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Parliament was informed that the Group of Ministers (GoM) examining GST on life and health insurance will present its recommendations to the GST Council once received. The issue of exempting or reducing GST was discussed at the Council's 54th meeting on September 9, 2024, leading to the GoM's formation under Bihar's Deputy Chief Minister Samrat Chaudhary. The first GoM meeting took place on October 19, 2024, focusing on GST rates, which currently stand at 18% for health and pure term life insurance services.
India is projected to surpass Japan in GDP rankings by 2025, with the IMF forecasting a 7% growth for India in 2024 and 6.5% in 2025. In contrast, Japan's growth is expected to be just 0.3% in 2024. India's robust economic expansion, driven by strong domestic demand, saw a remarkable 7.8% growth in the first quarter of 2023, making it the fastest-growing major economy.
Ukraine's central bank governor, Andriy Pyshnyi, expressed optimism that the country will avoid monetizing debt markets in 2025, thanks to domestic fundraising and international support. The IMF's recent approval of a $15.6 billion loan program and a $1.1 billion payout bolsters this outlook. As Ukraine prepares its 2025 budget, over a quarter of GDP is allocated for defense amid ongoing conflict with Russia.
Urgent climate action could save two million lives annually, according to the WHO, which highlights the health impacts of rising temperatures and advocates for five key interventions, including heat-health warning systems and clean energy transitions. Despite health being a priority in many national climate plans, funding remains critically low, with only 6% of climate adaptation resources allocated to health. The report underscores the need for integrated health planning in climate commitments, warning that climate change could lead to 250,000 additional deaths each year by 2050.
Ghana's presidential favorite, Mahama, has expressed intentions to renegotiate the $3 billion IMF deal. He emphasized the need to explore refinancing options to ease the burden of debt repayments, aiming for a smoother financial trajectory for the country. [Source](https://www.bloomberg.com)
Sovereign debt poses a significant risk to global growth in 2025, particularly for low-income countries and emerging economies lacking fiscal buffers, according to Saudi Finance Minister Mohammed Al-Jadaan. With global public debt reaching a record $97 trillion, urgent reforms are needed, especially as many African nations face soaring debt-to-GDP ratios and costly debt servicing that surpasses spending on health, education, and climate action. Al-Jadaan emphasized the necessity for global leaders to collaboratively address these challenges to prevent economic shocks.
U.S. Treasury yields are on the rise, with the 10-year yield reaching a three-month high of 4.284% and the 2-year yield at 4.126%. Traders are anticipating upcoming jobs figures and consumer confidence data ahead of the U.S. presidential election on November 5, while the Federal Reserve remains in a blackout period before next week's interest rate decision.
Pakistan has requested an additional 10 billion yuan (USD 1.4 billion) loan from China, having already utilized the existing 30 billion yuan (USD 4.3 billion) trade facility. Finance Minister Muhammad Aurangzeb sought to raise the currency swap agreement limit to 40 billion yuan during discussions with China's Vice Minister of Finance, Liao Min. This request marks another attempt to increase the debt limit, which has been declined by Beijing in the past.
India is projected to become the fourth largest economy by 2026-27 and the third largest by 2028-29, highlighting its long-term market potential. Meanwhile, Moneycontrol Pro celebrates reaching one million paid subscribers, reflecting a significant milestone amidst current market uncertainties.
Finance Minister Nirmala Sitharaman met with World Bank President Ajay Banga to discuss reforms in Multilateral Development Banks (MDBs) during the World Bank and IMF Annual Meetings. The discussions included private capital participation in Global Public Goods and energy security. Sitharaman emphasized the importance of implementing the Independent Expert Group's recommendations on MDB reforms from India's G20 Presidency and requested ongoing monitoring of these initiatives.
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