US sanctions Indian company for involvement in ‘Ghost Fleet’ transporting Iranian oilIANS
The United States has sanctioned an Indian ship services company for allegedly being involved in the transport of petroleum from Iran through a “Ghost Fleet” in defiance of restrictions on Tehran.
The State Department said on Friday that Gabbaro Ship Services Private Ltd based in India “knowingly engaged in a significant transaction for the transport of petroleum from Iran” by acting as the technical manager for the crude oil tanker Hornet.
It said that Gabbaro also has an interest in the ship.
The sanctions followed an announcement by National Security Adviser Jake Sullivan that Washington was taking action against “the Ghost Fleet that carries Iran’s illicit oil to buyers around the world.”
Ghost Fleet refers to ships clandestinely transporting products.
Under the sanctions imposed on Gabbaro, all property and any in which it has interests are frozen in the US and this applies also to persons or entities with more than 50 per cent interest in the company, the State Department notification said.
The Department also said that Engen Management, a Suriname-based company, was also sanctioned as the commercial manager of Hornet.
In addition, two other Surinam companies, and one each in China and Malaysia were also sanctioned.
Ghost Fleet refers to ships clandestinely transporting productscrude oil
Gabbaro is registered with the Registrar of Companies as a “one-man company” and is located in Mumbai, according to corporate information provider Zauba Corp.
The International Maritime Risk Rating Agency said that Hornet is an oil tanker for which Gabarro is the “technical manager/operator.”
Marine Traffic, which tracks shipping, reported that Hornet sails under the Swaziland flag and was at Nansha Port in Guangzhou on Saturday.
The tanker appears to be plying a route between the Gulf and China.
According to Magic Port, which monitors ship traffic, Hornet’s latest travels took it from a port in the United Arab Emirates in late August to Oman, and, after a stop in Singapore, it arrived at the Guangzhou port on Wednesday.
In Photo: Vice Admiral Sanjay Bhalla, Chief of Personnel, and other senior personnel from the Indian Navy. Also present were Mr. Amit Jaiswal, Chief Distribution Officer – Proprietary Sales Force, and his team from Bajaj Allianz Life.
PUNE: The Indian Navy, on 08 October 2024, signed a Memorandum of Understanding with one of India’s leading private life insurers to provide life insurance solutions to the civilian personnel of the Indian Navy. As part of this collaboration, Bajaj Allianz Life will offer a variety of life insurance products, ensuring comprehensive coverage at affordable rates.
Highlighting the importance of the occasion as part of activities for the ‘Year of Naval Civilians,’ Vice Admiral Sanjay Bhalla, Chief of Personnel, appreciated the life insurance solutions offered by Bajaj Allianz Life, which have been specifically tailored to meet the needs of Indian Navy civilians.
Tarun Chugh, MD & CEO, of Bajaj Allianz Life Insurance, said, “It is indeed a proud moment for all of us at Bajaj Allianz Life, to have an opportunity to offer life insurance services to the Indian Navy Civilians. In line with the Indian Navy’s 2024 – Year of Naval Civilians – we will commence our operations for the Naval Civilians. I believe it will also be a huge step towards taking the benefits of life insurance to many more Indians and taking critical steps towards bridging the insurance penetration gap within our country. We will ensure we deliver only the most effective and seamless solutions to the Indian Navy.”
Bajaj Allianz Life’s offerings under this partnership include a range of life insurance solutions to meet the varied life goals of the civilians associated with the Indian Navy. Educational seminars and sessions will be conducted to help Indian Navy civilian personnel understand the importance of term insurance and adequate life insurance coverage to secure their life goals. The Company will also introduce unique processes catering specifically to the unique needs of naval civilians.
Pune, 11 October, 2024: The Indian Navy, on 08 October 2024, signed a Memorandum of Understanding with one of India’s leading private life insurers to provide life insurance solutions to the civilian personnel of the Indian Navy. As part of this collaboration, Bajaj Allianz Life will offer a variety of life insurance products, ensuring comprehensive coverage at affordable rates.
