Oil and gas revenues for the Russian government fell in August as subsidies to the country’s refiners counterbalanced an increase in crude prices and a depreciating rouble.

The Russian Finance Ministry reported on Tuesday that budget revenues from oil and gas decreased 4.3 per cent from a year ago to 642.7 billion roubles ($6.6 billion).&nbsp;

According to calculations by Bloomberg, taxes on crude and petroleum products, which last month made up 80 per cent of the nation’s hydrocarbon revenues, decreased to 511.9 billion roubles.&nbsp;

The decrease followed tax refunds, payments for refinery modernisation, and subsidies of 185.9 billion roubles given to diesel and petrol producers for deliveries to the domestic market.

Due to the Russia-Ukraine war and accompanying Western sanctions, the oil and gas sector,&nbsp;which make up around a third of the country’s government revenue,&nbsp;has been under pressure.&nbsp;

In order to prevent an influx of petrodollars and to deter Moscow from using them to fund its military actions, the Group of Seven industrialised nations or G7 set a price restriction on Russian petroleum and other exports.

Monday saw the highest price for Brent crude, the international benchmark for oil, this year, after Saudi Arabia and Russia decided to limit their oil supply in an effort to drive up prices.&nbsp;

China, a major consumer, has increased steps to bolster its economy, building up confidence in the strength of demand.

Russia’s Urals crude blend averaged $74 a barrel last month, going over the G-7’s $60 price threshold for the second month in a row. Its discount to Brent decreased to $12.20 per barrel, which is significantly less than the level of April.

The sale of oil, which is priced in foreign currencies, has increased as a result of the severe devaluation of the ruble. The average exchange rate to the US dollar this month was 95.5 roubles, up from 60.3 roubles a year earlier.&nbsp;

"When the Russian currency declines by just one ruble, that amounts to an additional 100 billion-120 billion rubles in budget revenue, adjusted for a 12-month period," Bloomberg quoted Alexander Isakov, an economist with Bloomberg Economics Russia, as saying.&nbsp;

(With inputs from Bloomberg)&nbsp;

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Oil and gas revenues for the Russian government fell in August as subsidies to the country’s refiners counterbalanced an increase in crude prices and a depreciating rouble.

Oil and gas revenues for the Russian government fell in August as subsidies to the country’s refiners counterbalanced an increase in crude prices and a depreciating rouble. The Russian Finance Ministry reported on Tuesday that budget revenues from oil and gas decreased 4.3 per cent from a year ago to 642.7 billion roubles ($6.6 billion). According to calculations by Bloomberg, taxes on crude and petroleum products, which last month made up 80 per cent of the nation’s hydrocarbon revenues, decreased to 511.9 billion roubles. The decrease followed tax refunds, payments for refinery modernisation, and subsidies of 185.9 billion roubles given to diesel and petrol producers for deliveries to the domestic market. Due to the Russia-Ukraine war and accompanying Western sanctions, the oil and gas sector, which make up around a third of the country’s government revenue, has been under pressure. In order to prevent an influx of petrodollars and to deter Moscow from using them to fund its military actions, the Group of Seven industrialised nations or G7 set a price restriction on Russian petroleum and other exports. Monday saw the highest price for Brent crude, the international benchmark for oil, this year, after Saudi Arabia and Russia decided to limit their oil supply in an effort to drive up prices. China, a major consumer, has increased steps to bolster its economy, building up confidence in the strength of demand. Russia’s Urals crude blend averaged $74 a barrel last month, going over the G-7’s $60 price threshold for the second month in a row. Its discount to Brent decreased to $12.20 per barrel, which is significantly less than the level of April. The sale of oil, which is priced in foreign currencies, has increased as a result of the severe devaluation of the ruble. The average exchange rate to the US dollar this month was 95.5 roubles, up from 60.3 roubles a year earlier. "When the Russian currency declines by just one ruble, that amounts to an additional 100 billion-120 billion rubles in budget revenue, adjusted for a 12-month period," Bloomberg quoted Alexander Isakov, an economist with Bloomberg Economics Russia, as saying. (With inputs from Bloomberg) WATCH WION LIVE HERE

Russian oil and gas revenue falls due to increased subsidies  

The Reserve Bank of India is trying to increase the use of central bank digital money, or e-rupee, for a wider range of wholesale transactions, The Economic Times reported, citing a source.

The source said, “We intend to use CBDC (Central Bank Digital Currency) tokens for the interbank call money market.”&nbsp;

The call money market deals with short-term funds that need to be repaid in a period varying from one day to a fortnight.

India's central bank launched a CBDC trial for&nbsp;wholesale and retail&nbsp;transactions in 2022.&nbsp;Since its launch, 1.75 million people have joined the CBDC bandwagon.

Additionally, the government is stepping up its efforts to promote e-rupee in the retail sector.&nbsp;

According sources familiar with the matter, RBI wants to boost the number of e-rupee transactions in the retail sector by 40 times, from 20,000 to 25,000 per day in July to 1 million by the end of December.

Meanwhile, RBI governor Shaktikanta Das on Monday said that the use of digital currencies might improve the efficiency of cross-border payments.

The push for RuPay and UPI&nbsp;

India is also trying to push and promote its other digital products, including RuPay and the Unified Payments Interface (UPI). The Economic Times report said that India wants to make RuPay a global product and internationalise UPI.

India has already entered various stages of negotiations and discussions with countries in Africa and Latin America for the adoption of UPI.

During the G20 Summit, India will highlight homegrown indigenous technologies like the&nbsp;UPI One World, the Bharat Bill Payment System for international transactions, the digital rupee, and the Public Tech Platform for Frictionless Credit in India.&nbsp;

&nbsp;

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The Reserve Bank of India is trying to increase the use of central bank digital money, or e-rupee, for a wider range of wholesale transactions, The Economic Times reported, citing a source.

The Reserve Bank of India is trying to increase the use of central bank digital money, or e-rupee, for a wider range of wholesale transactions, The Economic Times reported, citing a source. The source said, “We intend to use CBDC (Central Bank Digital Currency) tokens for the interbank call money market.” The call money market deals with short-term funds that need to be repaid in a period varying from one day to a fortnight. India's central bank launched a CBDC trial for wholesale and retail transactions in 2022. Since its launch, 1.75 million people have joined the CBDC bandwagon. Additionally, the government is stepping up its efforts to promote e-rupee in the retail sector. According sources familiar with the matter, RBI wants to boost the number of e-rupee transactions in the retail sector by 40 times, from 20,000 to 25,000 per day in July to 1 million by the end of December. Meanwhile, RBI governor Shaktikanta Das on Monday said that the use of digital currencies might improve the efficiency of cross-border payments. The push for RuPay and UPI India is also trying to push and promote its other digital products, including RuPay and the Unified Payments Interface (UPI). The Economic Times report said that India wants to make RuPay a global product and internationalise UPI. India has already entered various stages of negotiations and discussions with countries in Africa and Latin America for the adoption of UPI. During the G20 Summit, India will highlight homegrown indigenous technologies like the UPI One World, the Bharat Bill Payment System for international transactions, the digital rupee, and the Public Tech Platform for Frictionless Credit in India. WATCH WION LIVE HERE

RBI to expand e-rupee's scope, include more wholesale transactions: Reports

During the G20 leaders’ summit in India, US President Joe Biden will concentrate on reforming the World Bank and pressing other multilateral development banks to increase investment for infrastructure and climate change projects, the White House announced on Tuesday.

