General Awareness

BUSINESS AND ECONOMY - February 2025

Feb 2025

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.

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