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In a bid to support meritorious and deserving Indian students to pursue their higher education without having to worry about funds, the government today announced the <keyword id="23831216" type="General" weightage="100" keywordseo="PM-Vidyalaxmi-scheme" source="keywords">PM-Vidyalaxmi scheme</keyword>. Here's all you need to know about it: The scheme will cover students who secure admission to one of the top 860 higher educational institutions in the country. In effect, this is set to benefit over 22 lakh students annually. You can apply for this loan via a soon-to-be launched consolidated PM-Vidyalaxmi portal. The loan application will be entirely digital and will not require collateral or assets to be pledged in place of a loan or even a guarantor. For loans up to Rs 7.5 lakh, the government will provide a 75% credit guarantee. If your family's annual income is up to Rs 8 lakh, you are eligible for receiving loans up to Rs 10 lakh at an interest rate of up to 3% lower rates. This support will be offered to around 1 lakh students every year, and those who opt for technical or professional courses from government-run institutions will be given preference for the same. The government has already set aside Rs 3,600 crore for the same, to be utilized between 2024 and 2031, benefiting 7 lakh students in this period. All eligible students whose family's annual income falls below the Rs 4.5 lakh threshold will receive a full subsidy on interest payable. As for which higher education institutions (HEIs) will qualify, it will depend on recent NIRF (National Institutional Ranking Framework) rankings. This will include: <ul><li>All centrally governed institutions</li><li>Public and private institutions that have made it to NIRF's top 100 rankings in the overall, category, and domain-specific categories</li><li>All state government HEIs that are ranked between 101 and 200 in <keyword id="22759868" type="General" weightage="20" keywordseo="NIRF-rankings" source="keywords">NIRF rankings</keyword> will also be eligible.</li></ul> <h2>Rising cost of education</h2> Data from NSSO (National Sample Survey Office) highlights that the average expenditure on education in India has doubled in the last decade. Per the All India Survey on Higher Education 2020-21, the tuition fees for engineering courses in most private institutions have already risen by 50% over the past 10 years. Education inflation currently stands high, at about 11–12%. The demand for educational loans is also inching up steadily. Per RBI data, as of September 20, 2024, the total quantum of outstanding education loans stood at Rs 62,389 crore, up 2.8% from Rs 60,715 crore in September 2023. India's largest lender, the State Bank of India, leads the education loan bandwagon, with disbursals worth Rs 10,860 crore in FY24.

Lack of funds stopping you from pursuing higher education? The government can come to rescue

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

<ul class="summary-list"><li>Officials are urging people to stop spreading misinformation amid Hurricane Helene recovery efforts.</li><li>Both Republicans and Democrats have called out misinformation and false rumors.</li></ul>As rescue workers respond to the destruction in North Carolina after <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-helene-north-carolina-flood-insurance-2024-10">Hurricane Helene</a>, government officials on both sides of the aisle are calling for a misinformation cease-fire.Since the hurricane made <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-helene-slams-florida-power-outages-flooding-2024-9">landfall in Florida</a> and swept up <a target="_blank" class="" href="https://www.businessinsider.com/analysts-estimate-up-to-34-billion-damage-from-hurricane-helene-2024-10">to the Carolinas</a>, the storm itself has been swept up in another powerful force: American politics in a presidential election year.Some social media users are sharing unsubstantiated claims, some accompanied by fake AI-generated photos, criticizing the response from the Federal Emergency Management Agency (FEMA), the government's disaster relief group, and, by extension, the administration of President Joe Biden."It's not necessarily unusual for emergency situations to be breeding grounds for mis- and disinformation, but I do think we've seen a particularly large amount of false claims proliferating at this time," Mekela Panditharatne, a senior counsel at the Brennan Center for Justice, a nonprofit policy institute at New York University's School of Law, told Business Insider. "I don't think it's a coincidence that it's so close to a very consequential national election."