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  • Is ₹2 Crore FD Interest Enough for a Monthly Income? Explained

    FD Interest Rates

    Fixed Deposits (FDs) are a popular investment choice for individuals seeking a stable and secure source of income. Many investors wonder whether a ₹2 crore FD interest per month is sufficient to sustain their lifestyle. The answer depends on various factors such as FD interest rates, inflation, and individual expenses. In this article, we will analyze the potential monthly income from a ₹2 crore FD and whether it is enough to meet financial needs.

    Understanding FD Interest Rates
    FD interest rates vary across banks and financial institutions. They depend on the tenure of the deposit, the type of investor (senior citizens often get higher rates), and the prevailing economic conditions. Typically, interest rates range from 6% to 8% per annum in India. Higher rates offer better returns, making it crucial to choose the best FD scheme for maximizing earnings.

    Additionally, different types of FDs offer different interest structures. Some FDs provide cumulative interest, which is paid at the end of the tenure, while others offer non-cumulative interest, paying out monthly, quarterly, or annually. Investors seeking a monthly income must opt for non-cumulative FDs to receive regular payouts.

    Calculating Monthly Interest on a ₹2 Crore FD
    The formula to calculate interest earnings on an FD is:
    Simple Interest:
    Compound Interest (Quarterly Compounded):
    Where:

    • P = Principal amount (₹2 crore)

    • r = Annual interest rate

    • n = Number of times interest is compounded per year (quarterly = 4)

    • t = Tenure in years

    Expected Monthly Interest Payouts
    Below is an approximate breakdown of monthly interest based on different FD interest rates:

    Monthly Interest Payouts

    From this table, we can see that with an FD interest rate of 7%, a ₹2 crore FD can generate ₹1.16 lakh per month, which might be sufficient for some individuals but not for those with higher expenses.

    Factors Affecting the Sufficiency of FD Interest Income

    1. Inflation
    The cost of living increases over time, reducing the purchasing power of money. If inflation rises at 5% per annum, the real value of interest income declines, making it challenging to maintain the same lifestyle.

    2. Lifestyle and Expenses
    A monthly income of ₹1-1.3 lakh might be sufficient for a frugal lifestyle but may not cover luxury expenses, medical emergencies, or inflation-adjusted living costs. Expenses such as rent, groceries, healthcare, education, and travel should be taken into account.

    3. Tax Implications
    FD interest is fully taxable under the Income Tax Act, 1961. If the investor falls into the highest tax bracket (30%), a significant portion of the income will go towards taxes, reducing net earnings. For example, if an individual earns ₹1.16 lakh per month from FD interest and is taxed at 30%, their post-tax income reduces to approximately ₹81,667 per month.

    4. Alternative Investment Options
    Instead of relying solely on FDs, diversifying investments into mutual funds, real estate, and dividend-yielding stocks can provide a more stable and inflation-adjusted income. Other options such as Senior Citizen Savings Scheme (SCSS), Post Office Monthly Income Scheme (POMIS), and debt mutual funds can offer competitive returns.

    5. Emergency Fund Consideration
    Since FD interest rates fluctuate based on economic policies, it is crucial to maintain an emergency fund. Medical expenses, unforeseen financial crises, or rising living costs can put stress on fixed-income investments like Fixed Deposit. Having a diversified backup fund ensures financial security.

    6. Interest Rate Variability
    Banks revise FD interest rates based on economic conditions, making long-term financial planning challenging. Investors should compare rates from different banks and opt for the best available schemes with high stability.

    Strategies to Optimize FD Returns

    1. Laddering FDs
    Laddering involves investing in multiple FDs with varying maturity periods instead of locking the entire amount into a single long-term FD. This strategy helps in mitigating interest rate fluctuations and provides liquidity at different intervals.

    2. Opting for Tax-Saving FDs
    Tax-saving FDs offer deductions under Section 80C of the Income Tax Act, up to ₹1.5 lakh per annum. While these FDs have a lock-in period of 5 years, they provide tax benefits that can help in overall wealth preservation.

    3. Choosing Senior Citizen FDs
    Senior citizens enjoy higher FD interest rates, usually 0.5% higher than regular FDs. Those above 60 years should leverage these schemes for better returns.

