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Whoever said you cannot buy <keyword id="19915159" type="General" weightage="20" keywordseo="happiness" source="keywords">happiness</keyword> probably wasn’t spending their <keyword id="6354840" type="General" weightage="20" keywordseo="money" source="Orion">money</keyword> on the right stuff, it turns out. A new <keyword id="21763866" type="General" weightage="100" keywordseo="psychological-study" source="keywords">psychological study</keyword> has found that spending money on experiences rather than material goods can foster feelings of <keyword id="19926958" type="General" weightage="20" keywordseo="social-connection" source="keywords">social connection</keyword>, ultimately improving one’s health and happiness. This research, conducted by <keyword id="19908054" type="General" weightage="20" keywordseo="Amit-Kumar" source="keywords">Amit Kumar</keyword>, assistant professor of marketing and psychology at Texas McCombs, builds on his previous findings. Kumar's earlier work demonstrated that spending on activities like concerts, dining out, or travelling is far more satisfying than buying material items such as cars or clothes. This time, he and his co-researchers focused on how <keyword id="21763865" type="General" weightage="20" keywordseo="experiential-purchases" source="keywords">experiential purchases</keyword> influence social connections. “What this work suggests is that we might actually be able to build social capital from what we buy. That, in turn, could lead to more health and happiness,” Kumar explained. <cmsannotation type="cmsannotation" annotationid="Experiential purchases and their ability to boost connections" comment="subhead" text="Experiential purchases and their ability to boost connections">Experiential purchases and their ability to boost connections</cmsannotation> In collaboration with psychologists Thomas Mann of Harvard University and Thomas Gilovich of Cornell University, Kumar conducted seven varied experiments. After surveying over 1,400 participants about their feelings of social connection after making experiential versus material purchases, they found that experiential purchases were significantly better at boosting feelings of similarity and connection. Participants were asked to rate their feelings of similarity on a scale from 1 to 9. In several separate experiments, they consistently rated these feelings up to 1.51 points higher for experiential purchases, while also reporting stronger senses of connection and kinship. “You feel a significantly stronger sense of connectedness when you find out that you just saw the same band in concert, than when you learn you have the same shoes as someone else,” Kumar said. One reason for these stronger connections is that experiences form a larger part of a person’s identity than material possessions. On a similar scale, participants rated their sense of identity-related to experiential purchases at an average of 7.21, whereas material purchases were rated at 5.92. “All of our buying habits are, to some extent, part of who we are, and they can connect us to other people. But that's much more likely to be true of experiences we buy than material items we buy,” Kumar added. The study also found that even when others have a superior version of the same experience, experiential purchases still foster a greater sense of connection than material ones — not just with friends, but with people in general. For instance, two people attending the same cricket game, one in the farthest seat from the pitch and the other in a private box, will still feel a stronger kinship than if they wore the same kind of shoes. In two experiments, participants felt a greater “sense of connection to humanity” after reflecting on experiential purchases compared to material ones. Conversely, material purchases left them “unusually disinclined” to pursue social connections overall. While these findings are most relevant to individual consumers and policymakers aiming to enhance health and happiness, Kumar notes there are practical implications for businesses as well. For instance, companies should consider highlighting the experiential aspects of the material goods they sell. This strategy could enhance consumers’ feelings of social connection, driving longer-term satisfaction, customer retention and brand loyalty. The research is published in the Journal of Behavioural Decision Making and can be accessed <a href="https://onlinelibrary.wiley.com/doi/10.1002/bdm.2376">here</a>.

Money can buy happiness! Just spend it on social experiences and not things, says a psychological study

