Latest news with #AshishSinghal
Coin Geek
3 days ago
- Business
- Coin Geek
India's digital asset sector lobbies for tax cuts
Getting your Trinity Audio player ready... India's digital asset industry is lobbying for cuts to taxes that have driven crypto trading offshore, in a bid to take advantage of a perceived softening of approach toward the industry from New Delhi, according to a report by the Financial Times (FT). Executives at digital asset exchanges reportedly told the FT that Prime Minister Narendra Modi's government had become more receptive and engaged with them following the return to office of United States President Donald Trump and his unprecedented embracing of digital assets. 'Thanks to Trump, the positive momentum that has happened in crypto has impacted India as well,' said Ashish Singhal, co-founder of CoinSwitch, one of India's largest digital asset exchanges, according to the report. Singhal also noted that industry meetings with policymakers now take place 'monthly, if not weekly,' up from little more than once every six months until recently. He said that in these increased meetings, the industry's 'big ask' was a reduction in 'very harshly' imposed taxes. Specifically, in India, digital asset transactions are currently subject to a 30% capital gains tax and a 1% levy on every transaction, introduced in 2022 to help authorities combat the illicit use of digital assets for criminal purposes. According to a study by the New Delhi-based think tank Esya Centre, the imposition of these taxes caused virtual digital asset (VDA) exchanges to lose 81% of their trading volume in four months. Further, the study found that 'the total VDA assets held by Indians in VDA exchanges globally amount to USD 13.38 billion, of which only 9.02 percent are held on compliant domestic platforms.' The implication is that the taxes effectively pushed more than 90% of digital asset trading by Indians offshore. In addition to the 'harsh' taxes, the Reserve Bank of India (RBI)—the country's central bank—has been a vocal digital asset critic to the extent that it banned banks from providing services to digital asset companies in 2018—a measure that was reversed by the Supreme Court in 2020—and in 2023 sought a complete ban on digital assets in India. However, in another indication of a changing approach, the RBI's new governor, Sanjay Malhotra, has avoided direct criticism of the sector, instead saying it is awaiting the government's industry paper. Singhal from CoinSwitch told the FT that the relationship with the RBI 'has gone from negative to neutral. I will still not quite call it positive yet,' adding that 'we are still maybe a couple of years away from proper regulation… which could help the industry gain further steam.' In February, Economic Affairs Secretary Ajay Seth stated that the government was reviewing its discussion paper on digital assets, originally set for release in September 2024, to reflect changing international regulations. 'More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of the usage, their acceptance, where do they see the importance of crypto assets. In that stride, we are having a look at the discussion paper once again,' Seth said in an interview. Watch: 'Disruptive' blockchain can be useful for India title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> Ashish Singhal Donald Trump India Narendra Modi Regulation Tax United States
Mint
22-05-2025
- Business
- Mint
‘Biggest scam?' Bengaluru CEO's grim outlook on middle-class salaries sparks debate
Are middle-class salaries the 'biggest scam' that nobody talks about? That's the question that a Bengaluru-based entrepreneur has come up with—and it's hitting home for a lot of folks online. In a candid LinkedIn post, Ashish Singhal, the Group CEO of fintech firm PeepalCo, didn't mince words. He called out what he described as 'the biggest scam no one talks about': the slow, silent squeeze on India's middle class. 'This isn't a collapse. It's a well-dressed decline,' he wrote, arguing that the illusion of financial stability is being stitched together with EMIs, credit card debt, and dreams downsized to fit tighter budgets. Citing numbers to substantiate his claim, Ashish Singhal stated that over the past 10 years, the group earning under ₹ 5 lakh saw a 4 per cent compound annual growth rate (CAGR), while the ₹ 5 lakh – ₹ 1 crore income group has seen just 0.4 per cent CAGR. And yet, on the surface, everything looks fine, opined the Bengaluru CEO. People are still taking that one vacation a year. Phones are getting smarter. EMIs are being paid. But a peek behind the scenes reveals delayed doctor visits, medical check-ups, delayed home repairs, and savings that barely exist, said Singhal. A Bengaluru CEO's take on middle-class salaries. 'But you're also skipping the savings. Delaying the doctor visit. Doing the mental math in every Zomato checkout,' wrote the CEO. Concluding his post, the CEO asked his followers if they think "it's just an income issue, or even a money management issue?" "Good one. But, as CEO, what was the pay rise you gave to your employees vis-a-vis yours? That should be interesting to know," one user commented on the post. 'Crying on any platform won't make any difference. India was moving on like this and will continue like this. Nothing's gonna change here. Even after so much tax, there is nothing in return. Whoever can and gets the opportunity, just leaves the country, that's it. But again, salary alone can't make anyone wealthy anywhere in the world,' said another. Several other users supported the CEO and appreciated him for highlighting the matter.
