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<div type="image" title="Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024." msid="115250619" hostid="261" sizebytes="118350" caption="&amp;lt;p&amp;gt;Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024.&amp;lt;/p&amp;gt;"></div> “Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="19977340" type="General" weightage="20" keywordseo="demat" source="keywords">Demat</keyword> account than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2>The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount (In Rs crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85,009 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">89,370 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97,426 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,02,562 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, domestic gold prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2>Hey, wait up for me, says <keyword id="23953567" type="General" weightage="20" keywordseo="las" source="keywords">LAS</keyword></h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2>What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="secured-loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-unsecured lending. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that personal loan delinquencies in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2>How does it work?</h2>Both these loans work on a similar principle: Your loan amount is equal to a certain percentage of the actual market value of your asset. This is known as the <keyword id="20051485" type="General" weightage="20" keywordseo="ltv" source="keywords">LTV</keyword> (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2>Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Simply Put: Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

“Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom gold ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="105386" type="General" weightage="20" keywordseo="Demat-account" source="Orion">Demat account</keyword> than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 468pt; font-family: Merriweather; table-layout: fixed; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup><tbody><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Year </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Amount (In Rs crore) </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2022 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">85,009 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">89,370 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">97,426 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,02,562 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, <keyword id="3886593" type="General" weightage="20" keywordseo="domestic-gold" source="Orion">domestic gold</keyword> prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Hey, wait up for me, says LAS</h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="134904" type="General" weightage="20" keywordseo="Association-of-Mutual-Funds-in-India" source="Orion">Association of Mutual Funds in India</keyword>), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="Secured-Loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-<keyword id="947940" type="General" weightage="20" keywordseo="unsecured-lending" source="Orion">unsecured lending</keyword>. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that <keyword id="23954457" type="General" weightage="20" keywordseo="personal-loan-delinquencies" source="Orion">personal loan delinquencies</keyword> in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">How does it work?</h2>Both these loans work on a similar principle: Your <keyword id="857141" type="General" weightage="20" keywordseo="loan-amount" source="Orion">loan amount</keyword> is equal to a certain percentage of the actual market value of your asset. This is known as the LTV (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