<a target="_blank" class="" href="https://www.businessinsider.com/category/elon-musk">Elon Musk</a>, the billionaire owner of X and a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">vocal supporter of former President Donald Trump</a>, has posted on his social media network saying that "<a target="_blank" class="" href="https://x.com/elonmusk/status/1842284913279586447">FEMA is both failing to help AND won't let others help</a>" and has reposted similar claims from others.Musk shared another claim that Asheville, North Carolina's airspace had been closed to block recovery efforts, prompting a fact-check from Transportation Secretary Pete Buttigieg, who said the Federal Aviation Administration was not shutting down the airspace. Buttigieg <a target="_blank" class="" href="https://x.com/SecretaryPete/status/1842271678274928964">told</a> Musk to call him with any issues, and after they <a target="_blank" class="" href="https://www.msnbc.com/inside-with-jen-psaki/watch/-he-called-buttigieg-reveals-details-of-conversation-with-elon-musk-about-storm-response-221029445906">spoke on the phone</a>, Musk posted that flights were underway and <a target="_blank" class="" href="https://x.com/elonmusk/status/1842350122899739050">thanked</a> Buttigieg.Trump has seized on the disaster to criticize the Biden administration and, by extension, his opponent, Vice President Kamala Harris, saying the Biden administration "stole the FEMA money" and "spent it all on illegal migrants," the Washington Post reported.His comments came after Department of Homeland Security Secretary Alejandro Mayorkas said FEMA would need more money from Congress to get it through the rest of hurricane season.A <a target="_blank" class="" href="https://www.washingtonpost.com/politics/2024/10/04/no-biden-didnt-take-fema-relief-money-use-migrants-trump-did/">Washington Post</a> investigation found no evidence that the Biden administration used disaster relief funds on the migrant crisis. However, amid hurricane season in 2019, Trump himself approved using $155 million in disaster relief funds for immigration detention at the border, the Post reported.<h2 id="27fd660a-73db-4a3c-9a26-23e6b84ae71d">Bipartisan calls to stop spreading 'junk' information</h2>Following the spike in false rumors, FEMA created a searchable <a target="_blank" class="" href="https://www.fema.gov/disaster/current/hurricane-helene/rumor-response">fact-checking page</a> to tackle misinformation about the relief efforts. In North Carolina, the Department of Public Safety also shared a fact-check on social media, which Democratic Gov. Roy Cooper has reposted.Republicans have also joined the fight against the false information. Kevin Corbin, a Republican member of the North Carolina Senate, issued a plea on <a target="_blank" class="" href="https://www.facebook.com/kevin.corbin/posts/pfbid02VZiZFjsikbNeD3AKwkkpv5nnXpmkxWr5sJRG1G51D6yN82NvywWVaA8M8XjcNdeol">Facebook</a> for people to stop spreading "conspiracy theory junk." He listed bizarre claims that he said he and other officials have heard, ranging from accusations that "FEMA is stealing money from donations" to the "government is controlling the weather from Antarctica.""It is just a distraction to people trying to do their job," Corbin wrote.<div type="image" title="A young man hands supplies down to a woman from the bed of a truck amid hurricane recovery efforts." height="3050" width="4575" msid="113997193" hostid="261" sizebytes="310870"></div>US Sen. Thom Tillis, also a Republican, echoed Corbin's comments on "Face the Nation with Margaret Brennan" on <a target="_blank" class="" href="https://www.cbsnews.com/news/thom-tillis-senator-north-carolina-face-the-nation-transcript-10-06-2024/">CBS News</a> on Sunday. He said many of the claims are "not even from people on the ground" and complicate rescue and recovery operations."It's at the expense of the hard-working first responders and people that are just trying to recover their life," Tillis said. "Quite honestly, most of what I've seen out there is a distraction and not helping the core of the effort right here, which is to save lives and start rebuilding."Panditharatne told BI that the spread of misinformation can "dissuade people from seeking the assistance that they need in this time of crisis.""It's perfectly legitimate to express an opinion or criticize the sufficiency of a response, but a number of the claims that we are seeing, particularly from high profile actors and politicians, are baseless, and they're contradicting verifiable facts or unsubstantiated by evidence," she said. "Where that is the case, I think it can divert public information and resources and demoralize officials on the ground."In a crisis, there may be gaps in available information, creating a vacuum for misinformation to "flood in to fill the void," Panditharatne said. However, she added that's not an excuse."I think anyone like Musk, who has a significant influence over the information ecosystem, should feel a sense of responsibility to promote information that doesn't undermine people's ability to access the aid that they need or undermine officials' response to a crisis," she said.The Trump campaign did not immediately respond to a request for comment. Representatives for X also did not immediately respond.

