Ashneer Grover Ventures into Fintech with _____

Daily Current Affairs

Ashneer Grover Ventures into Fintech with ______ Medical Loan App.

MedPe

AnyPe

ZeroPe

MorePe

Correct Answer : ZeroPe

Ashneer Grover is the co-founder and former managing director of the fintech company BharatPe. After his high-profile exit from BharatPe in 2022, Grover has now ventured into the fintech space again with a new app called ZeroPe.

Introducing ZeroPe: Grover’s Latest Fintech Venture

* ZeroPe is a new fintech app that is currently in the testing phase.
* The app has been developed by Grover’s new company, Third Unicorn, which he launched in January 2023 along with his wife Madhuri Jain Grover and Chandigarh-based entrepreneur Aseem Ghavri.

Focusing on Medical Loans :

* The primary focus of ZeroPe is to provide instant pre-approved medical loans of up to Rs 500,000 to users.
* These loans are offered in collaboration with a Delhi-based Non-Banking Financial Company (NBFC) called Mukut Finvest.
* The ZeroPe app service is exclusively available at partner hospitals, as mentioned on the app’s website.

Addressing a Growing Market Need

* ZeroPe is entering a growing market for instant financing solutions for medical bills and elective treatments.
* Other businesses like SaveIn, Qube Health, Arogya Finance, Neodocs, Fibe, Kenko, and Mykare Health are already offering similar services in this space.

Projections for India’s Digital Healthcare Market :

* The digital healthcare market in India is projected to generate $37 billion in revenue by 2030.
* Healthcare financing is estimated to contribute $5 billion to this figure.

Grover’s Other Ventures: Third Unicorn and CrickPe

* In January 2023, Grover, along with his wife and the Chandigarh-based entrepreneur, launched Third Unicorn as their new venture.
* Third Unicorn started with a fantasy sports app called CrickPe, which competes with established players like Dream11, MPL, and My11 Circle.
* Third Unicorn raised $3.5 million in a seed funding round led by ZNL Growth Fund, with participation from Vevek Ventures Investments and Rishaayu LLP.

Published On : April 13, 2024

Solar’s Ascendance in India :

In 2015, India ranked ninth in solar energy deployment, but by 2023, it produced 5.8% of its electricity from solar, up from 0.5% in 2015. This significant increase underscores India’s commitment to clean energy and its pivotal role in mitigating climate change.

Global Solar Growth Trends :

Ember’s report highlights that solar energy witnessed a remarkable increase globally, with 2023’s solar generation exceeding six times that of 2015. The top four solar growth countries, including India, accounted for 75% of this growth, emphasizing the widespread adoption of solar power worldwide.

Published On : May 9, 2024

Q .

India's Toy Exports Slip to _____ Million in 2023-24

$102.92

$121.19

$139.53

$152.34

Correct Answer : Option (D) - $152.34

India’s toy exports experienced a slight decline to USD 152.34 million in the fiscal year 2023-24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.

Declining Export Trends :

Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade Research Initiative (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.

Import Trends :

Conversely, imports rose to USD 64.92 million in 2023-24 from USD 62.37 million in the preceding year, indicating a persistent challenge in balancing trade dynamics.

GTRI’s Recommendations :

Comprehensive Industry Development Strategy : GTRI Founder Ajay Srivastava emphasized the necessity for a holistic approach to foster the growth of India’s toy industry and bolster exports.

Domestic Ecosystem Strengthening : Developing a robust domestic ecosystem is paramount, alongside measures to encourage renowned global toy brands to establish manufacturing facilities within India’s borders.

Published On : May 9, 2024

Q .

India Leads Global Remittances, Surpassing _____ Billion Mark.

$50

$100

$200

$250

Correct Answer : Option (B) - $100

India emerged as the global leader in remittances in 2022, receiving over $111 billion, surpassing the $100 billion mark for the first time. The International Organisation for Migration (IOM) highlighted India, alongside Mexico, China, the Philippines, and France, as the top five remittance recipient countries.

Consistent Growth: From $53.48 Billion to $111.22 Billion

The UN’s World Migration Report 2024 underscored India’s consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India’s pivotal role in the global remittance landscape.

Southern Asia’s Significance in Global Remittances :

The IOM emphasized Southern Asia’s importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region’s reliance on labor migration.

Prominent Migration Corridors and Destination Countries :

While India ranks 13th as a destination country for immigrants, it features prominently in various international migration corridors, including India-United Arab Emirates, India-Saudi Arabia, and Bangladesh-India, all of which are among the top 10. This indicates India’s significant role in global labor migration patterns.

Published On : May 9, 2024