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India’s political landscape is increasingly being defined by the troubling nexus between crime and politics. A study has highlighted a startling correlation: the election of politicians with criminal records is directly linked to a rise in crime across the country, particularly in states with weaker institutional frameworks. As India's political system continues to grapple with this issue, the societal consequences are becoming clear. <h2>A history of <keyword id="23341122" type="General" weightage="100" keywordseo="criminal-politicians" source="keywords">criminal politicians</keyword></h2><keyword id="21026899" type="General" weightage="20" keywordseo="Pappu-Yadav" source="keywords">Pappu Yadav</keyword>, a veteran politician from Bihar, serves as a prime example of this disturbing trend. Having represented his constituency for nearly 25 years, Yadav has faced 41 criminal cases, including serious accusations of murder and kidnapping. Despite his conviction in 2008, Yadav was acquitted in 2013, and he continues to hold political influence. His case is not unique; the political scene in states like Bihar, Uttar Pradesh, and Madhya Pradesh is littered with politicians facing multiple criminal charges. Anant Singh, another prominent figure from Bihar, holds a political career shadowed by 38 criminal cases, including murder, kidnapping, and attempts to murder. These individuals represent a broader pattern where politicians accused of serious crimes continue to serve in public office despite their criminal backgrounds. "They are getting elected, and over time the number has only been going up," remarks lead author Nishith Prakash. "In some states, it could be as high as almost 40% of people who are representing the state have some kind of a criminal accusation." <h2>Crime begets crime</h2>The research delves into the ramifications of electing criminally accused politicians. The study found that states with a higher number of such politicians also experienced increased <keyword id="22044507" type="General" weightage="20" keywordseo="crime-rates" source="keywords">crime rates</keyword>. For example, states like Bihar, Madhya Pradesh, Rajasthan, Odisha, and Uttar Pradesh, known for their historically weak institutions, have seen crime rise by 4.3% annually with the election of criminal politicians. The number increases to 5.8% when the politicians are accused of serious crimes like murder and kidnapping. <div type="Article" hostid="261" msid="113692670" title="What will it take for Kangana Ranaut’s &amp;#39;Emergency&amp;#39; to finally hit theatres?" mstype="2" mssubtype="0"></div>Prakash notes that weak rule of law and institutional failure create fertile ground for such politicians to not only rise to power but also exacerbate the deteriorating law-and-order situation. When politicians themselves are involved in criminal activities, they often manipulate legal and administrative systems, further weakening law enforcement and emboldening criminal networks. The reign of <keyword id="20122630" type="General" weightage="20" keywordseo="lalu-prasad-yadav" source="keywords">Lalu Prasad Yadav</keyword>, president of the Rashtriya Janata Dal political party in Bihar, illustrates the adverse impact criminal politicians can have. Under his leadership, Bihar’s political environment devolved into what is now infamously known as "Jungle Raj," a period marked by rampant kidnappings for ransom, particularly targeting affluent individuals like doctors and schoolchildren. The researchers note that during this time, the kidnapping industry flourished as criminals enjoyed either direct or indirect support from the state. <h2><keyword id="22404298" type="General" weightage="20" keywordseo="impact-on-women" source="keywords">Impact on women</keyword> and <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword></h2>Beyond the immediate rise in general crime rates, the study revealed alarming statistics regarding crimes against women. Electing criminally accused politicians was found to increase crimes against women by 12.6%. In states where such politicians held office, female labour force participation dropped by 10-11%, as women felt unsafe and chose not to engage in work outside their homes. The research also highlighted the economic toll criminal politicians take on their constituencies. Areas represented by politicians accused of serious crimes saw economic growth lag between 2.3% and 6.5% per year compared to other regions. These leaders often misappropriate public funds, divert resources for personal gain, and enable criminal enterprises, all of which stifle local development. <h2>Legal measures taken</h2>India has made strides in identifying and tracking criminally accused politicians. A landmark 2003 ruling by the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> mandated that candidates for political office must disclose their criminal records, making it easier for voters and institutions to scrutinise their backgrounds. However, the law only disqualifies convicted individuals from running for office, allowing accused politicians to continue their political careers while facing serious charges. <div type="Article" hostid="261" msid="113446721" title="It&amp;#39;s not just the rhetoric — apathy and jokes could be fueling a spiral of retaliatory political violence, expert warns" mstype="2" mssubtype="0"></div>The research conducted by Prakash and his team has caught the attention of Indian courts and the Election Commission. While reform is slow, there is growing recognition that the quality of political leadership has a profound impact on societal outcomes, from crime rates to economic performance. "The quality of politicians matters," Prakash notes. "Who you elect has implications on outcomes that we care about. It could be economic growth, it could be crime against women, it could be labour force participation. These are very important outcomes for society and the economy." The findings of this research have been published in Journal of Law Economics and Organization and can be accessed <a href="https://docs.iza.org/dp15259.pdf">here</a>.

