Economy News-Daily Digest: 2 Key Updates
1. Ola, ICICI Bank to introduce new range of integrated offerings
Ola has tied up with ICICI Bank to provide a range of integrated offers, including micro-credit to their customers and digital payment facilities to driver partners, respectively.
As per the partnership, ICICI Bank customers can now book and pay for Ola on the bank’s mobile app and wallet itself. Besides, the bank will also provide micro-credits to Ola customers, wherein they can use the credit for 3-4 rides and then repay later. The bank will, however, use analytics and algorithms to understand the creditworthiness of the riders.For the driver partners, the bank will offer a ‘Pay Direct’ card to help them get their daily earnings directly into their ‘Pay Direct’ card accounts.
2. Gujarat tops new logistics index that flags inefficiency of states
The Logistics Ease Across Different States (LEADS) index, a composite indicator to assess international trade logistics across states and Union territories, is based on a stakeholders’ survey conducted by Deloitte for the ministry of commerce and industry. While Gujarat topped the first-of-its-kind index, Punjab and Andhra Pradesh took the second and third positions, respectively.
LEADS is loosely based on the World Bank’s biannual Logistics Performance Index (LPI), on which India was ranked 35 among 160 countries in 2016, up from 54 in 2014.
LEADS is based on eight parameters such as infrastructure, services, timeliness, track and trace, competitiveness of pricing, safety of cargo, operating environment and regulatory process. The study is based on a perception-based survey of 2,885 respondents across the country over a six-week period.
The study identified indicative focus areas such as enhancing capacity, developing integrated and balanced multimodal logistics and transport infrastructure, focussing on standardization, developing regulatory infrastructure, modernizing logistics infrastructure and transport fleet.