With its strategic location and favourable business environment, Gujarat has emerged as the “preferred destination for Tesla’s manufacturing plans”….reports Asian Lite News
Elon Musk’s Tesla may finally end its dry run in India and announce to set up an Electric Vehicle (EV) supply system manufacturing plant in Gujarat during the ‘Vibrant Gujarat Global Summit’ next month. The announcement is likely to be made in the presence of Tesla CEO and Prime Minister Narendra Modi at the flagship event from January 10-12, according to media reports.
With its strategic location and favourable business environment, Gujarat has emerged as the “preferred destination for Tesla’s manufacturing plans”.
According to Ahmedabad Mirror, the state government has suggested Sanand, Becharaji and Dholera as the site for Tesla to set up its manufacturing plant.
Earlier, Gujarat, Maharashtra and Tamil Nadu were being considered by Tesla to set up its EV plant.
Tesla has been engaged in intense negotiations with the Union Government, seeking concessions that would facilitate a smoother entry into the Indian market.
Union Commerce Minister Piyush Goyal in November visited Tesla’s state-of-the-art manufacturing facility in Fremont, California.
Goyal said it was “extremely delighted to see talented Indian engineers and finance professionals working at senior positions and contributing to Tesla’s remarkable journey to transform mobility”.
“Also proud to see the growing importance of auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India. Missed Elon Musk’s magnetic presence and I wish him a speedy recovery,” the Union Minister posted on X.
Musk, had apologised to Goyal for not being able to meet him as he was keeping unwell.
“It was an honour to have you visit Tesla! My apologies for not being able to travel to California today, but I look forward to meeting at a future date,” Musk replied.
Goyal and Musk were scheduled to meet during the Minister’s US visit, after the SpaceX and X owner met Prime Minister Narendra Modi in the US in June, and revealed he was keen to make significant investments in India.
According to earlier reports, the automaker asked the Indian Government for an initial tariff concession that would offset India’s steep customs duties of 70 per cent for cars under $40,000 and 100 per cent for cars above $40,000.
Tesla had asked for the concession as a condition for constructing a plant in the country. The reduced tariffs would apply to all EV manufacturers.
India’s EV market has the potential to achieve over 40 per cent penetration with $100 billion revenue by 2030.
This growth is expected to be driven by strong adoption (over 45 per cent) in both two-wheeler (2W) and three-wheeler (3W) categories, with four-wheelers (cars) penetration projected to grow to more than 20 per cent, according to a recent report by Bain & Company and Blume Ventures.
Xiaomi Enters Auto Sector, Unveils 1st EV
Global technology brand Xiaomi on Thursday announced its entry into the automotive industry by unveiling its long-awaited first electric vehicle.
The company launched two EVs — XiaomiSU7 and XiaomiSU7Max.
“#XiaomiSU7 makes a significant Stride as Xiaomi expands from the smartphone industry to the automotive sector, completing the Human x Car x Home smart ecosystem,” the company posted on X.
“#XiaomiSU7 will forever journey alongside those steering toward their dreams,” it added.
According to the company, the XiaomiSU7Max goes from 0-100km/h in 2.78 seconds, while the XiaomiSU7 reaches 0-100km/h in 5.28 seconds. The top speed of the SU7 is 210km/h and for the SU7Max, it is 265km/h.
“#XiaomiSU7 goes from 0-100km/h in 2.78 seconds, officially joining the ‘2s Supercar Club’ with a single step,” the company wrote.
Moreover, the company said that the new EV will be available in three colour variants — Aqua Blue, Mineral Gray, and Verdant Green.
The five core technologies used in EVs are E-Motors, battery, HyperCasting, autonomous driving, and smart cabin.
While the price of the EV is unknown, many expect the SU7 to fall into 200,000 yuan to 300,000 yuan (around Rs 25 to 35 lakh).
The sale of the SU7 is likely to start next year. It will be produced by a unit of China-owned automaker BAIC Group in a Beijing factory with an annual capacity of 2,00,000 vehicles.
This strategic move underscores itel’s commitment to innovation, expanding its dynamic portfolio of Smart Gadgets….reports Asian Lite News
itel Mobile India has announced its entry into the open-earbuds category by launching ‘ROAR 75’ with Titanium Body at Rs 1,099.