White House National Security Adviser Jake Sullivan was quoted by reporters as saying, “That's one of our main focuses heading into the G20: delivering on an agenda fundamentally reshaping and scaling up the multilateral development banks, especially the World Bank.”

The World Bank, established as World War II came to an end in order to combat poverty, is now being promoted as a counterbalance to China’s international financing.&nbsp;

With new funding and balance sheet regulations, the bank’s lending authority has been strengthened, with new CEO Ajay Banga pushing for more funds towards alleviating hunger and climate change.

In a supplemental budget request submitted to Congress in late August, the White House requested an additional $3.3 billion to “materially expand development and infrastructure financing” through the World Bank in order to provide nations with a “credible alternative to the People’s Republic of China’s (PRC) coercive and unsustainable lending and infrastructure projects.”

“We know that these institutions are some of the most effective tools that we have for mobilising transparent, high-quality investment into developing countries,” Sullivan was quoted as saying.

“And that’s why the United States is championing a major effort that is currently underway to involve these institutions so that they are up to the challenges of today and tomorrow,” he added.

According to Sullivan, Biden will also urge the G20 nations to grant low- and middle-income countries real debt relief.

(With inputs from Reuters)

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During the G20 leaders’ summit in India, US President Joe Biden will concentrate on reforming the World Bank and pressing other multilateral development banks to increase investment for infrastructure and climate change projects, the White House announced on Tuesday.

During the G20 leaders’ summit in India, US President Joe Biden will concentrate on reforming the World Bank and pressing other multilateral development banks to increase investment for infrastructure and climate change projects, the White House announced on Tuesday. White House National Security Adviser Jake Sullivan was quoted by reporters as saying, “That's one of our main focuses heading into the G20: delivering on an agenda fundamentally reshaping and scaling up the multilateral development banks, especially the World Bank.” The World Bank, established as World War II came to an end in order to combat poverty, is now being promoted as a counterbalance to China’s international financing. With new funding and balance sheet regulations, the bank’s lending authority has been strengthened, with new CEO Ajay Banga pushing for more funds towards alleviating hunger and climate change. In a supplemental budget request submitted to Congress in late August, the White House requested an additional $3.3 billion to “materially expand development and infrastructure financing” through the World Bank in order to provide nations with a “credible alternative to the People’s Republic of China’s (PRC) coercive and unsustainable lending and infrastructure projects.” “We know that these institutions are some of the most effective tools that we have for mobilising transparent, high-quality investment into developing countries,” Sullivan was quoted as saying. “And that’s why the United States is championing a major effort that is currently underway to involve these institutions so that they are up to the challenges of today and tomorrow,” he added. According to Sullivan, Biden will also urge the G20 nations to grant low- and middle-income countries real debt relief. (With inputs from Reuters) WATCH WION LIVE HERE

Biden to push for World Bank reform at G20 Summit in New Delhi: Report

Reserve Bank of India&nbsp;Governor&nbsp;Shaktikanta Das&nbsp;said on Tuesday that the monetary policy must be forward-looking, adding that using a policy approach that only looks in the rear-view mirror can result in crises.

Das used the comparison of driving a car on a road with potential ditches and speed bumps to explain how monetary policy is conducted.

“Driver needs to see ahead and regulate the speed of the car. If driver reacts suddenly to a speed bump, he can cause accident,” Moneycontrol quoted Das, who was delivering the&nbsp;Delhi School of Economics Diamond Jubilee Distinguished Lecture.

Over the past few years, the RBI has fought a protracted war against high inflation. In order to combat inflation, the RBI increased the repo rate, the rate at which the central bank provides short-term cash to banks, by 250 basis points since May 2022.

The MPC (Monetary Policy Committee) is required to maintain retail inflation at the target rate of four per cent within a tolerance range of two to six per cent.

Although it has been slowing this year, inflation has not yet displayed a consistent pattern of lowering.&nbsp;&nbsp;In July, a sharp rise in vegetable prices caused India’s headline retail inflation rate to soar over the top limit of the RBI’s 2 to 6 per cent tolerance range and reach a 15-month high of 7.44 per cent.

In the near future, India’s inflation is likely to stay high, but government actions will stop it from increasing further, according to S&amp;P Global Ratings Economist (Asia Pacific) Vishrut Rana on Tuesday.

Das stated that the MPC must monitor price stability and take appropriate action, adding that the supply-side policies implemented by the fiscal authorities are of utmost significance.

“It is necessary to watch price stability and act appropriately. We are now firmly focused on 4 per cent target,” Moneycontrol quoted Das as saying.

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Reserve Bank of India Governor Shaktikanta Das said on Tuesday that the monetary policy must be forward-looking, adding that using a policy approach that only looks in the rear-view mirror can result in crises.

Reserve Bank of India Governor Shaktikanta Das said on Tuesday that the monetary policy must be forward-looking, adding that using a policy approach that only looks in the rear-view mirror can result in crises. Das used the comparison of driving a car on a road with potential ditches and speed bumps to explain how monetary policy is conducted. “Driver needs to see ahead and regulate the speed of the car. If driver reacts suddenly to a speed bump, he can cause accident,” Moneycontrol quoted Das, who was delivering the Delhi School of Economics Diamond Jubilee Distinguished Lecture. Over the past few years, the RBI has fought a protracted war against high inflation. In order to combat inflation, the RBI increased the repo rate, the rate at which the central bank provides short-term cash to banks, by 250 basis points since May 2022. The MPC (Monetary Policy Committee) is required to maintain retail inflation at the target rate of four per cent within a tolerance range of two to six per cent. Although it has been slowing this year, inflation has not yet displayed a consistent pattern of lowering. In July, a sharp rise in vegetable prices caused India’s headline retail inflation rate to soar over the top limit of the RBI’s 2 to 6 per cent tolerance range and reach a 15-month high of 7.44 per cent. In the near future, India’s inflation is likely to stay high, but government actions will stop it from increasing further, according to S&P Global Ratings Economist (Asia Pacific) Vishrut Rana on Tuesday. Das stated that the MPC must monitor price stability and take appropriate action, adding that the supply-side policies implemented by the fiscal authorities are of utmost significance. “It is necessary to watch price stability and act appropriately. We are now firmly focused on 4 per cent target,” Moneycontrol quoted Das as saying. WATCH WION LIVE HERE

Monetary policy needs to look at the future: RBI Governer Shaktikanta Das 

A legitimate indicator of India’s increasing wealth is the new store by Indian fashion designer Sabyasachi Mukherjee in a refurbished building from the early 1900s, located just a few blocks from the Reserve Bank of India’s headquarters in Mumbai.