Not only does electing “criminal” politicians often lead to an increase in crime in India, it can also be terrible for the economy: study

Starting a family is supposed to be a beautiful and rewarding life experience for those who choose to go down that path. But for many LGBTQ+ couples, this path is far from straight-forward and often riddled with thorns and obstacles, financial ones, in particular. Sperm donors, egg donors, surrogates or gestational carriers don’t come cheap, after all. As per multiple reports, more and more same-sex couples are turning to treatment options like in vitro fertilisation (<keyword id="19910347" type="General" weightage="100" keywordseo="IVF" source="keywords">IVF</keyword>) over more traditional routes like donor insemination. And, to no one’s surprise, they do face immense inequality in the healthcare and insurance systems as well. While this affliction is no doubt affecting queer people worldwide, those in the US have reportedly found it more difficult to receive <keyword id="21580039" type="General" weightage="20" keywordseo="fertility-coverage" source="keywords">fertility coverage</keyword> than heterosexual couples. For the unversed, IVF is expensive, to say the least — and we’re talking thousands-of-dollars-expensive. On average, an IVF cost in the US for a single cycle starts from $18,000. The inclusive cost covers 1 IVF + 1 Transfer of own eggs and 1 IVF with an egg donor, which will cost $25,000, roughly over ₹20 Lakhs! And low success rates of such procedures worldwide make this a fairly huge gamble. But all’s not lost yet. Recently, Emisil.com ranked various countries globally to shed light on a global landscape of options for <keyword id="21580038" type="General" weightage="20" keywordseo="queer-couples" source="keywords">queer couples</keyword> looking at IVF in hopes of empowering them to find the right fit for their budget and desired outcomes. Turns out, for those working with a tight budget, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> might be the most pocket-friendly option. IVF procedures using donor sperm can be as low as $2,095, making it a prime destination for affordability. With a success rate averaging 40%, this makes it a great option for budget-conscious couples. France offers a sweet spot between affordability and IVF success rates. While costs are double at $4,600, the success rates climb to 60% here. This balance makes it a strong contender, especially in Europe. Another European destination offering a similar balance is Greece. IVF using one's own eggs costs around $3,450, with the success rate being 57.9%. Similarly, Latvia offers affordable donor sperm and moderate success rates, attracting cost-conscious couples seeking positive outcomes. However, for those couples that can take the financial burden, North Cyprus might be the best option. With a staggering 80% success rate, this Turkish destination boasts the highest in the world. While IVF with own eggs cost $3,162.00, the procedure costs around $13,800.00 with donor eggs. Other great options include Denmark, with its excellent <keyword id="20228173" type="General" weightage="20" keywordseo="healthcare-system" source="keywords">healthcare system</keyword> and competitive IUI pricing, and Finland, due to its social healthcare system adding another layer of security. But it is important to note that this ranking based on costs is just a starting point, Couples must take into account travel logistics and prioritise consultations with fertility specialists. We wish LGBTQ+ couples luck with finding their right fit for building a family. To see the full research and more detailed data please visit this <a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vSzVKfMWxNoNVSY4ljLcY7QU76QZ033iCG17S5uhKT6rRKox2BhYmhQKceF1EOp186Npc-vzu2pNY2I/pubhtml?gid=975345683&amp;single=true&amp;urp=gmail_link">link</a>. The research was conducted by Emisil; access their website <a href="https://www.emisil.com/" data-type="tilCustomLink">here</a>. Content discretion is advised.