    4. Diversifying Investments
    Investors should not rely entirely on FDs. Allocating funds into Government Bonds, Corporate Deposits, REITs, and dividend-yielding equities can provide higher post-tax returns and better hedge against inflation.

    5. Using Monthly Payout FDs
    Banks offer monthly income FDs that provide regular interest payouts. These schemes ensure liquidity while maintaining capital security.

    Conclusion
    A ₹2 crore FD interest per month can provide a stable income, but its sufficiency depends on various factors like FD interest rates, inflation, taxation, and personal expenses. At an average interest rate of 7% per annum, it generates around ₹1.16 lakh per month, which may be enough for a moderate lifestyle but not for individuals with higher financial needs. However, after accounting for taxes and inflation, the real value of this income diminishes over time.

    To ensure long-term financial security, investors should consider a diversified portfolio instead of relying solely on FDs. Investing in a combination of Fixed deposit, debt funds, equity funds, and real estate can provide better inflation-adjusted returns. Additionally, financial planning should include emergency funds, medical insurance, and alternative income sources to achieve financial stability. Understanding these aspects will help make better financial decisions for sustained wealth growth.

  • How To Avoid These 5 Common Mistakes When You Become an Amazon Seller

    women entrepreneur

    Two hundred billion dollars – this is how much Amazon third-party sellers made way back in 2020. No doubt about it, the e-commerce brand is the platform to use when you’ve decided to go into business as a retailer. But just because you build a store, it’s not a guarantee that you’d make tens of thousands of dollars (or riyals) in sales immediately.

    When you become an Amazon seller, you’ll have access to resources that will allow you to build and optimize your store. The e-commerce brand has made it easier for would-be entrepreneurs to take a concept from paper to reality. Amazon has the resources and global reach to help you grow and improve your business.

    However, certain decisions you make could become a barrier to that success.  As a new seller, your excitement over an idea could get the better of you. You may not see that the mistakes you make today could affect your sales and the future of your business.

    Get off to a good start as an Amazon seller and learn how to avoid these five common mistakes.

    1. Passing up on product research.

    What product do you want to sell? Does it have a market? More importantly, how’s the competition in that market?

    The hottest selling items on Amazon can vary in different countries and different seasons. For example, August in Saudi Arabia sees a lot of sales for kids’ shoes and backpacks since school is in whereas the same month in the US sees a lot of sales for water tumblers and electronics since it’s still summer.

    Knowing what sells at the moment and in what region will give you an idea if the product you have in mind has a market. If it has a market, find out if it’s also sustainable – that consumers would still be interested long after the popularity of the item has worn off.

    Once you’ve figured out your market, the next step is to determine whether it’s saturated. Is there room for your product and can it compete with already established products? It can be difficult to go head-to-head with existing products when you’re just starting out.

    You can still forge ahead even with the tough competition, but make sure you communicate your product’s unique selling point. If you work with the right social media influencer, you may just get an edge over the competition. Stanley (food container company) used social media influencer marketing, and its sales went from $74 million in 2019 to $750 million in 2023.

    2. Using your product listing as just a product listing.

    When you’re shopping online, you want to get all the information you need on a product. The dimensions, the materials, the color, the weight — all these details help you visualize if it’s the right product for your needs. Your buyers will be doing the same thing.

    Although the product listing delivers basic information, it doesn’t have to do just that.

    Your product listing is competing with thousands of other listings. Think of your listing as the salesperson, and they’re in a long line of thousands of other sales people from different brands. Which one is more attractive for the buyer?

    If your product listing lacks appeal, it will get lost in a massive crowd of listings, and you’ll lose potential sales.

    Apart from providing detailed listings, make an emotional connection with buyers by telling a story. How does it solve a consumer problem differently from the competition? Your product’s story should start with the positive impact it will have on a consumer’s life. From there, optimize your listing by:

    • Using keywords relevant to your product
    • Writing compelling titles to grab attention
    • Adding care instructions and warranty to your description
    • Improving searchability through back-end search terms

    3. Using poor product images.

    Relevant to the optimization of your product listing is the product image. Your product’s image tells shoppers whether it’s the right one they’re looking for, or to make that emotional connection, it’s the product they must have.

    The goal here is to create a shopping experience online similar to shopping in a brick and mortar. How do you do it?