Every year, nearly 6,500 <keyword id="20068743" type="General" weightage="100" keywordseo="adolescent-girls" source="keywords">adolescent girls</keyword> in <keyword id="19897710" type="General" weightage="20" keywordseo="South-Asia" source="keywords">South Asia</keyword> die giving birth. Most of them are minors <keyword id="19895006" type="General" weightage="20" keywordseo="WHO" source="keywords" meta.keywordsubtype="org" meta.entityname="WHO" meta.hostid="261" meta.entityid="WHO">who</keyword> have limited power over their reproductive health or lives, according to a joint analysis done by <keyword id="20018080" type="General" weightage="20" keywordseo="UNICEF" source="keywords" meta.keywordsubtype="org" meta.entityname="UNICEF" meta.hostid="261" meta.entityid="UNICEF">UNICEF</keyword>, WHO and <keyword id="20802066" type="General" weightage="20" keywordseo="UNFPA" source="keywords" meta.keywordsubtype="org" meta.entityname="UNFPA" meta.hostid="261" meta.entityid="UNFPA">UNFPA</keyword>. South Asia accounts for 290 million <keyword id="22387193" type="General" weightage="20" keywordseo="child-brides" source="keywords">child brides</keyword> - nearly half of the world's burden. In three countries in South Asia, they are also four times more likely to be out of school than their unmarried peers, as per the analysis done by United Nations International Children's Emergency Fund (UNICEF), <keyword id="19902256" type="General" weightage="20" keywordseo="world-health-organisation" source="keywords">World Health Organisation</keyword> (WHO) and United Nations Fund for Population Activities (UNFPA). At the two-day regional dialogue on adolescent pregnancy in South Asia, which concluded on Friday, the <keyword id="20679678" type="General" weightage="20" keywordseo="SAARC" source="keywords" meta.keywordsubtype="org" meta.entityname="SAARC" meta.hostid="261" meta.entityid="SAARC">SAARC</keyword> countries, UNICEF South Asia, UNFPA and WHO called for increased commitment to critical services for over 2.2 million adolescent girls that give birth yearly in South Asia, a joint press release issued by the agencies said. "I appreciate the role of governments, UN agencies, NGOs and civil society for the improvements made by the SAARC region over the years in reducing <keyword id="22387194" type="General" weightage="20" keywordseo="teenage-pregnancy" source="keywords">teenage pregnancy</keyword>," said Ambassador Golam Sarwar, the Secretary General of SAARC. "But the region still has a long way to go. I call upon everyone to resolutely address the root causes including child marriage, access to adolescent health education, and removing social stigma in managing the teenage population of the SAARC region," he said. Every year, nearly 6,500 adolescent girls die in childbirth in South Asia, according to the analysis by UNICEF, WHO and UNFPA. Most of them are child brides who have limited or negligible power and autonomy over their reproductive health or lives. When young girls give birth, their lives can be at risk as they are not yet physically ready to give birth. Thousands more girls are forced to drop out of school, face stigma, rejection, violence, unemployment as well as lifelong social challenges. Forty-nine per cent of young girls in South Asia are not in education, employment or training - the highest in the world, the press release said. "We must do better for adolescent girls, particularly those who are married, pregnant or parents. In addition to hurdles to learn, get good healthcare and eat nutritious food, they are denied the opportunity to build skills and start businesses -- everything they need as parents to thrive and fulfil their potential," said Sanjay Wijesekera, UNICEF Regional Director for South Asia. "We must work together and invest in opportunities to unleash the promise of more than 170 million adolescent girls in South Asia. Doing so would be transformative for this region," he said. Government and UN officials, adolescent girls, as well as civil society representatives from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka have participated in the dialogue and reaffirmed their commitment to providing better services to support pregnant adolescent girls and young mothers. This includes opportunities to learn, set up their businesses, and earn a living. The event held in Kathmandu over July 11-12 was jointly organised by SAARC, WHO, UNICEF, and UNFPA and was inaugurated by the Secretary General of SAARC, Ambassador Golam Sarwar. Adolescent mothers have a much higher risk of dying from maternal causes, compared to women in their 20s and 30s. "It is high time that we reverse this trend. The unique physical, cognitive, social, emotional, and sexual development during adolescence necessitates special attention in national and international policies. Effective strategies to tackle adolescent pregnancy require cross-sectoral collaboration and equitable access to a variety of services," said Saima Wazed, Regional Director, WHO South-East Asia.

Over 6,500 adolescent girls die giving birth every year across South Asia, says a recent study