<ul><li>Scorpio, <keyword id="6393092" type="General" weightage="100" keywordseo="fortuner" source="Orion">Fortuner</keyword> and other SUVs are among the most popular second-hand cars being bought by Indians, says <keyword id="6360657" type="General" weightage="80" keywordseo="olx" source="Orion">OLX</keyword> Group India CEO.</li><li>However, the demand for small cars like Swift, i10, WagonR continues to be robust.</li><li>The market for pre-owned cars is growing faster (15%) than the new car market (10%).</li></ul>Indian customers are showing a greater preference for purchasing pre-owned cars as rising input costs and inflationary pressures make buying a new car an expensive proposition. Scorpio, Fortuner and other SUVs are among the most popular choices of Indians, as the demand for these pre-owned cars shot up by more than 150% in 2021 from 2019 levels, <keyword id="51561" type="General" weightage="50" keywordseo="amit-kumar" source="Orion">Amit Kumar</keyword>, CEO at OLX Group India, told Business Insider India in an interview. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Car </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Demand growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Scorpio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">168% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fortuner </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">166% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other SUVs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">152% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Small cars like Swift, i10 and WagonR continued to dominate the sale of pre-owned cars – with their share rising to 45-55% of the total pie in 2021 from 40-50% in 2019. In the western region, hatchbacks constituted as much as 60% of the total sales in 2021, he said. Demand improvement was more pronounced in the south followed by the west, while it was relatively lower in the east even post lockdown, Kumar said. Interestingly, the concept of buying used cars is now gaining momentum in tier 2 and 3 cities as well. “The Covid-19 pandemic has led to an increase in demand for used cars and so we saw a price increase as well for these used cars,” Kumar further added. The market for pre-owned cars is growing faster (15%) than the new car market (10%) in terms of CAGR. The used-car market is poised to be 1.5 times larger than the new car market by FY26, according to a study by <keyword id="10367965" type="General" weightage="80" keywordseo="olx-autos" source="Orion">OLX Autos</keyword> and CRISIL. A report by Car24 also highlighted that millennials and GenZs were the biggest buyers of used cars, registering a growth of 71% and 57% respectively in 2022 compared to a year earlier. <cmsannotation type="cmsannotation" annotationid="Pre-owned luxury cars see demand in tier 2, 3 cities" comment="subhead" text="Pre-owned luxury cars see demand in tier 2, 3 cities">Pre-owned luxury cars see demand in tier 2, 3 cities</cmsannotation> “We saw an astounding growth in demand for luxury cars in tier 2 cities, as compared to tier 1 cities. The growth in demand in tier 2 cities was 45% in 2021, whereas it was 40% in tier 1 cities,” Kumar said. He further explained that this was mainly because the luxury car market in tier 2 cities benefited from a low base as compared with tier 1 cities. The company also published a report on pre-owned luxury cars after analyzing over 50,000 luxury car listings made on the platform in the January to June period. In the report, OLX Autos noted that the <a href="https://www.businessinsider.in/business/auto/news/as-new-cars-get-pricier-pre-owned-bmws-audis-and-porsches-get-more-attractive/articleshow/93275786.cms">demand for pre-owned luxury cars</a> witnessed a sharp increase in the first half of 2022, with BMW being the top favourite, followed by Mercedes Benz, Audi, Jaguar and Porsche. OLX is not alone in benefitting from this trend. Its competitor<a href="https://www.businessinsider.in/business/auto/news/hyundai-elite-i20-grand-i10-and-maruti-suzuki-baleno-are-the-most-popular-second-hand-cars/slidelist/92854152.cms"> Spinny</a> also witnessed high demand for Mercedes C class, BMW 3 series and Audi Q3 on its newly launched luxury car portal in the second quarter of 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/in-the-wfh-era-soft-skills-like-public-speaking-and-persuasion-are-not-so-essential-after-all/articleshow/93608485.cms">In the WFH era, soft skills like public speaking and persuasion are not so essential after all</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/sports-goods-furniture-and-shoes-lead-indias-retail-growth-this-festival-season-rai/articleshow/93614115.cms">Sports goods, furniture and shoes lead India’s retail growth this festive season: RAI</a>

Indians are buying more pre-owned cars: Scorpio, Fortuner among the top picks

<ul><li>Saksham, the <keyword id="13004400" type="General" weightage="20" keywordseo="Entrepreneurship-Cell-of-IIM-Udaipur" source="Orion">Entrepreneurship Cell of IIM Udaipur</keyword>, is organising its third and largest e-Summit 2022 with the theme “Zilch to Zillion: Celebrating a Decade of Unicorns”.</li><li>The summit will be held on 23rd January 2022 virtually.</li><li>Representatives from top-tier VCs like Accel, Chiratae Ventures, Tanglin Venture Partners and Times Internet will also be joining as speakers and panelists.</li></ul>Saksham, the Entrepreneurship Cell of Indian Institute of Management, Udaipur, is organising its third and largest E-Summit 2022 with the theme ‘Zilch to Zillion: Celebrating a Decade of <keyword id="2023017" type="General" weightage="80" keywordseo="unicorns" source="Orion">Unicorns</keyword>’ on 23rd January 2022 in a virtual format. The aim of the summit is to honour the efforts and celebrate the accomplishments of all rising entrepreneurs. The E-summit will provide a forum to brainstorm and discuss innovation and ingenuity demonstrated by Indian entrepreneurs that have helped India’s unicorns (companies with valuation more than $1B) gain a combined market cap of $240 billion. Even as India is rapidly enhancing its start-up ecosystem, it still needs to climb 67 positions to top the Global Entrepreneurship Index, an indicator of the overall entrepreneurial potential of a nation. Prof. Janat Shah, Director, <keyword id="349500" type="General" weightage="20" keywordseo="IIM-Udaipur" source="Orion">IIM Udaipur</keyword> said, “Management schools in India are emerging as the breeding grounds for start-ups, especially Unicorns, by creating an enabling environment in curricula and bringing together key enablers of the ecosystem.” “Entrepreneurship is one of the core values of IIM Udaipur, and the institute is committed to nurturing future leaders and entrepreneurs who will power their organizations, create innovations in products and services in the emerging economies,” he added. Yashish Dahiya (Co-Founder and CEO, Policy Bazaar) and <keyword id="237838" type="General" weightage="20" keywordseo="arjun-mohan" source="Orion">Arjun Mohan</keyword> (CEO, upGrad) will throw light on how to shape the entrepreneurship landscape and leapfrog to the top league, as the keynote speakers. Other eminent speakers at the E-Summit ’22 are Prashant Pitti (Co-founder, EaseMyTrip), Ishan Bansal (Co-founder, Groww) and <keyword id="3014325" type="General" weightage="20" keywordseo="amit-kumar-agrawal" source="Orion">Amit Kumar Agrawal</keyword> (Founder, NoBroker), who will all be covering their experiences and learnings from building scaled companies in India. Representatives from top-tier venture capital firms like Accel, Chiratae Ventures, Tanglin Venture Partners and Times Internet will also be a part of the summit as speakers and panelists. The event is supported by a network of corporates, incubators, media partners, including Secure Meters, TiE Udaipur and Rajasthan Venture Capital Fund. Top upcoming D2C (direct-to-consumer) startups like Ugaoo, InACan and Bombay Shaving company are also partnering with the E-Summit ’22 as “Gifting Partner”, “Experience Partner” and “Grooming Partner” respectively. In the past decade, India has transformed its start-up ecosystem into becoming the third-largest in the world. In 2021, India added 46 Unicorns, doubling the number to over 90. In 2022, It is estimated that over 50 more unicorns will be added to the Indian start-up ecosystem. Disclaimer: Business Insider India is a media partner to the event.

