77% Indians don’t save for retirement, most depend on children for support

By 2031, the population of people more than 65 years old is expected to grow the fastest (75%) among all age groups, yet only 23% were saving or planning to save for retirement in 2016, according to an August 2017 report of a committee on household finance set up by the Reserve Bank of India (RBI), India’s central bank.

Only 60% insurance policies received premium for the second year in 2016, the RBI report data show. In five years to 2016, the average number of policies that got second-year premium dropped to 58%. Only 29% policies received payment for the read more

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After food orders, Zomato waives fees from restaurants for reservations too

Online restaurant guide and food ordering firm Zomato on Tuesday said the company has decided to waive fees from the restaurants accepting table reservations through it.

The company had last month decided to forgo commissions charged from around 70 per cent of restaurants on food orders placed through Zomato.
“Retrospectively from June 1, 2017 onward, our restaurant partners will not need to pay a ‘per cover’ fee or even a platform fee to accept seamless digital table reservations from Zomato. Yes, the service will be completely free,” Zomato Founder and read more

Excise duty on petrol, diesel cut by Rs 2/L; Govt may suffer Rs 26k-cr loss

Facing public resentment over the recent spike in fuel prices, the government on Tuesday cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday.
According to sources, the finance ministry was initially reluctant to reduce the duty due to revenue concerns, but relented after discussions with the petroleum ministry on implementing steps to bring down petrol prices to Rs 60-65 a litre.
While this would hit the revenues of the exchequer by Rs 13,000 crore in the second half of the current financial year at a time when the fiscal deficit has already touched 96 per cent of the Budget Estimates, consumers will get relief as the move would reduce the read more

Don’t let ‘robophobia’ deter growth via manufacturing, exports: Panagariya

The threat to jobs from automation was overstated and “robophobia” should not deter countries from adopting a manufacturing and exports based strategy for rapid economic growth, according former Niti Aayog vice chairperson, Arvind Panagariya.

“One should not freeze in to inaction on account of ‘robophobia’ from following the path of manufacturing and exports that had led some of the Asian countries out of poverty,” Panagariya said on Monday while addressing the UN General Assembly’s committee on economic and financial issues.

“Countries easily have a 15-year window to pursue manufacturing and exports based strategy.”The technologies have to be invented or read more

With Gujarat taking lead, states vie to attract electric vehicle makers

With the Centre making its intent on electric vehicles clear, state governments are swinging into action to lure the new investments that automakers will pump into manufacturing them.
Three weeks ago, Karnataka became the first state to roll out an electric vehicle policy to encourage manufacturing, while Telangana, another state with an automobile manufacturing base, is learnt to be working on its policy.
Gujarat, a prominent state for auto manufacturing, has already attracted investments worth over Rs 5,000 crore, making it the envy of other states. This includes a Rs 4,000 crore investment commitment from the JSW Group for electric cars and a Rs 1,151 crore plan by read more

Angry Birds maker Rovio IPO valued at $1 biilion

“Angry Birds” maker Rovio Entertainment’s shares got off to a flying start on the Finnish firm’s stock market debut.

Rovio shares were trading at 12.11 euros by 0814 GMT on Friday, up 5.3% from the final price of 11.50 euros in initial public offering (IPO) in Helsinki.

“There seems to be initial demand for it. But given that the IPO was multiple times oversubscribed, the reaction is not too dramatic,” analyst Atte Riikola at research firm Inderes said.

Rovio’s market valuation of 950 million euros ($1.12 billion), looked high based on Rovio’s historical profit read more

Apple files application to patent ‘Find My Friends’ locator system in India

Consumer electronics major Apple Inc has applied for patent exclusivity for its friend finder application in India. The company claims that while using a GPS device to locate a friend would consume a lot of power, its invention has an advantage over the existing models.
Apple, which has a friend finder application called ‘Find My Friends’, has recently applied to the Indian patent office for its invention titled “Identifying and locating users on a mobile network”.
The company claims that the innovation has a wide range of uses, such as locating friends and family members through their respective mobile devices, allowing parents to keep a tab on children and read more