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While giving 1 rupees rupees for taxpayers in the form of an increase in the limit of tax exemption and the reduction of tax rates, it is expected that the financial sector will benefit from the expected increase in banking deposits, which will lead to an increase in lending activity.
“We are likely to get a bump of 45,000 rupees 45,000 rupees in deposits, which will help banks in lending,” says Nagaraju Maddirala, DFS Secretary. This rise in deposits is very important to maintain credit growth, which nourishes expansion of work and economic momentum.
Instead of strengthening specific savings, the government believes in enabling individuals to make their own choices. “Let people decide what their priority is and do not pay any specific savings situation,” says Ajay Seth, Secretary of Economic Affairs. This emphasizes the transformation of politics towards financial independence and the appreciation of the investor, allowing the market dynamics to direct savings preferences.
Upon investing, the government adopts a complex strategy in non -investment, ensuring that the value of public assets is to improve and share people. “What we adopted and we will follow to move forward is a complex strategy. The complex strategy means that we improve the value of public assets and their participation with minority shareholders, which are the people of India,” explains Arunish Chawla, Secretary, Dipam and DPE. This approach is in line with the broader goal of balancing financial discipline with the public benefit.
Despite the global economic turmoil, India maintained a strong financial foot. Ajay Seth emphasizes the importance of making decisions for the country during crises: “Even during the crisis, each country makes decisions in its own evaluation, which is the best for this country and the citizens of that country.”
The main achievement in recent years has been to reduce debt to GDP in India. “The thing that the government of India has done between 2014-2019 is that it has significantly reduced debt to GDP,” Seth is highlighted.
On the commodity and services tax front, the rationalization of prices is still a priority. “Over a period of time, the elements have been transferred to low rates, and now average average rate of goods and services is only 11 %,” Sanjay Agarwal – CBIC. He also adds that there is a need to rationalize food rates.
