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India Gazette
21 hours ago
- Health
- India Gazette
Insurance Awareness Day: Experts say it's time to simplify and educate to improve health insurance penetration
By Nikhil Dedha New Delhi [India], June 28 (ANI): On the occasion of Insurance Awareness Day, several insurance providers and experts in an exclusive conversation with ANI shared their insights on the challenges facing the insurance sector in India, especially in critical segments like health and life insurance. The experts also offered suggestions to bridge the awareness and adoption gap. One of the key challenges highlighted by industry leaders is the low insurance penetration in health and life segments, despite the growing need. Health insurance, in particular, continues to be seen as optional by many, unlike motor insurance which is mandatory. The lack of awareness, limited financial literacy, and cultural mindset that 'I won't fall sick' contribute to low adoption. Additionally, complex terms like 'waiting period' or 'co-pay' confuse first-time buyers, further discouraging them from purchasing policies. Saurabh Vijayvergia, Founder & CEO of CoverSure, pointed out that insurance often fails to feel practical or personal to the customer. He said, 'People may own a policy, but often have little clarity on what it actually covers, how to claim, or whether it even meets their real needs. The challenge isn't just about affordability, it's about whether insurance is designed to genuinely serve and support the buyer. To drive real adoption, we need to reimagine insurance with the customer at its core.' According to Quickinsure, an online insurance comparison portal, while awareness has improved in urban areas, there's still a long way to go in Tier 2 and Tier 3 cities, and rural regions. They highlighted that only about 37 per cent of Indians have any form of health cover. Quickinsure said in a statement, 'Most importantly, product simplification and transparent communication remain critical; we need to make insurance easier to understand and more relevant to people's everyday lives.' It also noted that affordability, lack of trust due to past claim issues, and complex product structures continue to act as barriers. The role of the government in driving insurance awareness was also discussed. While initiatives like IRDAI's Consumer Education Website and Ayushman Bharat are steps in the right direction, experts believe more targeted and localised efforts are required. Vijayvergia of CoverSure suggested that awareness campaigns must be 'hyper-local, involve families, and treat insurance literacy much like a public-health drive.' Quickinsure added that public-private partnerships, school programmes, and NGOs can play a major role in spreading awareness from the ground up. Experts also stressed that the industry needs to address internal inefficiencies before seeking policy changes like GST waivers. A significant concern is that over 30 per cent of health insurance premiums are taken up by distribution and administrative overheads, which do not add direct value for policyholders. Private players also see an opportunity to close the awareness gap through simpler products and better engagement. Quickinsure emphasised simplifying how insurance is explained, using regional languages, relatable examples, and visual formats. They also stressed the importance of post-sale support, particularly during the claims process, to build lasting trust. Overall, industry leaders agree that insurance will only become widely adopted when it is easy to understand, accessible, and designed to fit into real lives. Awareness, affordability, and trust are at the heart of increasing penetration. (ANI)
India Gazette
2 days ago
- Business
- India Gazette
On MSME Day, small business owners urge Govt for better tech, funding, skilled workforce
By Nikhil Dedha New Delhi [India], June 27 (ANI): On this MSME Day, entrepreneurs and small business founders across various sectors have come forward to highlight the key challenges they face while running their businesses. The United Nations General Assembly has designated June 27 as 'Micro-Small, and Medium-sized Enterprises Day' to raise awareness of the contributions of MSMEs in the achievement of the United Nations Sustainable Development Goals (SDGs). From the need for better digital infrastructure and skilled workforce to smoother access to markets and financial support, their voices point to one common need, stronger on-ground support to help India's 64 million MSMEs grow and thrive. In a conversation with ANI, various small business founders highlighted their demands like improving technology and supply chains for small establishments. Vasu Naren, Chairman & Managing Director of Sona Machinery told ANI that there is a need for MSMEs to work on technology and supply chain development together. He said sectors like food processing often struggle with low quality due to technical issues, broken logistics, and limited digital links. He said, 'Smart trade infrastructure and real-time electronic platforms must