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Tensions are rising in eastern Europe as Ukraine prepares to take legal action against its neighboring countries in a trade dispute. Ukraine plans to sue Poland, Hungary, and Slovakia in the world trade organization over their bans on Ukrainian agricultural products.

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Financial frauds accounted for over 75 per cent of cyber crimes in the country from January 2020 till June 2023, with nearly 50 per cent cases related to UPI and internet banking, according to a new study by an IIT Kanpur-incubated start-up.

Social media-related crimes such as cheating by impersonation, cyber-bullying, sexting and email phishing accounted for 12 per cent of the online offences during the period, the study showed.

The findings have been mentioned by the Future Crime Research Foundation (FCRF), a non-profit start-up incubated at the Indian Institute of Technology (IIT)-Kanpur, in its latest comprehensive whitepaper 'A Deep Dive into Cybercrime Trends Impacting India'. 
 
ALSO WATCH |&nbsp;Study: Financial fraud top cybercrime in India

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/study-financial-fraud-top-cybercrime-in-india-637367/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

For online financial frauds, which accounted for the maximum 77.41 per cent offences during the period, the FCRF noted that "this category is a dominant concern, covering fraudulent activities related to online financial transactions".

"Subcategories include debit/credit card fraud, business email compromise, internet banking-related fraud, and the alarmingly prevalent UPI (Unified Payments Interface) fraud (47.25 per cent)", it said.

These figures underscore the need for robust cyber security measures to safeguard financial transactions conducted online, the FCRF said.

Social media-related crimes accounted for 12.02 per cent online offences, according to the whitepaper.

"This category encompasses a wide range of crimes associated with online platforms and social media. Subcategories within this domain include cheating by impersonation, cyber-bullying, sexting, email phishing, and more. While cyber-bullying and impersonation accounted for significant percentages, email phishing and provocative speech for unlawful acts had a comparatively lower impact," it noted.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/data-lab-cyber-threats-in-healthcare-digital-india-and-the-need-to-beef-up-cyber-security-601894">Data Lab | Digital India and the need to beef up cyber-security in healthcare</a>

The FCRF stated that "other notable categories" contributed to nine per cent of the online crimes which delve into several other cybercrime categories with smaller but notable percentages, including online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, and cyber terrorism.

Highlighting the diverse methods cybercriminals use to target digital infrastructure, the whitepaper also flagged that 1.57 per cent online crimes pertained to hacking or damage to computer systems such as unauthorised access, data breach, email hacking and website defacement or hacking.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/2146-cyberattacks-target-single-indian-firm-a-week-on-average-report-616768">More than 2,000 cyberattacks target single Indian firm a week on average: Report</a>

"It is crucial for law enforcement agencies, individuals, businesses, and policymakers to understand the changing landscape of cybercrimes in India. This report not only highlights the distribution of cybercrimes but also underscores the need for collaborative efforts to combat these threats," FCRF co-founder Harshvardhan Singh said.

Singh added that "as technology continues to advance, so do the tactics of cybercriminals, making it essential for all stakeholders to stay informed and vigilant". 
 
&nbsp;

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Financial frauds accounted for over 75 per cent of cyber crimes in the country from January 2020 till June 2023, with nearly 50 per cent cases related to UPI and internet banking, according to a new study by an IIT Kanpur-incubated start-up.

Financial frauds accounted for over 75 per cent of cyber crimes in the country from January 2020 till June 2023, with nearly 50 per cent cases related to UPI and internet banking, according to a new study by an IIT Kanpur-incubated start-up. Social media-related crimes such as cheating by impersonation, cyber-bullying, sexting and email phishing accounted for 12 per cent of the online offences during the period, the study showed. The findings have been mentioned by the Future Crime Research Foundation (FCRF), a non-profit start-up incubated at the Indian Institute of Technology (IIT)-Kanpur, in its latest comprehensive whitepaper 'A Deep Dive into Cybercrime Trends Impacting India'. ALSO WATCH | Study: Financial fraud top cybercrime in India For online financial frauds, which accounted for the maximum 77.41 per cent offences during the period, the FCRF noted that "this category is a dominant concern, covering fraudulent activities related to online financial transactions". "Subcategories include debit/credit card fraud, business email compromise, internet banking-related fraud, and the alarmingly prevalent UPI (Unified Payments Interface) fraud (47.25 per cent)", it said. These figures underscore the need for robust cyber security measures to safeguard financial transactions conducted online, the FCRF said. Social media-related crimes accounted for 12.02 per cent online offences, according to the whitepaper. "This category encompasses a wide range of crimes associated with online platforms and social media. Subcategories within this domain include cheating by impersonation, cyber-bullying, sexting, email phishing, and more. While cyber-bullying and impersonation accounted for significant percentages, email phishing and provocative speech for unlawful acts had a comparatively lower impact," it noted. ALSO READ | Data Lab | Digital India and the need to beef up cyber-security in healthcare The FCRF stated that "other notable categories" contributed to nine per cent of the online crimes which delve into several other cybercrime categories with smaller but notable percentages, including online cyber-trafficking, online gambling, ransomware, cryptocurrency crime, and cyber terrorism. Highlighting the diverse methods cybercriminals use to target digital infrastructure, the whitepaper also flagged that 1.57 per cent online crimes pertained to hacking or damage to computer systems such as unauthorised access, data breach, email hacking and website defacement or hacking. ALSO READ | More than 2,000 cyberattacks target single Indian firm a week on average: Report "It is crucial for law enforcement agencies, individuals, businesses, and policymakers to understand the changing landscape of cybercrimes in India. This report not only highlights the distribution of cybercrimes but also underscores the need for collaborative efforts to combat these threats," FCRF co-founder Harshvardhan Singh said. Singh added that "as technology continues to advance, so do the tactics of cybercriminals, making it essential for all stakeholders to stay informed and vigilant". WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Financial frauds accounted for over 75% cyber crimes since 2020: Study

China's auto industry is seeking innovative solutions by deepening ties with its European counterparts through technology partnerships. This move comes after the European commission initiated a probe into China's electric vehicle subsidies. Chinese policy adviser, dong yang, emphasises the need for collaboration and win-win relationships as Chinese EV exports surge.

China seeks European tech partnerships amid trade conflicts

The number of pubs closing increased dramatically in this year's first half in England and Wales. Real estate firm Altus Group found that 383 bars were closed or repurposed during the first six months of 2023, compared to 386 for the full year of 2022.

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Treasury Secretary Janet Yellen has indicated that it is too early to determine what effect the strike in the US car sector may have on the economy.

Yellen cautious on auto strike effects | World Business Watch

India's growth potential, coupled with its relatively lower exposure to geopolitical risks, is positioning it as a rising star in global financial markets while China grapples with challenges that have led to a retreat of foreign funds.

India benefits from investor exodus in China

S&amp;P Global Market Intelligence announced on Monday that India’s growth prediction for FY24 was raised upward to 6.6 per cent on the strength of strong growth in the April-June quarter, according to a report by The Economic Times.

This represents a significant change from the 5.9 per cent growth the analytics company predicted in August. However, compared to 5.1 per cent in August, the inflation rate was forecast to grow sharply to 6 per cent in 2023, touching the upper band goal range set by the RBI.

The Economic Times quoted Rajiv Biswas, APAC Chief Economist at S&amp;P Global Market Intelligence as saying, “India's economic growth momentum was buoyant in the April-June quarter, growing at a pace of 7.8 per cent year-on-year, supported by robust growth in domestic demand.”

S&amp;P is less pessimistic about inflation but in contrast is more positive than the Reserve Bank of India, which expects the economy to grow by 6.5 per cent this fiscal year.

Biswas noted a risk to the prognosis from the recent recovery in global oil prices, noting that there is still a chance of a major El Nino weather event forming in late 2023 and into 2024, which may cause drought conditions and raise prices for important agricultural commodities.

S&amp;P highlighted that due to concerns about global economic development, India's economy is likely to increase at a rate of 6.2 per cent in FY25 as opposed to the 6.1 per cent projected in August. While the company increased its growth projection for 2023 to 2.6 per cent because it was confident about the world's prospects, it decreased its growth forecast for 2024 to 2.3 per cent in its September update.

The paper said that "downside risks include inflation persistence, tighter financial conditions, and escalating geopolitical tensions" and claimed that "the 2024 global growth forecast has been lowered again."

The company noted that while the US is expected to see a marked slowdown with threats to China's growth, the recession in Europe was the baseline scenario for the second half of 2023.

India's exports are anticipated to suffer from slower global growth.

Concerns over inflation

India's inflation rate is anticipated to be high, at 5.3 per cent, in 2024.

The global analytics company raised its worldwide inflation forecast for 2023 and 2024 in response to its prediction of worsening inflation trends across nations.

The Economic Times quoted S&amp;P stating that “the near-term outlook for inflation has deteriorated,” citing increased crude oil prices and a rise in the cost of some industrial non-energy goods.

Given the generally tight labour market circumstances, increased wage and unit labour cost rise, and persistent core inflation rates, particularly for services, the report added.

According to the group, global inflation will reach a high of 5.7 per cent in 2023 and stay over 4 per cent in 2024.

India's inflation somewhat decreased in August from 7.4 per cent to 6.8 per cent, and it is anticipated to continue to reduce as a result of lower tomato prices and a Rs 200 ($2.4) reduction in the cost of LPG cylinders.

