During the fiscal year of 2023–24, the government aimed to transport 30 lakh passengers. If the government wants to reach its annual goal, it needs to make sure that additional 17.5 lakh people use the UDAN Scheme before the end of the year.

The months of January through March are usually not very busy for airlines. If the nation wants to reach its goal, it may need the travel data for November and December, which includes travel for holidays.

By 2024, the government aims to have 1,000 UDAN routes operating and 100 underserved or unserved airports, heliports, or water aerodromes restored or developed so that UDAN aircraft can take off.

Revitalizing the country’s older airstrips and airports is a key component of the Regional Connectivity Scheme (RCS)-UDAN (Ude Desh ka Aam Nagrik) Scheme, which aims to connect underdeveloped and unserved airports. For a duration of ten years, the plan would run.

Funds totaling 3,020 crores have been distributed to participating airlines as of November 28, 2023, by the Regional Air Connectivity Fund Trust (RACFT).

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The amount of 3,751 crores out of 4,500 crores was used for the development of airports under the project.

Five hundred seventeen RCS routes, including two water aerodromes and nine heliports, have begun operating under UDAN, linking seventy-six airports. So far, the programme has helped over 123 lakh passengers.

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The November GST collection of Rs 1.68 lakh crore is a 2% decrease compared to the Rs 1.72 lakh crore collected in October.

This represents the ninth consecutive month in which the monthly GST collection has surpassed Rs 1.5 crore.

Recent GST data places the average monthly collection at Rs 1.67 lakh crore in 2023-24. Over time, monthly GST collections have increased. After being severely impacted by the pandemic in 2020-221, monthly collections skyrocketed from an average of less than Rs 1 lakh crore in 2017-18, its inaugural year, to Rs 1.51 lakh crore in 2022-23.

State GST was Rs 38,226 crore, Integrated GST was Rs 87,009 crore, and compensation cess was Rs 12,274 crore in November. Central GST was Rs 30,420 crore.

In addition, the government transferred Rs 37,878 crore from Integrated GST to the Central GST and Rs 31,557 crore to the State GST. Consequently, the aggregate revenue for the month subsequent to the settlement amounted to Rs 69,783 crore for the State GST and Rs 68,297 crore for the Centre.

“During the month, the revenues from domestic transactions (including import of services) are 20 percent higher than the revenues from these sources during the same month last year,” according to a statement from the finance ministry.

Although November saw a slight decrease in total GST collections compared to October, the year-on-year growth of slightly more than 15 percent is the highest recorded thus far in the fiscal year 2023-24. Indeed, November witnessed the greatest year-on-year growth in GST collections in the past eleven months.

In accordance with the Budget for 2023-24, the Centre anticipates a 12 percent increase in GST collections for the current fiscal year. The aggregate GST collected thus far in the first eight months of the year amounts to Rs 13.32 lakh crore, representing an increase of 11.9 percent compared to the corresponding period in the previous year.

The PMI data is released one day after the statistics ministry reported that the manufacturing sector of the Indian economy expanded by 13.9 percent year-on-year during the July-September period, which was faster-than-expected at 7.6 percent.

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Pratik Jain, Partner at Price Waterhouse & Co LLP, predicts that audits and investigations will likely contribute to the upward trend in GST collections throughout the remainder of 2023–2024.

“It’s interesting to see that robust growth in GST (compared to last year) is seen in most of the manufacturing states, indicative of uplift in demand and consumption,” Jain commented.Services Tax mop-up expenses have surpassed Rs 1.5 lakh crore.

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“GST revenue collection in October 2023 is the second highest ever, trailing only April 2023.” Domestic transaction revenue (including service imports) is up 13 percent year on year. “The average gross monthly GST collection in FY 2023-24 is now Rs 1.66 lakh crore, an increase of 11% year on year,” the finance ministry stated in a statement.

The October GST collection is 5.71 percent more than the September collection, at Rs 1.72 lakh crore.

This is the eighth month in a row that monthly GST collection has exceeded Rs 1.5 lakh crore.

Monthly GST receipts have increased over time. From less than Rs 1 lakh crore per month in its first year, receipts increased rapidly following the pandemic-hit 20202-21 to Rs 1.51 lakh crore in 2022-23.

The average gross monthly GST collection in FY 2023-24 is presently Rs. 1.66 lakh crore, which is 11% more than the same period in the previous fiscal year.

According to the 2023-24 Budget, the Centre anticipates GST collections to increase by 12% in the current fiscal year.

