The World Opinion

Category: Economy

  • GST Panel Deliberates On Lowering Rate On Health Insurance, Tractors | Economy News

    New Delhi: As the government focuses on GST 2.0 which further eases tax laws, enhance tax simplification and adoption of technology, the ministerial panel tasked to rationalise rates is deliberating on lowering GST on essential items like health insurance and tractors up to 5 per cent. 

    As tractor segment volumes saw marginal growth (year-on-year) in September, a reduction in GST on tractors will offset the revenue loss, according to industry experts. Tractors currently attract 12-28 per cent GST, depending on their classification.

    Similarly, a cut in GST on health and term insurance – a long-pending demand of the sector — will further make them more affordable for the masses. As per experts, health insurance is likely to see a decrease from 18 per cent to 12 per cent, while term insurance may attract a GST of 5 per cent.

    According to reports, the panel, chaired by Bihar Deputy Chief Minister Samrat Chaudhary, is focused on moving certain items from the 12 per cent slab to 5 per cent. The panel is expected to meet on October 19 over the insurance issue, followed by discussions on rate rationalisation on October 20.

    Last month, the GST Council, headed by Finance Minister Nirmala Sitharaman, set up a Group of Ministers (GoM) on slashing the tax rate on life and health insurance, as well as reducing the GST on cancer drugs.

    The GoM on life and health insurance is headed by Choudhary, who is currently heading the panel on GST rate rationalisation. The 54th GST Council meeting, held on September 9, reached a “broad consensus” to bring relief to individuals and senior citizens with a decision on the GST applied to health insurance premiums. The current GST rate on health and life insurance policies stands at 18 per cent.

    However, the GST Council announced to reduce the rate on cancer drugs to 5 per cent from 12 per cent. The life and health insurance industry is hopeful that the reduction would alleviate the tax burden on both insurers and policyholders.

  • BMW, MINI Sales Rise By 10% In Jan-Sept This Year; SUV Models Drive Demand | Auto News

    BMW, MINI Sales In India: German luxury carmaker BMW Group on Friday said its BMW and MINI brands recorded a 10 per cent year-on-year increase in sales at 10,556 units in India during the January-September period of 2024, which are the highest-ever numbers in 17 years for the company in a nine-month period. The number of cars (BMW and MINI) sold in the first nine months of 2023 was 9,580 units. Besides, the group also sold 5,638 units of Motorrad brand of motorcycles, the group announced here on Friday. BMW Group comprises three brands–BMW, Mini and Motorrad. 

    BMW also launched its luxury sports car M4 CS in India, the company’s 25th model this year, priced at Rs 1.89-crore. The M4 CS model which made its debut in India will be available here as a Completely Built-Up (CBU) model and can be booked at the BMW dealership network, the company said. The newly-launched M4 CS is powered by a 3.0 litre twin turbocharged inline-six-cylinder engine with M twin power technology, according to the company.

    Of the 10,556 units, BMW Group said, it sold 10,056 units of BMW and the remaining 500 units of the MINI brand. “The highest ever car deliveries during January to September this year, reflects the synergy between a successful strategy and an unparalleled customer experience,” said Vikram Pawah, President and CEO at BMW Group India.

    BMW Group India is changing the game with its long wheelbase product portfolio and a strong electric mobility offensive, he added. Key models like the BMW 7 Series Long Wheelbase, BMW 3 Series Long Wheelbase, and BMW X1 are leading in their segments, and demand for the new BMW 5 Series Long Wheelbase is overwhelming, Pawah stated.

    In the luxury segment, BMW Luxury Class vehicles, which include the BMW 7 Series, BMW i7, BMW X7, and BMW XM, accounted for 17 per cent in overall volumes, driven by BMW X7, which was the highest-selling model in this class, the company said.

    Sports Activity Vehicles (SAVs) accounted for 55 per cent of BMW’s sales in the domestic market, with the BMW X1 leading the segment, contributing around 20 per cent of overall sales. BMW Group India maintains its top position in the electric mobility space with 725 units of fully electric BMW and MINI cars getting delivered YTD (year-to-date) Q3 2024, it said.

    The company also said that BMW Group in India is the first luxury car manufacturer to cross the milestone of over 2,000 EV deliveries till date. Pawah said that the company is expecting to end 2024 as a record year, adding that “all these launches that we are doing are absolutely giving us the traction that we want in the market and expect that to continue.” 

