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Subsidy targeting via JAM trinity saved us USD 10 billion: Modi
Prime Minister Narendra Modi on Thursday said direct transfer of government benefits using technology, bank accounts and biometric identifier Aadhaar has helped save USD 10 billion in subsidies. Use of JAM trinity of Jan Dhan accounts, mobile numbers and Aadhaar has helped save USD 10 billion in subsidies by plugging leakages, the Prime Minister added. Modi termed cyber attacks as a significant threat, saying digital space should not be allowed to be used for terrorism.
'Proper' business plan in the works to up exports: Prabhu
The commerce and industry ministry is chalking out a proper business plan based on market research in its bid to promote exports of goods and services, Union minister Suresh Prabhu said on Thursday. The commerce and industry minister said a proper market segmentation is the need of the hour to understand the potential of domestic goods and services. Prabhu pointed to the huge demand in luxury items in the international market.
Airfares To Soar On Increase In Passengers Services Fee
Are you a frequent air flyer, get ready to splurge more on the airfare as the government is mulling a hike in passenger services fee (PSF). The hike is expected to be around 38% and is being considered to meet expenses incurred by airlines in respect of airport security. Airfares constitute several components that include base fare, air turbine fuel charges, passenger services fees. This has come after the government has declined to fund the deficit faced by the aviation industry.
EPFO Life Certificates: EPFO Relaxes Norms
In order to remove difficulties faced by pensioners, retirement fund body Employees Provident Fund Organisation (EPFO) has relaxed conditions for submitting life certificates, including for online submissions. The EPFO has laid down provisions that will help pensioners in submitting the Jeevan Pramaan certificate with ease, EPFO said in a statement today. Life certificate in physical form may be accepted from such pensioners who have recorded genuine reasons for non-submission of digital Jeevan Pramaan.
Modi govt's electric vehicle mission can create Rs 1.9 lakh-cr battery market in India: NITI Aayog
The Central government's Electric Vehicle (EV) Mission 2030, can create a Rs 19.5 lakh-crore ($300 billion) domestic market opportunity for battery manufacturers under 'Make in India' scheme, said NITI Aayog. The government think tank is currently making a blueprint for India's Electric Vehicle (EV) Mission 2030, reported Mint. NITI Aayog's prediction of battery market in India is almost equivalent to 2/5th of the global battery demand.
Coverfox launches 'Coverdrive' mobile app for online sale of insurance
New Delhi, Nov 23 (ANI): Online insurance broker Coverfox.com on Thursday announced the launch of Coverdrive - a mobile app that allows individuals, including insurance agents, to sell insurance via its seller platform. With this app, Coverfox while leveraging its proprietary technology aims to benefit almost 26 lakh insurance agents and potential micro-entrepreneurs. Insurance is a 40,000 crore industry in India, and about 97 percent of all insurance is sold offline.
Alliance University emerging as premier student-focused university in South India
Bengaluru (Karnataka) , Nov 23 (ANI-BusinessWire India): With a considerable number of new universities opening their doors in India, it has become difficult to choose the right one. Quality beats quantity, which is exactly the case of Alliance University, Karnataka. Set up in the year 2010 by Act No 34 of the Karnataka State, Alliance University has emerged as a premier student-focused university in South India within such a short span of time.
Thyssenkrupp posts record orders on elevators, components
German engineering and steel group Thyssenkrupp posted its highest order intake in five years on Thursday, boosted by record demand for its elevators and components for the car and construction sectors. Order intake rose 18 percent to 44.29 billion euros ($52.34 billion) in the group's 2016/17 financial year. Adjusted earnings before interest and tax (EBIT) reached 1.91 billion euros, beating the 1.73 billion forecast in a Reuters poll. We exceeded our growth and earnings targets, Chief Executive Heinrich Hiesinger said in a statement.