After years of intensified focus on <keyword id="19897423" type="General" weightage="20" keywordseo="COVID-19" source="keywords">COVID-19</keyword>, <keyword id="19992404" type="General" weightage="100" keywordseo="Tuberculosis" source="keywords">tuberculosis</keyword> (TB) has once again emerged as the leading <keyword id="20564668" type="General" weightage="20" keywordseo="infectious-disease" source="keywords">infectious disease</keyword> killer worldwide. This resurgence is a sobering reminder that despite our pandemic response, TB has continued to claim lives, especially in low- and middle-income countries (LMICs), where resources are often stretched thin. According to the latest <keyword id="19896311" type="General" weightage="20" keywordseo="World-Health-Organization" source="keywords" meta.keywordsubtype="org" meta.entityname="World Health Organization" meta.hostid="261" meta.entityid="World Health Organization">World Health Organization</keyword> (<keyword id="19895006" type="General" weightage="20" keywordseo="WHO" source="keywords">WHO</keyword>) report, approximately 8.2 million people were diagnosed with TB in 2023, marking the highest number of cases recorded since global monitoring began in 1995. <h2><keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Indonesia</h2>The recent spike in TB cases is largely driven by increases in two countries — India and Indonesia. Together, they accounted for 45% of the global rebound in TB diagnoses between 2021 and 2023, underscoring their critical role in the worldwide fight against TB. Three other countries, the Philippines, Nigeria, and Pakistan, also made significant contributions, collectively accounting for another 32% of the increase. This means that more than three-quarters of the global resurgence in TB can be traced to these five countries alone. One key reason for these increases is the “backlog” effect created by COVID-19 disruptions. During the pandemic, healthcare systems in many countries, including India and Indonesia, had to shift focus to COVID-19, which delayed TB diagnosis and treatment. In 2023, as these countries ramped up recovery efforts, many previously undetected TB cases surfaced, creating an apparent spike in reported numbers. This trend highlights the importance of sustainable healthcare infrastructure capable of handling simultaneous health crises. <h2>Gaps in TB case detection</h2>Despite the daunting increase in TB cases, some countries have made notable progress in <keyword id="23741990" type="General" weightage="20" keywordseo="treatment-coverage" source="keywords">treatment coverage</keyword>. Among the 30 high-burden TB countries, those with the highest levels of treatment coverage in 2023 included Brazil, India, Mozambique, Papua New Guinea, Sierra Leone, Uganda, and Zambia, with coverage rates surpassing 80%. India’s <keyword id="21052657" type="General" weightage="20" keywordseo="national-tuberculosis-elimination-program" source="keywords">National Tuberculosis Elimination Program</keyword> (NTEP) has undoubtedly played a pivotal role in this, aiming to eradicate TB by 2025 — five years ahead of the global target. By focusing on expanded testing, improved diagnostic tools, and more accessible treatment options, India has achieved high treatment coverage levels despite the challenges. <div type="Article" hostid="261" msid="114732986" title="Air Quality Alert: Nearly 30% of asthma cases tied to fine particulate matter exposure from bad air" mstype="2" mssubtype="0"></div>However, a significant treatment gap remains. The difference between estimated TB incidence and actual diagnoses still affects millions, especially in countries with large populations like India, Indonesia, Pakistan, China, and Myanmar. These five nations together account for about 50% of the global gap in reported TB cases, with India alone responsible for 16% of the discrepancy. <h2>India’s unique position in the global TB fight</h2>As the nation with the largest share of global TB cases, India has a unique and critical responsibility in addressing the disease. The high TB burden in India is tied to several factors, including undernutrition, poverty, and limited access to healthcare in rural areas. Moreover, with 26% of all TB cases globally, India’s battle against TB will significantly impact the global fight. The government’s financial support for TB-affected households also aims to reduce the economic burden of treatment. However, challenges remain, especially with <keyword id="22004277" type="General" weightage="20" keywordseo="multidrug-resistant-TB" source="keywords">multidrug-resistant TB</keyword> (MDR/RR-TB). While treatment success rates for MDR/RR-TB have reached 68%, diagnosing and treating all drug-resistant cases is an ongoing challenge. In 2023, India’s coverage of preventive treatment for TB among people living with HIV and close contacts of TB patients also saw improvements, but underfunding continues to limit the full scope of TB elimination efforts. <h2>Global funding gaps</h2>Global funding shortages for <keyword id="21039793" type="General" weightage="20" keywordseo="TB-prevention" source="keywords">TB prevention</keyword> and treatment are a significant hindrance to progress. Only $5.7 billion of the targeted $22 billion in funding was met in 2023, and for LMICs — where nearly all of the TB burden lies — the available funding falls well short of their needs. The United States remains the largest bilateral donor, and contributions from the Global Fund to Fight AIDS, Tuberculosis, and Malaria are crucial. However, these funds are not enough to meet essential TB service requirements, leaving healthcare systems under-resourced. <div type="Article" hostid="261" msid="114646545" title="Doctors struggle to treat long Covid patients in India; researchers point to inadequate studies" mstype="2" mssubtype="0"></div>Even in 2022, only one-fifth of the $5 billion target for research funding was achieved, as per the report. This underfunding hampers the development of improved diagnostics, drugs, and vaccines, which are crucial to TB prevention and treatment. Moreover, many of the drivers of TB are related to social factors, such as undernutrition, smoking, alcohol use, and diabetes, making it imperative to address these root causes. For instance, almost half of the TB-affected households globally face what the WHO calls "catastrophic costs" in seeking treatment. This burden is particularly severe in India, where low-income families often forgo treatment due to financial constraints. As WHO’s Director-General Dr Tedros Adhanom Ghebreyesus puts it, "The fact that TB still kills and sickens so many people is an outrage, when we have the tools to prevent it, detect it, and treat it.” The WHO’s Global tuberculosis report 2024 can be accessed <a href="https://www.who.int/teams/global-tuberculosis-programme/tb-reports/global-tuberculosis-report-2024">here</a>.