IIM Udaipur kicks off its third Entrepreneurship Summit, India’s unicorns to be in focus

In the sector-wise coverage following the recent <keyword id="3256007" type="UNKNOWN" weightage="20" keywordseo="Aon-Hewitt-Salary-increase-report">Aon-Hewitt Salary increase report</keyword> for this year, next up is the automobile industry! 
	 While speaking to <keyword id="4263155" type="UNKNOWN" weightage="20" keywordseo="amit-kumar-otwani">Amit Kumar Otwani</keyword> - Sr. Consultant, Rewards, <keyword id="6462982" type="COMPANY" weightage="20" keywordseo="Aon-Hewitt">Aon Hewitt</keyword> - we tried to understand how this key industry is moving forward in terms of its competitiveness, salary increments to employees, pay differentiation and several other parameters in the past couple of years, and what these would look like in future. 
	Here’s an overall outlook of the automotive sector: 
	 
	​Automotive sector continues to project a double-digit salary increase for 2017. However, it has taken a drop from 2016 actual spends. What is the reason for this? 
	In the auto industry, salary increases have gone down from 10.7 to 10.3. There are few things that have happened this year in addition to a few trends we have been seeing over the past few years. From a long term perspective, auto industry promises a long term growth. If you look at the Government's Automotive Mission Plan 2016-26, it says the automotive industry is expected to grow four-fold by the end of 2026 and it will grow at a CAGR of about 10% in terms of sales volumes. So, the long term story from an automotive perspective is intact and is growing well. 
	 
	​However, if we look at what happened last year, the overall domestic sector growth was at 6.05% over the same period last year, and exports saw a decline. There was an impact from demonetisation as well. It impacted the two wheelers sales volumes, luxury car automakers and the tractor industry. This is the reason why the business situation is seeing a cautionary phase. The industry has not grown very well, at least from a demonetisation perspective last year.

	 
	​The way automotive employee costs have grown also needs to be taken into account. It has been growing at about 14.08%, while some of the other business metrics (revenue and other operating expenses) have grown in the range of about 8-10%. Average wage cost of this sector which was about 4-5% five years back has reached 6%. This is putting pressure on the employee cost item in the PNL accounts of organisations and therefore the overall increments have been coming down. It is expected that it may continue to hover around 10% or may be slightly less than 10%.

	 
	Also, in the last couple of years, salary increases in this sector has shown stability overall by hovering around 10.5 %. What is the reason for this figure sticking to a 10% range over a long period of time? 
	Why we will not see this figure going below 10% is because automotive industry has a long gestation period. Therefore, this industry always prepares talent from the next 5-year time frame for the simple reason that if a new product development needs to be done, talent needs to be intact. Moreover, since a lot of companies are building R&amp;D centres in India, automotive companies want to stay competitive with respect to some of the other industries as well. 
	 
	Tell us about attrition levels that Auto sector is facing? 
	Overall attrition has gone up from 9 to 10.2% over the past year. This increase is happening on account of two functions: Sales Marketing and R&amp;D. Since a lot of other organisations are setting up their R&amp;D centres, and talent is mobile across India and not restricted to a particular region, attrition is high in R&amp;D. Moreover, Sales and Marketing is always in demand, so we see talent drifting to other lucrative sectors whenever they can. 
	 
	How is this key industry moving forward in terms of its competitiveness talent-wise, salary increments to employees, pay differentiation? 
	If I compare auto to consumer/telecom sector, the base compensation in automotive is slightly lesser than them. But if I compare it to a Hi-tech sector or a engineering manufacturing sector, auto industry is better placed. That's the reason why salary increments still continue to remain stable at 10%. Since base cost is slightly lower, they have to remain competitive to other industries as well. 
	 
	Pay for performance has been penetrating well in automotive sector. The multiple of salary increases which were provided to top performers at an all industry level was 1.5x in 2013, it has risen to 1.7x. Like other industries, automotive industry also realizes that pay for performance culture is needed and that is why it has been providing disproportionate salary increases to their top performers, though still they are at a below overall India level. 
	 
