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The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> has left the life insurance industry a worried lot with the new tax proposal on higher premium annuity products, a move which the industry fears will hit their top-lines by 10-12 per cent. Leading private life insurer <keyword id="472962" type="General" weightage="50" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>'s chief executive <keyword id="323997" type="General" weightage="50" keywordseo="vibha-padalkar" source="Orion">Vibha Padalkar</keyword> told PTI that she stares at 10-12 per cent hit on the company's top-line with the Budget proposal to tax life products having annual premium of over Rs 5 lakh.<br /><br />She also fears that the increased tax exemption bracket of Rs 7 lakh and the steep reduction in the maximum surcharge on the affluent to 39 per cent from 42.74 per cent earlier may nudge them to spend more and save less.<br /><br />This can have many cascading impacts on the macro sector by way of a spike in the already high inflation, apart from the life insurance sector which has been facing sales issues since the Covid pandemic as people were not investing in long-term savings. And since the opening up of economic activities, many are on a "revenge spending mode" and not investing in financial products even now.<br /><br />Given the overall increase in incomes, the government should have either ignored the new tax levy on insurance products or it should have imposed tax on products with premium of Rs 10 lakh or upwards. At this level, it will definitely hit the industry hard, she added.<br /><br />The industry was expecting a proposal to offer composite lincence for the insurance sector wherein life insurers would be allowed to renter the health business which they were doing till 2015. Besides, the insurance sector players were also expecting some positive moves on the annuity products front.<br /><br /><keyword id="699506" type="General" weightage="50" keywordseo="tarun-chugh" source="Orion">Tarun Chugh</keyword>, chief executive of <keyword id="138574" type="General" weightage="50" keywordseo="bajaj-allianz-life" source="Orion">Bajaj Allianz Life</keyword>, said the tax proposal on higher value non-Ulip or traditional life policies "is bit of a dampener for the insurance industry and for increasing penetration of insurance and household financial savings."<br /><br />"We as a market still have quite low insurance penetration and there is a need to provide measures and incentives to boost that in the coming years. Also, household financial savings have been falling and insurance is a critical component of that. Household financial savings as percentage of GDP has fallen from 8.1 per cent in FY20 to 6.5 per cent in FY23, he said and warned that discontinuing incentives on insurance plans should put further pressure on household financial savings to some extent.<br /><br />Vighnesh Shahane, chief executive of <keyword id="10687373" type="General" weightage="50" keywordseo="ageas-federal-life-insurance" source="Orion">Ageas Federal Life Insurance</keyword>, said the finance minister has announced that from April income from life insurance policies, other than Ulips, with an aggregate premium amount of Rs 5 lakh per annum or more, which was earlier tax-free, will now be taxable. But she said if the insured person dies in between, the death benefit will continue to remain tax-free.<br /><br />The move is similar to the proposal introduced a couple of years ago which imposed tax on the maturity amount of Ulips if the annual aggregate premium exceeded Rs 2.5 lakh, he said.<br /><br />The proposal is likely to dent the sales of non-par products which have been witnessing strong growth over the last few years, especially during the pandemic. As the cap of Rs 5 lakh is applicable for all life policies across insurers, it may deter individuals from purchasing additional policies if they have exhausted their limit with their primary insurer, he explained.<br /><br /><keyword id="14942220" type="General" weightage="50" keywordseo="supriya-rathi" source="Orion">Supriya Rathi</keyword>, a wholetime director at <keyword id="2647323" type="General" weightage="50" keywordseo="anand-rathi-insurance-brokers" source="Orion">Anand Rathi Insurance Brokers</keyword>, opined that the budget has "given bad news for life insurance companies" by limiting the income tax exemption on proceeds of insurance policies.<br />

Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

'With COVID expenses rising, taxpayers need more than an insurance rebate', says a wealth manager