The unveiling of itel ROAR 75 Open-Ear Buds marks a significant milestone, enriching the brand’s collection of cutting-edge smart accessories.
This strategic move underscores itel’s commitment to innovation, expanding its dynamic portfolio of Smart Gadgets.
“Committed to providing technology that is not only accessible but also innovative and stylish, itel has once again exemplified this commitment with the introduction of the itel ROAR 75 Open-Ear Buds. With a Titanium Metal Skeleton ensuring durability, and a featherweight design, the itel ROAR 75 doesn’t just redefine the running experience; it elevates your entire lifestyle,” said Arijeet Talapatra, CEO of itel India.
“Designed to effortlessly accompany you through regular chores, these innovative earbuds make a bold statement – delivering not just accessibility and innovation but also a hassle-free audio companion that seamlessly integrates into your everyday routine,” he added.
With a Titanium metal body and 14.2 mm large driver, itel ROAR 75 open-ear buds are set to redefine the audio experience for Gen-Z in India.
The ROAR 75 open-ear buds not only flaunt a strong Titanium skeleton design but also feature 14.2mm drivers that deliver crisp and clear sound, ensuring unmatched utility combined with high-quality sound.
These earbuds seamlessly marry style and resilience with their IPX5 water-resistant design, guaranteeing protection against water splashes during the user’s outdoor adventures.
It also comes with ultra-low latency and dual pairing, allowing the user to seamlessly transition between devices easily. Weighing in at just 11gm, the ROAR 75 enables the user to freely move and experience their workout routine without any obstructions.
itel’s launch of the ‘ROAR 75’ open-earbuds marks a significant milestone in the realm of smart accessories, specially tailored for the active and health enthusiasts of Bharat.
If all the Paytm QR codes used this year were stacked up, it would be taller than 40 Qutub Minars…reports Asian Lite News
One97 Communications Limited (OCL), which owns Paytm, said on Wednesday that a whopping 912 crore merchant payments were made using the leading financial and payments provider in the second quarter (Q2) of FY24.
When it comes to making most payments between 12 midnight and 6 a.m., Delhi outshined cities like Hyderabad, Bengaluru, Chennai and Goa, according to the ‘Paytm Recap 2023’ report.
The Recap showcases a year of leadership in payments and incredible user engagement on its app.
“As the pioneer of QR code, soundbox and mobile payments in India, we continue to see widespread acceptance of Paytm, with increased adoption among both consumers and merchants,” said a Paytm spokesperson.
“In 2023, we achieved new milestones and further cemented our leadership in payments. We continue to lead technology for India’s small shops and remain focused on driving financial inclusion in India,” the spokesperson added.
If all the Paytm QR codes used this year were stacked up, it would be taller than 40 Qutub Minars.
Over 55 lakh challans worth a staggering Rs 179+ crore were paid on Paytm, enabling users to settle dues in a convenient way, according to the company.
Paytm continues to strengthen its leadership in in-store payments, with more than 92 lakh Paytm pioneered devices such as Soundbox, Card Machines, etc. in the quarter ending September 2023.
Paytm was the first to launch QR code-based payments, and instant audio confirmation with the Soundbox device.
This year, the company launched three new Paytm Soundbox devices for merchants — Pocket Soundbox, Music Soundbox, and Card Soundbox.
“An intriguing observation is that the maximum number of payments have been made on Saturday, making it the busiest day in the week for digital transactions,” said the company.
Users from places like Dharwas in Himachal Pradesh and Laitmawsiang in Meghalaya have made ‘Paytm Karo’ an integral part of their lives.
An integral part of employers’ strategy to effectively adopt AI will be to ensure they follow ethical AI principles according to 42 per cent of respondents….reports Asian Lite News
Around 59 per cent of employees in India are confident in their ability to adapt and utilise artificial intelligence (AI) tools, indicating that there is likely to be widespread acceptance of AI at work next year, a report showed on Wednesday.
Meanwhile, only 19 per cent of surveyed employers have already implemented or are in the process of implementing next-generation technologies such as Generative AI at the workplace in 2024, according to the report by global hiring platform Indeed.
An integral part of employers’ strategy to effectively adopt AI will be to ensure they follow ethical AI principles according to 42 per cent of respondents.
