” said Anand Rathi, founder and chairman, Anand Rathi Group. Apart from this, Sitharaman also announced an outlay of ₹10,000 crore per annum to develop urban infrastructure. The government has also announced a 66% increase in funding for the PM Awaas Yojana to ₹79,000 crore in FY24, which will benefit engineering, production and construction companies. Further detailing the infrastructure push, Sitharaman said that the government has identified 100 critical transport infrastructure projects for steel, ports, fertilizers and other sectors with an investment outlay of ₹75,000 crore, which includes a private sector investment of ₹15,000 crore. Agri Accelerator Fund to encourage innovation: In a bid to promote the adoption of technology in the agriculture sector, the government announced a new Agri Accelerator Fund to promote agri-tech startups in rural areas, with a cluster-based and value chain approach through public-private partnerships. “The proposal to set up an Agri Accelerator Fund for agri-tech startups is a welcome move, and was much anticipated. Agri-tech startups who are focusing on improving the market reach for agricultural products and produce, as well as last mile delivery of products to farmers should benefit from this move,” said Raj Ramachandran, partner, JSA. Sitharaman also announced a slew of measures for the agriculture sector, which are: <ul><li>Increase in agriculture credit target to ₹20 lakh crore, with a special focus on animal husbandry, dairy and fisheries.</li><li>A new sub-scheme of PM Matsya Sampada Yojana with a targeted investment of ₹6,000 crore to further enable activities of fishermen and fish vendors.</li><li>Computerisation of 63,000 primary agricultural credit societies with an investment outlay of ₹2,516 crore.</li></ul>Green energy ambitions get a boost: The government also announced a slew of measures to encourage and promote green energy in India, including ₹35,000 crore priority capital for transition from fossil fuels to green energy. Of this, the specific outlay for National Hydrogen Mission has been set at ₹19,700 crore. The government has set a target of 5 million metric tonnes of hydrogen production capacity by 2030. Key players in the hydrogen space are Mukesh Ambani and Gautam Adani. Their green energy bets, primarily based on green and blue hydrogen, amount to $125 billion. <cmsannotation type="cmsannotation" annotationid="‘Force multiplier’ budget, say analysts" comment="subhead" text="‘Force multiplier’ budget, say analysts">‘Force multiplier’ budget, say analysts</cmsannotation> Overall, the budget has been well-received by experts, with the broad consensus being that this is a growth-oriented budget. “Growth with fiscal consolidation continues to be the continuing theme with capital expenditure at 3.3% of GDP while being committed to the long term 4.5% deficit target. Providing more incentives under the new tax regime to middle class Indians, will also widen the net of those who can invest,” said Radhika Gupta, MD and CEO, Edelweiss Asset Management. Sensex zoomed 1,180 points reacting to the tax announcements made by the government. The tax exemptions under the new regime will increase the disposable income in the hands of taxpayers, according to ICICI Securities, helping boost demand. “In keeping with its focus on inclusive growth, the Union Budget has hiked outlays on infrastructure and agriculture which in our view would have a force multiplier impact on the economy,” said S Ranganathan, head of research at LKP Securities. According to economists, the reduction in fiscal deficit targets for FY24 through FY26 will also offer relief for bond markets, with the 10-year bond yield projected to moderate to 7-7.1% in FY24, according to Abheek Barua, chief economist, HDFC Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-zooms-as-finance-minister-delivers-tax-bonanza-to-middle-class/articleshow/97510050.cms">Sensex zooms 1,180 points as FM delivers tax bonanza to middle-class</a> <a href="https://www.businessinsider.in/budget/news/budget-2023-24-nirmala-sitharaman-speech-highlights-and-updates/articleshow/97512649.cms">Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax</a> <a href="https://www.businessinsider.in/budget/news/government-to-set-up-three-centres-of-excellence-in-artificial-intelligence/articleshow/97520242.cms">Budget 2023 gives a boost to artificial intelligence – government to set up three centers of excellence</a>

