Chief Minister Yogi Adityanath has specifically directed that increasing the income of small and marginal farmers and ensuring transparency and efficiency should be top priorities.
Reserve Bank of India (RBI) Governor Sanjay Malhotra has said that the benchmark interest rate reduction will bolster private consumption and support a revival in private corporate investment.
In March 2021, the Central Board of Trustees (CBT) decided the 8.5% interest rate on EPF deposits for 2020-21.
Concerned over rising inflation, the government, aiming to tame price rise, had hiked the interest rate for the senior citizen savings scheme by 20 basis points from 7.4 per cent to 7.6 per cent on September 30 through a notification.
The 50 basis points hike in the repo rate coupled with inflationary pressure is likely to impact the sentiment of the Housing sector particularly in the affordable and mid-range housing segments.
The Centre has hiked interest rate for senior citizen savings scheme by 20 basis points from 7.4 per cent to 7.6 per cent, according to a Finance Ministry notification.
Faced with elevated retail inflation in August, the Reserve Bank of India is expected to raise interest rates in the range of 35-50 basis points in its next monetary policy committee meeting, said SBI Research.
Saving bank holders will get 3.25 per cent interest instead of 3.5 per cent.
The minister said that over the last 5 years the government did not increase tax rates, and in some cases doubled tax base and increased tax collection.
However, interest on savings deposits has been retained at 4 percent, annually.
