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BUSINESS AND ECONOMY - December 2018

Dec 2018

Feb 04, 2025

Finvasia and Yes Bank Unveil 'Jumpp'

Finvasia, a fintech company based in Mohali, Punjab, collaborated with Yes Bank and launched a new, AI-powered super app named Jumpp. This innovative app aims to simplify and enhance personal finance management by offering a range of services under one platform. With its focus on accessibility and ease of use, Jumpp is set to revolutionise how users manage their financial lives.
One of the key features that sets Jumpp apart is its integration of AI technology. The app uses multilingual conversational AI, allowing users to interact seamlessly in both English and Hindi. This feature makes the app accessible to a wider audience, especially in India, where multiple languages are spoken.

Feb 03, 2025

Income Tax Relief Measures Announced in Budget 2025

Finance Minister Nirmala Sitharaman in February 2025 presented her a record eighth consecutive budget and announced several income tax relief measures to benefit taxpayers. These changes aim to reduce the tax burden, simplify filing procedures and encourage savings. The government raised tax slabs, increased the exemption limit and introduced benefits for small businesses. These steps are expected to boost disposable income and improve economic growth across different income groups.
Below are some the key income tax reliefs announced in the Budget 2025:
No Income Tax for Income up to Rs. 12 lakh
The biggest relief for taxpayers is that individuals earning up to Rs12 lakh per year will not have to pay any income tax. This will help middle-class and lower-income groups save more money.
Higher Standard Deduction for Salaried and Pensioners
The government has increased the standard deduction under the new tax regime to Rs. 75,000. This means that salaried individuals and pensioners can deduct Rs. 75,000 from their taxable income.
Higher TDS Limit on Rent Payments
The government has raised the TDS (Tax Deducted at Source) limit on rent from Rs. 2.4 lakh to Rs. 6 lakh per year.

Feb 02, 2025

IRDAI Limits Senior Citizens' Health Premium Hike to 10% Annually

The Insurance Regulatory and Development Authority of India (IRDAI) took a crucial step to protect senior citizens from sharp increases in health insurance premiums. The new directive mandates that insurers cannot raise premiums for individuals aged 60 and above by more than 10% per year without prior approval from IRDAI. This move, effective immediately, aims to keep health insurance affordable and accessible for the elderly, who often rely on fixed incomes.
IRDAI's decision comes after reports showed that health insurance premiums for senior citizens were rising significantly upon renewal, sometimes exceeding 10% in a single year. Such steep increases made it difficult for many elderly individuals to continue their health coverage. Given that senior citizens often face higher medical expenses and limited income sources, the regulator found it necessary to intervene. The goal is to prevent sudden financial strain on older policyholders and ensure stability in their healthcare expenses.

Sony Names Hiroki Totoki as CEO for Entertainment Growth

Sony Group Corporation named Hiroki Totoki as its new Chief Executive Officer (CEO), reinforcing the company's commitment to expanding its entertainment business. A longtime finance chief, Totoki has played a key role in steering Sony's strategic shift toward content-driven growth.
Alongside Kenichiro Yoshida, the outgoing CEO who will remain as chairman of the board, Totoki has helped position Sony as a powerhouse in entertainment.
Hiroki Totoki, who has been with Sony since 1987, has held various key positions within the company, including Executive Deputy President and Chief Financial Officer. Totoki has been instrumental in shaping Sony's growth strategies, particularly in the areas of content intellectual property and semiconductors.

Feb 01, 2025

Maruti Suzuki Re-Appoints Hisashi Takeuchi as MD and CEO

Maruti Suzuki India Limited, the country's largest automobile manufacturer, announced the re-appointment of Hisashi Takeuchi as its Managing Director (MD) and Chief Executive Officer (CEO). Takeuchi's term was extended for a period of three years, effective from April 1, 2025, to March 31, 2028. This decision underscores the company's confidence in Takeuchi's leadership and his ability to steer Maruti Suzuki through the evolving automotive landscape in India.
Hisashi Takeuchi took charge as Maruti Suzuki's MD and CEO on April 1, 2022, succeeding Kenichi Ayukawa, who completed his term on March 31, 2022. Takeuchi's association with the Suzuki Motor Corporation (SMC) group spans over three decades, beginning in 1986 when he joined the company's overseas marketing department in Europe. His extensive experience in international markets and strategic roles within the Suzuki group has been instrumental in shaping his leadership at Maruti Suzuki.