Both Democrats and Republicans in North Carolina say misinformation is complicating Hurricane Helene relief efforts

<ul><li>34.7 crore <keyword id="20290357" type="General" weightage="20" keywordseo="ayushmann-bharat" source="keywords">Ayushmann Bharat</keyword> cards generated </li><li>Avg growth of the manufacturing sector at 5% over last decade</li><li>Reduction in dependence on non-institutional credit </li></ul> The <keyword id="6354872" type="General" weightage="100" keywordseo="economic-survey" source="Orion">Economic Survey</keyword> 2023-24 noted that the country's energy requirements are set to burgeon by 2-2.5x by 2027, underlining the need for energy efficiency and seamlessly transitioning to clean energy solutions. By means of sovereign green bonds, the government managed to raise Rs 16,000 crore between January-February 2023, alongside an additional Rs 20,000 crore between October and December 2023. As for social security, Ayushmann Bharat, of which over 34.7 crore cards have been generated, has saved over Rs 1.25 lakh crore of OPD expenses of the poor and under-privileged families. The country's labor market has also seen solid improvement, with unemployment rates declining to 3.2% in 2022-23. The net payroll additions under Employee Provident Fund Organization has also doubled over the past 5 years, signaling a healthy growth in formal employment. As per the survey, care economy and agro-processing are the two key areas where there is untapped potential for boosting quality employment, and increasing women participation in the labor force. The agriculture sector has registered an average annual growth of 4.18% over the last 5 years, with the sector growing about 1.4% during 2023-24, as per provisional estimates. To provide further fillip to the sector, the government has been focused on reducing the sector's dependence on non-institutional, informal credit. As a result, its share has come down from 90% in 1950, to just 23.4% in 2021-22. However, as the survey observed, the country's agricultural growth policies should be consistent with climate change and water security practises. <h2>Thrust on MSMEs, manufacturing and clean energy</h2>Over the last decade, the manufacturing sector managed to mark an average annual growth rate of 5.2%, majorly driven by chemicals, wood products and furniture, transport equipment, pharmaceuticals, machinery, and equipment. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> also emerged as a net exporter of finished steel over the last 10 years, and was a significant producer and consumer of the same during FY24. India's indigenous coal production also jumped up, with India actively working to reduce its import dependence. In FY 24, India producued 997.2 million tonnes of coal, imported 261 million tonnes, and consumed 1233.86 million tonnes. India's pharma market, valued at $50 billion, is the 3rd largest in the world, and India ranks prominently amongst clothing manufacturing nations as well. As of FY24, it is the second largest manufacturer, and one of the top 5 exporting nations of clothing, with the export of textiles and apparel, including handicrafts increasing by 1% to reach Rs 2.97 lakh crore. A similar growth was witnessed in India's electronics manufacturing segment, making up for 3.7% of global market share, with exports rising to Rs 1.9 lakh Crore in FY23. Per the survey, "the PLI schemes for key sectors have attracted significant investments, boosted production, sales and exports and generated jobs, particularly in the case of white goods. Keeping in view India’s vision of becoming ‘Aatmanirbhar’, over Rs 1.28 Lakh Crore of investment was reported until May 2024, which has led to production/sales of Rs 10.8 Lakh Crore and employment generation (direct &amp; indirect) of over Rs 8.5 Lakh under PLI scheme". Focus has also been on boosting research, development, innovation and entrepreneurship in the country. The number of granted patents increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. More than 45% of the recognised start-ups are emerging from Tier 2/3 cities. The country's services sector contributed to about 55% of the total size of the economy in FY24. The clean energy sector in the country also saw new investment of Rs 8.5 lakh crore between 2014 and 2023. India is prominently making a mark in space, with 55 active space assets, out of which 18 are communication satellites, nine navigation satellites, five scientific satellites, three Meteorological Satellites, and 20 are Earth Observation satellites.