    He said that some of these lunches happened a month ago and all the supplies are starting now, “so in Q4 with the festive season along with this, I expect this only to be better. So clearly we will finish the day with a record year,” he stated. Pawah also pitched for “Green Tax” for promoting net zero emission and not just electric vehicles. 

    “Ideal situation is there should be what you call a green tax, the green GST. The greener the car, the lower the tax. If you have that gradient, people will automatically choose and migrate towards greener cars. “I requested the government to look at a green GST regime. I think that will benefit more instead of the size of the car or size of the engine. Then you really benefit towards the aim that we have as an economy to become carbon neutral,” he said.

  • Govt Announces Interest Rates For General Provident Fund, Other Funds For October-December Quarter | Personal Finance News

    New Delhi: GPF interest rate 2024: The Ministry of Finance has announced the interest rate on General Provident Fund  (GPF) and other funds for October-December quarter will be kept unchanged at 7.1 percent.

    “It is announced for general information that during the year 2024-2025, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f . 1 October, 2024 to 31th December, 2024. This rate will be in force w.e.f . 1 October, 2024,” an Office Memorandum of the Department of Economic Affairs.

    Interest rates on GPF are revised periodically according to the government’s issued notifications. The interest rate of 7.1 percent for the aforementioned period will apply to the following funds:

    1. The General Provident Fund (Central Services);

    2. The Contributory Provident Fund (India)

    3. The All-India Services Provident Fund

    4. The State Railway Provident Fund

    5. The General Provident Fund (Defence Services)

    6. The Indian Ordnance Department Provident Fund

    7. The Indian Ordnance Factories Workmen’s Provident Fund

    8. The Indian Naval Dockyard Workmen’s Provident Fund

    9. The Defense services Officers Provident Fund

    10. The Armed Forces Personnel Provident Fund

    Meanwhile, The government has left the interest rates on various small savings schemes including PPF and NSC unchanged for the third straight quarter beginning October 1, 2024.

    “The rates of interest on various small savings schemes for the third quarter of FY 2024-25, starting from October 1, 2024, and ending on December 31, 2024, shall remain unchanged from those notified for the second quarter (July 1, 2024, to September 30, 2024) of FY 2024-25,” said a finance ministry notification.

    As per the notification, deposits under the Sukanya Samriddhi scheme will attract an interest rate of 8.2 per cent, while the rate on a three-year term deposit remains at 7.1 per cent.

    The interest rates for popular Public Provident Fund (PPF) and post office savings deposits schemes too have been retained at 7.1 per cent and 4 per cent, respectively.

    The interest rate on the Kisan Vikas Patra will be 7.5 per cent, and the investments will mature in 115 months.

    The interest rate on the National Savings Certificate (NSC) will remain at 7.7 per cent for the July-September 2024 period.

  • Kia India To Launch Locally-Produced Mass Market EV Next Year | Auto News

    Upcoming Kia Electric Car: Kia India plans to launch its first affordable electric vehicle next year. The company aims for 4 lakh annual sales in India by 2030, targeting to match the sales in its home country South Korea, which is currently its second-largest market worldwide.

    Kia India, which sells one electric vehicle (EV) model — EV 6 at a starting price of Rs 60.96 lakh — on Thursday introduced another model EV9 priced at Rs 1.3 crore, imported as a completely built unit (CBU). Both the models come as CBUs. 

    “Next year, we plan to introduce one electric model in the mass segment,” Kia India MD and CEO Gwanggu Lee said. The company also plans to consolidate its position in the sports utility vehicle segment and is looking to bring in models as per the market demand. 

    Lee, however, ruled out getting into the micro SUV segment. He noted that the company is looking to touch 4 lakh unit sales annually in the Indian market by 2030. 

    India is at the third position in terms of the largest markets for Kia globally. Lee said that the automaker disrupted the Indian automobile industry in 2019 and is yet again doing it after five years with its Kia 2.0 transformation strategy.

    “The Kia 2.0 transformation is aimed to redefine how you perceive automobiles conventionally, while keeping the cores intact,” he stated. The company’s focus on technology, design, and unparalleled luxury will revolutionise the Indian market, Lee said. He noted that technology will play a major role in the mass market segment as well.

    Kia India National Head Sales and Marketing Hardeep Singh Brar said the company aims to end the current calendar year with sales of 2.5 lakh units. “Our target is to close next year with 3 lakh units,” he stated.

    Asked about the outlook for the festive season, he said it is going to witness brisk sales. “We had some slowdown in the last few months but we expect festive sales to cover it up,” Brar said.

    Kia India on Thursday introduced the EV9 electric SUV priced at Rs 1.3 crore and Carnival Limousine tagged at Rs 63.9 lakh.

