Disaster Risk Reduction Financing central to effective functioning of national disaster management systems for India

Principal Secretary to the Prime Minister, P. K. Mishra, recently addressed the Ministerial Roundtable on Disaster Risk Reduction (DRR) Financing at Geneva on 04th June 2025. He commended the UNDRR and its partners for convening this critical discussion. India also recognized the contributions of Brazil and South Africa in continuing the global dialogue through their G20 presidencies. Mishra underscored that DRR financing is not a peripheral issue but central to the effective functioning of national disaster management systems and the safeguarding of development gains in the face of rising climate and disaster risks. He reaffirmed Indias belief that a strong and responsive DRR financing architecture is a cornerstone of resilience. Highlighting Indias journey in DRR financing, he noted that initial allocations by early Finance Commissions amounted to INR 60 million (approximately USD 0.7 million). The cumulative outlay under the 15th Finance Commission exceeds INR 2.32 trillion (approximately USD 28 billion).

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Economic Times

4 hours ago

• Economic Times

Despite global turmoil, inflation to stay below 4% target: MPC member

Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: A worsening geopolitical situation since the Monetary Policy Committee (MPC) meeting earlier this month has heightened the upside risk to India's inflation trajectory, on account of increases in oil and fertiliser prices , said Ram Singh, a member on the despite the upside risks, he expects the Consumer Price Index (CPI)-based inflation to stay below the 4% target."This (geopolitical situation) can put pressure on the INR, adding to the risk of imported inflation. To address unexpected developments on the external front, we adjusted our stance to neutral. Moreover, our foreign exchange reserves (about $700 billion) provide a significant cushion," Singh told by the World Bank forecast and the S&P commodities index, global commodity prices are expected to remain stable, except for gold and oil, he said."Food inflation is also likely to follow a downward trajectory. All considered, I expect CPI inflation to stay below the target level of 4%," said Singh, who is director of the Delhi School of retail inflation hit a 75-month low of 2.8% in May, driven down by a steep fall in food said the Reserve Bank of India has a range of monetary, liquidity, regulatory and forex market tools at its disposal to maintain macroeconomic and financial stability in an unlikely scenario of a deteriorating geopolitical situation causing stress on the financial market and putting pressure on the June 6, the RBI governor Sanjay Malhotra -headed six-member MPC reduced the lending rate by 50 basis points (bps), taking the total reduction to 100 bps in 2025 so far. It also changed the policy stance to neutral from accommodative.A basis point is a hundredth of a percentage said he did not believe the monetary policy had moved too quickly over the past six months or so, at a time of increasing global uncertainty. "There was a need for a big cut. Demand for mid-size housing and urban consumption remains subdued. Private investment also remains tepid, despite the massive capex undertaken by the Centre. The capex to net surplus from operations ratio remains below the pre-Covid had backed the rate cut, as per the minutes of the MPC released last also pointed out that given the headline inflation forecast of 3.7% for 2025-26, at the current policy rate (6%), the real repo rate turns out to be 2.3%, significantly higher than what would qualify as a growth-supportive to the Covid-19 effect, the average r* (r-star or neutral real interest rate) estimated for India had increased to 1.65% for the fourth quarter of 2023-24 from 1.2% for the third quarter of 2021-22, he said."Now that the Covid-specific factors - elevated public debt and pent-up demand - are behind us, the neutral rate has likely headed toward pre-Covid levels. This gives us scope for a 75 bps rate cut in this cycle," Singh reasoned."Factoring in the global economic and geopolitical uncertainty, a 50-basis-point rate cut in this cycle was reasonable and highly desirable," he said, adding that limited space for rate cuts does not mean that no more rate cuts are possible in this further said, "Having reduced the repo rate by 100 bps, we must carefully assess the macroeconomic situation for additional cuts before proceeding with further cuts, given the elevated risks emerging in the external sector."On the surge in bond yields after the MPC's decision, he said a part of the elevated bond yields for 10-year and longer-duration treasury bonds partly reflect the strong prospects for future GDP (gross domestic product) growth."The overall steepening of the yield curve is also a reflection of the bond market's overreaction to the change in the stance," he said, adding that the bond market would prefer a situation where it can expect more rate cuts. An alternative course would have been a staggered rate cut, but given the subdued credit growth rate and private capex, it would have further delayed the materialisation of demand and investment decisions in anticipation of future cuts."By contrast, a front-loaded 50-bps cut in the policy rate is likely to help achieve the twin objectives of supporting demand and growth by reducing the cost of funds for borrowers," he said, pointing out that since the MPC decision there has been some (about $5 billion) outflows by foreign institutional investors from the bond market, resulting in hardening of yields and steepening of the yield curve."Our rate cut decision is fully justified, coming on the back of strong fundamentals and a stable outlook on the domestic fronts, including fiscal prudence and a benign inflation forecast," Singh said.