Employers also believe that increasing human-AI collaboration (37 per cent) and reskilling/upskilling the workforce to meet the skill demand (25 per cent) will be key strategies they want to implement.
“The prevalence of roles like data analysts, software engineers, sales engineers, project managers and designers showcases the diverse landscape of expertise sought after by employers,” said Sashi Kumar, Head of Sales, Indeed India.
From the rise in generative AI skills to the enduring importance of programming languages and the growing demand for expertise in cybersecurity, it’s clear that adaptability and upskilling remain pivotal for success in the tech industry, he added.
This year, employees were predominantly focused on skills such as Generative AI skills (27 per cent) and programming languages (22 per cent) while employers were looking to hire for skills such as cybersecurity (37 per cent) and data science and analytics (29 per cent).
One of the important aspects for employers in 2024 will be to align Gen Z expectations with workplace strategies.
A majority of GenZ employees prefer their workplaces to have flexible work arrangements (38 per cent), purpose-driven work (23 per cent), and technology-driven environments (18 per cent), said the report.
India holds a strong position in the global media and film landscape due to this thriving industry that harnesses the power of modern camera technology with greater technical efficiency than ever before…reports Asian Lite News
The imaging industry has revolutionized the way the world around us is captured and documented. Visual storytelling has never been more convenient owing to developments in technology such as mirrorless lenses, high-resolution sensors, and advanced image processors that are making inroads into both the consumer and professional segments of the Indian camera market.
This is evident from the unceasing flow of basic image/video content on social media to the technical upgrades in the field of video journalism. India holds a strong position in the global media and film landscape due to this thriving industry that harnesses the power of modern camera technology with greater technical efficiency than ever before.
Commenting on the imaging industry and how the Indian Photography Community can be served with the best-in-class innovation, Sajjan Kumar, Managing Director, Nikon India said, “At Nikon India, our steadfast enthusiasm for visual storytelling propels us, fostering an unwavering dedication to innovation. The mirrorless camera segment is growing in India in terms of value and volume.
“At Nikon, we have witnessed more than 75 per cent of our sales coming in from this segment. Aligned with our vision of providing versatile and innovative hybrid featured products to our customers, we recently introduced our mirrorless cameras, Nikon Z 8 and Nikon Z f this year. Our goal is to take India among the top three in all Nikon Imaging/Camera markets globally by 2025, and we remain committed to empowering individuals, nurturing creativity, and fuelling the imagination of every photographer, filmmaker, and content creator across India.”
Speaking on this integration of Artificial intelligence and imaging technology, Atul Rai, Co-Founder & Chief Executive Officer of Staqu Technologies said, “AI has boosted the capabilities of cameras more than any other tech and is offering a wide range of functionalities across multiple industries. From digitizing vote counting process in elections and intelligent ICU monitoring in healthcare, to detecting malfunctions in manufacturing facilities and analyzing customer behavior in retail, AI-powered video analytics have offered accuracy rates as high as 98.7 per cent.
“These cameras can aggregate multiple news data for rapid data analysis and have recently offered security services in the 2023 G20 new Delhi Summit. These developments are a clear indication of the fact that the road ahead for this union of AI and cameras is brighter than ever.”
Globally, the digital camera industry has shown significant growth over the last few years. The revenue graph is growing steeply, and the digital camera market has clocked US$ 954 million and is expected to grow at a CAGR of 10.66 .per cent The trends in the imaging industry dictate the market and it is expected to touch a value of Rs 5,000 crore per annum by 2025-26, up from Rs 3,000 crore in 2022.
The Indian camera market currently stands at 3.20 lakh. With a yearly growth staying consistent at 9 – 11 per cent, India’s market is home to a host of domestic and foreign digital camera manufacturers, such as Nikon, Canon, etc. Mirrorless camera is the preferred segment among Indian buyers as video content consumption has increased and professionals/content creators have opted for this segment because of its features, usability, and dual capturing mode.
The Indian diagnostic imaging industry is growing steeply as well and is expected to grow with a CAGR of 10.3 per cent. The propelling factors for the growth of the Indian diagnostic imaging equipment market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, and the growing geriatric population.
