BUSINESS
US Fed hikes rates for first time in new year
The central bank hiked rates by a quarter percentage point, marking the eighth time the Fed has raised rates since it began tightening in March last year. "Inflation has eased somewhat but remains elevated," the Fed said in a statement.
Union budget: Government aims to tax high premium policies
"It has been observed that several high-net-worth individuals are misusing the exemption provided under Section 10(10D) of Income Tax Act by investing in policies having large premium contributions (as it is acting as an investment policy) and claiming exemption on the sum received under such life insurance policies," the explanatory memorandum on Finance Bill's provisions, said.
Adani Enterprises calls off Rs 20K cr FPO, to return money to investors
"The Board of Adani Enterprises Ltd decided not to go-ahead with the fully subscribed follow-on public offer (FPO). Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," a statement issued by Adani Enterprises said on Wednesday.
Budget 2023 is a no complaint Budget, beneficial to NE India: Industry body
FINER's former Chairman and Budget analyst R. S. Joshi said that the northeast region may not have usual mention but that is fine so long the Budget is very liberal in funding infrastructure and socio-economic projects aimed at providing better living to people of the northeastern region.
Defence allocation jumps 13% to Rs 5.94L cr in Budget 2023-24
The Union Budget 2023-24 envisaged a total outlay of Rs 45,03,097 crore. Of this, the Ministry of Defence has been allocated a total budget of Rs 5,93,537.64 crore, which is 13.18 per cent of the total Budget. This includes an amount of Rs 1,38,205 crore for defence pensions. The total defence budget represents an enhancement of Rs 68,371.49 crore (13 per cent) over the Budget of 2022-23.
New small saving scheme for women in Budget, deposit limit for senior citizens scheme hiked
For empowerment of senior citizens, the Finance Minister said: "The maximum deposit limit for senior citizen savings scheme will be enhanced from Rs 15 lakh to Rs 30 lakh. Further, the maximum deposit limit for the monthly income account scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account."
No news on capital gains tax is good news for markets
The corporate tax regime is already very attractive with effective tax rates of 25.17 per cent, and even a lower tax rate of 17.16 per cent for new manufacturing companies. The possible areas for further improvement are the extension of period for commencement of manufacture for availing the lower tax rate and reduction of tax on dividends to a maximum of 20 per cent, Surana said
Demand sustaining, investment inducing and growth-oriented Budget: PHDCCI
"Budget 2023-24 has been announced at a time when India finds itself in the bright spot as the growth of Indian economy is highest among the leading economies," said Saket Dalmia, President, PHDCCI, while reacting to the Budget that was presented in the Parliament by Finance Minister Nirmala Sitharaman on Wednesday.
Narrower-deficit forecast in Budget underscores govt's long-term fiscal sustainability: Moody's
Senior Vice President at Moody's Investors Service, Christian de Guzman, said: "Although changes to the tax regime will forego some tax revenue, the budget predicts largely buoyant revenue on the back of strong nominal GDP growth and gains from tax administration. This will help to mitigate pressures on debt affordability from increasing debt servicing costs associated with rising interest rates."
Tech-driven budget focuses on strategic growth: Nasscom
In a statement, Nasscom said that the Budget could undoubtedly be termed as a blueprint for India @100. "It touched upon all the critical aspects required to position India as a leader in terms of digital offerings, along with a focus on talent and sustainability. It is bold and strategic, with a clear focus on growth and development," said the IT industry body.
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