<ul><li>Cost of insurance, hospitalisation and other COVID-19 related healthcare expenses have badly hit an individual's finances.</li><li>With rising inflation amid the ongoing pandemic-induced crisis in the country, taxpayers expect some benefits and concessions in the budget.</li><li>Check out news and development related to the <keyword id="10547300" type="General" weightage="20" keywordseo="budget-2022" source="Orion">budget 2022</keyword> on <a href="https://www.businessinsider.in/budget">Budget Insider</a>.</li></ul>The ongoing COVID-19 crisis has made healthcare more expensive and unaffordable for the Indian middle class. In such times, the cost of insurance, hospitalisation and other COVID-19 related healthcare expenses put a lot of pressure on the taxpayer’s wallet. <br /><br />Adding to the woes, retail inflation is currently at a five-month high at 5.59% (in December) making essential food items even more expensive. <br /><br />Hence, the upcoming union budget is expected to provide some relief on health-related expenses. <br /><br />“Almost 75% of the people’s money spent on healthcare is out of the box. And ₹25,000 allowance under section 80D is really routed through the insurance route and if one looks at the amount spent on healthcare as a percentage of GDP is 1.3%. I think the limit of ₹25,000 needs to be increased because ₹25,000 in today’s day is probably not really gonna take care of hospitalisation or medication or treatment,” said Aarti Desikan, executive director, private wealth management at Anand Rathi Securities in a conversation with Business Insider. <br /><br />Under Section 80D, you are allowed to claim a tax deduction of up to Rs 25,000 per financial year on medical insurance premiums.<br />    <div type="Video" msid="89200227" hostid="261" title="'With COVID expenses rising, taxpayers need more than an insurance rebate', says a wealth manager" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=89200227"></div>“A special COVID expense related deduction may be allowed under section 80D or 80DDB to provide tax relief for COVID-19 patients and their families,” said Clear (formerly ClearTax), a platform for tax and GST filing. <br /><br />Adding to it, the healthcare industry hopes that the government will rationalise the goods and services tax (GST) on healthcare supplements from the current 18% to 5%, which would make the products affordable. <br /><br />“Self-care, preventive healthcare and holistic wellness have taken centre stage with a growing awareness around nutrition and immunity among consumers…Hence to give impetus to the overall industry, we hope that the government will rationalise GST on healthcare supplements from 18% to 5% in the upcoming <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">Union Budget 2022</keyword>,” said Praveen Chirania, founder at Muscle and Strength India, a retailer of fitness supplements and nutritional products.<br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2022-kotak-mahindra-mutual-funds-ceo-explains-why-real-estate-housing-and-textiles-should-get-boost/articleshow/89194327.cms">A market guru explains why real estate, housing and textiles should get some budget boost</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/heres-why-there-is-less-adoption-of-the-new-tax-regime-and-how-budget-2022-can-make-it-more-attractive/articleshow/89195776.cms">Here’s why there is less adoption of the new tax regime and how budget 2022 can make it more attractive</a>

With COVID expenses rising, taxpayers need more than an insurance rebate, says a wealth manager ⁠