Dollar dumped, bonds buoyant on Fed inflation caution
Moves in Asian share markets were mostly minor with Japanese markets closed for a holiday and the United States off for Thanksgiving. That echoed comments from Fed Chair Janet Yellen that she was uncertain about the outlook for inflation and led markets to pare back pricing for more hikes next year. The US dollar was already staggering into Thanksgiving when the FOMC minutes gave it another shove, said Sean Callow, a senior currency analyst at Westpac.
Airtel vs Jio vs Vodafone: Prepaid plans with free calls, 1GB data per day
Bharti Airtel is now offering a Rs 448 unlimited prepaid plan bundled with unlimited calls, free national roaming, free SMS and 70 GB internet data. The plan comes bundled with 100 SMS limit per day, as directed by Telecom Regulatory Authority of India (TRAI). As for the internet data, the new plan comes bundled with 1 GB data per day, which is valid for 70 days. On the other hand, Reliance Jio offers a similar deal to prepaid users for Rs 399.
Digital technology a great leveller, says Modi at cyber conference
Prime Minister Narendra Modi inaugurated the fifth edition of the Global Conference on Cyber Space (GCCS) in New Delhi on Thursday. At his inaugural address Mr Modi recalled the speedy evolution of cyber space from the bulky mainframe computers to hand-held smartphones and gadgets of today. Digital technology has emerged as a great leveller. It is possible for a developing nation like India to compete with developed nations, only because of technology, he says.
'Padmavati' delay can trigger insurance claim
'Padmavati' distributors can make a claim for losses due to the delay in the movie's release, thanks to a new insurance cover that has evolved in the last decade. Until a decade ago, film-making was treated as project insurance, where the cover ceased on completion. JLT Independent Insurance Brokers director Amit Agarwal said, The distributor's loss of profit policy has evolved quite well over the last eight-nine years.
Silver futures down 0.22% on global cues
New Delhi, November 23 Silver prices moved down by 0.22 per cent to Rs 40,160 per kg in futures trade on Thursday as traders cut down their bets in line with a weak trend overseas. At the Multi Commodity Exchange, silver for delivery in far-month March next year fell by Rs 89, or 0.22 per cent to Rs 40,160 per kg in business turnover of 48 lots.
SBI Life bets on metals, oil and gas sectors for investment growth
India's SBI Life Insurance Co Ltd has increased investments in the metals, oil and gas sectors as a rise in energy and metals prices is set to drive growth in commodity stocks, the insurer's chief investment officer told Reuters. Strong refining margins at oil and gas companies, the Indian government's push to encourage use of gas as a cleaner fuel and a rise in steel and base metals prices are expected to drive earnings in the sectors, Gopikrishna Shenoy said.
Healthcare not a priority? India trims budget for crucial national health scheme
The National Health Mission is one of the world's largest health programmes and forms the backbone of public services in India. The National Health Mission typically accounts for about half of the federal health budget and officials said the lower spending approval would make achieving the government's 2025 target more difficult. The spending breakdown for different schemes will be finalised once the health ministry is allocated funding in India's annual budget.
MMTC to import 2,000 tonnes onion to check prices, says union minister Ram Vilas Paswan
His ministry has again written to the commerce ministry to reimpose export floor price of $700 per tonne on onion to discourage outbound shipments. Onion prices in most retail markets have skyrocketed to Rs 50-65 per kg due to tight supply. We have asked Nafed to procure 10,000 tonnes and SFAC about 2,000 tonnes directly from farmers and sell in consuming areas. We have also asked the MMTC to import 2,000 tonnes, Paswan told reporters.
Reduce GST to 6%, demand realty developers
Real estate developers association have started making demand to reduce Goods & Services Tax (GST) from 12% to 6% on under construction property transactions. The demand was presented to Hasmukh Adhia, Secretary, Finance and P Radhakrishnan, Minister of State for Finance & Shipping. Capping GST at 6% will incentivise buyers to invest in under construction properties, who otherwise are waiting for completed properties to save 12% GST.

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