It looked as if the rain would derail the annual Mint Mutual Fund Conclave in Mumbai where every year we debate issues related to the industry and investors. This year since we had the chairman of the Prime Minister’s Economic Advisory Council, Bibek Debroy, giving the keynote, we decided to have a closed-door roundtable where he would interact with some financial sector leaders to have a candid conversation about issues like the real GDP numbers, the budget, the slowdown that industry says is palpable and the changed rulebook of this government. There is worry among employees, investors and the industry on the slowdown in the economy. Wealth managers peg their advice and asset management decisions on potential growth, and if this number is in doubt, the ground moves from under the feet. But as the rain did not keep away the financial sector leaders or the delegates, there was an animated debate. Here are a few takeaways from the conversation and the event.
Livemint decodes the implications of tax proposals in interim budget 2019 with personal finance expert Monika Halan. The budget proposed rebates for all those with taxable income of up to Rs. 5 lakh per annum. Tax burden has also been reduced due to the proposed increase in standard deduction from the earlier Rs. 40,000 to ₹50,000. Watch the full video where Monika Halan unpacks how the tax proposals will impact your pockets.
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The 8,153-word speech by finance minister Piyush Goyal, who was stepping into the shoes of the ailing Arun Jaitley, had some giveaways and some promises to both India and Bharat. But if you look for a subtext, it is this: “We inherited a struggling economy that was crying for structural reform after years of policy paralysis. Our macro report card is good—inflation is down, deficit numbers are within a whisker of the glide path recommended in the FRBM Act and the economic growth numbers are strong. To fix the micro, that means things that will make a difference in your life, give us another chance. And, by the way, to help you help us, here are some rewards targeted at those who most need them.”