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<ul><li>IRDAI chairperson Debasish Panda in a keynote address at FICCI’s Annual <keyword id="5724733" type="General" weightage="20" keywordseo="insurance-conference" source="Orion">Insurance Conference</keyword> – ‘FINCON 2023’ stated that the country could achieve <keyword id="10516382" type="General" weightage="20" keywordseo="insurance-for-all" source="Orion">insurance for all</keyword> before 2047. </li><li>IRDAI chief suggested the industry could work with government groups like ASHA workers, anganwadi workers, self-help groups and non-government organisations to spread awareness about insurance. </li><li>Since 2022, the insurance regulator has awarded licences to three insurance companies – CreditAccess Grameen Life Insurance, Acko Life Insurance and Kshema <keyword id="6366282" type="General" weightage="20" keywordseo="general-insurance" source="Orion">General Insurance</keyword>. </li><li>The regulator has granted a licence for life insurance business after 2011 and general insurance after 2017. </li></ul>The <keyword id="35486" type="General" weightage="20" keywordseo="insurance-industry" source="Orion">insurance industry</keyword> is targeting an ambitious vision to achieve ‘Insurance for all by 2047’ as the insurance regulator seeks to ease regulations to bring in more players and boost penetration of insurance products in the country. The Insurance Regulatory and Development Authority of India (IRDAI) chairperson Debasish Panda, in a keynote address at FICCI’s Annual Insurance Conference ‘FINCON 2023’, stated that the country could achieve insurance for all before 2047. “The risks that we face in our daily lives are numerous and highly unpredictable. And yet, despite this reality, insurance coverage remains a privilege only being accessed by few and not the majority,” said Panda at the conference. Since 2022, the insurance regulator has awarded licences to three insurance companies – CreditAccess Grameen Life Insurance, Acko Life Insurance and Kshema General Insurance. The regulator has granted a licence for life insurance business after 2011 and for general insurance after 2017, he said. To boost insurance penetration the regulator is also changing the registration guidelines and bringing in more clarity, he said. Besides, 20 odd companies are in the process of getting their insurance licences, he added. India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%, which is pretty low compared to other nations. This also offers huge opportunities for insurance players to tap into a market that offers high potential. Panda also encouraged companies to utilise the increase in foreign direct investment (FDI) limit in the insurance sector to 74%, from 49% earlier, to bring in more capital and grow faster than in the past. “I expect the industry must innovate and create products that are affordable and accessible and also available to a wide range of consumers,” said Panda. He underlined the need to cater to 1.4 billion people, their businesses, properties, health, assets. And for this he said “we need more players, more capital, more distribution channels, more products, innovation and healthy competition.” Panda added that the industry could connect with the last mile to spread awareness by working with government groups like ASHA workers, anganwadi workers, self-help groups and non-government organisations, who could be messengers to make people aware of insurance.

More insurers, capital, distributors and healthy competition required to make insurance for all by 2047

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> on Tuesday asked the automotive industry to bring global best practices to <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, while also working on green and <keyword id="7340072" type="General" weightage="100" keywordseo="clean-mobility" source="Orion">clean mobility</keyword>. In a written address to the annual convention of the <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (SIAM), Modi said the automotive industry will drive even higher economic growth and in turn, thrive on demand growth. "As we shift gears towards our collective goal of a Viksit Bharat by 2047, I am confident that organisations like SIAM will continue to bring together all stakeholders and become a force multiplier in this mission," he said. The prime minister said the road ahead demands that the country's progress is rapid, while also being sustainable. "Working (on) greener and cleaner mobility is a vital step in this direction. It is important that this climate-conscious and sustainable vision resonates with domestic and international partners," he asserted. "Further, at this critical juncture for India and the world, it is essential that our automobile sector set not only an example for others to follow, but also work towards bringing global best practices to India. I am confident that the discussions and deliberations during the Annual Convention will serve as a catalyst for this," he added. He further said, "Through innovation and enterprise, I am sure that the automotive industry will drive even higher economic growth and in turn, thrive on the demand growth that inevitably creates." He said over the last decade, India's automotive sector has witnessed tremendous and unprecedented growth. "This is as much a testament to our nation's expanding economic growth, as it is to the pivotal role played by the automotive industry," Modi said. The success story of Indian mobility is noteworthy. The nation is witnessing the creation of future-ready infrastructure, such as state-of-the-art expressways, high-speed railways and other forms of multi-modal connectivity that reaches every corner, the prime minister noted. "The holistic approach is ensuring that the benefits of growth are not just confined to a few, but shared by all," Modi said.