<ul><li>No changes, or announcements for the old tax regime</li><li>FMlowered the tax burden by increasing the standard deductions in the new regime </li><li>Tax slabs also revised under the new regime</li></ul> <keyword id="7706673" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> presented the Union <keyword id="18656923" type="General" weightage="20" keywordseo="budget-2024-25" source="Orion">Budget 2024-25</keyword> in the parliament recently, unveiling the Narendra Modi-led government’s budget for the fiscal year 2024-25. While the government announced some changes to direct taxation, including revised tax slabs for the new tax regime, most experts called the budget lackluster. <br /><br /> Nitin Chaudhary, Founder of NC Financial Advisory Services highlights his disappointment, noting that this Budget has actually been not at all impactful as it was expected to be. <br /><br />"It is more of a Budget for Coalition rather than any common man and tax payer. Neither there was any major drastic change in allocation as such and nor there was any major relief and tax benefits that was passed on to the tax payer.<br />There is a slight change in the tax slab rate owing to which there will be a very limited benefit to the tax payer in terms of tax outflow", continued Chaudhary.<br /> <br /><h2>Changes in new tax regime</h2>In a bid to make the new tax regime more lucrative, the FM proposed to hike the standard deduction limit to Rs 75,000 from earlier Rs 50,000, exclusively under the new tax regime. Similarly, the deduction available for family pension is also proposed to be increased from Rs 15,000 to Rs 25,000.<br /><br />More than two-thirds of taxpayers have availed of the new <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">Income Tax</keyword> regime, as per <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword>. The FM announced a review of the comprehensive tax regime. Per FM, under the new regime, taxpayers will be able to save up to Rs 17,500 as taxes, annually.<br /><br />The government has revised the tax rate structure for the new regime, which are now as follows -<br /><br /><h2>New income tax slab rates</h2><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income slabs<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 to 3L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 to 7L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 to 10L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 to 12L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12 to 15L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Above 15L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Prior to the changes announced today, the new tax regime was structured as follows:<br /><br /><h2><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: 850.594px; font-family: Merriweather; letter-spacing: 0.121826px; 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;"><tbody><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Income Slab (In Rs)</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Tax Rate</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>Up to 3,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>No Tax</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>3,00,001 - 6,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>5%</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>6,00,001 - 9,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>10% (Tax Rebate up to Rs 7 lakh)</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>9,00,001 - 12,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>15%</strong></td></tr><tr><td class="se-table-selected-cell" style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>12,00,001 - 15,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>20%<br /></strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>Above 15,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>30%</strong></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /></h2>Says T Manish, Research Analyst, SAMCO Securities, "FM announces revised tax rate under new tax regime, apart from the above slab revisions, the Standard deduction from 50,000 to 75,000 for individuals opting for new tax regime. This would result in savings of around Rs. 17500 in net taxes in the hands of individual. This would benefit directly to the companies in FMCG segment such as HUL, ITC, Dabur, Nestle and second order beneficiaries would be suppliers to these FMCG giants such as Polyplex, Uflex. Further, increased saving would also boost the inflow to wealth management (AMC’s)in the form of SIP's, and to Stock broking companies through brokerage".<br /><br /><h2>Capital gains simplified</h2>FM also moved to rationalise and simplify short-term capital gain (STCG) tax. Going ahead, STCG on specific financial assets will be charged at 20%, while the remaining financial and other non-financial assets will be charges as per applicable rates. This threshold was set at 15% previously.<br /><br />The long-term capital gains tax on financial and non financial assets was raised from its earlier threshold of 10% to 12.5%. However, the exemption limit under LTCG has been enhanced. This means that now, all long-term capital gains tax earned during the year to the tune of Rs 1,25,000 will be tax exempt. This limit was earlier set at Rs 1,00,000. Specified listed financial assets will be considered long-term provided they have been held for more than 12 months.<br /><br />As Anand Rathi, Co-founder of MIRA Money notes, the FM aims to send a clear message to the investors: avoid short term trading and leveraging. This is reflected in the increased security transaction taxes on futures and options,<br />which is a positive step. However, the increase in short term capital gains tax from 15% to 20% is a notable drawback for many traders.<br /><br />"Previously, if your capital gain was 2 lakh rupees, 1 lakh was exempted, and you had to pay 10% on the remaining 1 lakh, amounting to 10,000 rupees. Now, with the same 2 lakh rupees capital gain, you would pay<br />12.5% tax on the remaining 75,000 rupees after the exemption, which is beneficial", Rathi explained. <br /><br /><br />                        <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div><br /><h2>Higher tax on F&amp;O trading</h2>In a bid to stop fund inflows into speculative trading, the securities transaction tax (STT) on trading in futures and options was increased. While STT on options was increased from 0.062% to 0.1%, while the STT on futures was raised from 0.0125% to 0.02%. While this might seem as a  major setback to those trading in futures and options, experts opine that this is unlikely to significantly trading volumes in the segment. Note that this change is set to come into effect starting October 1, 2024. <br /><br />Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&amp;O segment. We can expect more measures in the F&amp;O space in the days to come". <br /><br /><h2>Other tax changes</h2><ul><li>The TDS rate on e-commerce operators has been reduced from 1% to 0.1%</li><li>Angel tax, the tax levied on the capital raised via the issue of shares by unlisted companies has been abolished.</li><li>TDS payable on insurance commission reduced from 5% to 2%, starting 1st October, 2024.</li><li>TDS payable on rent paid over Rs 50,000 to be reduced from 5% to 2%. </li></ul><br /><strong>SEE ALSO:<br /></strong>        <br />          <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>          <div type="Article" hostid="261" msid="111952160" title="Sitharaman announces cut in customs duty on gold, silver to 6%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div><br />

Budget 2024-25: New tax regime sweetened by FM, hikes standard deduction to Rs 75,000