become a new norm in the MSME sector. To add to this last-mile connectivity catalyzes growth and drives process innovation and cost-efficiency across the MSME pool. Additionally, government must levy more support in organizing trade fairs and funding the digital outreach which will empower small manufacturers to make space in the international markets'. Another founder highlighted the gaps in IT incubation support. Abhinav Rao, Founder & CEO of ParentVerse, shared with ANI that IT-based MSMEs still face a gap in incubation support. Citing data from Tracxn, he said India has 718 incubators and accelerators, with nearly 70 per cent backed by government funding. He said 'In the case of IT-based MSMEs, this gap becomes more evident. Unlike their private counterparts, who focus on contextual mentoring, operational support, and market access, many government-led incubators lean heavily on theoretical education, while lacking access to early-stage capital and structured, outcome-driven guidance. As a result, early-stage ventures often struggle to move from ideation to execution'. The founders of healthcare MSMEs highlighted the need of R&D and data protection help. Shabnum Khan, Founder of 750AD Healthcare stated two major issues for MSMEs in healthcare: lack of R&D support and data privacy concerns. She urged the government to provide R&D credits and conduct workshops on AI integration and data protection protocols. She told ANI 'In healthcare MSMEs, government must invest in R&D credits to the medium and small scale startups along with workshops on up skilling for AI integration and data privacy protection laws, protocols etc. The infrastructure needed to support these systems is cost intensive and this is one of the main reason why data breach is a common practice in healthcare'. Highlighting the issues in manufacturing sector the entrepreneurs stated that finding skilled labour still remains a big challenge. Dinesh Chandra Pandey, Founder of Shankar Fenestrations Glasses said that manufacturing MSMEs face rising costs of raw materials like silica and soda ash, along with power failures and delayed payments from large customers. He told ANI, 'Trained skilled labour is still hard to come by, particularly individuals adept at precise cutting, tempering, and installation. We would like to grow, innovate, and be part of India's growth story, but without pragmatic, on-ground assistance, it becomes challenging. MSMEs like us need more tangible support, prompt payments, and better market connections to compete in today's changing construction and manufacturing world.' He also shared that despite investing in CNC machines and smart glass tech, he said market demand and awareness remain low. Anand Kumar Bajaj, Founder & CEO of PayNearby, said small businesses still lack access to credit and digital tools. He appreciated schemes like Udyam Registration, collateral-free loans, ONDC, and RBI's efforts to push last-mile banking through Business Correspondents. Digital Access for Rural MSMEs Nilay Patel, Founder & MD of EasyPay, said that while digital adoption is rising in Tier II and III cities, rural MSMEs still struggle to enter the wider digital market. He said 'Initiatives like ONDC are actively bridging this gap, providing small businesses with an expansive digital marketplace and enhanced access to formal financial services'. He also noted that stronger collaboration among fintechs, policymakers, and digital platforms will be paramount in equipping MSMEs, particularly in deeper markets. As these entrepreneurs show, India's MSMEs are full of potential, but to realize it, they need timely support, better market access, and policies that work for all. (ANI)
India Gazette
6 days ago
- Business
- India Gazette
Supply not an issue for India, price is; If crude price crosses USD100, India will be impacted: Experts
By Nikhil Dedha New Delhi [India], June 23 (ANI): Amid the ongoing conflict in the Middle East and rising crude oil prices, energy experts have said that oil supply through the Strait of Hormuz is unlikely to be immediately affected, though risks remain if tensions escalate further. Industry experts, in conversations with ANI, stated that the situation in the region remains tense after the recent US action against Iran, but the general hope is that oil supply routes will stay open. MK Surana, former chairman of Hindustan Petroleum Corporation Limited (HPCL), told ANI, 'India has done well to diversify its supply sources in the last few years, and our dependency on Straits of Hormuz and supply from the Middle East is lesser now than what it was earlier. But any disruption in the Straits and Middle East supply will definitely affect crude oil prices globally. Therefore, for India, pricing is a bigger concern than the availability.' Surana added that immediately, there is unlikely to be any disruption in supply through the Strait of Hormuz. 