But the most consequential development in the imaging industry is the deployment of AI-integrated cameras. These cameras can detect and analyze potential threats in real-time, and trigger immediate alerts to the appropriate authorities. Through advanced video analytics, these cameras can identify and classify not only objects and people, but also specific behaviors. AI surveillance cameras are being utilized in multiple sectors including retail, manufacturing, law enforcement, and healthcare to name a few.
The march to the Age of Intelligence is being fast-paced by the advances that Information Technology has made towards applications of Artificial Intelligence in the spheres of innovation, business and security, writes D.C. Pathak
It is not too distant in the past that the world witnessed a great transformation resulting from a combination of epoch-making developments – all occurring around the same time at the beginning of the 1990s. These literally created a ‘new world order’ impacting not only the economy and business but national security and international cooperation as well.
An unprecedented level of ‘globalisation’ was reached in terms of both economic expansion and a universally shared threat to security when the Cold War ended due to the dismemberment of the USSR and the demise of International Communism, the advent of Information Technology revolution created border fewer markets and faith-based new global terror rooted in Islamic ‘radicalisation’ represented by Taliban, Al Qaeda and ISIS registered a rising graph.
The upswing of Terrorism can be traced to the turbulent post-Soviet Afghanistan when Pakistan sent in the Taliban to control that country and facilitated the installation of the Kabul Emirate of Taliban in 1996.
Since Islamic radicals considered the US-led West as their first enemy – this was rooted in historical legacy, the Emirate ran into problems with the US making the latter work for its ouster. This laid the turf for 9/11 that in turn resulted in the US-sponsored ‘war on terror’ in Afghanistan and Iraq.
The ‘war on terror’ was utilised by Islamic radical forces to spread their hold in the Muslim world somewhat at the cost of the allies of the US like Saudi Arabia, UAE and Bahrain.
The overriding impact of the new world order was in giving a boost to economic globalisation where the agenda was largely set by the US but the strategy of countering the terror of Islamic radicals also became equally important for the US.
India and the US had to be together for their mutual economic advancement but they also had to join hands, as the two largest democracies, in leading the democratic world against the peril of the faith-based terrorism that was sustained by the fundamentalist notions of supremacism and exclusivism of Islam as a faith.
The driving force behind economic globalisation – which became the prime characteristic of the post-Cold War world, was the arrival of Information Technology (IT) that enabled instant communication across geographical boundaries to set new norms of entrepreneurship and competition – permitting a ‘smart’ player to take on its much larger and more resourceful rivals from any part of the globe.
‘Smartness’ lay in producing more per unit of resource that IT helped in and businesses were compelled to study both market trends as well as use of technology to stay in competition. Intelligence by definition is the information that enables you to see what lies ahead and since this could be gleaned out of an analysis of the enormous amount of data that was being put in the public domain regularly, corporates willingly invested in a set-up that would produce Business Intelligence for them.
Intelligence is a word normally used in the context of national security but the applied version of it is now not only a part of the business world but ‘being well informed’- which was the mandate of the Age of Information – has also become a means of running personal and family life on a note of success. Ignorance cannot be defended any more and an awareness of what the socio-economic scene and even the crime situation was like, would be a factor in keeping one safe and secure.
Terrorism, Narcotics and Illicit arms have brought issues of national security closer to the citizens because they came into operation where people lived and that is another reason why citizens should keep themselves broadly informed of the social security environment around them.
It is the duty of the State to keep the citizens safe and there is a certain expectation from the people that they would contribute to this mandate, too.
Fundamental Duties defined in the Constitution have acquired a newfound importance in the context of India’s internal security.
It can be said that just as the world transited from the Industrial Age to the Age of Information in the early Nineties, it is now shifting to the Age of Intelligence because for nations, organisations and even individuals, perceptions of ‘what lies ahead’ are becoming even more important in the light of new geopolitical developments, the economic situation in the world and at home and the changing security scenario at the global and national levels.
The Age of Information created the ‘knowledge economy’, gave a new dimension to the process of making a decision and underscored the importance of Intelligence which by definition is information of special value since it gave a peep into what opportunity or risk was there on the horizon.