	In terms of <keyword id="797078" type="UNKNOWN" weightage="20" keywordseo="Pay-compensation">pay compensation</keyword> (for entry, midlevel and senior management), where do you see the Indian automobile industry when you compare it globally? 
	If I were to compare the automotive salary at the entry level for Indians compared to counterparts in developed economies like Germany, US and Japan on purchasing power parity adjusted basis, the automotive industry pays approx. 40% at junior level compared to them. For senior management, automotive industry is moving closer to the global standards in terms of compensation. It is in the range of 70-80%, but it's inching upwards. From a cost arbitrage perspective, India remains to be a destination where automotive industry is investing here and developing their R&amp;D centres and operational units. 
	 
	One thing which automotive industry needs to think about is if we continue to increase salary at 10%, will the cost arbitrage remain sustainable in the long run. 
	 
	​Taking from your last point, I’d like to ask - What are the challenges this sector is facing? 
	From a talent perspective, companies are in a fix on how to retain key talent and critical talent. There is a lot of training and development happening in the R&amp;D and Sales and Marketing functions, and organisations have also built good talent in these functions. However, the new global players coming in are ready to hire this developed and trained lot at a much higher salary. 
	 
	​Secondly, the employee costs have been growing has been rising at a much higher rate than some of the other business fundamentals. It has to grow in tandem with the revenue and profitability or be lesser than them.

	 
	​Another element is the way fixed and variable costs are structured. If you compare the fixed to variable ratio either to global levels or some other mature industries in India, automotive has higher fixed cost. That's where it sees increase in overall employee costs. What they should do is manage the fixed to variable in such a way that the fixed increase remains in check.

If you are a top performer in the automotive sector, you don't have to worry about your salary hike

In the sector-wise coverage following the recent <keyword id="3256007" type="UNKNOWN" weightage="20" keywordseo="Aon-Hewitt-Salary-increase-report">Aon-Hewitt Salary increase report</keyword> for this year, next up is the <keyword id="20077" type="UNKNOWN" weightage="20" keywordseo="automobile-industry">automobile industry</keyword>! 
 While speaking to <keyword id="51561" type="PERSON" weightage="20" keywordseo="Amit-Kumar">Amit Kumar</keyword> Otwani - Sr. Consultant, Rewards, Aon Hewitt – we tried to understand how this key industry is moving forward in terms of its competitiveness, salary increments to employees, pay differentiation etc in the past couple of years, and what these would look like in future. 
 
“If I look at the industry growth for last 6 years, it stood at 20% and 12% in the first two years, saw a flat growth rate of 2 to 3% thereafter, and in the next two years (2014-16) came back to roughly an 8-9%. The salary increases has also seen a rise with the rise in growth rate. In 2010-11, salary increases were roughly at 14%, it went down to 12.3% and then picked up again to reach a 10.1%. In the last couple of years it has shown stability by hovering around 10.5 %, close to the India average of 10.3%,” he says. 
 Highlighting some of the happenings in the industry as of now and correlating these numbers, Amit says that controlling rising cost of infrastructure and R&amp;D could be a major challenge for the <keyword id="34478" type="UNKNOWN" weightage="20" keywordseo="auto-industry">auto industry</keyword> in the times to come. 
 
“Companies are increasingly investing in product development following stricter environmental norms. It is leading to a huge technical upgradation and therefore more investments. Remember, Supreme Court of India has ordered auto OEMs to produce vehicles which will comply to BS-VI norms by April 2020. This can put a lot of pressure on the auto industry to have cleaner vehicles in the times to come,” he says. 
 
Another challenge which has been discussed a lot is the demand for cars coming down due to the emergence of Olas and Ubers. However, for it to be a major-time threat there’s still a long way to go. 
 
Increasing wage costs, however, is a concern that can’t be taken lightly. 
 
“The wage cost used to be in a range of 3-5%, however, with double digit increase and also the revenue growth of the industry being slightly muted, the wage cost has moved in the range of 5-6%. This is putting a lot of pressure on the industry to control the salary increases. Moreover, if we compare it some other countries, say Indonesia, wage costs are much lower there,” says Amit. 
 
“Precisely, why we are not seeing it go up any further in India too. It’s also highly unlikely that it will go up or down in the next few years. What we expect is it will remain closely in the range of 10% because this is a new normal we are observing and companies don’t want to keep higher incremental next year in view of the wage cost factor and in order to stay competitive,” he adds. 
 
He also informs that comparing pay compensation and adjusting purchasing power parity, India has reached slightly lower mark compared to the global/emerging marketers in terms of senior management. However, he adds that at the entry level, “India is paying as much as some of the emerging countries.” 
 
“The cost advantage which auto industry, therefore, enjoys is coming into a check and therefore companies are cautiously providing salary increases which has contributed in achieving this new normal,” he says. 
 
Now speaking of talent attrition, the numbers have come down from 10-12% to 9-10% in the auto industry like in the other sectors. The reason for this dip is lack of opportunities in the sector for a couple of years now; however, Amit says looking at the uptake in the last one year, this number could go up. 
 
