eznews.inZopper, an Indian insurtech platform, has successfully raised $25 million in a Series D funding round co-led by Elevation Capital and Dharana Capital, with participation from existing investor Blume Ventures. The funds will be utilized to enhance Zopper's digital technology infrastructure, focusing on its insurance distribution platform, data science, and artificial intelligence capabilities. Currently partnered with 40 insurance companies and over 2,500 ecosystem players, Zopper aims to transform the insurtech landscape in India by providing customized, byte-sized insurance solutions through its extensive API offerings. Co-Founder and CEO Surjendu Kuila emphasized the company's commitment to democratizing access to insurance, while Elevation Capital's Mridul Arora praised Zopper's innovative approach and growth trajectory. As Zopper aligns with India's 'Insurance for All' vision by 2047, it seeks to streamline the insurance distribution model, enhancing customer experiences and operational efficiency. 
Published: Nov 21 2024, 5 pmeznews.inThe APEC Climate Center (APCC) has forecasted a 62% likelihood of La Niña conditions persisting in India from December 2024 to February 2025, with a transition to neutral conditions expected by April 2025. The APCC's ENSO alert indicates a "La Niña Watch," predicting the Niño3.4 index to drop to -0.8°C in January 2025 before rising to -0.3°C by May. Meanwhile, Australia's Bureau of Meteorology suggests La Niña may not develop until February 2025, while the US Climate Prediction Center estimates a 57% chance of its emergence between October and December. Despite these developments, the APCC anticipates above-normal rainfall for India during the December 2024-May 2025 period, alongside a global trend of elevated temperatures, particularly in the Indian Ocean and Southeast Asia, while predicting below-normal rainfall in the western Indian Ocean and equatorial Pacific regions.
Published: Nov 21 2024, 5 pmeznews.inThe Solvent Extractors’ Association of India (SEA) has highlighted the potential of genetically modified (GMO) rapeseed to significantly enhance oilseed productivity in India, addressing a growing demand-supply gap. President Sanjeev Asthana noted that while oilseed production is expected to rise from 35 million tonnes to 45-50 million tonnes by 2029-30, consumption could reach 32 million tonnes, driven by the increasing popularity of convenience foods. To support farmers and boost exports of rapeseed meal, which fell by 25% in early 2024, SEA has called for a 15% export incentive. Additionally, the association urged the government to ensure full-scale procurement at minimum support prices (MSP) for soyabean, which is currently trading below MSP. Asthana also criticized the ban on futures trading in key commodities, asserting it hampers price discovery, and recommended protective measures for the domestic oleochemical industry against low-cost imports.
Published: Nov 21 2024, 4 pmeznews.inThe Udhampur-Srinagar-Baramulla Rail Link (USBRL) is set to transform the region's economy, which has faced challenges from militancy and instability for the past 30 years. With direct train services between Srinagar and Delhi anticipated to commence in January 2025, the 272-kilometre rail project, sanctioned decades ago at an estimated cost of Rs 37,012 crore, is nearing completion. Union Minister of State for Railways, Ranveet Singh, confirmed that major construction is finished, with only minor tasks like track linking and electrification remaining. The USBRL features 38 tunnels, including the country's longest at 12.75 kilometres, and 917 bridges. Railway officials believe the new connectivity will enhance economic development, particularly for perishable goods like fresh fruits. However, industry leaders stress the need for improved infrastructure, such as loading facilities and stockyards, to fully capitalize on the rail link's potential benefits.
Published: Nov 21 2024, 3 pmeznews.inIndia's domestic aviation sector is experiencing robust growth, with seat capacity in 2024 rising 12.7% compared to 2019 and 8% higher than in 2023, according to OAG, an aviation data provider. This surge is largely attributed to the addition of aircraft by Air India and IndiGo, alongside the introduction of new routes. During the winter season, domestic airlines are set to operate over 3,500 daily flights, marking a 5% increase year-on-year. Among the world's top twenty aviation markets, only Saudi Arabia has outpaced India in growth, with a 17.1% increase, while the UAE reported a 15% rise in international seat capacity. Despite global capacity growth of 6.4% year-on-year, challenges such as geopolitical issues, aviation taxes, and sustainability pressures have hindered recovery for many markets, with half still below 2019 levels.
