Life insurance companies are opposing the exemption of term insurance policies from GST, citing increased costs due to the loss of input tax credit. They propose maintaining a 12% GST rate to offset costs. The decision has been deferred, awaiting feedback from insurance regulator Irdai. Inconsistent implementation could lead to higher premiums and impact affordability for consumers.
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Luxury watch brands are experiencing a surge in demand across metro and tier-2, tier-3 cities in India in 2024, despite a global slowdown, especially in China. Increased affluence and competitive pricing in India are driving growth, with cities like Mangalore and Pune becoming significant markets, prompting global brands to expand their presence.
Anand Mahindra emphasizes the significance of output quality over the number of working hours in response to controversial remarks by L&T Chairman SN Subrahmanyan about a 90-hour workweek. Mahindra also highlights the importance of a balanced life enriched by arts, culture, and family time for enhanced decision-making and leadership.
India's industrial sector is expected to grow at a slower pace of 6.2 per cent in FY25 compared to 9.5 per cent in FY24, as per advance estimates, primarily due to the base effect and a subdued manufacturing performance in the first half, according to Bank of Baroda report.
Hero MotoCorp reported a 7.5% rise in total sales to 59,11,065 units in 2024, including significant progress in the electric vehicle segment with over 46,662 VIDA V1 e-scooters sold. The company achieved 49% growth in global business sales with eight new model launches designed for regional preferences.
The Reserve Bank of India (RBI) may use the cash reserve ratio (CRR) for regulatory intervention instead of liquidity management. The report by SBI suggests the CRR should be a countercyclical liquidity buffer, and a revision of RBI’s liquidity strategy and policy rate framework is needed.
India and the US are set to begin negotiations for a bilateral trade agreement aimed at doubling trade to $500 billion by 2030. Commerce Minister Piyush Goyal emphasized the potential for mutual concessions and tariff reductions to facilitate this growth, with negotiations expected to start soon and a strong agreement anticipated within 6-8 months.
The Defence Ministry has rejected Larsen and Toubro’s bid for the Rs 70,000 crore tender under the Navy’s Project 75 India initiative due to non-compliance with Indian Navy requirements, leaving Mazagon Dock Shipbuilders Limited as the sole contender with Germany’s ThyssenKrupp Marine Systems.
EPFO's provisional payroll data for November 2024 shows a net addition of 14.63 lakh members, a 9.07% increase from October. Notable trends include a rise in new memberships, particularly among the 18-25 age group, and increased female participation. Top states contributing to the net member additions include Maharashtra and Karnataka, with significant growth in industries such as engineering and textiles.
Sebi chief Tuhin Kanta Pandey emphasized the importance of transparency and accountability in enhancing trust within India's financial markets. He highlighted the need for optimum regulation, focusing on relevant statutes, and pledged to foster investor awareness and education. Pandey also expressed his intent to promote voluntary compliance through a consultative approach involving all stakeholders.
Chinese electronics component makers are offering Indian companies price reductions up to 5% amid the US-China trade conflict and decreased American demand. This concession, driven by hefty US tariffs on Chinese goods, could boost Indian manufacturers' profits.