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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Sugar is one of the most commonly utilized substances in many of the foods we see around us. Sugar is present in everything from the smallest candies to cold beverages and many packaged food products that we see around us. However, sugar has spread beyond the home table and into the energy sector.

Sugar crystals are the ultimate result of sugarcane processing plants. Byproducts including as molasses and bagasse are produced throughout the process. The incredible thing is that many sugar companies use these byproducts to generate fuel and power. 

Sugar Sector in India 

India is the world’s second-largest producer of sugar, trailing only Brazil. This industry not only contributes significantly to the country’s GDP, but it also employs millions of people. Despite being grown on only 2.57% of the total planted land, sugarcane contributes 1.1% to national GDP.

Ethanol is made from molasses, a byproduct of the sugar industry. The government has launched the Ethanol Blended Petrol (EBP) Programme, which combines this biofuel with gasoline to limit the use of fossil fuels. Currently, 10% ethanol is integrated into the gasoline we use, but full compliance with ethanol blending will necessitate car engine improvements.

Reasons why you should invest in the Sugar Industry

• Profitability through Ethanol Production:

Ethanol production from molasses has increased the sugar industry’s overall profitability. By combining ethanol with gasoline, a cost-effective and environmentally beneficial energy source has been created. The Indian government is aiming for a 20% ethanol blend percentage by 2025.

• Expanding Soft Drink Industry:

In recent years, India’s demand for soft drinks has more than doubled. This rising demand for soft drinks is a beneficial stimulus for the sugar industry’s growth.

• Export Opportunities and Competitive Dynamics:

Brazil is a major player in the worldwide sugar industry, with considerable price variations over the last five years due to factors such as weather, global demand, and government policy.  India’s exports will rise as a result of the changing climate. 

Best Sugar Stocks to invest in 2023

Shree Renuka Sugars Ltd

Wilmar Group owns Shree Renuka Sugars Ltd. Their company includes integrated sugar mills, which process sugarcane to produce sugar, ethanol, power, and organic manures. 

Shree Renuka Sugars manufactures and sells white/refined sugar as Madhur Sugars. Their ethanol is made from byproducts of sugar manufacturing and used as a vehicle biofuel. The company also generates renewable energy from bagasse for internal consumption as well as sale to Indian state grids. 

Bhumadur Organic Manure, a nutrient-rich organic product made from sugarcane press mud and distillery waste wash, is also produced.

Triveni Engineering and Industries Ltd

Triveni Engineering and Industries Ltd is located in Uttar Pradesh’s sugarcane-growing region.  They are heavily involved in the production of sugar, ethanol, and engineering. 

Their extensive product and service portfolio includes premium multi-grade sugar, refined sugar, and pharmaceutical-grade sugar, with refined sugar accounting for 60% of their offers.

Triveni expands its expertise in water treatment, sewage treatment, and power transmission. They are also important in the defense industry, producing vital gearboxes, turbines, and pumps.

E I D-Parry (India) Ltd

EID Parry has a diversified product range that includes sugar, ethanol, bio-products, and nutraceuticals. EID Parry also has a large ownership in Coromandel International, a well-known fertiliser manufacturer. This strategic diversification enables them to capitalize on synergies across industries.

Balrampur Chini Mills Ltd

Balrampur Chini Mills Limited (BCML) is one of the largest integrated sugar enterprises in India. It also has a distillery and a power cogeneration plant.

The company runs ten manufacturing factories in Eastern and Central Uttar Pradesh, encompassing Balrampur, Babhnan, Tulsipur, Akbarpur, Gularia, Maizapur, Mankapur, Rauzagaon, Haidergarh, and Kumbhi. 

BCML has a crushing capacity of roughly 80,000 TCD per day, firmly establishing it as a prominent player in the sugar business.

Dalmia Bharat Sugar & Industries 

Dalmia Bharat Sugar & Industries principally produces sugar, generates power, manufactures industrial alcohol, and manufactures refractory products. 