Sabyasachi is the newest luxury brand to relocate to south Mumbai with the launch of the four-story flagship store. Mumbai has been the centre of India’s financial services industry ever since the predecessor to the Bombay Stock Exchange started there in 1875 under a banyan tree. Hermes International, Christian Louboutin, and other brands have opened shops more recently, prepared to pay the area’s rising costs for space in historic properties and access to a growing upper-class population.

Anurag Mathur, a partner at Bain &amp; Company in New Delhi, told Bloomberg that the emergence of the high-net-worth individual sector in India was attracting luxury firms at a significant pace. He mentioned that the pandemic increased Indians’ quest for personal luxury while restricting travel, forcing them to purchase these items domestically. For luxury brands, he said, “there’s clearly a desire to look for a new frontier, and India very much, with its change, offers that.”

By 2027, around 1.66 million Indians are anticipated to have a net worth of above $1 million. According to Knight Frank’s Wealth Report, the group of people with $30 million in their bank accounts is expected to increase by approximately 60 per cent in the five years starting in 2022.

When Dior decided to hold its first runway show in India against Mumbai’s iconic Gateway of India, it was clear that foreign companies were paying attention. To entice local consumers and their wallets, the collection featured sequined gowns, vivid pink pops, and traditional Indian stitching on jackets, skirts, and bags.

Rich, traditional business families have historically flocked the area around the Gateway, which includes the The Taj Mahal Palace hotel. However, while commercial real estate has become discouragingly expensive for some financial services companies, some global brands still perceive its importance.

According to Karl Nagarwalla of Nagarwalla Estates, a company that has assisted labels like Hermes and Louboutin in establishing showrooms in the city, “the increased demand for luxury brands, the limited supply of properties available, and the fierce market competition have forced rentals higher.” For a 1,000 square foot property, the monthly rent for retail premises in the neighbourhood can range from $6,044 to $7,250, he added.

Many banks, mutual fund managers, and dealers have consequently relocated to new financial districts, such as the Bandra Kurla Complex, which is anchored by Bank of America and Citibank, as well as northern suburban neighbourhoods.

The new Sabyasachi store is prime example of how, many of the city’s heritage buildings have performed many functions over the course of their existence. Early in 2021, Indian City Properties refurbished the building, a Grade IIA heritage-designated structure with neoclassical architecture, and purchased it from HSBC Bank. According to Indian City Properties, it was created in 1913 by the architectural company Chambers &amp; Fritchley for the British Bank of the Middle East, one of the 37 banks that were located in the region that later came to be known as the bank district.

Aditya Birla Fashion and Retail Ltd., which acquired a 51 per cent ownership in the business with an all-cash acquisition in 2021, has helped Sabyasachi, noted for its lavish bridal dresses and jewellery, develop. According to records with the Bombay Stock Exchange, the investment aided Aditya Birla in its most recent quarter. Although the firm reported a loss for the three months ended in June, Sabysaschi’s income increased and sales have had “good traction” at the Mumbai store.

The addition of premium and luxury brands to Aditya Birla’s portfolio isn’t exclusive. Mukesh Ambani, the richest man in Asia, has his sights set on introducing luxury experiences to India. His Reliance Brands Ltd. has invested in MM Styles Ltd., the company that owns the name-brand clothing line that Manish Malhotra, a Bollywood stylist, runs. In addition, the conglomerate purchased a 52 per cent share in Ritu Kumar, another Indian fashion designer. The expansion of Reliance’s non-food sector is highlighted by its retail unit, which comprises fashion and lifestyle brands, which reported a 15 per cent increase in revenue year over year.

“The competitiveness is good — the market as a collective is growing. There’s enough and more opportunity for all the brands to have over the next decade or so,” Bloomberg quoted Bain's Mathur as saying. He further said that people began to question the purpose of their savings during and after the pandemic.

(With inputs&nbsp;from Bloomberg)

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A legitimate indicator of India’s increasing wealth is the new store by Indian fashion designer Sabyasachi Mukherjee in a refurbished building from the early 1900s, located just a few blocks from the Reserve Bank of India’s headquarters in Mumbai.

A legitimate indicator of India’s increasing wealth is the new store by Indian fashion designer Sabyasachi Mukherjee in a refurbished building from the early 1900s, located just a few blocks from the Reserve Bank of India’s headquarters in Mumbai. Sabyasachi is the newest luxury brand to relocate to south Mumbai with the launch of the four-story flagship store. Mumbai has been the centre of India’s financial services industry ever since the predecessor to the Bombay Stock Exchange started there in 1875 under a banyan tree. Hermes International, Christian Louboutin, and other brands have opened shops more recently, prepared to pay the area’s rising costs for space in historic properties and access to a growing upper-class population. Anurag Mathur, a partner at Bain & Company in New Delhi, told Bloomberg that the emergence of the high-net-worth individual sector in India was attracting luxury firms at a significant pace. He mentioned that the pandemic increased Indians’ quest for personal luxury while restricting travel, forcing them to purchase these items domestically. For luxury brands, he said, “there’s clearly a desire to look for a new frontier, and India very much, with its change, offers that.” By 2027, around 1.66 million Indians are anticipated to have a net worth of above $1 million. According to Knight Frank’s Wealth Report, the group of people with $30 million in their bank accounts is expected to increase by approximately 60 per cent in the five years starting in 2022. When Dior decided to hold its first runway show in India against Mumbai’s iconic Gateway of India, it was clear that foreign companies were paying attention. To entice local consumers and their wallets, the collection featured sequined gowns, vivid pink pops, and traditional Indian stitching on jackets, skirts, and bags. Rich, traditional business families have historically flocked the area around the Gateway, which includes the The Taj Mahal Palace hotel. However, while commercial real estate has become discouragingly expensive for some financial services companies, some global brands still perceive its importance. According to Karl Nagarwalla of Nagarwalla Estates, a company that has assisted labels like Hermes and Louboutin in establishing showrooms in the city, “the increased demand for luxury brands, the limited supply of properties available, and the fierce market competition have forced rentals higher.” For a 1,000 square foot property, the monthly rent for retail premises in the neighbourhood can range from $6,044 to $7,250, he added. Many banks, mutual fund managers, and dealers have consequently relocated to new financial districts, such as the Bandra Kurla Complex, which is anchored by Bank of America and Citibank, as well as northern suburban neighbourhoods. The new Sabyasachi store is prime example of how, many of the city’s heritage buildings have performed many functions over the course of their existence. Early in 2021, Indian City Properties refurbished the building, a Grade IIA heritage-designated structure with neoclassical architecture, and purchased it from HSBC Bank. According to Indian City Properties, it was created in 1913 by the architectural company Chambers & Fritchley for the British Bank of the Middle East, one of the 37 banks that were located in the region that later came to be known as the bank district. Aditya Birla Fashion and Retail Ltd., which acquired a 51 per cent ownership in the business with an all-cash acquisition in 2021, has helped Sabyasachi, noted for its lavish bridal dresses and jewellery, develop. According to records with the Bombay Stock Exchange, the investment aided Aditya Birla in its most recent quarter. Although the firm reported a loss for the three months ended in June, Sabysaschi’s income increased and sales have had “good traction” at the Mumbai store. The addition of premium and luxury brands to Aditya Birla’s portfolio isn’t exclusive. Mukesh Ambani, the richest man in Asia, has his sights set on introducing luxury experiences to India. His Reliance Brands Ltd. has invested in MM Styles Ltd., the company that owns the name-brand clothing line that Manish Malhotra, a Bollywood stylist, runs. In addition, the conglomerate purchased a 52 per cent share in Ritu Kumar, another Indian fashion designer. The expansion of Reliance’s non-food sector is highlighted by its retail unit, which comprises fashion and lifestyle brands, which reported a 15 per cent increase in revenue year over year. “The competitiveness is good — the market as a collective is growing. There’s enough and more opportunity for all the brands to have over the next decade or so,” Bloomberg quoted Bain's Mathur as saying. He further said that people began to question the purpose of their savings during and after the pandemic. (With inputs from Bloomberg) WATCH WION LIVE HERE