Indian Express

7 hours ago

• Indian Express

Air India Dreamliner crash: Five ways families can claim compensation

The crash of Air India's Dreamliner on June 12 has brought renewed attention to the compensation available to the families of those who lost their lives. There are at least five avenues through which compensation can be claimed. Among them, compensation provided by Air India through its insurance coverage is mandatory. Additionally, the Tata Group has announced an ex-gratia payment of Rs one crore to the next of kin of each victim. In addition, there are three other potential sources of compensation—travel insurance, life insurance, and debit card insurance—available to the victims' families, provided the deceased had active policies under these covers. The crash is likely to result in claims of around Rs 4,000 crore ($ 470 million), making it one of the largest insurance claims involving a plane accident, with suits for claims likely to be lodged in foreign jurisdictions as several foreign nationals died in the accident, insurance sources said. It's estimated that hull will cost around $ 80 million and engine $ 45 million for insurers and reinsurers. While total liability insurance claims for people died in the crash are likely to touch $ 350 million, the final amount can vary depending on the claims lodged and the jurisdiction involved. Air India compensation from insurers: As per the Montreal Convention treaty, Air India will have to pay a minimum compensation of around Rs 1.50 crore each to the kin of victims of the plane crash. Air India will get adequate compensation for the lost aircraft from insurance companies. While interim compensation may be announced by the airline, final compensation for passengers will be determined under the Montreal Convention of 1999, to which India became a signatory in 2009. Compensation is calculated using Special Drawing Rights (SDRs), which stood at 128,821 SDRs (approximately USD 1.33 per SDR) as of October 2024. The actual payout will depend on the nature of claims and jurisdiction involved. Insurance sources said families can lodge claims in one of the several favourable jurisdictions like the carrier's domicile, place of ticket purchase and principal residence of the victim. It's learnt that the payout can change if Boeing or Air India was at fault. Sources don't rule out suits in other countries as nationals from Britain, Canada and Portugal died in the crash. Tata group compensation: In addition to the Air India insurance cover, the Tata Group will provide Rs 1 crore each to the families of the deceased in the crash of Air India's Boeing 787-8 Dreamliner in Ahmedabad. According to the Tata group, families of those who died on the ground will be eligible for the Rs 1 crore compensation and the medical expenses of those who suffered injuries would also be covered by the company, while ensuring necessary care and support. Among those feared dead and sustained injuries in ground impact are doctors, students, hospital staff and residents from the Meghaninagar area, close to the airport. Life insurance: The next of kin of passengers who died in the plane crash can also claim money from the insurance company if the passenger had taken a life insurance policy. LIC and other insurers have announced faster claim disposal in the case of Dreamliner death victims. If the victim had a term insurance policy of Rs one crore, his family can claim the amount. Any bodily injury that the policyholder sustains solely and directly from the accident, independent of other causes, that results in the death of the person within 180 days is deemed as a case of accidental death, ICICI Prudential Life Insurance says. Meanwhile, adding an accidental death benefit rider is entirely optional when a person takes a life cover. It can be beneficial for people who travel frequently. The accidental death benefit payout is given to the nominee in addition to the death benefit from regular life insurance. The rider can be helpful in providing enhanced financial protection to families, it says. Travel insurance: The families of plane crash victims can also claim insurance if the passenger had taken a travel insurance policy. Insurance companies offer travel policies which include an accidental death and dismemberment (AD&D) benefit that provides a lump-sum payment to the beneficiaries in the event of the insured's death or dismemberment as a result of an accident during the trip, including air travel accidents. Several flights cancellations and delays have happened in the wake of the Dreamliner crash and the Iran-Israel war of late. 'Travel Insurance covers the expenses incurred for the time duration that you spend waiting for the flight. One gets reimbursement for the meals, refreshments and essential purchases depending upon the Sum Insured and policy coverage schedule. For flight cancellation, usually the cancellation has to be due to a valid reason such as weather disturbances, terrorism activity or natural disaster,' HDFC Ergo says in its explanatory note. Card insurance: Family members of persons who lost their lives in the Air India Boeing 787 Dreamliner crash can also claim insurance on some of the eligible debit cards owned by the deceased. Some banks provide complimentary personal air accident insurance cover in case of death on eligible debit cards. However, the insurance cover varies based on the category of the debit card owned by the holder. The catch is that there are several riders like the usage of card and one transaction in preceding 30 days for making a claim, which may not ultimately benefit the cardholder.

Pink Villa

9 hours ago

• Pink Villa

Hailey Bieber Shares UNSEEN Pregnancy Pic of Son Jack Blues' Baby Bump Amid Justin Bieber Divorce Rumors

Hailey Bieber, founder and creative lead of Rhode Beauty, stirred fresh buzz by posting an unseen pregnancy photo of herself with son Jack Blues Bieber. The Instagram Story, accompanied by the caption 'June 22, 2024, now my baby is 10 months old' and crying‑face emojis, shows her in a soft pink gown and sleek bob hairstyle that elegantly showcased her baby bump. This emotional post comes amid intensifying divorce rumors. Reports from the Sun say Hailey was spotted in New York twice without her wedding ring, first during breakfast at The Commerce Inn, then out for a girls' night, making a pointed fashion statement that fueled speculation. Why did Hailey Bieber go ringless? Photographers captured her deliberately displaying her left hand, sparking theories that the ringless gesture was intentional. Insiders suggest she's 'fed up' with Justin's unpredictable conduct, ranging from strip‑club outings and cryptic social media posts to a Father's Day tribute that omitted both her and baby Jack. Justin Bieber, who recently marked his first Father's Day with the family by posting luxury gifts like a USD 38K Audemars Piguet watch and custom bracelet for Jack Blues, also shared cryptic messages about 'transactional relationships'. He's been described by insiders as emotionally volatile, with fans and acquaintances noting a concerning decline in his online behavior. Yet despite rumors, a recent in-depth report in Vanity Fair suggests the couple remains committed. The article suggests Hailey's protective focus on motherhood and Justin's ongoing personal growth. Hailey Bieber recently finalized a USD 1 billion acquisition of her skincare brand Rhode by E.l.f. Beauty, reinforcing her leadership in the beauty industry. The deal includes USD 600 million in cash, USD 200 million in E.l.f. stock, plus up to an additional USD 200 million in future earn‑outs tied to growth over the next three years, as per Forbes. The acquisition also paves the way for a Sephora rollout in North America and the U.K. by the end of the year, leveraging E.l.f.'s retail network. While divorce rumors swirl, Hailey Bieber continues to shape her own narrative, both personally and professionally.