Tuberculosis dethrones COVID-19 as world’s top infectious killer again; Half of all new cases from India, Indonesia

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<ul class="summary-list"><li>A ballot measure to give Oregon residents a $1,600 tax rebate faces bipartisan opposition.</li><li>Oregon Rebate, or Measure 118, proposes taxing corporations more to redistribute money to residents.</li></ul>Democrats and Republicans alike are fighting a ballot measure in Oregon that would increase corporate taxes to give residents an annual rebate.The proposal, known as Ballot Measure 118 or the Oregon Rebate, would add a 3% tax on corporations in the state once they make $25 million a year. The plan was originally known as <a target="_blank" class="" href="https://www.businessinsider.com/universal-basic-income-oregon-first-state-residents-guaranteed-program-2024-6">Initiative 17</a>. The money would be distributed among state residents, including children, as a $1,600 annual rebate.Despite the opposition from lawmakers, it's not up to them. Ballot measures give residents a chance to vote directly on an issue. Oregonians themselves will be able to vote in favor or against the measure in November's general election.Antonio Gisbert, the chief organizer behind the effort, told Business Insider he remains optimistic that a majority of voters will support the measure in the general election."It kind of does seem a little bit like some of these elected [officials] are more beholden to corporations and corporate interests than they are to the interests of everyday Oregonians," Gisbert said. "We are super committed in instituting some degree of corporate tax justice."Cash payments with no strings attached are gaining popularity in the United States as a way to support vulnerable populations. <a target="_blank" class="" href="https://www.businessinsider.com/what-is-universal-basic-income-ubi-meaning-history-benefits-criticism-2024-7">Guaranteed basic income</a> programs piloted <a target="_blank" class="" href="https://www.businessinsider.com/which-states-cities-have-guaranteed-basic-income-programs-low-income-2024-4">across the nation</a> have found that recipients, who are typically low-income, <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-basic-income-study-results-2024-7">spend the money on rent</a>, groceries, and transportation.While guaranteed basic income programs are aimed at specific groups, like low-income residents or <a target="_blank" class="" href="https://www.businessinsider.com/guaranteed-universal-basic-income-ubi-baltimore-young-families-success-fund-2023-11">new mothers</a>, the Oregon Rebate would benefit all residents, making it more similar to a universal basic income.While Democrats are typically the <a target="_blank" class="" href="https://www.businessinsider.com/universal-basic-income-works-red-state-blue-state-2023-10">primary supporters of basic income programs</a> in city and state governments, many Oregon Democrats joined Republicans in opposition to Measure 118. In a joint statement from state House and Senate Democrats, the legislators said they have concerns about the rebate coming from corporate taxes."In these tough times, we all want working families to get every break they can, but Measure 118 is not the answer. We have grave concerns it will slow job growth and cause cuts to critical services like road maintenance, fire fighting, and addiction recovery," the Democrats wrote in a joint statement shared with Business Insider.An analysis from the state's legislative revenue office found that Measure 118, which would increase corporation taxes while reducing personal income taxes, would "significantly" alter how the state draws on tax money to pay for public services.Citing the revenue report, the coalition of Democrats said the rebates would "increase prices for consumer goods and slow Oregon's job growth.""Meanwhile, the 'rebates' would go to every Oregonian — including the ultra-wealthy. As a matter of public policy, we believe this is a bad deal for Oregonians," they said in the statement.In a statement on Thursday from the organizers behind Oregon Rebate, Gisbert said the initiative doesn't need legislators' support."Our opponents can keep paying lip service to their donors and we'll keep working to turn out voters in November," Gisbert said in the statement.

Oregon lawmakers oppose a corporate tax hike to fund a $1,600 annual universal basic income. But voters will decide.