High inflation, according to experts, will accelerate the trajectory of rate cuts. At its meeting in early October, the Monetary Policy Committee of the RBI is anticipated to maintain the policy rate at 6.5 per cent.

A similar trajectory for advanced economies may be predicted, according to S&amp;P Global Market Intelligence.

“Central bank rate cuts in advanced economies remain some way off. Our forecast remains that policy rate cuts in advanced economies are unlikely until mid-2024 given the challenging inflationary environment,” The Economic Times quoted S&amp;P as saying.

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S&P Global Market Intelligence announced on Monday that India’s growth prediction for FY24 was raised upward to 6.6 per cent on the strength of strong growth in the April-June quarter, according to a report by The Economic Times.

S&P Global Market Intelligence announced on Monday that India’s growth prediction for FY24 was raised upward to 6.6 per cent on the strength of strong growth in the April-June quarter, according to a report by The Economic Times. This represents a significant change from the 5.9 per cent growth the analytics company predicted in August. However, compared to 5.1 per cent in August, the inflation rate was forecast to grow sharply to 6 per cent in 2023, touching the upper band goal range set by the RBI. The Economic Times quoted Rajiv Biswas, APAC Chief Economist at S&P Global Market Intelligence as saying, “India's economic growth momentum was buoyant in the April-June quarter, growing at a pace of 7.8 per cent year-on-year, supported by robust growth in domestic demand.” S&P is less pessimistic about inflation but in contrast is more positive than the Reserve Bank of India, which expects the economy to grow by 6.5 per cent this fiscal year. Biswas noted a risk to the prognosis from the recent recovery in global oil prices, noting that there is still a chance of a major El Nino weather event forming in late 2023 and into 2024, which may cause drought conditions and raise prices for important agricultural commodities. S&P highlighted that due to concerns about global economic development, India's economy is likely to increase at a rate of 6.2 per cent in FY25 as opposed to the 6.1 per cent projected in August. While the company increased its growth projection for 2023 to 2.6 per cent because it was confident about the world's prospects, it decreased its growth forecast for 2024 to 2.3 per cent in its September update. The paper said that "downside risks include inflation persistence, tighter financial conditions, and escalating geopolitical tensions" and claimed that "the 2024 global growth forecast has been lowered again." The company noted that while the US is expected to see a marked slowdown with threats to China's growth, the recession in Europe was the baseline scenario for the second half of 2023. India's exports are anticipated to suffer from slower global growth. Concerns over inflation India's inflation rate is anticipated to be high, at 5.3 per cent, in 2024. The global analytics company raised its worldwide inflation forecast for 2023 and 2024 in response to its prediction of worsening inflation trends across nations. The Economic Times quoted S&P stating that “the near-term outlook for inflation has deteriorated,” citing increased crude oil prices and a rise in the cost of some industrial non-energy goods. Given the generally tight labour market circumstances, increased wage and unit labour cost rise, and persistent core inflation rates, particularly for services, the report added. According to the group, global inflation will reach a high of 5.7 per cent in 2023 and stay over 4 per cent in 2024. India's inflation somewhat decreased in August from 7.4 per cent to 6.8 per cent, and it is anticipated to continue to reduce as a result of lower tomato prices and a Rs 200 ($2.4) reduction in the cost of LPG cylinders. High inflation, according to experts, will accelerate the trajectory of rate cuts. At its meeting in early October, the Monetary Policy Committee of the RBI is anticipated to maintain the policy rate at 6.5 per cent. A similar trajectory for advanced economies may be predicted, according to S&P Global Market Intelligence. “Central bank rate cuts in advanced economies remain some way off. Our forecast remains that policy rate cuts in advanced economies are unlikely until mid-2024 given the challenging inflationary environment,” The Economic Times quoted S&P as saying. WATCH WION LIVE HERE

 S&P Global raises India’s FY24 growth projection to 6.6 pc amid inflation worries

Brazil has offered to share its ethanol manufacturing technology with India, in an attempt to put an end to their long-running disagreements over the sugar industry, the Financial Express reported on Monday.

A ministerial conference and several rounds of formal negotiations between the two parties led to the development.

The offer on ethanol technology might be the deciding factor because India wants to proceed quickly with the use of biofuels for stand-alone usage in transportation as well as for blending with petroleum fuels.

“Brazil is saying they will share with us technology for ethanol production. It is a positive thing. We should be able to get a good outcome (in talks),” the Financial Express quoted an anonymous official as saying. But the representative withheld information on the Indian proposal during the negotiations.

Brazil is a major manufacturer of ethanol and sugarcane. It has attained a 25 per cent level and is a leader in gasoline with ethanol added. In Brazil, a sizable market for flex-fuel vehicles that can run on either gasoline or ethanol has now been cornered, making up 83 per cent of sales of new light vehicles in 2022.

By FY 26, India wants to increase the current 10 per cent ethanol blend to 20 per cent. Diesel and ethanol blends are also being tested. Additionally, it is the Global Alliance's proposer and coordinator, which was established on its idea during the G-20 Summit on September 9. &nbsp;Along with the presidents of the US, Brazil, Argentina, Italy, Singapore, the United Arab Emirates, Mauritius, and Bangladesh, Prime Minister Narendra Modi had launched it.

All major manufacturers currently provide vehicles with flex fuel engines, and late last month Roads and Highways Minister Nitin Gadkari unveiled the first electric flex-fuel vehicle produced in India by Toyota.

The Indian government is pushing ethanol in order to increase farm revenue in addition to lowering the cost of importing crude oil for transportation and aiding in the decarbonisation of transportation. Some sources claim that sugarcane farmers' incomes could increase by 15 per cent as a result of ethanol. Sugar price increases are not under much pressure since farmers are earning more money from ethanol. Additionally, it increases the cash flow and profitability of sugarcane processors.

Given that it involves two of the biggest sugar producers in the world, the India-Brazil sugar dispute is critical. The resolution of the conflict could have a significant effect on the world sugar market.

The India-Brazil sugar dispute began in 2005 when India complained to the World Trade Organization (WTO) about Brazil's sugar subsidies, claiming that they were affecting Indian sugar farmers and causing the global sugar market to become distorted. Brazil had to cut back on its sugar subsidies after the WTO decided in favour of India.

Despite this, the conflict has persisted, with India and Brazil trading charges of breaking WTO regulations. Brazil contested India's support programmes for sugarcane farmers and sugar export subsidies in 2019. Brazil said that these actions were against the WTO's Agriculture Agreement (AoA).

In response to a complaint from Brazil, the WTO's Dispute Settlement Panel stated in a report distributed to members in December 2021 that India's support for sugarcane producers between 2014–15 and 2018–19 exceeded the permissible amount of 10 per cent of the total value of production, in violation of AoA provisions. Costa Rica and Guatemala later asked to join the dispute. Other nations participated in the dispute as third parties.

The panel's decision has been contested by India, but as the WTO's Appellate Body is now inactive, efforts have been made to resolve the dispute bilaterally.

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Brazil has offered to share its ethanol manufacturing technology with India, in an attempt to put an end to their long-running disagreements over the sugar industry, the Financial Express reported on Monday.

Brazil has offered to share its ethanol manufacturing technology with India, in an attempt to put an end to their long-running disagreements over the sugar industry, the Financial Express reported on Monday. A ministerial conference and several rounds of formal negotiations between the two parties led to the development. The offer on ethanol technology might be the deciding factor because India wants to proceed quickly with the use of biofuels for stand-alone usage in transportation as well as for blending with petroleum fuels. “Brazil is saying they will share with us technology for ethanol production. It is a positive thing. We should be able to get a good outcome (in talks),” the Financial Express quoted an anonymous official as saying. But the representative withheld information on the Indian proposal during the negotiations. Brazil is a major manufacturer of ethanol and sugarcane. It has attained a 25 per cent level and is a leader in gasoline with ethanol added. In Brazil, a sizable market for flex-fuel vehicles that can run on either gasoline or ethanol has now been cornered, making up 83 per cent of sales of new light vehicles in 2022. By FY 26, India wants to increase the current 10 per cent ethanol blend to 20 per cent. Diesel and ethanol blends are also being tested. Additionally, it is the Global Alliance's proposer and coordinator, which was established on its idea during the G-20 Summit on September 9. Along with the presidents of the US, Brazil, Argentina, Italy, Singapore, the United Arab Emirates, Mauritius, and Bangladesh, Prime Minister Narendra Modi had launched it. All major manufacturers currently provide vehicles with flex fuel engines, and late last month Roads and Highways Minister Nitin Gadkari unveiled the first electric flex-fuel vehicle produced in India by Toyota. The Indian government is pushing ethanol in order to increase farm revenue in addition to lowering the cost of importing crude oil for transportation and aiding in the decarbonisation of transportation. Some sources claim that sugarcane farmers' incomes could increase by 15 per cent as a result of ethanol. Sugar price increases are not under much pressure since farmers are earning more money from ethanol. Additionally, it increases the cash flow and profitability of sugarcane processors. Given that it involves two of the biggest sugar producers in the world, the India-Brazil sugar dispute is critical. The resolution of the conflict could have a significant effect on the world sugar market. The India-Brazil sugar dispute began in 2005 when India complained to the World Trade Organization (WTO) about Brazil's sugar subsidies, claiming that they were affecting Indian sugar farmers and causing the global sugar market to become distorted. Brazil had to cut back on its sugar subsidies after the WTO decided in favour of India. Despite this, the conflict has persisted, with India and Brazil trading charges of breaking WTO regulations. Brazil contested India's support programmes for sugarcane farmers and sugar export subsidies in 2019. Brazil said that these actions were against the WTO's Agriculture Agreement (AoA). In response to a complaint from Brazil, the WTO's Dispute Settlement Panel stated in a report distributed to members in December 2021 that India's support for sugarcane producers between 2014–15 and 2018–19 exceeded the permissible amount of 10 per cent of the total value of production, in violation of AoA provisions. Costa Rica and Guatemala later asked to join the dispute. Other nations participated in the dispute as third parties. The panel's decision has been contested by India, but as the WTO's Appellate Body is now inactive, efforts have been made to resolve the dispute bilaterally. WATCH WION LIVE HERE

Brazil to offer India ethanol technology to resolve ongoing sugar dispute: Report

Ukraine wants to file a complaint with the World Trade Organisation against Poland, Hungary, and Slovakia for their restrictions on Ukrainian agricultural exports, according to Ukrainian officials who told Reuters on Monday.

