Assurant Financial News

India's existence and across a series of budgets, one factor has remained constant: the economy's high dependence on the farm sector, thanks to its contribution to economic growth and consumption expenditure. So, it's good to see this budget putting the impetus on agriculture and its focus on more effective, efficient and climate-resilient public spending.

government over the budget even as the ruling side came out hailing the proposals.

capital gains tax across asset classes has a positive effect in three areas. One, it lowers arbitrage among asset classes, such as equities, real estate and gold for household savings. Two, it addresses the differential in effective tax rates on labour and capital. And, three, it allows government tax revenue to grow without unduly affecting economic productivity. All these have long-term effects on economic growth and redistribution by influencing behavioural changes towards work, savings and risk-taking. The move also lowers the likelihood of asset price bubbles by encouraging freer capital movement. The markets have, thus, taken the changes announced in the budget in their stride, and the anticipated turbulence was weak and short-lived. Further steps to harmonise the tax treatment of capital gains are likely to be met with less anxiety by investors.

Manipur High Court has directed the Manipur government to withdraw the long-pending criminal cases against three former cadres of the Mizo National Front (MNF).

₹78,000 crore with an emphasis on the monetization of assets). Therefore, if the budget promises a fiscal deficit of 4.9% as a proportion of GDP, it is believable. So is 4.5% of GDP for 2025-26, the government’s pre-announced goal.

Kathleen Martin, a former interim data transformation chief, has filed a lawsuit against Citi, claiming she was poached under false pretenses and subsequently unfairly dismissed. Martin, who served as JPMorgan’s global technology chief of staff, said she was enticed to join Citi in late 2021 with promises of a “long-term leadership position.” She alleged the reality fell short of these promises, leading to her termination in September 2023.

Kotak Mahindra Bank, the country's fourth-biggest private lender by market value, said its margins and unsecured loan business are affected by the Reserve Bank of India's (RBI) embargo, but it has made progress in deepening relationships with Kotak 811 customers and enhanced offers to credit card customers. Ashok Vaswani, MD, conveyed this message to the analysts soon after declaring the first quarter results. He indicated that the RBI has not given any timeline on when the ban, imposed in the last week of April on onboarding customers digitally and issuing credit cards, would be lifted. «We have been assured that look, it's not as if we are going to wait till you finish every single thing before we lift the embargo,» he said. The bank has shown strong commitment by adding resources, and the RBI is aware of it, added Vaswani.

paddy cultivation emits 5 tonnes of CO2 equivalent/ha of GHG emissions in these states, the highest GHG/ha among states. Climate change-induced erratic weather patterns, rising temperatures and heatwaves exacerbate this existential threat. While many experts advocate farmers diversify from paddy, the economic reality is that policies and subsidies are skewed towards paddy cultivation. According to an ICRIER study, 'Saving Punjab and Haryana from Ecological Disaster: Re-aligning Agri-Food Policies', paddy received highest subsidy among all crops in Punjab, approximately ₹38,973 per ha during 2023-24. This included subsidies from GoI (fertiliser) and Punjab state government (power and canal irrigation). When considering additional subsidies for managing crop residues in the field and post-harvest, financial support for paddy cultivation would easily go beyond ₹40k per hectare.

violence-hit Bangladesh through integrated check posts in Tripura, a Border Security Force official said here on Sunday. Of the total returnees, 365 crossed over the international border on Saturday and four on Friday, he said. The returnees include three Nepalese students. «A total of 379 students entered India in the past 48 hours from violence-hit Bangladesh through check posts at Srimantapur in Sepahijala and Agartala (Akhaura) in West Tripura, and more are expected to return on Sunday,» the BSF official said.

Airbus will launch its first assembly line for the single-engine H 125 helicopter in India, Sunny Guglani, head of Airbus Helicopters in India and South Asia said. «The plan is to have the first Made-in-India H125 rollout of the assembly line in 2026 that's the plan we're working with TATA,» Gugltold ANI. Guglani further stated, «This Final Assembly Line (FAL) will actually produce the H125, which will already be EASA-certified quality assurance, and the airworthy assurance is being taken care of by experts from airbus helicopters that will be located at the FAL site in India.»

petrochemicals industry and boost the sector's growth. The minister was speaking after launching the 13th edition of the India Chem 2024 event to be held in October this year in Mumbai. «The Prime Minister desires that we have to become a USD 5 trillion economy. If we have to become a 5 trillion economy, we have to align our programmes or policies accordingly, to see to it that this petrochemical industry chemical industry also goes in the same way and aligns itself, so that we all together contribute to that USD 5 trillion economy,» Nadda said. The minister mentioned that industry representatives have talked about the challenges faced by the chemicals and petrochemicals industry and also offered various suggestions to address those issues.

Madhya Pradesh Chief Minister Mohan Yadav on Saturday said in the seven decades of independence, India left behind its former colonial rulers who had «looted» the country for more than two centuries. Speaking at the second regional industry conclave here, he appealed industrialists to invest in Madhya Pradesh, assuring them of ample water and electricity supply. «We have regained our lost glory by leaving behind in 70 to 75 years those who looted us for 250 years....We are back on track. India is the fifth largest economy now,» he said, apparently referring to India replacing the United Kingdom in the pecking order of global economic powerhouses in the fifth spot after the US, China, Germany and Japan.

