Ajay Seth News

Subscribe to enjoy similar stories.The insurance sector requires deregulation in some areas and stronger regulation in others. However, deregulation does not mean laissez-faire,” said Ajay Seth, chairman of the Insurance Regulatory and Development Authority of India (Irdai).In an interaction with Mint, he outlined the regulator’s approach to balancing sector liberalization with consumer protection, amid proposed reforms such as the Sabka Bima Sabki Raksha Act.He discussed foreign participation, regulatory safeguards, challenges in health insurance, global risks, and new initiatives such as the Public Insurance Registry and the Bima Sugam platform.

Subscribe to enjoy similar stories.Concerned about the rising number of complaints over unfair sales practices in India’s insurance sector, the regulator is planning a major clean-up of how life, health and motor vehicle policies are sold by bringing out a discussion paper on proposed distribution reforms.The next phase of insurance reforms will focus less on headline liberalization and more on fixing structural inefficiencies in pricing, distribution and customer outcomes, Insurance Regulatory and Development Authority of India chairman Ajay Seth said in an interview. IRDAI is also working with the Reserve Bank of India to tighten oversight of banks selling insurance products while pushing for a lower-cost and more transparent model, he said.“We are coordinating with the RBI to curb mis-selling through the bancassurance channel.

Mumbai: In an effort to improve policyholder experience and penetration of health insurance in the country, the Insurance Regulatory and Development Authority of India (Irdai) has constituted a sub-committee of the Insurance Advisory Committee. The insurance regulator notified the establishment of the committee and its members on 2 April, and then its role and scope, as well as the issues it will address.

Ajay Seth, a senior bureaucrat, on Monday was designated as the new Finance Secretary, according to an official order.

Economic Affairs Secretary Ajay Seth has said work with respect to developing a taxonomy for climate finance is going on and it should be ready in the next six months or so. «Work is happening, and in fact, the steel ministry has completed their work. They have issued their taxonomy for the steel sector,» he told PTI in an interview.

GDP growth target of 6.5%-7%, the country's economic affairs secretary said on Monday. The government expects growth to accelerate in the second half of the year, Ajay Seth said. India's economic growth slowed much more than expected in the second quarter of the financial year, hampered by weaker expansion in manufacturing and consumption, likely adding pressure on the central bank for interest rate cuts.

Nirmala Sitharaman on Monday pitched the India story to a large group of pension funds and institutional investors in the US and impressed on them to take advantage of India's enormous investment opportunities. Sitharaman addressed a roundtable on “Investment Opportunities in India” at the New York Stock Exchange (NYSE), the world’s oldest and largest bourse with around 11 Indian companies listed on it, according to a finance ministry post on X (formerly Twitter). “The roundtable is being attended by various pension funds and other institutional investors and fund managers across USA, forming one of the largest financial systems in the world in terms of total assets under management,” the ministry said in the post.

In a July 25 interview with Moneycontrol, Indian Economic Affairs Secretary Ajay Seth announced that the country will release a discussion paper outlining its stance on cryptocurrencies before September 2024.

Economic Affairs Secretary Ajay Seth on Wednesday said the Budget has assumed a reasonable nominal GDP growth rate of 10.5 per cent as higher assumption could have led to a larger fiscal deficit. «As far as the current year is concerned, fiscal prudence places the demand on us that we are realistic or a bit conservative in assuming what the potential revenues may be while at the same time provide adequate provisions for productive priorities of the government. That is what this Budget does,» he told PTI in a post-Budget interview.

borrowing later in the financial year if inflows into national small saving schemes (NSSF) are high, Economic Affairs Secretary Ajay Seth told Reuters on Wednesday.

budget preparation exercise.Sitharaman will present her seventh Budget on July 23.

Nirmala Sitharaman has wrapped up consultations with industry and social sector representatives ahead of presenting her seventh Union Budget on July 23, the Finance Ministry said in a statement on Sunday. The pre-budget consultations for Union Budget 2024-25 began on June 19 and concluded on July 5, 2024, the ministry said. This marks the first full budget of Modi 3.0, aimed at charting the course for a developed India by 2047.

