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In a significant course of action against the disruptions caused by the airlines, Saudi Arabia has introduced new amendments for consumer rights protection, allowing air travellers to receive compensation for various disruptions caused by the airlines.&nbsp;

The General Authority of Civil Aviation (GACA) stated that these changes aim to enhance the passenger experience and support the growth objectives of the aviation sector in Saudi Arabia.&nbsp;

<h2>What are the new rules?</h2>

Under the new rules, passengers will have the option to cancel their journey in the event of flight delays. Compensation of up to 200 per cent of their ticket price can be claimed by passengers if flights are cancelled, overbooked, or make unscheduled stopovers. Additionally, travellers whose baggage is lost or damaged by the airline can receive monetary compensation of up to $1,750 (SAR 6,568), as outlined in the GACA statement.

<h2>When will the new rules come into effect?</h2>

These regulations will take effect on November 20 of this year.&nbsp;

The regulations&nbsp;will address issues such as ticketing, boarding, in-flight services, baggage handling, and accessibility for passengers with special needs.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/direct-cairo-delhi-flight-launched-after-pm-modis-egypt-visit-622607">Direct Cairo-Delhi flight launched after PM Modi's Egypt visit</a>

Abdulaziz al-Dahmash, the Vice President of GACA for Quality and Passenger Experience, said that these changes prioritise passengers by strengthening regulations to ensure better service quality during travel disruptions. He added that these regulations align with the broader Saudi Aviation Strategy growth agenda.

“The regulations cover new ground in supporting passengers affected by travel disruptions and support the Kingdom’s broader Saudi Aviation Strategy growth agenda,” he added.

<h2>How the decision was made?</h2>

Before announcing these regulations, the aviation authority consulted various stakeholders, including the public, air service providers, and international organisations.&nbsp;

Also watch |&nbsp;India is world's 3rd-largest air passenger market

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In a related effort, GACA's head, Abdulaziz al-Duailej, previously announced plans to invest over $100 billion in the aviation sector within seven years, with a goal of expanding airport capacity to handle 330 million passengers by 2030. The plan also includes increasing services to 250 destinations, which is projected to contribute $75 billion within the same timeframe.

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In a significant course of action against the disruptions caused by the airlines, Saudi Arabia has introduced new amendments for consumer rights protection, allowing air travellers to receive compensation for various disruptions caused by the airlines.

In a significant course of action against the disruptions caused by the airlines, Saudi Arabia has introduced new amendments for consumer rights protection, allowing air travellers to receive compensation for various disruptions caused by the airlines. The General Authority of Civil Aviation (GACA) stated that these changes aim to enhance the passenger experience and support the growth objectives of the aviation sector in Saudi Arabia. What are the new rules? Under the new rules, passengers will have the option to cancel their journey in the event of flight delays. Compensation of up to 200 per cent of their ticket price can be claimed by passengers if flights are cancelled, overbooked, or make unscheduled stopovers. Additionally, travellers whose baggage is lost or damaged by the airline can receive monetary compensation of up to $1,750 (SAR 6,568), as outlined in the GACA statement. When will the new rules come into effect? These regulations will take effect on November 20 of this year. The regulations will address issues such as ticketing, boarding, in-flight services, baggage handling, and accessibility for passengers with special needs. Also read | Direct Cairo-Delhi flight launched after PM Modi's Egypt visit Abdulaziz al-Dahmash, the Vice President of GACA for Quality and Passenger Experience, said that these changes prioritise passengers by strengthening regulations to ensure better service quality during travel disruptions. He added that these regulations align with the broader Saudi Aviation Strategy growth agenda. “The regulations cover new ground in supporting passengers affected by travel disruptions and support the Kingdom’s broader Saudi Aviation Strategy growth agenda,” he added. How the decision was made? Before announcing these regulations, the aviation authority consulted various stakeholders, including the public, air service providers, and international organisations. Also watch | India is world's 3rd-largest air passenger market × In a related effort, GACA's head, Abdulaziz al-Duailej, previously announced plans to invest over $100 billion in the aviation sector within seven years, with a goal of expanding airport capacity to handle 330 million passengers by 2030. The plan also includes increasing services to 250 destinations, which is projected to contribute $75 billion within the same timeframe. 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.

Saudi Arabia mandates heavy compensation for flyers in new aviation rules to combat flight disruptions

In the grand global population race, India has emerged as the frontrunner, boasting a colossal population of 1,428 million people, just edging past China's 1,425 million. It's a neck-and-neck population contest, but when you peek at their economic narratives, a contrasting tale unfolds.

As per the most recent World Bank data from 2022, China's gross domestic product (GDP) looms large at 17.96 trillion USD, while India's registers at a comparatively modest 3.39 trillion USD. What's noteworthy is that this economic chasm is only growing wider.

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The graph above shows the widening gap in Gross domestic product (GDP) between China (in red)&nbsp;and India (in blue).&nbsp;

Rewinding to 1980, China and India's economic landscapes were very similar, with GDP numbers almost in lockstep. India even held a slight edge in GDP per capita over its much larger neighbour to the east. However, China embarked on a monumental journey, with its economy surging at an astonishing average rate of 10 per cent between 1980 and 2010, leaving India trailing far behind.

The reasons behind China's meteoric economic ascent are multifaceted. Yet, a pivotal factor lies in the increasing participation of women in China's workforce, adding an extra dimension to its growth story.

With male labour force participation nearly on par in <a href="https://data.worldbank.org/indicator/SL.TLF.CACT.MA.ZS?locations=CN">China</a>&nbsp;(73 per cent as per 2022) and <a href="https://data.worldbank.org/indicator/SL.TLF.CACT.MA.ZS?locations=IN">India</a>&nbsp;(74 per cent as per 2022), the divergence primarily stems from female involvement. In 2022, China boasted a robust 61 per cent female labour force participation rate, whereas India lagged significantly at just 24 per cent.

India can no longer attribute China's larger population as the sole rationale for its superior GDP. This prompts a crucial question: does this surplus of female labour participation truly underpin China's formidable GDP? Maybe, Yes.

“The high participation of women in the workforce in China is a combination of its socialist legacy and subsequent economic reforms and opening up after Mao Zedong's (Chinese communist leader and founder of the People's Republic of China) passing. The high level of investment by the state in human capital, education and health is one of the key achievements of Mao era (1949-78). It also emerged from the socialist understanding that both men and women had to participate in labour - starting from agricultural production,” Dr Anand P. Krishnan, Fellow, Centre for Himalayan Studies, Shiv Nadar Institution of Eminence, Delhi NCR, and Visiting Associate Fellow, Institute of Chinese Studies in Delhi told WION.

Following initiatives to protect women's rights, including the marriage law passed after the People's Republic's establishment, Chinese women have enjoyed increased mobility and opportunities. This trend continued with economic reforms since the 1980s, leading to more women pursuing higher education and careers. Declining urban birth rates reduced childcare responsibilities, allowing women to delay starting families. Marriage rates have fallen as women prioritise careers, leading to a rise in female CEOs and a strong presence in retail and service industries. They are also increasing moving to heavy labour intensive sectors - like women constitute nearly 14-16 per cent of all construction workers, explains Dr Krishnan.

The recent dip in the female labour force participation rate to 61 per cent has also got the Party-state to come up with plans to address it. Such as a <a href="https://www.sixthtone.com/news/1008606">10-year plan for women's development</a>.

The Party-state is also intending to ask employers not to mention gender preferences in job advertisement, and also not ask women about their marital and pregnancy status.

“However, notwithstanding this, things are not rosy for women. With the removal of the one-child policy, with the Party-state incrementally raising it to two-child and now three-child, women are now forced to juggle with both work and childcare,” continues Dr Krishnan.

In a <a href="https://ceda.ashoka.edu.in/the-elephant-is-set-to-overtake-the-dragon-or-is-it/">study</a> titled ‘The Elephant is set to overtake the Dragon, or is it?,’ conducted by the Centre for Economic Data and Analysis (CEDA) under Ashoka University, there has been a revelation that further fortifies this argument. According to the&nbsp;research, as of 2021, China boasted approximately 478.3 million women aged 15-64, while India's count stood at 458.2 million women in the same age bracket — a disparity that seems slight. However, the female labour force participation rates for that year painted a strikingly different picture; China's workforce encompassed a formidable 338.6 million, whereas India's tally was a mere 112.8 million. So, even though India's working-age demographic group almost mirrored China's in size, but its labour force was noticeably smaller.

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*This is an interactive data chart. Click on the bars to get the figures*

<h2>When can we expect India to surpass China in terms of its labour force?</h2>

The study suggests that this won't occur in the near future, but there's a glimmer of hope. If we assume that the labour force participation rate (LFPR) remains constant at its most recent levels for both countries, it'll be approximately 27 years before this milestone is reached. It's only in 2051 that India is projected to outpace China in terms of labour force numbers, assuming all other factors remain unchanged. These projections are based on United Nations population estimates spanning up to the year 2100.

Now, if India's LFPR were to surge to 60 per cent, this shift could occur by 2040. However, for India's labour force to surpass China's in absolute numbers by 2030, India's LFPR would need to make a sharp jump from its current level, which hovers at around 58 per cent (based on the labour force participation rate by usual status for the 15-64 age group as estimated by the Periodic Labour Force Survey, 2021-22), to 71 per cent within the next seven years. Achieving such a significant improvement in such a short span of time seems highly unlikely.

&nbsp;

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In the grand global population race, India has emerged as the frontrunner, boasting a colossal population of 1,428 million people, just edging past China's 1,425 million.

