Latest news with #AshishSinghal
Time of India
3 days ago
- Business
- Time of India
Middle-class salary a scam? CoinSwitch founder calls out the illusion behind flights, phones, and quiet financial stress
Tired of too many ads? Remove Ads How people reacted? The Indian middle class has long been celebrated as the engine of growth — aspirational, resilient, and quietly holding up the country's consumption story. But beneath the surface of smartphones, air travel, and EMI-backed lifestyles, a deeper crisis is a sharp and sobering take, CoinSwitch cofounder Ashish Singhal calls out what he terms 'the biggest scam no one talks about' — the slow, silent, and systematic erosion of middle-class financial biggest scam no one talks about?Middle-class the past 10 years:- The group earning under ₹5L saw a 4% CAGR- ₹5L–₹1Cr income group has seen just 0.4% CAGR- Food prices? Up nearly 80%- Purchasing power? Cut almost in half- But spending? Up, funded by creditThis isn't a a well-dressed still flying once a buying a paying you're also skipping the the doctor the mental math in every Zomato AI is quietly threatening white-collar jobs- Political attention stays on welfare funding- The ultra-rich have grown 7x in a decadeThe poor are being rich are middle class is just expected to absorb the shock, in complaints. No bailouts. Just inflation, EMIs, and quiet time we start talking about this groupNot as a vote bank or a spending class,But as a segment that's powering the economy, yet getting squeezed out of you think it's just an income issue, or even a money management issue?"This is not just India, but a global phenomenon. The middle-class salary crisis isn't just India's problem. It's hitting even the developed nations. Sometimes, I wonder, what will come at the extreme of it?If this isn't addressed soon, it will lead to reduced consumption from the Middle-class. The middle class in India (and globally as well ) is a key driver of all consumption, contributing significantly to all economy and the value of "The money". Reduced consumption from the middle class could slow economies, weaken currencies, and even dent the ultra-rich's wealth. The middle class drives growth. That money won't matter if the economies collapses and then currency loses it's value as a chain reaction.I have even been thinking of a solution for this problem. ( I am so unemployed, I have nothing better to do... ).I feel the rich shouldn't be so selfish and greedy about the money, rather give out most of the wealth, Embracing the `effective altruism`. I am not saying people shouldn't scale and grow more revenue. I am saying "Earning to give". If the rich could embrace 'earning to give,' sharing wealth to stabilize the system for the collective good. It could fix this issue. But who we are kidding?" said one user.
Time of India
16-07-2025
- Business
- Time of India
Can India make filing taxes as easy as a phone recharge? CoinSwitch's Ashish Singhal thinks it should
Ashish Singhal , co-founder of CoinSwitch , has called out a reality check for India's salaried workers and startup employees. Many are shifting to the new tax regime , enjoying more take-home pay. But Singhal asks if this extra cash is building better discipline or just giving people more room to delay the annual tax scramble. 'Only 6.7% of Indians filed ITRs last year,' Singhal wrote in a LinkedIn post that's got people talking. 'Even among those who want to comply — salaried folks, startup employees — filing is often treated as a last-minute emergency.' Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Public Policy Design Thinking MBA Management Operations Management Product Management healthcare CXO MCA Cybersecurity Data Science Data Analytics Degree Digital Marketing Leadership Healthcare Finance Others Technology Project Management Data Science others PGDM Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details India's tax system has come a long way. There are smoother online portals now, simpler forms and digital payment options. All this should make tax filing easier than ever. But for many, it's still a once-a-year panic. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas Prices In Dubai Might Be More Affordable Than You Think Villas In Dubai | Search Ads Get Quote Undo Singhal summed it up well: 'Deadlines shift. Habits don't.' He believes India's low digital tax participation is a blind spot. 'Low digital tax-participation is a blind spot. The system's getting smarter, but not easier,' he said. Live Events Millions wait until the last week of July to hunt for documents, receipts and old bank statements. It's become a ritual. Newer tools help, but convenience still hasn't caught up with intent. The new regime's bigger promise Under the new tax regime, people keep more of their money. But does it lead to better planning? Singhal is not so sure. He asked, 'As users get more liquidity under the new tax regime, are we helping them build financial discipline or just giving them more runway?' His warning is clear. Unless this extra liquidity is paired with better habits, it risks being wasted. Bigger pay slips mean nothing if the same old scramble continues every July. Beyond pop-ups and reminders For Singhal, the answer is not another flood of ads, SMSes or 'file now' push notifications. He wants smarter systems that weave tax planning into daily life. 'We don't need more 'file now' reminders. We need infra that builds tax planning into everyday finance,' he wrote. Small nudges can help people stay ahead of deadlines. Singhal wants tools that remind people to collect paperwork early, fill out forms automatically and flag mistakes. He explained, 'We need tools that auto-remind, pre-fill, and validate. Nudges that turn filing from a chore into a habit. Products that treat tax compliance as a core loop, not a checkbox.' One comment under his post captured the mood. 'Imagine if AI could turn tax filing into something as easy as paying for groceries. Isn't that the future we want?' Tax season is once, money planning is daily Singhal's message is simple. Tax deadlines may come once a year. But managing money is daily work. 'Tax season comes once a year. Financial planning? That's every day,' he said. If India wants more people to file tax returns on time, the system must feel as normal as paying a phone bill. Routine, quick and not a source of stress. As more Indians move to the new regime, Singhal's question remains: Will this extra cash help people build better habits? Or will it just push the rush to next July, yet again?