Luxury retailers are investing in India’s new wealthy. Here's why 

The launch of Card Soundbox, was announced on Monday by One97 Communications Limited (OCL), the company that controls the Paytm brand, Mint reported. According to a statement from the company, its recognisable Soundbox with “tap and pay” enables retailers to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks, enabling them to grow their businesses.

With Paytm Card Soundbox, the business helps retailers with two issues: taking card payments and receiving immediate audio alerts for all payments. By fusing Soundbox with NFC (near field communication) or contactless debit and credit card payments with mobile payments, the launch of Paytm’s innovative device will revolutionise in-store transactions and increase merchant payment acceptance.

The new Soundbox, a first for the industry, gives both: the merchant and the consumer audible and visual payment confirmation via an LCD display. Merchants can take card payments up to Rs 5,000 ($60) using the built-in “tap and pay” feature of the Paytm Card Soundbox. The Made in India device uses a 4G network to provide the quickest payment alerts.

Paytm Card Soundbox improves payment alert clarity with a 4W speaker. Five days is the length of the battery life. The gadget gives warnings in 11 languages that may be modified by the retailer through the Paytm for Business app, which was created with the goal of catering to a broad merchant base. Additionally, Paytm Card Soundbox allows users of smartphones with NFC capabilities to use the tap feature to pay using their devices.

“Paytm has always been at the forefront of innovating for India’s small businesses, solving their payment and financial services problems,” Mint quoted Vijay Shekhar Sharma, founder and CEO of Paytm. According to him, the introduction of Card Soundbox will significantly help merchants meet their two needs for mobile payments and card payments.

According to Gautam Aggarwal, Division President of South Asia at Mastercard, “The Paytm Card Soundbox is yet another innovation that will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments.”

Mint also quoted NPCI (National Payments Corporation of India) said, “Paytm Card Soundbox is India’s first Soundbox that will also accept contactless card payments and would further accelerate cashless transactions in the country.”

&nbsp;

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The launch of Card Soundbox, was announced on Monday by One97 Communications Limited (OCL), the company that controls the Paytm brand, Mint reported. According to a statement from the company, its recognisable Soundbox with “tap and pay” enables retailers to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks, enabling them to grow their businesses.

The launch of Card Soundbox, was announced on Monday by One97 Communications Limited (OCL), the company that controls the Paytm brand, Mint reported. According to a statement from the company, its recognisable Soundbox with “tap and pay” enables retailers to accept both mobile and card payments across all Visa, Mastercard, American Express, and RuPay networks, enabling them to grow their businesses. With Paytm Card Soundbox, the business helps retailers with two issues: taking card payments and receiving immediate audio alerts for all payments. By fusing Soundbox with NFC (near field communication) or contactless debit and credit card payments with mobile payments, the launch of Paytm’s innovative device will revolutionise in-store transactions and increase merchant payment acceptance. The new Soundbox, a first for the industry, gives both: the merchant and the consumer audible and visual payment confirmation via an LCD display. Merchants can take card payments up to Rs 5,000 ($60) using the built-in “tap and pay” feature of the Paytm Card Soundbox. The Made in India device uses a 4G network to provide the quickest payment alerts. Paytm Card Soundbox improves payment alert clarity with a 4W speaker. Five days is the length of the battery life. The gadget gives warnings in 11 languages that may be modified by the retailer through the Paytm for Business app, which was created with the goal of catering to a broad merchant base. Additionally, Paytm Card Soundbox allows users of smartphones with NFC capabilities to use the tap feature to pay using their devices. “Paytm has always been at the forefront of innovating for India’s small businesses, solving their payment and financial services problems,” Mint quoted Vijay Shekhar Sharma, founder and CEO of Paytm. According to him, the introduction of Card Soundbox will significantly help merchants meet their two needs for mobile payments and card payments. According to Gautam Aggarwal, Division President of South Asia at Mastercard, “The Paytm Card Soundbox is yet another innovation that will enable small merchants to provide a seamless digital payment experience to their customers by easily accepting contactless card payments.” Mint also quoted NPCI (National Payments Corporation of India) said, “Paytm Card Soundbox is India’s first Soundbox that will also accept contactless card payments and would further accelerate cashless transactions in the country.” WATCH WION LIVE HERE

Paytm’s newly launched “Card Soundbox,” enables credit, debit card payments

August saw an increase in South Korea’s annual consumer inflation to 3.4 per cent, while the month-over-month rate reached its highest level since early 2017. Due to this, policymakers are on guard, keeping a look out for any sustained price increases.

The Bank of Korea (BOK) maintained its interest rates for a fifth consecutive meeting last month as it continued to place a high priority on price stability in the face of elevated growth concerns.

After increasing by 0.1 per cent the month before, the consumer price index (CPI) increased by 1.0 per cent in August, according to official data released on Tuesday, exceeding the median increase of 0.3 per cent predicted by a Reuters survey.

The rate of annual inflation, which increased for the first time in seven months and exceeded the economists’ forecast of 2.7 per cent, was the fastest since April. It came after a 2.3 per cent increase in July, the smallest increase in two years.

The BOK has predicted that consumer inflation will likely pick up in August and September to approximately 3 per cent before declining once more, so the most recent numbers shouldn’t come as a surprise to policymakers.

The finance ministry commented on the report, stating that while temporary factors like bad weather and an increase in global energy prices had an impact on the inflation rate, the overall decreasing trend in prices remained consistent.

Prices for petroleum goods increased 8.1 per cent during the course of the month, agricultural prices rose 10.5 per cent, and prices for public services increased 0.5 per cent.

On an annual basis, Core CPI, which excludes volatile food and energy costs, increased by 3.3 per cent, remaining constant from the previous month.

Previous inflation rates

Prior to the recent development, South Korea’s inflation rate had decreased in July to its lowest level in more than two years, providing further proof that the central bank is making progress in its campaign to reduce price hikes.