“There is lot of thrust from the government’s end to upscale the entire auto industry. With that some of the key companies are also investing in India. Moreover, R&amp;D institutes (by HeroMotorCorp and others) are likely to come up soon. So, I see the attrition going up in R&amp;D and Sales and Marketing in the coming times,” he says. 
 Another key area which needs focus is the pay differentiation. It’s 1.5 to 1.6 times in terms of salary increases in the auto sector this year. “Compared to the likes of <keyword id="34523" type="CITY" weightage="20" keywordseo="fmcg">FMCG</keyword>, Telecom, Banking, this number is lower in the auto sector because it’s been slightly traditional. What we recommend is that the differentiation should be sharper because of the overall pay-for-performance culture. Auto industry needs to catch up with respect to other industries in this regard,” says Amit. 
 
He also sees employees in Sales, purchase, Engineering and electronics moving to startups or e-commerce. “The auto industry is innovating itself and there is a lot of focus on electronics. This is an area where it could compete with early stage startups. Therefore, people in sales, purchase, engineering and electronics could probably get attracted to some of the early stage startups,” Amit Says, adding that overall auto industry does not have a huge threat in terms of losing its key talent to the new startups or e-commerce industry. 
 
Even as global players have already made their mark in India, Amit says as he concludes, “there could be newer players in the luxury car or motorbike segment in the future, this could as a result greater war for talent.”

This hiring season, this sector is one area you
don’t want to miss out on!

<ul class="summary-list"><li>Jennifer Davis was the first person to get a breast-cancer vaccine. It's showing remarkable results.</li><li>The shot she received is among several of breast-cancer vaccines in early-stage trials.</li></ul>This as-told-to essay is based on a conversation with Jennifer Davis. It has been edited for length and clarity.My breast cancer was in remission, but I was in a constant state of worry that it would return. I had <a href="https://www.insider.com/guides/health/conditions-symptoms/triple-negative-breast-cancer">triple-negative breast cancer</a>, or TNBC, one of the most deadly forms of the disease with a high rate of recurrence.The one and only time I'd Googled it — soon after my diagnosis in September 2018 — I was shocked to read that this kind of cancer reoccurred around 60% of the time. Once you have a recurrence with triple negative, it's usually <a href="https://www.insider.com/guides/health/conditions-symptoms/metastatic-breast-cancer">metastatic</a> breast cancer, meaning it's no longer isolated to one area of your body. There is no cure.<h2>The breast-cancer vaccine had not been tested on humans before</h2>Every day, I lived with fear. If I got a headache, I thought it was a brain tumor. If I had an ache in my arm because I'd slept on it wrong, I thought I had bone cancer. My whole family worried for me, too.They'd watched me undergo <a href="https://www.insider.com/jeff-bridges-almost-died-covid-chemotherapy-2022-5">chemotherapy</a> followed by a double <a href="https://www.insider.com/former-nbc-news-anchor-jenna-wolfe-undergoes-elective-mastectomy-update-2023-4">mastectomy</a> and radiation. But at that point, I was in remission.In June 2021, I had my three-month checkup at the doctor's office. The nurse practitioner told me about the trial of a breast-cancer vaccine, and she said it was close to being ready.The vaccine had been in development for the past 20 years, but it had never been tested on humans. <a href="https://www.anixa.com/" target="_blank" rel="noopener">Anixa Biosciences</a>, the company behind the shot, was looking for volunteers for the first phase of the human trial.<div type="image" title="Jennifer Davis in a clinic receiving her first dose of a promising breast cancer vaccine under trial." height="2268" width="3023" msid="100702746" hostid="261" sizebytes="291276"></div>I didn't hesitate. I thought: "What a gift for me that this could possibly work. I get to live to see my kids get married and have children themselves." I hoped that one day, people would never have to worry about breast cancer — especially triple negative — ever again.I asked the inventor of the vaccine if he'd seen any terrible reaction in the mice who'd received it so far. "Did any of them die?" I said. He said no.I asked how many of these animals had experienced a recurrence of TNBC. "Zero," the doctor, who was based at the <a href="https://my.clevelandclinic.org/" target="_blank" rel="noopener">Cleveland Clinic</a> in Ohio, said. <h2>The medical staff applauded when I received the vaccine</h2>The vaccine is designed to train the immune system to destroy cells that are producing a protein called alpha-lactalbumin. The protein is present only when a woman is lactating or when cancer cells form. If the vaccine has correctly trained the immune system, it will destroy cancer cells before they form a tumor.So far, 14 other women have met the criteria for the trial. We were eligible because we'd been treated for TNBC within the past three years and were at high risk of a recurrence. I was the first person to get the vaccine. You get three doses, two weeks apart. I had one in each leg and one in the stomach. The medical staff in the room applauded. We were all so hopeful.<div type="image" title="Jennifer Davis, wearing a head wrap during her treatment for breast cancer, in a selfie with her husband, Brian." height="1737" width="2316" msid="100702749" hostid="261" sizebytes="257062"></div>We've been closely monitored for almost two years now. The results have shown that the immune system is responding as everyone wanted it to. Nobody's cancer has come back. It feels like a miracle.The next phase of the trial will be done on women with the <a href="https://www.insider.com/my-daughter-and-i-have-brca1-gene-mutation-breast-cancer-2022-9">BRCA gene</a> — those who've had prophylactic mastectomies because of their increased chance of developing breast cancer. The last phase will involve a double-blind study of thousands of women across the world.If everything goes to plan, the vaccine could receive approval from the <a href="https://www.insider.com/jeff-bridges-almost-died-covid-chemotherapy-2022-5">Food and Drug Administration</a> within the next five years. Anixa has been focused on TNBC because it's the most lethal type of breast cancer. But they believe the vaccine will also prevent other types of breast cancer.A recurrence of my cancer is no longer a topic of discussion in our family. I have two daughters, and it's incredible to think that within my lifetime and theirs, breast cancer could be a thing of the past.Editor's note: Insider contacted Dr. Amit Kumar, the CEO of Anixa Biosciences. "Looking at the technology, it's a very unique approach to preventing breast cancer," he said. "It's a bold statement to make, but assuming the data continues to look as good as it has, and assuming we do the larger studies, it's possible that we might be able to eliminate virtually all breast cancers." For more information about the trial, visit <a href="https://www.clinicaltrials.gov/ct2/show/NCT04674306" target="_blank" rel="noopener">ClinicalTrials.gov</a>.Do you have a powerful story to share with Insider? Please send details to jridley@insider.com.