In October, the Central GST totaled Rs 30,062 crore, the State GST totaled Rs 38,171 crore, the Integrated GST totaled Rs 91,315 crore, and the compensatory cess totaled Rs 12,456 crore.

The government settled Rs 42,873 crore to Central GST and Rs 36,614 crore to State GST from the Integrated GST in October. As a result, the total revenue for the month after settlement for the Centre was Rs 72,934 crore and Rs 74,785 crore for State GST.

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According to a circular from the Board dated October 23, 2023, to the General Managers and Chief Administrative Officers of All India Railways and Production Units, “…the President is pleased to decide that the Dearness Allowance payable to Railway Employees shall be increased from the existing rate of 42% to 46% of the Basic Pay with effect from 1st July, 2023.”

It defined ‘Basic Pay’ as the pay drawn in accordance with the 7th CPC recommendation accepted by the government, “but does not include any other time of pay such as special pay, etc.”

Employees will get the increased DA with arrears beginning in July in their next salary. “The DA was due to the employees from July, so it was the employees’ right to get it,” said Shiva Gopal Mishra, General Secretary of All India Railwaymen’s Federation, welcoming the board’s decision. “However, I applaud the decision to announce its payment before Diwali,” according to PTI.

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According to M Raghavaiah, General Secretary of the National Federation of Indian Railwaymen, DA is paid on the basis of the Consumer Price Index and serves to neutralize inflation. “It is okay that the Railway Board has timely announced it, however, we continue to press our demand for the payment of DA from January 2020 to June 2021 which the government froze due to Covid-19,” he said in a statement released by the agency.

Meanwhile, the Railway Board’s announcement came just five days after the Union Cabinet approved an approximately 15,000 cr bonus, which included a 4% increase in DA for government employees, in accordance with the accepted formula based on the recommendations of the 7th Central Pay Commission.

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Meanwhile, the government previously approved Diwali bonuses for Group C and non-gazetted Group B level officials, including paramilitary forces. The finance ministry has established a ceiling of 7,000 for the calculation of non-productivity linked bonuses (ad hoc bonuses) for central government employees in 2022-2023. According to the memorandum, the Department of Expenditure under the Finance Ministry has granted a non-productivity linked bonus (ad-hoc bonus) equivalent to 30 days emoluments for the fiscal year 2022-23 to central government employees in Group ‘C’ and all non-gazetted employees in Group B’ who are not covered by any productivity-linked bonus scheme.

 Also read :- Govt keeping PPF interest rate lower than what formula says due to tax benefit

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Flipkart Axis Bank Credit Card is a wonderful alternative for anyone who enjoys receiving straight cashback. The 5% no-cap cashback on Flipkart purchases could result in big savings. If you add at least 1.5% cashback, it can be an all-purpose credit card that can be used for any transactions. 

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How to apply for Flipkart Axis Bank Credit Card?

Users can apply for the Axis Bank Flipkart Credit Card either offline or online. Users can apply for the Axis Bank Flipkart Credit Card either offline or online, or by calling customer care.

Users can apply for the card online through the Axis Bank website. 

• Visit the official Axis Bank website.
• Swipe down the menu to find the “Credit Cards” option.
• Select “Flipkart Axis Bank Credit Card,” once the user comes across the option.
• After you click the link, a form displays.
• The online application requires the user’s basic information, including their name, cellphone number, type of employment, monthly income, and PIN code.
• Click “Submit” once all the details are filled out.

After the paperwork has been submitted, the bank will get in touch with the customer.

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Who should get the Flipkart Axis Bank Credit Card?

Because it provides the aforementioned benefits on Flipkart, Myntra, and other partner merchants, the card is great for online shoppers. The following are the best cardholders for the product:

• Followers of Flipkart.
• Users looking for online buying deals and discounts.
• Users looking for a credit card with a low annual fee.
• Users looking for access to an airport lounge in India.

How to redeem cashback?

It is a cashback credit card. As an incentive, users receive a percentage of their credit card purchases.

Flipkart Axis Bank Credit Card Eligibility

• Resident: Resident or Non- Resident Indian
• Age: 18 to 70 years
• Occupation: Salaried or Self Employed
• Income: Applicants must have a stable source of income to be eligible for this credit card.

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Documents Required

• Proof of identity: PAN Card, Aadhaar card, Driver’s License, Passport, Voter’s ID, Overseas Citizen of India Card, Person of Indian Origin Card, NREGA Job Card UIDAI letters or any other government-issued photo ID proof.
• Proof of Address: Aadhaar card, Driver’s License, Passport, Utility Bill that is less than three months old, Ration Card, Property Registration Document, Person of Indian Origin Card, NREGA Job Card, Bank Account Statement, or any other government-approved address evidence.
• Proof of Income: The most recent one or two salary slips (no older than three months), the most recent Form 16, and the most recent three months’ bank statement.