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Business Standard
22-05-2025
- Health
- Business Standard
Mental health insurance in India seems fine, until you read the fine print
India will have 60-70 million people living with mental illness over the years — a number comparable to France's population, said Ashish Singhal, group chief executive officer of PeepalCo, a canopy housing a collection of brands serving India with tailored wealth-tech products. Online searches for mental health insurance increased 41 per cent last year as reported by but actual coverage leaves much to be desired. Singhal outlined typical insurance terms for mental health: Mental illness coverage is now mandatory for all insurers Every health insurance policy 'includes' mental health However, he says the ground reality is different: Coverage only if a person is hospitalised In Singhal's words, 'the system is designed to fail.' Unlike physical health issues, where hospitalisation, medicines, and consultations are all covered, mental health treatment is only supported in extreme cases. Most policies require the patient to be hospitalised before any meaningful coverage kicks in, a condition that doesn't reflect mental health care in real life. Singhal says that less than 1 per cent of all health insurance claims in India are for mental health treatment. 'Someone needs to work on preventive-first insurance claims rather than emergency-first ones.' A call for real change While states like Karnataka are showing the highest interest in mental health insurance (based on Google search trends), Singhal believes this is a beginning. His message is clear: if we truly want to make mental health a priority, the insurance ecosystem needs to catch up, not just with intent, but with real, accessible coverage.
Time of India
22-05-2025
- Business
- Time of India
'Biggest scam': Lemonn cofounder sparks debate on middle-class salary crisis
A CEO's post on middle-class salaries has sparked a debate. Ashish Singhal , chief executive officer at wealthtech firm Peepal and cofounder of CoinSwitch and Lemonn, called the middle-class salaries the "biggest scam no on talks about". In the post, Singhal cited a Marcellus report from January that the group earning under Rs 5 lakh saw a 4% compounded annual growth rate (CAGR), whereas the Rs 5 lakh to Rs 1 crore income group—which includes middle class and upper middle class—have seen just 0.4% CAGR. Meanwhile, food prices have risen nearly 80%, and purchasing power has been cut in almost half. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now While people are spending, it is being fuelled by credit, and not income, Singhal said. Expenditure on travel, electronics and EMIs are still there, but people are skipping savings, delaying medical treatments and even ordering food online comes with "mental math". "This isn't a collapse. It's a well-dressed decline," he wrote. Singhal also pointed out that artificial intelligence (AI) is quietly threatening white-collar jobs . According to Teamlease finance chief Ramani Dathi, AI is not only eating into salaries, but jobs as well, with only six to seven vacancies out of 10 being filled. Live Events Political attention stays on welfare funding meant for poor, while the ultra-rich have grown sevenfold in a decade, but the middle class is expected to silently support the economy, Singhal said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Singhal ended his post saying if this is an income issue or a money management issue. One comment by Titash Neogi stated that the middle-class income problems is due to the segment asking less from the government. Singhal countered that it cannot be the case, considering income tax relief up to Rs 12 lakh. Higher income equates to higher expenses for many, indicating that it is a money management problem. "While a cost to company (CTC) of (Rs) 10 or 15 lakh may appear attractive on paper, the actual take-home amount is far lower. After deducting EMIs, children's school fees, tax and other essential expenses, most individuals are left with little to no disposable income," commented one Nitin Singh.
Mint
22-05-2025
- Business
- Mint
'Biggest scam?': Bengaluru CEO's grim outlook on middle-class salaries sparks debate
Are middle-class salaries the 'biggest scam' that nobody talks about? That's the question that a Bengaluru-based entrepreneur has come up with—and it's hitting home for a lot of folks online. In a candid LinkedIn post, Group CEO of fintech firm PeepalCo, Ashish Singhal didn't mince words. He called out what he described as 'the biggest scam no one talks about': the slow, silent squeeze on India's middle class. 'This isn't a collapse. It's a well-dressed decline,' he wrote, arguing that the illusion of financial stability is being stitched together with EMIs, credit card debt, and dreams downsized to fit tighter budgets. Citing numbers to substantiate his claim, Ashish Singhal stated that over the past 10 years, the group earning under ₹ 5 lakh saw a 4 per cent compound annual growth rate (CAGR), while the ₹ 5 lakh – ₹ 1Cr income group has seen just 0.4 per cent CAGR. And yet, on the surface, everything looks fine, opined the Bengaluru CEO. People are still taking that one vacation a year. Phones are getting smarter. EMIs are being paid. But a peek behind the scenes reveals delayed doctor visits, medical check-ups, delayed home repairs, and savings that barely exist, said Singhal. The Bengaluru CEO's take on middle-class salaries 'But you're also skipping the savings. Delaying the doctor the mental math in every Zomato checkout,' wrote the CEO. Concluding his post, the CEO asked his followers if they think "it's just an income issue, or even a money management issue?" "Good one. But, as CEO, what was the pay rise you gave to your employees vis-a-vis yours? That should be interesting to know," one user commented on the post. 'Crying on any platform won't make any difference. India was moving on like this and will continue like this. Nothing's gonna change here. Even after so much tax, there is nothing in return. Whoever can and gets the opportunity, just leaves the country, that's it. But again, salary alone can't make anyone wealthy anywhere in the world,' said another. Several other users supported the CEO and appreciated him for highlighting the matter. It is not just Ashish Singhal's post about the salaried middle class that has stirred up a debate. Earlier, Marcellus Investment Managers' CIO Saurabh Mukherjea, in a podcast, predicted a grim outlook for India's middle class in this decade, with the declining white-collar employment rates along with the rise in artificial intelligence.
