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Reliance General launches health insurance plan “Infinity”

  Reliance General Insurance Company Limited has launched a comprehensive health insurance plan named “Reliance Health Infinity”. The policy offers 90 days pre and 180 days post hospitalization cover, along with sum insured ranging from Rs 3 lakh to Rs 1 crore, and free restore benefits. This Insurance offers three main benefits under its Health Infinity plan: ‘more cover’, where the policyholder will get additional sum insured, along with ‘more time’, where the policyholder will get covered for additional period, and ‘more global’ wherein the policyholder will be insured not only in India but also globally for emergency hospitalization. This insurance plan also offers Ayush benefit, wherein all the expenses incurred are covered on treatment in a hospital under Ayurveda, Unani, Sidha and Homeopathy.
Catgeory: Business

Paytm launches Android POS device for SMEs & merchant partners

  Paytm has launched an Android POS device for small and medium businesses (SMEs) & merchant partners. The android based device will enable the merchants to accept payments in various ways like debit and credit cards, Paytm Wallet, UPI-based apps and cash. The device provides the merchants with the facility of producing GST compliant bills, to manage transactions and settlements through ‘Paytm for Business’ app. These services will increase the importance of digital payments in the business of small and medium businesses (SMEs) & merchant partners and will also bring to them the advantages of the digital economy.
The key features of the Android POS device are:
  • The device consists of a scanner, an in-built printer and will also generate bills.
  • It is empowered with the universal code support which works on all the contact and contact-less payments.
  • The device is also empowered with a billing software along with the customized solutions for different industry sectors ranging from ticketing, catering to parking among others.
  • Advantages of the POS device:
The new facilities includes employee salaries and customer refunds. The device will also provide other advantages like powering the start-ups and the developers to easily integrate their services with the help of the application programme interface of the payment gateway.
  • Impact of the device launch:
The above launch from the Paytm will give a new dimension to the digital payment structure in the businesses and will take one step head towards the vision of cashless economy. With the new device, there comes the facility of automated vendor payments that can be achieved through the POS device.
Catgeory: Business

Google announces $1-million grant to promote news literacy in India

 Google announced a 1-million USD grant to promote news literacy among Indians. According to Google, the grant will work towards building a strong network of senior reporters and journalists, who will counteract fake news in India. The funding support is part of Google’s broader, $10-million commitment to media literacy. Google’s initiative will focus on delivering news literacy, especially in non-metro cities. Under the programme, Internews will put together a team of 250 journalists, fact-checkers, academicians, and NGO workers, who will be trained by global and Indian experts in a curriculum adapted to local needs and available in seven Indian languages.
Catgeory: Business

Zomato acquires Uber Eats business in India

 Gurgaon-based Food delivery startup and restaurant aggregator “Zomato” has announced the acquisition of Uber Eats business in India. Uber Eats is an Uber Technologies Inc’s food delivery business in India. The acquisition was done in an all-stock deal. The deals provides Uber with the 9.99% ownership in Zomato after the acquisition. The deal is estimated to be pegged at $300-350 million. Uber Eats, having about 26,000 restaurant partners entered the food delivery business in 2017 in India.
Catgeory: Business

India to get USD 1 billion investment from Amazon

 The global e-commerce firm, Amazon has announced the incremental investment of USD 1 billion in India. The investment will have the prime objective of digitising the small and medium businesses (SMB’s) in India. The firm has also announced its plans to boost its size and scale by exporting worth USD 10 billion of ‘Make in India’ goods by year 2025.
Catgeory: Business

Adani Ports to buy 75% stake in Krishnapatnam Port

  Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest private sector port operator, has agreed to buy a 75% stake in Krishnapatnam Port Co. Ltd (KPCL) at an enterprise value of Rs 13,572 crores. The Krishnapatnam Port is located in southern Andhra Pradesh and is a multi-cargo facility. It handled 54 million tonnes (mt) of cargo in the year ended 31 March 2019. The purchase will accelerate Adani Ports’ plan to expand its cargo-handling capacity to 400mt by 2025.
Source: The Business Standard
Catgeory: Business

