India’s economy carried forward the momentum it built in FY23 into...
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Over 34.7 cr Ayushman Bharat cards generated: Economic Survey
“Considering the multiplier effect of low costs, the scheme saves...
Need to focus on improving airlines viability; ensure environmental sustainability: Eco Survey
"The aviation industry in India is on the cusp of unprecedented...
India needs to focus on growth to alleviate poverty: Eco Survey
“Economic growth has a far greater impact on poverty alleviation than inequality… Given India”s stage of development, India must continue to focus on economic growth to lift the poor out of poverty by expanding the overall pie” it said.
NPS assets under management grow 33 % to Rs 4.94 lakh crore till Sep 2020:Eco Survey
According to th Economic Survey- 2020-21,maximum growth under NPS was registered by All-Citzen model/ UoS (52.3 per cent) followed by Atal Pension Yojana (APY) (46.1 per cent), Corporate Sector (34.8 per cent) and State Govt. Sector (30.7 per cent).
India proposes law to ban cryptocurrencies, create official digital currency
The law will “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI),” said the agenda, published on the lower house website on Friday.
The legislation, listed for debate in the current parliamentary session, seeks “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the agenda said.
IRDAI rejects insurance brokers’ demand for life time licenses
`One of the demands of the brokers was to have their licenses in perpetuity. We can’t accept it. The current system, where each broker has to renew his license in every three years, is perfectly fine. Even,in some countries, the insurance brokers need to renew their licenses in every two years.’’said Subhash Chandra Khuntia, chairman,IRDA whiile addressing the 17th Annual Insurance Insurance Brokers’ Summit organized by Insurance Brokers Association of India (IBAI)
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Financial operations of FB, Google, Amazon regulated: RBI, Sebi tell HC
The submission by Sebi and Reserve Bank of India have been made in response to a PIL seeking a detailed legal framework for regulating operations of techfin companies such as Facebook, Google and Amazon in India’s financial sector space.
India projects economic growth of 11% for 2021/22
“With the economy’s returning to normalcy brought closer by the initiation of a mega vaccination drive, hopes of a robust recovery in services sector, consumption, and investment have been rekindled,” said the survey.
India’s COVID response saved over 1 lakh lives: Eco Survey
The 40-day lockdown period, it said was used to scale up the necessary medical and para-medical infrastructure for active surveillance, expanded testing, contact tracing, isolation and management of cases, and educating citizens about social distancing and masks.
India needs a healthcare regulator, will facilitate premium reduction:Economic Survey
The mitigation of information asymmetry, that will be ensured by the proposed healthcare regulator,would also help lower insurance premiums, enable the offering of better products and help increase the insurance penetration in the country,said the pre-Budget document tabled in Parliament on Friday.
Accord ”strategic sector” tag to pharma: Par panel
In its report, tabled in Parliament on Friday, on the review of loss-making central public sector enterprises, the Committee on Public Undertakings chaired by Meenakshi Lekhi observed that the indigenous awareness of healthcare facilities is of paramount importance of any nation.
The Committee said it was of the strong opinion that pharma sector plays a very important role to keep the nation healthy and strong, and this has been quite apparent during the current pandemic when the need for strong indigenous pharma companies has been realised with more intensity.
India’s Insurance penetration rises to 3.76%,density at around $78 in 2019-20:Eco Survey
As of 2019, the penetration for life insurance in India is 2.82 per cent, the penetration for non-life insurance is much at 0.94 per cent.
During 2019-20, the gross direct premium of non-lLife insurers was Rs 1.89 lakh crore, as against Rs 1.69 lakh crore in 2018-19, registering a growth of 11.45 per cent. Within non-life category, motor and health segments primarily are the main contributors to industry to report this growth.
Life insurance industry recorded a premium income of Rs 5.73 lakh crore in 2019-20 as against Rs 5.08 lakh crore in the previous financial year, registering a growth of 12.75 per cent.
While renewal premium accounted for 54.75 per cent of the total premium received by the life insurers, new business contributed the remaining 45.25 per cent