    • Use a plain white background to highlight your product.
    • Photograph the item from all angles.
    • Make sure the product is well lit and clear.
    • Show your product in use to highlight its features.
    • Follow Amazon guidelines on size, format, and file name.

    Product images sell, so it would be wise to invest in product photography.

    4. Failing to have a pricing strategy.

    The price of a product can be the deciding factor for some shoppers. If two brands have similar qualities, some buyers may go for the lower priced item. Other buyers will choose the brand they’ve been buying from even if the price is a bit higher than the competition.

    You have several pricing strategies to choose from, beyond the usual cost-plus, competitive, and value-based pricing. The goal is to still make your sales target without sacrificing your profit margins and diminishing the value or branding of your products.

    If you price too low, you could lose a percentage of your profits. If you price too high, you could end up with excess inventory and no sales.

    Before putting the price on your product listing, consider what strategy would work best for your business and sales target. One way to ensure you make enough and still sell is to consider Amazon’s Automate Pricing, which allows you to continually adjust pricing to stay competitive. When you log into Seller Central Amazon SA, you’ll learn more about this feature that lets you grow your business.

    5. Not having a fulfillment strategy.

    Finally, fulfillment is a key aspect of your business because buyers must always have their orders on time. You’ve done everything up to this point to entice and convert your customers. Fulfillment is when you ensure they come back for more.

    Consumers today want fast and affordable (if not the cheapest) shipping. According to The Future of Shoppers report, 48 percent of consumers want fast shipping and 43 percent want cheaper delivery. The expectation for shipping is even higher with beauty products; 20 percent of buyers of beauty products want their purchases to arrive within two hours, and 38 percent want their items to arrive within 24 hours.

    If your business isn’t able to meet such expectations or overpromise on delivery, you could lose potential customers. Amazon’s Fulfillment by Amazon (FBA) could help you address this concern. Through FBA, you need not worry about packing, storing, and shipping your products to customers because the fulfillment center will handle all of it. Storage and fulfillment fees will apply, of course.

    Amazon offers enormous opportunities for new sellers to earn better. Leverage what the e-commerce platform offers and avoid these common pitfalls to ensure the success of your online business.


    Neel Achary

  • Global trade and tariff uncertainties​ can become catalyst for reforms in India: HSBC Research

    Global trade and tariff uncertainties​ can become catalyst for reforms in India: HSBC Research

    IANS

    Global trade and tariff uncertainties could become a catalyst for reforms in India over the medium term and for growth results, the reforms must run deep, an HSBC Research report said on Tuesday.

    Potential US tariffs may have already become a catalyst for reforms like lowering import tariffs, opening up to regional FDI, fast-tracking trade deals, and making the Indian rupee more flexible.

    “And India does not have to look too far for models to emulate. Its success in services exports has demonstrated the power of moving up the value chain, from basic (call centre services) to high-tech (professional services),” said the report.

    India’s goods trade deficit narrowed sharply in February to $14.1 billion, from $23 billion in January.

    “The trade deficit tends to narrow in February but this time, it narrowed rather sharply to the lowest in more than three years,” the report mentioned.

    Global trade and tariff uncertainties​ can become catalyst for reforms in India: HSBC Research

    IANS

    India’s goods trade deficit narrowed to $14 billion and the services trade surplus rose to $18.5 billion, putting the overall trade balance in a rare surplus zone in February.

    A normalisation in imports across the board – oil, gold, and core – led to the narrowing of the goods trade deficit, the report mentioned.

    Global trade and tariff uncertainty is likely to lower India’s GDP growth in the short term, but could become a catalyst for reforms over the medium term; for growth results, however, reforms must run deep.

    Within exports, core goods were softer, led more by weaker investment goods exports than consumer goods exports.

    “This is in line with our expectation that globally, FDI and investment may be challenged in 2025, due to global uncertainty,” the HSBC report noted.

    Within imports, all key categories softened – oil, gold and core. Falling global oil prices lowered the oil import bill by $1.5 billion, while gold imports remained modest after a steep rise in Q4 2024.

    The services trade surplus remained robust at $18.5 billion. On seasonally adjusted sequential terms, services exports have been rising by an average 3 per cent for three months.

    (With inputs from IANS)

  • Income Tax Notice: Income Tax Department is sending notices to taxpayers, know why?