India to set strict restrictions on non-essential imports from China

 Ministry of Commerce and industry has announced that 371 items from China will get strict restriction from March 2020. The move aims at curbing imports of non-essential items such as plastic goods, toys, furniture, sports.
  • Highlights
The rules are to be framed by the Ministry in coordination with BIS (Bureau of Indian Standards). Though the rules focus on Chinese imports, it will also be applicable to Indian producers in order to make the regulations WTO-compliant. Currently there are 370 standards for imports. India’s plan is to increase the it to 5000 in the second phase. The move will help boost the local industries and help Indian consumers get quality products. The non-essential commodities imports include petrochemicals, chemicals, heavy industrial products, steel products, telecommunication, electronics, etc. Apart from trade relation with China, India is also concentrating on FTA (Free Trade Agreement) with ASEAN, Japan and South Korea that enjoy free access to Indian markets. The step is being considered to boost domestic goods.
  • Significance
The imports from China that are categorized as non-essential amount to 4 trillion USD. Also, trade deficit with China is widening and it currently stands at 553.6 billion USD. The step will help in reducing India’s dependence on China and will also help in curbing low quality imports from China. This is the main reason why India refused to join RCEP.
Catgeory: Business

GoI misses its disinvestment target

 Government of India misses its disinvestment target as the plan to sell Bharat Petroleum Corporation Limited (BPCL), Air India and Container Corporation of India has not been succeeded.
  • Highlights
The Government had planned to sell 53.3% of BPCL, 31% of Concorp as per latest market prices. The Government had set the Disinvestment target of Rs 1.05 trillion for the year 2019-20. However, it was only able to extract Rs 17,364 crores. This has increased burden on the economy of the country as the fiscal deficit of the Government has already touched 115% of the budget estimated for the year 2019-20 as far as November 30. The deficit will increase further as there are another 4 months (Dec-Mar) to go before the financial year ends. The data was released by the Controller General of Accounts. The missing of disinvestment target has impaired its ability to meet its Fiscal Deficit target of 3.3% of GDP. The fiscal deficit is arising in spite of RBI transferring Rs 1.76 lakh crore rupees. It was widely criticized as windfall money of the government.
  • What is Windfall money?
Windfall money is the term used for unexpected money good fortune. The RBI transferred the windfall to the GoI on recommendation of Jalan Committee.
  • Air India
Among all the disinvestment targets, Air India is the least performing and at huge losses. In order to solve the problem, recently it was announced that Air India will stop issuing tickets to government agencies that owe more than Rs 10 lakh due. This included defence accounts, CBI, BSF, Enforcement Directors, customs commissioners, etc.
Catgeory: Business

Sale of Darjeeling Tea affected by illegal influx of Nepal Tea

  The prices of Darjeeling Tea that recently received GI tag has fell by 20% to 25% due to unchecked flow of Nepal Tea into the country.
  • Highlights
Nepal Tea also known as Himalayan Tea is very similar to that of Darjeeling Tea in aroma, flavor and taste. But Nepal Tea is 50% cheaper than that of Darjeeling Tea. This is being misused by many traders. Nepal tea can be imported by anyone freely under Free Trade Agreement between India and Nepal. Around 16 million kg of Nepal Tea is entering India every year.
  • Issue
Most of the Nepal Tea is uncertified. On the other hand, 70% of 87 estates growing Darjeeling Tea are certified organic. The annual export of Darjeeling Tea was Rs 600 crores. Experts believe that it would have touched Rs 700 crores if Nepal Tea hadn’t played its role.
  • GI Tag
The Darjeeling Tea and White Tea received GI Tag recently in November 2019. The GI tag is provided to fetch an identity for the product international market and increase its exports. When such products develop fake, their exports get affected greatly. India enacted Geographical Indications of Goods (Registration and Protection) Act, 1999 under Article 22 of World Trade Organization.
Catgeory: Business

HDFC Life partners with Paytm to expand its distribution

 HDFC Life Insurance has partnered with Paytm to expand its distribution. The partnership is aimed to enable customers of Paytm to purchase insurance products from HDFC Life. HDFC Life Insurance is constantly exploring opportunities to create and sustain new partnerships to strengthen its distribution network. With the partnership, HDFC Life Insurance aims to increase insurance penetration in India and to simplify the customers experience right from the purchase to the claim process.
Source: The Economic Times
Catgeory: Business

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