Time of India
15-07-2025
- Business
- Time of India
Bitcoin reaches record high! Indian traders explore crypto options; global rally adds to momentum
As Bitcoin surged past the $120,000 mark to hit a fresh record in global markets, Indian crypto enthusiasts are now looking for other 'crypto options' in search of bigger gains. Nearly two years after the introduction of perpetual crypto futures, at least two Indian exchanges have rolled out cryptocurrency options with multiple expiry dates. Many traders are trying to leverage the crypto wave to make money, investing small amounts along with the chance to sidestep high TDS on virtual digital assets. The latest cryptocurrency surge, which began following Donald Trump's victory in the 2024 US presidential election, picked up further momentum this week as investors grew optimistic about impending regulatory clarity. Hopes that the US House of Representatives may soon take up bills to establish a long-awaited framework for virtual digital assets drove fresh enthusiasm. Riding this wave of confidence in the world's largest financial market, Bitcoin (BTC) soared to a record high of $123,153 before settling near $122,000. Since the November 2024 elections, Bitcoin is up 60% since the November 2024 elections. Bull markets often lead to innovation, evident in the rollout of crypto options in India. However, the uptake has been slow. Unlike crypto futures, which offer at least 10x leverage and are simpler to understand, options trading volumes remain muted for now. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo "For instance, given the expectations that BTC could inch up, some traders are probably buying call options. But cryptos are a volatile market. So, while futures may be a simpler trade, the risk of the margins against a futures position getting liquidated in a sudden fall is always there. Unlike that, a trader having bought calls can still make money if there is a bounce I feel options volumes will take a while to rise," an industry analyst told ET. Ashish Singhal, co-founder of CoinSwitch, one of the exchanges offering options, explained, to the financial daily, "Options have long been part of traditional finance, but in crypto, they've often remained complex and intimidating, sometimes even inaccessible. We're trying to change that. We know options aren't for everyone, they come with risk and require understanding. That's why we've introduced thoughtful friction. For example, first-time users must pass a basic quiz before they can trade." Another platform, Delta, is offering options on both BTC and Ether, while a large exchange is expected to follow suit soon. For both futures and options, Indian traders pay the margin money or premium in rupees. Local exchanges often rely on global liquidity by sourcing prices from offshore platforms where crypto derivatives trade in large volumes. Many Indian platforms maintain accounts with these global exchanges. When local liquidity falls short, these platforms act as intermediaries, executing mirror trades on overseas exchanges. Edul Patel, CEO of Mudrex, noted, "India has a strong base of traders in the derivatives space, and that appetite is now extending into the crypto space. We're seeing traditional traders also explore crypto derivatives, mainly because of features like no expiry contracts, smaller lot sizes, deep liquidity, and the ability to trade any time of day. At Mudrex, we have also seen people holding their positions for months. Interestingly, most trading activity is still aligned with US market hours, highlighting the global nature of crypto markets." However, Patel also cautioned investors. "Crypto derivatives are not for everyone. It is a high-risk financial product that needs skills and a strong understanding of the markets and does not fit everyone's risk appetite," he was quoted as saying. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
14-07-2025
- Business
- Time of India
Amid global BTC rally, desi bourses try options
As the crypto queen Bitcoin crossed $120,000 to touch a new high in global markets, Indian players are trying their luck at ' crypto options '. After the launch of 'perpetual crypto futures' almost two years ago, at least two local crypto platforms are now offering cryptocurrency options with multiple expiry dates. The element of leverage, the lure of making money by investing small amounts, and a possible escape from the high tax deducted at source on sale of virtual digital assets could be irresistible to some traders - like stock market punters attracted to equity derivatives despite the risks. The crypto rally, triggered by Donald Trump winning the United States presidency last year, received a boost this week with traders excited by the possibility of the US House of Representative debating Bills that could pave the way for a much-awaited regulatory framework for the virtual digital assets. Buoyed by the hope of a greater recognition and acceptability of cryptos in the largest financial market, Bitcoin (BTC) surged to a record high of $123,153 before pulling back to around $122,000. Volumes yet to take off BTC is up 60% since the US elections in November 2024. A bull market triggers new