India might just be the cheapest option for queer couples looking to have a baby via IVF!

<keyword id="21333142" type="General" weightage="100" keywordseo="Indias-population" source="keywords">India's population</keyword> is projected to peak in the early 2060s at about <keyword id="22386427" type="General" weightage="20" keywordseo="1-7-billion" source="keywords">1.7 billion</keyword> and then decline by 12%, but the country will remain the world's most populous throughout the century, the <keyword id="19896118" type="General" weightage="20" keywordseo="United-Nations" source="keywords" meta.keywordsubtype="org" meta.entityname="United Nations" meta.hostid="153" meta.entityid="United Nations">United Nations</keyword> has said. The World Population Prospects 2024 report, released on Thursday, said that the world's population is expected to continue growing over the coming 50-60 years, reaching a peak of around 10.3 billion people in the mid-2080s, significantly up from 8.2 billion in 2024. After peaking, the global population is projected to start declining gradually, falling to 10.2 billion people by the end of the century. India, which surpassed <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> as the world's most populous nation last year, will continue to hold that position through 2100. "The population of India, which is expected to remain the world's largest throughout the century, will likely decline by 12% after reaching its peak in the early 2060s at about 1.7 billion," the <keyword id="19898339" type="General" weightage="20" keywordseo="UN" source="keywords">UN</keyword> report published by the United Nations Department of Economic and Social Affairs (DESA), <keyword id="271075" type="General" weightage="20" keywordseo="population-division" source="Orion">Population Division</keyword> said. According to the report, India's population in 2024 is projected at 1.45 billion and this will peak to 1.69 billion in 2054. After this, India's population is projected to decline to 1.5 billion by the end of the century in 2100, but the country will still remain the most populous nation on Earth. Responding to a question by PTI on population projections for India, Senior Population Affairs Officer, Population Division, <keyword id="6355835" type="General" weightage="20" keywordseo="un" source="Orion">UN</keyword> DESA Clare Menozzi said at a press conference that "India is currently the largest country in the world in terms of population, and it is projected to stay so throughout the century. The population is currently estimated at 1.45 billion, and it's supposed to increase further to 1.69 billion. "It's supposed to peak around the 2060s in size and then it starts to slightly decline. So by the end of the century, India is projected to be around 1.5 billion, but will still the largest country in the world by a large margin." The report said that China's population, currently 1.41 billion in 2024, will fall to 1.21 billion in 2054 and further decline to 633 million by 2100. "It is anticipated that China, the country currently with the world's second-largest population, will likely experience the largest absolute population loss between 2024 and 2054 (204 million)," followed by <keyword id="6355311" type="General" weightage="20" keywordseo="Japan" source="Orion">Japan</keyword> (21 million) and <keyword id="6358826" type="General" weightage="20" keywordseo="Russia" source="Orion">Russia</keyword> (10 million). "Longer-range population projections are more uncertain" for China, it said. "However, due to its large size and sustained low level of fertility, China is also likely to record the largest population decline of any country through the end of the century (786 million people). By 2100, China is projected to have lost more than a half of its current population and to have returned to a population size comparable to that recorded in the late 1950s (50% probability)." Responding to a question on the significantly low population projection for China, Director of the Population Division at UN DESA John Wilmoth said that "it really relates to the level of fertility that's observed currently in China. The current number is right around one birth per woman on average over a lifetime." "Given that you need 2.1 births to maintain the current population without migration, if fertility levels remain at such a low level, even if they come up slightly, any fertility level if it's below two, or especially below 1.8 or below 1.5, you're really getting into low levels of fertility and it produces a long run decline that's quite significant. And that's true for China. It's true for some other countries in this analysis," Wilmoth said. Currently, nearly one-fifth of all countries and areas, including China, Italy, the Republic of Korea and Spain, are experiencing what is sometimes referred to as "ultra-low" fertility, with fewer than 1.4 live births per woman over a lifetime. The report added that the global fertility rate currently stands at 2.25 live births per woman, down from 3.31 births in 1990. "More than half of all countries and areas globally have fertility below the replacement level of 2.1 live births per woman. This is the level required for a population to maintain a constant size in the long run (without migration), with each generation being followed by another of roughly equal size," it said. Pakistan is projected to overtake the US as the third-largest country in the world, with a population of 389 million in 2054. Currently, the US is the third largest country in the world with a population of 345 million and in 2054, it will be the fourth largest with 384 million people. Pakistan will remain the third largest country in the world, with a population of 511 million people in 2100. The report said that the estimated likelihood that the world's population will peak within the current century is very high, with a probability of 80%, a major change in UN projections from a decade ago, when this probability was around 30%. The size of the world's population in 2100 is now expected to be 6%smaller - or about 700 million people fewer - than anticipated a decade ago. In about 126 countries and areas, the population is likely to continue growing through 2054, potentially reaching a peak later in the century or beyond 2100. This group includes several of the world's most populous countries: India, Indonesia, Nigeria, Pakistan and the United States of America. In 2023, the global number of deaths among children under age 5 fell below 5 million for the first time in recent history. However, 95% of such deaths took place in the 126 countries with populations that are still growing, including the Democratic Republic of the Congo, India, Nigeria and Pakistan. The report added that globally, life expectancy at birth reached 73.3 years in 2024, an increase of 8.4 years since 1995. Further reductions in mortality are projected to result in an average longevity of around 77.4 years globally in 2054. Since 2022, life expectancy has returned to levels observed before the emergence of the coronavirus disease in nearly all countries and areas. At the height of the COVID-19 pandemic during 2020 and 2021, global life expectancy at birth fell to 70.9 years, down from 72.6 in 2019. The report said that by 2080, persons aged 65 or older will outnumber children under 18. "By the late 2070s, the number of persons at ages 65 years and higher globally is projected to reach 2.2 billion, surpassing the number of children (under age 18). By the mid-2030s, it is projected that there will be 265 million persons aged 80 years or older, more than the number of infants (1 year of age or less)," it said.