According to a source, the plea might be submitted "in the near future" and came after the three nations surrounding Ukraine decided to restrict imports of many of its main exports.

Earlier on Monday, Ukrainian Trade Representative Taras Kachka was quoted by Politico as indicating in an interview that Kyiv intended to sue the three nations.

Poland, Bulgaria, Hungary, Romania, Slovakia, and other countries were able to apply restrictions in May that prevented the domestic sale of Ukrainian wheat, maize, rapeseed, and sunflower seeds while allowing the transit of such cargoes for export to other countries.

Following the executive European Commission's decision not to extend its embargo on imports into Ukraine's five EU neighbours, Poland, Slovakia, and Hungary announced their own limitations on the purchase of Ukrainian grain on Friday.

According to Warsaw, Bratislava, and Budapest, such actions are being taken to benefit their local businesses and farmers.

According to Kachka, if Warsaw continued with its extra steps, Ukraine may apply reciprocal restrictions on the import of fruit and vegetables from Poland.

According to Polish Agriculture Minister Robert Telus, the restriction in Warsaw now extends to meals made from the following cereals: maize, wheat and rapeseed.

The leader of Poland's parliamentary foreign affairs department, Radoslaw Fogiel, was quoted by PAP as stating that Ukraine's plan to suit will "reverberate badly in Poland" and that Ukraine should be aware of this.

"Our decision is not aimed at Ukraine, it is dictated by the protection of the Polish farmer and the protection of Poland's interests," Reuters quoted him as saying.

After Ukraine announced it will take steps to tighten supervision of shipments to neighbouring countries, the EU permitted its ban to expire on Friday.

According to Kachka, Kiev would enact a system of "real time" export licences for grains and was prepared to "take on the responsibility to ensure that export from Ukraine is not creating any tsunami in neighbouring countries."

According to data from the farm ministry, 1.4 million tonnes of farm products from Ukraine, out of a total export volume of 4.5 million tons—left the country by train in the first quarter of the 2023–24 July to June season. Train crossings with Poland, Slovakia, and Hungary are used by Ukraine to transport grain. Additionally, Ukraine transported 1 million tonnes of additional oils and oilseeds by rail.

(With inputs from Reuters)

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Ukraine wants to file a complaint with the World Trade Organisation against Poland, Hungary, and Slovakia for their restrictions on Ukrainian agricultural exports, according to Ukrainian officials who told Reuters on Monday.

Ukraine wants to file a complaint with the World Trade Organisation against Poland, Hungary, and Slovakia for their restrictions on Ukrainian agricultural exports, according to Ukrainian officials who told Reuters on Monday. According to a source, the plea might be submitted "in the near future" and came after the three nations surrounding Ukraine decided to restrict imports of many of its main exports. Earlier on Monday, Ukrainian Trade Representative Taras Kachka was quoted by Politico as indicating in an interview that Kyiv intended to sue the three nations. Poland, Bulgaria, Hungary, Romania, Slovakia, and other countries were able to apply restrictions in May that prevented the domestic sale of Ukrainian wheat, maize, rapeseed, and sunflower seeds while allowing the transit of such cargoes for export to other countries. Following the executive European Commission's decision not to extend its embargo on imports into Ukraine's five EU neighbours, Poland, Slovakia, and Hungary announced their own limitations on the purchase of Ukrainian grain on Friday. According to Warsaw, Bratislava, and Budapest, such actions are being taken to benefit their local businesses and farmers. According to Kachka, if Warsaw continued with its extra steps, Ukraine may apply reciprocal restrictions on the import of fruit and vegetables from Poland. According to Polish Agriculture Minister Robert Telus, the restriction in Warsaw now extends to meals made from the following cereals: maize, wheat and rapeseed. The leader of Poland's parliamentary foreign affairs department, Radoslaw Fogiel, was quoted by PAP as stating that Ukraine's plan to suit will "reverberate badly in Poland" and that Ukraine should be aware of this. "Our decision is not aimed at Ukraine, it is dictated by the protection of the Polish farmer and the protection of Poland's interests," Reuters quoted him as saying. After Ukraine announced it will take steps to tighten supervision of shipments to neighbouring countries, the EU permitted its ban to expire on Friday. According to Kachka, Kiev would enact a system of "real time" export licences for grains and was prepared to "take on the responsibility to ensure that export from Ukraine is not creating any tsunami in neighbouring countries." According to data from the farm ministry, 1.4 million tonnes of farm products from Ukraine, out of a total export volume of 4.5 million tons—left the country by train in the first quarter of the 2023–24 July to June season. Train crossings with Poland, Slovakia, and Hungary are used by Ukraine to transport grain. Additionally, Ukraine transported 1 million tonnes of additional oils and oilseeds by rail. (With inputs from Reuters) WATCH WION LIVE HERE

Ukraine looking to sue Poland, Hungary, and Slovakia over their bans on food imports

Zomato’s stock increased by almost 2 per cent during trading on the National Stock Exchange (NSE) on September 18, reaching a 52-week high of Rs 105 ($1.26), Moneycontrol reported. However, compared to its previous rate, the stock closed 0.87 per cent lower at Rs 102.05 ($1.23) per share.

This increase was ascribed to investors' rising trust in the business, which was sparked by Zomato's transparency in proving revenue growth and margin expansion.

In a Jefferies research, the majority of investors praised CFO Akshant Goyal for keeping his word during the company's US roadshow. In the report, Jefferies noted that while scepticism was strong at the time, presently, it is the opposite.

Zomato CFO anticipates a 20 to 25 per cent growth in the value of its meal delivery service and a staggering 60 per cent CAGR for its brand-new rapid commerce venture. Given that restaurants only account for 10 per cent of India's food consumption, food delivery has a "vast growth runway." By providing restaurants with local insights that increase food diversity and stimulate local demand, Zomato is facilitating growth, according to Jefferies.

However, in India's enormous retail market, Zomato's rapid commerce may grow even more than food delivery.

Additionally, Jefferies anticipates a gradual increase in food margins to 5 per cent, with rapid commerce likely to reach break-even in four quarters.

With only 20 million monthly active users at present, according to Jefferies, who rates Zomato as a "buy" with a target price of Rs 130 ($1.56), Zomato has a significant amount of room to develop both its user base and its revenue. However, it says that this can compromise short-term financial success. After its IPO, the company, changed its emphasis from survival to being prepared for the future, according to the report.

Zomato shares were trading at Rs 104.10 ($1.25) as of 11:24 a.m. The share price has increased by 96 per cent during the past six months.

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Zomato’s stock increased by almost 2 per cent during trading on the National Stock Exchange (NSE) on September 18, reaching a 52-week high of Rs 105 ($1.26), Moneycontrol reported.

Zomato’s stock increased by almost 2 per cent during trading on the National Stock Exchange (NSE) on September 18, reaching a 52-week high of Rs 105 ($1.26), Moneycontrol reported. However, compared to its previous rate, the stock closed 0.87 per cent lower at Rs 102.05 ($1.23) per share. This increase was ascribed to investors' rising trust in the business, which was sparked by Zomato's transparency in proving revenue growth and margin expansion. In a Jefferies research, the majority of investors praised CFO Akshant Goyal for keeping his word during the company's US roadshow. In the report, Jefferies noted that while scepticism was strong at the time, presently, it is the opposite. Zomato CFO anticipates a 20 to 25 per cent growth in the value of its meal delivery service and a staggering 60 per cent CAGR for its brand-new rapid commerce venture. Given that restaurants only account for 10 per cent of India's food consumption, food delivery has a "vast growth runway." By providing restaurants with local insights that increase food diversity and stimulate local demand, Zomato is facilitating growth, according to Jefferies. However, in India's enormous retail market, Zomato's rapid commerce may grow even more than food delivery. Additionally, Jefferies anticipates a gradual increase in food margins to 5 per cent, with rapid commerce likely to reach break-even in four quarters. With only 20 million monthly active users at present, according to Jefferies, who rates Zomato as a "buy" with a target price of Rs 130 ($1.56), Zomato has a significant amount of room to develop both its user base and its revenue. However, it says that this can compromise short-term financial success. After its IPO, the company, changed its emphasis from survival to being prepared for the future, according to the report. Zomato shares were trading at Rs 104.10 ($1.25) as of 11:24 a.m. The share price has increased by 96 per cent during the past six months. WATCH WION LIVE HERE

Investors laud Zomato for keeping its word as stock price drives to a 52-week high

According to a report released on Monday by Fitch Ratings, commercial vehicle sales volume growth in India will drop to low- to mid-single digits as a result of increased ownership expenses.