  • Infra-Boom Set To Push Sonipat Real Estate Prices Up By 30% As Investors Eye New Opportunities: Experts | Real Estate News

    The residential sector remains the primary driver of India’s real estate market, as evidenced by the numerous land deals it is generating. With residential demand at an all-time high, major listed developers and other entities are actively acquiring land. With a booming industrial landscape and improved infrastructure, the city is quickly transforming from a tier-2 town into a sought-after destination for investors and businesses. An ANAROCK report highlighted that deals for proposed plotted development projects have been finalized in cities such as Sonipat, Nagpur, Surat, and Ahmedabad.

    Sonipat’s appeal lies in its affordable property prices and lower cost of living, making it an ideal destination for middle-income housing and commercial development. Recent infrastructure upgrades, such as the development of smart industrial parks and logistics hubs under the Delhi-Mumbai Industrial Corridor (DMIC), are attracting significant investment. The upcoming ?18,000 crore Maruti Suzuki manufacturing plant is set to boost employment opportunities and draw in a skilled workforce, further driving demand for both residential and commercial properties.

    Sonipat has transformed itself into a key growth hub for real estate in the Delhi-NCR region, with property prices increasing by about 25 per cent in the last year, said experts. Vishal Raheja, Founder & MD, InvestoXpert.com, said, “Big-ticket infrastructural developments like the Kundli-Manesar-Palwal Expressway and the upcoming Delhi-Mumbai Expressway are going to boast connectivity significantly with huge scope for demand creation. Over 15 new residential projects have been launched in the last six months, wherein investors are looking towards Sonipat’s real estate to create 30-per cent gains over the next five years. The spurt in investment is further driven by the government’s intent at affordable housing and industrial estates development.”

    These infrastructure developments have transformed Sonipat from a niche regional investment destination into a hotspot attracting international interest. This shift has firmly established Sonipat’s new status in India’s real estate landscape. Not only this, Sonipat is also experiencing an increased demand for plotted developments, driven by its strategic location and improved connectivity.

    Sunil Sisodiya, Founder of Geetanjali Homestate, said, “We see a range of buyers who are ready to buy land and construct a dream house, even as integrated townships and modern residential complexes have been on an upward trajectory in recent times. Sonipat scores a special point on account of its affordability; property rates have been between Rs 2,000 to Rs 15,555/sqft, making it a great proposition against the highly escalating prices of Delhi and Gurugram. As the development of Sonipat takes place in terms of improved infrastructure and commercial hubs will get ready to enhance the property values with expected growth rates of 15 to 20 per cent annually in the coming couple of years.”

    “New-age cities like Sonipat will become the crucibles of future economic dynamism. Their appeal lies in a harmonious mix of affordability, accessibility, and lifestyle amenities, offering new relaxed havens of living. As living preferences evolve and government initiatives take root, these cities are uniquely positioned to reshape the real estate narrative, attracting investors, homeowners, and businesses alike,” said Mohit Malhotra, Founder & CEO of NeoLiv.

    Tier-2 cities such as Sonipat have seen the rise of an organized real estate market, leading to remarkable growth and development prospects for the city. Yashank Wason, Managing Director, Royal Green Realty said, “In this changing environment, alongside the growing trend of remote work, Sonipat presents an appealing combination of affordability and quality of life. Homebuyers are attracted to its spacious homes nestled in lush greenery, offering a welcome escape from crowded urban areas. The forthcoming Rapid Rail Transit System will further enhance connectivity across the broader NCR region, solidifying Sonipat’s position as a key player in the real estate market.”

    However, the city also faces a challenge to generate equal employment opportunities and public infrastructure like parks, and public toilets among other amenities, said local property agents. The nearest airport to the city is around 70km away in Delhi. 

  • Finance Ministry’s BIG Step For Central Govt Pensioners; Issues THIS Directives To Banks | Personal Finance News

    New Delhi: In a big step towards addressing the grievances of central government employee pensioners, the finance ministry has issued a directive to the banks asking them to credit money by end of every month.

    The finance ministry in an office memorandum (OM) has directed banks to ensure timely disbursement of pensions and family pensions.

    “Attention is invited to the provisions contained in Scheme for Payment of Pensions to Central Government Civil Pensioners by Authorized Banks’, according to which authorised banks’ Centralized Pension Processing Centers (CPPCs) of authorized anks are to credit the monthly pension/family pension in the account of pensioner/family pensioner by the last working day of the month to which they relate except for the month of March for which it should be credited on the first working day of the succeeding month i.e. April,” said the finance ministry.