India's population to peak in early 2060s to 1.7 billion before declining: UN

<ul><li>It’s gratifying that the government assured it will not diverge from the original spirit of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003. </li><li>Willingness and ability to invest comes from higher disposable incomes. <keyword id="14925728" type="General" weightage="20" keywordseo="budget-2023-24" source="Orion">Budget 2023-24</keyword> has taken several initiatives to boost disposable income levels of the Indian tax payers. </li><li>The capex outlay of ₹10 trillion and the railway capex allocation of ₹2.4 trillion is likely to be value accretive for several sectors like cement, EPC contractors, railway wagons, signalling systems. </li></ul>Stock markets expect a macro environment that promotes economic <keyword id="42546" type="General" weightage="20" keywordseo="growth" source="Orion">growth</keyword>, without stretching the fiscal deficit. The Union Budget managed this tightrope rather well. Budget 2023-24 reiterated the first advance estimate of FY23 GDP at 7%, which positions India as the fastest-growing large economy. The Union Budget announced an agricultural credit target of ₹20 trillion for FY24, in a bid to boost agricultural growth and farm incomes, while the capex outlay has expanded 33% to ₹10 trillion or 3.3% of GDP. Effective capex is ₹14.5 trillion or 4.5% of GDP. If growth is one side of the story, the other side is fiscal conservatism. The FM confirmed that FY23 will see the government sticking to its 6.4% fiscal deficit target. Along expected lines, the fiscal deficit for FY24 has been cut by 50 basis points to 5.9%. Budget has also provided a glide path to reach a 4.5% fiscal deficit by 2025-26. This glide path should serve to boost the confidence of global investors and rating agencies about the India story. What is gratifying is that the government has assured it will not diverge from the original spirit of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003. More disposable income in the hands One of the key triggers of capital market robustness is the willingness and ability to invest. That comes from higher disposable incomes. Budget 2023-24 has taken several initiatives to boost disposable income levels of the Indian tax payers. The budget has acceded to the long standing demands of raising basic exempt incomes. While the Budget did not alter the rebate system, it has raised the basic exemption limit to ₹3 lakh and effectively made income up to ₹7 lakh fully tax-free. This would still be in the form of rebate and subject to signing up for the next tax regime. Budget 2023-24 has sought to make the new tax regime more attractive by raising the basic tax free income. While most exemptions are being done away with, standard deduction will continue in the new tax regime. This is likely to make the new tax regime more attractive and also put more disposable income in the hands of people. The Budget also addressed the demands of higher income groups by cutting the peak effective tax rate from 42.7% to 39%, to bring it closer to global benchmarks. The above tax changes are likely to have a positive impact on capital market robustness. Sectoral gainers from Union Budget 2023-24 There are several gainers from Union Budget announcements. <ul><li>The capex outlay of ₹10 trillion and the railway capex allocation of ₹2.4 trillion is likely to be value accretive for several sectors. These include manufacturers of cement, EPC contractors, railway wagons, signalling systems etc. </li><li>Investment of ₹75,000 crore in 100 critical transport infrastructure projects will boost steel, aluminium and logistics companies. The ₹10,000 crore outlay for urban infrastructure and higher focus on affordable housing will benefit cement, construction and home finance. </li><li>The government decision to set up 100 labs to develop applications