Less than 12 hours after announcing a steep reduction in small savings interest rates, the government has scrapped the order, saying it was issued by oversight. #NirmalaSitharaman
newsbytesapp.com/news/business/…
The earlier order was to take effect from today and was slated to cover schemes like Public Provident Fund (PPF), Senior Citizen Savings, Sukanya Samriddhi Yojana, and Kisan Vikas Patra. Image
On the last day of the financial year, the government said that the interest rate on savings deposits has been slashed to 3.5% from 4% for 2021-22's first quarter. It would have hurt PPF depositors, senior citizens and helped corporate players, if implemented. Image
After the order created a stir, the Central government quickly rolled it back. Finance Minister Nirmala Sitharaman tweeted the same today. Sources say “withdrawal appears to be a political compulsion (read Assembly elections).#NirmalaSitharaman Image
Naturally, the Opposition took a potshot at the government. Image

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Indian government will offer more than $1 billion in cash to every company that establishes a semiconductor manufacturing unit in the country, said two Indian government officials to Reuters.
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Read 6 tweets

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