<ul><li><keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>’s MPC keeps <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">interest rates</keyword> unchanged in the first policy of FY25.</li><li>Most experts had expected the RBI to maintain the status quo on interest rates.</li><li>A few, however, expected it to soften its hawkish forward guidance. </li></ul>The Indian central bank’s rate-setting panel, the <keyword id="6357126" type="General" weightage="20" keywordseo="monetary-policy" source="Orion">Monetary Policy</keyword> Committee (MPC), kept the repo rate unchanged at 6.5% on Friday. It remained focused on the withdrawal of accommodation in the first monetary policy of FY25. Both these decisions were taken with a majority of five to one. <br /><br />“Two years ago, around this time, when CPI inflation had peaked at 7.8% in April 2022, the elephant in the room was inflation. The elephant has now gone out for a walk and appears to be returning to the forest. We would like the elephant to return to the forest and remain there on a durable basis,” said Shaktikanta Das, governor of the Reserve Bank of India. <br /><br />The second advance estimate (SAE) placed real GDP growth at 7.6% for the recently concluded FY24 — the third successive year of 7 per cent or higher growth. RBI projects FY25’s real GDP growth at 7%. <br /><br />“Robust growth prospects provide the policy space to remain focused on inflation and ensure its descent to the target of 4%. Under these circumstances, monetary policy must continue to be actively disinflationary to ensure anchoring of inflation expectations and fuller transmission of the past actions,” said Shaktikanta Das, governor of the Reserve Bank of India. <br /><br />His speech pointed out that uncertainties in food prices continue to pose challenges especially as temperatures are expected to be above normal. The MPC remains vigilant to the upside risks to inflation that might derail the path of disinflation. <br /><br />“Elephant moves slowly, and last mile inflation tends to be sticky,” said Das at the RBI press conference. <br /><br />RBI sees FY25’s consumer price inflation (CPI) inflation, assuming a normal monsoon, at 4.5%. The RBI had repeatedly insisted that it intends to bring down retail inflation below 4%. <br /><br />“It is essential, in the best interest of the economy, that CPI inflation continues to moderate and aligns with the target on a durable basis. Till this is achieved, our task remains unfinished,” said Das pointing to frequent incidences of supply chain shocks. He also added that the crude oil price movements in the last few days. <br /><br />GDP growth &amp; inflation projections by RBI for FY25<br /><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;">Time period<br /><br /></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;">Real GDP growth<br /><br /></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;">CPI inflation<br /><br /></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;">FY25<br /><br /></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;">7%<br /><br /></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;">4.5%<br /><br /></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;">Q1 FY25<br /><br /></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;">7.1%<br /><br /></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;">4.9%<br /><br /></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;">Q2 FY25<br /><br /></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;">6.9%<br /><br /></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;">3.8%<br /><br /></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;">Q3 FY25<br /><br /></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;">7%<br /><br /></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;">4.6%<br /><br /></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;">Q4 FY25<br /><br /></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;">7%<br /><br /></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;">4.5%<br /><br /></td></tr></tbody><tbody></tbody></table><br /><strong>Hot inflation keeping RBI in wait-and-watch mode say economists <br /></strong><br />This is the seventh consecutive policy review cycle where the MPC has chosen to keep the repo rate unchanged at 6.5%. Most experts have been expecting the RBI to maintain the status quo. <br /><br />Its current decision, most say, is a balanced approach towards growth while being vigilant over headline inflation.<br /><br /> “This careful stance reflects concerns over potential inflationary pressures arising from volatile food prices, recent upticks in oil prices, and robust economic growth. While there was some anticipation of rate cuts by the end of 2024, the RBI seems inclined to adopt a wait-and-see approach before initiating a rate cut cycle,” says Sujan Hajra, chief economist &amp; executive director at Anand Rathi Shares and Stock Brokers. <br /><br />Volatile food inflation in the last few months has been worrying economists. The ongoing heatwave combined with the persistent El Niño impact brings back worries about cereal and pulse price hikes. While the wheat crop has by and large been harvested, vegetable prices also pose an additional worry. <br /><br />The Indian Meteorological Department (IMD) has predicted higher-than-normal maximum temperatures across the country this summer. While core inflation has been softening, in the last few days, crude oil prices have inched up to cross $90 per barrel. <br /><br />"The monetary policy stance announced today reflects that the RBI is evenly balancing the two divergent objectives of growth and inflation. It seems a case of full commitment to growth with an even higher commitment to inflation targets. I hope we will see sustained growth and softened inflation,” Anu Aggarwal, president &amp; head of corporate banking, Kotak Mahindra Bank. <br /><br />The RBI governor’s stance on bringing down inflation has made economists delay their rate cut expectations as far as Q3 of FY25. The Bank of Japan has recently ended its negative interest rate policy and the US Fed has also delayed its much anticipated easing cycle. Most economists believe that RBI policy is pegged to the Fed, especially in the last two years, even as it formally targeted inflation.<br /><br />“External dynamics have been fluid, implying that the policy prerogative needs to be flexible for ensuring financial stability. We maintain the RBI’s tone will slowly tiptoe to ‘Gracklish’ from the usual ‘Hawk-Dove’ signaling, implying a non-committal stance and limited definite forward guidance ahead,” said Madhavi Arora, lead economist, Emkay Global Financial Services.<br />

