DHFL Pramerica Life Insurance takes life covers to 4.15 crore underprivileged people in the last four years through MFIs

DHFL Pramerica Life Insurance (DPLI) life insurance companies in India today is working towards deepening life insurance penetration in the country through active tie-ups with microfinance institutions and NBFCs. Since FY14-15, the company has provided life insurance cover to 4.15 crore people through this channel. The initiative seeks to align with the government’s emphasis on social security under the financial inclusion mission to address the problem of very low penetration levels in life insurance. During FY17-18, DPLI has paid claims worth Rs.108 Crore and has covered 1.93 crore lives. As of today, DPLI has partnership with 77 microfinance partners including NBFC-MFIs, small finance banks among others.

According to Mr. Anoop Pabby, MD & CEO, DPLI“We understand that life insurance is a key component of financial inclusion. At DPLI, our endeavor has been to take life insurance to the bottom of the pyramid by partnering with microfinance institutions and providing life cover to their customers. These customers who take income generating loans from the MFIs are highly vulnerable to financial shocks and life insurance is a must to support them in times of crises. Life Insurance can make a significant positive difference in the lives of these individuals by helping their families mitigate shocks and improve the management of expenses in case of untimely death of the primary bread-winner. Notably, we have settled claims of 46,000 customers under the MFI segment during FY17-18.”

 

“We are extremely humbled that recently Microfinance Institutions Network (MFIN), the association of MFIs has recognized DPLI as an enabler for the microfinance Industry by providing life insurance services to micro-loan borrowers. MFIN’s primary objective is to work towards the development of the microfinance sector through responsible lending and client protection among others. Through tie-ups with MFIs our objective is to support MFIN in their efforts towards growing the microfinance sector. We are actively looking for more such tie-ups with regional rural banks, self-help groups and other microfinance institutions to increase awareness about the need for life insurance and making it more accessible to the marginalized segments of the society”, Added Mr. Pabby.

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Morph.ai among Mayor of London’s India Emerging 20 awardees to go global

A recent report from Grant Thornton UK LLP and the Confederation of Indian Industry (CII) revealed there are currently over 800 Indian companies operating in the UK, employing over 105,000 people. The report found that of the fastest growing Indian companies, over half are now based in London, up from 44 percent in 2017 and 39 percent in 2016.

Facilitating this is the Mayor of London’s India Emerging 20 (IE20) business programme. Into its third year, the IE20 announced the latest list of 20 of India’s fastest growing companies to receive the award and expand to London. The winners were selected from regions across India and represent some of India’s most innovative, high growth businesses specializing in technology, life sciences, and business services.

Morph.ai, a chat marketing platform, has been recognized as one of the fastest growing Indian companies by the Mayor of London, Sadiq Khan, to have received a prestigious award, to get enlisted for the IE20 Business Programme.

Morph.ai is one of the 20 winners which were chosen out of 300 applicants, amidst some of India’s most innovative and emerging businesses. As a part of the IE20 Business Programme, Morph.ai will gain access to London’s distinguished business community. The startup, which is also a part of Nasscom 10,000 startups, HSBC Bank’s ‘Accelerator 2030’ program and YES Bank’s first accelerator batch, looks to expand its presence globally, starting with the UK as a promising market.

Established in 2016, Morph.ai has seen tremendous growth in the past two years, with esteemed clients like Manchester City Football Club, Yes Bank, OMD Australia, 99 acres, Yamaha . The company uses chat as a channel to boost marketing and lead-generation campaigns through social media platforms like Facebook.  “London is a truly global business centre and presents lots of opportunities for Indian companies looking to expand their business overseas.

 

“We are very excited to be a part of Mayor of London’s prestigious IE20 Business Programme.  We already have Manchester City as one of our client in the UK, we look forward expand our business and work with more clients there” said Pratik Jain, Co-Founder of Morph.ai

 

About Morph.ai

Phased manufacturing plan needed to boost local manufacturing of electronic components other than mobile phones

The Ministry of Electronics and Information Technology (MeitY) should come up with a phased manufacturing plan to encourage manufacturing of electronic components other than mobile phones, suggested a recent ASSOCHAM-NECTI joint study.
 