The rating agency indicates that the rising regulatory requirements, high inflation, and high borrowing rates have increased ownership expenses, which has a major impact on buying decisions.

Compared to the 569,000 units sold in the fiscal year 2020, commercial vehicle sales increased by 34 per cent to over 962,000 units in the financial year 2023, according to information from the Society of Indian Automobile Manufacturers (SIAM).

"The 3.3 per cent Y/Y drop in commercial vehicle wholesale volume in the second quarter of FY23 marked the first yearly decline since March 2020," Reuters cited Fitch, adding that this was due to purchases made before automakers raised their prices and problems with vehicle supply following the implementation of new emission standards.

The most recent regulations mandate real-time emissions assessment, which will cause commercial cars' pricing to increase by close to 5 per cent starting in April 2023.

“We expect faster volume for medium and heavy commercial vehicles than for light commercial vehicles, due to India's rising infrastructure activities and the vulnerability of light commercial vehicles to potentially weaker rural demand due to uneven rainfall,” Reuters quoted from Fitch’s report.

(With inputs from Reuters)

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According to a report released on Monday by Fitch Ratings, commercial vehicle sales volume growth in India will drop to low- to mid-single digits as a result of increased ownership expenses.

According to a report released on Monday by Fitch Ratings, commercial vehicle sales volume growth in India will drop to low- to mid-single digits as a result of increased ownership expenses. The rating agency indicates that the rising regulatory requirements, high inflation, and high borrowing rates have increased ownership expenses, which has a major impact on buying decisions. Compared to the 569,000 units sold in the fiscal year 2020, commercial vehicle sales increased by 34 per cent to over 962,000 units in the financial year 2023, according to information from the Society of Indian Automobile Manufacturers (SIAM). "The 3.3 per cent Y/Y drop in commercial vehicle wholesale volume in the second quarter of FY23 marked the first yearly decline since March 2020," Reuters cited Fitch, adding that this was due to purchases made before automakers raised their prices and problems with vehicle supply following the implementation of new emission standards. The most recent regulations mandate real-time emissions assessment, which will cause commercial cars' pricing to increase by close to 5 per cent starting in April 2023. “We expect faster volume for medium and heavy commercial vehicles than for light commercial vehicles, due to India's rising infrastructure activities and the vulnerability of light commercial vehicles to potentially weaker rural demand due to uneven rainfall,” Reuters quoted from Fitch’s report. (With inputs from Reuters) WATCH WION LIVE HERE

India's commercial vehicle volume growth hampered by rising ownership costs: Fitch

As per a report by the Reserve Bank of India (RBI) on the state of the economy, India's headline retail inflation is anticipated to decline in September, with room for further corrections in vegetable prices, Moneycontrol reported on Monday.

The report published on September 18 indicated that, headline inflation had slowed down from its peak in August compared to a month earlier, offering a small silver lining to domestic events. It further stated that the ebbing was driven by reversal in the prices of vegetables and that there were preliminary signs of corrections in a wide range of vegetable prices that go beyond the TOP (Tomatoes, Onions, and Potatoes) group.

Vegetable prices decreased somewhat in August compared to the prior month, which resulted in a decrease in India's headline retail inflation rate to 6.83 per cent. Food inflation decreased to 9.94 per cent in August from 11.51 per cent in July as the Consumer Food Price Index fell 0.7 per cent month over month, indicating a downward trend in price momentum. Vegetables, whose index fell 5.9 percent from July, were the main component of food where prices fell.

According to CPI data, the index declined 21.7 per cent month over month in August, reflecting the sharp decline in tomato retail prices. However, the price index for potatoes increased by 2.3 percent from July while the index for onions increased by 12.3 per cent.

According to the official projection from the RBI, average CPI inflation will be 6.2 per cent from July to September, 5.7 per cent from October to December, and 5.2 per cent in each of the first two quarters of 2024. The last time inflation fell below the central bank's medium-term target of 4 per cent was in September 2019, when it registered at 3.99 per cent.

The September print, which will be made public on October 12, is expected to fully reflect the impact of the continuous decrease in vegetable prices, according to economists. Additionally, they anticipate that the decrease in LPG prices will moderate the impact on the main retail figure.

The report further stated that, a stabilising core inflation shows a general lessening of price pressures in the economy, which is a crucial development for the conduct of monetary policy.

Core inflation, which includes prices for food and fuel, fell once again in August, easing down to 4.8 per cent from 4.9 per cent in July.

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As per a report by the Reserve Bank of India (RBI) on the state of the economy, India's headline retail inflation is anticipated to decline in September, with room for further corrections in vegetable prices, Moneycontrol reported on Monday.

As per a report by the Reserve Bank of India (RBI) on the state of the economy, India's headline retail inflation is anticipated to decline in September, with room for further corrections in vegetable prices, Moneycontrol reported on Monday. The report published on September 18 indicated that, headline inflation had slowed down from its peak in August compared to a month earlier, offering a small silver lining to domestic events. It further stated that the ebbing was driven by reversal in the prices of vegetables and that there were preliminary signs of corrections in a wide range of vegetable prices that go beyond the TOP (Tomatoes, Onions, and Potatoes) group. Vegetable prices decreased somewhat in August compared to the prior month, which resulted in a decrease in India's headline retail inflation rate to 6.83 per cent. Food inflation decreased to 9.94 per cent in August from 11.51 per cent in July as the Consumer Food Price Index fell 0.7 per cent month over month, indicating a downward trend in price momentum. Vegetables, whose index fell 5.9 percent from July, were the main component of food where prices fell. According to CPI data, the index declined 21.7 per cent month over month in August, reflecting the sharp decline in tomato retail prices. However, the price index for potatoes increased by 2.3 percent from July while the index for onions increased by 12.3 per cent. According to the official projection from the RBI, average CPI inflation will be 6.2 per cent from July to September, 5.7 per cent from October to December, and 5.2 per cent in each of the first two quarters of 2024. The last time inflation fell below the central bank's medium-term target of 4 per cent was in September 2019, when it registered at 3.99 per cent. The September print, which will be made public on October 12, is expected to fully reflect the impact of the continuous decrease in vegetable prices, according to economists. Additionally, they anticipate that the decrease in LPG prices will moderate the impact on the main retail figure. The report further stated that, a stabilising core inflation shows a general lessening of price pressures in the economy, which is a crucial development for the conduct of monetary policy. Core inflation, which includes prices for food and fuel, fell once again in August, easing down to 4.8 per cent from 4.9 per cent in July. WATCH WION LIVE HERE

RBI Bulletin: A further decline in vegetable prices could lower September's CPI inflation

A significant outflow of capital from Chinese stocks and bonds is reducing the market's influence in global portfolios and speeding up its decoupling from the rest of the globe, according to a report by the Times of India.

According to Bloomberg's statistics, calculated from the central bank’s data, foreign ownership of the country's equity and debt have decreased by around 1.37 trillion yuan ($188 billion), or 17 per cent, from a peak to the end of June this year.

The departure occurs at the same time as China's economic downturn brought on by years of Covid-19 restrictions, a housing market crisis, and ongoing hostilities with the West - worries that have contributed to making the "avoid China" theme one of the largest convictions among investors in Bank of America's most recent survey. Since the end of 2020, fewer foreign funds have been invested in the Hong Kong stock market, which accounts for a decrease of more than a third.

“Foreigners are just throwing in the towel,” the Times of India quoted Zhikai Chen, the head of Asia and global EM equities at BNP Paribas Asset Management. According to him, there are concerns about the property market and sluggish consumer spending. He said, “Disappointment on those fronts has led to a lot of foreign investors rethinking their exposure.”

Prior to this year, it was believed that China’s weakening would negatively affect the rest of the world, especially the emerging-markets group. The MSCI China Index is forecast to be down around 7 per cent in 2023, beginning a three-year losing streak that would be its longest in more than 20 years. As investors seek gains in other countries like India and other regions of Latin America, the larger MSCI Emerging Markets Index has increased by 3 per cent.

The disparity arises from China's efforts to become self-sufficient in all supply chains and the deterioration of relations with the US, which have rendered other markets less vulnerable to its ups and downs. The artificial intelligence boom, which has helped markets from the US to Taiwan while providing mainland shares less of a boost, is another factor in addition to the economic decoupling. From over 30 per cent at the end of 2021, China's weighting in the EM gauge has decreased to about 27 per cent presently.

The introduction of equity funds that exclude China already reached a new yearly high in 2023, indicating that a strategy to exclude China from emerging-market portfolios is quickly gaining acceptance.

The LGFV, housing stock overhang, demography, dependence ratio, regulatory instability, and geopolitical isolation are just a few of the dangers associated with China, Times of India cited Gaurav Pantankar, chief investment officer of MercedCERA, which manages around $1.1 billion in US assets.

According to data collated by Bloomberg, international investors have removed around $26 billion from Chinese government bonds in the debt market in 2023 while investing a total of $62 billion into notes from the rest of emerging Asia. According to a JPMorgan Chase &amp; Co. research, over half of the $250 billion to $300 billion inflow that came along with China's membership in government bond indexes since 2019 has been lost.