Data from the statistics agency indicated that consumer prices increased 2.3 per cent from a year earlier, slowing from June’s 2.7 per cent increase. According to economists, inflation would be 2.4 per cent.

Headline price increase was expected to drop down in July, pick up again in August, and fluctuate about 3 per cent through the end of the year, according to the Bank of Korea’s prediction. The recent data will is crucial for central bank when discussing the interest rate policy.

(With inputs from agencies)

&nbsp;

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August saw an increase in South Korea’s annual consumer inflation to 3.4 per cent, while the month-over-month rate reached its highest level since early 2017. Due to this, policymakers are on guard, keeping a look out for any sustained price increases.

August saw an increase in South Korea’s annual consumer inflation to 3.4 per cent, while the month-over-month rate reached its highest level since early 2017. Due to this, policymakers are on guard, keeping a look out for any sustained price increases. The Bank of Korea (BOK) maintained its interest rates for a fifth consecutive meeting last month as it continued to place a high priority on price stability in the face of elevated growth concerns. After increasing by 0.1 per cent the month before, the consumer price index (CPI) increased by 1.0 per cent in August, according to official data released on Tuesday, exceeding the median increase of 0.3 per cent predicted by a Reuters survey. The rate of annual inflation, which increased for the first time in seven months and exceeded the economists’ forecast of 2.7 per cent, was the fastest since April. It came after a 2.3 per cent increase in July, the smallest increase in two years. The BOK has predicted that consumer inflation will likely pick up in August and September to approximately 3 per cent before declining once more, so the most recent numbers shouldn’t come as a surprise to policymakers. The finance ministry commented on the report, stating that while temporary factors like bad weather and an increase in global energy prices had an impact on the inflation rate, the overall decreasing trend in prices remained consistent. Prices for petroleum goods increased 8.1 per cent during the course of the month, agricultural prices rose 10.5 per cent, and prices for public services increased 0.5 per cent. On an annual basis, Core CPI, which excludes volatile food and energy costs, increased by 3.3 per cent, remaining constant from the previous month. Previous inflation rates Prior to the recent development, South Korea’s inflation rate had decreased in July to its lowest level in more than two years, providing further proof that the central bank is making progress in its campaign to reduce price hikes. Data from the statistics agency indicated that consumer prices increased 2.3 per cent from a year earlier, slowing from June’s 2.7 per cent increase. According to economists, inflation would be 2.4 per cent. Headline price increase was expected to drop down in July, pick up again in August, and fluctuate about 3 per cent through the end of the year, according to the Bank of Korea’s prediction. The recent data will is crucial for central bank when discussing the interest rate policy. (With inputs from agencies) WATCH WION LIVE HERE

South Korean policymakers on guard as inflation accelerates faster than anticipated

As the nation’s confidence declines, China is no longer expected to overtake the US as the largest economy anytime soon, and it may never overtake the US to claim the top spot, according to a report by Bloomberg.

The report said that China’s gross domestic output would not surpass that of the US until the middle of the 2040s, and even then, it won’t be by much before “falling behind” at that point. Prior to the pandemic, they predicted that China would seize and maintain the top spot by the beginning of the following decade.

In a research note brought out on Tuesday, Bloomberg Economists said, “China is down-shifting onto a slower growth path sooner than we expected. The post-Covid rebound has run out of steam, reflecting a deepening&nbsp;property slump and fading confidence in Beijing’s management of the economy. Weak confidence risks becoming entrenched — resulting in an enduring drag on growth potential.”

The second-largest economy in the world, China, is now expected to develop at a slower rate, to 3.5 per cent in 2030 and 1 per cent or less by 2050, according to experts. In comparison to earlier estimates of 4.3 per cent and 1.6 per cent, respectively, this is less.

China’s economy grew by 3 per cent last year, which was one of the country’s slowest rates of growth in recent memory due to economic restrictions and a real estate crisis. Its final reopening gave rise to optimism that the economy will improve this year. However, as exports plummet and the real estate downturn worsens, the recovery has lost momentum. Additionally, economists surveyed by Bloomberg have lowered their growth projections for 2024 even further, to below 5 per cent.

The updated prognosis comes as the international community re-evaluates how to deal with a China that may be nearing a power peak.

The US and the Group of Seven countries are increasingly examining signs of deep-seated structural issues in China, spotting possibilities that could ultimately boost the West’s position against a collapsing geopolitical rival, while also taking the slowdown’s wider implications into account. Commodities and stocks are already in disorder due to this year’s setbacks.

Additionally, China is coping with more serious, long-term issues. The country had its first population decline since the 1960s in 2017, which has stoked fears about declining productivity. Confidence has also been impacted by regulatory crackdowns and geopolitical conflicts with the US and other Western governments.

The US, however, seems to be doing better than many economists had anticipated just a few months ago. The ability of the economy to avoid a recession for the time being has been boosted by a strong labour market, robust consumer spending, and moderate inflation.

According to Bloomberg Economics, prospective US growth will be 1.7 per cent in 2022–2023, with long-term projections indicating a gradual decline to 1.5 per cent by 2050.

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As the nation’s confidence declines, China is no longer expected to overtake the US as the largest economy anytime soon, and it may never overtake the US to claim the top spot, according to a report by Bloomberg.

As the nation’s confidence declines, China is no longer expected to overtake the US as the largest economy anytime soon, and it may never overtake the US to claim the top spot, according to a report by Bloomberg. The report said that China’s gross domestic output would not surpass that of the US until the middle of the 2040s, and even then, it won’t be by much before “falling behind” at that point. Prior to the pandemic, they predicted that China would seize and maintain the top spot by the beginning of the following decade. In a research note brought out on Tuesday, Bloomberg Economists said, “China is down-shifting onto a slower growth path sooner than we expected. The post-Covid rebound has run out of steam, reflecting a deepening property slump and fading confidence in Beijing’s management of the economy. Weak confidence risks becoming entrenched — resulting in an enduring drag on growth potential.” The second-largest economy in the world, China, is now expected to develop at a slower rate, to 3.5 per cent in 2030 and 1 per cent or less by 2050, according to experts. In comparison to earlier estimates of 4.3 per cent and 1.6 per cent, respectively, this is less. China’s economy grew by 3 per cent last year, which was one of the country’s slowest rates of growth in recent memory due to economic restrictions and a real estate crisis. Its final reopening gave rise to optimism that the economy will improve this year. However, as exports plummet and the real estate downturn worsens, the recovery has lost momentum. Additionally, economists surveyed by Bloomberg have lowered their growth projections for 2024 even further, to below 5 per cent. The updated prognosis comes as the international community re-evaluates how to deal with a China that may be nearing a power peak. The US and the Group of Seven countries are increasingly examining signs of deep-seated structural issues in China, spotting possibilities that could ultimately boost the West’s position against a collapsing geopolitical rival, while also taking the slowdown’s wider implications into account. Commodities and stocks are already in disorder due to this year’s setbacks. Additionally, China is coping with more serious, long-term issues. The country had its first population decline since the 1960s in 2017, which has stoked fears about declining productivity. Confidence has also been impacted by regulatory crackdowns and geopolitical conflicts with the US and other Western governments. The US, however, seems to be doing better than many economists had anticipated just a few months ago. The ability of the economy to avoid a recession for the time being has been boosted by a strong labour market, robust consumer spending, and moderate inflation. According to Bloomberg Economics, prospective US growth will be 1.7 per cent in 2022–2023, with long-term projections indicating a gradual decline to 1.5 per cent by 2050. WATCH WION LIVE HERE

Forecast: China’s slowdown means it may not surpass US economy

Pakistan’s caretaker Prime Minister Anwaar-ul-Haq Kakar, on Monday announced that Saudi Arabia will spend up to $25 billion over the next two to five years in a variety of sectors and that his administration will also restart the privatisation process that had once stalled.