PM Modi asks automakers to bring global best practices to India, focus on clean mobility

<ul class="summary-list"><li>India and China's rivalry will likely intensify in the Indian prime minister's third term in office.</li><li>Both countries have self-reliance as a policy priority — which means they will both go big into manufacturing.</li></ul><a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Indian Prime Minister Narendra Modi</a> this week secured a historic third term in office — and it's likely to intensify India's economic rivalry with China.As David Lubin, a senior research fellow at London-based think tank <a target="_blank" href="https://www.chathamhouse.org/2024/06/achieve-developed-india-modis-new-government-will-prioritize-manufacturing-sector-better-or">Chatham House,</a> wrote on Thursday, the rivalry is likely to heat up because Modi and Chinese leader Xi Jinping have the same obsession for their country: self-reliance.Modi has a vision for <a target="_blank" href="https://economictimes.indiatimes.com/news/economy/policy/mission-2047-india-charts-road-to-a-developed-economy/articleshow/108953808.cms?from=mdr">Viksit Bharat, or "Developed India,"</a> that sets a pathway for the South Asian giant to become a developed economy by 2047.Meanwhile, Xi's vision for China is <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-10-26/xi-s-vow-of-world-dominance-by-2049-sends-chill-through-markets">global dominance by 2049.</a>"Competition for economic leadership in Asia is in the air," wrote Lubin.<h2 id="a2dd3c88-d3f0-4b03-a2a9-5ef7ac76ad48">Both India and China will be focused on manufacturing</h2>To reach its goal, Modi's India will likely be going big on manufacturing."The pursuit of national greatness is, essentially, a relative game, and for India, the comparison that matters is with China," wrote Lubin.Since self-reliance is a policy priority for both India and China, "an obsession with manufacturing is likely to accompany it," Lubin wrote.<a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">India's GDP</a> of $3.9 trillion is far behind <a target="_blank" href="https://www.imf.org/external/datamapper/profile/CHN">China's $18.5 trillion GDP</a>. And China has served as the world's factory floor for the last four decades — but the tides are changing.<a target="_blank" href="https://www.businessinsider.com/china-trade-war-covid-companies-moving-supply-chains-2022-12">Companies are diversifying their operations </a>outside China to avoid over-relying on one country, and <a target="_blank" href="https://www.businessinsider.com/china-india-supply-chain-covid-sanctions-manufacturers-relocating-tariffs-options-2022-12">India is aiming to be the new China.</a>Given that India is now the world's most populous nation — with <a target="_blank" rel=" nofollow" href="https://www.spglobal.com/en/research-insights/special-reports/look-forward/india-s-demographic-dividend-the-key-to-unlocking-its-global-ambitions">65% of its population</a> under the age of 35 — there are huge opportunities for the South Asian nation.However, with Modi's party losing its parliamentary majority, this means it will be <a target="_blank" href="https://www.businessinsider.com/india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6">much harder for his adminstration</a> to push through much-needed land and labor reforms to supercharge growth.In addition, as Raghuram Rajan, a former head of the Central Bank of India, told <a