In the grand global population race, India has emerged as the frontrunner, boasting a colossal population of 1,428 million people, just edging past China's 1,425 million. It's a neck-and-neck population contest, but when you peek at their economic narratives, a contrasting tale unfolds. As per the most recent World Bank data from 2022, China's gross domestic product (GDP) looms large at 17.96 trillion USD, while India's registers at a comparatively modest 3.39 trillion USD. What's noteworthy is that this economic chasm is only growing wider. × The graph above shows the widening gap in Gross domestic product (GDP) between China (in red) and India (in blue). Rewinding to 1980, China and India's economic landscapes were very similar, with GDP numbers almost in lockstep. India even held a slight edge in GDP per capita over its much larger neighbour to the east. However, China embarked on a monumental journey, with its economy surging at an astonishing average rate of 10 per cent between 1980 and 2010, leaving India trailing far behind. The reasons behind China's meteoric economic ascent are multifaceted. Yet, a pivotal factor lies in the increasing participation of women in China's workforce, adding an extra dimension to its growth story. With male labour force participation nearly on par in China (73 per cent as per 2022) and India (74 per cent as per 2022), the divergence primarily stems from female involvement. In 2022, China boasted a robust 61 per cent female labour force participation rate, whereas India lagged significantly at just 24 per cent. India can no longer attribute China's larger population as the sole rationale for its superior GDP. This prompts a crucial question: does this surplus of female labour participation truly underpin China's formidable GDP? Maybe, Yes. “The high participation of women in the workforce in China is a combination of its socialist legacy and subsequent economic reforms and opening up after Mao Zedong's (Chinese communist leader and founder of the People's Republic of China) passing. The high level of investment by the state in human capital, education and health is one of the key achievements of Mao era (1949-78). It also emerged from the socialist understanding that both men and women had to participate in labour - starting from agricultural production,” Dr Anand P. Krishnan, Fellow, Centre for Himalayan Studies, Shiv Nadar Institution of Eminence, Delhi NCR, and Visiting Associate Fellow, Institute of Chinese Studies in Delhi told WION. Following initiatives to protect women's rights, including the marriage law passed after the People's Republic's establishment, Chinese women have enjoyed increased mobility and opportunities. This trend continued with economic reforms since the 1980s, leading to more women pursuing higher education and careers. Declining urban birth rates reduced childcare responsibilities, allowing women to delay starting families. Marriage rates have fallen as women prioritise careers, leading to a rise in female CEOs and a strong presence in retail and service industries. They are also increasing moving to heavy labour intensive sectors - like women constitute nearly 14-16 per cent of all construction workers, explains Dr Krishnan. The recent dip in the female labour force participation rate to 61 per cent has also got the Party-state to come up with plans to address it. Such as a 10-year plan for women's development. The Party-state is also intending to ask employers not to mention gender preferences in job advertisement, and also not ask women about their marital and pregnancy status. “However, notwithstanding this, things are not rosy for women. With the removal of the one-child policy, with the Party-state incrementally raising it to two-child and now three-child, women are now forced to juggle with both work and childcare,” continues Dr Krishnan. In a study titled ‘The Elephant is set to overtake the Dragon, or is it?,’ conducted by the Centre for Economic Data and Analysis (CEDA) under Ashoka University, there has been a revelation that further fortifies this argument. According to the research, as of 2021, China boasted approximately 478.3 million women aged 15-64, while India's count stood at 458.2 million women in the same age bracket — a disparity that seems slight. However, the female labour force participation rates for that year painted a strikingly different picture; China's workforce encompassed a formidable 338.6 million, whereas India's tally was a mere 112.8 million. So, even though India's working-age demographic group almost mirrored China's in size, but its labour force was noticeably smaller. × *This is an interactive data chart. Click on the bars to get the figures* When can we expect India to surpass China in terms of its labour force? The study suggests that this won't occur in the near future, but there's a glimmer of hope. If we assume that the labour force participation rate (LFPR) remains constant at its most recent levels for both countries, it'll be approximately 27 years before this milestone is reached. It's only in 2051 that India is projected to outpace China in terms of labour force numbers, assuming all other factors remain unchanged. These projections are based on United Nations population estimates spanning up to the year 2100. Now, if India's LFPR were to surge to 60 per cent, this shift could occur by 2040. However, for India's labour force to surpass China's in absolute numbers by 2030, India's LFPR would need to make a sharp jump from its current level, which hovers at around 58 per cent (based on the labour force participation rate by usual status for the 15-64 age group as estimated by the Periodic Labour Force Survey, 2021-22), to 71 per cent within the next seven years. Achieving such a significant improvement in such a short span of time seems highly unlikely. WATCH WION LIVE HERE:

Data Lab | Are China's women turbocharging its economy? Can India catch up?

The Covid-19 pandemic, coupled with a surge in the cost of living, have driven approximately 70 million more people in developing Asia into the grips of severe poverty last year, a recent Asian Development Bank (ADB) report has revealed.

According to the Asia and the Pacific 2023 report, an estimated 155.2 million individuals in developing Asia and the Pacific — equivalent to 3.9 percent of the region's population — faced extreme poverty in 2022.&nbsp;

Without the Covid-19 pandemic and the cost-of-living crisis, this figure would have been smaller by&nbsp;67.8 million people.

As per the ADB, state of extreme poverty&nbsp;entails living on less than $2.15 a day, adjusted for purchasing power and inflation.&nbsp;&nbsp;&nbsp;

"Asia and the Pacific are making gradual strides towards recovery from the COVID-19 pandemic, but the mounting cost of living is eroding progress in poverty alleviation,"- said&nbsp;Albert Park, Chief Economist at the ADB.&nbsp;

The increased cost of living has emerged as a critical concern as individuals in developing Asia -- forty-six developing economies of Asia excluding Japan -- find themselves less capable of coping with elevated prices for essential commodities such as food and fuel.

The surge in prices of basic goods and services has not only impacted people's savings but also strained their ability to afford other necessities like healthcare, education, investments, and growth-enabling opportunities.

Poverty's costly toll: ADB's call to action

Report also highlighted a concerning trend: individuals grappling with poverty often pay a premium to access essential goods and services.&nbsp;

Take the example of low-income households, which frequently find themselves purchasing goods in smaller quantities — a costlier endeavor than buying in bulk.

Additionally, they might reside in informal settlements, exposing them to heightened health risks and subsequently increasing healthcare expenses.

While emerging economies in Asia and the Pacific show signs of progress against poverty, projections suggest that by 2030, around 30.3 percent of the region's population—equivalent to over 1.26 billion individuals—will still be economically insecure.&nbsp;&nbsp;This category is defined as living on $6.85 per day in 2017 prices.

To counteract the escalating cost of living, the report has urged governments across Asia and the Pacific to bolster social protection systems, amplify support for agricultural development, enhance access to financial services, prioritize strategic infrastructure investments, and foster technological innovation and human capital development.&nbsp;

These measures, the ADB argued, will help alleviate the strain on individuals facing economic vulnerabilities.

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The Covid-19 pandemic, coupled with a surge in the cost of living, have driven approximately 70 million more people in developing Asia into the grips of severe poverty last year, a recent Asian Development Bank (ADB) report has revealed.

The Covid-19 pandemic, coupled with a surge in the cost of living, have driven approximately 70 million more people in developing Asia into the grips of severe poverty last year, a recent Asian Development Bank (ADB) report has revealed. According to the Asia and the Pacific 2023 report, an estimated 155.2 million individuals in developing Asia and the Pacific — equivalent to 3.9 percent of the region's population — faced extreme poverty in 2022. Without the Covid-19 pandemic and the cost-of-living crisis, this figure would have been smaller by 67.8 million people. As per the ADB, state of extreme poverty entails living on less than $2.15 a day, adjusted for purchasing power and inflation. "Asia and the Pacific are making gradual strides towards recovery from the COVID-19 pandemic, but the mounting cost of living is eroding progress in poverty alleviation,"- said Albert Park, Chief Economist at the ADB. The increased cost of living has emerged as a critical concern as individuals in developing Asia -- forty-six developing economies of Asia excluding Japan -- find themselves less capable of coping with elevated prices for essential commodities such as food and fuel. The surge in prices of basic goods and services has not only impacted people's savings but also strained their ability to afford other necessities like healthcare, education, investments, and growth-enabling opportunities. Poverty's costly toll: ADB's call to action Report also highlighted a concerning trend: individuals grappling with poverty often pay a premium to access essential goods and services. Take the example of low-income households, which frequently find themselves purchasing goods in smaller quantities — a costlier endeavor than buying in bulk. Additionally, they might reside in informal settlements, exposing them to heightened health risks and subsequently increasing healthcare expenses. While emerging economies in Asia and the Pacific show signs of progress against poverty, projections suggest that by 2030, around 30.3 percent of the region's population—equivalent to over 1.26 billion individuals—will still be economically insecure. This category is defined as living on $6.85 per day in 2017 prices. To counteract the escalating cost of living, the report has urged governments across Asia and the Pacific to bolster social protection systems, amplify support for agricultural development, enhance access to financial services, prioritize strategic infrastructure investments, and foster technological innovation and human capital development. These measures, the ADB argued, will help alleviate the strain on individuals facing economic vulnerabilities. WATCH WION LIVE HERE

Covid-19 pandemic, inflation pushed 68 million Asians into poverty in 2022: Asian Development Bank

Roark Capital is buying Subway, marking the end of over 50 years of family ownership of the sandwich chain. According to a report by CNBC on Thursday (August 24), Subway reportedly sought $10 billion, a price that alienated many potential suitors, leaving only private equity firms to duke it out in an auction.