Economic Survey shows India's energy needs to grow 2.5x, healthy growth in formal employment

London: Universities and student groups on Tuesday urgently lobbied British Prime Minister <keyword id="19906889" type="General" weightage="20" keywordseo="Rishi-Sunak" source="keywords">Rishi Sunak</keyword> to safeguard the country's <keyword id="21659184" type="General" weightage="100" keywordseo="post-study-visa" source="keywords">post-study visa</keyword> offer, which has been dominated by Indians to gain work experience for around two years at the end of their university degree. Amid reports that Sunak is considering either restricting or ending the <keyword id="20616105" type="General" weightage="20" keywordseo="Graduate-Route" source="keywords">Graduate Route</keyword> to curtail soaring migration statistics ahead of a general election, a group of nearly 30 university vice-chancellors and the <keyword id="21760521" type="General" weightage="20" keywordseo="national-indian-students-and-alumni-association" source="keywords">National Indian Students and Alumni Association</keyword> (NISAU) UK have issued detailed letters of appeal to 10 Downing Street. They list a series of factors in favour of keeping the Graduate visa scheme unchanged, including the benefits that international students bring to the UK economy in a competitive global higher education marketplace. "Modelling by consultancy London Economics shows that a single cohort has a net economic benefit of GBP 37 billion to the UK economy; as well as through the soft power that Britain's international graduates generate for the country over time, including through furthering ties of trade and diplomacy," reads the NISAU UK letter addressed to Sunak. "Indeed, 70 per cent of <keyword id="19971660" type="General" weightage="20" keywordseo="Indian-students" source="keywords">Indian students</keyword> have told us that the ability to gain meaningful work experience is a critical element in their decision to choose between competing international destinations, of which the UK is one... the Graduate Route allows the opportunity to gain this work experience for a temporary period. It is non-extendable and does not count towards permanent settlement. This means that neither students nor Graduate visa holders should be considered 'immigrants' in the context of the long-term picture of migration," it notes. Their appeal comes a week after the influential <keyword id="20609895" type="General" weightage="20" keywordseo="Migration-Advisory-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Migration Advisory Committee" meta.hostid="83" meta.entityid="Migration Advisory Committee">Migration Advisory Committee</keyword> (MAC) advised the government to let the scheme continue as it found no abuse of this post-study work offer. It also confirmed that Indians topped its tally, accounting for 89,200 visas between 2021 and 2023, or 42 per cent of the overall grants, and were likely to be "most affected by any restriction on the Graduate Route". In their letter to Sunak, universities in the north of England — from Sunderland to Sheffield, Leeds to Lancaster, Liverpool to Teesside, Bradford to Huddersfield, and York to Newcastle — said they will all be harmed by the removal or reduction of this visa as it is an "intrinsic part of the educational offer that has made the UK so attractive to brilliant students from all around the world". "The Graduate Visa Route is regarded by students in key markets like India as an integral part of their educational experience. The MAC review made clear that the removal of this route would make the UK less attractive and thus would cause considerable financial detriment to universities around the country," reads their joint letter. "International student tuition fee income has long cross-subsidised underfunded research and has increasingly become critical to cross-subsidise the teaching of UK undergraduate students because of the frozen tuition fee. Universities cannot continue to absorb the costs of teaching UK undergraduates without some form of alternative funding source," they caution. On top of their visa fees, international students who find work and start businesses contribute billions of pounds in income tax, national insurance and VAT annually. The university chiefs point out that they are also usually net contributors to the National Health Service (NHS) through the NHS surcharge. The Russell Group of the UK's leading universities issued its appeal over the weekend, with CEO Tim Bradshaw warning that there has already been a 10 per cent decline in international applications for post-graduate courses starting this September in the wake of the clampdown on students being able to bring dependant family members. "A further restriction on international students would not only be unnecessary — as numbers are already falling — but also damaging, resulting in less spending in local communities, fewer opportunities for domestic students and less UK research," he noted in a letter to Sunak. Members of his own Cabinet are believed to be opposed to any changes to the Graduate scheme, but the British Prime Minister is having to balance pressures from the right of the governing Conservatives who are single-minded in their demands to curb all forms of legal as well as illegal migration levels ahead of an election later this year.