The yuan’s value against the dollar has reached a 16-year low due to selling pressure. The yuan is depreciating as a result of the central bank's loose monetary policy, which is in contrast to the tightening in most major economies and giving foreigners another reason to avoid local assets.

As a crisis in its real estate industry enters its fourth year, China looks to have entirely decoupled from the rest of Asia in terms of corporate debt performance. With domestic investors owning roughly 85–90 per cent of the market, it is now more regionally concentrated.

All of this occurs against the backdrop of China's faltering economy, which has led many to re-evaluate the market’s appeal as a location for investments. Citigroup Inc. and JPMorgan are two Wall Street banks that have doubts surrounding Beijing's 5 per cent growth ambition.

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A significant outflow of capital from Chinese stocks and bonds is reducing the market's influence in global portfolios and speeding up its decoupling from the rest of the globe, according to a report by the Times of India.

A significant outflow of capital from Chinese stocks and bonds is reducing the market's influence in global portfolios and speeding up its decoupling from the rest of the globe, according to a report by the Times of India. According to Bloomberg's statistics, calculated from the central bank’s data, foreign ownership of the country's equity and debt have decreased by around 1.37 trillion yuan ($188 billion), or 17 per cent, from a peak to the end of June this year. The departure occurs at the same time as China's economic downturn brought on by years of Covid-19 restrictions, a housing market crisis, and ongoing hostilities with the West - worries that have contributed to making the "avoid China" theme one of the largest convictions among investors in Bank of America's most recent survey. Since the end of 2020, fewer foreign funds have been invested in the Hong Kong stock market, which accounts for a decrease of more than a third. “Foreigners are just throwing in the towel,” the Times of India quoted Zhikai Chen, the head of Asia and global EM equities at BNP Paribas Asset Management. According to him, there are concerns about the property market and sluggish consumer spending. He said, “Disappointment on those fronts has led to a lot of foreign investors rethinking their exposure.” Prior to this year, it was believed that China’s weakening would negatively affect the rest of the world, especially the emerging-markets group. The MSCI China Index is forecast to be down around 7 per cent in 2023, beginning a three-year losing streak that would be its longest in more than 20 years. As investors seek gains in other countries like India and other regions of Latin America, the larger MSCI Emerging Markets Index has increased by 3 per cent. The disparity arises from China's efforts to become self-sufficient in all supply chains and the deterioration of relations with the US, which have rendered other markets less vulnerable to its ups and downs. The artificial intelligence boom, which has helped markets from the US to Taiwan while providing mainland shares less of a boost, is another factor in addition to the economic decoupling. From over 30 per cent at the end of 2021, China's weighting in the EM gauge has decreased to about 27 per cent presently. The introduction of equity funds that exclude China already reached a new yearly high in 2023, indicating that a strategy to exclude China from emerging-market portfolios is quickly gaining acceptance. The LGFV, housing stock overhang, demography, dependence ratio, regulatory instability, and geopolitical isolation are just a few of the dangers associated with China, Times of India cited Gaurav Pantankar, chief investment officer of MercedCERA, which manages around $1.1 billion in US assets. According to data collated by Bloomberg, international investors have removed around $26 billion from Chinese government bonds in the debt market in 2023 while investing a total of $62 billion into notes from the rest of emerging Asia. According to a JPMorgan Chase & Co. research, over half of the $250 billion to $300 billion inflow that came along with China's membership in government bond indexes since 2019 has been lost. The yuan’s value against the dollar has reached a 16-year low due to selling pressure. The yuan is depreciating as a result of the central bank's loose monetary policy, which is in contrast to the tightening in most major economies and giving foreigners another reason to avoid local assets. As a crisis in its real estate industry enters its fourth year, China looks to have entirely decoupled from the rest of Asia in terms of corporate debt performance. With domestic investors owning roughly 85–90 per cent of the market, it is now more regionally concentrated. All of this occurs against the backdrop of China's faltering economy, which has led many to re-evaluate the market’s appeal as a location for investments. Citigroup Inc. and JPMorgan are two Wall Street banks that have doubts surrounding Beijing's 5 per cent growth ambition. WATCH WION LIVE HERE

China’s decoupling speeds up as it loses about $200 billion from its markets

Foxconn, the Taiwan-based iPhone supplier,&nbsp;is planning a two-fold increase in its workforce in India in the next twelve months, according to a Mint report.

To commemorate Indian Prime Minister Narendra Modi’s 73rd birthday, V Lee, Foxconn's representative in India, wrote on LinkedIn that the company is "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time next year.

The largest electronics contract manufacturer in the world, Foxconn has been&nbsp;increasing&nbsp;its investments in India, in an attempt&nbsp;to diversify away from China.

Notably, Foxconn already operates a 40,000-person iPhone manufacturing in the southern state of Tamil Nadu.

In August this year, the Karnataka government said that Foxconn intends&nbsp;to invest $600 million in two projects to produce chip-making machinery and iPhone case components.

Earlier this month, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) said that India will play a significant role in manufacturing in the future.

A PTI report quoted him as saying it took China 30 years to build the entire supply chain ecosystem but&nbsp;it will take an "appropriate amount of time in India". He added the process will be shorter in Asia's third-largest economy.&nbsp;

Meanwhile, the South Asian nation will be able to purchase the India-made iPhone 15 on the day that it goes on sale globally, according to previous reports by Bloomberg.

Reports indicate that even if the vast majority of iPhone 15s will be made in China, it would be the first time that a gadget of the most recent generation, that too made in India, will be offered on the first day of sales in India.&nbsp;

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Foxconn, the Taiwan-based iPhone supplier, is planning a two-fold increase in its workforce in India in the next twelve months, according to a Mint report. To commemorate Indian Prime Minister Narendra Modi’s 73rd birthday, V Lee, Foxconn's representative in India, wrote on LinkedIn that the company is "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time next year.

Foxconn, the Taiwan-based iPhone supplier, is planning a two-fold increase in its workforce in India in the next twelve months, according to a Mint report. To commemorate Indian Prime Minister Narendra Modi’s 73rd birthday, V Lee, Foxconn's representative in India, wrote on LinkedIn that the company is "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time next year. The largest electronics contract manufacturer in the world, Foxconn has been increasing its investments in India, in an attempt to diversify away from China. Notably, Foxconn already operates a 40,000-person iPhone manufacturing in the southern state of Tamil Nadu. In August this year, the Karnataka government said that Foxconn intends to invest $600 million in two projects to produce chip-making machinery and iPhone case components. Earlier this month, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) said that India will play a significant role in manufacturing in the future. A PTI report quoted him as saying it took China 30 years to build the entire supply chain ecosystem but it will take an "appropriate amount of time in India". He added the process will be shorter in Asia's third-largest economy. Meanwhile, the South Asian nation will be able to purchase the India-made iPhone 15 on the day that it goes on sale globally, according to previous reports by Bloomberg. Reports indicate that even if the vast majority of iPhone 15s will be made in China, it would be the first time that a gadget of the most recent generation, that too made in India, will be offered on the first day of sales in India. WATCH WION LIVE HERE

Foxconn plans to increase its employees by two-fold in India by next year

In an effort to reduce home inflationary pressures, the French government intends to temporarily waive a ban on merchants selling fuel below cost, Prime Minister Elisabeth Borne told newspaper Le Parisien.

This summer's spike in petrol prices has complicated government efforts to control consumer inflation, with ministers urging the food and fuel businesses to reduce their margins.

TotalEnergies has extended the year-end fuel price cap, and several supermarket chains have run specials to offer petrol at cost.

However, Borne claimed that wholesalers were unable to lower prices any more due to a 1963 prohibition on selling fuel below cost, albeit the ban would be abolished for "several months."

"With this unprecedented measure, we will obtain tangible results for the French people, without subsidising fuel," Reuters quoted her as saying in an interview published on Saturday.

She dismissed the notion of the government lowering fuel taxes, pointing out the need to lower the public deficit and debt while arguing that big businesses should contribute as well.

The government may need to take action to address the issue of large profit margins in the petroleum refining industry, according to Finance Minister Bruno Le Maire on Thursday.

Regarding food costs, Borne informed Le Parisien that beginning in November; businesses must make a note on labels whenever they change a product's size.

During the recent price surge in the food industry, so-called "shrinkflation," in which products are supplied in lower quantities without any price drop, has come under fire.

This month, the French retail operator Carrefour made the announcement that it will put notices next to any products that it discovered to be engaged in such practices.

(With inputs from Reuters)

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In an effort to reduce home inflationary pressures, the French government intends to temporarily waive a ban on merchants selling fuel below cost, Prime Minister Elisabeth Borne told newspaper Le Parisien.