target="_blank" rel=" nofollow" href="https://www.npr.org/sections/planet-money/2024/06/04/g-s1-2226/india-election-democracy-china-economy-manufacturing">NPR's "Planet Money",</a> India is wading into a crowded space with <a target="_blank" href="https://www.businessinsider.com/china-trade-war-covid-companies-moving-supply-chains-2022-12">other emerging nations</a> such as Vietnam, Bangladesh, and Malaysia with their skin in the game.Rajan said India would do better to focus on the service industry, since the country already has a large English-speaking population.But Delhi is throwing big money to catch up with China, including over $20 billion worth of <a target="_blank" href="https://www.investindia.gov.in/production-linked-incentives-schemes-india">incentives and subsidies</a> to encourage output in 14 key sectors including electronics, automobiles, and EV batteries.It's also provided <a target="_blank" href="https://www.reuters.com/world/india/india-renews-process-10-bln-semiconductor-incentive-scheme-bloomberg-news-2023-05-10/">another $10 billion</a> for the semiconductor chip industry — a hot strategic sector that Taiwan has an <a target="_blank" href="https://www.businessinsider.com/asml-tsmc-semiconductor-chip-equipment-kill-switch-china-invade-taiwan-2024-5">outsized presence in.</a>India has been trying to woo <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-04-26/india-woos-intel-and-tsmc-to-set-up-local-semiconductor-plants">Taiwan's chip plants</a> to invest in the country and has had <a target="_blank" href="https://www.reuters.com/technology/india-approves-three-chipmaking-units-worth-152-bln-2024-02-29/">some success.</a><h2 id="421605ca-e5e5-4946-afcf-cf011993a870">India's rocky relationship with China</h2>Given India's ongoing rivalry with China and the Modi government's eagerness to attract Taiwan investments, the Delhi-Beijing relationship is also off to a rocky start as the Indian leader kicks off his new term.On Tuesday, <a target="_blank" href="https://www.businessinsider.com/modi-straight-from-reelection-anger-china-taiwan-india-2024-6">Modi angered China</a> — which claims Taiwan as its own territory — when he accepted Taiwanese President William Lai's congratulations following India's elections."China opposes all forms of official interactions between the Taiwan authorities and countries having diplomatic relations with China," Mao Ning, the spokesperson for <a target="_blank" href="https://www.fmprc.gov.cn/eng/xwfw_665399/s2510_665401/202406/t20240606_11405886.html">China's foreign ministry,</a> said at a scheduled press conference on Thursday.India's foreign policy toward China is unlikely to change following Modi's re-election, Ivan Lidarev, an Asian security scholar at King's College London, told <a target="_blank" href="https://www.channelnewsasia.com/watch/what-does-modis-weakened-mandate-mean-indias-rivalry-china-4391006">Channel NewsAsia.</a>"India has pursued a very active foreign policy of kind of getting closer with the West and counterbalancing China for many years," he told the network. "There is a very strong consensus within India about this."China, meanwhile, will try to limit India's influence on the global stage, he said."I think India has strived to position itself as a leader of the global south, and of course, China wants this position," added Lidarev. "So we think that this competition is going to increase and I think that Beijing will do a lot to limit any Indian attempts to be seen as the natural leader of the world."