The report said that Subway dwarfs all of them by number of restaurants, and brings in more annual sales than all but Dunkin Donuts. Through the holding company Inspire&nbsp;Brands, Roark owns Dunkin, Sonic, Arby’s, Buffalo Wild Wings, Baskin-Robbins and Jimmy John’s. The firm also owns Auntie Anne’s, Carvel, Cinnabon, Jamba, McAlister’s, Moe’s Southwest Grill and Schlotzsky’s.

Neil Saunders, a retail analyst and managing director of GlobalData analytics, said that Roark brings more to the table than other investors would have. "And while the deal closed based on cold hard cash, the outcome is a good one," Saunders added.

According to a report by the Wall Street Journal (WSJ), Subway's Chief Executive Officer (CEO) John Chidsey said that Roark has plans to keep the sandwich chain as a separate entity within its portfolio.

Subway started in 1965 as an Italian-style submarine sandwich shop. At present, it has nearly 37,000 restaurants in more than 100 countries. In February, Subway hired JPMorgan to advise it on a possible sale.

In recent times, executives of the sandwich chain have highlighted cost-cutting efforts to better compete with other restaurant chains, while focusing most growth efforts overseas.

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Roark Capital is buying Subway, marking the end of over 50 years of family ownership of the sandwich chain. According to a report by CNBC on Thursday (August 24), Subway reportedly sought $10 billion, a price that alienated many potential suitors, leaving only private equity firms to duke it out in an auction.

Roark Capital is buying Subway, marking the end of over 50 years of family ownership of the sandwich chain. According to a report by CNBC on Thursday (August 24), Subway reportedly sought $10 billion, a price that alienated many potential suitors, leaving only private equity firms to duke it out in an auction. The report said that Subway dwarfs all of them by number of restaurants, and brings in more annual sales than all but Dunkin Donuts. Through the holding company Inspire Brands, Roark owns Dunkin, Sonic, Arby’s, Buffalo Wild Wings, Baskin-Robbins and Jimmy John’s. The firm also owns Auntie Anne’s, Carvel, Cinnabon, Jamba, McAlister’s, Moe’s Southwest Grill and Schlotzsky’s. Neil Saunders, a retail analyst and managing director of GlobalData analytics, said that Roark brings more to the table than other investors would have. "And while the deal closed based on cold hard cash, the outcome is a good one," Saunders added. According to a report by the Wall Street Journal (WSJ), Subway's Chief Executive Officer (CEO) John Chidsey said that Roark has plans to keep the sandwich chain as a separate entity within its portfolio. Subway started in 1965 as an Italian-style submarine sandwich shop. At present, it has nearly 37,000 restaurants in more than 100 countries. In February, Subway hired JPMorgan to advise it on a possible sale. In recent times, executives of the sandwich chain have highlighted cost-cutting efforts to better compete with other restaurant chains, while focusing most growth efforts overseas. 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.

Roark Capital, owner of Baskin-Robbins, buys sandwich chain Subway

In a major development in the field of nature conservation, environment leaders from 185 countries gathered in Canada's Vancouver on Thursday to launch a global fund for protecting the nature from catastrophic events like climate change.

Financial boost to conservation efforts

India’s ambition to become a net-zero nation will be a 12.7 trillion dollar economic opportunity. A Bloomberg NEF report on India’s energy outlook tells how India can balance its climate and economic goals.

Emissions vs economy: India’s balancing act

The coronavirus pandemic and rising inflation has pushed close to 70 million more people in Asia's developing countries into extreme poverty. An Asian development bank report shows that 155.2 million people in Asia's developing countries lived in extreme poverty last year. That's about 67.8 million more people than would have been the case without the covid-19 pandemic and the cost-of-living crisis.

Extreme poverty rises in Asia

Nearly 10 per cent of women in India own cryptocurrency, which ranks third among all countries, according to a study. Data from the foreign exchange education portal Forex Suggest reveals&nbsp;that there are&nbsp;63 million female cryptocurrency owners in India, accounting for 9.2 per cent of the female population of around 685 million.

When looking at what the figures indicate in India, blockchain and emerging tech evangelist Sharat Chandra said, “There are several aspects including the propensity to explore new assets. Most educated women are seeking independence in employment. Financial literacy, their general awareness and their tendency to explore new asset classes is on the rise.”

Vietnam tops&nbsp;the list with 12 million female cryptocurrency owners, or 24 per cent of the female population. With 47 per cent female cryptocurrency owners, Vietnam has&nbsp;the most even gender distribution. Philippines comes second with 9.6 per cent, representing over 5.5 million female cryptocurrency owners.

Kenya and Colombia are tied for&nbsp;third place, with women making up 42 per cent of all cryptocurrency owners in both nations. India comes&nbsp;in eighth, with male and female crypto ownership at 60 per cent and 40 per cent, respectively.

According to the study, “This is a difference of just six percentage points, showing that female access to digital currencies is being supported by the local culture.”

Blockchain advisor Kamlesh Nagware differs&nbsp;from the study, saying that women investing in crypto is not a question of being supported by the local culture but has more to do with the “hype” surrounding it. “People are seeking opportunities, educated ladies especially, want to begin and set up their own new ventures.”

According to Chandra, in the Indian context, developer groups, both national and international are empowering and supporting women in this domain. He said that platforms like The Pheonix Guild have assisted in increasing awareness about digital and block work investments among women. “Not-for-profit orgnaisations and other established ones like Google are also working in the background to make women more employable,” he said.

Chandra said that there is more noise and less substance when it comes to talking about investment risks, adding that information asymmetry has been influencing investment decisions, as there are limited neutral voices but more biased content.&nbsp;

The lack of regulatory oversight, no definitive laws for protection and the lack of credible sources or ‘self proclaimed experts,’ pose additional threats for making crypto investments.

Nagware, on the other hand, said, “Understanding the regulatory culture, the laws involved and the security concerns about money laundering is essential. Grasping the technology involved and educating oneself about the domain are equally important.” He further discourages&nbsp;investors from making decisions based on inputs from crypto influencers.

Despite these setbacks, Chandra said that increasing asset tokenisation which in turn improves asset liquidity and the opening up of other asset classes are some of the positives women get to explore while investing in crypto. &nbsp;

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Nearly 10 per cent of women in India own cryptocurrency, which ranks third among all countries, according to a study. Data from the foreign exchange education portal Forex Suggest reveals that there are 63 million female cryptocurrency owners in India, accounting for 9.

Nearly 10 per cent of women in India own cryptocurrency, which ranks third among all countries, according to a study. Data from the foreign exchange education portal Forex Suggest reveals that there are 63 million female cryptocurrency owners in India, accounting for 9.2 per cent of the female population of around 685 million. When looking at what the figures indicate in India, blockchain and emerging tech evangelist Sharat Chandra said, “There are several aspects including the propensity to explore new assets. Most educated women are seeking independence in employment. Financial literacy, their general awareness and their tendency to explore new asset classes is on the rise.” Vietnam tops the list with 12 million female cryptocurrency owners, or 24 per cent of the female population. With 47 per cent female cryptocurrency owners, Vietnam has the most even gender distribution. Philippines comes second with 9.6 per cent, representing over 5.5 million female cryptocurrency owners. Kenya and Colombia are tied for third place, with women making up 42 per cent of all cryptocurrency owners in both nations. India comes in eighth, with male and female crypto ownership at 60 per cent and 40 per cent, respectively. According to the study, “This is a difference of just six percentage points, showing that female access to digital currencies is being supported by the local culture.” Blockchain advisor Kamlesh Nagware differs from the study, saying that women investing in crypto is not a question of being supported by the local culture but has more to do with the “hype” surrounding it. “People are seeking opportunities, educated ladies especially, want to begin and set up their own new ventures.” According to Chandra, in the Indian context, developer groups, both national and international are empowering and supporting women in this domain. He said that platforms like The Pheonix Guild have assisted in increasing awareness about digital and block work investments among women. “Not-for-profit orgnaisations and other established ones like Google are also working in the background to make women more employable,” he said. Chandra said that there is more noise and less substance when it comes to talking about investment risks, adding that information asymmetry has been influencing investment decisions, as there are limited neutral voices but more biased content. The lack of regulatory oversight, no definitive laws for protection and the lack of credible sources or ‘self proclaimed experts,’ pose additional threats for making crypto investments. Nagware, on the other hand, said, “Understanding the regulatory culture, the laws involved and the security concerns about money laundering is essential. Grasping the technology involved and educating oneself about the domain are equally important.” He further discourages investors from making decisions based on inputs from crypto influencers. Despite these setbacks, Chandra said that increasing asset tokenisation which in turn improves asset liquidity and the opening up of other asset classes are some of the positives women get to explore while investing in crypto. WATCH WION LIVE HERE

Nearly 10 per cent of Indian women own crypto: Exploring the trend

Spicejet, one of India's budget airlines, is facing a storm of financial challenges. As the airline battles a legal dispute with its former owner, the stakes have risen even higher with a court order demanding payment.

Spicejet's troubles deepen as payment deadline looms

With a youthful population that promises immense potential, India stands on a gold mine of demographic dividend. However, employability is a big hurdle to cross.

Addressing India's employability woes

In the fast-paced arena of global economics, sometimes all it takes is a pair of sneakers to tell a compelling story.&nbsp;

Nike, the iconic sportswear brand synonymous with innovation and style, is currently experiencing a rather uncharacteristic stumble in the stock market. As its shares have taken a downhill route for ten consecutive days, observers are left pondering: what's really at the core of this downward sprint?

