Interim Budget 2024 – Key Highlights and Impact on various sector

India’s Finance Minister Nirmala Sitharaman presented the much-anticipated Interim Budget, outlining the government’s spending plans. Overall Focus of the Budget :
• Meeting the needs and aspirations of the poor, women, youth, and farmers
• Making India a “Viksit Bharat” (Developed India) by 2047
• Focusing on “sabka sath, sabka vikas” (inclusive development)
• Prioritising “GDP” – Governance, Development, and Performance
• All-round, all-pervasive, and all-inclusive approach to development

Finance Ministry releases “The Indian Economy: A Review – January 2024” instead of ‘Economic Survey 2023-24’ ahead of Interim Budget 2024-25

Every year, a day before the presentation of the budget document, the central government presents an Economic Survey. However, a survey will not be presented on January 31, the budget being of an interim nature and in light of the upcoming elections. A complete budget and the Economic Survey will be presented in July, when the results are declared and a new cabinet is appointed. Chief Economic Adviser V Anantha Nageswaran outlines India’s potential to reach a $7 trillion economy by 2030 in the recently released mini-annual Economic Survey titled ‘The Indian Economy: A Review,’ .

Union Budget 2023-24 – Key Highlights, Budget Allocation & Impact on various Sectors

The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on 1st February 2023. The Budget has a vision for Amritkaal and has seven Priorities known as Saptrishi 7.

How will a sliding Rupee impact the credit ratings of companies?

The rupee lost more than 6 per cent this calendar year and ranks among the worst-performing Asian currencies. It hit a new lifetime low at 79.12 a dollar on Friday.
Computer hardware, steel, fertiliser, and coal importers face a possible downgrade, while companies from sectors such as pharma, paper, tea and textile firms may benefit from an upgrade, said, chief rating officers. Even the outlook can be revised.

How RBI’s booster dose will fill up forex reserves and arrest rupee’s fall?

The Reserve Bank of India (RBI) Wednesday took the first step to attract dollar inflows amid an unabated outflow of portfolio funds, seeking to salvage the sinking rupee from its lifetime lows against the US currency and conserve a fast-depleting foreign exchange stockpile assiduously accumulated when global liquidity was plentiful. The central bank eased several…

Why Is Rupee Falling against Dollar and What Is The Way Ahead? Where will the Rupee end up? Rupee likely to hit 81 against dollar by FY23-end.

The Indian rupee has plummeted to fresh all-time lows over the last several days as emerging market assets are battered by a global risk-off, which has triggered a flight to safe-haven assets. Meanwhile, foreign money continues to leave Indian assets even as the trade deficit worsens. The rupee’s fall these days, experts say, is primarily because of high crude oil prices, a strong dollar overseas, and foreign capital outflows.
Yet, the rupee has performed better, compared with several of its Asian peers and the Reserve Bank of India (RBI) is committed and well prepared to contain the volatility in the exchange rate.
In summary, the backdrop of heated inflation, Covid crisis, monetary tightening by key central banks, and supply chain disruptions sparked by the Russia-Ukraine war have slowed down global economic activity, leading to the rupee’s massive drop against the dollar.

Finance Minister Smt. Nirmala Sitharaman launches EASE 5.0 ‘Common reforms agenda’ for PSBs

EASE 5.0 ‘Common reforms agenda’ of EASENext program has been developed for Public Sector Banks and was launched through video-conferencing by the Minister of Finance and Corporate Affairs, Nirmala Sitharaman in New Delhi on Wednesday.

Finance Minister Smt Nirmala Sitharaman launches EASE 5.0 ‘Common reforms agenda’ for Public Sector Banks

Enhanced Access and Service Excellence-EASE on Wednesday has evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks.
EASE 5.0 ‘Common reforms agenda’ of EASENext program has been developed for Public Sector Banks and was launched through video-conferencing by the Minister of Finance and Corporate Affairs, Nirmala Sitharaman in New Delhi on Wednesday.
The event was attended virtually by Managing Directors and CEOs, and other senior executives of Public Sector Banks.

PM inaugurates iconic week celebrations of Ministry of Finance and Ministry of Corporate affairs

Prime Minister Shri Narendra Modi inaugurated iconic week celebrations of the Ministry of Finance and Ministry of Corporate Affairs today.This week is being celebrated as part of the ‘Azadi Ka Amrit Mahotsav’ (AKAM) from 6th to 11th June 2022. He also launched the National Portal for Credit Linked Government schemes – Jan Samarth Portal. He also inaugurated a Digital Exhibition which traces the journey of the two Ministries over the past eight years. The Prime Minister also released a special series of ₹1, ₹2, ₹5, ₹10 and ₹20 coins. These special series of coins will have the theme of the logo of AKAM and will also be easily identifiable to visually impaired persons.

RBI Governor Shaktikanta Das exhorts banks to continue process of capital argumentation

Reserve Bank Governor Shaktikanta Das on Thursday urged banks and NBFCs to continue the process of augmentation of capital and building up of appropriate buffers to meet future uncertainties. Unveiling the bi-monthly policy, Das said RBI has been watchful of the impact of the pandemic on the banking and NBFC sectors when the effects of regulatory reliefs…