Surprisingly, it is one of India’s most youthful and largest sugar enterprises, gaining the title of the fastest-growing enterprise in the sugar sector, with a strong presence in both Uttar Pradesh and Maharashtra.

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Conclusion

As previously said, the future of the sugar industry appears bright. As a result, investing in sugar stocks is likely to be a rewarding experience for investors who take the time to learn about the industry and the elements that influence its performance. 

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BANK SAKHIS ENABLING DIGITAL PAYMENTS ADOPTION IN RURAL INDIA

The female banking or business correspondent (BC) concept, introduced in 2015-16 by the National Rural Livelihood Mission (NRLM) and sponsored by the World Bank, has quickly acquired traction in rural India. This concept, known as the ‘Bank Sakhi’ model, is a gender-focused modification of traditional rural banking practices. Members of self-help groups, often women, provide financial services in places where there are no actual bank branches.

The reasoning for employing women as BCs was sound, given that women make up more than half of Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders in rural and semi-urban areas. Despite this, the majority of BC agents were men. To address this disparity, the Bank Sakhi Program was established to assist first-time female customers in navigating the sometimes difficult banking market.

Over 100,000 women have been trained to work as mediators for public and commercial banks in 20 states since the program’s inception. These ladies perform secure digital transactions on behalf of their customers using cutting-edge technology and instruments such as Micro-ATM machines and smartphones. These Bank Sakhis, in addition to providing traditional financial services, educate their customers on the benefits of digital payments, provide training on the capabilities of digital payment platforms, and handle their concerns in the event of transaction failures.

THE EXPERIENCES OF BIHAR AND ODISHA

Bank Sakhis’ success has been especially noteworthy in low-income regions such as Bihar, Odisha, and Madhya Pradesh. Recent research by the Asia Competitiveness Institute underscores the critical role played by Bank Sakhis in developing these states’ digital payment capabilities. Despite their low digital competitiveness, these nations jumped ahead in digital transactions after the epidemic, owing mostly to the success of the Bank Sakhi program. According to data from a private sector bank in Bihar, 33 out of every 40 Bank Sakhis conducted at least one transaction daily between March and July 2020. Meanwhile, in Odisha, 90 of 126 Bank Sakhis of a public sector bank made at least one transaction per day.

PIVOTAL IN THE DIGITAL TRANSFER OF COVID-19 RELIEF PACKAGES

During the pandemic-induced lockdowns, SHG members operating as Bank Sakhis took the lead in promoting awareness and allowing doorstep access to cash transfers through the Pradhan Mantri Garib Kalyan Yojana (PMGKY) and other Direct Benefit Transfer initiatives. More than 200 million women account holders under the PMJDY were able to collect Rs 1500 apiece over the course of three months as a result of this effort.

The Indian government chose digital transfers to channel cash to PMJDY accounts as a deliberate move to reduce leakages inside the Direct Benefit Transfer scheme. Recognizing the importance of BC agents’ services in increasing awareness and adoption of these digital transfers, particularly during lockdowns, Bank Sakhis were provided special identification cards known as Lockdown Passes to ensure uninterrupted banking operations.

ROADBLOCKS FACING THE EXPANSION OF THE BANK SAKHI NETWORK

Although the number of female BCs has increased in India, their percentage is still dismal, accounting for less than 10% of the overall BC network as of April 2022. The NRLM-introduced ‘One Gram Panchayat One BC Sakhi’ program intends to alleviate this inequality by assuring the deployment of at least one Bank Sakhi in each Gram Panchayat by the end of the 2023-24 timeframe.

Several factors contribute to Bank Sakhis’ low representation. Bank Sakhis have mobility issues as well as safety problems. These women face higher transportation costs and safety issues than their male BC counterparts since they are frequently dependant on male family members for things such as visiting bank branches for cash deposits or withdrawals. Bank Sakhis receives no formal financial assistance to rectify such issues.