products, as borne out by the offering of crypto options in India. But these are early days. Unlike the futures, option volumes are yet to take off with traders still drawn towards the comparatively less complicated crypto futures which offers a leverage of at least ten times. However, some feel that options could slowly catch on as it has in the stock market. "For instance, given the expectations that BTC could inch up, some traders are probably buying call options. But cryptos are a volatile market. So, while futures may be a simpler trade, the risk of the margins against a futures position getting liquidated in a sudden fall is always there. Unlike that, a trader having bought calls can still make money if there is a bounce I feel options volumes will take a while to rise," said an industry person. Ashish Singhal, co-founder of CoinSwitch , which is one of the exchanges that has launched options, said, "Options have long been part of traditional finance, but in crypto, they've often remained complex and intimidating, sometimes even inaccessible. We're trying to change that. We know options aren't for everyone, they come with risk and require understanding. That's why we've introduced thoughtful friction. For example, first-time users must pass a basic quiz before they can trade." Another bourse which is offering crypto on BTC and Ether is Delta while a large exchange is expected to launch options soon. The margin money for a futures trade as well as the premium to buy an option is paid in rupees by a trader, and a local exchange may source liquidity and borrow the prices from an overseas exchange where crypto derivative volumes are high. Many local platforms have accounts with large offshore platforms. Thus, if the local market does not have enough liquidity, a platform may act as an intermediary and do a mirror trade on the overseas platform. According to Edul Patel CEO of another crypto exchange Mudrex , "India has a strong base of traders in the derivatives space, and that appetite is now extending into the crypto space. We're seeing traditional traders also explore crypto derivatives , mainly because of features like no expiry contracts, smaller lot sizes, deep liquidity, and the ability to trade any time of day. At Mudrex, we have also seen people holding their positions for months. Interestingly, most trading activity is still aligned with US market hours, highlighting the global nature of crypto markets. 'High-risk financial product' "However, crypto derivatives are not for everyone. It is a high-risk financial product that needs skills and a strong understanding of the markets and does not fit everyone's risk appetite," he added. Economic Times WhatsApp channel )
India Today
14-07-2025
- Business
- India Today
Only 6.7% filed ITRs: CoinSwitch co-founder on why Indians delay tax filing
Only 6.7% of Indians filed their income tax returns (ITRs) last year. This surprising figure was shared by Ashish Singhal, co-founder, CoinSwitch, who highlighted a significant gap in digital tax MINUTE FILING STILL COMMONSinghal wrote on LinkedIn, "Only 6.7% of Indians filed ITRs last year. Salaried folks. Startup employees. People who want to comply, but still treat filing like a last-minute emergency." He pointed out that most of those who did file were salaried people, startup workers or those who simply wanted to stay on the right side of the law, but even they treated filing like an emergency. advertisementDIGITAL PROGRESS BUT HABITS LAGIndia has made big progress in digital tax filing over the years. There are new portals, better forms and more ways to pay taxes online. Yet, millions still wait till the last few days to get their documents in order. "Deadlines shift. Habits don't," he added, 'Low digital tax-participation is a blind spot. The system's getting smarter, but not easier.' This is the heart of the problem. Many people still find tax filing confusing, even if they want to follow the REGIME, OLD HABITSThe new tax regime leaves more money in people's pockets, but does that mean they plan it wisely? He raised an important question, 'As users get more liquidity under the new tax regime, are we helping them build financial discipline or just giving them more runway?'Experts say the real need is not just more ads and SMSes shouting 'File Now!' at the last minute. People need easy tools and nudges that help them stay ready throughout the year."We don't need more 'file now' reminders. We need infra that builds tax planning into everyday finance," Singhal steps can help, like apps that remind people to collect documents, pre-fill details and check for further said, 'We need tools that auto-remind, pre-fill, and validate. Nudges that turn filing from a chore into a habit. Products that treat tax compliance as a core loop, not a checkbox.'After all, tax season comes just once a year. But money planning is a daily job. If India wants better compliance, it must make filing as normal as paying a phone bill, routine, quick and stress-free, Singhal put, by simplifying the process and encouraging habitual compliance, the goal of wider participation could be achieved, benefiting both individuals and the broader economic framework.- EndsMust Watch
