One of the highlights of Union Budget 2022-23 was the proposal to levy a steep 30% tax on gains made from digital assets, beginning April 1. The budget also proposed a 1% TDS on payments towards virtual currencies beyond Rs 10,000 in a year. We explain the new tax proposals and the impact it will have on crypto investors in India. ***
Notwithstanding the prickly ties with China, the government gave a modest 4.43% hike to its defence budget this year, taking it to 5.25 trillion rupees. But, at the same time, it gave a big push to Make in India in defence, which could bring some cheer to India Inc. A massive 68% of the capital procurement allocation has been earmarked for the domestic industry.
The Union Budget has unnerved the bond markets. The 10-year government bond yields have risen nearly 3% in two days, quoting at their highest levels in two years. We explore key reasons behind the sharp upswing in yields, and what it means for equity investors.
Budget not just lifted the sentiments of investors giving some leg up to the market, but it also made environmental activists happy. They hailed the government’s proposal to issue Sovereign Green Bonds. An explainer on what these bonds are, and why they have been named green.
Listen to these and more in this edition of The Business Standard Morning Show podcast.