I was one the first people to get a vaccine for breast cancer. It could save millions of lives worldwide.

<ul><li>The <keyword id="15608258" type="General" weightage="20" keywordseo="Pre-owned-cars-market" source="Orion">pre-owned cars market</keyword> is expected to grow at a CAGR of 16% from FY ’22 – FY‘27.</li><li>The market is further expected to double in size from 4.1 million units in FY22 to 8.2 million units in FY27, according to the <keyword id="7065050" type="General" weightage="100" keywordseo="olx-auto" source="Orion">Olx Auto</keyword> and CRISIL report.</li><li>It is also said to have achieved pre-pandemic levels in terms of volume and have grown by 9% since then.</li></ul>The market for <keyword id="609081" type="General" weightage="20" keywordseo="Pre-owned-cars" source="Orion">pre-owned cars</keyword> is expected to outpace the market for new cars in the next five years. In fact, it is predicted to grow 2x in volume and 2.5x in value in the upcoming next five years, as per a report by Olx Auto and CRISIL. The pre-owned cars market is expected to grow at a Compound annual growth rate (CAGR) of 16% from FY ’22 – FY‘27 while the new car market will grow at a CAGR of 10%, the report highlights. “This year, emerging from the impact of Covid-19, the pre-owned car market is poised for further acceleration in the coming years. There is a clear preference for pre-owned cars among consumers in larger towns, fuelled by an accelerated shift to digital channels - that offer higher convenience and build consumer trust,” said Amit Kumar, CEO, OLX India. The report further suggests that the pre-owned car market is expected to double in size from 4.1 million units in FY22 to 8.2 million units in FY27, increasing its lead by 1.7x over the new car market. According to the report, the market also achieved pre-pandemic levels in terms of volume and has grown by 9% since then. Return to near-normalcy, improved consumer sentiment, increase in mobility, opening of offices and a resurgence in travel are some of the major reasons behind this massive growth in the pre-owned car segment in India, according to the report. It is clear that overall demand for cars in India is growing as the market for new cars is also expected to grow and reach 4.8-5 million cars by FY27. “In fact, the new car market will record high sales in FY23 backed by improvement in production levels, product launches coupled with continued traction for the UV segment,” the report said. Urban markets drive the bulk of the demand for cars in India. “With 37% of the Indian population living in urban areas by 2025, we will see a sharp rise in disposable incomes and affordability for discretionary spending on personal mobility,” Kumar further added. <cmsannotation type="cmsannotation" annotationid="Maruti’s small cars dominate the pre-owned car market" comment="subhead" text="Maruti’s small cars dominate the pre-owned car market"><keyword id="6912" type="General" weightage="80" keywordseo="maruti" source="Orion">Maruti</keyword>’s small cars dominate the pre-owned car market</cmsannotation> According to the report, the demand for small cars is much more than big cars and Maruti maintains its dominance in the segment. However, the share of small cars in the total demand for pre-owned cars is expected to contract by 2% by FY27. Maruti Baleno, Hyundai Elite i20, Renault KWID, Maruti Suzuki Dzire and Hyundai Grand i10 are some of the cars popular among people in this segment. The large car or sedan pre-owned segment will see the most contraction, declining from 12% share in FY22 to 7% in FY27. This is expected to happen due to declining sales in the new car market, lack of new model launches and a shift in preference towards UVs, as per the report. In the pre-owned segment, the UV car segment is expected to grow by 3x over the next five years, reaching a market share of 32% in the pre-owned car market. Hyundai CRETA, Maruti Brezza, Maruti Ertiga and Mahindra XUV500 are some of the popular UV cars in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/this-show-claims-to-do-what-shark-tank-does-sans-the-drama/articleshow/95741475.cms">This show claims to do what Shark Tank does sans the drama</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/india-well-placed-to-grow-at-a-moderately-brisk-rate-inflation-to-ease-says-a-finance-ministry-report/articleshow/95741327.cms">India well placed to grow at a 'moderately brisk rate', inflation to ease says a Finance Ministry report</a>