Tata Steel Develops India's First Hydrogen-Transport Pipes

Tata Steel, one of India's leading steel manufacturers, announced a groundbreaking achievement in the country's clean energy sector. The company claims to be the first Indian company to develop hydrogen-compliant pipes designed specifically for transporting hydrogen, a critical step in supporting India's transition to clean energy. This innovation aligns with the global push for sustainable energy solutions and India's ambitious National Hydrogen Mission.
The newly developed API X65 pipes, processed at Tata Steel's Khopoli plant using steel produced at its Kalinganagar facility, meet all critical requirements for hydrogen transportation. This development underscores Tata Steel's commitment to innovation and its role in building essential infrastructure for the energy sector.

Jan 31, 2025

India's MobiKwik and Cred Launch e-Rupee wallets

Fintech platforms MobiKwik and CRED became the first non-banking entities to offer the Central Bank Digital Currency (CBDC) – e-Rupee (e₹) wallet – for users.
The product was developed in alliance with the Reserve Bank of India (RBI) and Yes Bank, which will act as the sponsor bank for CBDC issuance.
CBDCs are digital currencies issued by central banks.
The e₹ wallet functions like physical cash and users can store e₹ in their wallets to send, receive, and make payments.

SEBI Introduces iSPOT Portal to Streamline Reporting of Technical Glitches

The Securities and Exchange Board of India (SEBI) unveiled a new initiative aimed at simplifying the process of reporting technical glitches within India's financial markets. Known as the Integrated SEBI Portal for Technical Glitches (iSPOT), this portal will replace the outdated email-based system, bringing a more structured, efficient, and transparent way for Market Infrastructure Institutions (MIIs) to report issues. The iSPOT portal is set to go live on February 3, 2025, offering significant improvements in how glitches are reported and managed.
This move is a part of SEBI's ongoing commitment to modernize the financial market infrastructure and ensure smoother operations. MIIs, which include stock exchanges, clearing corporations, and depositories, will now be able to submit detailed reports of technical issues, including the root cause analysis (RCA). SEBI's new system will centralize these reports, making it easier to track and resolve technical issues in real time, benefiting the entire securities market ecosystem.

Vedanta Resources Names Deshnee Naidoo as First CEO

Vedanta Resources Ltd (VRL), the parent company of Mumbai-based mining conglomerate Vedanta Ltd, appointed Deshnee Naidoo as its first Chief Executive Officer (CEO) to spearhead its fresh growth phase.
Deshnee Naidoo brings over two decades of experience in the resources industry across various geographies and diversified metals and minerals. This marks her second tenure with Vedanta; from 2014 to 2020, she held senior leadership roles, including CEO of Africa Base Metals and CEO of Vedanta Zinc International. In her most recent role, Naidoo served as CEO of Vale Base Metals, a nickel and copper firm.

HDFC Life and SATYA MicroCapital Ltd. Collaborate to Strengthen Financial Inclusion with Life Ins...

HDFC Life became the preferred life insurance partner of SATYA MicroCapital Ltd. which will help in improving access to life insurance in underserved areas. This collaboration underscores the importance of partnerships in addressing the financial security needs of diverse population and expanding access to life insurance in regions where it is most needed.
SATYA MicroCapital Limited operates across 26 states and nearly 350 districts with a network of over 830 branches. The organisation has been working towards bridging the financial inclusion gap by supporting a significant number of rural women entrepreneurs and fostering local economies. The partnership seeks to build on SATYA's existing efforts by introducing life insurance as an additional layer of financial security.

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