    I-T Department


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    Income Tax Notice: Section 87A rebate, a major provision in the Income Tax Law of India, has created confusion among taxpayers, especially those with capital gains income.

    Recently, Budget 2025 has increased the rebate limit to Rs 12 lakh under the new tax regime. But there is still no clarity on whether this applies when a taxpayer has both regular income (such as salary) and special rate income (such as STCG, short-term capital gains).

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    What is the problem?

    Under the new regime, taxpayers with total income up to Rs 7 lakh can claim exemption, which will reduce their tax liability to zero.

    However, according to experts, it is not clear whether this will apply to special rate income like capital gains. Yeshu Sehgal, head of tax markets at AKM Global, said that there is a problem in the application of Section 87A rebate, especially for taxpayers who have both regular income and special rate income like STCG.

    There is confusion over whether the rebate should be calculated on the total income or only on the regular income portion.

    The Central Board of Direct Taxes (CBDT) has excluded short-term capital gains (STCG) and long-term capital gains (LTCG) from exemptions while processing returns through the ITR utility portal, due to which many taxpayers are being sent tax notices.

    Gaurav Jain, direct tax partner, Forvis Mazars, said that the CBDT has taken suo motu cognizance of the ITR utility portal and has refused to give the benefit of exemption under section 87A on such short-term and long-term capital gains, which has led to a controversy.

    When is the exemption given

    • When normal income is taxed as per slab rates.
    • Long-term capital gains under section 112 (on capital assets other than listed equity shares and equity mutual funds).
    • Short-term capital gains under section 111A (15% tax on listed equity shares and equity mutual funds).

    When exemption is not given

    Long-term capital gains under section 112A (10% tax on equity shares and equity mutual funds).

    Jain said that some taxpayers believe that exemption under section 87A should be available on total income including capital gains. Some CIT(A) rulings have supported this. Until the matter is resolved legislatively or judicially, taxpayers should oppose the denial and file an appropriate reply.

    What should taxpayers do when they receive a notice?

    • Review the notice – Check whether the exemption claimed is as per the tax provisions.
    • Consult a tax expert – Consult a Chartered Accountant (CA) to validate the claim.

    File a rectification or appeal – If wrongly rejected, file a rectification request or contest the notice.

    Related Articles:-

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    Train Cancelled: Indian Railways canceled 172 trains on this route, check route & list here

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  • Tax-saving FDs: These are the best tax saving FD which can reduce your income tax liability





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    Due to the current volatility in the stock market, investors are turning to options with safe and stable returns. In such a situation, fixed deposits (FD) and government-backed savings schemes have become popular again. If you want safe returns as well as tax savings, then tax-saving fixed deposits (FD) can be a great option.

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    What is a tax-saving fixed deposit?

    Tax-saving FD is a special type of bank deposit scheme, which gives the benefit of deduction up to Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. However, the lock-in period of this FD is five years, that is, during this time you cannot withdraw your deposit amount. This scheme comes with stable interest rates, so investors do not have to worry about market fluctuations.

    Tax-saving FD interest rates

    The interest rates offered on tax-saving FDs vary by different banks.

    For example: ICICI Bank: 7.25% interest to general citizens and 7.80% interest to senior citizens. HDFC Bank: 7% interest to general citizens and 7.50% interest to senior citizens. SBI: 6.5% interest to general citizens and 7.5% interest to senior citizens.

    Benefits of tax-saving FDs

    Guaranteed Returns It provides stable and assured interest on investment. Low Risk It is free from market volatility, keeping the capital safe. Tax Savings It is eligible for tax deduction up to Rs 1.5 lakh under Section 80C. Additional Interest for Senior Citizens They get higher interest rates than normal citizens.

    Things to note

    • Funds cannot be withdrawn during the lock-in period of five years.
    • Tax is applicable on the interest earned, and TDS may also be deducted.

    Tax-saving FDs are an excellent option for investors who prioritize safe returns and tax savings. This investment offers you risk-free growth as well as tax benefits.

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    Jyoti

    Jyoti , has 2 years of experience in writing Finance Content, Entertainment news, Cricket and more. She has done BA in English. She loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @[email protected]


  • Sridhar Vembu steps down as Zoho CEO to become company’s chief scientist

    Sridhar Vembu steps down as Zoho CEO to become company's chief scientist

    IANS

    Sridhar Vembu, Founder and CEO of software major Zoho Corporation, on Monday stepped down as the CEO to serve as the company’s chief scientist.