Highlighting the importance of the occasion as part of activities for the ‘Year of Naval Civilians,’ Vice Admiral Sanjay Bhalla, Chief of Personnel, appreciated the life insurance solutions offered by Bajaj Allianz Life, which have been specifically tailored to meet the needs of Indian Navy civilians.
Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “It is indeed a proud moment for all of us at Bajaj Allianz Life, to have an opportunity to offer life insurance services to the Indian Navy Civilians. In line with the Indian Navy’s 2024 – Year of Naval Civilians – we will commence our operations for the Naval Civilians. I believe it will also be a huge step towards taking the benefits of life insurance to many more Indians and taking critical steps towards bridging the insurance penetration gap within our country. We will ensure we deliver only the most effective and seamless solutions to the Indian Navy.”
Bajaj Allianz Life’s offerings under this partnership include a range of life insurance solutions to meet the varied life goals of the civilians associated with the Indian Navy. Educational seminars and sessions will be conducted to help Indian Navy civilian personnel understand the importance of term insurance and adequate life insurance coverage to secure their life goals. The Company will also introduce unique processes catering specifically to the unique needs of naval civilians.
Festive sales on Indian e-commerce platforms cross Rs 54,000 crore in 1st weekIANS
Online e-commerce platforms in the country saw sales worth over Rs 54,500 crore in the first week of the festive season, about 55 per cent of total sales projected during the next month.
According to latest data from Datum Intelligence, a market research firm focused on consumer technology, the e-commerce platforms saw a 26 per cent in the first week of the festive sale, compared to the same period in 2023.
Mobiles, electronics and consumer durables, home and general merchandise categories accounted for 75 per cent of sales during the period, while smartphones and TVs accounted for over 70 per cent of sales in the tier 2 and 3 cities.
The festive month started from September 26. It will continue till November 3 (post Diwali) and sales are expected to be Rs 1 lakh crore.
Consumer focus is now shifting towards quick-commerceIANS
According to the report, sales of fashion, grocery, beauty and personal care items have seen an increase of 2-4 times. Categories like toys, books, kitchen essentials saw 2-5 times increase in the number of orders during the first week.
Consumer focus is now shifting towards quick-commerce, with lower average selling price categories playing a key role, including grocery, beauty and personal care.
With the festive season in full swing, Artificial Intelligence (AI), quick-commerce, and the rise of micro-influencers are some factors playing a leading role in influencing festive purchases this year.
Meanwhile, another report said that the festive period, which ends after Diwali, is expected to see more than 35 million smartphones being sold this year, a growth of 3 per cent YoY in terms of volume and 9 per cent YoY in terms of value.
Notably, the ultra-premium segment (Rs 45,000 and above) saw 12 per cent YoY growth during the first wave of festive sales, thanks to Apple and Samsung. The festive season contributes to 20-25 per cent of the smartphone annual sales.
Everyone wants to go home during festivals and this is the reason why it becomes very difficult to get a confirmed train ticket during Diwali-Chhath. Because many people book their train tickets 3 months in advance.
In such a situation, people who have to travel due to some emergency or those whose leave is approved late by the office get almost no chance of getting a confirmed seat.
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Let us tell you that Indian Railways also runs many special trains to provide convenience to passengers during the festive season. But despite this, confirmed seats are not available on many routes.
What is Alternate Train Accommodation Scheme (ATAS)?
If in such a situation a question comes to your mind that is there any trick to get a confirmed ticket? Then the answer is ‘yes’. Indian Railways has Alternate Train Accommodation Scheme (ATAS) to get a confirmed train ticket. But many passengers are not aware of this scheme, due to which they are not able to take advantage of this scheme. Today we will tell you about this scheme.
Vikalp Scheme is the way to get a confirmed ticket
ATAS is also known as Vikalp Scheme. Indian Railways started Vikalp Scheme in 2015. Under this scheme, passengers can also choose the option of another train to get a confirmed ticket while booking waiting train tickets online.
If you want a confirmed train ticket, book it like this
Suppose if a passenger books a waiting ticket and selects the option of ATAS. Then this scheme helps in providing a seat in another train running on that route. To explain in simple language, when you are booking a ticket, at that time after checking the seat availability of all the trains, you take a waiting ticket for a train only if you do not get a confirmed seat in any train.