“As domestic value addition has increased for mobile phones, similar plans are needed to encourage manufacturing of components which are the core ingredients in the overall increase of domestic value addition,” noted the study titled ‘Electricals & electronics manufacturing in India,’ jointly conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and NEC Technologies India Pvt. Ltd.
 
Noting that India lags in component manufacturing, which is the most fundamental block in electronic devices, the report stated that country should focus on reducing component imports and increasing local value addition to become a manufacturing hub.
 
Though the union government is driving reform in IT and electronics manufacturing sector through initiatives like ‘Make in India’ and creating favourable policies to enable an investor-friendly environment, component ecosystem has not taken foothold due to unfavourable scale factor in establishing commercial viability.
 
“Limited fresh investments are coming into the country, due to which existing plants are running at a sub-optimal capacity,” highlighted the ASSOCHAM-NECTI report.
 
Considering that India holds a very small share in the global electronics market, the manufacturers should aim to capture a larger piece of global market by focusing more towards exports.
 
Further, the report said that there is a huge opportunity for manufacturers and foreign companies to invest in India’s electrical and electronics manufacturing to achieve government’s target of $400 bn electronics market.
 
“Even though value of electronics imports increased at a compounded annual growth rate (CAGR) of 7.88 per cent during FY15-FY17, there has been a steady increase in the rate of manufacturing which stood at a CAGR of 23.28 per cent over the same period. The exports have remained constant at $6 bn.”
 
It also highlighted significant increase in value of imports for electronics such as computer hardware as the value of computer hardware imports increased from $6.89 billion (bn) in FY17 to $7.41 bn in FY18 clocking an year-on-year increase of 7.5 per cent.
 
Thus, the report suggested that government should increase export incentives for sectors like computer hardware and peripherals, and light emitted diode (LED) to make India’s manufacturing globally competitive and facilitate domestic component ecosystem growth.

MARG ERP Limited partners with ICICI Bank

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Marg ERP limited Inventory and Accounting software solution company has partnered with ICICI Bank  by consolidated assets, to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME) customers, using MARG’s accounting software.

This integration aims to promote ‘Connected Banking’ and enables ICICI Bank’s current account holders to securely connect their bank account with the MARG ERP software and undertake an array of digital transactions from within the ERP platform itself. It will enable businesses to initiate vendor & salary payments via RTGS, NEFT or IMPS directly from this platform, automate reconciliation of banking and accounting entries, apply for working capital loans as well as schedule future dated payments, thereby offering exemplary command over day-to-day financial transactions for businesses.

This pioneering initiative significantly enhances convenience for MSMEs as they are no longer required to toggle between a banking platform and an ERP software to undertake their business transactions. It also allows them to experience contextual banking, by connecting their banking and accounting, which was once available only for large companies and corporations with large IT and infrastructure budgets.

Talking about the partnership, Mr. Anup Bagchi, Executive Director, ICICI Bank said,”ICICI Bank has always pioneered in bringing in digital innovations and provide world-class banking experience to its customers. We are delighted to partner with Marg ERP to bring forth an integrated payments solution that will offer MSMEs with unparalleled ease of doing business. The collaboration aims to promote the concept of ‘Connected Banking’ wherein we aim to get various banking functions such as initiating transactions, payments and reconciliation on a common platform. Additionally, it will enable businesses to initiate vendor & salary payments digitally, apply for working capital loans as well as schedule future dated payments without having to shift between a banking and an ERP software platform. We will continue the model of co-creating to deliver innovative products and services to our customers.”