for 5G services will be positive for telecom and fibre optic companies. The enhancement in agricultural credit limit to ₹20 trillion will be a boost for Indian companies into seeds, tractors, farm equipment etc. </li><li>The reduction in customs duty on acid fluorspar will benefit fluorine chemistry players while the focus on organic and micro farming will boost fertilizer and agrochemical companies. Reduced import duties on shrimp feed will benefit shrimp farming companies while lower customs on lithium ion equipment will favour new age battery companies. </li></ul>Overall, this is a growth oriented budget with focus on fiscal prudence. Both consumption and capex, the twin engines of growth are set to fire. This is a twin engine budget. (The author is the Chairman of IIFL Securities)

Budget to boost confidence of global investors and rating agencies on the India story

<ul class="summary-list"><li>Some Chinese cities will fund fertility treatments to combat low birth rates.</li><li>Beijing announced it would cover more than a dozen fertility treatments, including IVF.</li></ul>Bejing announced it would start covering fertility treatments in July as China scrambles to reverse a declining birth rate.Beijing's government said this week it would cover more than a dozen fertility treatments, including IVF, embryo transplantation, and freezing and storing semen, <a href="https://www.reuters.com/world/china/beijing-cover-ivf-other-fertility-treatments-couples-july-2023-06-15/" target="_blank" rel="noopener">Reuters</a> reported. The announcement comes as China, long the world's most populated country, faces its <a href="https://www.reuters.com/world/china/chinas-population-shrinks-first-time-since-1961-2023-01-17/" target="_blank" rel="noopener">first population decrease</a> in 60 years. Births fell to a record low of 6.77 per 1,000 people in 2022, Reuters reported. The population decline could mean that India will soon have the world's most people, if not already.According to the United Nations, China reached a peak of 1.426 billion people in 2022, and experts predict the population could drop below 1 billion by the year 2100. A declining population in China could have severe implications for its future economic health.Bejing is not the only city in China announcing sweeping fertility changes. Some other cities are loosening restrictions on who can access fertility treatment.Previously, the national policy required women to be married in order to register children and access treatments like IVF and egg freezing, Reuters reported. Government advisors suggested earlier this year that single women should also be permitted access to fertility treatments, though key Chinese leaders have not yet publically commented on the issue. The country is still awaiting a court verdict in the <a href="https://www.reuters.com/world/asia-pacific/chinese-woman-seeking-freeze-her-eggs-makes-final-appeal-beijing-court-2023-05-09/" target="_blank" rel="noopener">landmark case of Teresa Xu</a>, a 35-year-old unmarried Chinese woman who sued a Bejing hospital in 2019 for refusing to let her freeze her eggs due to her marital status. "If (the country) decides to allow single women to freeze their eggs from the standpoint of encouraging childbirth, this will definitely help single women to have children," Xu previously said, according to a <a href="https://www.reuters.com/world/asia-pacific/chinese-woman-seeking-freeze-her-eggs-makes-final-appeal-beijing-court-2023-05-09/" target="_blank" rel="noopener">Reuters</a> report. Meanwhile, private clinics in the southwestern Chinese province of Sichuan have already begun allowing unmarried women access to fertility treatments, including IVF, <a href="https://www.reuters.com/world/china/china-weighs-giving-single-women-ivf-access-stem-population-decline-2023-04-29/" target="_blank" rel="noopener">Reuters</a> reported.

