Karnataka police verifying transactions of Mangaluru conman
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India.com
18 minutes ago
- India.com
Removing FDI Cap To Attract Sustained Foreign Investment In Insurance Sector: FM Sitharaman
New Delhi: With the increase in foreign direct investment (FDI) limit from 74 per cent to 100 per cent for insurance companies, the government aims to unlock the full potential of the Indian insurance sector, which is projected to grow at 7.1 per cent annually over the next five years, outpacing global and emerging market growth, Finance Minister Nirmala Sitharaman said on Monday. According to the minister, this is an enabling provision which will help the interested insurers to explore hiking the FDI percentage. "Further, this will eliminate the need for foreign investors to find Indian partners for the remaining 26 per cent, easing the process of setting up their operations in India, effectively increasing the number of insurers in the country," she said in a written reply to a question in the Lok Sabha. Removing the FDI cap will attract stable and sustained foreign investment, increase competition, facilitate technology transfer, and improve insurance penetration in the country, FM Sitharaman noted. Section 2(7A) (b) of the Insurance Act, 1938, prescribes the upper limit of FDI in an insurance company. The decision to increase the FDI component in a particular insurance company is made by its promoters, depending upon various factors such as the capital requirement of the company, solvency requirement, future business plans, etc, according to the government. The equity share capital of life insurers was Rs 24,110 crore, with the FDI part at Rs 11,529 crore (as on December 12, 2024), as per the IRDAI's data. FM Sitharaman also said that India offers a compelling growth opportunity for foreign banks, and the government is actively encouraging foreign investment in the banking sector. In April, addressing the India-UK Investor Roundtable discussion in London with around 60 investors, representing various pension funds, insurance companies, banks and other financial institutions in London, the Finance Minister outlined priorities of the government for enabling sustained economic growth and investment opportunities with the policy support that is shaping New India. She said that with an expanding middle class and a strong and stable policy environment, India is set to become the sixth largest insurance market by 2032, with the expected growth at 7.1 per cent CAGR from 2024-2028 - one of the fastest growing insurance markets among G20 countries.
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Business Standard
18 minutes ago
- Business Standard
India likely to forego ₹4,060 crore in first year of UK trade pact: GTRI
India is expected to forego customs revenue of ₹4,060 crore in the first year of the free trade agreement with the UK, as tariffs are reduced or eliminated on a wide range of goods, think tank Global Trade Research Initiative (GTRI) said on Monday. The calculation is based on the current import figures from the UK. By the tenth year, it said, as tariff elimination phases-in more broadly, the annual loss is projected to rise to Rs 6,345 crore or around British Pound 574 million, based on FY2025 trade volumes. The India-UK free trade agreement, which was signed on July 24, will lead to a loss of customs revenue for both the countries, as tariffs are reduced or eliminated on a wide range of goods, GTRI added. India imported USD 8.6 billion worth of goods from the UK in 2024-25. Industrial products make up the bulk of these imports and face a weighted average tariff of 9.2 per cent. Most agricultural products, subject to much higher average tariffs of 64.3 per cent, were excluded from tariff cuts, except for items like whisky and gin. It said that India has committed to eliminating tariffs on 64 per cent of the value of imports from the UK immediately as the implantation starts. Overall, India will eliminate tariffs on 85 per cent of tariff lines and reduce tariff on 5 per cent of tariff lines or product categories. "Based on these factors, India's revenue foregone in the first year of the agreement is estimated at Rs 4,060 crore," GTRI Founder Ajay Srivastava said. He added that the UK imported USD 14.5 billion worth of goods from India in the last fiscal year, with a weighted average import tariff of 3.3 per cent. Under the comprehensive economic and trade agreement (CETA), the UK has agreed to eliminate tariffs on 99 per cent of Indian imports. "This translates to an estimated annual revenue loss of British Pound 375 million (or USD 474 million or Rs 3,884 crore) for the UK, again based on FY2025 trade data. As Indian exports to the UK expand, the fiscal impact is likely to grow over time," it said. The implementation of the pact may take about a year as it requires approval from the UK parliament.
NDTV
18 minutes ago
- NDTV
Kinetic DX Electric Scooter Launched At Rs 1.11 Lakh, Check Details
The Kinetic DX electric scooter has been launched in India at a starting price of Rs 1.11 lakh (ex-showroom). It also gets a DX+ variant available at Rs 1.17 lakh (ex-showroom). While the Kinetic DX scooter gets a new design and features, it does carry forward a few design statements of the older Kinetic scooter. The brand has now started taking bookings via the Kinetic EV website at a token amount of Rs 1000. However, the booking is limited to just 35,000 units, and deliveries will commence from September 2025. Kinetic DX Electric Scooter Kinetic DX: Battery And Powertrain The Kinetioc DX electric scooter is powered by a 2.6 kWh battery pack, made by Range-X, claimed to give 4 times more life (2500 to 3500+ cycles) than other NMC battery-powered scooters in India. The battery is slated to give an estimated IDC range of 116 km on the DX+. Also, it is capable of sprinting at a speed of up to 90 km/hr with 3 modes (Range, Power, Turbo). Kinetic DX Electric Scooter: Design And Hardware The all-new Kinetic DX seeks a few design inspirations from the original Kinetic ZX sold in the Indian market long ago. However, it now gets a refreshed look with sporty LED headlights, Kinetic logo-shaped LED DRLand more. The Kinetic DX EV has a strong metal body and a spacious floorboard. It also gets the biggest in class 37-litre under-seat storage, enough to carry 1 full and 1 half helmet along with some daily essentials. The Kinetoc DX electric scooters get telescopic and adjustable rear shock absorbers, and the braking duty is performed by a 220mm front disc and 130mm rear drum brake with combi-braking. The DX+ is offered in five colours - Red, Blue, White, Silver, and Black, and the DX is available in Silver and Black colours. Kinetic DX Electric Scooter: Features The Kinetic DX EV range gets an 8.8-inch instrument cluster and a dedicated mobile app, while the DX+ gets advanced Telekinetic features, including real-time ride stats and vehicle data, Geo-fencing, Intruder alert, Find My Kinetic, Track My Kinetic, and more. Both variants come equipped with a dedicated Kinetic Assist switch for instant CRM connect via Bluetooth. Other Bluetooth-enabled features include music and voice navigation through a built-in speaker. It also gets a cruise control feature. The Kinetic DX is priced at Rs 1,11,499 (ex-showroom) and the Kinetic DX+ is priced at Rs 1,17,499 (ex-showroom).