 “This is a maiden tie-up between Marg ERP and ICICI Bank, where we will provide integrated software solutions to small and medium enterprises and will address many of the complexities related to their payables and accounting. This tie up will enable them to initiate RTGS, NEFT, and IMPS transactions directly from Marg ERP’s platform. The customers just need to register their ICICI Bank’s current account on Marg ERP software through a simple two-click one-time process. SMEs and MSMEs in the country can now leverage the power of Integrated Banking, save time and increase productivity. We are happy and proud to be associating with ICICI Bank,” said Thakur Anup Singh, CMD, Marg ERP

Jindal Stainless Ltd. received a rating upgrade from CARE

Jindal Stainless Ltd. has received a rating upgrade from CARE, to ‘BBB-’ from BB+, reflecting Company’s improved profitability, strengthening balance sheet, and sustained operational progress. Commenting on the report, Managing Director of JSL, Mr Abhyuday Jindal said, “We are encouraged by the improvement in our rating. This development endorses that we are now more than financially and operationally stable, and poised to take our product mix and growth trajectory to the next level. The CARE ratings are a reflection of the inner health of the organization.”

Detailing the key drivers for JSL’s improved ratings, the report reads, ‘The Company has reported improvement in operational and financial performance during Q4FY18 with capacity utilization of 99.86% during Q4FY18 as against 90.95% in similar period previous year. The same has resulted in improved total operating income (TOI) and Profit Before Interest, Leasing, Depreciation and Tax (PBILDT), which increased to Rs. 3,183 crore and Rs. 399 crore respectively in Q4FY18, representing a growth of ~37% and ~22% respectively over similar period previous year. During full year FY18, the Company reported healthy growth in income and profitability with TOI of Rs. 10,803 crore and PBILDT of Rs. 1,299 crore, representing a growth of ~30% and ~18% respectively over FY 17. The Company reported healthy gross cash accruals of Rs. 787 crore during FY 18 which was significantly higher than Rs. 397 crore reported in FY 17.’

The CARE report further acknowledges the inherent strengths of the Company, given its long track record and strong position in the domestic market. ‘The Company has captive thermal power plant, captive ferro-chrome facilities, rolling mill, and downstream value added facilities,’ it states. The above ratings are reflective of JSL’s leading position in the stainless steel space – a diversified product portfolio, strong financial profile, and improving prospects of the sector.

ITDC continues profit making journey; posts profit of Rs. 27.16 cr in FY 2017-18

India Tourism Development Corporation (ITDC), the public sector undertaking under the aegis of the Ministry of Tourism, posted a significant performance for the financial year 2017-18.  Total income stood at Rs 370.64 cr as compared to Rs. 356.11 cr (As per Ind AS) in last financial year. Revenue from operations stood at Rs. 343.87 cr as compared to Rs. 330.77 cr (As per Ind AS) in the last fiscal. Corporation posted profit before tax (PBT) of Rs. 27.16 cr and profit after tax (PAT) of Rs. 23.62 cr in 2017-18 against Rs. 17.00 cr (As per Ind AS) and Rs. 11.43 cr (As per Ind AS) respectively in the previous year.

The Total Comprehensive income for the financial year 2017-18 is Rs. 19.14 crore as against Rs. 10.62 crore during the previous year.

The company has adopted Ind AS (Indian accounting standards) during the financial year 2017-18. The previous year’s figures have been realigned accordingly.

The results were announced in the Board Meeting of the company held on 30th May at the Group’s flagship hotel, The Ashok, New Delhi.

FY 2017-18 has been a crucial and important year for ITDC, especially in view of the ongoing disinvestment process of some hotels. The profit is result of realignment of activities and several proactive initiatives taken by the organization to improve its productivity and efficiency at the beginning of the year.

Besides posting continuous profit year after year, ITDC has maintained its status of Mini Ratna and its commitment towards the shareholders by announcing consistent dividend for last five consecutive years.

ITDC sustained its profit even after implementation of 3rd Pay Revision as well as increase in minimum wages. Hotel The Ashok & Hotel Samrat, Ashok Travel & Tours and Ashok Events division of ITDC were major contributors to the performance of the organization in FY 2017-18.

Centre to incorporate electronics manufacturing specifics in segments ruled by imports in new National Electronics Policy: MeitY secy

The Centre will hold discussions with the industry on electronics manufacturing related specifics in segments like automotive, defence, medical and power that are currently ruled by imports and the same will be incorporated in the new National Electronics Policy to be out in a couple of months’ time, a top official said at an ASSOCHAM event held in New Delhi today.
 
