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20 ArticlesBudget2015

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RBI Swaps Government Debt In Its Own Book Instead of Finding a Market Trade

In the Budget, we asked the question: Is a 30,000 cr. debt switch planned for March? Of course it was, it turns out. The government was looking to switch debt ...

Budgetonomics 2015: The EBook Free For Capital Mind Premium

Every year we produce a book on the Budget called Budgetonomics. It’s about the Budget. The What, the Why, the How and the Who Does It Affect. The ...

A High Service Tax Means Do Not Make In India, Buy From Abroad

Service Tax was hiked to 14% in this budget. The FinMin folks seem to think this is just a gradual move towards the GST rates of 20% or so, since ...

You Will Not Believe The Real Cost of the Subsidized Insurance and Pension Schemes In The Budget

There were three new “social” schemes in the budget. These sounded like big government expenditure and the devil is obviously in the details. We ...

RBI Agrees To Meet 4% Inflation Target, + or – 2%, Starting Jan 2016

Inflation targets are now at 4% starting Jan 2016. This is now a stated goal, with the Government and the RBI agreeing on it. Plus, the RBI needs to come ...

Macronomics: The Budget, It's Impact on Bonds and Rates and Equity

We discuss the impact of Budget 2015 on the financial markets. This post is for Capital Mind Premium subscribers ...

You Thought Service Tax Was Hiked to 14%? It Might Be 16%.

Service Tax in Budget 2015 was moved to 14% from the 12.36% we were paying earlier. But there’s a sneaky thing in the budget that allows them to push it ...

Budget 2015: Balancing the Budget By Massively Overestimating Tax Collections

Yes, we missed Budget Estimates by a huge margin. But how are our estimates, in terms of growth over the previous year, compared to earlier times? Let’s ...

We Just Missed Revenue Estimates by 63,000 Crores. And The Biggest Culprit: Service Tax

India is brilliant, they’re going to tell you in the news tomorrow. But what really has happened in the last year is absolute carnage, in terms of both ...

Is There a Rs. 30,000 cr. Debt Swap Planned For March?

Something seems off in the Budget Calculations. Every year we spend more than we earn. We borrow the difference, typically as market debt called Government ...