Page 10 - Insurance Times August 2023

New radar tech to spruce up cyclone forecasting
Attention Subscribers
India is investing in new super computers, high-resolution radar systems and
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automated weather observatories to improve cyclone forecasting efforts
Insurance Times Journal to receive
over the next five years, its top weather official said.
copy of the journal uninterruptedly.
The most dramatic overhaul in nearly a quarter century comes after early
warnings and timely evacuations this month helped the South Asian nation You can now pay by GPAY, Phonepe,
avert major casualties after cyclone Biparjoy hit its west coast. Paytm, Amazon, ICICI Pay, BHIM UPI
"In the next five years, our cyclone forecasting will get even better,"
Mrutyunjay Mohapatra, director-general of the India Meteorological De-
partment (IMD), told.
Specific improvements cover detection or identification of the formation of
cyclones, and accuracy of critical elements such as landfall, wind speed, in-
undation and storm surge, he added, but stopped short of detailing funding
plans.
The weather service aims to deploy 62 radars, up from 37, and triple the
speed of its supercomputers to 30 petaflops from 10, to enable quicker
processing of weather-related data, Mohapatra said.

align with the government's commit- credit for exports, and this expansion
ment to promoting sustainable and is set to benefit 3,000 exporters.
eco-friendly transportation options, Meanwhile, the ECGC has also chosen
encouraging the adoption of electric to extend this cover to another nine
and hybrid vehicles in the country. banks which in turn will benefit another
set of 3,000 exporters.
Insurance cover for export Goyal mentioned plans to meet more
bankers next week to request their
losses to be extended to
alliance with this scheme. Goyal also
A/Cs with limits up to Rs. explained that with the provision of 90
per cent insurance cover, exporters'
50 crore
accounts become AA accounts, which
Export promotion organisation Export Sashi Publications Easy Payment
enables interest rates to go down. This
Credit Guarantee Corporation of India Modes :-
tag also helps banks when it comes to
(ECGC) announced the expansion of 90 giving loans. i) UPI ID: SASHIBOOKS@KOTAK
per cent insurance cover for exporters ii) GPAY: 9830171022@okbizaxis
"With 90 per cent insurance cover,
with a credit limit of Rs 50 crore, a iii) PAYTM: 9830171022@paytm
banks have been assured and with this
cover limited to those with a limit of
the interest rate has come around iv) NEFT: Current A/C
Rs 20 crore earlier.
repo rate plus 2.2 per cent for all AA 402120110000327 of 'SASHI
However, exporters with a credit limit rated accounts," the minister said. PUBLICATIONS PRIVATE
of Rs 20 crore previously used to get "This interest rate will be applicable to LIMITED, Bank of India, VVK
an insurance cover of 60 per cent the exporters' with exports up to Rs 50 Road Branch., Kolkata, India,
which was only last year increased to crore as well." IFSC Code : BKID0004021
90 per cent. Piyush Goyal, Union Min-
Further, he also guaranteed that in the v) Credit Card:
ister for Commerce and Industry, said
next four to five months, all activities www.sashipublications.com
that this change will be effective July
at ECGC will be digitised to quicken the For any query please call
1, 2023.
procedure. The resolution of disputes 9073791022/9883398055
Currently, there four banks associated will be done via video conferencing, he
www.sashipublications.com
with the scheme, providing Rs 50 crore said.
The Insurance Times August 2023 9