Now suppose after some time of booking your ticket, if a ticket gets cancelled in another train, then ATAS will send you a notification informing you that a confirmed seat is available in that train. In this way, you can transfer your waiting ticket to another train and get a confirmed seat. Isn’t this an amazing scheme? This is very convenient for those passengers who are travelling in an emergency.
How to take advantage of option scheme
While booking online train tickets, the option of Vikalp Yojana is given. You just have to select this option. After this, you have to select those 7 trains which run on your route. If a confirmed seat is not available in the train in which you have booked a seat and a seat is available in another train, then you will get a seat in the other train.
Note that it is not necessary that you will get a confirmed seat if you choose the option of Vikalp Yojana. You will get a seat only if a seat is available in any of the 7 trains selected by you.
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Sohar University (SU) signed a Memorandum of Agreement (MoA) with the Indian Institute of Management, (IIM Rohtak) to explore collaboration to initiate the Bachelor of Business Administration program. This (MoA) was signed by Prof. Dheeraj Sharma, Hon’ble Director of IIM Rohtak and Dr. Hamdan Al Fazari, Vice Chancellor of Sohar University, during the World Intellectual Property Organization (WIPO) conference held in Sohar University with the theme “Elevating Intellectual Property, Research, and Innovation in Oman”, under the patronage of H.E. Prof. Rahma Al Mahrouqi, Minister of Higher Education, Research and Innovation (MoHERI) with His Excellency Amit Narang, Indian Ambassador to Oman, in attendance.
Prof Dheeraj Sharma was invited to deliver the keynote address for the World Intellectual Property Conference. Prof Sharma highlighted the need for a balance between protecting intellectual property versus open innovation. Also, Prof. Sharma encouraged researchers to examine opportunities for disruptive innovation that truly bring value to mankind and society. Prof Sharma requested the researchers and eminent scholars participating in the conference to avoid commercializing and investing frivolous innovations that create negative externalities. He cited previous research to proffer a view that innovation should not be an attempt to change people but should be aimed at positively changing the world we live in. The event was attended by H.E. Prof. Rahma Al Mahrouqi, Hon’ble Minister of Higher Education Oman, Research and Innovation (MoHERI). In addition, the event was attended by His Excellency Mr. Amit Narang, Hon’ble Indian Ambassador to Oman and Senior official of WIPO and several top researchers from across the world.
The MoA highlighted the importance of the partnership in advancing business education and research in the region and marks a significant milestone in academic collaboration between the two esteemed institutions. Sohar University will offer its infrastructure for any such endeavor that will allow for a speedy start of the program. However, the program start date has not been finalized at this time.
The Bachelor of Business Administration program is specifically targeted at the vast Indian diaspora population within the radius of 200 kms of Sohar University. It was found that there is a significant opportunity to offer high quality education to potential students of the Indian diaspora in the region. The modalities for the same are being worked out. The joint degree program will provide students with a comprehensive foundation in key disciplines such as management, finance, operations, and marketing. The program emphasizes critical thinking, data analysis, and ethical business practices, ensuring that alumni are well-prepared for the challenges of the global business environment.
Recognized as one of India’s leading management institutions, IIM Rohtak is renowned for its academic excellence and commitment to developing future leaders. The collaboration reflects a shared vision of fostering high-quality education and promoting research excellence through a rigorous academic curriculum and a focus on practical applications. By collaborating with a globally renowned institution like IIM Rohtak, Sohar University reaffirms its commitment to nurturing future leaders and driving transformative progress in higher education.
Indian e-commerce market poised to reach $325 billion in 2030: ReportIANS
The Indian e-commerce market is projected to reach an impressive $325 billion by 2030, according to a report by FICCI-Deloitte. This growth is propelled by robust rural demand and a compound annual growth rate (CAGR) of 21%. The retail sector, currently valued at $753 billion in FY23, is expected to post a 9.1% CAGR until FY27, the highest among large economies. Retailers are rapidly adapting to omnichannel strategies, tech-enabled experiential selling, and launching new private labels to cater to India’s price-sensitive yet aspirational consumers. The expansion of retail networks in tier 2 and 3 cities is expected to contribute significantly to this growth.