We want the elephant of inflation to walk back to the forest: Shaktikanta Das

Chennai, With the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword>'s (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) Monetary Policy Committee (MPC) deciding to retain the repo rate at 6.5 per cent, economists are of the view that a rate cut may not happen any time soon or at least for next six months, said senior economists.<br /><br />In a 5:1 decision, the MPC which met on February 6-8, decided to hold the repo rate -- the rate at which the RBI lends to banks -- at 6.5 per cent.<br /><br />The RBI MPC also decided not to change its stance to 'neutral' from 'withdrawal of accommodation'.<br /><br />"It was no surprise that RBI MPC decided to keep the status quo on the interest rates for the sixth consecutive time. However, RBI continued to sound hawkish as against the market expectations and has not provided any indication of the timing of the change in monetary stance from withdrawal of accommodation," said <keyword id="20504468" type="General" weightage="20" keywordseo="suman-chowdhury" source="keywords">Suman Chowdhury</keyword>, Chief Economist and Head - Research, Acuite Ratings &amp; Research.<br /><br />"Given the tone of the MPC statement and the expectation of growth buoyancy, we believe that the likelihood of any rate cut by RBI has significantly reduced over the next six months," Chowdhury added.<br /><br />The RBI MPC will not cut the repo rate ahead of the US Federal Reserve, said Madhavi Arora, Lead Economist, Emkay Global Financial Services.<br /><br />"We understand that shifting debates on global narratives requires the RBI to be flexible as well. We have long maintained that the RBI's policy has been somewhat pegged to the Fed, specifically in the last two years, even as it formally targeted inflation. The swift turn of tone and action pivots of the RBI in the last two years have been influenced purely by global narrative. We do not see RBI preceding the Fed in rate cuts," Arora said.<br /><br />Predicting that RBI will remain cautious owing to high food inflation, CARE Ratings's Chief Economist Rajani Sinha said: "Healthy economic growth gives room to the Central Bank to maintain status quo for some more time."<br /><br />"However, in the second half of the year, as domestic inflationary concerns recede and the US Fed starts cutting rates, we can expect a shallow rate cut by RBI. On the liquidity front, RBI will continue to intervene through appropriate tools as required," Sinha said.<br /><br /><keyword id="20504469" type="General" weightage="20" keywordseo="sujan-hajra" source="keywords">Sujan Hajra</keyword>, Chief Economist &amp; Executive Director, Anand Rathi Shares and Stock Brokers, was also of view that rate cut may not happen any soon and RBI will be on wait and watch mode.<br /><br />"With RBI's inflation projection of 4.5% for FY25, any expectations of cuts coming in the current year become unlikely. We think the progress in food prices will be the key monitorable for RBI's tone in the upcoming policy. Like other central banks, higher growth for the current and next year gives RBI more headroom to be on a wait-and-watch mode," Hajra said.<br /><br />As to the 7% economic growth rate for FY25 stated by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, Chowdhury said: "They have significantly upgraded their growth prospects for the next fiscal to 7.0%, reflecting that there are minimal concerns on economic growth at this time."<br /><br />"RBI's assessment on global growth also appears to be positive versus last year and it also believes that central banks are unlikely to resort to a pivot within a short period. Our outlook on the domestic growth prospects are moderate with a base forecast of 6.3% for FY25, given the visible weakness in the private consumption growth which is estimated at 4.4% in FY24 in the NSO estimates," Chowdhury said.<br /><br />"On the inflation front, the base forecast for headline CPI in FY25 is set at 4.5% which in our opinion has significant upside risks if the growth really maintains such a high level of momentum and if there are even moderate risks in the monsoon behavior," Chowdhury added.<br />

