Insights
No Insurance, No Fuel' Plan Targets 16.5 Crore Uninsured Vehicles
This 'Insights' piece delves into the Supreme Court's proposed 'No Insurance, No Fuel' pilot program, aimed at tackling the alarming issue of 16.5 crore uninsured vehicles on Indian roads. Despite Vehicle Insurance being mandatory under the Motor Vehicles Act, a significant number of vehicles ply without Third Party Insurance. The court's suggestion, supported by IRDAI, could significantly boost the Motor Insurance India sector and improve overall Road Safety. The proposal also includes backing automatic e-challans for uninsured vehicles, leveraging technology for better compliance. This development is crucial for the Indian auto and insurance markets, potentially leading to more responsible vehicle ownership and a stronger financial ecosystem.
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Insights
RBI Holds Rates but Flags War Risks to India's Growth and Inflation Outlook
- The RBI kept the repo rate unchanged at 5.25% while retaining its neutral policy stance
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