The recent dip in Nike's stock price has set a record as the longest losing streak since the company's inception as a public entity in 1980. This is no minor jog; it's a marathon of red numbers, leaving investors and financial analysts to question the driving forces behind this downhill run.

At first glance, it might seem that Nike's prowess as a retail giant should keep it comfortably in the lead. Yet, beneath the surface, there's an intricate tale of economic currents at play.&nbsp;

The footwear business, Nike's cornerstone, is feeling the pressure from multiple angles. Notably, consumers, particularly the millennial cohort, are reallocating their spending habits. The pandemic has reshaped priorities, diverting dollars from goods to services and experiences. As students prepare to resume their loan payments, budget-conscious choices are in the air, leading to a shuffle in spending preferences.

This evolving landscape is prompting companies to recalibrate their strategies, adapting to a consumer base that's now more judicious with discretionary funds.

But it's not just American trails that Nike must navigate. China, a significant piece of its puzzle, is throwing its own curveballs. The company's substantial presence in the Chinese market positions it to benefit from the nation's economic vigor. However, the uneven recovery in China raises caution flags. As the country's economy stutters, Nike's earnings could take a hit. With a third of its business rooted in China, this variable deserves more than a passing glance.

As we await Nike's next earnings report, the global economy's trajectory remains uncertain. So, let's keep an eye on this marathon, and remember that in the realm of finance, it's not just about running – it's about understanding the rhythm of the race.

In the fast-paced arena of global economics, sometimes all it takes is a pair of sneakers to tell a compelling story. Nike, the iconic sportswear brand synonymous with innovation and style, is currently experiencing a rather uncharacteristic stumble in the stock market.

In the fast-paced arena of global economics, sometimes all it takes is a pair of sneakers to tell a compelling story. Nike, the iconic sportswear brand synonymous with innovation and style, is currently experiencing a rather uncharacteristic stumble in the stock market. As its shares have taken a downhill route for ten consecutive days, observers are left pondering: what's really at the core of this downward sprint? The recent dip in Nike's stock price has set a record as the longest losing streak since the company's inception as a public entity in 1980. This is no minor jog; it's a marathon of red numbers, leaving investors and financial analysts to question the driving forces behind this downhill run. At first glance, it might seem that Nike's prowess as a retail giant should keep it comfortably in the lead. Yet, beneath the surface, there's an intricate tale of economic currents at play. The footwear business, Nike's cornerstone, is feeling the pressure from multiple angles. Notably, consumers, particularly the millennial cohort, are reallocating their spending habits. The pandemic has reshaped priorities, diverting dollars from goods to services and experiences. As students prepare to resume their loan payments, budget-conscious choices are in the air, leading to a shuffle in spending preferences. This evolving landscape is prompting companies to recalibrate their strategies, adapting to a consumer base that's now more judicious with discretionary funds. But it's not just American trails that Nike must navigate. China, a significant piece of its puzzle, is throwing its own curveballs. The company's substantial presence in the Chinese market positions it to benefit from the nation's economic vigor. However, the uneven recovery in China raises caution flags. As the country's economy stutters, Nike's earnings could take a hit. With a third of its business rooted in China, this variable deserves more than a passing glance. As we await Nike's next earnings report, the global economy's trajectory remains uncertain. So, let's keep an eye on this marathon, and remember that in the realm of finance, it's not just about running – it's about understanding the rhythm of the race.

Decoded: What Nike's stock slump says about the global economy

In a move that's been in the works for months, Roark Capital has sealed the deal for Subway, adding this fast-food titan to its already big portfolio. Valued at 9.55 billion dollars, this strategic move sees Subway, an iconic global sandwich chain, become part of Roark’s portfolio.

Roark Capital’s Subway acquisition

The Pakistani rupee reached a record-low closing value of 300.2 against the US dollar, breaking through the psychological barrier of 300 on Thursday. Data from the central bank indicated that this unwanted milestone was reached amid less curbs on outflows.

On Wednesday, the Pakistani rupee lost more ground, closing at 299.6 to the US dollar.

The rupee has lost 2.9 per cent of its value since the caretaker government assumed power on August 15, when it hit a record low for a third straight day.

The administration is tasked with monitoring at least one review of the $3 billion standby agreement with the International Monetary Fund (IMF) and guiding the nation towards a general election, scheduled to take place by November.

In order to stop the drain on its dwindling foreign reserves, Pakistan introduced import restrictions beginning in 2022. The IMF rescue programme to support the crisis-hit economy had a clause to remove those restrictions from June this year.&nbsp;

“When you open up a restricted trade economy, it results in an initial overreaction,” Fahad Rauf, head of research at Ismail Iqbal Securities, told Reuters.

He added that increased inflation expectations have returned as a result of the government’s imposition of energy tariffs and increase in the price of petrol.

These steps are inflationary and put pressure on the rupee, he added.

(With inputs from Reuters)

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The Pakistani rupee reached a record-low closing value of 300.2 against the US dollar, breaking through the psychological barrier of 300 on Thursday. Data from the central bank indicated that this unwanted milestone was reached amid less curbs on outflows.

The Pakistani rupee reached a record-low closing value of 300.2 against the US dollar, breaking through the psychological barrier of 300 on Thursday. Data from the central bank indicated that this unwanted milestone was reached amid less curbs on outflows. On Wednesday, the Pakistani rupee lost more ground, closing at 299.6 to the US dollar. The rupee has lost 2.9 per cent of its value since the caretaker government assumed power on August 15, when it hit a record low for a third straight day. The administration is tasked with monitoring at least one review of the $3 billion standby agreement with the International Monetary Fund (IMF) and guiding the nation towards a general election, scheduled to take place by November. In order to stop the drain on its dwindling foreign reserves, Pakistan introduced import restrictions beginning in 2022. The IMF rescue programme to support the crisis-hit economy had a clause to remove those restrictions from June this year. “When you open up a restricted trade economy, it results in an initial overreaction,” Fahad Rauf, head of research at Ismail Iqbal Securities, told Reuters. He added that increased inflation expectations have returned as a result of the government’s imposition of energy tariffs and increase in the price of petrol. These steps are inflationary and put pressure on the rupee, he added. (With inputs from Reuters) WATCH WION LIVE HERE

Pakistani rupee falls to an all-time low of 300.2 against the US dollar

India’s G20 presidency this year presents an exceptional opportunity for the country to spearhead a collective approach to tackle multiple, complex, and interconnected challenges while placing, front and centre, the aspirations and needs of the developing world but what is India’s contribution to G20? What changes can India bring to the world order as part of the G20 presidency?

India's G20 presidency: What to expect?

The comprehensive Digital Services Act (DSA) of the European Union imposes new regulations on content moderation, user privacy, and transparency, putting more than a dozen of the largest tech companies in the world under unprecedented legal scrutiny.

A number of internet giants, including Meta’s&nbsp;Facebook and Instagram, Apple’s online App Store, and a few Google services, will be subject to new regulations in the EU, starting on Friday. These regulations include preventing the spread of harmful content, prohibiting or restricting certain user-targeting techniques, and sharing some internal data with regulators and related researchers.

With other comprehensive pieces of legislation, including the Digital Markets Act and the AI Act, on the horizon, the EU is regarded as the global leader in digital regulation. The introduction of comparable laws around the world will be influenced by how successfully the bloc implements these regulations.

Researchers have questioned whether these businesses have gone above and beyond what is required of them by the law.

For the time being, the regulations are applicable to 19 of the biggest internet sites, those with more than 45 million EU users. But starting in mid-February, they will be applicable to all online outlets, regardless of size.

Any company found to be in violation of the DSA faces a fine of up to 6% of its annual global revenue, and repeat offenders risk being barred from doing business in Europe.

E-commerce behemoth Amazon and German fashion retailer Zalando are the two businesses picked out for early regulation, and both are now refuting their inclusion on the list in court.

“We can expect that platforms will fight tooth and nail to defend their practices,” Reuters quoted Kingsley Hayes, the head of data and privacy litigation at law firm Keller Postman, as saying. “Especially when new compliance rules encroach on their core business models," he added.&nbsp;

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The comprehensive Digital Services Act (DSA) of the European Union imposes new regulations on content moderation, user privacy, and transparency, putting more than a dozen of the largest tech companies in the world under unprecedented legal scrutiny.

The comprehensive Digital Services Act (DSA) of the European Union imposes new regulations on content moderation, user privacy, and transparency, putting more than a dozen of the largest tech companies in the world under unprecedented legal scrutiny. A number of internet giants, including Meta’s Facebook and Instagram, Apple’s online App Store, and a few Google services, will be subject to new regulations in the EU, starting on Friday. These regulations include preventing the spread of harmful content, prohibiting or restricting certain user-targeting techniques, and sharing some internal data with regulators and related researchers. With other comprehensive pieces of legislation, including the Digital Markets Act and the AI Act, on the horizon, the EU is regarded as the global leader in digital regulation. The introduction of comparable laws around the world will be influenced by how successfully the bloc implements these regulations. Researchers have questioned whether these businesses have gone above and beyond what is required of them by the law. For the time being, the regulations are applicable to 19 of the biggest internet sites, those with more than 45 million EU users. But starting in mid-February, they will be applicable to all online outlets, regardless of size. Any company found to be in violation of the DSA faces a fine of up to 6% of its annual global revenue, and repeat offenders risk being barred from doing business in Europe. E-commerce behemoth Amazon and German fashion retailer Zalando are the two businesses picked out for early regulation, and both are now refuting their inclusion on the list in court. “We can expect that platforms will fight tooth and nail to defend their practices,” Reuters quoted Kingsley Hayes, the head of data and privacy litigation at law firm Keller Postman, as saying. “Especially when new compliance rules encroach on their core business models," he added. WATCH WION LIVE HERE

Big tech companies brace for EU’s Digital Services Act regulations 

Turkiye’s central bank increased its benchmark interest rate by a higher-than-anticipated 750 basis points to 25 per cent on Thursday, igniting a rare lira rally and indicating a renewed commitment to combating rising inflation as part of a broader policy U-turn.