Bank Sakhis face tremendous time constraints as a result of cultural expectations that they fulfill domestic chores in addition to being a BC, resulting in efficiency losses. Male agents execute twice as many transactions as Bank Sakhi representatives, while working an extra 3-4 hours per day.

Another barrier to recruiting Bank Sakhis, particularly in neglected rural areas, is the minimal certification requirement. The current RBI criterion is a minimum of a tenth pass. However, numerous banks have raised the eligibility hurdle to the 12th pass, potentially making it difficult to attract talent to serve as BCs in isolated rural areas.

WAY FORWARD

Moving forward, various viable options to addressing Bank Sakhis’ difficulties could be pursued. These include providing liquidity support, boosting social security payments, and ensuring risk coverage for individual travels to and from the bank. Banks could also raise the limit on working capital loans made to BCs. Most critically, banks must mitigate technical issues on the backend. Bank Sakhis must have a stable financial infrastructure in order to provide a smooth banking experience in rural areas.

During the recent launch of the ‘Samarth Campaign’ to promote digital transactions in 50,000 gram panchayats, Minister for Rural Development and Panchayati Raj Giriraj Singh recognized the critical role performed by Bank Sakhis in encouraging digital transactions. Given the benefits of the female BC model, Bank Sakhis are critical in advancing India’s digital financial inclusion.

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In September, Prime Minister Narendra Modi announced a virtual leaders’ summit during the G20 summit in New Delhi.

Opinion leaders from the G20 will convene virtually in India on November 22 to discuss other global issues and follow up on crucial decisions made at the summit in September, particularly regarding the development agenda, according to sources with knowledge of the situation.

Prime Minister Narendra Modi unveiled the proposition to convene the virtual leaders’ summit during the summit that took place in New Delhi on September 9-10, notwithstanding the absence of a definitive date at that moment.

Some member states are anticipated to bring up the Israel-Hamas conflict in addition to the Ukraine conflict, according to sources who requested anonymity. India, along with the other G20 members, has condemned the terrorist attacks carried out by Hamas against Israel and demanded an end to hostilities. They added that the Indian side has also finalized an agenda that has been distributed to G20 members.

Although no outcome documents will be produced during the virtual summit, it is probable that the Indian side will release a press statement following the meeting. All subsequent discussions will take place in private settings after Modi’s opening remarks on television.

It has occurred in the past, according to the individuals, for a G20 presidency-holding nation to host more than one summit. Italy, during its presidency in 2021, convened an unprecedented summit of world leaders concerning Afghanistan a few months following the Taliban’s takeover of power in Kabul.

“The virtual summit will provide an opportunity to evaluate the progress made since the September in-person summit.” A viewpoint exchange is scheduled to occur, and the G20 members have been provided with an agenda in advance,” stated one of the individuals cited earlier.

“The Indian perspective will be presented, and it is anticipated that other member states will do the same.” “India’s development agenda will continue to be a priority,” the individual further stated.

“The Indian side chose to hold the in-person summit earlier than usual, which gave us time to conduct a follow-up and evaluate everything that has transpired since September,” said a second individual.

A little over a week prior to December 1, when India will relinquish the rotating presidency of the G20 to Brazil, the virtual meeting will take place. Arindam Bagchi, a spokesman for the External Affairs Ministry, stated at a media briefing last month that all G20 members and guest nations have been extended invitations to the virtual summit, and that India anticipates “significant participation.”

The joint leaders’ declaration that was released at the G20 Summit in September was seen as India’s most important diplomatic achievement. This was because of the different views on the conflict in Ukraine that had led to joint statements at all ministerial meetings before this.

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As stated in the declaration, all nations are obligated to abstain from employing force to “seek territorial acquisition against the territorial integrity and sovereignty” of any state, in accordance with the United Nations Charter. It emphasized the significance of maintaining food and energy security and demanded an end to military destruction and other forms of infrastructure attacks, without specifically mentioning Russia.