Universities, student groups lobby PM Sunak to keep UK's post-study visa scheme unchanged

<ul><li>There is a suggestion to grant tax-free status to annuity income from the <keyword id="20240872" type="General" weightage="20" keywordseo="national-pension-scheme" source="keywords">National Pension Scheme</keyword> (<keyword id="19919089" type="General" weightage="20" keywordseo="nps" source="keywords">NPS</keyword>). </li><li>There is a proposal to simplify the capital gains <keyword id="6383566" type="General" weightage="20" keywordseo="taxation" source="Orion">taxation</keyword> structure by introducing a uniform holding period across domestic equities and <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword>. </li><li>Providing relief from double taxation on dividends is anticipated to receive positive feedback from the <keyword id="31671" type="General" weightage="20" keywordseo="markets" source="Orion">markets</keyword>. </li></ul>The FY 2025 budget is around the corner and it is expected that Finance Minister Nirmala Sitharaman will fulfil some of the wishes of both the industry and the common people. A report by <keyword id="19908266" type="General" weightage="20" keywordseo="icra" source="keywords">ICRA</keyword> analytics lists down some changes they foresee when it comes to taxation and other investment products. Taxation The persistent call for the removal of the security transaction tax (<keyword id="20204742" type="General" weightage="20" keywordseo="stt" source="keywords">STT</keyword>) in financial markets has gained momentum in recent years, and as GST collections have risen, this demand has once again become a focal point. The potential elimination of STT is seen as a measure to attract more investors to participate in domestic equity markets. Another significant concern in the taxation landscape is the issue of double taxation on dividends. Under the current system, companies pay taxes on their profits, and simultaneously, the government levies additional taxes on dividends in the hands of shareholders. This results in double taxation on dividends. Addressing this issue by providing relief from double taxation on dividends is anticipated to receive positive feedback from the markets. <keyword id="6354432" type="General" weightage="20" keywordseo="pension" source="Orion">Pension</keyword> and <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">Insurance</keyword> In the domain of pension and insurance, there is a proposal to raise the minimum pension floor for unorganised sector workers under the Atal Pension Yojana (APY). The rationale behind this proposal is that the current pension amount may not attract enough potential subscribers to enrol in the scheme. Additionally, there is a suggestion to grant tax-free status to annuity income from the National Pension Scheme (NPS). This move is particularly crucial as senior citizens heavily rely on annuity income during their retirement years. Considering the rise in medical expenses and the financial well-being of senior citizens, providing tax-free status to annuity income is seen as a step towards supporting this demographic. Further, proposing a distinct tax deduction for life insurance premiums, separate from Section 80C, could boost the adoption of insurance products, encouraging people to secure their family's financial future through life insurance investments. Furthermore, there is a recommendation for the government to review the 18% Goods and Services Tax (GST) imposed on health insurance policies. Markets In the financial markets, one of the pressing issues is the need for a comprehensive policy on cryptocurrency regulation. With the rising popularity and usage of cryptocurrencies, a regulatory framework is considered essential to ensure orderly and secure participation in the crypto market. Another area of interest is the potential reintroduction of sovereign green bonds in the budget. Sovereign green bonds play a crucial role in addressing the funding requirements for sectors like wind, power, and hydropower, promoting sustainable investments. Additionally, there is speculation about the allocation of a significant capital outlay for an Energy Transition Fund. The focus of this fund would be on new-age fuels such as green hydrogen, ethanol, and other biofuels, aligning with the government's emphasis on energy transition and net-zero objectives. Mutual Funds Within the mutual funds sector, there are several proposals to address taxation-related disparities and encourage a more investor-friendly environment. There is a call for parity in taxation between equity mutual funds and Unit Linked Insurance Plans (ULIPs). Achieving parity between equity Fund of Fund and equity-oriented mutual funds for taxation is also under consideration. Furthermore, there is a proposal to simplify the capital gains taxation structure by introducing a uniform holding period across domestic equities and mutual funds. This move is expected to enhance compliance and streamline the tax treatment for investors. Lastly, there is a suggestion to revisit the tax changes introduced for debt funds last year. The amendment, while creating a level playing field between bank deposits and debt mutual funds, inadvertently affected certain categories of funds. However, a depositor in fixed deposits secures guaranteed returns regardless of fluctuations in interest rates, whereas an investor in debt funds is susceptible to both interest rate fluctuations and credit risk in the event of issuer defaults. Moreover, the elimination of the previous indexation benefit adversely impacted the tax-friendliness of global equity funds, equity fund of funds, gold funds, and hybrid funds with less than 35% equity exposure. Consequently, there is a possibility of revisiting the tax changes to address these issues. This revision aims to address unintended consequences and restore a tax-friendly environment for investors.