Pre-owned cars market in India to grow 2x in volume in the next five years: Olx Auto - CRISIL report

<ul><li>The demand for pre-owned luxury cars rose on OLX Autos as new cars became costlier in 2022.</li><li>Pre-owned <keyword id="6355119" type="General" weightage="20" keywordseo="bmw" source="Orion">BMW</keyword> witnessed the highest demand on the used car platform, followed by <keyword id="6357420" type="General" weightage="20" keywordseo="mercedes" source="Orion">Mercedes</keyword> Benz and <keyword id="6363321" type="General" weightage="20" keywordseo="audi" source="Orion">Audi</keyword>.</li><li>However, even pre-owned luxury cars witnessed an increase in their prices as sellers now try to leverage the pent up demand.</li></ul>Customers are showing a growing preference for pre-owned BMW luxury cars as rising input costs and inflationary pressures make buying a new car an expensive proposition. A report by OLX Autos noted that the demand for pre-owned luxury cars witnessed a sharp increase in the first half of 2022, with BMW being the top favourite. It was followed by Mercedes Benz, Audi, <keyword id="42034" type="General" weightage="20" keywordseo="jaguar" source="Orion">Jaguar</keyword> and <keyword id="45673" type="General" weightage="20" keywordseo="porsche" source="Orion">Porsche</keyword> in that order. OLX Autos, in its report, said that the supply of luxury cars across Tier 1 cities recorded an annual growth of 40% on its used-car platform. The Tier II cities witnessed a growth of 45% in the same time frame. The company arrived at the conclusion after analysing over 50,000 luxury car listings made on the platform in the January to June period. “With discretionary spending back to pre-covid levels and an increase in disposable incomes, we are seeing a noticeable change in the aspirations of consumers to upgrade to luxury car brands. Pre-owned luxury car market has particularly benefited from this sentiment as well as from the long waiting period, and increase in prices of new vehicles,” Amit Kumar, CEO of OLX Group India, said in a statement. OLX is not alone in benefitting from this trend. Its competitor Spinny had also <a href="https://www.businessinsider.in/business/auto/news/hyundai-elite-i20-grand-i10-and-maruti-suzuki-baleno-are-the-most-popular-second-hand-cars/slidelist/92854152.cms">witnessed high demand for Mercedes C class</a>, BMW 3 series and Audi Q3 on its newly launched luxury car portal in the second quarter of 2022. However, just like brand new cars, pre-owned luxury cars also witnessed an increase in their prices from a year earlier. The average listing price of Mercedes Benz shot up by 25%, followed by Porsche that saw a 13% rise. Prices for BMW spiked 11% from a year ago, while Audi and Jaguar registered a 6% and 2.6 % rise respectively. In Tier 2 cities, on the other hand, the price of Jaguar and Porsche fell by 8% and 18%, respectively. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brand </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 1 in 2021 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 1 in 2022 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 2 in 2021 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average listing price in Tier 2 in 2022 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Audi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹18.6 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹19.7 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹17.8 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹20.1 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BMW </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹20.8 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹23 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹18.9 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹21.9 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mercedes Benz </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹22.6 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹28.2 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹21.4 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹25.6 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jaguar </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹27.8 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹28.5 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹30.2 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹27.8 Lakh </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Porsche </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹41.5 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹47 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹55.7 Lakh </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹45.6 Lakh </td></tr></tbody></table>Source: OLX Auto Despite the increase in price across brands, Kumar said that the demand pattern on the OLX platform suggested that owning a high-end car at a discounted rate was a “lucrative” alternative for customers who were willing to buy a vehicle in this highly inflated market. It is important to note that carmakers like Maruti Suzuki, BMW, Mercedes Benz, Audi India, Kia, Tata Motors, MG Motor, Hyundai and Toyota, to name a few, have already<a href="https://www.businesstoday.in/latest/economy/story/car-price-rise-heres-how-auto-firms-are-revising-prices-of-their-key-brands-328965-2022-04-07"> increased </a>the price of their cars in India due to limited supply of parts in the market. Also, the ongoing Russia-Ukraine war has also increased the procurement cost of car components. The price hikes for the new cars came into effect on April 1, 2022. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/news/gautam-singhania-md-of-the-raymond-group-people-are-ready-to-get-dressed-go/articleshow/93269593.cms"></a><a href="https://www.businessinsider.in/business/startups/news/physicswallah-purplle-leadsquared-and-open-were-the-only-for-unicorn-of-last-quarter-in-india/articleshow/93271392.cms">In the funding winter, only four companies turn unicorns in the June quarter</a> <a href="https://www.businessinsider.in/india/news/freebies-home-visits-campaigns-and-free-jabs-for-covid-booster-dose-from-many-states/articleshow/93269529.cms">Freebies, home visits, campaigns and free jabs — this is how states are encouraging people to get their booster dose</a> <a href="https://www.businessinsider.in/tech/enterprise/news/twitter-delete-millions-of-spam-accounts-a-day-to-control-trolls/articleshow/93203353.cms">We delete millions of spam accounts a day to control trolls, says Twitter</a>