Beijing is offering to pay for IVF and most other fertility treatments after China recorded its first population decline in more than 60 years

Betul (Goa), <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is likely to sign a USD 78 billion deal to extend <keyword id="19905315" type="General" weightage="20" keywordseo="lng" source="keywords">LNG</keyword> imports from Qatar by another 20 years till 2048 at rates lower than current prices, sources said. <keyword id="20475720" type="General" weightage="20" keywordseo="petronet-lng-ltd" source="keywords">Petronet LNG Ltd</keyword>, India's biggest liquefied natural gas (LNG) importer, is likely to sign a deal with QatarEnergy to extend a 2004 deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting to CNG, on the sidelines of India Energy Week (IEW) here. Sources said the renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. <keyword id="20387238" type="General" weightage="20" keywordseo="petronet" source="keywords">Petronet</keyword> imports 8.5 million tonne per year (MTPA) of LNG from Qatar under two contracts. The first 25-year deal is to expire in 2028 and is now being extended for 20 additional years. The second deal for 1 MTPA entered into in 2015, will be negotiated separately, sources said. Qatar's energy minister and top officials of QatarEnergy are attending the IEW here. India, the world's third biggest energy consumer, sees natural gas as a transition fuel for migrating to net zero carbon emissions by 2070. As part of this, the government is targeting to raise the share of natural gas in the country's energy mix to 15 per cent by 2030 from 6.3 per cent now. Sources said the current deal is priced at 12.67 per cent of prevailing Brent crude oil prices plus a fixed component of USD 0.52 per million British thermal unit. Under the new contract, the slope would remain more or less the same but the fixed charge of USD 0.52 would be scrapped, they said. Also, India will save an additional USD 0.30 per mmBtu on shipping charges as Qatar has agreed to convert the deal to Delivered Ex Ship (DES) from Free on Board (FOB), thereby undertaking responsibility of shipping. At USD 80 per barrel Brent crude oil price, the annual 7.5 MTPA import will cost USD 3.9 billion annually and over a 20-year period it would total to over USD 78 billion. While 7.5 MTPA of LNG is bought by Petronet, the firm's promoters state-owned Indian Oil Corp (<keyword id="19942852" type="General" weightage="20" keywordseo="ioc" source="keywords">IOC</keyword>), Bharat Petroleum and GAIL (India) buy a combined 1 MTPA of LNG. Sources said the new deal will allow the Indian buyers to decide which terminal in India will receive cargoes. Under existing deals, Qatar delivers LNG at Dahej in Gujarat. Sources said the freedom to decide on the arrival terminal will result in additional savings in cost for transporting the fuel through pipelines within the Indian grid.