Modi 3.0 Budget 2024 Expectations: What are Finance Minister Nirmala Sitharaman's plans for taxpayers?The need to protect domestic industry from dumping of Chinese products featured prominently in the discussions."We represented our industry pain points, which are imports from China and the threats we face from China," said Ajay Sardana, chairman - National Expert Committee on Chemical and Petrochemical, Indian Chamber of Commerce."China has created a lot of overcapacity. After the pandemic, with the demand coming down, they are dumping products in India at a cheaper price.

Nirmala Sitharaman, in her second term as finance minister, hit the ground running on Monday. Instead of one, she released two tax devolution instalments — totalling ₹1,39,751 crore — to 28 states, for bolstering their development and capital spending. The minister earlier reviewed the economic and fiscal situation of states with finance secretary TV Somanathan and economic affairs secretary Ajay Seth, soon after the first meeting of the newly formed Cabinet on Monday evening.

India's sovereign outlook after 10 years to 'positive,' citing improved quality of public spending and expectation of broad continuity in reforms and fiscal policies. India's rating remains unchanged at BBB-. The agency said the country's rating could be upgraded in the next 24 months if it adopts a cautious fiscal and monetary policy that reduces the government's elevated debt and interest burden while bolstering economic resilience. «It's a welcome development,» finance minister Nirmala Sitharaman posted on X, «It has been possible due to the series of macroeconomic reforms undertaken since 2014, along with substantial outlay for capex, fiscal discipline, and decisive & visionary leadership.» Expressing enduring confidence in the economy, economic affairs secretary Ajay Seth told ET, «I am glad S&P, in its own assessment, has realised the strength of India's economy and upgraded outlook… The team led by the chief economic adviser could convince them (S&P) to reach (this) assessment.»

₹8.03 trillion, or 45% of the annual estimates of ₹17.87 trillion, according to the data released by the Controller General of Accounts on Thursday. In comparison, the fiscal deficit for April-October of the previous fiscal stood at ₹7.58 trillion, or 45.6% of the annual estimates of ₹16.61 trillion. The widening of the fiscal deficit during FY24 was due to a jump in government spending to fuel economic growth, but this was to an extent offset by higher tax receipts and an increase in non-tax revenue.

economic affairs secretary Ajay Seth said on Wednesday. Speaking at a seminar on multilateral institutions for the 21st century, Seth said India’s G20 presidency, which is coming to an end this month, demonstrates the willingness of countries to come together on key global issues despite geo-political differences. It also reflects India's ability to build global consensus in a difficult time.

India has the potential and should aim to grow at 8 per cent annually to bring about transformative changes in the lives of millions of people by around 2050, said noted economist and former US Treasury Secretary Larry Summers on Saturday. India's GDP growth in 2022-23 was 7.2 per cent as against 9.1 per cent in 2021-22.

India's net direct tax collection between April 1 and September 16, 2023, stood at Rs 8.65 lakh crore, up 23.5 per cent on an annualised basis, data showed on Monday. This tax collection by the government includes personal income tax of Rs 4.47 lakh crore and corporate tax of Rs 4.16 lakh crore, as per a Ministry of Finance statement.

Marrakech in October to deliberate over possible reforms at multilateral development banks (MDBs), crypto-asset regulations and the global economic outlook, economic affairs secretary Ajay Seth told Banikinkar Pattanayak in an interview. Edited excerpts.What are the Finance Track’s most significant outcomes under India’s G20 presidency? There are many important outcomes of the Finance Track… Three particularly relevant in the current global context are a widening of the discussion on strengthening MDBs incorporating perspectives of the Global South; firming up the building blocks for a globally coordinated and comprehensive policy and regulatory framework for crypto assets; and advancing financial inclusion and productivity gains through digital public infrastructure.How does G20 plan to achieve better, bigger and more efficient MDBs and by when? G20 leaders have committed to pursuing ambitious efforts to evolve and strengthen MDBs.The call for bigger, better and more effective MDBs is based on this commitment.

By Nikunj Ohri