“It is very important for us to also grow seriously in many other segments where imports are ruling the market, we have huge scope in India for – medical electronics, automotive electronics, power electronics, defence electronics and we are hoping to sit with industry to understand as to what will it take specifically to make it happen in India and that is going to be part of the new national policy on electronics, which we are coming out with,” said Mr Ajay Prakash Sawhney, secretary, Ministry of Electronics and Information Technology (MeitY) at an ASSOCHAM conference on Electricals & Electronics Manufacturing.
 
Mr Sawhney added, “We have had fairly extensive rounds of discussion with the industry, we have taken note of your concerns, opportunities that you have pointed out to us and hopefully in a couple of months we should be coming out with the new national policy on electronics.”
 
He further said that time is ripe for India to position and prepare itself to become more competitive and start building exports and not just for mobile segments. “There are a number of segments where we have grown significantly over the past 3-5 years, in the area of LED lights and products we are fairly competitive today, we have seen scorching pace of growth in that as well.”
 
He also stressed upon the need to position India as not only a manufacturing hub but as a hub for design, innovation and manufacturing. “Our policy will make tremendous effort to help this along.”
 
The secretary added, “As we complete our electronic ecosystem, as we fill that gap, it will be possible to combine our existing strength in design and software with the emerging strength that we are acquiring in the entire ecosystem of electronics.”
 
Mr Sawhney also said “We have significant growth in LCD and LED tvs being assembled and manufactured within the country, we have seen more and more work in the solar panel segment as well, though still the import content is very high but we are making progress in that area.”
 
Noting that India continues to be a huge market for electronics, the MeitY secretary said that demand is mushrooming and growing roughly at around 20 per cent year on year and it is expected to continue this kind of huge growth.
 
Talking about the increasing number of SMT (surface mount technology) lines for PCB (printed circuit board) assembly, Mr Sawhney said that his ministry expects that this year India would be able to attract about 400 SMT lines, marking a very significant increase in number of SMT lines that exist.
 
“Hopefully in a couple of years’ time and we are working hard towards this goal, we would be able to get most of the important sub-assemblies and the basic components also increasingly being manufactured in India, this helps us in value addition,” he said.
 
Mr Sawhney further said that when India had started assembly of mobile phones in 2014-15, there were about 60 million units being assembled with a value of around Rs 19,800 crore. “This moved year-on-year to 115 million in 2015-16, 175 million in 2016-17, 225 million in 2017-18 and now with an overall value of Rs 1.32 lakh crore in a matter of three years.”
 
Urging the industry to start looking at new segments, he said that once the SMT lines, electronics subsystems, camera modules, displays, audio and others come in and become part of Indian ecosystem, they are the same things that go into anything electronic, India would be able to make not just the mobile phones but almost everything confidently.
 
In his address at the ASSOCHAM conference, Union Minister of State Electronics and IT, Mr S.S. Ahluwalia said, “To ensure its survival in today’s competitive world, India needs to compete with other technologically advanced countries like China, Japan, the US and others.”
 
He said that while there is no dearth of talent in India, the government is constantly creating requisite policies and atmosphere to promote electronics manufacturing in the country. “Youth needs to be trained and skilled, certificates merely will not make them employable.”
 
“A conducive business environment, political stability and pro-industry initiatives helps in the overall process of nation building. And, amongst these initiatives one of the key building blocks is manufacturing. Under the aegis of Make in India, the GoI aims to increase the share of the manufacturing sector to the gross domestic product (GDP) to 25 per cent by 2022, from 16 per cent, and to create 100 million new jobs by 2022. We at Appliance and Consumer Electronics (ACE) industry currently are contributing significantly towards this. For instance, for every appliance sold there is three jobs created – installation, service and repair, indicating a widespread scope for skilling and job creation. However, to further build upon the program’s success we need to build an ecosystem of skilled workforce, to ensure zero defect manufacturing across segments to enhance product efficiency”, said Manish Sharma, President and CEO Panasonic India and South Asia and President CEAMA.
 
 
Amid others who addressed the event included, ASSOCHAM president, Mr Sandeep Jajodia and Ms Swati Rangachari, chief of corporate affairs, Sterlite Technologies.