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Interest generated in the PPF is not taxed, and contributions up to Rs 1.5 lakh per year are tax deductible under Section 80C of the Income Tax Act, making it one of the most popular modest savings instruments of the government. The present interest rate, which has not changed in over 3.5 years, is lower than the rate mandated under the government’s own formula.

While the government determines the interest rate for small savings accounts, this rate is pegged to the yield on government securities on the market by a margin of zero to one hundred basis points. Therefore, according to the government’s calculation, whether market yields on government securities increase or decrease over the reference period, interest rates on modest savings plans should shift in the same direction.

One basis point is equal to 0.01% of the overall percentage.

The PPF’s formula-based rate of interest should be 7.51 percent, as stated in the Reserve Bank of India’s (RBI) current Monetary Policy Report, published on October 6.

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In its June 2011 report, a committee led by Shyamala Gopinath, then a deputy governor at the Reserve Bank of India, recommended that interest rates on small savings be pegged to the going rate for government securities of similar tenure. In fiscal year 2016–17, the government began providing this information quarterly rather than annually.

It’s possible that the tax advantages of schemes like PPF were overlooked by the Shyamala Gopinath committee. “I think it (return) exceeds 10 percent if you add the tax benefit,” claimed a senior government official.

After leaving rates on small savings schemes unchanged for nine consecutive quarters during the COVID pandemic, when government bond yields fell sharply due to the RBI’s record liquidity injection, the government raised rates for five consecutive quarters beginning in October-December 2022. Over the course of the past five quarters, rates have been raised anywhere from 40 to 150 basis points.

Source: Reserve Bank of India

The Reserve Bank of India stated in its Monetary Policy Report on October 6 that “with these revisions, the actual interest rates on most SSIs (small savings instruments) are now better aligned with the formula-based rates.”

When compared to the prescribed formula, the PPF is the only small savings scheme now offering a lower-than-expected rate of interest. The interest rate on this program was 6.7% in October-December before a rate hike of 20 basis points by the finance minister on September 29.

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The government loses money due to tax breaks, and the interest it pays on PPF funds is part of the cost. This individual also spoke on the condition of anonymity, but he explained that the government has decided to “kind of manage itself within the present rates,” which are among the highest they have seen.

Small savings interest rates appear to have continued to be administered despite being related to market rates. Most notably, the PPF rate was lowered by 70 basis points to 6.4% after the finance ministry announced a massive drop in modest savings interest rates for April-June 2021. Finance Minister Nirmala Sitharaman said the following day that the directive had been made “by oversight” and the decision was reversed.

Also read :- 7th Pay Commission: Good news for Railway employees as Board announces 4% hike in Dearness Allowance (DA). Details here

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This policy, as anticipated, contained no significant unexpected components. The monetary policy stance of “withdrawal of accommodation” persisted, while policy rates remained unchanged. This policy was formulated against the backdrop of a declining inflation rate, namely vegetable prices. Additionally, the Governor stated that a positive aspect is that core inflation has been declining by 140 basis points since its zenith in January 2023.

In addition, the most recent survey of household inflation expectations indicates that expectations for inflation three months from now are down 90 basis points, while expectations for inflation one year from now are down 40 basis points. With demand recovering in the rural sector and remaining robust in the urban sector, the RBI characterizes growth as resilient. The overall development outlook for the year and FY25 remained unchanged at 6.5 percent.

Notwithstanding the aforementioned positive developments that have been emphasized regarding inflation dynamics, the RBI’s stance has not changed; its commentary and forthcoming guidance continue to be pessimistic. This can be attributed to the substantial levels of uncertainty that remain regarding inflation. Aspects of land sown with kharif pulses are deficient, kharif onion production requires close monitoring, and spice demand-supply mismatches are likely to persist. Significantly, the continuation and intensification of El Nino conditions are anticipated to exert an influence on worldwide food supplies and prices. September 2023 saw the FAO All Rice Price Index reach 141.7, a 0.5 percent month-over-month decline from August but a 27.8 percent increase compared to the index level at the same time last year.

I will attempt to situate the RBI’s monetary policy outlook within the global context in the following couple of paragraphs. A significant shift in the global rate environment has occurred. Commencing in 2003, the Fed Funds rate stood at 1 percent, a level not seen since the era of Alan Greenspan. The rates were subsequently grounded at zero percent in the United States during the tenure of Ben Bernanke and in the aftermath of the Great Recession of 2008.

