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AM Best’s first ever credit ratings for ICICI Lombard, affirms financial strength rating of B++ (Good)
Although the company’s five-year average combined ratio was 104.8%,...
COVID-19 could cost 135 mn jobs, push 120 mn people into poverty in India: Report
“India is headed towards a W-shaped economic recovery with a potential GDP contraction of 10.8 per cent in FY21. An opportunity loss of USD 1 trillion is staring India in its face,” said Barnik Chitran Maitra, lead author of the report and Managing Partner & CEO of Arthur D Little, India and South Asia.
12 lakh EPFO members withdraw Rs 3,360 cr retirement savings during lockdown: FM
Earlier in March, Labour Minister Santosh Gangwar had asked all state chief ministers to provide financial aid to over 3.5 crore construction workers from Rs 52,000-crore construction cess available with them amid Covid-19 outbreak.
Punjab staring at loss of Rs 50,000 crore due to COVID-19: Chief Minister
The CM said with some experts predicting a peak in coronavirus pandemic in July and August, Punjab was preparing itself “for the worst”, with the massive influx of migrants and Indian returnees from abroad emerging as the top disease management challenge.
Odisha, Bengal brace to fight cyclone Amphan amid Covid crisis; NDRF deployed
The cyclone, according to an IMD report, has intensified into a very severe cyclonic storm over the Bay of Bengal. It is likely to make a landfall somewhere between Digha in West Bengal and Hatiya Islands in Bangladesh on Wednesday.”The trajectory is mostly towards West Bengal, Sagar Islands and probably towards Bangladesh…. But we have to watch the trajectory very closely. NDRF has deployed the teams well in advance. They are either deployed or moving towards the destination,” S N Pradhan, the chief of National Disaster Response Force (NDRF) said in New Delhi.
As it rolls in towards the Indian shores ominously, the cyclone is likely to unleash heavy rain and high-velocity winds in large swathes of coastal Odisha and West Bengal.
Death toll due to COVID-19 rises to 2,649; cases climb to 81,970: Health Ministry
Of the 100 deaths reported since Thursday morning, 44 were in Maharashtra, 20 in Gujarat, 9 in Delhi, 8 in West Bengal, five each in Uttar Pradesh and Madhya Pradesh, four in Rajasthan, two each in Tamil Nadu and Karnataka and one in Andhra Pradesh.
Covid-19 Pandemic:General insurance industry prm degrows by 10 % in Apr,NIA records 7% prm growth
“It could become possible due to the company’s strong presence on digital platform. Out entire team has risen to the challnges. The loss of premiums in the motor segment was compensated by health and property segments. The premium for property risks have gone up since Apr2020,” said Atul Sahai, CMD, NIA.
NIA has also managed to grow its miscellaneous business which has compensated its loss of premiums in cargo, hull and aviation, a few segments severely impacted by the countrywide lockdown.
The overall depressive trends in the industry due to Covid -19 pandemic will continue till September 2020. Hopfully, all the segments including motor portfolio will look up, said Sahai.
Fitch highlights India’s two big challenges in fight against coronavirus
It also said that the growth within India’s pharmaceuticals and healthcare market will be supported by the government’s push towards achieving universal health coverage status.
Sitharaman unveils second tranche of relief for migrant workers, small farmers & poor
The Central government has also asked states to use the State Disaster Response Fund (SDRF) to set up shelters and provide food and water to the urban poor, including migrant labourers. Rs 11,000 crore was sent for this purpose, said Finance Minister Nirmala Sitharaman
National Portability Ration Cards can be used in any ration shops that will be applicable across the country. By Auguist 2020, 67 cr beneficiaries in 23 states or 83 per cent of all PDS beneficiaries will get covered. By March 2021, 100 per cent will be covered, she said.
ILO warns Indian states on scrapping of workers’ rights
In April, the government in Gujarat allowed factories to increase workers’ shifts from eight to 12 hours.There is also a proposal to increase the threshold of the number of workers employed for factories to need prior government permission for layoffs, retrenchment and closure, from 100 to 300.
Reviving Economy:$40 billion credit line for small businesses,due date for all I-T returns for 2019-20 extended to Nov 30,2020
A liquidity relief is being given for all EPF establishments. Government support in the form of 12% employer and 12% employee contribution extended for another three months (June, July and August).Government has reduced statutory EPF contribution of private sector employers and employees from current mandated 12% to 10% for next 3 months. However, for government PSUs it will remain 12% but PSU employees can pay 10%. This was one of the measures announced by the finance minister Nirmala Sitharaman at a press conference today. This will reduce the total contribution to an employee’s EPF corpus.