    The Ministry’s OM stated that the delay in credit of pension/family pension is being seen in a serious light by it, warning that any lackluster on the issue might lead to necessary action.

    “The delay in credit of pension/family pension has been viewed very seriously. The CPPCs are hereby instructed to ensure that the monthly pension/family pension is credited in the pensioner’s/family pensioner’s account every month as per prescribed timelines. Any delay, in credit of pension/family pension beyond prescribed timelines, will be viewed very seriously and necessary action, as deemed fit, will be taken,” it added.

    In order to monitor timely disbursement of pension/family pension all Centralized Pension Processing Centers (CPPCs) are instructed to furnish a report regarding the crediting of pensions of the monthly pension electronically invariably by the forenoon  of the last working day each month, said the ministry.

  • LPG Insurance Policy: How Much Money Can You Get In Case Of Accident, Death? Documents Required, How To Apply | Personal Finance News

    New Delhi: Oil Marketing Companies (OMCs) take comprehensive Insurance Policy under ‘Public Liability Policy for Oil Industries’ to provide speedy relief to the affected persons in case of LPG related accidents. It covers all LPG consumers registered with OMCs. Public Liability Insurance Policy taken by OMCs covers losses arising out of accidents where LPG is the primary cause of fire and not for cases where the primary cause of fire is other sources/reason wherein LPG cylinders gets engulfed and subsequently burst.

    In case of the unfortunate event of an accident or demise, LPG customers –Bharat Gas, Indane Gas, HP Gas –must know that all registered consumers are covered under an insurance policy.

    All LPG distributors also have Third Party Liability Insurance to cover losses in the event of an LPG accident.


    LPG GAS INSURANCE LIMIT/COVERAGE AMOUNT: Bharat Gas

    The monetary value of coverage under the no fault liability policy is as under:

    Personal accident cover of Rs.6,00,000/- per person per event in case of death
    Covers medical expenses of Rs.30 lakhs per event, maximum Rs.2,00,000/- per person. Immediate relief upto Rs. 25,000/- per person.
    Property damage maximum Rs.2,00,000/- per event at authorised customer’s registered premises.

    It also covers customers who are supplied through reticulated system of LPG (Piped LPG).

    Per year in aggregate: Rs 100 crore

    LPG GAS INSURANCE LIMIT/COVERAGE AMOUNT: HP Gas

    Personal Accident cover for loss of life, bodily injury and property damage at authorized customers registered premises. However the clause of registered customer premises will not apply for FTL customers as the customer are enrolled based only on proof of identity (irrespective of Liability at Law)

    a) Personal accident (Death) : Rs. 6 lakhs per person per event

    b) Medical Expenses : Rs. 30 lakhs per event (maximum Rs. 2 lakh per
    person ,Immediate relief up to Rs. 25,000/- per person)

    c) Property Damage: Maximum Rs. 2 lakh per event at authorized customer’s registered premises.

    d) Per Year: Rs. 20 Crores 

    LPG GAS INSURANCE LIMIT/COVERAGE AMOUNT: Indane Gas

    Personal Accident cover to third parties and LPG customers and property damage at authorized customers are registered premises:

    Personal Accident : Rs.6,00,000 per person per event in case of death
    Medical expenses : Max Rs.2,00,000 per person (Limited to Rs 30,00,000/- per event)
    Property damage : Max. Rs. 200,000/- per event at authorized customers are registered premises.
    Per year in aggregate: Rs. 10 Crore


    Documents Required To Claim LPG Insurance

    As per the OMCs, Consumer is required to submit to the Oil Company the relevant documents 

    a. In case of death – originals of Death Certificate(s) and Post Mortem report(s) /Coroners report/Inquest report, as applicable

    b. in case of injuries – Doctors’ Prescriptions in original supporting the purchase of medicines, original Medical Bills, Discharge Card in original and any other documents related to hospitalization.


    How To Apply To Claim LPG Insurance

    Claims are settled based upon the merit of each case. The concerned Insurance Company takes decision regarding settlement of the claim as per the provisions of Insurance Policies. Customers are not required to apply to Insurance Company or to contact them directly.

  • World Bank Expects 5.1% Growth For Nepal | Economy News

    New Delhi: The World Bank on Wednesday projected a growth of 5.1 per cent for Nepal in the current 2024-25 fiscal year starting in mid-July, below the Nepali government’s 6 per cent target. Growing tourist arrivals, more hydropower generation and expected growth in paddy production shall contribute more to Nepal’s gross domestic product, the bank said in its Nepal Development Update report.