Income tax bonanza, capex push emerge as the stars of Budget 2023-24

<ul><li>Some banks are citing a 2018 order from India’s Central Bank, which banned <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> trading, and was quashed by the Supreme Court last year.</li><li>HDFC Bank and State Bank of India are two banks that have reached out to users about crypto investments.</li><li>India’s banks started withdrawing services from crypto exchanges earlier this month.</li></ul>After shutting bank accounts of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> in India, banks are now cautioning customers against dealing in cryptocurrencies. According to <a href="https://www.bloombergquint.com/crypto/hdfc-bank-sbi-card-warn-customers-of-restrictions-if-they-deal-in-cryptocurrencies">reports</a>, some banks have started asking their customers about <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> transactions done through their accounts and sought to deter them from trading in crypto. Notably, HDFC Bank and the State Bank of India (SBI), have reached out to customers. Many users have taken to social media to raise concerns over this issue. “We have observed that your account reflects probable virtual currency transactions, which aren’t permitted as per RBI guidelines,” <a href="https://twitter.com/regaflick/status/1398239917352755202?s=21">said</a> an email from HDFC Bank to Rinku Saini, a content creator, and crypto investor. In this email, the bank is citing a 2018 order from India’s central bank that banned crypto trading “To comply with the regulatory guidelines (RBI vide guidelines DBR.No.BP.BC.104 /08.13.102/2017-18 dated April 06, 2018), the banks are advised to exercise due diligence by closely examining the transactions carried out in the account on an ongoing basis,” the email added. <div type="twitter" handle="RegaFlick" handlename="Rinku Saini" image="http://pbs.twimg.com/profile_images/1203294513885667328/AEufNBWg_normal.jpg" favoritecount="172" retweetcount="48" status="What Is This @HDFC_Bank @HDFCBank_Cares 😒 @pushpendrakum @CryptooAdy @pankjtanwar @CryptoPointHi @cryptokanoon… https://t.co/dAaiVlbu1b" createdat="1622201348000" id="1398239917352755202"></div> Interestingly, the RBI order that was sent in 2018 was quashed by India’s Supreme Court in March last year. The order had asked regulated financial institutions to stop doing business with crypto exchanges and companies. But in its judgement, the Supreme Court cited the lack of “proportionality” in the RBI’s ruling against crypto firms. While the apex court has overturned the ban on crypto trading, RBI has not issued a formal order on this issue. However, earlier this month, the central bank had <a href="https://www.livemint.com/market/cryptocurrency/crypto-exchanges-ops-hit-as-lenders-sever-ties-11621282141905.html">reportedly</a> sent an informal guidance to financial institutions, asking them to steer clear of crypto exchanges and companies. This led banks to withdraw services from these companies, forcing crypto exchanges in India to stop accepting rupee deposits from their users. ICICI Bank, YES Bank, Paytm Payments Bank are some of the leading financial institutions that have cut ties with the crypto world in India. <div type="twitter" handle="NischalShetty" handlename="Nischal (WazirX) ⚡️" image="http://pbs.twimg.com/profile_images/960826344413286400/p8yDflBO_normal.jpg" favoritecount="10143" retweetcount="3315" status="Day 934Top Banks refusing to work with Crypto startups in IndiaWe, the people of crypto, request @RBI to interv… https://t.co/fIEE3TGymw" createdat="1621742603000" id="1396315799720128514"></div> “Day 934. Top banks refusing to work with crypto startups in India. We, the people of crypto, request RBI to intervene &amp; help this industry,” <a href="https://twitter.com/nischalshetty/status/1396315799720128514?s=21">tweeted</a> Nishal Shetty, founder of India’s top exchange, WazirX, on May 23. