The Union Finance minister Nirmala Sitharaman said that, the regulatory bodies like National Financial Reporting Authority (NFRA) and the Competition Commission of India (CCI) should be ahead of the curve in digitisation. This helps in better understanding of digital methods and prevent misuse of technology. They should ensure that the regulations are followed in the right methods.
She noted that as mergers and acquisitions are happening in a big way, the CCI had made a contribution by controlling the mergers in a significant way.
Even though the foreign portfolio investors(FPI) and foreign institutional investors are exiting the Indian stock markets due to various global pressures, strong inflows from the domestic investors helped to cushion the market fall.
An estimate of ₹4.5 trillion retail inflows has entered into the domestic equity market.
A sum of ₹10,000 crore was saved in interest cost in FY22 after the adoption of new accounting mechanisms in the Public Finance Management System like the Treasury Single Account (TSA) and the Single Nodal Agency(SNA) for distributing Centrally Sponsored Schemes (CSS) funds to the states.
The SNA dashboard helps in tracking the fund transfers to the states and ensure their utilization. This makes the governance more transparent and the role of digitisation in fair and transparent business practices
There is an unspent balance of ₹1.2 lakh crore on the SNA so the goverment won't have to release or borrow till it's spent. This helps in centre's fiscal deficit.
The excise duty cuts on petrol and diesel, subsidy on fertilisers and gas cylinders, cuts in import duty will lead to a revenue loss.
The new systems would help in cutting the interest expenditure because the money would be only released when it is needed.
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