After evading a sovereign debt default in July thanks to a $3 billion loan plan agreed by the International Monetary Fund (IMF), Pakistan is starting down a difficult road to economic recovery under the caretaker administration.

Speaking to reporters at his official residence, Kakar said Saudi Arabia would engage in the mining, agriculture, and IT industries as part of efforts to boost foreign direct investment in Pakistan.

This will be Saudi Arabia’s largest-ever investment in Pakistan. If verified by the kingdom, the investments would amount to a total of $25 billion.

Pakistan, a longtime ally of Riyadh, is experiencing a balance of payments crisis and needs billions of dollars in foreign currency to finance its trade imbalance and pay off its foreign loans for the current fiscal year.

Kakar did not name the projects Riyadh was interested in funding, but Barrick Gold Corp stated last month that it was open to partnering with the Saudi Arabian sovereign wealth fund in Pakistan’s Reko Diq gold and copper mine.

Kakar’s administration has presently&nbsp;estimated Pakistan’s undeveloped mineral deposits at a conservative $6 trillion.

Barrick, which owns a 50 per cent of the Reko Diq mine, believes it to be one of the greatest untapped copper-gold regions in the world. The governments of Pakistan and the Balochistan province jointly own the remaining 50 per cent.

In addition, Kakar stated that his administration would work to privatise another government-owned company outside the energy industry in addition to finanlising two privatisation transactions in the next six months, likely for state-run businesses in the power sector.

State-owned businesses in Pakistan have long been a source of apprehension&nbsp;because of their deteriorating financial conditions. Pakistan recently added the financially troubled state-run Pakistan International Airlines to the list for privatisation.

The country’s privatisation process has virtually come to a standstill since selling state assets has historically been a politically touchy subject that many elected governments have avoided.

(With inputs from Reuters)

&nbsp;

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Pakistan’s caretaker Prime Minister Anwaar-ul-Haq Kakar, on Monday announced that Saudi Arabia will spend up to $25 billion over the next two to five years in a variety of sectors and that his administration will also restart the privatisation process that had once stalled.

Pakistan’s caretaker Prime Minister Anwaar-ul-Haq Kakar, on Monday announced that Saudi Arabia will spend up to $25 billion over the next two to five years in a variety of sectors and that his administration will also restart the privatisation process that had once stalled. After evading a sovereign debt default in July thanks to a $3 billion loan plan agreed by the International Monetary Fund (IMF), Pakistan is starting down a difficult road to economic recovery under the caretaker administration. Speaking to reporters at his official residence, Kakar said Saudi Arabia would engage in the mining, agriculture, and IT industries as part of efforts to boost foreign direct investment in Pakistan. This will be Saudi Arabia’s largest-ever investment in Pakistan. If verified by the kingdom, the investments would amount to a total of $25 billion. Pakistan, a longtime ally of Riyadh, is experiencing a balance of payments crisis and needs billions of dollars in foreign currency to finance its trade imbalance and pay off its foreign loans for the current fiscal year. Kakar did not name the projects Riyadh was interested in funding, but Barrick Gold Corp stated last month that it was open to partnering with the Saudi Arabian sovereign wealth fund in Pakistan’s Reko Diq gold and copper mine. Kakar’s administration has presently estimated Pakistan’s undeveloped mineral deposits at a conservative $6 trillion. Barrick, which owns a 50 per cent of the Reko Diq mine, believes it to be one of the greatest untapped copper-gold regions in the world. The governments of Pakistan and the Balochistan province jointly own the remaining 50 per cent. In addition, Kakar stated that his administration would work to privatise another government-owned company outside the energy industry in addition to finanlising two privatisation transactions in the next six months, likely for state-run businesses in the power sector. State-owned businesses in Pakistan have long been a source of apprehension because of their deteriorating financial conditions. Pakistan recently added the financially troubled state-run Pakistan International Airlines to the list for privatisation. The country’s privatisation process has virtually come to a standstill since selling state assets has historically been a politically touchy subject that many elected governments have avoided. (With inputs from Reuters) WATCH WION LIVE HERE

Saudi Arabia to invest $25 bn in Pakistan over next five years: Interim PM announces

The ban on rice exports by India has sparked a panic on the international market and driven up prices in Asia. India has alarmed the rice market in just over six weeks.

The leading exporter in the world has curbed all of its exports, alarming countries from West Africa to Asia. Other large suppliers have made an effort to reassure consumers that there is a sufficient supply of rice, but this hasn’t done much to calm the market.

After India imposed additional restrictions on parboiled and basmati rice over the previous weekend, rice prices in Asia spiked back up to their highest point in nearly 15 years on Wednesday. The current campaign of tightening that began on July 20, prohibiting the shipment of various grains came to a close with them being the final remaining rice varieties free from export restrictions.

“Spikes in rice prices always hurt poor consumers the most,” Bloomberg quoted Peter Timmer, Professor Emeritus at Harvard University, who’s studied food security for decades as saying. “The most pressing concern right now is whether&nbsp;Thailand and Vietnam follow India and put significant controls on their rice exports. If that happens, we will see world rice prices zoom past $1,000,” he further said.

It makes sense that supply is causing concern. In many areas of Southeast Asia and Africa, individuals consume up to 60 per cent of their daily calories from rice, which is essential to the diets of billions of people worldwide. The benchmark price is at $646 per tonne, and the market may be further destabilised by the weather.

This year’s commencement of El Nino poses a threat to many important Asian farming regions, with Thailand already issuing a drought alert for the beginning of 2024. China, the largest producer and importer of crops worldwide, looks to have dodged bad weather thus far, while India's main growing regions want additional rain.

As of August 31 in the nation’s capital, New Delhi, the price of rice was still higher than it was a year before, but since the export ban in July; prices have stayed the same at Rs 39 (47 cents) per kilogram. They’ve tacked on a little elevation across the country. However, the limitations imposed by India are being felt in other nations.

A nationwide rice price cap was implemented last week in the Philippines as a result of an “alarming” rise in retail prices and concerns of trader hoarding. The country is the second-largest importer of the grain worldwide.

Meanwhile, other nations are employing diplomatic channels to request for export bans to be lifted. Guinea has sent its trade minister to India, while Singapore, Mauritius, and Bhutan have asked to be exempted from restrictions on the grounds of food security.

