Anand Rathi Shares Chief Economist said – Tax rate should be reduced on the interest of deposits in banks. Budget 2023; Sujan Hazra, Chief Economist, Anand Rathi Shares | NewsBust Anand Rathi Shares Chief Economist said – Tax rate should be reduced on the interest of deposits in banks. Budget 2023; Sujan Hazra, Chief Economist, Anand Rathi Shares | NewsBust

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Anand Rathi Shares Chief Economist said – Tax rate should be reduced on the interest of deposits in banks. Budget 2023; Sujan Hazra, Chief Economist, Anand Rathi Shares

By Amit - January 26, 2023

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New Delhi14 minutes ago

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  • Budget 2023; Sujan Hazra, Chief Economist, Anand Rathi Shares

Now only 6 days are left in Budget 2023. Like every year, this year also people have high expectations from the budget. Meanwhile, Sujan Hazra, Chief Economist, Anand Rathi Shares, believes that the Reserve Bank is continuously raising interest rates to curb inflation. Due to this, the funding cost of banks has increased. The gap between deposit and credit growth is widening. In such a situation, the banking sector is expecting a development based budget.

The tax rate on the interest earned on bank deposits is higher than the tax on the returns of other investment instruments in the market. Due to this, the share of bank deposits in the total savings of the families is decreasing. It is expected that the government will reduce the tax rate on bank interest in the budget.

It is expected that measures will be taken to increase the participation of banks in the Indian equity and debt market in the budget – Sujan Hazra
According to economist Hajra, some banks may need additional capital due to increased credit growth. In the medium term, these banks may have to raise equity funding from the market. He said- We hope that measures will be taken in the budget to increase the participation of banks in the Indian equity and debt market. Which will make it easier for banks to raise equity capital. Along with this, their access to the international finance market will also improve.

There is a huge difference in funding cost of India and developed countries. If the government brings in regulatory reforms to allow banks to use their discretion in raising foreign funds, the cost of raising funds for banks can come down significantly.

Link small savings rates to external benchmarks
RBI has directed banks to link a wide range of lending rates either to marginal cost of funding or to an external benchmark. However, no such clear rule is applicable to various small savings schemes of the government (such as Sukanya Samriddhi Yojana). Since bank deposits compete with these schemes, it is necessary that the rates of small savings schemes are also linked to the same benchmark.

What are your expectations from Budget-2023… read these news related to it too…

Gems-Jewellery Export Promo. Council chairman said – Import duty on gold-silver, platinum should be reduced

Gems-Jewellery Export Promo. Council (GJEPC) chairman Vipul Shah believes that many announcements can be made in the budget-2023 in the interest of the gems and jewelery sector. Currently, the rate of import duty on gold, silver and platinum is high. Due to this smuggling is increasing. Exporters’ working capital of more than Rs 500 crore also gets stuck. Read the full news here…

Manipal Global Ed. The chairman said – Surcharge should be removed on the income of the rich

Manipal Global Ed. Chairman TV Mohandas Pai has high hopes from Budget-2023. He believes that the government can take some bold steps in the budget. There is a possibility of focus on resolving old issues and disputes. Despite the ever-increasing inflation, the middle class has not received any special tax relief for the last few years. He is hopeful that the government will increase the tax slab in this budget. Read the full news here…

There is more news…

Amit

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