The unexpected move has resulted in the policy rate reaching its highest level since 2019 and the Turkish Lira is at its highest level since mid-July. Since June, the bank has increased the TRINT=ECI one-week repo rate by 1,650 basis points.

The policy committee reiterated that it would tighten “as much as needed in a timely and gradual manner” to lower inflation, which jumped to nearly 48 per cent last month. The committee included three members participating for the first time who are viewed as having hawkish sway.

After years of unconventional policies under President Tayyip Erdogan, analysts said the shift was the clearest one yet toward more conventional measures and could help control inflation.

In the days leading up to the policy announcement, as well as in previous weeks, the lira experienced nearly daily new all-time lows. But it then increased by more than three per cent in relation to the dollar and peaked at 26.41 at 12:05 GMT.

According to Tradeweb data, the price of the government’s dollar-denominated bonds increased by more than two cents, while Turkish bank stocks increased by almost 10 per cent, supporting the larger Istanbul Stock Exchange.

A Reuters poll of analysts found that they anticipated a median increase of 250 basis points from the previous 17.5 per cent, with some even anticipating a more dovish decision given the bank’s performance over the previous two months.

As per the poll conducted in the last week, the interest rates were not anticipated to rise to 25 per cent until the end of the year.

The rate hike “sends a very strong signal that the (bank) is determined to rein in inflation and the initial market response is very positive,” Reuters quoted Piotr Matys, a senior FX analyst at In Touch Capital Markets, as saying.&nbsp;

He also said, “at least some investors will be wondering whether the 750bps hike has been approved by President Erdogan.”

(With inputs from Reuters)

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Turkiye’s central bank increased its benchmark interest rate by a higher-than-anticipated 750 basis points to 25 per cent on Thursday, igniting a rare lira rally and indicating a renewed commitment to combating rising inflation as part of a broader policy U-turn.

Turkiye’s central bank increased its benchmark interest rate by a higher-than-anticipated 750 basis points to 25 per cent on Thursday, igniting a rare lira rally and indicating a renewed commitment to combating rising inflation as part of a broader policy U-turn. The unexpected move has resulted in the policy rate reaching its highest level since 2019 and the Turkish Lira is at its highest level since mid-July. Since June, the bank has increased the TRINT=ECI one-week repo rate by 1,650 basis points. The policy committee reiterated that it would tighten “as much as needed in a timely and gradual manner” to lower inflation, which jumped to nearly 48 per cent last month. The committee included three members participating for the first time who are viewed as having hawkish sway. After years of unconventional policies under President Tayyip Erdogan, analysts said the shift was the clearest one yet toward more conventional measures and could help control inflation. In the days leading up to the policy announcement, as well as in previous weeks, the lira experienced nearly daily new all-time lows. But it then increased by more than three per cent in relation to the dollar and peaked at 26.41 at 12:05 GMT. According to Tradeweb data, the price of the government’s dollar-denominated bonds increased by more than two cents, while Turkish bank stocks increased by almost 10 per cent, supporting the larger Istanbul Stock Exchange. A Reuters poll of analysts found that they anticipated a median increase of 250 basis points from the previous 17.5 per cent, with some even anticipating a more dovish decision given the bank’s performance over the previous two months. As per the poll conducted in the last week, the interest rates were not anticipated to rise to 25 per cent until the end of the year. The rate hike “sends a very strong signal that the (bank) is determined to rein in inflation and the initial market response is very positive,” Reuters quoted Piotr Matys, a senior FX analyst at In Touch Capital Markets, as saying. He also said, “at least some investors will be wondering whether the 750bps hike has been approved by President Erdogan.” (With inputs from Reuters) WATCH WION LIVE HERE

Turkish lira shoots up after a 25 per cent rate hike

Indian low-cost carrier, SpiceJet told Delhi High Court on Thursday it was “struggling to stay afloat”, after it was told to make a payment for money owed to its former owner.

SpiceJet was forced to pay $70 million plus interest after losing an arbitration case in 2018, which involved share transfers from the company’s former management to Kalanithi Maran in 2015. Later, Maran sued SpiceJet, alleging that he was still due $48 million.

SpiceJet said it was having financial difficulties at a hearing before the Delhi High Court on Thursday in response to Maran’s lawsuit seeking the unpaid debts.

“We are struggling to stay afloat,” the airline’s lawyer Amit Sibal told the judge.

SpiceJet said that it would deposit 750 million rupees ($9.08 million) within 10 days, but the judge instead demanded that the airline pay one billion rupees ($12 million) by September 10 or risk having its assets seized in order to recoup the debt.

In a statement, SpiceJet agreed to uphold the court decision and “make the specified payment within the prescribed timeframe.”

The directive was issued a few days after the Indian Supreme Court ordered SpiceJet’s managing director, Ajay Singh, to appear in court to defend Credit Suisse’s claims for certain outstanding dues that were owed.

The Supreme Court case and the Delhi High Court case will both be heard next on September 11.

Due a substantial decrease in costs brought by the operation of fewer flights, SpiceJet posted its biggest quarterly profit in four years, last month. As competition in the industry becomes tougher, SpiceJet has also been frantically trying to obtain funds and resume operations for nearly a fourth of its fleet, which has been grounded due to disputes with its lessors over payments.

(With inputs from Reuters)

&nbsp;

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Indian low-cost carrier, SpiceJet told Delhi High Court on Thursday it was “struggling to stay afloat”, after it was told to make a payment for money owed to its former owner.

Indian low-cost carrier, SpiceJet told Delhi High Court on Thursday it was “struggling to stay afloat”, after it was told to make a payment for money owed to its former owner. SpiceJet was forced to pay $70 million plus interest after losing an arbitration case in 2018, which involved share transfers from the company’s former management to Kalanithi Maran in 2015. Later, Maran sued SpiceJet, alleging that he was still due $48 million. SpiceJet said it was having financial difficulties at a hearing before the Delhi High Court on Thursday in response to Maran’s lawsuit seeking the unpaid debts. “We are struggling to stay afloat,” the airline’s lawyer Amit Sibal told the judge. SpiceJet said that it would deposit 750 million rupees ($9.08 million) within 10 days, but the judge instead demanded that the airline pay one billion rupees ($12 million) by September 10 or risk having its assets seized in order to recoup the debt. In a statement, SpiceJet agreed to uphold the court decision and “make the specified payment within the prescribed timeframe.” The directive was issued a few days after the Indian Supreme Court ordered SpiceJet’s managing director, Ajay Singh, to appear in court to defend Credit Suisse’s claims for certain outstanding dues that were owed. The Supreme Court case and the Delhi High Court case will both be heard next on September 11. Due a substantial decrease in costs brought by the operation of fewer flights, SpiceJet posted its biggest quarterly profit in four years, last month. As competition in the industry becomes tougher, SpiceJet has also been frantically trying to obtain funds and resume operations for nearly a fourth of its fleet, which has been grounded due to disputes with its lessors over payments. (With inputs from Reuters) WATCH WION LIVE HERE

'Struggling to stay afloat': SpiceJet to Indian court

The US Justice Department on Thursday (August 24) sued Elon Musk's SpaceX over hiring practices. In a statement, the Justice Department said that it filed a lawsuit against SpaceX for discriminating against asylees and refugees in hiring.

The US Justice Department on Thursday (August 24) sued Elon Musk's SpaceX over hiring practices. In a statement, the Justice Department said that it filed a lawsuit against SpaceX for discriminating against asylees and refugees in hiring. "The lawsuit alleges that, from at least September 2018 to May 2022, SpaceX routinely discouraged asylees and refugees from applying and refused to hire or consider them, because of their citizenship status, in violation of the Immigration and Nationality Act (INA)," the statement said. The statement added that over several years, SpaceX wrongly claimed that under federal regulations known as “export control laws,” it could hire only American citizens and lawful permanent residents, sometimes referred to as “green card holders.” "Export control laws impose no such hiring restrictions," the department further said. The investigation Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division said on Thursday the department's investigation found that SpaceX failed to fairly consider or hire asylees and refugees because of their citizenship status and imposed what amounted to a ban on their hire regardless of their qualification, in violation of federal law. "Our investigation also found that SpaceX recruiters and high-level officials took actions that actively discouraged asylees and refugees from seeking work opportunities at the company," Clarke added. The discrimination during stages of hiring process The lawsuit alleges that SpaceX discriminated against asylees and refugees based on citizenship status at multiple stages of the hiring process. SpaceX discouraged asylees and refugees from applying for open positions, it failed to consider applications submitted by asylees and refugees, and it also hired only American citizens and lawful permanent residents, from September 2018 to September 2020. "The United States seeks fair consideration and back pay for asylees and refugees who were deterred or denied employment at SpaceX due to the alleged discrimination. The United States also seeks civil penalties in an amount to be determined by the court and policy changes to ensure it complies with the INA’s nondiscrimination mandate going forward," the statement further said. 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.