India to sign $78 billion deal to extend Qatar LNG imports

<ul><li>Consumer price inflation or retail inflation could cool down by 50-60 basis points, predicts <keyword id="6431877" type="General" weightage="80" keywordseo="care-ratings" source="Orion">CARE ratings</keyword>. </li><li>Monetary tightening across the globe could lead to more foreign investor outflows and impact Indian exports due to global growth. </li><li>Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. </li></ul> The many <a href="https://www.businessinsider.in/india/news/five-things-the-indian-government-has-done-to-reduce-the-burden-of-inflation/slidelist/91788832.cms">interventions that the Indian government</a> has undertaken in the last two weeks could soften the consumer price inflation or retail inflation by 50-60 basis points, predicts CARE Ratings. But taking the pressure off Indian households will come at a cost to the government. Its subsidy bills – due to the additional fertilizer subsidy and <keyword id="6360114" type="General" weightage="50" keywordseo="lpg" source="Orion">LPG</keyword> cylinder subsidy, coupled with lower revenue earnings due to duty cuts on petrol and diesel – will stress its finances, the agency said. 100 basis points make up 1%. Apart from direct actions like duty cuts and subsidy, the government also <a href="https://www.businessinsider.in/international/news/not-just-india-many-countries-are-protecting-their-wheat-to-keep-daily-bread-affordable/articleshow/91733019.cms">banned wheat exports</a>, <a href="https://www.businessinsider.in/stock-market/news/shree-renuka-balrampur-chini-dalmia-sugar-shares-plunge-on-export-curb-reports/articleshow/91766919.cms">curbed sugar exports</a>, waived import duty on raw materials for <a href="https://www.businessinsider.in/stock-market/news/heres-why-all-steel-stocks-like-tata-steel-sail-jindal-jsw-down-today/articleshow/91735433.cms">steel</a> — all to ensure that inflation cools down from its eight year high in April. “The budgeted target of fiscal deficit to GDP is likely to be met given the support from higher tax revenue collection and nominal GDP growth,” CARE said. As per <a href="https://www.businessinsider.in/policy/economy/news/heatwave-and-high-commodity-prices-drag-down-march-quarter-and-fy22-gdp-estimates/articleshow/91811628.cms">SBI Ecowrap estimates</a>, another ratings agency, the GDP for the January to March quarter could grow sluggishly at 2.7%. This is half of what it was in the quarter ending December. Moody’s too revised its <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s annual GDP growth for 2022 to 8.8% from its former estimate of 9.1%. Heatwave and high commodity prices thanks to the Russia-Ukraine war played spoilsport to an economy that was slowly recovering from the after-effects of Covid-19. <cmsannotation type="cmsannotation" annotationid="More FII outflows in the offing" comment="subhead" text="More FII outflows in the offing">More <keyword id="46756" type="General" weightage="80" keywordseo="fii" source="Orion">FII</keyword> outflows in the offing</cmsannotation> Monetary tightening across the globe could lead to <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">more FII outflows</a> and impact Indian exports due to global growth. “Rupee [is] under pressure in response to widening current account deficit and FII outflows. Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. We expect USD/INR to move in the range of 77-80 in the first half of FY23,” CARE said. <cmsannotation type="cmsannotation" annotationid="Consumer sentiments are likely to be further hit by rising inflation" comment="subhead" text="Consumer sentiments are likely to be further hit by rising inflation">Consumer sentiments are likely to be further hit by rising inflation</cmsannotation> Apart from clothing, fuel and light segments, food was the major driver in April contributing 47% to the <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">overall inflation</a>. Cooking oil, wheat and vegetable prices soared high in the month due to various factors ranging from war to heatwave. The <a href="https://www.businessinsider.in/india/news/tomatoes-brinjal-and-green-vegetable-prices-soar-and-will-keep-going-up-due-to-rains/articleshow/91802500.cms">vegetable prices have also started to harden</a> in anticipation of monsoons which have already started in states like Kerala and <keyword id="6354780" type="General" weightage="50" keywordseo="karnataka" source="Orion">Karnataka</keyword>. The consumer demand for both durables and non-durables fell into the negative trajectory, due to rising prices. “Poor performance in IIP consumer goods signals weakness in consumption demand. Consumer sentiments are likely to be further hit by rising inflation. Uptick in rural inflation likely to dampen the fragile rural demand recovery,” CARE said. The rural inflation which has a higher basket of food prices in it, grew at 8.4% as compared to urban inflation which is at 7.1% for the month of April. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis</a> <a href="https://www.businessinsider.in/business/corporates/news/hul-britannia-and-itc-can-now-breathe-easy-say-analysts-from-inflation-and-even-stagflation-worries/articleshow/91805152.cms">HUL, Britannia and ITC can now breathe easy say analysts – from inflation and even stagflation worries</a> <a href="https://www.businessinsider.in/business/corporates/news/the-big-boss-of-indias-largest-consumer-company-is-worried-about-stagflation-and-unprecedented-inflation/articleshow/91251341.cms">The big boss of India's largest consumer company is worried about stagflation and unprecedented inflation</a>