As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive

New Delhi, A Delhi-based company, Kanti Commercials is leading a consortium along with <keyword id="10435222" type="COMPANY" weightage="20" keywordseo="fragment-nivesh-and-enormous-nivesh">Fragment Nivesh and Enormous Nivesh</keyword> who put an EoI for Air India. In its expression of interest (EoI) for Air India, Kanti Commercials has said, "We are very much eligible to bid for the disinvestment programme of Air India and have expertise in for turning around <keyword id="10435223" type="UNKNOWN" weightage="20" keywordseo="sick-industrial-enterprises">sick industrial enterprises</keyword> into profitable ones". "For the past many years, we have completed many such acquisitions and achieved great success. We are in touch with a team of professional advisors and specialists who can help us revive sick units into profitable ones", the EoI said. "Moreover, we are bidding as a consortium of 3 members with the help of a <keyword id="6370632" type="UNKNOWN" weightage="20" keywordseo="Special-purpose-vehicle">Special Purpose Vehicle</keyword> (SPV). The lead member is Kanti Commercials and other members are Fragment Nivesh and Enormous Nivesh", Sourav Bag, Director, Kanti Commercials said in the EoI with the relevant documents. <keyword id="10435224" type="COMPANY" weightage="20" keywordseo="kanti-commercials-private-limited">Kanti Commercials Private Limited</keyword> is a Private incorporated on April 1, 2003. It is classified as non-govt company and is registered at Registrar of Companies, Delhi. Its <keyword id="10435221" type="UNKNOWN" weightage="20" keywordseo="authorized-share-capital">authorized share capital</keyword> is ₹1.3 crore and its paid up capital is ₹13.54 lakh. It is involved in other wholesale activity which includes <keyword id="10435225" type="UNKNOWN" weightage="20" keywordseo="specialized-wholesale">specialized wholesale</keyword> not covered in any one of the previous categories and wholesale in a variety of goods without any particular specialization. The directors of Kanti Commercials Private Limited are Sourav Bag and Amit Kumar Joshi. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-airtel-vodafone-idea-tcs-tata-steel-cams-nmdc-and-others/articleshow/79732131.cms">Top stocks to watch — RIL, Airtel, Vodafone-idea, TCS, Tata Steel, CAMS, NMDC and others</a> <a href="https://www.businessinsider.in/tech/news/comparing-the-apple-m1-macbook-vs-the-intel-macbook/articleshow/79733783.cms">Apple vs Intel – Comparing the Apple M1 MacBook vs the Intel MacBook</a>

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<keyword id="6986952" type="COMPANY" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword> has launched <keyword id="9304001" type="UNKNOWN" weightage="20" keywordseo="video-kyc-facility">video KYC facility</keyword> so that customers can open savings accounts without the need to visit a branch office. The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (<keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword>) process, <keyword id="6361420" type="DOMAIN" weightage="20" keywordseo="IDFC">IDFC</keyword> First Bank said in a release. <div type="Article" hostid="261" msid="75990965" title="How to open a bank savings account using video KYC" mstype="2" mssubtype="0"></div> Customers can start earning 7 per cent interest and maximise their returns on funds held or invested anywhere else, it added. "Video KYC makes the online journey for opening savings accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the bank to complete the process," said Amit Kumar, Head – Retail Liabilities, IDFC First Bank. This is especially relevant in the current times given loss of incomes and low returns offered by most other options, Kumar said. The RBI-sanctioned video-based KYC process for opening of online <keyword id="114757" type="PERSON" weightage="20" keywordseo="Savings-Account">savings account</keyword> allows customers to open a full-fledged savings account with no limit on maximum account balance. The pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact, the lender said. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/sbi-axis-bank-and-kotak-mahindra-bank-and-other-banking-stocks-are-raising-capital-to-fill-npa-hole/articleshow/76054599.cms" data-type="tilCustomLink">Indian lenders like SBI, Axis Bank and others need $20 billion⁠ in capital— most of it will go into filling up NPA holes</a>

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Chandigarh, Dec 20 () The revenue under State GST has recorded a growth of 33 per cent in November this year, compared to the corresponding month previous year.
The overall growth of the collections under State GST up to November in the current financial year stood at 18 per cent over the same period previous fiscal.
This was informed in a review meeting held via video conferencing of the excise and taxation officials of Haryana under the Chairmanship of Excise and Taxation Commissioner Amit Kumar Agrawal.
It was informed that the return compliance of the state has also shown marked improvement in November 2019. It stands at 78 per cent, which is 4 per cent higher than the national average, according to an official statement here.
Agrawal directed the officials to ensure 100 per cent return compliance by the top taxpayers of the state. At present, the compliance of top taxpayers for the month stands at 93 per cent.
The excise officials have also been directed to conduct physical verification of 3,000 non-filers of returns under GST across the state. This exercise will be completed by December 23, 2020.
The field officers were further directed to ensure that physical verification of each new taxpayer be conducted within 15 days of registration.
Agarwal directed all district heads to strictly adhere to the timelines fixed for the issuance of refunds. Any pendency of refunds is to be removed within seven days, he added. SUN BAL

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