    In a post on X social media platform, Vembu who was touted as 39th richest person in India with a net worth of $5.85 billion last year and was awarded India’s fourth highest civilian award, the Padma Shri, in 2021, said he will now oversee deep research and development initiatives.

    Zoho offers software and related services on subscription to businesses in several countries.

    “In view of the various challenges and opportunities facing us, including recent major developments in AI, it has been decided that it is best that I should focus full time on R&D initiatives, along with pursuing my personal rural development mission,” he wrote.

    Vembu further stated that the company’s Co-founder Shailesh Kumar Davey will serve as new group CEO.

    Zoho

    IANS

    “Our co-founder Tony Thomas will lead Zoho US. Rajesh Ganesan will lead our ManageEngine division and Mani Vembu will lead the Zoho.com division,” said Vembu.

    He began his professional career with Qualcomm as a wireless engineer in San Diego, California, before moving to the San Francisco Bay Area.

    In 1996, Vembu founded a software development house for network equipment providers called AdventNet, which was renamed Zoho Corporation in 2009, focusing on providing SaaS support to customer relationship management services.

    Vembu moved to Tenkasi in Tamil Nadu in 2019.

    In his X post, he said that the “future of our company entirely depends on how well we navigate the R&D challenge and I am looking forward to my new assignment with energy and vigour”.

    There were reports last year that Zoho was planning a foray into chip-making and seeking incentives from the government.

    (With inputs from IANS)

     

  • ITR filing 2024: File income tax return online from home, know step by step process

    ITR

    Whether you are from the salary class or do your own business, you have to file your income tax return by the due date.

    The last date for filing income tax return (ITR) is 31st July. Since today is 10th July, obviously most of you must have received your Form-16 as well. Experts say that no taxpayer should wait to file the return on the last date, by doing this you have time to reduce errors.

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    To file ITR, you can either take the help of a chartered accountant or file the return online yourself. If you want to do it yourself, then this has also become very easy now. You have to file this return through the Income Tax Department website. Let us know the online step by step process of filing ITR online.

    First of all, you should have these documents in your hand

    Whenever you think of filing income tax return online, keep some important documents ready in your hand before that. You should have Form 16, Form 16A, Form 26AS, capital gains statement, proof of tax-saving investments etc. ready as the necessary documents for filing income tax return.

    Step by Step ITR Filing Process

    • Visit the Income Tax e-filing portal  .
    • Log in using your PAN, password and captcha code.
    • Go to the ‘e-File’ menu and select ‘Income Tax Returns’.
    • Choose the appropriate ITR form based on your income (ITR-1 or ITR-2 if you have Form 16).
    • Select Assessment Year 2024-25.
    • Verify all the data entered in the form and submit it.
    • After submission, e-verify your return using Aadhaar OTP or other available options.
    • Upload and verify your return.

    Who should file ITR

    If the total income before deductions under various sections of Chapter VI-A (such as 80C, 80CCC, 80CCD, 80D, 80E, 80G, 80GGA, 80TTA/80TTB, etc.) exceeds the basic exemption limit, you must file your Income Tax Return (ITR). Also, as a resident of India, for income tax purposes, if you own or have an interest in any property outside India as a beneficial owner, you must file an Income Tax Return (ITR).

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  • India has potential to become world’s 2nd largest economy by 2031: RBI Dy Governor

    Reserve Bank Of India

    Reserve Bank Of IndiaIANS

    Given the country’s innate strengths, it is possible to imagine India striking out into the next decade to become the second largest economy in the world not by 2048, but by 2031, and the largest economy of the world by 2060, RBI Deputy Governor Michael Debabrata Patra has said.

    In a speech at the Lal Bahadur Shastri National Academy of Administration, Mussoorie, this week, Patra said there is a traditional advantage that is likely to continue working in favour of India’s growth prospects. The development process has been predominantly driven by capital accumulation, which makes investment the main lever of growth which has stabilised at 31.2 per cent during 2021-23, and is showing signs of acceleration.