Retail inflation could soften by 50-60 basis points on government interventions: CARE

<ul class="summary-list"><li>US stocks slipped Friday following new labor data that showed US employers added 390,000 jobs last month. </li><li>Unemployment remained at 3.6%, and the jobs data revealed the slowest pace of growth since April 2021. </li></ul>US stocks fell Friday, with the Nasdaq losing 1.4% and the S&amp;P 500 about 0.92% lower. The slip followed new employment data that showed the US labor market added jobs at steady pace in May.US employers added 390,000 jobs last month, beating estimates but still coming in at the slowest pace since April 2021. Unemployment remained at 3.6%. "Overall, this is not a game-changing report," Ian Shepherdson, chief economist of Pantheon Macroeconomics said. "But the continued moderation in wage growth is a big deal; if the numbers had rebounded, it would be much harder to make the case that a 25bp hike in July is a real possibility. In the event, it is still in play, but a great deal depends on next week's CPI data."<keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword> have been expecting a 50 basis-point increase at the next two meetings of the Federal Open Market Committee, but traders have been hoping for a slow down or a pause if the central bank thinks inflation has come down sufficiently. John Lynch, chief investment officer at Comerica Wealth Management, added: "Full employment in the U.S. is a solid buffer against the risk of slowing global growth."Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,128.95, down 1.15% </li></ul><ul><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 33,023.83, down 0.68% (224.45 points)</li></ul><ul><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 12,096.63, down 1.79% </li></ul><keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> stock dropped as Elon Musk said he wants to slash 10% of staff at the EV maker because <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-elon-musk-jobs-super-bad-feeling-economy-2022-6">he's got a "super bad feeling" about the economy</a>. According to Reuters, he sent a brief email to Tesla executives titled, "pause all hiring worldwide."Meanwhile, Jim Chanos defended short sellers in a recent interview, <a href="https://markets.businessinsider.com/news/currencies/jim-chanos-kynikos-short-sellers-crypto-fraud-spac-china-stocks-2022-5">shared his thoughts on investing in China and cryptocurrencies</a>, and also cautioned against directly shorting tokens. Overseas, <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> continues to maneuver to <a href="https://markets.businessinsider.com/news/currencies/russia-ruble-strength-hurting-budget-oil-gas-revenues-currency-explainer-2022-6">pull down the ruble</a> after its wartime policy sent the currency soaring too high. A local Moscow broker shared his view of <a href="https://markets.businessinsider.com/news/currencies/russia-ruble-strength-hurting-budget-oil-gas-revenues-currency-explainer-2022-6">what's happening with the Russian economy</a>. <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> and Egypt are working to swap wheat for fertilizer and other goods to ease potential food shortages. Egypt's supply minister said he met with the Indian ambassador to go over a <a href="https://markets.businessinsider.com/news/commodities/india-egypt-talks-wheat-fertilizer-goods-swap-russia-food-shortage-2022-6">possible deal for 500,000 tons of wheat</a>. Oil moved higher, with <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> up 0.25% to $117.14 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, moved up 0.24% to $117.46 a barrel. <a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> edged lower 0.43% to 1,863.20 per ounce. The <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_source=markets">10-year Treasury yield</a> rose about five basis points to 2.964%.<a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> fell 1.95% to $29.597.04.

US stocks fall as strong jobs report dims prospects of the Fed slowing rate hikes

<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>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>

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