Economic Survey 2023 Key Highlights: How Are Cryptocurrencies Going To Be Regulated?

Economic Survey 2023 News: A global slowdown is likely to hurt exports, so India on Tuesday predicted its economy will grow by 6% to 6.8% in FY24. However, down from the 7% projected for the current year. In its annual Economic Survey report, the government stated that its baseline scenario for growth for 2023–2024 was 6.5%. However, nominal growth which takes inflation into account predicted at 11%.

The government’s assessment of the state of the economy over the previous year is primarily contained in the survey. However, Finance Minister Nirmala Sitharaman presented the annual budget to parliament on Wednesday.

Here are the Key Highlights of the Economic Survey 2023

  1. India’s economy will expand by 6.5% in 2023–2024 compared to this fiscal year’s 7.5% and 2021–2022’s 8.7% growth.
  2. India will continue to have the world’s fastest-growing major economy.
  3. GDP will be 11% in nominal terms in the upcoming fiscal year.
  4. Real GDP growth is projected to range from 6 to 6.8% in the upcoming fiscal, depending on international economic and political developments.
  5. As a result of ingrained inflation, borrowing costs could continue to be “higher for longer.”
  6. The likelihood of additional interest rate increases by the US Fed presents a challenge to the rupee’s depreciation.
  7. PM KISAN and PM Garib Kalyan Yojana were two programs that made a significant difference in reducing poverty.
  8. Bank credit growth is anticipated to be rapid in FY24 due to low inflation and reasonable credit costs.

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How Will Cryptocurrencies Be Regulated? 

One concern that people have as the Union Budget 2023 approaches is how the government will handle the problem of cryptocurrencies. All gains from cryptocurrency transactions will be subject to a flat 30% tax, according to the Budget 2022 announcement. The announcement of a 1% tax deducted at source (TDS) was also made. Following this, there have been rumors regarding the type of regulation the Indian government plans to implement for cryptocurrencies.

Tax advisory company Taxmann recommends that transactions involving cryptocurrencies that exceed the threshold limit fall under the TDS/TCS provisions. By doing this, the government may be able to track down cryptocurrency investors.

India is anticipated to take the lead in global crypto regulation as it holds the G20 summit presidency this year. Budget 2023 will include measures pertaining to cryptocurrencies as a preview of India’s position on cryptocurrencies internationally.

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