India's race to overtake China will intensify after Modi's reelection because they have the same obsession, analyst says

The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="83" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) along with <keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword> international payments ltd (NIPL) will work towards taking <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and <keyword id="19907221" type="General" weightage="20" keywordseo="RuPay" source="keywords">RuPay</keyword>. "In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL) will work towards taking UPI to 20 countries with initiation timeline of 2024-25 and completion timeline of 2028-29," the report said. The RBI report further adds "Fast Payment System (FPS) collaboration with group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages will be explored". The Payments Vision Document 2025 of RBI has outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar. The Reserve Bank is in talks with central banks of various countries for entering into collaborative arrangements. In July 2023, the Reserve Bank and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) for interlinking their payments infrastructure. Under this MoU, India and UAE have agreed to cooperate on linking their Fast Payment Systems, UPI of India with Instant Payment Platform (IPP) of UAE called Aani. Both countries also agreed to link their respective Card Switches (RuPay switch and UAESWITCH). In February 2024, RuPay cards and UPI connectivity between India and Mauritius was launched. With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI apps. Similarly, a Mauritian traveller will be able to do the same in India using the instant payment system apps of Mauritius In February 2024, UPI connectivity between India and Sri Lanka was launched. This connectivity has enabled Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps. The Reserve Bank of India and Nepal Rastra Bank are also exploring the linkage of UPI platform of India and National Payments Interface of Nepal for enabling cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) signed a MoU for the purpose UPI payment through QR code is already accepted for merchant (e-commerce) payments in France and Nepal. India has some or other kinds of tie-ups with seven countries for making payments through UPI. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank">Upcoming cars and two-wheelers launching in India in June 2024</a><a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank">Huawei beats Samsung to take the top spot in global foldable smartphone shipments</a>

RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

Reliance Industries Ltd Chairman and Managing Director <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> termed <keyword id="6355725" type="General" weightage="80" keywordseo="tata-group" source="Orion">Tata Group</keyword> Chairperson N Chandrasekaran as a "true inspiration" for the business community and youth of the country. Addressing a convocation of Pandit Deendayal Energy University (PDEU) in Gandhinagar on Tuesday, <keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword> showered praises for the Tata Group chairperson, who was the chief guest at the event. "He (Chandrasekharan) is a true inspiration to the business opportunity and the youth of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. Through vision conviction and rich hands-on experience, he has scripted Tata Group's spectacular growth in recent years. He has also led its forays into the businesses of the future," the <keyword id="6484187" type="General" weightage="50" keywordseo="ril" source="Orion">RIL</keyword> chief said. "I am particularly inspired by the gigantic step the group has taken in the field of renewable energy under his leadership. The steps reflect his faith in the ability of new energy technologies to lead us to a better and brighter future," Ambani said. Ambani also said that if India has to become a renewable energy powerhouse, it is possible through the combined will and initiatives of many leading business groups working with the ethos of a national coalition. According to the university's website, Mukesh Ambani is the president and chairman of its board. Later in his address on Tuesday, Ambani said India is poised for an "unprecedented explosion in economic growth and opportunities" during Amrit Kaal - the 25-year period to 2047 when India will celebrate the centenary of its independence. By 2047, India will be a USD 40-trillion-dollar economy and ranked among the top three economies of the world. He said the three game-changing revolutions will together transform lives in ways unimagined. "From a 3 trillion-dollar economy, India will grow to become a 40 trillion-dollar economy by 2047, ranking among the top three economies of the world in your working life. In other words, a bright future beckons you. Be ready to step out confidently when opportunity knocks on your door," Ambani said. "While the Clean Energy Revolution and the Bio-Energy Revolution will produce energy sustainably, the Digital Revolution will enable us to consume energy efficiently. All three revolutions will together help India and the world save our beautiful planet from the Climate Crisis," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/mukesh-ambani-says-india-will-become-a-40-trillion-economy-by-2047/articleshow/95692457.cms">Mukesh Ambani says India will become a $40 trillion economy by 2047</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-tiago-nrg-icng-vs-alto-k10-cng-comparison-of-price-specification-and-features/slidelist/95707277.cms">Tata Tiago NRG iCNG vs Alto K10 CNG – Price, specifications and features compared</a>

Mukesh Ambani calls Tata Group chairman N Chandrasekharan a 'true inspiration to India's youth'

<ul><li><keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> on Tuesday announced that it has sold over a million two-wheeler insurance policies.</li><li>About 75% of the overall insurance purchases came from Tier 2 and Tier 3 cities.</li><li>Four in five insurance policies were bought by users with expired covers, the company added.</li></ul>Digital payments platform PhonePe on Tuesday announced that it sold over a million two wheeler insurance policies since the launch of its product nine months ago. About 75% of the overall insurance purchases came from Tier 2 and Tier 3 cities, which according to PhonePe showcases the wide adoption of its offerings in non-metros cities and towns across India. Four in five insurance policies were bought by users with expired covers, the company added. “We aim to double down on this early momentum to drive insurance adoption in the country in line with the IRDAI’s [Insurance Regulatory and Development Authority of India] vision of insurance for all by 2047, while working closely with our insurance partners to make insurance products simple, affordable and accessible to all,” Prannay Batra, head of general insurance at PhonePe, said. PhonePe launched car and bike insurance — in partnership with Bajaj Allianz General Insurance — in October 2021. The company allows its users to avail insurance without the need for any documents to be uploaded before the purchase and also view their policy documents instantly on the app. PhonePe users can avail the policy through the ‘My Money’ section of the digital payments app available on Android and iOS. The insurance products are listed under the insurance section. The Walmart-owned fintech startup has over 385 million registered — representing nearly one in four Indians. PhonePe <a href="https://www.businessinsider.in/finance/news/whatsapp-carried-out-only-17-million-upi-transactions-and-phonepe-was-at-20-billion-in-india-in-2021-22/articleshow/90726109.cms">carried out 20.7 billion UPI transactions</a> in 2021-22 – every 1 out of 2 UPI transactions were carried out on PhonePe. PhonePe is the biggest UPI player in India in terms of transactions. However, it is not earning any money on it as the government of India does not allow payments players to charge on such transactions. The company has, therefore, been expanding its operations through different product lines such as loans, insurance, investments, among other things. SEE ALSO <a href="https://www.businessinsider.in/india/news/indias-richest-people-are-moving-to-uae-australia-and-singapore/articleshow/92181712.cms" style="">India’s richest are moving to UAE, Australia and Singapore — but there’s nothing to worry</a> <a href="https://www.businessinsider.in/business/corporates/news/nearly-four-lakh-fliers-are-thronging-airports-every-day-and-indigo-is-flying-half-of-them/articleshow/92179593.cms" style="">Nearly four lakh fliers are thronging airports every day and Indigo is flying half of them</a> <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-will-gain-the-most-from-economic-recovery-and-also-regain-lost-market-share-say-brokerages/articleshow/92171487.cms" style="">Maruti Suzuki will gain the most from economic recovery and also regain lost market share, say brokerages</a>