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">WazirX</a> is owned by the global <keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">crypto exchange</keyword> Binance. Banks caution crypto users <div type="twitter" handle="NagpalManoj" handlename="Nagpal Manoj" image="http://pbs.twimg.com/profile_images/1188312058158125056/MXscSFIO_normal.jpg" favoritecount="288" retweetcount="98" status="HDFC Bank and SBI Credit Card issue advisory on not using their banking facilities for Cryptos (Bitcoins)Say may… https://t.co/d1D2vMcsFb" createdat="1622429706000" id="1399197717696454657"></div> Manoj Nagpal, who works at Outlook Asia Capital, <a href="https://twitter.com/NagpalManoj/status/1399197717696454657?s=20">tweeted</a> both the letters. “Reserve Bank of India has repeatedly through its public notices cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies,” the SBI letter said. “RBI has not given any license/authorization to entities regulated by them to operate in cryptocurrency schemes or any form of virtual currencies such as Bitcoins,” the letter adds. “I received an email threatening withdrawal of banking services because I purchased some crypto. Email cites 2018 RBI guidelines which were quashed by the Supreme Court last year. Given crypto being deliberated by law makers, is this not harassment?” <a href="https://twitter.com/sanatmehrotra/status/1398239413889507328?s=20">tweeted</a> another user. <div type="twitter" handle="sanatmehrotra" handlename="Sanat Mehrotra" image="http://pbs.twimg.com/profile_images/1206828765663248384/QF0MRAfr_normal.jpg" favoritecount="69" retweetcount="26" status="@HDFC_Bank I received an email threatening withdrawal of banking services because I purchased some crypto. Email ci… https://t.co/wiX3vtn9zF" createdat="1622201228000" id="1398239413889507328"></div> That said, the false claims made by the banks seem to be having an impact on some users’ decisions too. “Move with caution in crypto. I became silent on crypto because of such things..We still don’t have a clear picture yet from the RBI. One of my friends got this message from HDFC Bank,” <a href="https://twitter.com/equitymrkt/status/1398264353917259776?s=21">tweeted</a> one user. Regulatory uncertainty Interestingly, HDFC Bank had recently put out a note, which predicted that cryptocurrencies could develop as a potential asset class. In a report titled “Cryptocurrencies: Fad or Forever?”, the bank’s treasury research team noted that it’s only a matter of time before Indian investors have legal access to cryptocurrencies. The treasure research team is led by the bank’s chief economist, Abheek Barua, according to a <a href="https://www.livemint.com/market/cryptocurrency/matter-of-time-before-indians-have-legal-access-to-crypto-hdfc-bank-report-11622184175571.html">report</a> by Mint. The Indian government is still in the process of formulating a bill on cryptocurrencies. And the recent informal guidance from the central bank has caused a bump in the growth trajectory for these companies. Crypto investors in India have been growing fast over the past half a year. In fact, WazirX <a href="https://www.livemint.com/market/cryptocurrency/indias-largest-crypto-exchange-crossed-2-billion-in-trading-volumes-in-feb-11614759147828.html">reported</a> that it crossed $2 billion in trading volumes in February this year. The two most popular cryptocurrencies in the world — Bitcoin and Ethereum — rose to all-time high before witnessing a market correction earlier this month. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-se-3-smartphone-launch-date-specifications-expected-price-in-india/articleshow/83107752.cms">iPhone SE 3 launch date, specifications, price in India and everything else we know so far</a>