In an effort to reduce home inflationary pressures, the French government intends to temporarily waive a ban on merchants selling fuel below cost, Prime Minister Elisabeth Borne told newspaper Le Parisien. This summer's spike in petrol prices has complicated government efforts to control consumer inflation, with ministers urging the food and fuel businesses to reduce their margins. TotalEnergies has extended the year-end fuel price cap, and several supermarket chains have run specials to offer petrol at cost. However, Borne claimed that wholesalers were unable to lower prices any more due to a 1963 prohibition on selling fuel below cost, albeit the ban would be abolished for "several months." "With this unprecedented measure, we will obtain tangible results for the French people, without subsidising fuel," Reuters quoted her as saying in an interview published on Saturday. She dismissed the notion of the government lowering fuel taxes, pointing out the need to lower the public deficit and debt while arguing that big businesses should contribute as well. The government may need to take action to address the issue of large profit margins in the petroleum refining industry, according to Finance Minister Bruno Le Maire on Thursday. Regarding food costs, Borne informed Le Parisien that beginning in November; businesses must make a note on labels whenever they change a product's size. During the recent price surge in the food industry, so-called "shrinkflation," in which products are supplied in lower quantities without any price drop, has come under fire. This month, the French retail operator Carrefour made the announcement that it will put notices next to any products that it discovered to be engaged in such practices. (With inputs from Reuters) WATCH WION LIVE HERE

France to permit sale of fuel below cost to combat inflation

JPEX-Crypto Platform, a cryptocurrency exchange in Hong Kong, is reportedly suspending trades amid a police and financial regulator's investigation into suspected fraud.&nbsp;

The exchange, as per South China Morning Post (SCMP) announced on Sunday that negative news had led market makers to freeze its capital and disrupt its cash flow.

<h2>Complaints against JPEX</h2>

The police have received 83 complaints related to JPEX. These complaints involve virtual assets worth about HK$34 million (US$4.3 million). As per Coin Market Cap, the platform has also faced controversy over its increased withdrawal fees and unaccounted staff at its Singapore 2049 booth.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/foxconn-plans-to-invest-and-increase-its-employees-by-two-fold-in-india-by-next-year-637036">Foxconn plans to invest and increase its employees by two-fold in India by next year</a>

Investigation by the Commercial Crime Bureau was reportedly triggered after China's Securities and Futures Commission alerted the police about suspected fraud.

<h2>Investors warned</h2>

The Securities and Futures Commission previously on Wednesday warned potential investors to be cautious when dealing with JPEX.

JPEX, which has been advertising itself as a "licensed and recognised platform" is reportedly yet to file any license applications and has allegedly also made false claims about obtaining permits from overseas regulators.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/france-to-permit-sale-of-fuel-below-cost-to-combat-inflation-637062">France to permit sale of fuel below cost to combat inflation</a>

The financial watchdog also cautioned against the platform's advertisements promising returns on savings products that seemed "too good to be true" and its reliance on misleading statements from social media influencers who were paid promoters.

As a result of the warning, some users encountered difficulties withdrawing virtual assets from their online accounts.

In its Sunday statement, JPEX did not name any organisations but claimed it was being treated unfairly.

The exchange said it would freeze new trades, while existing ones would remain effective until maturity. JPEX also promised "to recover liquidity from market makers as soon as possible and gradually adjust the withdrawal fees back to normal levels".

Previously, JPEX had criticised the allegations levelled against it and called them "unfair suppression". It also said that the regulator was "exerting undue pressure" on it.&nbsp;

(With inputs from agencies)

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You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

JPEX-Crypto Platform, a cryptocurrency exchange in Hong Kong, is reportedly suspending trades amid a police and financial regulator's investigation into suspected fraud.

JPEX-Crypto Platform, a cryptocurrency exchange in Hong Kong, is reportedly suspending trades amid a police and financial regulator's investigation into suspected fraud. The exchange, as per South China Morning Post (SCMP) announced on Sunday that negative news had led market makers to freeze its capital and disrupt its cash flow. Complaints against JPEX The police have received 83 complaints related to JPEX. These complaints involve virtual assets worth about HK$34 million (US$4.3 million). As per Coin Market Cap, the platform has also faced controversy over its increased withdrawal fees and unaccounted staff at its Singapore 2049 booth. Also read | Foxconn plans to invest and increase its employees by two-fold in India by next year Investigation by the Commercial Crime Bureau was reportedly triggered after China's Securities and Futures Commission alerted the police about suspected fraud. Investors warned The Securities and Futures Commission previously on Wednesday warned potential investors to be cautious when dealing with JPEX. JPEX, which has been advertising itself as a "licensed and recognised platform" is reportedly yet to file any license applications and has allegedly also made false claims about obtaining permits from overseas regulators. Also read | France to permit sale of fuel below cost to combat inflation The financial watchdog also cautioned against the platform's advertisements promising returns on savings products that seemed "too good to be true" and its reliance on misleading statements from social media influencers who were paid promoters. As a result of the warning, some users encountered difficulties withdrawing virtual assets from their online accounts. In its Sunday statement, JPEX did not name any organisations but claimed it was being treated unfairly. The exchange said it would freeze new trades, while existing ones would remain effective until maturity. JPEX also promised "to recover liquidity from market makers as soon as possible and gradually adjust the withdrawal fees back to normal levels". Previously, JPEX had criticised the allegations levelled against it and called them "unfair suppression". It also said that the regulator was "exerting undue pressure" on it. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto exchange JPEX suspends trades amid investigation into suspected fraud

Canada's housing crisis is taking a toll on the popularity of the government, with Finance Minister Chrystia Freeland acknowledging the enormity of the challenge.

Canada finance minister acknowledges housing crisis challenge

Although India may be getting closer to its goal of 6.5 per cent real GDP growth in FY24, experts believe that nominal growth may be lower than anticipated, complicating the fiscal equation and delaying the goal of becoming a $5 trillion economy by another year, according to a report by The Economic Times.

According to experts, muted wholesale inflation may prevent nominal GDP growth from exceeding the 10.5 per cent Union Budget target for this fiscal year.

The Economic Times cited Gaura Sengupta, an economist from IDFC First Bank, who indicated that their projection for nominal GDP growth in FY24 is tracking around 9 per cent with a downside risk. Compared to 9.6 per cent the year before, she forecast wholesale inflation to average at 0.2 per cent for this fiscal year.

As per the data released last week, the wholesale price index (WPI), which makes up 70 per cent of the GDP deflator used to compute nominal GDP, experienced deflation for the fifth consecutive month in August.

Compared to a 1.36 per cent deflation in July, WPI-based inflation dropped by 0.52 per cent in August.

As the base effects diminish, experts claim that WPI will start to trend upward starting in September, but they predict that inflation will remain low for the remainder of the fiscal year.

A rating company called CareEdge expects wholesale inflation to be between 1 per cent and 2 per cent in FY24.

Sengupta stated that tax receipts are showing the effects of the muted nominal growth.

“The impact of the slowdown in nominal GDP growth is already visible with gross tax collection growth slowing to 2.8 per cent YoY in FYTD24 (Financial Year-to-Date) (Apr to Jul), with a decline in corporate tax collections and a slowdown in income tax growth. Even GST tax collections where compliance is improving, a slowdown is seen in nominal growth rates to 11 per cent in FYTD24 (Apr to Aug) from 33 per cent in FYTD23,” The Economic Times quoted Sengupta as saying.

Others claim that low or negative wholesale price increases may prevent that, notwithstanding Sengupta's optimism that the government will be able to achieve its 5.9 per cent fiscal deficit objective with moderate expenditures.

According to Bank of Baroda chief economist Madan Sabnavis, deficit ratios might increase by as much as 0.2 percentage points if nominal growth approaches the real growth rate of 6.5 per cent.

Real GDP growth in the first quarter of FY24 was 7.8 per cent, while nominal GDP growth was just slightly higher at 8 per cent.

The delay in reaching the goal of a $5 trillion economy, according to Sabnavis, is another obstacle.

"This (6.5 per cent nominal growth) will push forward the year when we can hope to touch the $5-trillion mark," The Economic Times quoted Sabnavis as saying.

By 2026–2027, India is expected to surpass Japan as the third-largest economy in the world, according to the IMF, when its economy will reach $5 trillion.

In FY24, Sabnavis projects a nominal GDP growth rate of 8–9 per cent.

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Although India may be getting closer to its goal of 6.5 per cent real GDP growth in FY24, experts believe that nominal growth may be lower than anticipated, complicating the fiscal equation and delaying the goal of becoming a $5 trillion economy by another year, according to a report by The Economic Times.

Although India may be getting closer to its goal of 6.5 per cent real GDP growth in FY24, experts believe that nominal growth may be lower than anticipated, complicating the fiscal equation and delaying the goal of becoming a $5 trillion economy by another year, according to a report by The Economic Times. According to experts, muted wholesale inflation may prevent nominal GDP growth from exceeding the 10.5 per cent Union Budget target for this fiscal year. The Economic Times cited Gaura Sengupta, an economist from IDFC First Bank, who indicated that their projection for nominal GDP growth in FY24 is tracking around 9 per cent with a downside risk. Compared to 9.6 per cent the year before, she forecast wholesale inflation to average at 0.2 per cent for this fiscal year. As per the data released last week, the wholesale price index (WPI), which makes up 70 per cent of the GDP deflator used to compute nominal GDP, experienced deflation for the fifth consecutive month in August. Compared to a 1.36 per cent deflation in July, WPI-based inflation dropped by 0.52 per cent in August. As the base effects diminish, experts claim that WPI will start to trend upward starting in September, but they predict that inflation will remain low for the remainder of the fiscal year. A rating company called CareEdge expects wholesale inflation to be between 1 per cent and 2 per cent in FY24. Sengupta stated that tax receipts are showing the effects of the muted nominal growth. “The impact of the slowdown in nominal GDP growth is already visible with gross tax collection growth slowing to 2.8 per cent YoY in FYTD24 (Financial Year-to-Date) (Apr to Jul), with a decline in corporate tax collections and a slowdown in income tax growth. Even GST tax collections where compliance is improving, a slowdown is seen in nominal growth rates to 11 per cent in FYTD24 (Apr to Aug) from 33 per cent in FYTD23,” The Economic Times quoted Sengupta as saying. Others claim that low or negative wholesale price increases may prevent that, notwithstanding Sengupta's optimism that the government will be able to achieve its 5.9 per cent fiscal deficit objective with moderate expenditures. According to Bank of Baroda chief economist Madan Sabnavis, deficit ratios might increase by as much as 0.2 percentage points if nominal growth approaches the real growth rate of 6.5 per cent. Real GDP growth in the first quarter of FY24 was 7.8 per cent, while nominal GDP growth was just slightly higher at 8 per cent. The delay in reaching the goal of a $5 trillion economy, according to Sabnavis, is another obstacle. "This (6.5 per cent nominal growth) will push forward the year when we can hope to touch the $5-trillion mark," The Economic Times quoted Sabnavis as saying. By 2026–2027, India is expected to surpass Japan as the third-largest economy in the world, according to the IMF, when its economy will reach $5 trillion. In FY24, Sabnavis projects a nominal GDP growth rate of 8–9 per cent. WATCH WION LIVE HERE

As India nears its GDP target, experts worry about subdued nominal growth

Developing nations have come together to declare September 16th as the annual 'day of science, technology, and innovation in the south.' This declaration was made during a two-day summit where the g77 group, representing 134 countries, expressed deep concern over the existing disparities between developed and developing nations.

