Gaurav Chakraborty
Gaurav Chakraborty

Orowealth Weekend Reads: May 17, 2020


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As we face unprecedented circumstances and devastation due to the Covid 19 virus, it has become vital to plan for a Health Insurance Policy. As the word insurance suggests, Health Insurance provides financial coverage for the medical expenses incurred by an individual and their family members. With rising medical expenses, it has become ever so important to avail a Health Insurance plan in order to ensure your lifetime savings are intact.

As we continue in our journey to provide alternate products to our clients, we are excited to announce our partnership with Future Generali to provide a Health Insurance Policy with the following details:

1. Plans for Individuals with base premium as low as Rs 394 per month*
2. Plans for Families with base premium as low as Rs 757 per month*

Additional Benefits
a. Cashless Claim Benefits
b. Easy Installment Facility
c. Plans customized to cover for Covid – 19
d. Additional Cover beyond the Employer Cover
e. Tax Benefits under Section 80D, Income Tax Act, 1961

*Premiums to be paid are subject to the coverage being opted for and are exclusive of taxes.

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Under the aegis of Prime Minister Narendra Modi announcing the ‘Aatmanirbhar Bharat’ motto, Finance Minister Nirmala Sitharaman announced the details of the Rs 20 lakh crore package . The first installment of the package focused on the MSME sector. The call for self-reliance, which aims to focus on local brands, is based on five pillars: Economy, Infrastructure, Technology-driven systems, Demography, and Demand, she said. Among key steps, MSMEs will get collateral-free loans worth Rs 3 lakh crore which is expected to help 45 lakh companies. A Rs 50,000 crore equity infusion will be made via Mother fund-Daughter fund for MSMEs that are viable but need support. The definition of MSMEs has also been revised to encourage them to expand; the distinction between manufacturing and service-oriented MSMEs has also been removed. Units with investment up to Rs 1 crore and turnover up to Rs 5 crore will be defined as micro; those with investment up to Rs 10 crore and turnover up to Rs 50 crore will be defined as small, and those with investment up to Rs 20 crore and turnover up to Rs 100 crore will be defined as a medium. The government will not allow global tenders for contracts up to Rs 200 crore.

Other announcements related to EPF contribution for companies and their employees, special liquidity scheme for NBFCs, HFCs, and MFIs, liquidity for power distribution companies, and the extension of income tax filing from July 31 to November 30.

Economists predict that with the government increasing its planned borrowing for the ongoing financial year by 54% to Rs 12 lakh crore , the fiscal deficit for the year could be 2 percentage points higher than budgeted. In the Union Budget presented earlier this year, the government had estimated a fiscal deficit of Rs 7.96 lakh crore. With the change in borrowing, the fiscal deficit number could rise to Rs 12.15 lakh crore. In percentage terms, the deficit could stand at 5.3% of GDP. But even this number could drastically change. This is because nominal GDP could be much lower than expected because of weak revenue growth and the difficulty in achieving the disinvestment target. If this turns out to be the case, the fiscal deficit percentage could be much higher. Economists are unsure whether this rise in borrowing is there to make up for the expected revenue shortfall or to create room for more government spending.

Though a wider fiscal deficit number is an indicator of the poor financial health of the government, the alternative, where the government does not spend as much, may have even worse consequences.


How to Withdraw Money From Mutual Fund?

A mutual fund is considered one of the best wealth creation and investment vehicle that can be adopted by the predominantly middle-class Indians. One of the biggest advantages of a mutual fund is its liquidity.

“Everything should be as simple as it can be, but not simpler”
– Roger Sessions (an American composer)
Chosen by Ashish – Orowealth.

Gaurav Chakraborty
Gaurav Chakraborty

Gaurav is an engineer-turned-digital marketeer. Also a personal finance blogger with experience in financial planning and crowdfunding sector. He is a part of the Marketing team at Orowealth.

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