RBI may not cut repo rate any soon or for six months: Economists

<ul><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> went up by 14% in 2023, while silver gained as much as 8% during the year.</li><li>In 2024, <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> is expected to give 10-11% returns with silver returns pegged at 12-15%.</li><li><keyword id="85550" type="General" weightage="20" keywordseo="silver-prices" source="Orion">Silver prices</keyword> could see a breakout year in 2024, with good performance in the second half. <br /></li></ul>Gold may have outshined silver in 2023, but in the coming year, white metal may see asharper price hike, experts say. While gold gained as much as 14% during the year, silver price movement has not matched up pace. This may change and the white metal is expected to see a breakout. <br /><br />It’s customary for silver prices to move with gold, but the former saw a rollercoaster ride with ups and downs – ending the year with 8% gains in 2023. On the other hand, gold’s safe haven status was greatly enhanced during the year due to geopolitical tensions, tight interest rates as well as central bank buying. <br /><br /><strong>Silver safe, gold safest <br /></strong><br />Silver too saw a positive movement due to geopolitical tensions, decline in the US yield curve and the dollar index, among other factors that sparked the movement. But it did not react as sharply as gold, even as it too provides safe haven advantages. <br /><br />But the coming year may see it shine as much or even brighter than gold. “Silver is a precious metal and also an industrial metal, so it is getting double tailwinds. It seems that the three-year consolidation (August 2020-December 2023) in silver prices is coming to an end. This is likely to get over in March,” expects Aprajita Saxena, research analyst at Trustline, an equity research and asset management firm. <br /><br />Naveen Mathur, director of commodities &amp; currencies at Anand Rathi Shares and Stock Brokers believes silver can give double digit gains in 2024. “Silver is also expected to remain a bright spot for 2024, as continued deficit projections along with investment demand may push the white metal to give further 12-15 % returns after having a bullish 2023,” he added. <br /><br />Most experts believe that silver might start off with a tepid first half in 2024, but may gain slowly ahead. “Silver will initially underperform gold, but in the later half of the year, I will not be surprised if it outperforms gold. Once crude stabilizes, and comes under $75 all then all economic activities, and metals like silver and copper will pick up,” said Saxena. <br /><br /><strong>Gold will keep up its run <br /></strong><br />The yellow metal on the other hand, is expected to sharpen its shine in 2024. In the last three weeks of December, investors doubled down bets on the precious metal. The Federal Reserve is expected to unwind its restrictive stance on monetary policy in 2024. Decline in yields which is expected to have peaked in the current quarter along with weaker dollar index also provided a boost to gold prices. <br /><br />Experts feel that the metal still has juice left for investors. Treasury yields, declining US dollar, and expectations of lower interest rates in the upcoming year could keep supporting gold prices. Most experts expect gold to give as much as 10-11% returns in the coming year. <br /><br />“When interest rates remain lower, inflation begins to increase, which subsequently lifts gold prices. In 2024, the Fed will remain dovish on monetary policy, which would be a favorable condition for gold's bull run,” said Nirpendra Yadav, senior commodity research analyst at Swastika Investmart. <br /><br />The ongoing geopolitical issue may continue next year, which may elevate gold prices to higher levels. “Opportunities do exist for traders/investors to make fresh moves as new highs are still possible in the coming year in Gold amid probabilities of an interest rate cut as soon as March 2024 increasing with markets anticipating 6-7 rate cuts for 2024 resulting in a hard landing scenario,” said Mathur.<br />

