Centre to infuse more capital in public sector general insurers

New Delhi (PTI): The government may have to infuse more capital in the three public sector general insurance companies to improve their financial health, a senior government official said.

The government last year provided `5,000 crore capital to three insurers --National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company.

India, Aus to conclude talks for CECA soon

New Delhi (PTI): India and Australia have agreed to conclude the negotiations for a comprehensive free trade agreement “as soon as possible” as there is huge potential to enhance bilateral commerce in the next five years, according to a joint statement issued on Sunday. The statement was released after the meeting of Commerce and Industry Minister Piyush Goyal and

Major Highlights

New Delhi: After witnessing the withdrawal of funds in the last three months, Gold exchangetraded funds (ETFs) attracted a net flow of `165 crore in February, mainly due to a slight correction in gold prices. This was in comparison to a net outflow of `199 crore registered in January, `273 crore in December and `195 crore in November.

Prior to that, Gold ETFs attracted `147 crore in October, data from Association of Mutual Funds in India showed. The demand for physical Gold in India is largely driven by festival and wedding season. —PTI

8 TOP COMPANIES LOSE `1.03 LAKH CRORE M-CAP

Based on the performance in the FY23, the finance ministry would take a call as to how much capital they would require to meet regulatory requirement, the official said.

They are not in good financial health and fund would be infused in these entities to augment their solvency margin, the official added.

The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur.

It acts as a financial backup in extreme situa- z The government may have to infuse more capital in the three public sector general insurance companies to improve their financial health z The govt last year provided `5,000 crore capital to National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company tions, enabling the company to settle all claims.

As per the regulator IRDAI’s mandate, the minimum solvency ratio insurance companies must maintain is 1.5 to lower risks.

In terms of solvency margin, the required value is 150%.

According To Data By Siam

New Delhi: Eight of the top 10 valued firms faced a combined erosion of `1,03,732.39 crore in market valuation last week, with Reliance Industries and ICICI Bank taking the biggest hit amid an overall weak trend in equities. Barring Bharti Airtel and ITC, eight firms suffered erosion from their mcap. RIL remained the most valued firm, followed by TCS, HDFC Bank, Infosys, ICICI Bank, HUL, SBI, ITC, HDFC & Airtel. —PTI

Australia’s Minister for Trade and Tourism Don Farrell here on March 11. Both countries have al-

INDIAN SOFT DRINK MARKET TO GROW: PEPSICO BOTTLER

New Delhi (PTI): The Indian soft drink market is expected to see “significant growth” as consumption is anticipated to increase steadily, which will deliver sustainable and healthy volume growth across all product categories, said Varun Beverages Ltd (VBL), PepsiCo’s largest franchise bottler. This would be driven by factors such as shifting population demographics, the rising spending power of young consumers, accelerated urbanisation, and growing rural consumption. The company is in the process of further expanding its capacities to meet the higher demand expectations. Its distribution model and on-the-ground end-to-end infrastructure facilities continue to be the key growth drivers and VBL remains committed to extending it to newer areas and under-penetrated regions.

Two-wheeler & PV exports decline in Feb

New Delhi (PTI): Exports of two-wheelers, passenger vehicles and three-wheelers from India declined by 35% in February mainly due to the weakening of currencies against the US dollar in destination countries, especially in the African continent.

According to data released by industry body SIAM, shipments of twowheelers, passenger vehicles and three-wheelers declined to 3,01,561 units last month from 4,63,025 units in February 2022.

Two-wheeler exports dropped by 37% to 2,35,087 units last month from 3,75,689 units in the yearago period.

Motorcycle shipments

Data In Numbers

z Two-wheeler exports dropped by 37% to 2,35,087 units last month from 3,75,689 units in the year-ago period z Motorcycle shipments declined to 2,01,097 units last month from 3,49,221 units in Feb 2022 period. Scooter exports, however, rose to 33,378 units ready implemented an economic cooperation and trade agreement (ECTA) in December 2022 and are now negotiating to widen the scope of that pact into a comprehensive economic cooperation agreement (CECA).

“Ministers look forward to concluding CECA as soon as possible,” the statement said.

The CECA will create new employment opportu-

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nities, raise living standards and improve the general welfare in both countries, it added.

“India-Australia bilateral trade exceeded $31 billion last financial year. Both agreed that given the trade complementarities between the two countries, there is considerable potential for significantly enhancing bilateral trade within the next 5 years,” the statement said.

INDIA’S CHEMICAL DEMAND LIKELY TO JUMP TO $1,000 BILLION BY 2040: MCKINSEY REPORT

New Delhi: India is likely to account for more than a fifth of incremental global consumption for chemicals over the next two decades as domestic demand is projected to rise to $1,000 billion by 2040, McKinsey said in a report. In the report titled ‘India: The next chemicals manufacturing hub’, McKinsey said the country’s chemical industry has been a global outperformer in demand growth and shareholder wealth creation over the last decade. The sector is projected to grow at 11-12% during 2021-27 and 7-10% during 2027-40 -- tripling its global market share by 2040. —PTI

LAMBORGHINI EYES TIER I, TIER II CITIES FOR INDIA BIZ GROWTH

New Delhi: Having established a presence across top cities in India, Automobili Lamborghini is now eyeing customers in smaller centres to generate additional volumes. The Italian automaker is bullish on the country’s economic growth, a rise of firstgeneration entrepreneurs and large-scale road infrastructure development to fuel future business growth. Lamborghini

India Head Sharad Agarwal said India is already one of the biggest markets for the Italian brand and the country has huge potential for growth in the coming days. —PTI

Govt To Provide Financial Support To Promote Gi

New Delhi: The government will provide financial assistance to eligible agencies for undertaking initiatives for the promotion of Geographical Indications (GIs) products. The Department for Promotion of Industry and Internal Trade (DPIIT) has issued operational guidelines for financial assistance for undertaking the initiatives for the promotion of GIs. A GI, a kind of IPR, is primarily an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory. —PTI

India Agrees To Russia Operating More Passenger Flights Connecting 2 Countries

declined to 2,01,097 units last month from 3,49,221 units in the year-ago period.

Scooter exports, however, rose to 33,378 units as compared with 24,830 units in February 2022.

New Delhi: India & Russia have “in principle” agreed to revise their bilateral air services agreement whereby Russian carriers will be allowed to operate as many as 64 weekly flights to various Indian cities. Presently, Russia can operate up to 52 weekly civilian flights. India has “in principle” agreed to increase the number of weekly flights that Russian carriers can operate to India to 64 from 52. In this regard, the bilateral air services agreement will be amended in due course, an official said. —PTI www.firstindia.co.in

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— Dr Jagdeesh Chandra, CEO & Editor-in-Chief, First India