US Justice Department sues Elon Musk's SpaceX over hiring practices

An Indian startup, Zepto, a quick commerce, aka 10 minute delivery platform, has become India's&nbsp;first unicorn of 2023 after raising $200 million at a valuation of $1.4 billion.&nbsp;

StepStone Ventures led the latest funding round, which also&nbsp;included&nbsp;participation from Goodwater Capital and previous backers such as Nexus Ventures, Glade Brook, and Lachy Groom.

Zepto was founded in 2021 by two 19-year-old Stanford dropouts and competes with SoftBank-backed Swiggy and Blinkit, all of whom are relying on speedy deliveries in the so-called quick commerce industry. Among them, Zepto's CEO&nbsp;Aadit Palicha&nbsp;claims to have the shortest average delivery time of 13 minutes.

Zepto intends to utilise&nbsp;the cash to expand further into the seven Indian metropolises where it is presently present, including Delhi, Mumbai, and Bengaluru, where it generates $50 million to $60 million in monthly income, according to Palicha.

"Operating in a bear market has forced us to be more disciplined. There is no question of growth or profit; it has to be both. The company is also planning an initial public offering in 2025", he said without giving further details to Reuters.

While Zepto is still losing money, the bulk of its "dark stores," or tightly packed warehouses, produce revenue, and the business expects to be profitable in 12–15 months.

When Zepto last solicited funding in May 2022, the company was valued at $900 million. According to a corporate statement, revenues have increased year on year and will reach $1 billion in annualised sales in the next quarter.&nbsp;

(Inputs from Reuters)

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An Indian startup, Zepto, a quick commerce, aka 10 minute delivery platform, has become India's first unicorn of 2023 after raising $200 million at a valuation of $1.

An Indian startup, Zepto, a quick commerce, aka 10 minute delivery platform, has become India's first unicorn of 2023 after raising $200 million at a valuation of $1.4 billion. StepStone Ventures led the latest funding round, which also included participation from Goodwater Capital and previous backers such as Nexus Ventures, Glade Brook, and Lachy Groom. Zepto was founded in 2021 by two 19-year-old Stanford dropouts and competes with SoftBank-backed Swiggy and Blinkit, all of whom are relying on speedy deliveries in the so-called quick commerce industry. Among them, Zepto's CEO Aadit Palicha claims to have the shortest average delivery time of 13 minutes. Zepto intends to utilise the cash to expand further into the seven Indian metropolises where it is presently present, including Delhi, Mumbai, and Bengaluru, where it generates $50 million to $60 million in monthly income, according to Palicha. "Operating in a bear market has forced us to be more disciplined. There is no question of growth or profit; it has to be both. The company is also planning an initial public offering in 2025", he said without giving further details to Reuters. While Zepto is still losing money, the bulk of its "dark stores," or tightly packed warehouses, produce revenue, and the business expects to be profitable in 12–15 months. When Zepto last solicited funding in May 2022, the company was valued at $900 million. According to a corporate statement, revenues have increased year on year and will reach $1 billion in annualised sales in the next quarter. (Inputs from Reuters) WATCH WION LIVE HERE

Zepto becomes India's first unicorn this year, raises  $200 million funding at $1.4 billion valuation

With retail inflation rising again in July-August due to a surge in vegetable prices, the Reserve Bank of India's rate-setting council has emphasised on the importance of closely monitoring the situation given the danger of El Nino and uneven rainfall.&nbsp;

The Monetary Policy Council (MPC) observed in its assessment that monsoon and kharif sowing progress improved significantly in July, but the impact of the uneven rainfall distribution required close monitoring.

In July, retail inflation in India reached a 15-month high of 7.44 percent. On the other hand, Food inflation, which accounts for over half of total consumer price inflation, accelerated to 11.51 percent, the highest level since April 2020.

"While the vegetable price shocks are expected to be quickly corrected with the arrival of fresh crops, there are risks to the food and overall inflation outlook from El Nino conditions, volatile global food prices, and skewed monsoon distribution—all of which warrant close monitoring," media reports quoted&nbsp;RBI Governor Shaktikanta Das as saying at a recent Monetary Policy Committee meeting.

The MPC, which consists of three members from the central bank and a comparable number of external members, convened on August 8–10 and unanimously decided to keep the benchmark repurchase rate (repo) at 6.50 percent.

The RBI boosted its inflation prediction for the current fiscal year ending March 2024 to 5.4 percent from 5.1 percent before, citing food price pressures. Inflation was 6.2 percent in the July–September quarter, much higher than the 5.2 percent predicted before.

"Given the likely short-term nature of the vegetable price shocks, monetary policy can look through the first-round impact of fleeting shocks on headline inflation," Das explained.&nbsp;

Furthermore, the destabilisation of the international inflation environment as a result of geopolitical developments was recognized by RBI Deputy Governor Michael Patra.&nbsp; 
&nbsp;

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With retail inflation rising again in July-August due to a surge in vegetable prices, the Reserve Bank of India's rate-setting council has emphasised on the importance of closely monitoring the situation given the danger of El Nino and uneven rainfall.

With retail inflation rising again in July-August due to a surge in vegetable prices, the Reserve Bank of India's rate-setting council has emphasised on the importance of closely monitoring the situation given the danger of El Nino and uneven rainfall. The Monetary Policy Council (MPC) observed in its assessment that monsoon and kharif sowing progress improved significantly in July, but the impact of the uneven rainfall distribution required close monitoring. In July, retail inflation in India reached a 15-month high of 7.44 percent. On the other hand, Food inflation, which accounts for over half of total consumer price inflation, accelerated to 11.51 percent, the highest level since April 2020. "While the vegetable price shocks are expected to be quickly corrected with the arrival of fresh crops, there are risks to the food and overall inflation outlook from El Nino conditions, volatile global food prices, and skewed monsoon distribution—all of which warrant close monitoring," media reports quoted RBI Governor Shaktikanta Das as saying at a recent Monetary Policy Committee meeting. The MPC, which consists of three members from the central bank and a comparable number of external members, convened on August 8–10 and unanimously decided to keep the benchmark repurchase rate (repo) at 6.50 percent. The RBI boosted its inflation prediction for the current fiscal year ending March 2024 to 5.4 percent from 5.1 percent before, citing food price pressures. Inflation was 6.2 percent in the July–September quarter, much higher than the 5.2 percent predicted before. "Given the likely short-term nature of the vegetable price shocks, monetary policy can look through the first-round impact of fleeting shocks on headline inflation," Das explained. Furthermore, the destabilisation of the international inflation environment as a result of geopolitical developments was recognized by RBI Deputy Governor Michael Patra. WATCH WION LIVE HERE

RBI MPC meeting minutes reveal resurfacing inflation concerns

India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla&nbsp;which is considering entering the domestic market, people with direct knowledge said.

The policy being considered could allow automakers to import fully-built EVs into India at a reduced tax as low as 15 per cent, compared to the current 100 per cent that applies to cars which cost above $40,000 and 70 per cent for the rest, said two of the sources, including a senior Indian government official.

Tesla's best-selling Model Y, for example, starts at $47,740 in the U.S. before tax credits.

"There is an understanding with Tesla's proposal and government is showing interest," said the official, who is familiar with the issue.

India's commerce and finance ministries, and Tesla, did not respond to requests for comment.

If such a policy is adopted, it could amount to a drastic reduction in the cost of imported EVs that local carmakers have been keen to avoid. It could also open the door for global automakers, beyond Tesla, to tap the world's third-largest car market where sales of EVs are less than 2 per cent of total car sales, but growing rapidly.

The lower import taxes could help Tesla sell its full range of models in India, and not just the new car it wants to make locally, said a third source.

Shares of Tata Motors, India's largest electric car manufacturer, fell nearly 3 per cent on the Reuters report, while rival Mahindra and Mahindra&nbsp;dropped over 2 per cent, dragging the benchmark auto index to an intra-day low with losses of 1.1 per&nbsp;cent.

New Delhi is going to move slowly in considering the policy proposal as any lowering of taxes on imported EVs could disrupt the market and upset local players like Tata and Mahindra that are investing to build electric cars at home, the Indian official said.

"This is going to go through a lot of deliberations even though government is keen on getting Tesla. That's because of the impact on domestic players," said the official.

The policy is still in the initial stages of deliberation and the final tax rate could change, the sources said.

<h2 data-testid="Heading">Tesla's new EV</h2>

Other countries have taken similar measures to spur EV manufacturing commitments.&nbsp; Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla.

Tesla first tried to enter India in 2021 by pushing officials to lower the 100 per cent&nbsp;import tax for EVs. Last year, the talks between Tesla and the Indian government collapsed when officials conveyed the company would have to first commit to local manufacturing.

More recently, Tesla has told Indian officials it is keen to set up a local factory and make a&nbsp;new EV&nbsp;priced around $24,000, roughly 25% cheaper than its current entry model, for both the Indian market and export.

Tesla's senior public policy and business development executive Rohan Patel has in recent weeks&nbsp;met top officials&nbsp;privately. Prime Minister Narendra Modi, who held&nbsp;talks with CEO Elon Musk&nbsp;in June, has been tracking progress closely, Reuters has reported.

Indian officials conveyed there will be no special incentives for Tesla's market entry, and the proposal for a low import tax, conditional on a manufacturing commitment, was touted by Tesla to keep both sides happy, the sources said.

One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030.

Outside the United States, Tesla currently has a plant in Shanghai — its largest factory worldwide — and one outside Berlin. It is building a new plant in Mexico that will focus on a new mass-market EV platform Musk has said will slash costs for consumers.