(With inputs from Bloomberg)

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The ban on rice exports by India has sparked a panic on the international market and driven up prices in Asia. India has alarmed the rice market in just over six weeks.

The ban on rice exports by India has sparked a panic on the international market and driven up prices in Asia. India has alarmed the rice market in just over six weeks. The leading exporter in the world has curbed all of its exports, alarming countries from West Africa to Asia. Other large suppliers have made an effort to reassure consumers that there is a sufficient supply of rice, but this hasn’t done much to calm the market. After India imposed additional restrictions on parboiled and basmati rice over the previous weekend, rice prices in Asia spiked back up to their highest point in nearly 15 years on Wednesday. The current campaign of tightening that began on July 20, prohibiting the shipment of various grains came to a close with them being the final remaining rice varieties free from export restrictions. “Spikes in rice prices always hurt poor consumers the most,” Bloomberg quoted Peter Timmer, Professor Emeritus at Harvard University, who’s studied food security for decades as saying. “The most pressing concern right now is whether Thailand and Vietnam follow India and put significant controls on their rice exports. If that happens, we will see world rice prices zoom past $1,000,” he further said. It makes sense that supply is causing concern. In many areas of Southeast Asia and Africa, individuals consume up to 60 per cent of their daily calories from rice, which is essential to the diets of billions of people worldwide. The benchmark price is at $646 per tonne, and the market may be further destabilised by the weather. This year’s commencement of El Nino poses a threat to many important Asian farming regions, with Thailand already issuing a drought alert for the beginning of 2024. China, the largest producer and importer of crops worldwide, looks to have dodged bad weather thus far, while India's main growing regions want additional rain. As of August 31 in the nation’s capital, New Delhi, the price of rice was still higher than it was a year before, but since the export ban in July; prices have stayed the same at Rs 39 (47 cents) per kilogram. They’ve tacked on a little elevation across the country. However, the limitations imposed by India are being felt in other nations. A nationwide rice price cap was implemented last week in the Philippines as a result of an “alarming” rise in retail prices and concerns of trader hoarding. The country is the second-largest importer of the grain worldwide. Meanwhile, other nations are employing diplomatic channels to request for export bans to be lifted. Guinea has sent its trade minister to India, while Singapore, Mauritius, and Bhutan have asked to be exempted from restrictions on the grounds of food security. (With inputs from Bloomberg) WATCH WION LIVE HERE

India’s six-week rice ban has strained the global market

Despite the cost-of-living crisis, nearly 80 per cent of travellers will spend at least 10 per cent more for sustainable travel arrangements, according to Euromonitor International research.

According to the Euromonitor report, Voice of the Consumer: Lifestyles Survey, 41 per cent of travellers are also willing to pay more than 30 per cent more for eco and adventure travel.

With a total of 17 top spots, Europe dominates the Sustainable Travel Index for 2023. Sweden continues to be at the top of the list, followed by Finland and Austria.

Apart from these European nations, Uruguay, a country in South America, has entered the top 20 for the first time, rising 15 spots from last year.

The Sustainable Travel Index enables countries to gauge their performance across key sustainability pillars to move from words to action. We bring the index results to life through case studies and provide a source of inspiration.

The two nations that have improved the most over the past five years are Egypt and the Maldives.

By developing resilient tourism, aided by its recovery from travel bans and the pandemic, and increasing average spend per arrival to improve value creation through tourism for the benefit of the &nbsp;local people, Egypt has outperformed other markets.

Melbourne tops the lists of sustainable cities

Melbourne has an ambitious target of achieving net zero emissions by 2040, placing it at the top of the sustainability pillar for Euromonitor’s Top City Destinations Index.

It is followed by the Spanish cities of Madrid and Seville, which are a part of the European Union’s Net Zero Cities project.

Melbourne has achieved a lot when it comes to sustainability, from greening streets and staging carbon-neutral events to retrofitting buildings to lower their carbon footprint and switch to renewable energy.

The top three tourist destinations in terms of sustainable tourism are Australia, Iceland, and New Zealand.

As long-haul destinations, Australia and New Zealand profit from the lengthy stays. New Zealand also leads the way in regenerative tourism, going beyond simple sustainability and trying to leave a beneficial legacy for future generations.

&nbsp;

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Despite the cost-of-living crisis, nearly 80 per cent of travellers will spend at least 10 per cent more for sustainable travel arrangements, according to Euromonitor International research.

Despite the cost-of-living crisis, nearly 80 per cent of travellers will spend at least 10 per cent more for sustainable travel arrangements, according to Euromonitor International research. According to the Euromonitor report, Voice of the Consumer: Lifestyles Survey, 41 per cent of travellers are also willing to pay more than 30 per cent more for eco and adventure travel. With a total of 17 top spots, Europe dominates the Sustainable Travel Index for 2023. Sweden continues to be at the top of the list, followed by Finland and Austria. Apart from these European nations, Uruguay, a country in South America, has entered the top 20 for the first time, rising 15 spots from last year. The Sustainable Travel Index enables countries to gauge their performance across key sustainability pillars to move from words to action. We bring the index results to life through case studies and provide a source of inspiration. The two nations that have improved the most over the past five years are Egypt and the Maldives. By developing resilient tourism, aided by its recovery from travel bans and the pandemic, and increasing average spend per arrival to improve value creation through tourism for the benefit of the local people, Egypt has outperformed other markets. Melbourne tops the lists of sustainable cities Melbourne has an ambitious target of achieving net zero emissions by 2040, placing it at the top of the sustainability pillar for Euromonitor’s Top City Destinations Index. It is followed by the Spanish cities of Madrid and Seville, which are a part of the European Union’s Net Zero Cities project. Melbourne has achieved a lot when it comes to sustainability, from greening streets and staging carbon-neutral events to retrofitting buildings to lower their carbon footprint and switch to renewable energy. The top three tourist destinations in terms of sustainable tourism are Australia, Iceland, and New Zealand. As long-haul destinations, Australia and New Zealand profit from the lengthy stays. New Zealand also leads the way in regenerative tourism, going beyond simple sustainability and trying to leave a beneficial legacy for future generations. WATCH WION LIVE HERE

Amid cost-of-living crisis, travellers will pay 10 pc more for sustainable travel: Euromonitor report

The six new members of the five-member BRICS grouping of emerging economies would have a combined GDP share of barely 11 per cent as of January, with Saudi Arabia contributing the most at 4 per cent, according to an analysis.

According to an SBI Research analysis, the proposed membership of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will increase the five-member BRICS—Brazil, Russia, India, China, and South Africa, grouping’s share of the global GDP to 30 per cent from the current 26 per cent and its population share to 46 per cent.

The decision for expansion was announced at the last BRICS summit in Johannesburg, which is to be effective on January 1, 2024.

China’s share of the BRICS’ GDP currently stands at 70 per cent, but it will soon drop to 62 per cent. India currently provides 13 per cent, but that share will soon drop to 12 per cent. South Africa produces just 2 per cent, Brazil gives 7 per cent, and Russia contributes 8 per cent, totalling 26 per cent of the world’s economic output.