    In his speech now posted on the RBI website, Patra said: “Historically, India’s investment has been financed by domestic savings, with households being the prime provider of resources to the rest of the economy. In the period 2021-23, the gross domestic saving rate has averaged 30.7 per cent of gross national disposable income. Thus, unlike many countries, India does not have to depend on foreign resources, which play a minor and supplemental role in the growth process.”

    The current account gap in the balance of payments – has remained modest at around 1 per cent of GDP in 2023-24. This provides insulation to the Indian economy from external shocks and imparts viability and strength to the external sector. Illustratively, India’s gross external debt, which is the accumulation of current account deficits over time, is less than 20 per cent of GDP and almost entirely covered by the level of foreign exchange reserves, Patra explained.

    Second, the rising growth trajectory on which India is poised is entrenched by macroeconomic and financial stability as inflation has fallen back into the tolerance band around the target of 4 per cent. This reflects the cumulative impact of steadfast monetary policy actions and supply management. In fact, core inflation that excludes food and fuel and is most amenable to monetary policy has fallen to its lowest level ever.

    Alongside macroeconomic stability, financial stability is getting reinforced by prudent financial policies and active on-site supervision complemented with off-site surveillance, which harnesses SupTech, big data analytics and cyber security drills. India’s financial sector is predominantly bank-based. Gross non-performing assets (GNPAs) in the banking system have steadily fallen from their peak in March 2018 to 2.8 per cent of total assets by March 2024, he added.

    Another aspect of macroeconomic stability is the ongoing fiscal consolidation. As a result, the general government debt which is estimated at 81.6 per cent of GDP at the end of March 2024 is expected to decline to 78.2 per cent by end of this decade by the IMF.

    World Bank raises India's GDP growth forecast to 7.5 pc for 2023-24

    World Bank raises India’s GDP growth forecast to 7.5 pc for 2023-24

    Our projections show that if expenditures are increased on reskilling/upskilling the labour force in the most productive sectors of manufacturing, investing in digitalisation and promoting energy efficiency, the general government debt will fall even further to 73.4 per cent of GDP by 2030-313. This is significant in the context of the IMF’s projections that show the debt ratio as projected to rise to 116.3 per cent in 2028 for advanced economies and to 78.1 per cent for emerging and middle-income countries, Patra said.

    He also explained that a potent growth accelerator emerges from India’s favourable demographic dynamics. India’s population is now regarded as its greatest asset in an inter-temporal perspective, especially when the rest of the world ages rapidly and populations shrink. Today, every sixth working-age person in the world is an Indian. India’s demographic dividend is expected to last for more than three decades. Every effort must be made to reap this opportunity, he added.

    Patra pointed out that another growth multiplier is India’s digital revolution. India is emerging as a world leader in leveraging digital technologies for transformative change. The trinity of JAM – Jan Dhan (basic no-frills accounts); Aadhaar (universal unique identification); and mobile phone connections – is expanding the ambit of formal finance, boosting tech start-ups and enabling the targeting of direct benefit transfers.

     India’s Unified Payment Interface (UPI), an open-ended system that powers multiple bank accounts into a single mobile application is propelling inter-bank peer-to-peer and person-to-merchant transactions seamlessly. Payment systems in India operate on a 24 by 7 by 365 basis. The internationalisation of the UPI is progressing rapidly, the RBI deputy Governor added.

    (With inputs from IANS)

     

     

  • Tax Collection: Good news before the budget, government’s income from direct tax increased by 24%

    Direct Tax Collection: Finance Minister Nirmala Sitharaman is going to present the budget on July 23. Before that, the tax collection figures have filled the government treasury…

    The central government has received great good news before the full budget for the financial year 2024-25. Actually, the government is earning a lot from direct tax and so far this year, it has seen a growth of more than 24 percent. This has been revealed by the latest data.

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    The figure reached close to Rs 5.75 lakh crore

    According to the latest data released by the Central Board of Direct Taxes (CBDT) on Friday, the net direct tax collection has increased by 24.07 percent so far this year to Rs 5.74 lakh crore. This figure is till July 11, 2024. In the same period a year ago, the government had earned Rs 4.80 lakh crore from direct tax.

    According to CBDT data, corporate tax has contributed Rs 2.1 lakh crore to this figure of net collection of direct tax. On the other hand, personal income tax has contributed Rs 3.46 lakh crore to the total collection. The personal income tax collection figure also includes the income from securities transaction tax i.e. STT.