With hundreds of finger-licking preparations, India loves chicken in a way that may be indescribable to a non-resident. However, with the way things are progressing in the avian world, we could soon see a surge in disdain for the delectable meat, and in perhaps the same way the masses denounced bats during the COVID-19 pandemic. In a surprising and alarming twist, <a href="http://dx.doi.org/10.1038/s41586-024-07849-4">new research</a> has found that <keyword id="20633083" type="General" weightage="20" keywordseo="avian-influenza" source="keywords">avian influenza</keyword>, or <keyword id="20396857" type="General" weightage="20" keywordseo="bird-flu" source="keywords">bird flu</keyword>, has jumped from birds to dairy cattle across many parts of the United States. Initially detected in wild birds, the <keyword id="21348322" type="General" weightage="20" keywordseo="H5N1" source="keywords">H5N1</keyword> had led to symptoms like reduced appetite, respiratory distress, and a significant drop in milk production. "This is one of the first times that we are seeing evidence of efficient and sustained mammalian-to-mammalian transmission of highly pathogenic avian influenza H5N1," said Diego Diel, a virology expert who has written extensively about the topic. As per the new report, significant amounts of the virus has now been identified in the mammary glands of infected cows, meaning their milk itself has the ability to infect others. Researchers have even documented cases where cats and a raccoon became infected, likely from consuming the raw milk from infected cows. Although pasteurisation has shown the ability to kill the virus, the newfound ability to jump from cows to other mammals remains particularly troubling, especially considering how reliant we are on cow products such as beef and milk. <h2>Human cases and <keyword id="22448349" type="General" weightage="20" keywordseo="pandemic-potential" source="keywords">pandemic potential</keyword></h2>If you’re feeling comfortable in the thought that the virus has some ways to go before humans need to be concerned, you might want to think again. So far, 11 human cases have already been reported in the US, primarily linked to cattle and <keyword id="20524711" type="General" weightage="20" keywordseo="poultry-farms" source="keywords">poultry farms</keyword>. While these cases have resulted in mild symptoms, experts worry that the virus could mutate, enhancing its transmissibility among humans. This possibility is a significant concern for scientists and health authorities. <div type="Article" hostid="261" msid="109054967" title="Scientists warn of bird flu pandemic that could be &amp;#39;100 times worse&amp;#39; than COVID after rare human case found in US" mstype="2" mssubtype="0"></div>Further, as viruses do, H5N1 is already evolving at a rapid pace. A <a href="https://dx.doi.org/10.1101/2024.07.14.603367">separate study </a>led by researchers at UNC Charlotte found that the latest variants of H5N1 are getting better at evading antibodies, including those in humans. According to the researchers, these mutations could potentially lead the virus towards pandemic status if it continues to adapt and spread among mammals. <h2>Will developing nations be able to cope?</h2>Given these developments, continuous monitoring of the virus in both animals and humans is critical. The US Department of Agriculture has funded H5N1 testing programs to detect and manage outbreaks early. Enhanced biosecurity measures and quarantine protocols will undoubtedly be critical to prevent the virus from spreading to pandemic levels. However, this is a task much easier said than done for developing countries, who often lack the infrastructure and resources needed for such robust surveillance and response. Many of these countries have limited access to advanced diagnostic tools, vaccines, and antiviral treatments. This disparity leaves large portions of the global population vulnerable to the spread of H5N1. <div type="Article" hostid="261" msid="110941217" title="WHO confirms human case of bird flu in India! H9N2 virus detected in a four-year child in West Bengal" mstype="2" mssubtype="0"></div>The World Health Organization has repeatedly stressed the need for global cooperation and support to strengthen health systems in underprepared regions. Without adequate resources, these countries may struggle to detect and contain the virus, potentially allowing it to spread unchecked. This not only endangers local populations but also increases the risk of a global pandemic. The implications of these studies are clear: the H5N1 virus is moving closer to pandemic potential. As it spreads among mammals, the risk of it adapting to humans increases. The world needs to prepare now to avoid being caught off guard, as was the case with the COVID-19 pandemic.

Cows are now spreading bird flu to each other — here's why that's problematic for humans