'Post US action on Sunday in Iran, the situation is of an uneasy calm awaiting Iranian response. General understanding and hope is that the supply chain through the Straits of Hormuz will not get blocked in reality and Iran will not precipitate actions that will damage any oil infrastructure in the neighbouring countries,' he said. However, 'Despite a looming threat, till these two situations hold, the crude oil prices are unlikely to go above the USD 80 range, though there may be occasional spikes depending on news flow. But if any of the two situations happens in reality, the crude prices will rise sharply,' noted the ex-HPCL Chairman. Surana explained that fundamentally, based on supply-demand projections and without the current geopolitical tensions, crude oil prices would be in the range of USD 60 to 65 per barrel. Prominent energy expert Narendra Taneja echoed similar views. He told ANI, 'The Strait of Hormuz has never ever been closed or blocked in history. It will be a major escalation if there is any attempt on the part of Iran to close the Strait. The US would most likely respond militarily and not let Iran block it. Major oil exporters Saudi Arabia, Kuwait, and Iraq would also protest. Big importers like China and India would protest.' On the impact on India, Taneja stated, 'Almost 39 per cent of our oil import tankers pass through the Strait of Hormuz. So, the impact on India would be there, but our biggest worry is the price, not the supply or availability. If Iran is allowed to succeed in blocking the Strait, oil prices may go up to USD 150 per barrel.' Madan Sabnavis, Chief Economist of Bank of Baroda, said, 'A 10 per cent increase may not have much of an impact on the economy where the fundamentals are robust. But if it is over USD 100 for a prolonged period of time, it would mean virtually a 25 per cent increase over the base case assumption and can have a major impact on these variables.' He added that the impact on GDP will depend mainly on how inflation behaves and how it affects consumption. Ajay Srivastava of Global Trade and Research Initiative (GTRI) highlighted India's vulnerability, stating, 'India is especially vulnerable to a possible Strait of Hormuz closure. Nearly two-thirds of its crude oil and half of its LNG imports transit this route. Any closure could send oil prices soaring, sharply inflating India's import bill, worsening inflation, and putting pressure on the country's fiscal position.' 'The Strait, which carries nearly 25 per cent of global oil shipments and significant LNG volumes, remains open for now. The parliamentary vote is not binding; a final decision rests with Iran's Supreme National Security Council, which is still deliberating. While no closure has been enacted yet, the risk of disruption looms amid escalating U.S.-Iran tensions,' he noted further. Meanwhile, Union Petroleum Minister Hardeep Singh Puri, while speaking with ANI, assured that India is prepared for such risks. He said, 'We had diversified the sources of supply. Out of the 5.5 million barrels of crude oil that India consumes daily, about 1.5 to 2 million come through the Straits of Hormuz. We import roughly 4 million barrels through other routes.' Puri added, 'Our oil marketing companies have enough stocks. Most of them have stocks up to three weeks. One of them has 25 days' stock. We can increase the supply of crude through other routes. We are in touch with all possible actors.' As tensions in the Middle East continue, India and global markets remain watchful, hoping that the vital Strait of Hormuz stays open and uninterrupted to avoid a sharp rise in crude oil prices. (ANI)
India Gazette
09-06-2025
- Business
- India Gazette
RBI's rate cut likely to lower bond yields as govt announces Rs 26,000 cr G-Sec buyback
By Nikhil Dedha New Delhi [India], June 9 (ANI): Bond yields in India are expected to go down following the recent frontloaded rate cut by the Reserve Bank of India (RBI), says economists ANI spoke with. The economists noted that rate cut is likely to influence the market to adjust to a revised and more accommodative interest rate outlook, pushing dated government securities (G-sec) yields down further. Debopam Chaudhuri, Chief Economist at Piramal Group told ANI 'The frontloaded rate cut is likely to drive a further easing in dated G-sec yields as markets adjust to a revised interest rate trajectory. The RBI's shift to a neutral stance could be initially interpreted as a signal of a pause in the rate-cut cycle'. He further stated that 'these are likely to be short-term adjustments, and bond yields are expected to resume their downward trend once market volatility subsides'. However, in the near term, some upward pressure on yields may emerge as investors may look to book profits after the rally in bond prices. Moreover, the RBI's shift to a neutral policy stance may be initially read by markets as a pause in the rate-cut cycle, which could also cause some temporary volatility in yields. Additionally, the US Federal Reserve is also anticipated to lower its terminal interest rate to around 4 per cent, creating more room for the RBI to continue with its rate-cutting approach. Dipanwita Mazumdar, Economist specialist at Bank of Baroda told ANI 'India's long end yields especially the 10Y part of the curve has