Bullion bull run to continue: White metal may see a breakout in 2024

<ul><li>Stock market investors are expecting a balanced <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> with a focus on job creation, and increased spending on infrastructure.</li><li><keyword id="464286" type="General" weightage="50" keywordseo="narendra-solanki" source="Orion">Narendra Solanki</keyword>, Head- Equity Research Anand Rathi Shares &amp; Stock Brokers, said that investors are expected to remain focused on three key factors from the pre-election year <keyword id="12743893" type="General" weightage="20" keywordseo="budget-2023" source="Orion">Budget 2023</keyword>.</li><li>History suggests India's shares are likely to see muted trading ahead of the union budget reading, usually held on February 1.</li></ul>Stock market investors are expecting a balanced Budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said on Wednesday.  Stock markets have been subdued in the run-up to the Union Budget with BSE's benchmark Sensex is almost flat so far this month. Even the corporate earning season failed to excite the markets, while some indices like IT and bankex have seen some positive movements. <br /><br /> The muted performance of the markets could be due to Foreign Portfolio Investors (FPIs) moving funds out of India as they are looking for emerging markets with cheaper valuations. They have taken out over Rs 16,500 crore from domestic equities so far this month. <br /><br /> Moreover, inflation and possible global recession continue to play on investors' minds. <br /><br /> Narendra Solanki, Head- Equity Research Anand Rathi Shares &amp; Stock Brokers, said that investors are expected to remain focused on three key factors from the pre-election year Budget 2023, firstly equity investors are expecting a uniform tax structure for capital gains which might help taxpayers to have more disposable income. <br /><br /> Secondly, investors will be looking for fiscal consolidation which is necessary for financial stability in the economy and thirdly, investors are contemplating policy reforms to rationalise bottlenecks for growth such as subsidies, a clear roadmap for disinvestment targets and expediting the much-awaited PSU privatisation or consolidation, he added. <br /><br /> History suggests India's shares are likely to see muted trading ahead of the union budget reading, usually held on February 1. <br /><br /> Overall, the pre-budget rallies were seen in six out of the last 10 years, and post-budget, the market declined six times out of the past 10 years. Moreover, the National Stock Exchange's (NSE) benchmark index Nifty 50 has fallen seven times on Budget days. <br /><br /> The Budget is a presentation of the state of affairs of the government's books along with anticipated expenses and income for the coming year. <br /><br /> It is generally believed that if a Budget includes measures that are seen as positive for businesses and the overall economy, it may have a positive impact on stock markets. <br /><br /> On the other hand, if a Budget includes steps that are seen as negative for businesses and the economy, it may have a negative impact on stock markets. Additionally, announcements or changes in interest rates, taxes and government spending can also impact stock markets. <br /><br /> "The impact of the <keyword id="2407175" type="General" weightage="20" keywordseo="upcoming-budget" source="Orion">upcoming Budget</keyword> would depend on the actual budget proposal and markets will be keenly watching the fiscal deficit for FY24. A figure above 6 per cent will disappoint the market. But, this is unlikely," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. <br /><br /> He further said that a proposal that can have a negative impact on the market can be a possible hike in the capital gains tax. <br /><br /> Any positive news which will have a meaningful impact on the economy or leave more disposable income in the hands of the salaried class and/or the corporates will push the markets higher, Sumit Chanda, Founder and CEO, JARVIS Invest, said. <br /><br /> "Any changes to the tax slab of the salaried class or any incentive to the corporates for capex or reduced taxes will be viewed positively and one can expect the markets to rally post the Budget," he added. <br /><br /> In addition, push to private and government spending, disinvestment, expanding the PLI (Product-linked incentive) scheme and relief in tax slabs are some of the measures that may have a positive impact on the market, Kamlesh Shah, President, ANMI, said. <br /><br /> Geojit's Vijayakumar believes that the impact of the Budget will be short-lived. Market trends would be dictated more by developments in the global economy, particularly in the US. If the Fed commentary after the February 1 meeting is dovish and data shows inflation declining in the US, markets will rally. <br /><br /> Amar Ambani, Head - Institutional Equities, Yes Securities, said the government is likely to be modest in its asset monetization targets, unlike the lofty projections of the prior Budgets. In all probability, India's GDP growth target would be a low double-digit affair amid a challenging global backdrop, and the government would not stray from its fiscal prudence roadmap. <br /><br /> According to market experts, healthcare, fertilizer, infrastructure, defence insurance, manufacturing, digitalisation (IT), communication, education, Small and Medium Enterprises (SMEs) etc are sectors that are expected to benefit from the Budget.<br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/science/space/news/nasa-collaborates-with-spinlaunch-to-test-an-innovative-mass-accelerator-launch-system/articleshow/90772382.cms">NASA collaborates with SpinLaunch to test an innovative mass accelerator launch system — a slingshot to send payloads to space</a><br /><a href="https://www.businessinsider.in/science/space/news/astronomers-may-have-just-found-the-most-distant-astronomical-object-ever-observed/articleshow/90703688.cms">Astronomers may have just found the most distant astronomical object ever observed</a>