Budget 2024 expectations: From removal of security transaction tax to sovereign green bonds

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! If you're indulging in Thirsty Thursday today, this bartender's <a target="_blank" href="https://www.businessinsider.com/red-flags-signs-of-bad-bar-longtime-bartender-2024-7">list of red flags to look out</a> for is a good read before picking a spot.In today's big story, hedge funds are dusting off an old strategy that's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/hedge-funds-embracing-hot-portable-alpha-strategy-to-win-investors-2024-7">a unique twist on passive investing</a>.What's on deck:<ul><li>Markets: Finance workers dish on what it's like <a target="_blank" href="https://www.businessinsider.com/hedge-fund-rich-taxes-labour-london-uk-relocation-milan-dubai-2024-7">relocating to a tax-friendly city</a>.</li><li>Tech: Meta's going to spend like crazy on AI in the next year. <a target="_blank" href="https://www.businessinsider.com/meta-ai-spending-more-mark-zuckerberg-investors-stock-price-2024-7">Investors don't hate it</a>.</li><li>Business: Some signs work is <a target="_blank" href="https://www.businessinsider.com/signs-your-career-taking-over-your-life-how-to-stop-2024-7">taking over your life</a>.</li></ul>But first, what's old is new again.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="0642bd0e-e971-4663-bff4-7c413bf24f3d">The big story</h3><h2 id="8e8b25cf-af5c-4ba5-823b-ade7efe8b096">Hedge funds' new pitch</h2><div type="image" title="A stock Trader looking at a bar graph" height="1500" width="2000" msid="112201013" hostid="261" sizebytes="446562"></div>When investing, how would you like to have your cake and eat it too?That's the idea of an old-turned-new strategy catching fire among hedge funds looking to mirror the market with a touch of their investing magic.Business Insider's Alex Morrell <a target="_blank" href="https://www.businessinsider.com/hedge-funds-embracing-hot-portable-alpha-strategy-to-win-investors-2024-7">has a breakdown on "portable alpha,"</a> a combination of passive investing based on a benchmark, like the S&amp;P 500, coupled with an actively managed strategy.The approach allows investors the baseline protection of mirroring the broad market (the passive investing portion) while getting exposure to the secret sauce hedge funds are known for (the actively managed portion).It's not just a win for investors. The passive portion of portable alpha means hedge funds may be eligible to get money from investors' long-only investment mandates. That's usually a much larger pool of cash than what institutions earmark for hedge funds.And with the fundraising environment for hedge funds <a target="_blank" href="https://www.businessinsider.com/death-hedge-fund-superstars-wall-street-stock-market-titans-gone-2024-7">looking bleak</a>, they'll take any help they can get.Portable alpha isn't foolproof. The strategy has been around for decades and was quite popular in the mid-aughts. But then the financial crisis happened, sending both parts of the strategy crashing. The fact that the passive portion of the strategy involves leveraged bets didn't help matters.<div type="image" title="Red stock market bull overlaying the American flag and stock chart candles." height="1010" width="2020" msid="112201017" hostid="261" sizebytes="90376"></div>Portable alpha reminds me of an old rule in Hollywood about not working with kids and animals. (Stay with me.)The rationale is that actors working with kids and animals risk getting upstaged and outshined. Under that premise, the same could be said of hedge funds partnering with a strategy they've long looked down upon.Any hedge funder worth their Patek Philippe will tell you how they can beat the market. The reality in recent years is most don't, but that hasn't stopped firms from touting themselves as different from the rest.But with portable alpha, hedge funds are tying themselves to something they've pledged they are better than. There is a rationale to that shift in philosophy — the broader market has been booming — but teaming up with a perceived rival poses a risk.What happens if the hedge fund's portion of the portable alpha strategy is what pulls returns down? It's one thing if you can't beat the market. It's another when you pair your strategy with the market and end up being the one that can't pull its own weight.Although, it's not like hedge funds have much choice. Institutional investors are getting much more particular with where they park their money. With competition from venture capital and private equity, hedge funds can't afford to turn their nose up at anything.But will the short-term benefits outweigh the long-term risks?<h2 id="e7ad5a04-e409-4b8e-a5a6-9c0198f1ef94">3 things in markets</h2><div type="image" title="Photo collage featuring Kamala Harris and Donald Trump in front of a white upward-trending line and grid" height="900" width="1200" msid="112201014" hostid="261" sizebytes="75470"></div><ol><li>A Trump or Harris presidency could boost these different sectors. The asset management firm DWS Group sees <a target="_blank" href="https://www.businessinsider.com/top-investment-opportunities-election-stock-market-trump-harris-presidency-victory-2024-7">opportunities for investors no matter who's in the White House</a> next year. It shared four areas of the market that will probably see major gains under Trump, and three likely to benefit from a Harris win.</li><li>No interest rate cuts… yet. The Fed didn't lower rates, but Chair Jerome Powell hinted <a target="_blank" rel="noopener" href="https://www.businessinsider.com/interest-rate-cuts-likely-september-federal-reserve-holds-steady-july-2024-7">relief could come as soon as the next meeting in September</a>. As for how that would impact November's election, Powell said the Fed will "never use our tools to support or oppose a political party, a politician, or any political outcome."</li><li>London (is not) calling hedge funders. With the UK set to increase taxes on wealthy asset management executives, the city could see an exodus of financiers. That could be a boon for tax-friendly cities like Milan and Dubai. <a target="_blank" href="https://www.businessinsider.com/hedge-fund-rich-taxes-labour-london-uk-relocation-milan-dubai-2024-7">BI spoke to people who have made the move</a>.</li></ol><h2 id="62bb4334-a805-49b4-89b9-d7825f87b766">3 things in tech</h2><div type="image" title="Photo collage about Amazon's One Medical" height="1500" width="2000" msid="112201021" hostid="261" sizebytes="282108"></div><ol><li>The (AI) doctor is ready to see you. According to an internal document, Amazon's One Medical team has discussed building a new <a target="_blank" href="https://www.businessinsider.com/amazon-doctorai-automate-routine-healthcare-tasks-one-medical-2024-7">large language model called "DoctorAI"</a> to automate routine healthcare tasks. That could include generating clinical notes and processing prescriptions, among other things.</li><li>Nvidia is winning Big Tech's latest earnings season. The chipmaker <a target="_blank" href="https://www.businessinsider.com/nvidia-big-tech-earnings-week-early-winner-ai-microsoft-2024-7">continues to benefit from tech companies' massive AI investments</a>. As its peers were grilled on their spending in this week's earnings calls, Nvidia shares rose more than 12% on Wednesday.</li><li>Meta's gearing up for an AI spending spree. Despite <a target="_blank" href="https://www.businessinsider.com/meta-ai-spending-more-mark-zuckerberg-investors-stock-price-2024-7">announcing it expects to spend at least $35 billion on infrastructure costs</a> — like AI — this year, Meta apparently wooed investors during its <a target="_blank" href="https://www.businessinsider.com/meta-stock-quarterly-earnings-call-report-live-updates-2024-7">second-quarter earnings call</a>. Even after saying it'll spend more, Meta's stock jumped nearly 7% in after-hours trade.