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Crop cover scheme to be Rs 18k-cr biz

• Out of almost nowhere, the government has created a new market of Rs 17,000-18,000 crore with its new crop insurance scheme. This segment will be almost twice the size of the fire insurance business of non-life companies, which includes premium from covering buildings, factories, houses and shops.The reason for the change in fortunes is the new scheme -Pradhan Mantri Fasal Bima Yojana (PMFBY). In the earlier National Agriculture Insurance Scheme (NAIS), both premium and claims were capped for the insurer. This time, the government has freed the pricing.

Cabinet approves draft bill on surrogacy

• The Union Cabinet today approved a draft bill on surrogacy. Highly placed sources said the draft Bill is aimed at safeguarding the rights of surrogate mothers. It will also regulate commissioning surrogacy in the country. Cabinet nod to enhance grant of compensation to civilian victims

Cabinet has given its approval to enhance the grant of compensation to the civilian victims from three lakh rupees to five lakh rupees.

• According to an official release, for the first time, civilian victims of cross border firing along the Indo-Pak border will be given a compensation of five lakh rupees similar to those who die due to terrorism or Left Wing Extremism violence. The amount will be given to the next of kin of the victim. Five lakh rupees will also be given to those who receive 50 per cent or more disability or incapacitation due to the same reasons. 

Govt launches Accessible E-Library 'Sugamya Pustakalaya'

• The government today (24.08.2016) launched Accessible E-Library 'Sugamya Pustakalaya' for Divyang under Prime Minister's Sugamya Bharat Abhiyan. Union Ministers Ravi Shankar Prasad, Prakash Javadekar and Thawar Chand Gehlot jointly launched the e-library at a fucntion in New Delhi. Sugamya Pustakalaya is an online library for Divyang and houses publications across diverse subjects and languages and multiple accessible formats. 

Meeting of BRICS ministers of Disaster Management concludes in Udaipur

• The two-day meeting of Ministers of Disaster Management of BRICS countries concluded in Udaipur yesterday with the adoption of the Udaipur Declaration.Union Minister of State for Home Kiren Rijiju said that the BRICS nations have resolved to set up a dedicated Joint Task Force for Disaster Risk Management for regular dialogue, exchange, mutual support and collaboration among BRICS Countries.The Minister said that the roadmap for implementation of the three-year Joint Action Plan for BRICS emergency services (2016-18) was also finalised.

Look East policy of govt has opened new doors of opportunities for entrepreneurs: President

• President Pranab Mukherjee has said that the Look East policy of the government has opened new doors of opportunities for entrepreneurs and Act East policy will open new markets of Myanmar, ASEAN and some other countries for the entrepreneurs of Eastern India. 

North Korea test fires new ballistic missile

• North Korea today test fired a new ballistic missile. South Korea's military said, it was launched from a submarine in the Sea of Japan, off North Korea's eastern coast. The test comes one day after the United States and South Korea launched joint military exercises on the peninsula. 

Two-day SAARC Finance Ministers’ Conference begins in Islamabad

• The two-day SAARC Finance Ministers’ Conference begins in Islamabad tomorrow (25.08.2016) to discuss cooperation in different sectors of economy. The meeting is also expected to discuss the South Asia-Free Trade Agreement and devise a mechanism for promotion of regional trade.

The ranking of India as one of the top 10 wealthiest countries in the world is largely because of its large population.

• India is the seventh wealthiest country in the world. It figures among the 10 wealthiest countries, with a total individual wealth of $ 5,600 billion. According to a report by New World Wealth, Total individual wealth Ranks Country wise

1. U.S ($ 48,900 billion) - 1st
2. China ($ 17,400 billion) - 2nd
3. Japan ($ 15,100 billion) - 3rd
4. United Kingdom $ 9,200 billion - 4th
5. Germany ($ 9,100 billion) - 5th
6. France ($ 6,600 billion) - 6th
7. India ($ 5,600 billion)- 7th 
8. Canada ($ 4,700 billion) - 8th
9. Australia ($ 4,500 billion) - 9th
10. Italy ($ 4,400 billion),- 10th

Courtesy: AIR News / The Times of India / The Hindu