Knowledge is analysed information, Intelligence is futuristic information and decision-making requires information that bridges the gap between ‘guesswork’ and the ‘reality’. A global mindset is an essential trait required for the successful handling of business today – it has always been needed in the sphere of national security- because a rival or adversary could be operating from anywhere across the geographical frontiers.
Finally, in the Age of Information, competent analysis of facts garnered from the public domain has acquired newfound importance because the enemy or the rival leaves enough footprints in the social or cyber media even while using the latter covertly. This in fact is an exercise of Intelligence generation as the analysts can possibly read the intention of the opponent for the future.
The march to the Age of Intelligence is being fast-paced by the advances that Information Technology has made towards applications of Artificial Intelligence in the spheres of innovation, business and security.
Within the input-output principle that governs all transactions in the digital world, AI has emerged as the enabling instrument for the instant processing of a billion data to produce findings that would be humanly impossible to reach. What is of concern about AI applications, however, is that apart from data processing, they enable simulation of voice, photo identity and even personal behaviour including choices exercised by the individual, to generate fake versions that could be used for ‘misinformation’, fraud and political purposes like image bashing and influencing the electoral process.
AI has produced the phenomena of ‘Machine learning’, ‘Deep learning’ and ‘Natural language process’ but it has to be remembered that the so-called ‘Computer vision’ is still rooted in ‘pattern’ reading and use of ‘key’ words. ‘Intelligence’ produced through this route is confined to a limited ‘predictability’ of human conduct based on analysis of personal data.
The versatility of thought that the human mind can command while examining a situation, the ‘imagination’ that it can invoke in seeing what lay beyond the data in front and the quality of human ‘empathy’ it can use in decision-making is what would distinguish Human Intelligence from Artificial Intelligence. This is not to underplay the epoch-making promise of the human good that AI as an ultimate advancement of IT, has offered.
The fact is that AI is a further milestone in the world’s progress from the ‘Age of Information’ to the ‘Age of Intelligence’. There is little doubt that the legitimate growth of AI is putting health care, education, innovation, productivity and Human Resource development on an entirely new pedestal and helping the larger good of the world.
There have been some concerns about possible job losses, particularly in the white-collar segment but what is on the anvil is that businesses are going to get more efficient, diversified and stable through AI applications without necessarily reducing their manpower.
The call for global AI regulations is already emerging as a major requirement and this matter has figured prominently at G20 and other international platforms like the APEC Summit because of the fear of misuse of weapon automatisation and the danger of malcontents and terrorists using technology to plan and execute operations including cyber attacks.
The use of AI by Israel to identify and locate Hamas targets in Gaza is an illustration of its application in defence. India is rightly at the forefront of efforts to put AI applications for the larger good of humanity and prevent their destructive fallout at the same time. It has just hosted an international conference in Delhi to deliberate on various aspects of AI.
(The writer is a former Director of the Intelligence Bureau, India’s domestic intelligence agency. Views are personal)
The share of GenAI smartphones will be 4 per cent of the market in 2023 and is likely to double next year….reports Asian Lite News
The shipment of generative AI-driven smartphones is likely to reach over 100 million units next year, a report showed on Wednesday.
By 2027, GenAI smartphone shipments are likely to reach 522 million units, growing at a CAGR of 83 per cent, according to Counterpoint Research.
The share of GenAI smartphones will be 4 per cent of the market in 2023 and is likely to double next year.
“The share of GenAI smartphones in the overall smartphone market will be in single digits through next year. But those numbers will not accurately reflect the amount of excitement and marketing hyperbole we are expecting to see,” said Research Director Tarun Pathak.
“Next year is about learning and we expect GenAI smartphones to hit an inflection point in 2026 as the devices permeate through the broader price segments,” he added.
GenAI smartphones are a subset of AI smartphones that uses Generative AI to create original content, rather than just providing pre-programmed responses or performing predefined tasks.
These devices will run size-optimised AI models natively and come with certain hardware specifications.
According to the report, short-term GenAI landscape sees OEM roadmaps touching on four main areas – info provisioning, image building, live translation, and personal assistant applications. Samsung and Qualcomm are immediate leaders as current product offerings and capabilities position them as first movers.
“AI has been a feature of smartphones for the last few years. We now expect to see the emergence of smartphones optimized to run GenAI models in addition to the normal use of AI in smartphones,” said VP & Research Director, Peter Richardson. The likely use cases will include creating more personalised content, smarter digital assistants with unique personalities and conversation styles, content recommendations, and more, he added.