Most of us think of India as a young country. And as home to one-fifth of the world's young population and with an average age of 29, you're right. But did you know India's elderly population is set to double from its present 153 million to a staggering 347 million, in just 30 years? Moreover, by the end of this century, the population of <keyword id="19894991" type="General" weightage="20" keywordseo="senior-citizens" source="keywords">senior citizens</keyword> in India will surpass the population of those aged under 14, as per a report by the United Nations Population Fund and the International Institute for Population Sciences. As such, with <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">budget 2024</keyword> looming on the horizon, what is it that this burgeoning section of our population wants? We take a look : <h2>Wish 1: Raise deduction threshold for <keyword id="22285655" type="General" weightage="20" keywordseo="mediclaim-premium" source="keywords">mediclaim premium</keyword></h2>At present, senior citizens (aged 60 and above) and super senior citizens (aged 80 and above) can claim a deduction of up to Rs 50,000 on health insurance premiums they pay during the year. For those aged below 60, the annual deduction limit is of Rs 25,000. But, as Tarun Mathur, CBO, Policybazaar.com notes, "There’s a need for an increase in the tax deduction limit for health insurance premiums, to raise the same to Rs 50,000 for individuals, their spouses, and dependent children, and to Rs 1 lakh for senior citizen parents". With insurance regulator <keyword id="6361421" type="General" weightage="20" keywordseo="IRDA" source="Orion">IRDA</keyword> removing the age cap (which was previously 65 years) for buying new insurance policies, health insurance for senior citizens becomes far more accessible. Given that only 20% of India's population aged 60 have any kind of health insurance, a comprehensive insurance coverage with low tax liabilities becomes a necessity for our senior citizens. At present, the government is mulling extending the <keyword id="22285657" type="General" weightage="20" keywordseo="Ayushman-Bharat-Pradhan-Yojana" source="Orion">Ayushman Bharat Pradhan Yojana</keyword> to provide crucial, free healthcare support for India's senior citizens aged above 70. But only time, and July 22nd will tell. <h2>Wish 2: Offer similar tax benefits to pension products as NPS </h2>NPS, or <keyword id="475509" type="General" weightage="20" keywordseo="National-Pension-System" source="Orion">National Pension System</keyword> is a lucrative retirement planning scheme. And it comes with many tax benefits. For instance, if you withdraw up to 60% of your accumulated pension as lumpsum once you turn 60, your withdrawal is tax free. Similarly, if any amount you receive from NPS is reinvested in the annuity plan, it remains tax exempt. However, income from annuities is taxed as per your regular income tax slab. And any early withdrawals that you make (before 60 years) will attract taxes. A standard deduction of Rs 50,000, or amount of annuity income (whichever is lower) can be claimed. But under regular annuities or pension products, senior citizens pay a 10% tax on total taxable income over Rs. 3 lakhs , Rs 20,000 + 20% over amount exceeding Rs 5 lakh, and Rs 1.2 lakh+ 30% on amount exceeding Rs 10 lakh. As Mathur notes, "Pension products like annuity plans should be given the same tax benefits as NPS, since the current taxation does not encourage investment in retirement planning. It’s also necessary to expand Section 80C deductions and add a dedicated category for term insurance because the existing limit of Rs. 1,50,000 is insufficient". Even retirement planner Sanjeev Dawar notes that income from annuities is a primary source of income for retirees. "As such, tax relief is expected since returns, although assured for life, are relatively low. Moreover, they remain fixed and have no sensitivity to inflation". Additionally, Dawar also advocates for special financial considerations for eligible individuals who are compelled to stay in old-age homes in their twilight years. It is also needed that travel concessions, that have been withdrawn, are restarted". <h2>Wish 3: Lowering lock-in periods for elderly </h2>Many schemes like national savings certificate (NSC), unit-linked insurance plans (ULIP) and senior citizen savings scheme (SCSS) are subject to tax deductions, provided they are redeemed after their specific <keyword id="20792448" type="General" weightage="20" keywordseo="lock-in-period" source="keywords">lock-in period</keyword>. For instance, tax-saver FDs, ULIPs and NSC have a lock-in period of 5 years, while equity-linked savings scheme (ELSS) have a lock-in period of 3 years. It would help senior citizens if this lock-in period is reduced, so that they have some liquidity and cash handy during medical or other such emergencies. Additionally, withdrawals should be allowed within lock-in period sans hefty penalties, as is the case right now. <h2>Wish 4: Lowering GST on health insurance premiums </h2>Currently, GST on health insurance premium is payable at 18%, which can translate into a hefty levy, especially since senior citizens end up paying significantly higher premiums to get insurance coverage. For a premium of Rs 30,000, the GST could go as high as Rs 5,400. As per Prasun Sikdar, MD &amp; CEO, Manipal Cigna Health Insurance, "lowering the GST burden on the health insurance premiums will be a huge respite for missing middle and senior citizens to get access to quality healthcare they need and help to significantly boost insurance penetration across India by driving affordability.” <h2> Wish 5: Reduce tax on <keyword id="21695681" type="General" weightage="20" keywordseo="passive-income" source="keywords">passive income</keyword> sources for aged</h2>For most senior citizens, rental income from house, pension and other such passive sources turn into a major income avenue, once they retire from active employment. As such, these should be taxed at a lower slab, and not considered as regular salary. Or else, higher exemption limits should be introduced to allow them to save more. At present, the basic exemption limit for senior citizens between 60-80 years is Rs 3 lakh, while the exemption limit for citizens above 80 years is Rs 5 lakhs. The limits should be revised, keeping in mind how expensive medical care is in current times.