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As a result of the transaction, RIL will own a majority share in the Disney Star company, which is valued at around $10 billion. The American media conglomerate will have a minority investment in the company. People familiar with the case told Bloomberg that Reliance values the assets between $7 billion and $8 billion.

It is anticipated that the firms will make the announcement of the massive acquisition next month. According to BB’s sources, as part of the agreement, a combination between certain of Reliance’s media units and Disney Star is also possible.

There is currently no agreement on the terms of the deal or the value of the shares being transferred. After the cash and equity swap is finalized, Disney will likely maintain a minority position in the Indian company as proposed. The news article claims that Disney has the option of delaying the sale of some properties.

Neither the Indian Disney representative nor the Reliance spokeswoman responded to our requests for comment.

Ambani’s growing empire in entertainment industry

In 2022, Ambani will earn $2.7 billion from a streaming rights deal for the Indian Premier League. Ambani’s expanding impact in India’s entertainment business is highlighted by his acquisition of interests in Disney India. Reliance’s Jio Cinema platform decided to air the immensely popular domestic cricket event for free this year after sealing a contract with the Indian Premier League.

Xiaomi 108 cm (43 inches) X Series 4K Ultra HD Smart Android LED TV

This year, Reliance also secured a multi-year deal to air HBO programming from Warner Bros. Discovery Inc. in India. Those shows had previously been broadcast by Disney.

Disney Star has lost money in India’s entertainment industry but has kept investing there. Bloomberg News reported in July that it was considering other alternatives for the company, such as an outright sale or the formation of a joint venture.

Disney’s success in India kept rising. The highly anticipated India-Pakistan grudge match this month drew just 35 million viewers, while the recent men’s Cricket World Cup 2023 match between India and New Zealand attracted a record 43 million viewers.

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After a decision was made to “unilaterally remove” Canadian diplomats’ diplomatic privileges, Foreign Minister Melanie Joly of Canada announced on Thursday that 41 Canadian diplomats and their 42 families had been evacuated from the country of India.

After the diplomatic row that was caused by Canadian Prime Minister Justin Trudeau’s accusation that Indian government agents were involved in the killing of Khalistani leader Hardeep Singh Nijjar, the Indian side had sought parity in diplomatic presence by withdrawing 41 of the 62 Canadian diplomats who were stationed in the country. As a result of the diplomatic row, Canada withdrew 41 of its diplomats.

In response to Joly’s argument that India’s action amounted to a violation of the Vienna Convention and international norms, the ministry of external affairs issued a statement in which it said the following: “The state of our bilateral relations, the much higher number of Canadian diplomats in India, and their continued interference in our internal affairs warrant a parity in mutual diplomatic presence in New Delhi and Ottawa.”

The Ministry of Foreign Affairs also stated, “We reject any attempt to portray the implementation of parity as a violation of international norms.”

Over the course of the past month, the Canadian and Indian governments have been in discussion over the matter of diplomatic parity in order to work out the particulars and mechanisms of its implementation.

According to the statement, India’s efforts in achieving the parity are completely compliant with Article 11.1 of the Vienna Convention on Diplomatic Relations. This information may be found in the document.

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This section states that “in the absence of specific agreement as to the size of the mission, the receiving State may require that the size of a mission be kept within limits considered by it to be reasonable and normal, having regard to circumstances and conditions in the receiving State and to the needs of the particular mission.” In other words, “in the absence of a specific agreement as to the size of the mission.”

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Those who committed suicide as a result of harassment from these applications were primarily in their twenties and thirties. Among those who perished were four adolescents, an award-winning musician, a firefighter, a young mother, the father of two daughters, a grandfather, and grandson.

Bhoomi Sinhaa took loans of about ₹20 lakh

Mumbai-based property lawyer and a widow living with her daughter, Bhoomi Sinhaa borrowed around ₹47,000 from various loan apps in 2021 as she waited for some work expenses to come through. While the money arrived almost instantly, a lot of it got deducted in charges. About a week later, she was required to repay however, her expenses hadn’t been paid. So, she ended up taking a loan from another app.

