Narendra Modi took oath as the Prime Minister of India on 26 May 2014. A lot has happened in these past three years, not only on the political front, but in the world of personal finances as well. Has it been Achche Din for your money? Let’s take a look at how the Modi Government has affected your personal finances.
1) We’re now holding debt funds for longer because the long-term period was increased from 12 months to 36 months
2) With money lying idle in our bank accounts after demonetisation, we have started investing in mutual funds a lot more
3) Fixed income investments have become less attractive after interest rates went down
4) Home loan interest rates have come down to make it easier to own a home, especially with additional tax benefits also made available
5) We’ll now be paying less income tax after the tax rate on the 10% slab was reduced to 5%
6) Freelancers, professionals and consultants can pay income tax on only half of their income under the Presumptive Taxation Scheme
7) The equity markets have gone up to newer heights and made equity fund investments actually gainful
A detailed version of this article was published in The Huffington Post on 5 June 2017.