</li></ol><h2 id="3c244a91-acbf-4e23-8cde-90d1f2a8f4a7">3 things in business</h2><div type="image" title="Photo collage of a basketball." height="3831" width="5211" msid="112201018" hostid="261" sizebytes="1371128"></div><ol><li>Sports betting is fun. It's also ruining young men's financial futures. Researchers looked into consumers' financial health in states that have greenlit sports betting, and the findings are rough. The average credit score decreased, while debt-collection amounts and bankruptcies increased — and <a target="_blank" href="https://www.businessinsider.com/sports-betting-debt-bankruptcy-gambling-young-men-research-addiction-2024-8">young men were especially vulnerable</a>.</li><li>Three signs your job is taking over your life. Work is an important part of many people's identities, but we risk burning out by placing too much emphasis on it. A career coach identified <a target="_blank" href="https://www.businessinsider.com/signs-your-career-taking-over-your-life-how-to-stop-2024-7">three ways to tell if work is taking over</a>, and how to make adjustments if it is.</li><li>Don't feel sorry for Linda Yaccarino. The CEO of Twitter had a tough first year in office, largely thanks to the unpredictable antics of her boss, Elon Musk. But the <a target="_blank" href="https://www.businessinsider.com/elon-musk-linda-yaccarino-twitter-x-profile-2024-7">trials and travails of working for Musk</a> were completely predictable.</li></ol><h2 id="b691d3d2-a3d7-4ee3-8890-aa84cf68a80c">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/millennials-childhood-internet-gone-club-penguin-neopets-webkinz-nostalgia-2024-8">Millennials were raised by the internet. Now their internet parents are gone</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/amazon-prime-video-poaching-tv-sales-talent-nbcuniversal-disney-2024-7">Amazon is poaching from NBCU and Disney as it takes them on for TV ad dollars</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">Boeing just named its new CEO — an aerospace veteran with the tough task of getting the planemaker back on track</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/kamala-harris-responds-to-trump-nabj-remarks-divisiveness-disrespect-2024-7">Kamala Harris said Trump's remarks, where he said she 'happened to turn Black,' were 'the same old show' of disrespect</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/byd-uber-partnership-electric-vehicles-discount-autonomous-self-driving-tesla-2024-8">Tesla's biggest competitor just announced a collab with Uber</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/shoppers-spending-less-retailers-brands-cutting-prices-economy-explained-why-2024-7">Americans aren't spending like they used to, and it's forcing a reckoning for companies from Starbucks to Whirlpool</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/apple-q3-earnings-stock-price-outlook-iphone-16-artificial-intelligence-2024-7">'A growth turnaround beginning': Here's what Wall Street expects from Apple's 3rd-quarter earnings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/amazon-q2-earnings-preview-wall-street-expects-aws-retail-growth-2024-7">'Gaining share': Here's what Wall Street expects from Amazon's 2nd-quarter earnings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/openai-hiring-london-uk-recruiting-deepmind-talent-ai-2024-7">OpenAI has been on a UK hiring spree and poached a key DeepMind researcher</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">One of Prada's red-hot brands for Gen Z luxury shoppers just posted crazy growth numbers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/killing-of-hamas-leader-humiliating-for-iran-experts-2024-7">The killing of a top Hamas leader in its backyard is 'humiliating' for Iran, experts say</a>.</li></ul><h2 id="265f2581-0e55-4ab6-8ce7-1a67b2d79f37">What's happening today</h2><ul><li>Apple, Amazon, Barclays, Shell, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li><li>Democratic National Committee holds a roll call to formally nominate Kamala Harris for president.</li><li>Higher US tariffs on Chinese goods take effect. These include hikes on imports such as electric vehicles and semiconductor chips.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

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