The Wizikey’s News Score is determined by the volume of news, headlines presence, reach of publications and readership….reports Asian Lite News
Reliance Industries — India’s largest corporate by revenues, profits, market value as well as social impact — topped the 2023 Wizikey News Score ranking as the country’s most visible corporate in the media.
The Wizikey’s News Score is determined by the volume of news, headlines presence, reach of publications and readership.
Reliance has continued to top the Wizikey News Score annual rankings since their inception for each of the last four years. Most importantly, Reliance has improved its News Score year after year.
For its #1 position Reliance has a News Score of 96.46 for 2023. It was 92.56 for 2022, which was a marked improvement from its News Score of 84.9 in 2021.
Wizikey’s News Score is the world’s first standardised metric to measure news visibility for brands and individuals using Artificial Intelligence, Big Data, Machine Learning and media intelligence. The News Score takes into account various key criteria like volume of news, headline presence, the reach of publications, and readership.
The score ranges from 0 to 100, and is based on monitoring of over 400,000 publications. It represents the media presence of a brand in publications that matter, and is a standard metric score that measures PR efficiency.
According to Wizikey’s research, Reliance stands head and shoulders above the rest in terms of PR efficiency. The RIL’s score at 216.8k in the Volumeparameter, 31.5k under the Headlines parameter, 14.3k under the Publication parameter and 74bn on the Readership criteria – each parameter representing a wide 58 per cent-167 per cent gap over the second-placed SBI.
Reliance Industries is followed by State Bank of India, HDFC Bank, ICICI Bank, and Bharti Airtelin top 5.
Role of a vibrant and savvy Corporate Communications team is extremely important in ensuring media visibility for any company.
The continuing leadership in the Wizikey rankings is yet another feather in the cap for Reliance’s in-house communications team, which has won multiple accolades in the past.
Securing our investment plans against unforeseen events is crucial. Hence, it’s essential to view insurance as an integral component of the investment strategy, rather than merely a means of protection…writes Vishal Gupta
We all aspire to accumulate wealth and the key to doing that is discipline. Discipline is about investing systematically and for the longer term and more importantly, it is also about protecting our investments. There are unexpected emergencies that may occur and may lead to either not being able to invest that month, or even worse, we may have to liquidate some of the investments to meet those unexpected expenses.
It is critical to ensure that we protect our investment planning against any such eventuality. Therefore, one should look at insurance as a part of the investment strategy, instead of just simple protection.
When we view insurance as a strategic investment instead of an “expense”, we wouldn’t have to deplete our savings in the face of uncertainties, emergencies, or healthcare expenses as we’d already be insured. Hence, preparedness is key for a well-rounded financial plan. When we are prepared, investments focused on building wealth and purchasing insurance can work hand-in-hand, without hindering the growth of either. Health & Life Insurance also provides tax benefits under 80D and 80C.
For example, the recent global crisis caused by the Covid-19 pandemic is a testament to the true value of insurance as a risk mitigation and protective measure against such unforeseen events. Many individuals experienced disruptions in their financial goals as they had to break their piggy banks to manage the escalating healthcare costs during this time. But those who had health and life insurance were better equipped to weather the storm.
At PhonePe, we are focused on helping Indians ‘save their savings’ effectively. For this, it’s critical to have an in-depth understanding of the role of insurance in investment planning, especially in time for the new year, 2024.
Preparing a safety net the right way in FY2024
Did you know that in India, the traditional preference for physical assets and fixed deposits in banks has gradually shifted towards investment in financial assets like mutual funds and stocks? This is a notable shift reported by CRISIL Market Intelligence & Analytics. Interestingly, this trend is reflected in the increasing participation in the stock market, with the National Stock Exchange (NSE) recording a substantial 26 per cent year-on-year rise in demat accounts, reaching 127 million as of August 2023.
Although there is a visible increase in such financial aspirations, many ignore insurance as a critical component in their overall investment strategy. It highlights the need for heightened awareness regarding the importance of financial protection.