    The South Asian country achieved a growth of 3.9 per cent in 2023-24, noted the international financial institution. The bank is expecting Nepal’s private sector to contribute more to its growth by taking advantage of the central bank’s loosening of monetary policies and easing of regulatory requirements, Xinhua news agency reported.

    It has projected Nepal’s economy to grow by 5.5 per cent in the next fiscal year. In its report released last week, the Asian Development Bank forecast a 4.9-percent growth for Nepal in 2024-25. “Maintaining growth momentum is key to Nepal’s development,” said David Sislen, the World Bank’s Country Director for the Maldives, Nepal and Sri Lanka.

    “This requires continued reform in critical areas such as infrastructure, governance, human capital development and developing an environment which encourages and supports the private sector,” Sislen was quoted as saying in a statement.

  • Railway Accidents Have Reduced To Just 40 Per Year: Ashwini Vaishnaw | Mobility News

    Railway Accidents: Union Minister Ashwini on Wednesday attended the ‘Swacchata Abhiyan’ at Garden Reach, in Kolkata. Speaking to reportes about the railway accidents in the country, Vaishnaw said that systematic and structural issues are being resolved.

    “We are trying to find the root cause of any accident and are trying to resolve structural and systematic issues. If we look at the situation 10 years ago, there were 171 accidents per year, and now it has come down to just 40 per year, and is also reducing significantly every year,” Vaishnaw said.

    He said, “Accidents have reduced by more than 60 to 70 per cent. During the UPA government, the average number of derailment incidents used to be around 400 to 500 which has now come down to 80. As we keep on improving the training practices of our employees and work on technology, things are improving and we are extremely happy about it.”

    Further, he added that the development of Kavach has improved. “The development of Kavach which was a significant milestone for us has now been completed. The Kavach 4.0 system has been successfully installed between Kota and Sawai Madhopur,” he said. 

    “Kavach has been installed on 2000 kilometres and on 900 locomotives and now it will be done around the country. We have received the highest level of safety certification from globally recognized safety accessors,” he added.

    Additionally, Vaishnaw also extended his wishes to the people on Shubho Mahalya and confirmed that for the development of West Bengal railways, a bridge would be inaugurated.

    “I extend my heartfelt wishes to the people on the occasion of Shubho Mahalya. The work done by Prime Minister Narendra Modi and Amit Shah for the development of West Bengal railways will be inaugurated today. A bridge will be inaugurated today and the capacity of Sealdah sub-urban services will be increased from nine coaches to 12 coaches which will also be inaugurated today,” Vaishnaw said.

  • Maruti, Hyundai, Tata Motors Report Decline In Wholesales – Here’s Why | Auto News

    PV Sales In September 2024: Maruti Suzuki, Hyundai, and Tata Motors saw a drop in wholesales in September as the companies reduced dispatches to dealers to prevent excess inventory due to slowing demand. Maruti Suzuki India, in particular, reported a 4% decrease in total domestic passenger vehicle wholesales, delivering 1,44,962 units last month compared to 1,50,812 units in the same period last year.

    Maruti Suzuki India (MSI) Senior Executive Officer (Marketing & Sales) Partho Banerjee, said the company has been reducing the dispatches to re-calibrate the inventory at the dealer level to match with the market demand.

    Hyundai Motor India said its domestic dispatch to dealers saw a 6 per cent dip to 51,101 units last month from 54,241 units in the year-ago period. While the exports declined 25 per cent in September to 13,100 units compared to 17,400 units in the year-ago period.

    Tata Motors’ total passenger vehicle, including electric vehicles, sales in the domestic market declined 8 per cent to 41,063 units last month against 44,809 units in September 2023. Mahindra & Mahindra said its SUV wholesales in the domestic market increased 24 per cent to 51,062 units in September compared to the same month of last year.

    Toyota Kirloskar Motor reported a 14 per cent year-on-year increase in wholesales to 26,847 units in September, with domestic sales accounting for 23,802 units and exports totalling 3045 units. The automaker dispatched 23,590 units to its dealers in September last year.

    Kia India sales rose 17 per cent year-on-year to 23,523 units in September. The automaker had dispatched 20,022 units to dealers in September 2023. Hardeep Singh Brar, Sr. VP and Head of Sales and Marketing commented, “This success is a testament to the unparalleled customer experience our team consistently delivers.”

    JSW MG Motor India reported an 8 per cent year-on-year decline in retail sales to 4,588 units in September.