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From that point forward until approximately June 2022, the US Fed Funds rate was, on average, lower than the CPI inflation rate. In contrast, the Fed Funds rate was nearly always higher than the prevailing rate of inflation between 1982 and 2002. To put it more simply, the United States economy had experienced prolonged periods of positive real interest rates prior to 2008. However, since the aftermath of the Global Financial Crisis (GFC), and continuing until very recently, the situation has been marked by negative real interest rates. This holds true regarding the ECB as well.

Currently, we are once again in the region of positive real interest rates. The most recent policy meeting of the US Federal Reserve outlined economic projections that continue to depict the economy’s resiliency. In accordance with the projections, the improved outlook also required the Fed to maintain a hawkish policy stance. Twelve members now anticipate a 25 basis point increase in interest rates by the US Federal Reserve in 2023, while seven others anticipate a hiatus. The dot plot now proposes a 50-bps reduction in interest rates for 2024, as opposed to the 100-bps reduction that was anticipated in the June projections. As a result, the message regarding “higher for longer” is unequivocal, and the Federal Reserve will maintain rates at restrictive levels for a longer duration than in prior cycles.

Significantly, the sanctity of the inflation target rate in monetary policy formulation is acquiring prominence on a global scale. The same holds true for India. As monetary policy communication becomes an increasingly significant instrument in managing and stabilizing inflation expectations, the Reserve Bank of India (RBI) reaffirms its commitment to attaining the 4 percent target consistently. The inflation forecasts published by the Reserve Bank of India (RBI) for the remainder of the year do not appear to indicate that the target of 4 percent cannot be met.

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In Q1FY25, the RBI anticipates headline CPI inflation of 5.2%. In addition, the RBI forecasts a CPI of 4.5 percent for the entire fiscal year of 2025, whereas YES Bank anticipates an average of 4.8 percent. Given the persistent evasion of the 4 percent handle, the Reserve Bank of India (RBI) faces significant challenges in even adopting a “neutral” monetary policy stance, let alone reducing the policy rate.

Thus, “higher for longer” continues to be applicable not only globally but also in the context of India. Additionally, it may prove challenging for the RBI to reduce interest rates prior to the US Federal Reserve, given that the interest differential between India and the US has shrunk to approximately 250 basis points, which is barely sufficient to offset the anticipated annual average depreciation of the INR. This interest disparity might continue to be significant for investors entering the Indian debt market, including those utilizing the JPM Bond Index inclusion route.

Bond market participants had not expected any modifications to the Reserve Bank of India’s liquidity strategy, particularly in light of the gradual reduction of the incremental cash reserve ratio (I-CRR). There were no additional measures specified in this policy. However, the RBI emphasizes once more that excessive liquidity can increase the hazards of inflation and financial instability.

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In doing so, the RBI reinstates the possibility of conducting open market operations (OMO) sales as a means of liquidity management. Although the likelihood of such OMOs being calendarized is low and would be contingent on changing liquidity conditions, the bond market has been alarmed nonetheless. As a result, the benchmark 10-year India G-sec yield has increased by approximately 12 basis points to 7.33 percent, and it may maintain its stability in the foreseeable future.

Disclaimer: The opinions and investment recommendations put forth by investment specialists on Moneypoise.com are purely their own and do not reflect the stance of the website’s administration or its staff. Prior to making any investment decisions, Moneypoise.com recommends that users consult with certified expertise.

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Garg told Moneypoise that some of Das’ decisions as secretary of economic affairs, including the conversion of food subsidy payments to the Food Corporation of India (FCI) into loans from the National Small Savings Fund (NSSF), “pleased everyone” and helped prevent large fiscal deficits. Das’ book, “We Also Make Policy,” was published after Garg expressed his opinion on the matter.

The Centre began providing loans to the FCI from the NSSF in 2016–17, as opposed to full food subsidy payments. These loans accumulated rapidly and assisted in constraining the fiscal deficit of the central government. The approach garnered significant criticism due to its purported detrimental effect on the credibility of the government’s budgetary projections through the artificial maintenance of a low fiscal deficit.

Nevertheless, it appears that the government was able to incur a greater fiscal deficit due to the pandemic; loans to FCI and other practices, including fully-serviced bonds (FSBs), ceased in 2021-22. This was one year after the Centre’s fiscal deficit reached an all-time high of 9.2 percent of GDP, which was surpassed by the Centre’s repayment of the FCI’s loans in 2020-21 through the transfer of an enormous food subsidy amounting to Rs 3.44 lakh crore. The action was commended for its enhanced fiscal transparency.