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    This much was earned in the month of June

    The government earned more than Rs 4.50 lakh crore from tax collection in the month of June alone. CBDT figures show that in the month of June, the government got a total of Rs 4.62 lakh crore from the collection of direct taxes. This figure is 20.99 percent more than the income from direct taxes in June 2023. The collections made during the month of June include corporate tax of Rs 1.8 lakh crore and personal income tax of Rs 2.81 lakh crore.

    The figure had increased so much last year

    Direct tax collection had given great relief to the government during the last financial year as well. During the entire financial year 2023-24, the government’s direct tax collection grew by 17.7 percent on an annual basis and the total figure stood at Rs 19.58 lakh crore. During the last financial year, the contribution of personal income tax was significant in this increase. The contribution of personal income tax in the total collection increased to 53.3 percent, while the contribution of corporate tax decreased to 46.5 percent.

    The budget is going to come after a week and a half

    This tax collection figure has come at a time when the government is going to present a new budget after about a week and a half from now. The new session of Parliament is starting from July 22 and on the second day of the session i.e. on July 23, Finance Minister Nirmala Sitharaman is going to present the full budget for the financial year 2024-25.

     

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  • India on way to become a developed nation by 2047: NK Singh

    economy

    India, the world’s fastest-growing economy, is on a trajectory to become a developed nation by 2047. This ambitious goal, set to coincide with the 100th anniversary of India’s independence, is not just a dream but a vision that the Indian government and its people are committed to realizing. The vision was articulated by NK Singh, a distinguished economist and the Chairman of the 15th Finance Commission, while being conferred the prestigious Honorary Fellowship at the London School of Economics and Political Science (LSE). Singh expressed his honour to join the ranks of eminent Indians like Nobel Prize-winning Professor Amartya Sen and former President KR Narayanan.

    Singh emphasized that the vision of a developed India by 2047 is a commitment shared by Prime Minister Narendra Modi and all Union Ministers. To achieve this vision, India needs to maintain its current pace of growth for the next two decades. In the financial year 2023-24, India’s growth rate was 8.2 per cent, which is estimated to be 7.2 per cent in the current financial year. This growth trajectory, if sustained, will propel India towards its goal of becoming a developed nation. Singh’s illustrious career includes his tenure as the Chairman of the Fiscal Responsibility and Budget Management Review Committee (FRBM) and his contribution to several key parliamentary standing committees.

    The Indian government’s approach to achieving this vision involves wide-ranging consultations and inputs from state governments, academia, industry, civil society, and the mobilization of the country’s youth. The focus is on building competitive scale in targeted sectors, fostering innovation, and ensuring the development of digital infrastructure that supports growth and inclusivity. The government’s commitment to digital infrastructure is evident in the rapid growth of internet users in India. With 850 million broadband users as of July 2023, India has experienced the fastest growth in internet users globally. The average monthly data consumption per user reached 19.5 GB in 2022, with monthly mobile data usage soaring from 4.5 exabytes in 2018 to 14.4 exabytes in 2022. This exponential growth is expected to continue, with projections indicating a quadrupling of data consumption by 2024, driven by the impending implementation of 5G technology and India’s topping global data consumption in the next five years.

    G7 Summit ends, PM Modi returns home

    IANS

    The government’s focus on sustainability is also reflected in its ambitious plan to develop Hydrogen Hubs across the Central Government and State Government ports. Deendayal Port Authority has already finalised MoUs worth Rs 1.68 lakh crore for this venture. The vision of a developed India by 2047 also involves a significant focus on entrepreneurship and innovation. The youth of India are seen as the driving force behind the creation of a vibrant startup ecosystem that fosters job creation, economic inclusivity, and technological advancements. By encouraging a culture of innovation and providing incubation support, the latent entrepreneurial spirit of India’s youth can be unleashed.

    In conclusion, the vision of a developed India by 2047 is a collective aspiration that requires the concerted efforts of all sectors of society. With a sustained growth trajectory, strategic investments in digital infrastructure and sustainability, and a focus on entrepreneurship and innovation, India is well on its way to becoming a developed nation by 2047. This vision, while ambitious, is grounded in the reality of India’s current growth and the commitment of its government and people to realize it.