Indian banks are reportedly citing a three-year old quashed circular to persuade users against crypto

Mumbai, Feb 1 () Bankers said the Union Budget is a balanced one as it maintains fiscal prudence for the medium-term and also offers more capital spending to support the sagging growth.
 The budget has pegged fiscal deficit at 3.8 percent for the current fiscal and 3.5 percent for the next, Finance Minister Nirmala Sitharaman said while presenting the first full budget of the Modi government's second term.
 Bankers said given the deepening slowdown, the move was much needed and it will boost government spending to support economic growth.
 Welcoming the budget, State Bank of India (SBI) Chairman Rajnish Kumar said the proposals will ensure better infrastructure with better connectivity on one hand and improved healthcare and better access to education on the other and both will have long lasting impacts.
 "The new income tax regime without exemptions is a move to a regime of a simplified and clutter-free taxation," he said, adding the five-fold hike in deposit insurance limit to Rs 5 lakh was long overdue.
 He also said the relaxation in the Sarfaesi norms for NBFCs will lead to better recovery and borrower discipline in this sector. "Overall, the budget numbers are realistic and the staggered transition to a lower fiscal deficit is in perfect consonance with the growth objective," Kumar said.
 HDFC Bank's Chief Economist Abheek Barua sees the budgetary numbers as credible in terms of the fiscal math as it has correctly recognised revenue shortfall this year. "It uses up the 50 bps point leeway that the FRBM Act provides for both FY20 and FY21 which is a welcome step," Barua said.
 The 13 per cent spike in capital expenditure in FY21 with increased allocations for education, healthcare and certain schemes in the agricultural sector are big positives, he said, but was quick to add "that said, this expenditure increase, coupled with income tax cuts, does not seem to suggest a large fiscal stimulus that the current slowdown perhaps warranted."
 The tax breaks offered to foreign investors and specifically to sovereign wealth funds, acknowledge the fact that there is a fundamental mismatch between supply of domestic savings and capital needed for accelerated growth, he said, adding this along with the abolishment of dividend distribution tax is likely to help attract foreign fund flows.
 Budget finely balances the objectives of supporting growth while adhering to fiscal prudence in the medium-term, Standard Chartered India Chief Executive Zarin Daruwala said.
 Yes Bank Managing Director Ravneet Gill said the budget reiterates the goal of fiscal consolidation by targeting a fiscal deficit at 3.5 percent next fiscal year after slipping it by 50 bps at 3.8 per cent for FY20.
 ICICI Bank's B Prasanna said the budget is focused on holistic growth objectives by resorting to the escape clause permitted by the FRBM Act even as the commitment to consolidation remains in place.
 Gill said the higher budgetary provision for the rural sector at 13.4 per cent in FY21 will help boost rural purchasing power.
 On the investment front, increase in the capital expenditure ratio to a four-year high of 1.8 per cent of GDP generates hope of crowding in of private investment, Gill said. 
 While there is an allocation across many segments, the budget does not have a significant thrust on any one particular sector or a "big bang" announcement, Kotak Mahindra Bank's Shanti Ekambaram said, adding "a lot was expected to give a big boost to infrastructure, but perhaps the devil is in the details."
 The rural economy including agriculture, which is a very critical component of the economy, received a lot of granular allocation, she said. 
 Bank of India Managing Director A K Das said the budget is forward looking as it aims to revive demand and growth.
 "The feel good elements include sizeable increase in DICGC insurance threshold, subordinate debt facility and extension of restructuring window for MSMEs, liquidity support to NBFCs and tax holiday in the affordable housing segment," Das said.
 Syndicate Bank Managing Director Mrutyunjay Mahapatra, said the budget is a combination of continuation of the initiatives, prioritisation and incentivisation of key focus areas and a set of new experiments.
 StanChart's Daruwala further said the budget rightly attempts to boost spending by enhancing non-tax revenues through higher disinvestments including stake sale in LIC and IDBI Bank.
 Bandhan Bank's Chandra Shekhar Ghosh said hiking deposit insurance to Rs 5 lakh will help drive confidence among banking depositors.
 DBS Bank India's Surojit Shome said the budget reflects the government intent to boost consumption and support inclusive growth. The revision of the income tax rates and the option for individuals to opt for a simpler and lower tax regime is likely to incentivise consumer spending and stimulate demand, Shome said. HV BEN ABM
ABM

Bankers say balanced budget to spur growth, draw in investment

The <a href="http://www.businessinsider.in/searchresult.cms?query=GST&amp;sortorder=effectivedate">GST Bill</a> has been passed in the Rajya Sabha and now it will go to the <a href="http://www.businessinsider.in/searchresult.cms?query=gst+council&amp;sortorder=effectivedate">GST council</a> for setting down the <keyword id="6412918" type="UNKNOWN" weightage="20" keywordseo="GST-rate">GST rate</keyword> in consultations with the states. 
 
The Council will now have to tread carefully after <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley,</a> while presenting the GST Bill in the Rajya Sabha, said the GST rate is likely to be between 18 and 20 per cent, as advised by the chief economic adviser. 
 
As per economists, the GST rate of 18-20 per cent will cause mild <a href="http://www.businessinsider.in/searchresult.cms?query=inflation&amp;sortorder=effectivedate">inflation</a> and if it is kept higher than 20 per cent, it will lead to high inflation. 
"The more you move away from the standard rate of 20%, the inflationary pressures will rise. Inflationary pressures will depend on how the RNR (revenue-neutral rate, or the rate at which tax revenues will remain the same for Centre and states) is split between standard and low rate," Abheek Barua, chief economist at HDFC Bank, told ET. 
 
"There will be mild inflation...services would become expensive," DK Joshi, chief economist at ratings agency Crisil, told ET, adding “the inflationary pressures will reduce in the medium term because of efficiency gains. 
 
During the GST debate in the Rajya Sabha, former Finance Minister P Chidambaram said if the service tax rate is increased to 23-24%, it will lead to huge inflation and will lead to a backlash. 
 
(Image: Reuters)

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