PhonePe sold a million two-wheeler insurance policies in less than 9 months

Budget 2022-23 reflects the vision of the union government in reimagining cities as centres of sustainable living with opportunities for all, including the youth and women. The unwavered and continued thrust of the budget on Nari Shakti (women power) with focus on education, skilling, entrepreneurship, and financial inclusion is commendable. What is not desirable is the unidimensional approach to enhancing women’s access within urban centres. This year, the gender budget in urban spaces is dominated by the allocations of ₹520 crores for safe cities, ₹250 crores for emergency response, ₹20 crores for the safety of women in public <keyword id="6354639" type="General" weightage="20" keywordseo="road" source="Orion">road</keyword> transport, and ₹5.27 crore for the safety of women tourists. This is indeed a much-needed step in the right direction. Safety is a key factor enabling women’s unfettered access to economic opportunities that a city has to offer. At the same time, as India begins a critical 25-year journey to 100 years of independence, the country should expand its approach to women empowerment from protection against unsafe incidents to inclusion. In other words, India’s safe city paradigm should shift to cover safer and inclusive streets and public spaces. Budget allocations towards well-functioning and continuous street lighting, public amenities such as toilets, and lounge areas for women, more ‘eyes on the street’ as natural surveillance through mixed-land use and presence of hawkers and diverse gender/age population are low-hanging high-impact initiatives cities should undertake. Additionally, planning measures such as bus services on routes frequented by women, multimodal and first- last-mile connectivity, providing real-time transport schedules, developing on-demand stops at night, etc., are a few but necessary measures to provide safety in public transportation. Combined with accessible and seamless grievance redressal systems and safety audits, the effectiveness of safe city initiatives can be ensured. Recognising that gender issues are not unidimensional, safe cities should operate at the intersection of different identities and marginalisations. The safety and accessibility needs of elderly women, pregnant women, women with young children, and women with disabilities, et al need to be integrated into safe city initiatives of India, with learnings for the world. Catering to intersectionality would enable cities to implement wider footpaths, kerb ramps, handrails, spacious restrooms, seating spaces, feeding areas, etc., creating a more inclusive built environment. Additionally, a gender-mainstreamed city plan and associated budgets should take into account facilities like childcare centres, play areas, community centres, clustering of daily amenities either placed along or within walking distance of transit stops, and rental housing for working women. Safe city initiatives for women, therefore, should be rebranded as Safe, Accessible, and Inclusive City initiatives. That’s the only way for cities to reduce their overreliance on <keyword id="6354857" type="General" weightage="20" keywordseo="cctv" source="Orion">CCTV</keyword> cameras and instead enable the freedom of movement of women at all times of the day and night. The current approach to safe cities has the risk of leaving women’s ‘right to the city’ unattended, thereby holding them back from living full lives. For instance, the existing premise is that unless a city installs CCTV cameras on all roads, every nook and corner, women’s mobility will be curtailed. Women may not be able to work late at night or pursue education far away from home. But are CCTVs effective in minimising gender-based violence and making women “feel safe”? At best these cameras can help solve crime after it has been committed and may to some degree minimise crime by increasing the risk of detection for criminal behaviour. India, thus, urgently needs to expand the paradigm of safe cities, and place safe, accessible, and inclusive mobility front and centre. This is not just what the authors of this op-ed want, but what girls and women across India need and deserve. Women constantly make decisions about their commute and expect public transport systems to be affordable, reliable, frequent, comfortable, clean, and safe. Women’s mobility involves trip chaining, travelling with dependents or in off-peak hours, etc. Thus, safety is not the sole priority. Recognising this and leveraging Budget 2022-23, India should aspire to integrate gender equity – comprehensively address women’s needs – in urban planning, development, and governance. The above should be combined with digitalisation and the use of geo-spatial data to track, compare and represent longer-term developments - aspects that the budget already emphasises upon, and justifiably so. Use of mapping and geotagging to report incidents, and notify other women of unsafe areas will have a profound impact on women’s mobility. This would allow for the implementation of safe, accessible, and inclusive city initiatives in an agile, responsive fashion. Overall, unlocking Nari Shakti is not only about women being safe from harassment, but also about enabling their meaningful participation in shaping urban governance and development. Just as India is leading by example by enabling a woman finance minister to steer the country towards growth and sustainable development, all cities and states too should enable women to have a seat at the decision-making table. Women’s voices - needs and aspirations - would thus be heard, leading to the creation of gender-inclusive built environments accompanied by urban policies and budgets. Even as the Union Budget provides a fillip to urban planning, it is imperative that women plan with the city and not be planned for. Multi-level, multi-sectoral, and multi-stakeholder engagement will lead to sustained progress on gender equity. We need gender-sensitive transformative urban policies at all government levels with intersectional coalitions for implementing and closing the feedback loop. This should be supplemented through gender-disaggregated data collection, monitoring and evaluation of policies and programmes to assess impacts, gender-budgeting at the city level, and increased public awareness. As the budget lays the blueprint for India@2047, it is time to tap into the potential of Nari Shakti by ensuring that investments benefit them, and we realise the vision of a women-led Atmanirbhar Bharat. Aishwarya Raman is Director and Head of Research, Ola Mobility Institute (OMI). Aishwarya Agarwal is Research Associate, Accessibility and Inclusion, OMI. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/adani-wilmar-tvs-motor-bharti-airtel-irctc-and-other-hot-stocks-on-february-8/slidelist/89418927.cms">Adani Wilmar, TVS Motor, Bharti Airtel, IRCTC and other hot stocks on February 8</a> <a href="https://www.businessinsider.in/business/startups/news/interview-indias-latest-software-unicorn-is-wetting-its-feet-in-america-after-holding-its-horses-for-seven-years/articleshow/89409491.cms">INTERVIEW: India’s latest software unicorn is wetting its feet in America after holding its horses for seven years</a> <a href="https://www.businessinsider.in/business/startups/news/future-groups-kishore-biyani-mohandas-pai-and-68-others-invest-in-former-twitter-india-heads-latest-startup/articleshow/89403045.cms">Future Group’s Kishore Biyani, Mohandas Pai and 68 others invest in former Twitter India head’s latest startup</a>