priced in the rate cut. Thus we expect it to be largely capped as the change in stance has hinted lesser scope for future monetary policy easing. Hence we do not expect much momentum. However, the short run part of the curve will be more susceptible to the liquidity support given by RBI especially through CRR cut. Thus we expect some prevalence of a steeper yield curve for India in the near term'. In a parallel move aimed at managing its debt portfolio and supporting the bond market, the Government of India has announced a buyback of dated securities worth Rs 26,000 crore (face value). The buyback will be conducted through an auction on June 12, 2025. It will include five securities maturing in 2026: 5.63 per cent GS 2026 (maturing on April 12), 8.33 per cent GS 2026 (July 9), 6.97 per cent GS 2026 (September 6), 5.74 per cent GS 2026 (November 15), and 8.15 per cent GS 2026 (November 24). There is no notified amount for individual securities within the Rs 26,000 crore ceiling. The auction will be held on RBI's E-Kuber system between 10:30 a.m. and 11:30 a.m., and the results will be declared the same day. Settlement will take place on June 13, 2025. With the rate cut and the government's buyback initiative, economists believe bond yields will continue their downward trend in the medium term, providing further support to market liquidity and helping lower borrowing costs for the government. (ANI)
India Gazette
04-06-2025
- Business
- India Gazette
Economists divided on quantum of rate cut, 25 bps or 50 bps, ahead of RBI policy announcement
By Nikhil Dedha New Delhi [India], June 4 (ANI): As the Reserve Bank of India's Monetary Policy Committee (MPC) begins its two-day meeting in Mumbai to deliberate on the key policy rates, economists are divided over the quantum of the rate cut that the central bank should undertake in its June 6 announcement. While some economists argue for a more aggressive 50 basis point (bps) cut to reinvigorate growth, others are in favour of a cautious 25 bps reduction, citing macroeconomic stability and external risks. The divergence in opinion stems from the evolving macroeconomic landscape, where retail inflation has moderated significantly, falling below the 4 per cent mark, and the outlook for domestic growth remains robust. However, concerns over global monetary trends, monsoon impact on food prices, and capital flows continue to influence the policy calculus. Debopam Chaudhuri, Chief Economist at Piramal Group, believes the RBI should go for a bold move by announcing a 50 bps cut. Speaking to ANI, Chaudhuri said, 'The MPC should consider a larger-than-expected 50 basis point rate cut this time. Rate transmission gained traction only after the policy repo rate fell to 6 per cent in April, as earlier tight liquidity conditions had kept market yields elevated. A 50-bps cut now could help make up for that lost time and deliver a stronger boost to economic growth.' He also pointed out that the timing is opportune, with the US Federal Reserve expected to begin easing its policy soon. 'With the US Fed likely to begin cutting rates soon, concerns about narrowing yield differentials between the US and India are likely to diminish. The reduction in borrowing costs would enhance domestic growth prospects and reinforce India's appeal as an investment destination, regardless of the spread with US debt,' he added. On the other hand, Sonal Badhan, Economics Specialist at Bank of Baroda, supports a more conservative 25 bps cut. 'We expect the RBI to lower rates by 25bps this week. This is based on the fact that inflation has significantly moderated and is expected to remain contained in the coming months as well. Also, given the prediction of normal monsoon, pressure on food inflation will be limited,' she told ANI. Badhan noted that the RBI is likely to revise down its inflation projections for FY26 by about 10 bps, reflecting better-than-expected outcomes in Q1. However, she ruled out the possibility of a 50 bps cut for now. 'We believe 50bps is unlikely as June rate cut is a front-loading measure. RBI will also be cautious before it sees the actual spatial distribution of monsoon. Moreover, with the US Fed likely to stay on pause till September 2025, narrowing interest spreads could impact FPI inflows and the Indian rupee. As such, a 25bps cut is more prudent,' she explained. Echoing a dovish stance, M. Govind Rao, Member of the 14th Finance Commission and Chairman of the Karnataka Regional Imbalances Redressal Committee, said there is enough room for the RBI to ease policy further. 'The inflation rate is well within the target, and there is sufficient space to reduce the rate. With uncertainty due to tariff increases and global volatility, it is appropriate to reduce the interest rate to trigger higher investment,' he told ANI. As the MPC concludes its deliberations on Friday, June 6, all eyes will be on Governor Sanjay Malhotra statement at 10 am. With inflation under control and a strong push for investment-led growth, the RBI faces a critical balancing act between growth support and financial stability. (ANI)