Budget 2024: Here's what India's elderlies want

Ongoing lockdowns and major disruptions to health services during the COVID-19 pandemic could leave 47 million women in low and middle-income countries unable to use modern contraceptives, leading to seven million unintended pregnancies in the coming months, according to data released by the <keyword id="73033" type="COMPANY" weightage="20" keywordseo="UN-Population-Fund">UN Population Fund</keyword> (UNFPA) and partners. The agencies estimate that the number of women unable to access family planning or facing unintended pregnancies, gender-based violence and other harmful practices, could "skyrocket" by millions due to the crisis. "This new data shows the catastrophic impact that COVID-19 could soon have on women and girls globally," UNFPA Executive Director Natalia Kanem said on Tuesday. "The pandemic is deepening inequalities, and millions more women and girls now risk losing the ability to plan their families and protect their bodies and their health," Kanem said. As a clear view of the toll of the COVID-19 pandemic is only beginning to take shape, experts estimate that the human cost could be extraordinary. The economic and physical disruptions caused by the disease could have vast consequences for the rights and health of women and girls, the new analysis by the UNFPA and partners noted. Globally, around 450 million women across 114 low and middle-income countries use contraceptives, the study said. "Significant levels of lockdown-related disruption over 6 months could leave 47 million women in low- and middle-income countries unable to use modern contraceptives, leading to a projected 7 million additional unintended pregnancies. Six months of lockdowns could result in an additional 31 million cases of gender-based violence," it said. The pandemic is also expected to cause significant delays in programmes to end female genital mutilation and child marriage, resulting in an estimated two million more cases of FGM over the next decade than would otherwise have occurred. These delayed programmes, on top of growing economic hardships globally, could result in an estimated 13 million more child marriages over 10 years. There also will be 31 million additional cases of gender-based violence during the same period, with a further 15 million more cases expected for every three months the lockdowns continue. These figures – produced in collaboration with partners Avenir Health, <keyword id="210763" type="COMPANY" weightage="20" keywordseo="Johns-Hopkins-University">Johns Hopkins University</keyword> (USA) and <keyword id="212104" type="COMPANY" weightage="20" keywordseo="Victoria-University">Victoria University</keyword> (Australia) – are rough estimates. The analysis said while a great deal is still unknown about how the pandemic, and the response to it, will unfold around the world, the projections offer an alarming view of the future that could confront women and girls if efforts are not urgently made to secure their welfare and ensure their rights. COVID-19 is having an enormous impact on women and girls as health systems become overloaded and facilities close, or provide a limited set of services which they need. At the same time, many women and girls also are skipping important medical check-ups for fear of contracting the virus, the study said. Disruptions to global supply chains could lead to significant shortages of contraceptives, it said, while gender-based violence – already on the increase due to the pandemic, is expected to rise still further as women are trapped at home for prolonged periods. The UNFPA is working with governments and partners to prioritise the needs of women and girls of reproductive age during the pandemic. The agency is focused on strengthening health systems, procuring and delivering essential supplies to protect health workers, ensuring access to sexual and reproductive health and gender-based violence services, and promoting risk communication and community engagement. "Women's reproductive health and rights must be safeguarded at all costs. The services must continue; the supplies must be delivered; and the vulnerable must be protected and supported," Kanem said. <div type="Article" hostid="261" msid="75441608" title="This is how global economies are expected to grow in the first year after Coronavirus pandemic" mstype="2" mssubtype="0"></div>

Covid can cause 7 million unintended pregnancies as contraceptive access is disrupted says UN