The report also highlights the role of increased smartphone penetration, internet access, and growing disposable incomes in fueling this expansion. Quick commerce, which focuses on the rapid delivery of essentials, has disrupted traditional supply chains and reshaped consumption patterns. The growth of the Indian e-commerce market is also being fueled by heightened competition from direct-to-consumer (D2C) brands, a rising focus on premiumisation, and innovative new product development tailored to the needs of young and middle-income consumers.
The Pradhan Mantri Jan Dhan Yojana (PMJDY) has significantly influenced the e-commerce and retail sector in India by bringing millions of rural Indians into the formal financial system. This has led to a rise in credit-driven consumption in small cities and towns, which Finance Minister Nirmala Sitharaman hailed as a revolutionary shift. The government has also lauded the meteoric rise in credit-driven consumption in small cities and towns, calling it a “revolutionary shift.” According to the central bank, household consumption is poised to grow faster as headline inflation eases “with a revival of rural demand already taking hold”.
Indian e-commerce market is projected to reach $325 billion by 2030Entrepreneur.com
The FICCI MASSMERIZE 2024 event emphasized the importance of quality in products and India’s efforts to establish its own standards. The event highlighted the role of innovation, technology, and consumer-centric approaches in driving growth and achieving the vision of a Viksit Bharat. Generative AI is a powerful technology that leverages vast datasets to create personalized experiences and optimize various aspects of retail operations. It’s not limited to one area but offers multiple benefits across different functions. In content creation and optimization, Gen AI autonomously generates and improves product descriptions and copy, reducing the need for extensive human involvement. It also excels at providing personalized discounts by analyzing purchase history.
Blockchain technology is a decentralized ledger system that provides robust security and transparency for safeguarding digital assets in the retail sector across the digital landscape. Through its immutable and distributed nature, blockchain ensures the integrity of transactions and data, reducing fraud and enhancing trust. For example, in supply chain management, blockchain can trace the origin and journey of products, allowing customers to verify the authenticity and quality of goods. It also acts as a powerful tool for driving sustainability within the retail sector by providing retailers insight into their supply chains, promoting responsible sourcing and reducing waste. By verifying product authenticity, blockchain helps combat counterfeiting, ensuring that consumers receive genuine, quality products discouraging the production of environmentally damaging fakes.
Indian e-commerce market is poised for significant growth, driven by a combination of factors including increased rural demand, technological advancements, and government initiatives. The adoption of innovative technologies like Generative AI and blockchain is set to further revolutionize the sector, offering enhanced customer experiences, improved operational efficiency, and increased transparency and trust. As India continues to embrace the digital revolution, the future of its e-commerce market looks promising, offering immense opportunities for businesses, consumers, and the economy as a whole.
PM along with the President of Maldives, Dr. Mohamed Muizzu at the Exchange of MoUs at Hyderabad House, in New Delhi on October 07, 2024.
India on Monday extended support to Maldives’ economy in the form of USD 400 million and INR 30 billion as a bilateral currency swap agreement, officials said on Monday.
The agreement was announced during Maldivian President Mohamed Muizzu’s first bilateral visit to India.
He met Indian PM Narendra Modi in New Delhi.
“President of Maldives Dr. Mohamed Muizzu expressed his appreciation for the decision of the Government of India to extend support in the form of USD 400 million and INR 30 billion as a bilateral currency swap agreement, instrumental in tackling the ongoing financial challenges faced by the Maldives. The leaders also agreed to implement further measures to support Maldives in addressing its financial challenges,” read a joint statement issued following the meeting.
The statement said: “The leaders acknowledged that it was an opportune time for both sides to chart a new framework for cooperation with an aim to comprehensively transform the bilateral relationship to a Comprehensive Economic and Maritime Security Partnership, which is people-centric, future-oriented and will act as an anchor of stability in the Indian Ocean Region.”
Muizzu was accorded a ceremonial welcome at the Rashtrapati Bhavan earlier in the day.
He went to Rajghat to pay tribute to Mahatma Gandhi.