OPINION: There’s more to making roads safer for women than just CCTV cameras

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

With just 2 days to go before finance minister Nirmala Sitharaman presents the union budget 2024, various sectors are abuzz with their expectations from the first full fledged budget to be presented under PM Modi's third consecutive term. Most experts anticipate the budget to focus heavily on boosting consumer demand and accelerating infrastructure development. In fact, president Murmu has already hinted that the budget will be historic, both in its scope and announcements. As such, what is it that the Indian insurance industry, driven by IRDA's vision of "Insurance for all by 2047" want from this budget? Lets find out <h2>Capture the <keyword id="21409017" type="General" weightage="20" keywordseo="annuity-market" source="keywords">annuity market</keyword> </h2>Subhrajit Mukhopadhyay, Executive Director, Edelweiss <keyword id="19936531" type="General" weightage="20" keywordseo="life-insurance" source="keywords">Life Insurance</keyword> anticipates that the upcoming budget should tackle the issue of how annuities are taxed. Currently, they are completely taxable in the hands of customers, which reduce its attractiveness, vis a vis other retirement planning options like NPS (National Pension System). According to a recent report by UNFPA, the population of number of individuals in the country who are aged 60 or more is set to double to around 346 million in the next 30 years. As such, it becomes all the more important to create awareness regarding retirement planning, and ensuring the aged have a secure, stable source of income in their twilight years, which is where annuities come in. "India’s vast ageing population underlines its burgeoning pension and annuity market. Annuity caters to the key dilemma of a pensioner, for a life-long pension at a steady, guaranteed rate and exposes the investors to a reinvestment rate risk especially in a volatile interest rate scenario. Annuities are the only solution, which provide complete protection from the perspective of living longer (i.e. outliving one’s corpus), by providing a regular flow of income throughout one’s lifetime, purchased in lieu of a single lump-sum amount. Currently, tax incentive is offered for people to accumulate corpus in NPS under Section 80CCD (1b ). A similar incentive may also be extended to annuities", noted Mukhopadhyay <h2>Separate sops for <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> premiums </h2>One of the most vocal demands of the insurance industry at the moment is to increase the tax deduction limit for premiums paid towards life and health insurance. At present, individuals aged below 60 can claim an annual deduction of up to Rs 25,000 towards health insurance premiums paid for self, spouse or children. The limit goes up to Rs 50,000 in case of senior citizens. Mr. Rakesh Goyal, Managing Director, Probusinsurance.com hopes that the budget will raise this limit to Rs 50,000 for self, spouse, and children, and Rs 1 lakh for senior citizens. Anup Rau Managing Director &amp; Chief Executive Officer of Future Generali India Insurance Company Limited, agrees to this. “Making insurance products affordable and accessible to masses will be crucial to ensure India achieves “Insurance for All by 2047” – a goal set by IRDAI - and this calls for certain <keyword id="20071222" type="General" weightage="20" keywordseo="tax-incentives" source="keywords">tax incentives</keyword>. The deduction limit on health insurance premium under Section 80D has remained unchanged for the past nine years despite the fact that there has been a significant rise in healthcare costs across the country. Interestingly, India, which surpasses South Asian peers with a medical inflation rate of 14%, last witnessed an enhancement in the deduction limit in 2015-16. Also, these benefits need to be extended to the new tax regime as well since increasing health <keyword id="20998941" type="General" weightage="100" keywordseo="insurance-penetration" source="keywords">insurance penetration</keyword> is critical", he adds. Goyal goes a step ahead, and advocates for creating a separate exemption limit for insurance premiums, in addition to the existing threshold of Rs 1,50,000. "Right now, Indians get a tax exemption of Rs 1.5 lakh every year, but it's crowded with various financial products. We would expect the limit to increase or to establish a separate exemption limit specifically for life insurance premiums. This move would help increase countrywide insurance penetration", says Goyal. Krishnan Ramachandran, Managing Director and Chief Executive Officer (MD&amp;CEO) of Niva Bupa Health Insurance also advocates for the 80D tax exemption to be linked to inflation and revised periodically. Also, per him, tax exemptions should also extend to dependent family members like siblings. Syed Meraj Naqvi,CEO &amp; Principal Officer, Riskbirbal Insurance Brokers also thinks on similar lines. "Adding a portion of medical insurance premiums for tax relief alongside the current 1,50,000 deduction limit would not only ease financial burdens but also encourage the younger generation to embrace saving habits. It’s about nurturing a mindset of financial responsibility while ensuring adequate healthcare coverage for all", he notes. Parimal Heda, Chief Investment Officer, Go Digit General Insurance believes that a good way to increase insurance coverage amongst young individuals is by offering a significant tax discount. "This could also be considered particularly for first-time health insurance buyers, especially youngsters. A tax exemption of 200% of the premium amount can be considered under chapter VIA. This can later be reduced in a phased manner of four years to make the same at par with the existing tax benefit provided under Section 80D", Heda observes. <h2>Don't overlook home, vehicle insurance </h2>Even though motor insurance, which makes up for around 50% of the non-life insurance industry (sans health) grew at around 12.9% in FY24, touching Rs 91,781.3 crore, over 50% of vehicles don’t even have a third-party (TP) motor insurance. To counter this, Heda suggests a one-time tax exemption can be offered to people to renew their lapsed TP policy. Additionally, given the increasing frequency of natural calamities adversely impacting human property, it is necessary to increase home insurance penetration to protect homeowners. Per Heda, the government, with the help of RERA can make home insurance mandatory for new homeowners, for which a tax deduction of up to Rs 25,000 can also be considered on home insurance premiums. However, a word of advice. Do not wait for tax breaks, or budget announcements to buy a life, or health insurance in case you already don't have one. Get one right away!

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