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India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market, people with direct knowledge said.

India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market, people with direct knowledge said. The policy being considered could allow automakers to import fully-built EVs into India at a reduced tax as low as 15 per cent, compared to the current 100 per cent that applies to cars which cost above $40,000 and 70 per cent for the rest, said two of the sources, including a senior Indian government official. Tesla's best-selling Model Y, for example, starts at $47,740 in the U.S. before tax credits. "There is an understanding with Tesla's proposal and government is showing interest," said the official, who is familiar with the issue. India's commerce and finance ministries, and Tesla, did not respond to requests for comment. If such a policy is adopted, it could amount to a drastic reduction in the cost of imported EVs that local carmakers have been keen to avoid. It could also open the door for global automakers, beyond Tesla, to tap the world's third-largest car market where sales of EVs are less than 2 per cent of total car sales, but growing rapidly. The lower import taxes could help Tesla sell its full range of models in India, and not just the new car it wants to make locally, said a third source. Shares of Tata Motors, India's largest electric car manufacturer, fell nearly 3 per cent on the Reuters report, while rival Mahindra and Mahindra dropped over 2 per cent, dragging the benchmark auto index to an intra-day low with losses of 1.1 per cent. New Delhi is going to move slowly in considering the policy proposal as any lowering of taxes on imported EVs could disrupt the market and upset local players like Tata and Mahindra that are investing to build electric cars at home, the Indian official said. "This is going to go through a lot of deliberations even though government is keen on getting Tesla. That's because of the impact on domestic players," said the official. The policy is still in the initial stages of deliberation and the final tax rate could change, the sources said. Tesla's new EV Other countries have taken similar measures to spur EV manufacturing commitments. Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla. Tesla first tried to enter India in 2021 by pushing officials to lower the 100 per cent import tax for EVs. Last year, the talks between Tesla and the Indian government collapsed when officials conveyed the company would have to first commit to local manufacturing. More recently, Tesla has told Indian officials it is keen to set up a local factory and make a new EV priced around $24,000, roughly 25% cheaper than its current entry model, for both the Indian market and export. Tesla's senior public policy and business development executive Rohan Patel has in recent weeks met top officials privately. Prime Minister Narendra Modi, who held talks with CEO Elon Musk in June, has been tracking progress closely, Reuters has reported. Indian officials conveyed there will be no special incentives for Tesla's market entry, and the proposal for a low import tax, conditional on a manufacturing commitment, was touted by Tesla to keep both sides happy, the sources said. One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030. Outside the United States, Tesla currently has a plant in Shanghai — its largest factory worldwide — and one outside Berlin. It is building a new plant in Mexico that will focus on a new mass-market EV platform Musk has said will slash costs for consumers. WATCH WION LIVE HERE

With Tesla push, India mulls import tax cut if EV makers build locally

Pre-colonial India was one of the most prosperous times in Indian history and a lot is attributed to the traditional banking system involving bankers and merchants. But there were other groups who were a part of the banking system and contributed immeasurably to the prosperity of the regions they were situated in. One such group present throughout the 18th&nbsp;century in India’s Bengal region was the family of the Jagat Seths.

For years, the family dominated the Bengal money market, provided funds for both trade and government. The Jagat Seths were in close contact with the European Companies that imported a lot of silver due to their control over the credit market and coinage of specie. Companies borrowed directly from the Seths’ agencies in Calcutta, Kasimbazar, Dhaka, Hughli, Patna, et cetera.

After visiting the Seths’ house in Murshidabad following the battle of Plassey, Robert Clive wrote:

“The city of Murshidabad is as extensive, populous and rich, as the city of London, with this difference that there are individuals in the first possessing infinitely greater property than any of the last city.”

Who were the Jagat Seths?&nbsp;

The House of the Jagat Seths’ is traced back to Manickchand, a banker who founded the house after migrating from Nagar in Marwar to Murshidabad.

Since its founding in 1704, the house’s financial standing and prestige in that city reached a point where the Mughal emperor bestowed on the latter the title of “Jagat Seth,” which translates to "the Banker of the World,” by the time it emerged distinct in 1722.

The house’s fame and fortune came during the reign of Fatechand, who passed away in 1742 after nearly thirty years of influence on Bengal’s political, economic, and commercial life. His two grandchildren, Maharaja Swaroopchand and Jagat Seth Mahtab Rai, succeeded him.

How did they rise?&nbsp;

The House of the Jagat Seth initially made their fortune by farming the Murshidabad and Dhaka mints, collecting two-thirds of the provincial tax revenue. They were later able to influence exchange and interest rates, bill-broking, and the granting of credit. By 1720, the Seth family had completely taken control of the mint farms, with the help of Nawab Murshid Quli Khan.

The family’s power over Bengal’s money market was so strong that everyone involved accepted the exchange rate that the house set. Fatechand was able to persuade the government to take actions and adopt regulations for the rate of money exchange that would benefit the house because to his influence over the Bengal administration, which he acquired by providing financial assistance to the Nawab.

Due to the lack of liquid capital for investments for all European businesses, they were compelled to borrow from the local capital market.&nbsp;&nbsp;The Jagat Seths served as their mainstay. The family was the largest lender to European businesses, and because of their control over the market, they were able to set interest rates as per their own terms.

How wealthy was their family?&nbsp;

Although the exact figure of their wealth could never be measured, the family remains well-known for their assets. The House of Jagat Seth family was often compared to the Bank of England. They performed a variety of duties for the Bengal government, including tax collection and financial management. They even produced their own coinage and worked with foreign currency, which increased their fortune.

Sources say that the Jagat Seth family fortune was bigger than that of the British Empire. They had assets worth at least $1 trillion in today’s value. They possessed more cash than all of England’s banks combined, according to British newspapers.

What happened to the Seths?&nbsp;

Mahtab Chand succeeded his grandfather Fateh Chand in 1744. During the reign of Alivardi Khan, Mahtab Chand and his relative Maharaja Swarup Chand had tremendous influence over the market. However, when Siraj-ud-Daula assumed authority, everything changed, and they ultimately teamed up with the British to plot against him.

Ultimately, the Seths lost control of their lands, and the British East India Company never repaid their loan. The 1857 uprising was the last straw. The Jagat Seths had disappeared from public eye by the 1900s. Just like the Mughals, their descendants remain a mystery.

Pre-colonial India was one of the most prosperous times in Indian history and a lot is attributed to the traditional banking system involving bankers and merchants.

Pre-colonial India was one of the most prosperous times in Indian history and a lot is attributed to the traditional banking system involving bankers and merchants. But there were other groups who were a part of the banking system and contributed immeasurably to the prosperity of the regions they were situated in. One such group present throughout the 18th century in India’s Bengal region was the family of the Jagat Seths. For years, the family dominated the Bengal money market, provided funds for both trade and government. The Jagat Seths were in close contact with the European Companies that imported a lot of silver due to their control over the credit market and coinage of specie. Companies borrowed directly from the Seths’ agencies in Calcutta, Kasimbazar, Dhaka, Hughli, Patna, et cetera. After visiting the Seths’ house in Murshidabad following the battle of Plassey, Robert Clive wrote: “The city of Murshidabad is as extensive, populous and rich, as the city of London, with this difference that there are individuals in the first possessing infinitely greater property than any of the last city.” Who were the Jagat Seths? The House of the Jagat Seths’ is traced back to Manickchand, a banker who founded the house after migrating from Nagar in Marwar to Murshidabad. Since its founding in 1704, the house’s financial standing and prestige in that city reached a point where the Mughal emperor bestowed on the latter the title of “Jagat Seth,” which translates to "the Banker of the World,” by the time it emerged distinct in 1722. The house’s fame and fortune came during the reign of Fatechand, who passed away in 1742 after nearly thirty years of influence on Bengal’s political, economic, and commercial life. His two grandchildren, Maharaja Swaroopchand and Jagat Seth Mahtab Rai, succeeded him. How did they rise? The House of the Jagat Seth initially made their fortune by farming the Murshidabad and Dhaka mints, collecting two-thirds of the provincial tax revenue. They were later able to influence exchange and interest rates, bill-broking, and the granting of credit. By 1720, the Seth family had completely taken control of the mint farms, with the help of Nawab Murshid Quli Khan. The family’s power over Bengal’s money market was so strong that everyone involved accepted the exchange rate that the house set. Fatechand was able to persuade the government to take actions and adopt regulations for the rate of money exchange that would benefit the house because to his influence over the Bengal administration, which he acquired by providing financial assistance to the Nawab. Due to the lack of liquid capital for investments for all European businesses, they were compelled to borrow from the local capital market. The Jagat Seths served as their mainstay. The family was the largest lender to European businesses, and because of their control over the market, they were able to set interest rates as per their own terms. How wealthy was their family? Although the exact figure of their wealth could never be measured, the family remains well-known for their assets. The House of Jagat Seth family was often compared to the Bank of England. They performed a variety of duties for the Bengal government, including tax collection and financial management. They even produced their own coinage and worked with foreign currency, which increased their fortune. Sources say that the Jagat Seth family fortune was bigger than that of the British Empire. They had assets worth at least $1 trillion in today’s value. They possessed more cash than all of England’s banks combined, according to British newspapers. What happened to the Seths? Mahtab Chand succeeded his grandfather Fateh Chand in 1744. During the reign of Alivardi Khan, Mahtab Chand and his relative Maharaja Swarup Chand had tremendous influence over the market. However, when Siraj-ud-Daula assumed authority, everything changed, and they ultimately teamed up with the British to plot against him. Ultimately, the Seths lost control of their lands, and the British East India Company never repaid their loan. The 1857 uprising was the last straw. The Jagat Seths had disappeared from public eye by the 1900s. Just like the Mughals, their descendants remain a mystery.