Stock market investors expect balanced budget, focus on job creation, infra spending

<ul><li>The Indian government released its second tranche of <keyword id="2754241" type="General" weightage="20" keywordseo="sovereign-gold-bonds" source="Orion">sovereign gold bonds</keyword> at a price of ₹5,873/gm with 8 year tenure.</li><li>The tranche opened on September 11 and will close on September 15.</li><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> are expected to remain range-bound in the near term, but a hazy macroeconomic picture offers tailwinds for growth, say analysts.</li><li>Investors must buy on dips to accumulate the risk-reducing role in uncertain times, analysts say </li></ul>Gold prices have been rising for most of 2023 with a few dips since March. As the yellow metal’s value oscillated between increased risk aversion and higher opportunity cost of holding gold and US economic resilience — experts advise investors to remain strong on gold and buy on dips. <br /><br />The Indian government has released its second tranche of 2023’s sovereign gold bonds at a price of ₹5,873 per gram (effective after ₹50 digital payment discount) with an eight year tenure. For those intending to go long on gold, this is a good opportunity, say analysts, as Monday’s prices hovered at around ₹60,000 per 10 gms. <br /><br />“These bonds offer annual returns of 2.5%, which serve to balance their portfolio over time. However, investors are encouraged to adopt a staggered approach when acquiring sovereign bonds. By doing so, they can accumulate gold at varying price points,” Jateen Trivedi, VP of research at LKP Securities told Business Insider India. <br /><br />While the government assures the holding of the grammage in gold, its returns depend upon the prevailing gold price of time. On redemption, capital gains are not charged on these bonds to the investor — irrespective of the quantum of gains earned by the investor. <br /><br />If the bonds are sold in the secondary market, they will either be charged short-term or long-term capital gains tax as per the time sold. “Retail investors considering taxation benefits may consider sovereign bonds in place of Gold ETFs. Meanwhile both options are favorable as compared to investment in physical gold in terms of lower capital investment and taxation purpose,” said Naveen Mathur, director of commodities &amp; currencies, Anand Rathi Shares and Stock Brokers. <br /><br />The tranche opened on September 11 and will close on September 15.<br /><br />  <div type="image" title="gold prices" msid="103595748" hostid="261" caption="&amp;lt;p&amp;gt;Source: Business Insider India &amp;lt;/p&amp;gt;"></div> <br /><br /><strong>Range-bound in the near term <br /></strong><br />International gold prices have been on a backfoot for most of August. But they had had a headwind in the form of US 10-year inflation-protected treasuries which touched 2% for the first time since the 2008 financial crisis starting the month at 1.6%, said Quantum Mutual Fund in its September outlook. <br /><br />“Long term US treasury yields declined on comments from a host of Federal Reserve officials. They signalled a pause in the central bank rate hike cycle,” said a report by ICICI Securities. As interest rates harden, gold prices will rise as a safety bet, and if they remain steady or rate cuts come into the picture, they would fall. <br /><br />In the near term, analysts believe that multiple macroeconomic factors might keep a lid on prices and remain rangebound for the foreseeable future till clarity emerges on the global growth and inflation fronts. <br /><br />“Investors can use a buy on dips strategy to build a 15-20% allocation to gold which can play a risk-reducing role during the current macroeconomic and geopolitical uncertainty as well as enhance returns in case of a growth setback where the Fed is forced to cut rates even while inflation is high,” said Ghazal Jain, fund manager of alternative investments, Quantum Mutual Fund.<br /><br />With or without interest rate movements, the US economy has been on a hard path as pandemic era savings are dwindling and rising credit card debt. Gold’s shine remains high as a safe bet as few analysts have chosen to change their annual outlook on gold prices.<br />

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Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

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We want the elephant of inflation to walk back to the forest: Shaktikanta Das

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RBI may not cut repo rate any soon or for six months: Economists

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Bullion bull run to continue: White metal may see a breakout in 2024

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Stock market investors expect balanced budget, focus on job creation, infra spending

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Take a staggered approach to buy sovereign gold bonds

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