G77 summit addresses global disparities in tech & knowledge

Despite mounting evidence that the US economy may escape a recession — strategists generally foresee a market slump in 2024. The pessimism on Wall Street presents a predicament for investors with capital at risk. Despite the Fed's best efforts, inflation remains an economic concern.

Challenges and opportunities for investors in 2023

Despite more than five percentage points in interest rate hikes, the Federal Reserve has seen little evidence of a downturn in US demand. Central banks need to consider the effects of their policies on the supply side of the economy, an idea that has recently gained traction among policymakers and fed observers.

The Fed's policy paradox: Balancing interest rates and demand

Kenya's president William Ruto is now trying to move American tech companies promising a business-friendly environment. But quite contrary to his claims abroad he is raising taxes on businesses back home. How do the two ideas align and will the contradictory claims and actions drive tech businesses in Kenya? Let's find out.

Kenya's President promises 'a business-friendly environment'

Foxconn the world's largest contract manufacturer of electronics is making a significant push to expand its presence in India. The Taiwan-based company known for its manufacturing partnership with Apple already employs 40,000 people in an iPhone Factory in Tamil Nadu.

Foxconn plans to double workforce and investments in India

India's leading low-cost airline, IndiGo, is set to embark on a pilot project aimed at evaluating and managing pilot fatigue using smartwatches, as revealed in an internal memo obtained by Reuters. The airline intends to appoint a consultant to enhance its fatigue risk management procedures, reflecting a commitment to pilot well-being and safety.&nbsp;

Pilots will have the opportunity to volunteer for the trials, which will employ a fatigue management tool developed by Thales. The data collected during these trials will be analysed anonymously.&nbsp;

Reuters quoted Ashim Mittra, the head of IndiGo’s flight operations department,&nbsp;as explaining in the memo, “IndiGo will test Thales’ fatigue management tool to assess pilot alertness levels over the next few months. Once completed, we will collectively evaluate the efficacy and accuracy of the data.” &nbsp;

This development comes&nbsp;after a recent incident in which an IndiGo pilot fell unconscious and died at the boarding gate before his scheduled flight. The incident led to complaints from some Indian pilots, who expressed concerns about being pushed to their limits by airlines, despite adhering to duty time guidelines. &nbsp;

According to Mittra’s memo, integrating a consultant into IndiGo's operations will be crucial to developing a reliable fatigue risk management system in the upcoming months. Additionally, it will allow the airline to design specialised techniques to efficiently reduce fatigue.&nbsp;

Meanwhile, India's aviation regulator is conducting a review of pilot fatigue data collected through spot checks and airline surveillance to determine if changes are needed in flight duty time regulations or fatigue management protocols.&nbsp;

The trial will concentrate on specific flight patterns utilising on-ground devices at four airports, including Delhi and Mumbai, according to the memo. Additionally, smartwatches and cameras will be used voluntarily to monitor fatigue levels on different flights routes and planes.&nbsp;

IndiGo has been collaborating with Thales on the development of this fatigue management tool, which utilises real-time data, historical information, and predictive analysis, surpassing traditional scheduling methods.&nbsp;

As per reports, Mittra emphasised that the trial won't replace the airline's existing fatigue risk management process, and pilots would still be required to report fatigue based on self-assessment.&nbsp;

(With inputs from Reuters)&nbsp;

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India's leading low-cost airline, IndiGo, is set to embark on a pilot project aimed at evaluating and managing pilot fatigue using smartwatches, as revealed in an internal memo obtained by Reuters.

India's leading low-cost airline, IndiGo, is set to embark on a pilot project aimed at evaluating and managing pilot fatigue using smartwatches, as revealed in an internal memo obtained by Reuters. The airline intends to appoint a consultant to enhance its fatigue risk management procedures, reflecting a commitment to pilot well-being and safety. Pilots will have the opportunity to volunteer for the trials, which will employ a fatigue management tool developed by Thales. The data collected during these trials will be analysed anonymously. Reuters quoted Ashim Mittra, the head of IndiGo’s flight operations department, as explaining in the memo, “IndiGo will test Thales’ fatigue management tool to assess pilot alertness levels over the next few months. Once completed, we will collectively evaluate the efficacy and accuracy of the data.” This development comes after a recent incident in which an IndiGo pilot fell unconscious and died at the boarding gate before his scheduled flight. The incident led to complaints from some Indian pilots, who expressed concerns about being pushed to their limits by airlines, despite adhering to duty time guidelines. According to Mittra’s memo, integrating a consultant into IndiGo's operations will be crucial to developing a reliable fatigue risk management system in the upcoming months. Additionally, it will allow the airline to design specialised techniques to efficiently reduce fatigue. Meanwhile, India's aviation regulator is conducting a review of pilot fatigue data collected through spot checks and airline surveillance to determine if changes are needed in flight duty time regulations or fatigue management protocols. The trial will concentrate on specific flight patterns utilising on-ground devices at four airports, including Delhi and Mumbai, according to the memo. Additionally, smartwatches and cameras will be used voluntarily to monitor fatigue levels on different flights routes and planes. IndiGo has been collaborating with Thales on the development of this fatigue management tool, which utilises real-time data, historical information, and predictive analysis, surpassing traditional scheduling methods. As per reports, Mittra emphasised that the trial won't replace the airline's existing fatigue risk management process, and pilots would still be required to report fatigue based on self-assessment. (With inputs from Reuters) WATCH WION LIVE HERE

India’s IndiGo likely to launch project to track pilot fatigue: Report 

Carrefour, a leading French retail chain, has launched a campaign to combat "shrinkflation," adding price warnings on a variety of goods, including Lindt chocolates and Lipton iced tea.&nbsp;

The action is intended to put pressure on significant consumer products suppliers like Nestle, PepsiCo, and Unilever to reduce prices, and also prepares the ground for crucial contract negotiations that are scheduled to be finished by October 15.&nbsp;

Even as raw material costs have begun to decline, Carrefour has started identifying goods that have increased in price but have shrunk in size. The objective is to gain consumer support as retailers get ready for significant negotiations with some of the biggest brands in the world.&nbsp;

Reuters quoted Stefen Bompais, Director of Client Communications at Carrefour, as saying that the intent behind the initiative, saying, "Obviously, the aim in stigmatising these products is to be able to tell manufacturers to rethink their pricing policy."&nbsp;

Despite a drop in the cost of raw materials, Carrefour's CEO, Alexandre Bompard, who also serves as the head of the retail sector advocacy group FDC, has often expressed his concerns about the failure of consumer goods producers to cooperate in lowering the prices of various basics.&nbsp;

Bruno Le Maire, France's finance minister, has echoed these worries by calling 75 significant shops and consumer advocacy organisations in June to demand price reductions. Le Maire singled out Unilever, Nestle, and PepsiCo as firms not reaching pricing expectations following a new round of meetings last month.&nbsp;

Starting from Monday, Carrefour has labelled 26 products in its French stores with tags reading, “This product has seen its volume or weight fall and the effective price by the supplier rise.”&nbsp;

For instance, PepsiCo lowered the size of a bottle of its sugar-free, peach-flavored Lipton Iced Tea from 1.5 to 1.25 litres, resulting in a 40 per cent rise in the actual price per litre. Infant formula from Nestle, Guigoz, was reduced from 900 grams to 830 grams, and the Viennetta ice-cream cake from Unilever was reduced from 350 grams to 320 grams.&nbsp;

Consumer advocacy groups contend that retailers like Carrefour use "shrinkflation" on their private label products, making it a common practice.&nbsp;

With varying degrees of success, France and other European countries have been forcing large corporations to freeze or lower food and transport prices for several months to ease consumer woes brought on by rising living costs.&nbsp;

Bompais said that Carrefour has issued shrinkflation warnings in all its French stores and will continue to do so until the targeted suppliers agree to lower prices.&nbsp;

Although the shop could apply warnings to other products, it does not currently have plans to expand this programme.&nbsp;

(With inputs from Reuters)

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Carrefour, a leading French retail chain, has launched a campaign to combat "shrinkflation," adding price warnings on a variety of goods, including Lindt chocolates and Lipton iced tea.