<ul class="summary-list"><li>On Friday, Biden signed an executive order to unlock $7 billion of <keyword id="11892774" type="UNKNOWN" weightage="60" keywordseo="afghanistan" source="Orion">Afghanistan</keyword>'s central bank funds.</li><li>The sum is to be used as compensation for families of 9/11 victims, and as aid to Afghanistan.</li></ul>Afghanistan's former president <keyword id="11918132" type="UNKNOWN" weightage="60" keywordseo="hamid-karzai" source="Orion">Hamid Karzai</keyword> urged the US to reverse its decision to use $3.5 billion in seized Afghan assets to settle claims for the families of victims of the 9/11 terror attacks, saying the money belongs to the Afghan people."The people of Afghanistan share the pain of the American people, share the pain of the families and loved ones of those who died, who lost their lives in the tragedy of <keyword id="12004646" type="UNKNOWN" weightage="60" keywordseo="september-11" source="Orion">September 11</keyword>," Karzai said at a press conference on Sunday, <a href="https://apnews.com/article/afghanistan-joe-biden-business-osama-bin-laden-hamid-karzai-6bbcd2f8c5c18a889d336a9ab1cd9d54">the Associated Press reported.</a>"We commiserate with them [but] Afghan people are as much victims as those families who lost their lives," he said.Karzai added that withholding the money from Afghanistan's people was "unjust and unfair" and called the move "an atrocity," per the AP.President Joe Biden <a href="https://www.businessinsider.com/afghanistan-frozen-funds-taliban-biden-to-pay-terror-victims-2022-2">signed an executive order on Friday</a> to unlock $7 billion of Afghanistan's central bank funds, which had been frozen in New York's Federal Reserve since the Taliban's takeover of the nation in August.The White House is looking to send half that sum to humanitarian aid groups in Afghanistan via a trust, while the other half is to remain in the US so it can be legally pursued by relatives of 9/11 victims, <a href="https://www.nytimes.com/2022/02/11/us/politics/taliban-afghanistan-911-families-frozen-funds.html?smid=tw-nytimes&amp;smtyp=cur">according to The New York Times.</a>Karzai asked the US courts to "return the Afghan money back to the Afghan people," the AP reported. He said the entire sum should be returned to Afghanistan's central bank, adding that the funds for humanitarian aid shouldn't have to go through international organizations."You give us our own money so that it can be spent for those foreigners who come here, to pay their salaries, to give it to [non-governmental organizations]," Karzai said, per the AP.The former president emphasized that the money didn't belong to any government, including his own or that of his successor, former president Ashraf Ghani.<a href="https://www.businessinsider.com/taliban-official-praises-us-asks-access-10-billion-frozen-reserves-2021-12">For months, the Taliban</a> have attempted to access the frozen funds, <a href="https://www.france24.com/en/live-news/20211117-taliban-appeal-to-us-congress-to-release-afghan-assets">warning that Afghanistan's economy</a> is on the brink of collapse and that <a href="https://www.businessinsider.com/afghanistan-banks-low-on-cash-taliban-funds-2021-9">Afghan banks have run out of physical currency.</a>In January, the <keyword id="11896449" type="UNKNOWN" weightage="60" keywordseo="united-nations" source="Orion">United Nations</keyword> launched an appeal to raise $5 billion for humanitarian relief in Afghanistan — its largest-ever request for a single country. <a href="https://news.un.org/en/story/2022/01/1109492">According to the UN's humanitarian agencies</a>, half of the population in Afghanistan faces potential famine, while over nine million people have lost their homes. Millions of children in the country have also been left without access to education.Biden's executive order has been met with anger from Afghans and has raised concerns among some NGOs. Protestors gathered in the Afghan capital of Kabul over the weekend to condemn the decision, accusing the US of being cruel and stealing from their country, the <a href="https://apnews.com/article/afghanistan-joe-biden-taliban-kabul-terrorism-040a362ce4181f95d113d3ddb425f8d1">AP reported.</a>"Directing $3.5 billion to humanitarian assistance for Afghans may sound generous, but it should be remembered that the entire $7 billion already legally belonged to the Afghan people," <a href="https://www.hrw.org/news/2022/02/11/biden-seeks-seize-afghanistans-assets#">John Sifton, Asia Advocacy Director for the Human Rights Watch, wrote on Friday.</a>"And yet, even if the US gave it to a humanitarian trust fund, current restrictions on Afghanistan's banking sector make it virtually impossible to send or spend the money inside the country," Sifton continued.

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