Brazil’s stake will remain unchanged following the expansion, the study added without providing a justification, while South Africa’s share will decrease by 50 per cent to 1 per cent and Russia’s share by 7 per cent.

According to Soumya Kanti Ghosh, chief economist at State Bank of India, of these six economies, the UAE is India’s largest trading partner with bilateral trade worth Rs 6,81,259 crore ($82 billion) in FY23. Saudi Arabia is second with Rs 4,23,834 crore ($51 billion), Egypt is third with Rs 48,792 crore ($5 billion), Argentina is fourth with Rs 39,100 crore ($4 billion), Iran is fifth with Rs 18,680 crore ($2 billion), and Ethiopia is sixth with Rs 5,154 crore ($623 million).

Saudi Arabia will have the largest economy among the new members, contributing 4 per cent of the group’s GDP. Argentina, the United Arab Emirates, Egypt, and Iran will each contribute 2 per cent, while Ethiopia’s entry will have essentially no effect on the economy.

According to the data provided, the Saudi economy was approximately $1.1 trillion in 2022 (it was already a G20 member), Argentina’s was $632 billion, the UAE’s was $507 billion, Egypt’s was $477 billion, Iran’s was $388 billion, and Ethiopia’s was $127 billion.

According to Ghosh’s prediction in the report, the BRICS+6 economies'&nbsp;combined GDP will increase from the existing BRICS by 11 per cent, or 4 per cent of the global GDP in 2022, and will contribute to the BRICS+6’s share reaching 30 per cent.

Even with the new member, China ($18.1 trillion in 2022) and India ($3.75 trillion) will still account for 74 per cent of the bloc’s total GDP, down from 83 per cent of the $26.2 trillion pre-expansion economy.

In 2022, the Russian economy had a value of $2.2 trillion, compared to Brazil’s $1.8 trillion and South Africa’s $468 billion.

Currently, the BRICS+6 and G20 (Group of 20 largest economies) have respective population shares of 3.7 billion and 5.1 billion, $29.2 trillion and $70.4 trillion in terms of GDP, and $5.5 trillion and $9.4 trillion in terms of foreign exchange reserves.

40 per cent of the world’s population lives in the five countries, which together account for 26 per cent of the world’s GDP. However, with the addition of the six additional members (BRICS+6), their GDP share will increase to 30 per cent and their population share to 46 per cent.

According to the report, the biggest effect will be on the global oil production share, which would rise from 18 to 40 per cent, while their oil consumption portion will climb from 27 to 36 per cent.

The statement added that their portion of the world’s FX reserves would climb by 600 basis points to 45 per cent and that their shares in global merchandise trade and services trade would both expand from 20 per cent to 25 per cent and 11 per cent to 15 per cent, respectively.

The oil equations could be a game changer for the payment system and price discovery due to the significant increase in the share of oil commerce; Saudi Arabia has the second largest oil reserves behind Russia.

(With inputs from PTI)

&nbsp;

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The six new members of the five-member BRICS grouping of emerging economies would have a combined GDP share of barely 11 per cent as of January, with Saudi Arabia contributing the most at 4 per cent, according to an analysis.

The six new members of the five-member BRICS grouping of emerging economies would have a combined GDP share of barely 11 per cent as of January, with Saudi Arabia contributing the most at 4 per cent, according to an analysis. According to an SBI Research analysis, the proposed membership of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will increase the five-member BRICS—Brazil, Russia, India, China, and South Africa, grouping’s share of the global GDP to 30 per cent from the current 26 per cent and its population share to 46 per cent. The decision for expansion was announced at the last BRICS summit in Johannesburg, which is to be effective on January 1, 2024. China’s share of the BRICS’ GDP currently stands at 70 per cent, but it will soon drop to 62 per cent. India currently provides 13 per cent, but that share will soon drop to 12 per cent. South Africa produces just 2 per cent, Brazil gives 7 per cent, and Russia contributes 8 per cent, totalling 26 per cent of the world’s economic output. Brazil’s stake will remain unchanged following the expansion, the study added without providing a justification, while South Africa’s share will decrease by 50 per cent to 1 per cent and Russia’s share by 7 per cent. According to Soumya Kanti Ghosh, chief economist at State Bank of India, of these six economies, the UAE is India’s largest trading partner with bilateral trade worth Rs 6,81,259 crore ($82 billion) in FY23. Saudi Arabia is second with Rs 4,23,834 crore ($51 billion), Egypt is third with Rs 48,792 crore ($5 billion), Argentina is fourth with Rs 39,100 crore ($4 billion), Iran is fifth with Rs 18,680 crore ($2 billion), and Ethiopia is sixth with Rs 5,154 crore ($623 million). Saudi Arabia will have the largest economy among the new members, contributing 4 per cent of the group’s GDP. Argentina, the United Arab Emirates, Egypt, and Iran will each contribute 2 per cent, while Ethiopia’s entry will have essentially no effect on the economy. According to the data provided, the Saudi economy was approximately $1.1 trillion in 2022 (it was already a G20 member), Argentina’s was $632 billion, the UAE’s was $507 billion, Egypt’s was $477 billion, Iran’s was $388 billion, and Ethiopia’s was $127 billion. According to Ghosh’s prediction in the report, the BRICS+6 economies' combined GDP will increase from the existing BRICS by 11 per cent, or 4 per cent of the global GDP in 2022, and will contribute to the BRICS+6’s share reaching 30 per cent. Even with the new member, China ($18.1 trillion in 2022) and India ($3.75 trillion) will still account for 74 per cent of the bloc’s total GDP, down from 83 per cent of the $26.2 trillion pre-expansion economy. In 2022, the Russian economy had a value of $2.2 trillion, compared to Brazil’s $1.8 trillion and South Africa’s $468 billion. Currently, the BRICS+6 and G20 (Group of 20 largest economies) have respective population shares of 3.7 billion and 5.1 billion, $29.2 trillion and $70.4 trillion in terms of GDP, and $5.5 trillion and $9.4 trillion in terms of foreign exchange reserves. 40 per cent of the world’s population lives in the five countries, which together account for 26 per cent of the world’s GDP. However, with the addition of the six additional members (BRICS+6), their GDP share will increase to 30 per cent and their population share to 46 per cent. According to the report, the biggest effect will be on the global oil production share, which would rise from 18 to 40 per cent, while their oil consumption portion will climb from 27 to 36 per cent. The statement added that their portion of the world’s FX reserves would climb by 600 basis points to 45 per cent and that their shares in global merchandise trade and services trade would both expand from 20 per cent to 25 per cent and 11 per cent to 15 per cent, respectively. The oil equations could be a game changer for the payment system and price discovery due to the significant increase in the share of oil commerce; Saudi Arabia has the second largest oil reserves behind Russia. (With inputs from PTI) WATCH WION LIVE HERE

BRICS’s six new members to have GDP share of just 11 pc: Report

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