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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
NGT junks Punjab govt plea to recover penalty from defaulting farmers for burning crop residue
The plea sought to recover the amount of environmental compensation (pending dues and future liabilities) from the payment of sale proceeds of food grains of the defaulting farmers who have burnt paddy residue.
The NGT had in 2015 directed state governments to take coercive and punitive action against persistent defaulters of its crop residue burning order and asked them to withdraw the assistance provided to those farmers.
Competition Comm rejects complaint against GIC Re on unfair business practices
One of the primary grievance in the complaint filed by the Automotive Tyres Manufacturers Association was about alleged increase in reinsurance premium charged to general insurance companies.
“Setting of premium rates for reinsurance polices would be based on many factors and without proper evidence being furnished before the Commission, the allegations of ‘excessive pricing/ unfair pricing’ cannot be analysed. Therefore, no case is made out against GIC Re on this count,” it said.
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