The debt and interest kept spiralling until Sinhaa owed about ₹20 lakhs to loan apps.

Sinhaa reeled from threats and psychological torture for months. She began receiving calls from recovery agents as debt mounted.

The calls were nasty and slammed Sinhaa with insults and abuses. Sinhaa, even after paying the loan, was accused of lying as she received over 200 calls per day.

Call centre agents didn’t stop there. The abuse escalated, they knew where she lived and they sent her a corpse’s pictures as a warning. Not just that, they also threatened to message her contact list comprising 486 numbers and dubbed her a ‘thief’ and a ‘prostitute’. They even threatened to tarnish her daughter’s reputation. Sinhaa then borrowed money from family, friends and several other apps — 69 in totality. Even after she paid all the debt, Asan Loan in particular did not stop calling her. They sent a badly photoshopped, naked pornographic picture of hers to all of Sinhaa’s contacts. The picture was sent to lawyers, the elderly, neighbours, architects, government officials and several others who would never look at her the same.

24-year-old civil servant who took her life

Kirni Mounika, a 24-year-old government worker, had taken money from 55 different loan apps. A ₹10,000 loan turned into more than three times that amount. She had paid back more than ₹3,000,000 when Mounika killed her.

Loan apps started to bother her, threaten her, and message her friends.

Mounika had a job with the government, but no one else at her school did. Mounika did what she always did when she went to work the day she killed herself three years ago. She had three brothers.

Her wealthy farmer father was willing to pay for her master’s degree in Australia. After she died, her father answered the phone and said, “They told us she has to pay. We told them she was dead.” Her father later told BBC, “We could have easily set up the money.”

How it works?

There are hundreds of apps that offer easy loans to people, but some of them are predatory. When users open these apps, the thieves take over their contacts, photos, and ID cards, which they then use to demand money from people who owe money.

According to a BBC story, if customers don’t pay back the loans on time, or sometimes even after they’ve paid, these apps send the information to call centers. The call centers then use their devices to threaten and harass people into paying back the loan.

The BBC worked with a debt collector to show how it worked. He talked to Vishal Chaurasia, a boss at Callflex Corporation, a company hired to get people to pay back their debts, because he had earned their trust.

Chaurasia said that when someone took out a loan, the apps gave Callflex Corporation access to their phone’s contacts. If the user didn’t pay back the loan, the company would start calling them and then their contacts. His workers could say anything to the clients as long as the loans were paid back, he said.

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“The customer pays because they feel bad about it.” Chaurasia said, “You’ll find at least one person on his contact list who can ruin his life.”

Possible links to China

Another call center worker who did loan collection for a different company told BBC that managers told workers to abuse and threaten people, but he said he never made such threats. “Everyone needs to keep up a good name with their family.” For the small price of 5,000 rupees, no one is going to hurt that reputation.

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The commodities market holds significant global importance due to the interdependence of nations in terms of production and consumption.

Those nations that produce a greater quantity of goods themselves export them to other nations, while the inverse also applies. This fundamental necessity is the driving force behind the expansion of international trade and, consequently, the development of the commodities trading market.

What are the most important commodities in terms of trade?

• Globalization has shrunk the planet, and connections via sea routes, air routes, and other modes of transportation have resulted in brisk trade between countries on opposite sides of the globe.
• OPEC, Russia, and the United States of America, for example, account for more than half of global crude output, and oil-importing countries such as China and India rely heavily on these countries for their energy needs.
• The United States, Brazil, and Argentina generate more than 40% of global soybean output, and these countries export a huge volume of soybean to various parts of the world, resulting in a trade web.
• China and India are two of the world’s major gold users, and their reliance on yellow metal imports originates from this need. Furthermore, China is a significant user of building metals such as steel, copper, lead, zinc, and nickel.

