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India on track to becoming third-largest economy by FY31: S&P report
The country has emerged as the fastest-growing large economy at an...
Govt probes EY’s ‘work environment’ after death of young employee
Shobha Karandlaje, Union Labour Minister "A thorough investigation...
International rating agencies give thumbs up to proposal of raising FDI limit to 74 % in insurance sector
Prospectively, given the historical trends and the opportunity to hold greater ownership in the insurance companies, AM Best is of the opinion that the Indian insurance industry is likely to attract significant overseas capital inflow.
The possibility of higher foreign ownership would improve insurers’ financial flexibility by offering additional opportunities to bolster solvency. In addition, insurers would benefit from the sharing of risk management best practices, possibly leading to a lowering of exposure to high-risk assets and adoption of risk-based capital management, explained Mohammed Ali Riyazuddin Londe, vice President – senior analyst, Financial Institutions, Moody’s Investors Service.
SJM and Employees’ unions oppose govt’s move to privatise a PSU general insurer
SJM National Co-Convenor Ashwani Mahajan stated that the announcement of privatisation of public sector banks and an insurance company is worrying.After 2018, that had announced the merger of three PSU general insurers, National Insurance Company, Oriental Insurance Company and United India Insurance Company, which was called off in 2020, the announcement in Budget-2021-22 to privatise one of the PSU general insurers, has again given rise to conjecture and confusion, said a statement by officials of different uinons, which had supported the mergers of three companies. .
LIC IPO post Oct;BPCL, Air India stake sale by SeptDIPAM Secy
“LIC Amendment Act and Amendment to IDBI Bank (Transfer of Undertaking and Repeal) Act has been made part of the Finance Bill. There will be no separate bill. LIC IPO would come post-October,” Pandey said.
NHAI to fine up to Rs 10 cr for major lapses in structures
“In order to deal with the lapses in highway development, NHAI has issued a strict policy to decide penal action against defaulting firms/ personnel if there are any lapses in construction standards of bridges/ structures/approaches to structure etc by the Concessionaires/ Contractors / Consultants,” NHAI said in a statement.
India showing a declining trend of Covid-19 cases since last four months, says government
The government’s strategy of focusing on testing, contact tracing, isolation and quarantine-containment is the fundamental approach for managing infectious disease outbreaks of epidemic or pandemic in nature, Minister of State for Health Ashwini Choubey said, adding that the strategy has been recommended globally and by the World Health Organisation for suppressing transmission or breaking the cycle of transmission of Covid-19.
Union Budget 2021-22:Sitharaman announces FDI limit hike from 49 % to 74 % in Indian insurance sector, one PSU general insurer will be privatised
Outlining some features of a company with FDI of 74 per cent, Sitharaman said in such insurance companies, 50 per cent of board will be independent directs, and all key person will be Indians.
The management control will be lying with the majority shareholders..
Sitharaman also announced government’s intention to privitise one of the state owned insurance companies and listing of the Life Insurance Corporation.
The government will launch a new federal health scheme with an outlay of around 641 billion Indian rupees ($8.80 billion) over the next six years,
Budget-2021-22:Govt yet to identify 2 PSU banks and a gen insurer to be privatised,Fin Secy Pandey
`Privitisation of a public sector banks or an insurance company depends upon a lot of processes which will begin now. We will examine which of the PSU banks excluding IDBI Bank and insurance company is ready or to be made ready. It will be a time consuming process. We will announce names once we identify these companies” said Ajay Bhusan Pandey, finance secretary, Ministry of Finance,.
“The NITI Awill do the due diligence and indenitify the names of the PSU banks and general insurance company that will be privatised. Then the proposals will go to Core Group of Secretaries on Disinvestment(CGD) and then to Alternate mechanism for the finalising the names . The privatisation process of PSUs is part of reforms agenda of the government and is a continuous process and shouldn’t be evaluated in one year, Debasish Panda, Secretary, DFS .
Budget-2021-22:India proposes tax benefits to establish domestic aircraft leasing
India is developing an offshore finance hub called Gujarat International Finance Tec-City, or GIFT City to attract foreign investors with close to zero tax, and top-notch infrastructure in an effort to compete with Hong Kong and Singapore.
India needs to focus on growth to alleviate poverty: Eco Survey
“Economic growth has a far greater impact on poverty alleviation than inequality… Given India”s stage of development, India must continue to focus on economic growth to lift the poor out of poverty by expanding the overall pie” it said.
OUTLOOK 2021: Regulatory challenges abound for U.S. insurers as Biden takes over, pandemic rages
While a major overhaul of insurance regulation has been ruled out, and Biden’s primary insurance-related focus is expected to be on healthcare, experts say life and property-and-casualty insurers will also need to prepare for an increase in regulatory attention from the new administration as it rushes to temper the impact of the COVID-19 pandemic.