Carrefour, a leading French retail chain, has launched a campaign to combat "shrinkflation," adding price warnings on a variety of goods, including Lindt chocolates and Lipton iced tea. The action is intended to put pressure on significant consumer products suppliers like Nestle, PepsiCo, and Unilever to reduce prices, and also prepares the ground for crucial contract negotiations that are scheduled to be finished by October 15. Even as raw material costs have begun to decline, Carrefour has started identifying goods that have increased in price but have shrunk in size. The objective is to gain consumer support as retailers get ready for significant negotiations with some of the biggest brands in the world. Reuters quoted Stefen Bompais, Director of Client Communications at Carrefour, as saying that the intent behind the initiative, saying, "Obviously, the aim in stigmatising these products is to be able to tell manufacturers to rethink their pricing policy." Despite a drop in the cost of raw materials, Carrefour's CEO, Alexandre Bompard, who also serves as the head of the retail sector advocacy group FDC, has often expressed his concerns about the failure of consumer goods producers to cooperate in lowering the prices of various basics. Bruno Le Maire, France's finance minister, has echoed these worries by calling 75 significant shops and consumer advocacy organisations in June to demand price reductions. Le Maire singled out Unilever, Nestle, and PepsiCo as firms not reaching pricing expectations following a new round of meetings last month. Starting from Monday, Carrefour has labelled 26 products in its French stores with tags reading, “This product has seen its volume or weight fall and the effective price by the supplier rise.” For instance, PepsiCo lowered the size of a bottle of its sugar-free, peach-flavored Lipton Iced Tea from 1.5 to 1.25 litres, resulting in a 40 per cent rise in the actual price per litre. Infant formula from Nestle, Guigoz, was reduced from 900 grams to 830 grams, and the Viennetta ice-cream cake from Unilever was reduced from 350 grams to 320 grams. Consumer advocacy groups contend that retailers like Carrefour use "shrinkflation" on their private label products, making it a common practice. With varying degrees of success, France and other European countries have been forcing large corporations to freeze or lower food and transport prices for several months to ease consumer woes brought on by rising living costs. Bompais said that Carrefour has issued shrinkflation warnings in all its French stores and will continue to do so until the targeted suppliers agree to lower prices. Although the shop could apply warnings to other products, it does not currently have plans to expand this programme. (With inputs from Reuters) WATCH WION LIVE HERE

French retail chain Carrefour takes action against "shrinkflation". Here's why

At a time when enacting a global framework for regulating crypto assets is the talk of the town, a new report by a global crypto research firm shows that developing countries are leading the race to adopt crypto assets.

The latest edition of Chainalysis' Global Crypto Adoption Index ranks India first in crypto adoption. India is followed by Nigeria and Vietnam. In fact, except for the United States, which ranks 4th, rest of the top 10 list comprise of developing countries.

War-ravaged Ukraine and sanctions-hit Russia, where crypto usage has spiked after the war began in 2022, also feature in the list; Ukraine ranks fifth while Russia is in 13th position. &nbsp;

A major takeaway of this year's rankings is that countries in Central Asia, South Asia and Oceania dominate the crypto adoption list. Eight out of the top 20 countries belong to this region. All of them are also developing countries. &nbsp;

Developing countries lead crypto race

The report suggests that while crypto adoption has seen a fall in the last one year, the recovery has been led by developing countries. "Lower Middle Income (LMI) is the only category of countries whose total grassroots adoption remains above where it was in the July-September quarter of 2020, just prior to the most recent bull market (in the crypto market)," reads the report.

For those unversed with the term LMI: it is a classification used by the World Bank to club countries, which have a Gross Per Capita National Income between $1,086 and $4,255. It is more often used interchangeably with the term 'developing countries'.

The report notes that this is significant for the growth of crypto around the world as developing economies "are on the rise, with dynamic, growing industries and populations".

Speaking to WION, Raj A Kapoor, the founder of India&nbsp;Blockchain&nbsp;Alliance, says that inflation is a major motivation for developing countries to adopt cryptocurrencies. "Cryptocurrencies with a limited supply, as such, are seen as a hedge against inflation. Cryptocurrencies provide an alternative to national currencies that are susceptible to depreciation," says Kapoor.

Crypto evangelist Sharat Chandra argues that cryptos are seen as a tool for greater financial inclusion in developing countries. "Web3-based games, especially ones with clear play to earn models, and decentralized finance products therefore have gained adoption in developing countries," Chandra adds.

Interestingly, El Salvador, which made Bitcoin a legal tender in a bid to boost financial inclusion among its unbanked population, is not among the top 20 countries.&nbsp;

Global framework for crypto regulation

The latest crypto adoption ranking comes close on the heels of the G20 declaration endorsing the Financial Stability Board’s recommendations for "the regulation, supervision and oversight of crypto-assets activities and markets".

Creating a global framework for regulating cryptos was one of the key agendas of the recently-concluded Group of 20 summit, incidentally hosted by India. The number one country in crypto adoption has been flagging concerns relating to the use of crypto assets for money laundering and terror financing.

Agreeing with the concerns raised by India, Kapoor believes that standardised laws may make crypto markets more stable and safer, and also promote better consumer protection.

While regulations and a framework are yet to be finalised, a consensus emerged during the summit that a blanket ban will not be feasible. This is good news for countries in the developing world, especially India, where crypto adoption is deepening each day.

"A regulatory framework will bring in more investments necessary to support startups and entrepreneurs building in Web3 and contribute to the growth of the web3 ecosystem in the country," says Chandra, adding that India will take the lead in driving the crypto growth story.

Kapoor opines&nbsp;that cryptocurrencies have the potential to provide cost-effective remittances and cross-border transactions. "Cryptocurrencies can promote Decentralized Finance (DeFi) systems for peer-to-peer financial services, eliminating the need for intermediaries," adds Kapoor, when asked about the potential future crypto use cases.

At a time when enacting a global framework for regulating crypto assets is the talk of the town, a new report by a global crypto research firm shows that developing countries are leading the race to adopt crypto assets.

At a time when enacting a global framework for regulating crypto assets is the talk of the town, a new report by a global crypto research firm shows that developing countries are leading the race to adopt crypto assets. The latest edition of Chainalysis' Global Crypto Adoption Index ranks India first in crypto adoption. India is followed by Nigeria and Vietnam. In fact, except for the United States, which ranks 4th, rest of the top 10 list comprise of developing countries. War-ravaged Ukraine and sanctions-hit Russia, where crypto usage has spiked after the war began in 2022, also feature in the list; Ukraine ranks fifth while Russia is in 13th position. A major takeaway of this year's rankings is that countries in Central Asia, South Asia and Oceania dominate the crypto adoption list. Eight out of the top 20 countries belong to this region. All of them are also developing countries. Developing countries lead crypto race The report suggests that while crypto adoption has seen a fall in the last one year, the recovery has been led by developing countries. "Lower Middle Income (LMI) is the only category of countries whose total grassroots adoption remains above where it was in the July-September quarter of 2020, just prior to the most recent bull market (in the crypto market)," reads the report. For those unversed with the term LMI: it is a classification used by the World Bank to club countries, which have a Gross Per Capita National Income between $1,086 and $4,255. It is more often used interchangeably with the term 'developing countries'. The report notes that this is significant for the growth of crypto around the world as developing economies "are on the rise, with dynamic, growing industries and populations". Speaking to WION, Raj A Kapoor, the founder of India Blockchain Alliance, says that inflation is a major motivation for developing countries to adopt cryptocurrencies. "Cryptocurrencies with a limited supply, as such, are seen as a hedge against inflation. Cryptocurrencies provide an alternative to national currencies that are susceptible to depreciation," says Kapoor. Crypto evangelist Sharat Chandra argues that cryptos are seen as a tool for greater financial inclusion in developing countries. "Web3-based games, especially ones with clear play to earn models, and decentralized finance products therefore have gained adoption in developing countries," Chandra adds. Interestingly, El Salvador, which made Bitcoin a legal tender in a bid to boost financial inclusion among its unbanked population, is not among the top 20 countries. Global framework for crypto regulation The latest crypto adoption ranking comes close on the heels of the G20 declaration endorsing the Financial Stability Board’s recommendations for "the regulation, supervision and oversight of crypto-assets activities and markets". Creating a global framework for regulating cryptos was one of the key agendas of the recently-concluded Group of 20 summit, incidentally hosted by India. The number one country in crypto adoption has been flagging concerns relating to the use of crypto assets for money laundering and terror financing. Agreeing with the concerns raised by India, Kapoor believes that standardised laws may make crypto markets more stable and safer, and also promote better consumer protection. While regulations and a framework are yet to be finalised, a consensus emerged during the summit that a blanket ban will not be feasible. This is good news for countries in the developing world, especially India, where crypto adoption is deepening each day. "A regulatory framework will bring in more investments necessary to support startups and entrepreneurs building in Web3 and contribute to the growth of the web3 ecosystem in the country," says Chandra, adding that India will take the lead in driving the crypto growth story. Kapoor opines that cryptocurrencies have the potential to provide cost-effective remittances and cross-border transactions. "Cryptocurrencies can promote Decentralized Finance (DeFi) systems for peer-to-peer financial services, eliminating the need for intermediaries," adds Kapoor, when asked about the potential future crypto use cases.

Developing countries lead in crypto adoption, India ranks first: Report 