FSBs are bonds issued by public sector enterprises in which the Union government assumes the repayment of both the principal and interest.

Das held the position of economic affairs secretary between August 2015 and May 2017. In July 2017, Garg assumed leadership of the Department of Economic Affairs.

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India hopes to join the ranks of the world’s wealthy nations by 2047. Naturally, a quicker rate of growth is needed; the current rate of expansion is just about 6-6.5 percent. A growth rate of around 8 percent is required to qualify as a high-income country. And you can’t get there if a sizable portion of your workforce — women — aren’t contributing, Sharma said on October 3 in New Delhi, when the World Bank’s India Development Update report was released.

“So, you need to get the female labour force participation rate to be higher for India to go from 6 percent to 8 percent and become a high-income country.”

According to the government’s Periodic Labour Force Survey reports, the Worker Population Ratio (WPR) for both men and women increased by 1.4 percentage points and 2.3 percentage points, respectively, in January-March 2023 from the year-ago period. However, the increase in the WPR for women was “primarily driven by an increase in the share of women in unpaid work,” as noted by the World Bank in its India Development Update report.

“Moreover, women’s jobs in India are of far poorer quality than men’s, and the proportion of women in regular salaried employment is falling in metropolitan areas.

The research states, “Women in India are almost three times less likely to be employed than men,” and that “even when they are employed, the average quality of their jobs is much lower” than that of men.

Country Director for India at the World Bank, Auguste Kouame, remarked that increasing the female labor force participation rate from its current level of around 25% to the average level of 50% for emerging market economies was a “very important topic” for India.

“The numbers show that India has made substantial financial commitments to the education of its women and girls. India has made tremendous progress… In reality, nowadays there are more women than men enrolled in colleges and institutions. Indian efforts to educate its female population have been successful. Now is the moment to put their knowledge and expertise to work for the country as it strives to become a high-income nation,” Kouame said.

No fiscal slippage

While there is still work to be done in order to reach a GDP growth rate of 8%, the World Bank’s view of the fiscal position is much more optimistic, with World Bank economist Amadou Kouame stating that there was “almost zero risk” of India failing to fulfill its fiscal deficit target this year due to the elections.

We are not factoring in substantial uncertainty surrounding fiscal policy as a result of the elections. He emphasized that there would be no easing of the government’s planned course of fiscal restructuring.

In 2023-24, the Centre aims to bring the fiscal deficit down to 5.9 percent of GDP.

The World Bank predicts a general government budget deficit of 8.7 percent of GDP this year, down from 9 percent in 2017. This includes both the federal government and the individual states. The estimate is “consistent with the government’s estimate,” as Kouame put it.

While the “trend is in the right direction,” the Bank has “no opinion” on whether or not the Centre will meet its medium-term fiscal deficit target of 4.5 percent of GDP by 2025-26, as stated by Kouame.

Given growth dynamics, robust Goods and Services Tax collections, and the government’s capex drive, he added, there might be a “surprise on the upside,” making it less difficult to alter spending to hit the deficit target.

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According to a note published by CareEdge Ratings on Thursday, the National Highways Authority of India is expected to commission between 4,000 and 4,500 kilometers (2,796.2 miles) of brand new roads each year over the course of the next three years. The Indian government has the ability to monetize these assets by utilizing either an Infrastructure Investment Trust or a toll-operate-transfer model.

Because 88 percent of the road projects that were awarded before to March 2020 are now operational and can be monetized, the present plan that the government is implementing, which is based on a model of public-private partnership, has been effective. According to the rating agency, just 12% of projects that were granted in the pre-2020 timeframe are behind schedule because of the shortcomings of their operators.

The aftermath of the pandemic is still having an effect, as one-third of the projects that were granted using a public-private hybrid model after March 2020 are suffering delays due to delayed approvals and the complexity of the projects.

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“Moderate sponsors who have a substantial under-construction portfolio and stricter sanction terms face amplified financing risks,” said Maulesh Desai, director at CareEdge Ratings. “While strong sponsors are expected to benefit from healthy balance sheet indicators, providing them with financial flexibility, moderate sponsors with a substantial under-construction portfolio face increased risks.”

The NHAI initially distributed an InvIT back in November 2021, and as of December 2022, it had collected close to 102 billion rupees. According to reports from the local media, the government of India is planning to issue another tranche of InvITs in order to generate an additional one hundred billion rupees before the end of the financial year.

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