The joint statement issued after the meeting says India and Maldives share common challenges in the Indian Ocean Region which have multi-dimensional implications for the security and development of both the countries.
“As natural partners, they resolve to work together in advancing the maritime and security cooperation for the benefit of peoples of both India and Maldives as well as for the larger Indian Ocean Region,” the statement said.
During the meeting, Narendra Modi underscored the importance attached by India to its relationship with Maldives under its ‘Neighbourhood First’ Policy and Vision SAGAR, and reaffirmed India’s unwavering commitment to assist Maldives on its developmental journey and priorities.
Muizzu on Sunday met Indian External Affairs Minister S Jaishankar in New Delhi, just a day before he is scheduled to meet PM Narendra Modi.
Muizzu, who is currently on a four-day tour to India, met Jaishankar just hours after he arrived in the country.
Diplomatic tensions between the two countries had reached a flashpoint last year over remarks made by some Maldives ministers against Indian PM Narendra Modi’s visit to Lakshadweep, to promote the Indian Union Territory having the potential to compete with tourism major Maldives.
Soon after being elected as the President of the nation, Muizzu directed the complete withdrawal of Indian military personnel from the country, known as a popular travel destination for its picturesque beaches.
The withdrawal of Indian troops from Maldives was completed this year.
Maldives is India’s key maritime neighbour in the Indian Ocean Region (IOR) and holds a special place in Prime Minister’s vision of ‘SAGAR’ (Security and Growth for All in the Region) and India’s ‘Neighbourhood First Policy’, the MEA said.
Along with providing facilities to its passengers, Indian Railways also takes care of its employees. Now with the start of the festive season, the central government has given good news to crores of railway employees.
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The bonus for railway employees has been approved in the cabinet meeting of the NDA government led by Prime Minister Narendra Modi held on October 3, 2024.
Ashwini Vaishnav gave information about the bonus of railway employees . Ashwini Vaishnav said that the cabinet has approved the bonus for railway employees. It has been decided to give a total bonus of 78 days to the employee. A total of 11,72,240 employees will benefit from this decision. Out of these, the process of recruitment of 58,642 employees is currently underway.
How much bonus will the employees get
Indian Railways’ performance was good, after which the employees are being given bonuses. The government is giving a bonus of Rs 2029 crore. Employees will get 78 days’ bonus. 11 crore employees will benefit from this. Every railway employee will get a maximum bonus of Rs 17,951.
These employees will benefit
All categories of employees of Indian Railways will benefit from the bonus. This includes track maintainers, loco pilots, train managers (guards), station masters, supervisors, technicians, technician helpers, group C staff, points men, ministerial staff, etc.
Let us tell you that every year Indian Railways announces Productivity Linked Bonus (PLB) before Durga Puja/Dussehra festivals. This year also, bonus has been announced for railway employees on the first day of Navratri.
India has said it was not surprising to see fugitive Islamic preacher Zakir Naik receiving a high-level welcome in Pakistan.
“It is something which is disappointing, let me say, condemnable; but at the same time, as I said, it’s not surprising,” Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said during a press briefing.
Indian religious preacher Zakir Naik, who faces charges of money laundering and hate speech in India, arrived in Pakistan on Monday for a month-long visit.
Naik, who currently resides in Malaysia, previously visited Pakistan in 1992.
Upon his arrival at Islamabad International Airport, Naik was received by officials from the Ministry of Religious Affairs and PM’s aide Rana Mashhood, reported Dawn News.
In addition to public events, he is expected to meet senior government officials and participate in various public engagements, as his visit is scheduled to continue until Oct 28, the Pakistani newspaper reported.
Naik is staying in Malaysia as a fugitive. He left India in 2016.
He was granted permanent residency by Malaysia’s previous government led by Mahathir Mohamed.
Naik, meanwhile, met Pakistani PM Shehbaz Sharif during his visit to the country.
Sharif lauded him for spreading the teachings of the Holy Quran and promoting Islamic values worldwide.
He said the Muslim world was proud of him for projecting the real image of Islam across the world.
“It is heartening to note that a vast majority of youth listened to his lectures,” Sharif was quoted as saying by Dawn News.