Tailoring health insurance for optimal coverage
Imagine this — Mr Rama is a middle-class working professional from Punjab. He dreams of owning his perfect home one day and he has been consistently setting aside funds for the down payment. But what if an unexpected health crisis costing between Rs 5-10 lakh arises during this saving period? This sudden impact on his finances could significantly prolong the time needed to save up for the down payment, potentially extending it by another 3-5 years. But, let’s say Mr Rama has health insurance coverage of say, Rs 10 lakh costing around Rs 700* per month or roughly Rs 8,000* per year. He can easily handle such unforeseen medical expenses and continue his journey toward buying his dream home without sacrificing financial stability.
Always ensure to have sufficient health cover based on health, lifestage, and investment commitments. Another critical factor to consider is medical inflation and one must ensure that health cover is for the right amount based on the current and future medical costs. One could also think of a cover amount as high as Rs 50 lakh or more. Interestingly, even a 5x increase in the cover amount will only lead to a 2x increase in the total premium.
Simply put, get the right insurance cover that is suitable for a lifestyle that won’t compromise other investments and wealth creation plans in case of any medical expense.
Numbers quoted are for rough estimation only and do not represent actual costs involved
Facing the financial impact of unexpected loss with life insurance
Picture this — Mr Srinivasa, a resident of Tamil Nadu, made a significant investment in a Rs 60 lakh house by opting for a 15-year EMI plan. Six years into diligently meeting the EMI commitments, his untimely demise leaves his family grappling with the financial responsibility of settling this EMI for the remaining nine years. Their lack of financial readiness to handle this additional monthly expenditure has resulted in the loss of both the house and Mr Srinivasa simultaneously. However disheartening this scenario may be, it serves as a reminder of the vital role played by Term insurance coverage. Such coverage can provide families with the necessary support to navigate the financial impact of an unexpected loss and safeguard assets they are emotionally tied to.
Term plans prove invaluable, ensuring stability in your family’s lifestyle even in your absence. Ideally, it’s recommended to choose coverage that is 15x-20x times your current annual income, or at the very least, enough to cover any outstanding financial responsibilities, such as loans, debts, and lifestyle expenses. Whether you’re signing up for a Term plan in the upcoming year or adding more to your existing coverage, it’s crucial to align it with your family’s existing lifestyle to shield them from the impact of a potential financial burden due to unfortunate circumstances.
India’s insurance growth: Embracing digital transformation is the future
In the past, purchasing insurance was often a difficult process due to a lack of information and other documentation issues. The Insurance Regulatory and Development Authority of India (IRDAI) is bringing lots of changes to ensure insurance offerings reach everyone so that the vision of ‘Insurance for all by 2047’ can be achieved.
To achieve this goal, it will be critical that Insurance products are easy to understand, easy to buy, and most importantly the best product suited to prioritise one’s needs over everything else.
As part of this engagement, Panasonic will also roll out challenges for the startups and based on regular reviews the winner will be announced in March 2024….reports Asian Lite News
Panasonic Life Solutions India and Panasonic Corporation in collaboration with a leading seed stage venture capital (VC) ‘100X.VC’ on Tuesday announced that it selected 12 startups from over 140 entries received for the ‘Panasonic Ignition’ Corporate Innovation accelerator programme.
These startups will participate in the programme over the next three months. They will receive comprehensive support from both Panasonic and the 100X.VC teams, in the form of mentorship sessions, guidance, and financial resources to complete their project.
“This initiative underscores our commitment to fostering groundbreaking technologies and solutions that address the evolving needs of commercial spaces while contributing to a sustainable future,” Manish Misra, the Chief Innovation Officer, at Panasonic Life Solutions India, said in a statement.
As part of this engagement, Panasonic will also roll out challenges for the startups and based on regular reviews the winner will be announced in March 2024.
The accelerator programme has been designed by Panasonic India Innovation Centre (IIC), part of Panasonic Life Solutions India, to create a platform in collaboration with 100X.VC, where selected founders of startups, will receive investment, access to various master classes, expert mentorship, and support around product strategy, the company said.
“Due to joint efforts by both the teams, in a very short span of time, we were able to attract many applications from high-quality startups. We look forward to working with the shortlisted startups and contribute to their journey over the next 12-14 weeks” said Yagnesh Sanghrajka, Founder and CFO at 100X.VC.