How do these transactions take place?

Countries establish a mechanism to ensure that things travel smoothly and easily because they are interconnected. These are trade agreements in which two or more countries agree on the terms of their trading relationship. They are responsible for deciding the taxes and levies that countries impose on imports and exports. Every trade deal has an effect on global trade.

As a result, trade treaties are classified into two types: multilateral treaties and bilateral treaties.

• Multilateral Agreements 

These accords establish international trade standards for numerous nations. International trade unions are influenced by multilateral trade agreements, including the North American Free Trade Agreement (NAFTA), the European Union (EU), and the World Trade Organization (WTO).

• Bilateral Agreements 

These agreements set the standards for commercial exchange between the two countries.

Also read :- Tips for Online Commodity Trading

Trade between China and the United States – Influences global attitude

• The current topic of global trade is the dispute between China and the United States, which has lasted 17 months while they negotiate a trade agreement. China’s foreign trade has grown from $20 billion in the 1970s to about $475 billion in 2001, when it joined the World Trade Organization. It has grown tenfold since then, reaching $4.5 trillion in 2018. Foreign trade contributes approximately 35% of the country’s GDP.
• China maintains a $300 billion trade surplus with the United States each year. In terms of bilateral commerce, the United States purchases approximately $600 billion from China, with a record $378 billion bilateral trade deficit in 2018.
• While talks are ongoing, there is no assurance that the United States and China will reach an agreement on trade issues. At the moment, China is the target of all trade and tariff battles throughout the world. As a result, China’s commodity market participation is important for global commerce and economic progress.

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Before we continue discussing the platforms where commodity trading occurs in India, it is necessary to examine the most prevalent types of commodity trading in the country. 

Types of commodities traded on MCX:

1.Energy: This segment includes crude oil and natural gas.

2. Base metals: This segment includes aluminium, copper, lead nickel, zinc and brass

3. Bullion: Gold & Silver

4. Agricultural commodities: Cardamom, rubber, mentha oil, palmolein, castor seed, black pepper, cotton are included in this segment.

Most traded commodities:

Coffee, gold, corn, petroleum oil, Brent, silver, and wheat are among the most frequently traded commodities in the world. Commodity price fluctuations in one region of the globe typically affect the commodity price in other regions as well. 

One illustrative example pertains to crude oil. Although the global community is placing greater emphasis on renewable energy sources, it has yet to completely reduce its reliance on crude oil. The byproducts of crude oil refining include gasoline and diesel. Throughout history, abrupt outbreaks of war in the Middle East and other regions have had an impact on the price of crude oil. 

As an additional commodity, gold holds a unique status as a safe refuge against fiat currencies. A significant downturn in global equity markets is frequently accompanied by an abrupt increase in the price of gold. It is regarded as an essential hedge against an equity market decline.

Important commodity exchanges in India:

1. Indian Commodity Exchange
2. Multi Commodity Exchange
3. National Commodity and Derivatives Exchange
4. National Multi Commodity Exchange of India
5. 

Principles to follow while trading in commodities:

• Understanding the demand-supply dynamic that influences the daily price movement of commodities is essential prior to engaging in commodity trading.
• Knowledge of the actual demand for the commodity on local markets is essential prior to arranging a trade. Moreover, when engaging in commodity trading, such as gold trading, it is critical to comprehend that gold prices worldwide are influenced by global factors, including the yield movement on US Treasury notes.
• One should thoroughly examine the ramifications of the leverage he or she is employing due to the extremely high risk associated with commodity trading. 

Also read :- Commodity Vs Forex Trading

Final word:

In India, numerous commodity trading applications enable users to trade agro-products, metals, and equities. Motilal Oswal is favored by a sizable community of merchants because it is one of the top commodity brokers in India, providing unmatched services and an intuitive app interface. Commence commodity trading immediately by establishing an online commodity trading account.

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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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