IMPRI Desk

IMPRI Desk

  • Joined: August 6, 2023
  • Articles: 3018

GST Exemptions and NIL Rates: Policy Gains Versus Consumer Realities

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Health insurance for individuals has been made exempt from Goods and Services Tax. GST has been removed from life insurance premium payments for individuals, as well. Both used to be charged GST at 18%. So, this represents major relief for individuals, this lowering of the cost of buying insurance by nearly a fifth, right?  That magnitude of reduction in the cost of either life or health insurance is merely an illusion. The cost of insurance might come down somewhat, but definitely not by 18%.

Embracing Opportunity with Caution: India’s Strategic Engagement with America

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India embraces its need for American intelligence and weapons to keep China at bay. At the same time, India does not want to be obliged to the US so much that it comes under its thumb. India is better off with a multipolar world, with multiple power centres.

Strengthening Farmers’ Security: Pradhan Mantri Fasal Bima Yojana (PMFBY), 2016 

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In India, where over half the population depends on agriculture for their livelihood, and more than 70% of farmers are small and marginal, they remain extremely vulnerable to climate variability and crop failures (NITI Aayog, 2019). The growing threat of global warming has intensified the frequency and severity of erratic weather patterns, worsened agricultural risks, and deepened the cycle of income insecurity and indebtedness among farmers. Recognizing this urgent challenge, the Government of India launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2016. It is a large-scale crop subsidy insurance scheme that aims to safeguard farmers. This scheme is being administered by the Department of Agriculture and Farmers Welfare. 

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