Published: Nov 21 2024, 2 pmeznews.inIn a recent address at a high-level policy conference, Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the critical importance of price stability for sustainable economic growth, particularly in the context of rising inflation. With India's retail inflation hitting a 14-month high of 6.21% in October, surpassing the RBI's tolerance band, Das highlighted the need for a balanced approach to monetary policy. He noted that while resilient growth allows for a focus on reducing inflation towards the 4% target, high inflation disproportionately affects the poor. Das urged countries in the global south to enhance per capita income and productivity through increased investment in infrastructure and technology, while maintaining a stable economic environment. He acknowledged the ongoing uncertainties in the global economy, calling for central banks to adopt more flexible and integrated policy frameworks to navigate these challenges effectively.
Published: Nov 21 2024, 2 pmeznews.inSynergy Marine Group has launched a pilot project to cultivate fresh vegetables aboard its Suezmax tanker, ‘EFFIE MAERSK’, utilizing Agwa’s AI-directed cultivation devices since September. These self-contained units, comparable in size to refrigerators, employ AI, cameras, and sensors to optimize conditions for plant growth, enabling the crew to enjoy fresh salads and herbs while at sea. The initiative not only enhances onboard nutrition but also reduces food waste and the need for costly deliveries, which often result in nutrient loss. Agwa's Chief Commercial Officer, Eli Feiglin, emphasized the sustainability benefits of the fully automated system, which requires minimal crew intervention. Synergy’s founder, Captain Rajesh Unni, highlighted the importance of nutritious food for crew morale and well-being, noting a shift towards healthier eating habits among seafarers. This collaboration marks a significant step towards a greener maritime industry, enhancing both crew welfare and sustainability.
Published: Nov 21 2024, 1 pmeznews.inFarmers in Punjab, led by the Kisan Mazdoor Sangharsh Committee (KMSC), are intensifying their protests against the government, demanding timely paddy procurement and a guarantee for Minimum Support Price (MSP). On October 26, large gatherings took place in Sangrur district, with plans to march towards Delhi on December 6. KMSC General Secretary Sarwan Singh Pandhair announced a meeting at Gurdwara Rakab Ganj Sahib to outline their strategy, emphasizing that the protest, now in its 284th day, will continue until their demands are met. He criticized the ruling Bharatiya Janata Party (BJP) for neglecting key issues post-elections and urged Prime Minister Narendra Modi to address the ongoing violence in Manipur, highlighting the plight of local residents. Farmers have also blocked national highways in several areas, expressing frustration over the lack of solutions from both state and central governments.
Published: Nov 21 2024, 12 pmeznews.inNamma Yatri, a Bengaluru-based mobility app, has officially launched its services in Mangaluru, following a successful month-long trial that garnered positive feedback from local drivers. The initiative has already completed nearly 500 trips in November and onboarded 300 drivers, with plans to expand to nearby cities like Manipal and Udupi. Karnataka Legislative Assembly Speaker UT Khader inaugurated the launch, emphasizing the importance of reliable and affordable transportation in the region's economic development. Namma Yatri aims to empower local drivers while enhancing commuting experiences, having previously seen success in Tumakuru and Kalaburagi, where drivers completed over 280,000 trips and earned around ₹2 crore. With a network of 2.3 lakh drivers and over 50 lakh customers, the app facilitates an average of 1.6 lakh trips daily across Karnataka, promoting community involvement and driver-led growth.
Published: Nov 21 2024, 12 pmeznews.inRapido, the ride-sharing platform, is set to introduce airport pooling services, aiming to enhance accessibility and affordability in transportation, according to co-founder and CEO Aravind Sanka. The company has been expanding its offerings in 2-wheeler, 3-wheeler, and 4-wheeler services while creating significant employment opportunities. Following a successful fiscal year, Rapido reported a 46% increase in operating revenue to ₹648 crore and a 45% reduction in net loss to ₹371 crore. In the September quarter, net losses narrowed to ₹17 crore, with order fulfillment nearly doubling to 207 million. The shift towards sustainable mobility in India is being propelled by advancements in shared mobility and digital public infrastructure (DPI), which are essential for electrification. Industry leaders emphasize the importance of battery swapping and collaborative ecosystems to reduce costs and scale electric vehicle adoption effectively.
Published: Nov 21 2024, 10 am
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