This Week in Explainers: What happens to your wallet, FASTag if you are a Paytm user?

In India, the biggest headline from this week was the announcement of the Union Budget. It was an interim one – a Budget that comes before the upcoming general election. In her speech, Finance Minister Nirmala Sitharaman looked back at the achievements of her government and set the roadmap for India in the years to come.

There were no income tax slabs announced but the FinMin spoke about India’s economy, fiscal deficit, and more. We were tracking the Budget closely and tell you everything that you need to know. Sitharaman in an interview with Network18 appeared confident about India’s growth.

The other big development is the political drama unfolding in Jharkhand. Hemant Soren was arrested and now the state has a new CM, Champai Soren.

It’s bad news for Paytm, once the poster child of India’s fintech revolution. The Reserve Bank of India (RBI) has ordered action against Paytm Payments Bank, barring it from accepting fresh deposits and making credit transactions. We decode the RBI order.

All this and more in our weekly roundup, where we don’t just bring you headlines but explain the news.

1. Let’s begin with the Budget. It was a milestone for Nirmala Sitharaman, who delivered her sixth Budget speech. It lasted for 58 minutes, the shortest by her record. She spoke about the economy and the government’s plan for a “Viksit” (developed) nation by 2047. The big numbers and financial jargon can be a little confusing. But we break it down for you. Here are takeaways from the interim Budget.

Tax slabs for the new and old income tax regimes will remain unchanged, Union Finance Minister Nirmala Sitharaman said in her Budget speech. Image used for representational image/Pixabay

2. Taxes. That is what is of key interest to everyday Indians. But Budget 2024 saw no changes in income tax slabs. This might have disappointed the salaried class but it came as no surprise. The finance minister was keeping with the convention of interim budgets. We tell you all about it.

3. A day after the Budget, Sitharaman gave an exclusive interview to Network18 Managing Director Rahul Joshi. She was confident that seven per cent growth is possible, as she spoke about India’s economy.

The FM hit out at the United Progressive Alliance and corruption during its regime and lauded PM Modi’s efforts to restore the economy. Here are the big talking points from the interview.

4. In early January, when Maldivian ministers made derogatory comments about Prime Minister Narendra Modi, outraged Indians said they would cancel their holiday to the island nations. They probably did. Data reveals that Indian tourists have given the Maldives a skip. The numbers fell in January and India has dropped to the fifth position behind Russia and China. Last year, the honeymoon destination received the most number of visitors from India.

Looks like the #BoycottMaldives was effective. We explain how the diplomatic spat could have impacted tourism.

The Reserve Bank of India on Wednesday restricted Paytm Payments Bank Ltd from taking fresh deposits and credit transactions across its services. File image/Reuters

5. Paytm mat karo? The fintech company is in trouble. The RBI has barred Paytm Payments Bank from offering its services including accounts and wallet after 29 February. The move restricts Paytm’s operations and impacts its huge customer base. So can you use Paytm FASTag after the central bank deadline? What happens to your money if you are a Paytm user? We explain.

6. In Budget 2024, the government made it clear that the cervical cancer vaccine was a priority. FM said that the government will encourage vaccination for girls in the age group of nine to 14 years for the prevention of cervical cancer.

A day later, model-actor Poonam Pandey died of cervical cancer at the age of 32, according to her team. What is this form of cancer and how common is it in India? Find out about the disease in our explainer.

Actor-model Poonam Pandey died at 32 after battling with cervical cancer. File image/PTI

That’s it from us this week. Hope our recommendations help you catch up on the news. And if you are looking for more, you can find our explainers here.

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