Gujarat has rolled out a dedicated policy for the semiconductor sector and chip manufacturing will commence soon in the state, Chief Minister Bhupendra Patel said on Friday, assuring that his government will provide necessary assistance to the industry. Patel was speaking after inaugurating the daylong 'Gujarat SemiConnect Conference 2024', covering various avenues of the semiconductor sector, at the Mahatma Mandir convention centre here. Micron Technology, Tata Electronics and CG Power, which are building their semiconductor plants in Gujarat, have collaborated with the state government as knowledge partners for the conference. Semiconductors, also referred to as integrated circuits or microchips, are an essential component of electronic devices, facilitating communications, military systems, healthcare, computing, transportation, clean energy, and several other applications.

₹2.5 lakhs for grievous injury and Rs. 50,000 for those who suffered minor injuries.The Railway Ministry said that a high-level enquiry has been ordered alongside the CRS enquiry.According to an NDTV update, the driver of the derailed passenger train claims to have heard a loud noise before the accident.“Failure of automatic signal, lapses at multiple levels in managing operations and non-availability of critical safety equipment such as walkie-talkie with the loco pilot and train manager are some of the reasons cited for collision in the probe report.

Siddaramaiah on Wednesday said his government's priority is to look after the welfare of Kannadigas as they are not getting jobs in their own land, responding to the criticism over the state's proposed law mandating quotas in jobs for locals in private industries. «We are a pro-Kannada government. We want to help Kannadigas lead a peaceful life with a job in their own land,» he said in a post on microblogging platform X. Within hours after his post, he announced he was putting the bill on hold after the proposed law came under widespread attack. The CM, in a post on X, said the government would revisit the bill after elaborate discussion at the next cabinet meeting. He had called the proposed law a historic effort towards protecting the interests of local Kannadigas and reversing the deprivation of jobs for them.

Delhi-Mumbai expressway project, touted as a game-changer for Indian infrastructure, faces significant delays primarily due to land-related challenges in Gujarat. According to Times of India sources, two crucial segments totaling 62 kilometers in Gujarat only saw bidding commence in November 2023, while construction on one of these segments began in April this year, and the other started just this month. Initially slated for completion by January 2023, the project has encountered multiple setbacks, pushing the revised target to March 2024, which has also been missed. Sources reveal that constructing each stretch requires a minimum of eighteen months. To expedite progress, the project was divided into smaller 'packages' for faster execution. Officials assure that all outstanding land acquisition issues are being actively addressed. Presently, approximately 630 kilometers of the total 1,386 kilometers have been opened to traffic in various segments. Notable sections include Sohna-Dausa-Sawai Madhopur (293 km) and Jhalawar-MP/Gujarat border (245 km). Authorities express confidence that the 845-kilometer stretch from Sohna to Vadodara will be fully operational by March 2025. Subsequent sections, crucially linking to Mumbai's JNPT port, Jewar Airport in Uttar Pradesh, and Delhi's DND Flyway, are expected to follow suit.

Karnataka expressed their apprehensions about the new Bill approved by the cabinet that mandates 100 per cent reservation for Kannadigas in «C&D» grade government jobs, state Commerce and Industries Minister MB Patil said that they will have wide consultations, resolve the confusion and ensure that interests of Kannadigas are protected along with those of industries. «I have seen that many people have apprehension regarding this...We will resolve this confusion...We will sit with the CM and resolve this so that it does not have any adverse effect...,» Patil said speaking to on Wednesday. «Keeping the interests of #Kannadigas paramount, I will discuss this issue with the Hon'ble CM Sh @siddaramaiah, IT-BT Minister, Law Minister, and Labour Minister. We will have wider consultations. We will ensure that the interests of Kannadigas are protected, alongside those of the industries,» Patil said in a post on 'X'.

Bengaluru, India – (July 16, 2024) – RSM US LLP (“RSM") – the leading provider of assurance, tax and consulting services for the middle market – is pleased to announce the opening of its new Bengaluru, India office. The new office will be on the 3rd floor of Rosewood Block, Manyata Embassy Business Park.This strategic expansion represents RSM's continued commitment to long-term growth in India.

Amit Shah on Tuesday accused the Congress of being anti-backward classes and said if the party comes to power in Haryana, it will snatch the reservation for them and give it to Muslims. Addressing a 'Backward Classes Samman Sammelan' here, Shah referred to the Kaka Kalekar Commission formed in the 1950s to provide reservation to Other Backward Classes (OBCs) and said the Congress did not implement its recommendations for years. «In 1980, (the then prime minister) Indira Gandhi put the Mandal Commission in cold storage. In 1990, when it was accepted, Rajiv Gandhi gave a two-and-a-half-hour speech and opposed OBC reservation,» the Union minister said. «In Karnataka, the Congress snatched reservation for backward classes and gave it to Muslims. The same will happen here if they come (to power) here,» Shah said.

Uttarakhand's total capacity for hydro electricity generation is being utilised at present, Chief Minister Pushkar Singh Dhami on Monday sought the clearance of 21 new hydel power projects with a capacity of 2123 MW for the state from the Centre. The request was made by the chief minister at a meeting with Union Minister of Power Manohar Lal Khattar when the latter met him at his official residence here. Khattar is on a visit to the state to review the progress of Tehri Hydro Power Complex and various urban development projects in the state. Expert committees have recommended the implementation of 21 new hydel power projects with a capacity of 2123 MW to be built on the Alaknanda and Bhagirathi rivers and their tributaries, the chief minister said.

The growth of stablecoins has been a key trend in crypto this year. As the number of stablecoin holders increased by over 15% in 2024, nearing 100 million, several new projects with transformative technological features are entering the market.