Flashback Friday: The rise and fall of pre-colonial India’s richest family – the Jagat Seths 

India’s transition to a net-zero economy by 2050 presents an investment opportunity that is estimated to be worth at least $12.7 trillion, according to the New Energy Outlook: India report, released by research firm BloombergNEF on Thursday.

The two energy system futures for India are explained in the report, along with the opportunities and difficulties the nation will face during its transition.

The base case, Economic Transition Scenario (ETS), assumes a rise in global temperature of 2.6 degrees Celsius by 2050, and describes a shift driven by economics. In this scenario, India may make great strides towards energy independence and decarbonisation, but neither objectives could be accomplished by 2050.

The second scenario, known as the Net Zero Scenario (NZS), calls for increased public assistance and private sector investment. It is in line with achieving net-zero emissions without relying on emerging technologies by 2050. It enables India to achieve energy independence by the middle of the century at the lowest cost.

Moving towards the power sector de-carbonisation &nbsp;

According to the report, between 2018 and 2022, India added 53 gigawatts of solar and wind energy. However, coal still dominates the overall power generation capacity, with solar and wind making up less than a fourth of it.&nbsp;

India’s greatest source of emissions continues to come from energy generation via coal.

The study says that increasing the use of solar and wind energy while supplementing it with nuclear, energy storage, and carbon capture and storage (CCS) for thermal power plants is the most affordable method for India to increase access to electricity while decarbonising its energy supply.

In India, new wind and solar power facilities have already produced electricity at a lower cost than new thermal power plants. By the middle of the 2030s, the cost of producing electricity from new solar and wind power plants will be lower than the cost of maintaining coal-fired power facilities.

The total installed wind and solar power capacity in the NZS increases approximately 30 times, from 99 gigawatts in 2021 to 2,998 gigawatts by 2050. In 2050, nuclear power is projected to contribute 9 per cent of the country’s electricity, with wind and solar power generation making up the remaining 80 per cent. Hydro, biomass, hydrogen-fired thermal plants, and thermal power plants with CCS make up the difference.&nbsp;

Solar and wind are to become a major source of electricity supply, accounting for 67 per cent of electricity generated in 2050, even under the ETS, BNEF’s baseline scenario.

Investment opportunities &nbsp;

The report notes that a $7.6 trillion investment in energy supply and consumption will be made under the ETS between 2022 and 2050. According to the NZS, investment levels must be 1.7 times greater to stay on track for net zero, amounting to an average of $438 billion annually and a total of $12.7 trillion by 2050.

Moreover, India needs to reduce its&nbsp;total investment in fossil-fuel generation --&nbsp;from $317 billion in the ETS to $142 billion in the NZS. India also needs to invest $870 billion in carbon capture and storage to reduce emissions under the NZS.&nbsp;

Sales of electric vehicles represent the largest portion of energy demand investments in both cases. In the NZS, EV deployment costs $3.9 trillion.

“By accelerating deployment of mature clean technologies such as solar, wind and electric vehicles, India could create more domestic economic opportunities while reducing emissions and strengthening its energy security,” the report quotes Shantanu Jaiswal, Head of Research at BNEF as saying.

Tackling industrial emissions with hydrogen and CCS&nbsp;

By the early 2040s, industrial CO2 emissions in India are predicted to surpass those from the electricity sector under the ETS, attributed to the expansion of the steel, aluminium, petrochemical, and cement industries. The largest emitting industrial subsector in India, steel, will virtually quadruple its emissions from 351 to 948 million metric tonnes (Mt) of carbon dioxide between 2021 and 2050.

A similar rise is shown in the amount of coal used in steel production, which increases to 399 million metric tonnes by the middle of the century. By 2050 compared to 2021, the cement industry will need five times as much coal, or 83Mt. Thus, emissions from the cement industry increase five times, reaching 289 Mt by the middle of the century.

Decarbonising the industrial sector and removing such emissions will depend heavily on green hydrogen and CCS. According to the NZS, between 2022 and 2050, the use of clean hydrogen in the production of steel can prevent 54 per cent of the total emissions. Similarly, 56 per cent of the total emissions associated with cement manufacturing can be reduced by CCS.

According to the NZS, India’s industrial sector emissions reach their peak in 2031 and start to decrease sharply in the mid-2030s as more hydrogen and carbon capture technology is used to decarbonise the production of steel, cement, and petrochemicals.&nbsp;

By 2050, there will be a roughly tenfold rise in domestic hydrogen demand, reaching 53Mt. The steel industry’s adoption of hydrogen-fired direct-reduction furnaces will be the primary driver of the new demand for hydrogen, which will reach 33Mt in 2050.&nbsp;

The majority of the hydrogen produced in India today comes from unrestricted fossil fuels. Under the NZS, the predominant pathway in India by 2050 is hydrogen produced using electrolysers driven by renewable sources.

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India’s transition to a net-zero economy by 2050 presents an investment opportunity that is estimated to be worth at least $12.7 trillion, according to the New Energy Outlook: India report, released by research firm BloombergNEF on Thursday.

India’s transition to a net-zero economy by 2050 presents an investment opportunity that is estimated to be worth at least $12.7 trillion, according to the New Energy Outlook: India report, released by research firm BloombergNEF on Thursday. The two energy system futures for India are explained in the report, along with the opportunities and difficulties the nation will face during its transition. The base case, Economic Transition Scenario (ETS), assumes a rise in global temperature of 2.6 degrees Celsius by 2050, and describes a shift driven by economics. In this scenario, India may make great strides towards energy independence and decarbonisation, but neither objectives could be accomplished by 2050. The second scenario, known as the Net Zero Scenario (NZS), calls for increased public assistance and private sector investment. It is in line with achieving net-zero emissions without relying on emerging technologies by 2050. It enables India to achieve energy independence by the middle of the century at the lowest cost. Moving towards the power sector de-carbonisation According to the report, between 2018 and 2022, India added 53 gigawatts of solar and wind energy. However, coal still dominates the overall power generation capacity, with solar and wind making up less than a fourth of it. India’s greatest source of emissions continues to come from energy generation via coal. The study says that increasing the use of solar and wind energy while supplementing it with nuclear, energy storage, and carbon capture and storage (CCS) for thermal power plants is the most affordable method for India to increase access to electricity while decarbonising its energy supply. In India, new wind and solar power facilities have already produced electricity at a lower cost than new thermal power plants. By the middle of the 2030s, the cost of producing electricity from new solar and wind power plants will be lower than the cost of maintaining coal-fired power facilities. The total installed wind and solar power capacity in the NZS increases approximately 30 times, from 99 gigawatts in 2021 to 2,998 gigawatts by 2050. In 2050, nuclear power is projected to contribute 9 per cent of the country’s electricity, with wind and solar power generation making up the remaining 80 per cent. Hydro, biomass, hydrogen-fired thermal plants, and thermal power plants with CCS make up the difference. Solar and wind are to become a major source of electricity supply, accounting for 67 per cent of electricity generated in 2050, even under the ETS, BNEF’s baseline scenario. Investment opportunities The report notes that a $7.6 trillion investment in energy supply and consumption will be made under the ETS between 2022 and 2050. According to the NZS, investment levels must be 1.7 times greater to stay on track for net zero, amounting to an average of $438 billion annually and a total of $12.7 trillion by 2050. Moreover, India needs to reduce its total investment in fossil-fuel generation -- from $317 billion in the ETS to $142 billion in the NZS. India also needs to invest $870 billion in carbon capture and storage to reduce emissions under the NZS. Sales of electric vehicles represent the largest portion of energy demand investments in both cases. In the NZS, EV deployment costs $3.9 trillion. “By accelerating deployment of mature clean technologies such as solar, wind and electric vehicles, India could create more domestic economic opportunities while reducing emissions and strengthening its energy security,” the report quotes Shantanu Jaiswal, Head of Research at BNEF as saying. Tackling industrial emissions with hydrogen and CCS By the early 2040s, industrial CO2 emissions in India are predicted to surpass those from the electricity sector under the ETS, attributed to the expansion of the steel, aluminium, petrochemical, and cement industries. The largest emitting industrial subsector in India, steel, will virtually quadruple its emissions from 351 to 948 million metric tonnes (Mt) of carbon dioxide between 2021 and 2050. A similar rise is shown in the amount of coal used in steel production, which increases to 399 million metric tonnes by the middle of the century. By 2050 compared to 2021, the cement industry will need five times as much coal, or 83Mt. Thus, emissions from the cement industry increase five times, reaching 289 Mt by the middle of the century. Decarbonising the industrial sector and removing such emissions will depend heavily on green hydrogen and CCS. According to the NZS, between 2022 and 2050, the use of clean hydrogen in the production of steel can prevent 54 per cent of the total emissions. Similarly, 56 per cent of the total emissions associated with cement manufacturing can be reduced by CCS. According to the NZS, India’s industrial sector emissions reach their peak in 2031 and start to decrease sharply in the mid-2030s as more hydrogen and carbon capture technology is used to decarbonise the production of steel, cement, and petrochemicals. By 2050, there will be a roughly tenfold rise in domestic hydrogen demand, reaching 53Mt. The steel industry’s adoption of hydrogen-fired direct-reduction furnaces will be the primary driver of the new demand for hydrogen, which will reach 33Mt in 2050. The majority of the hydrogen produced in India today comes from unrestricted fossil fuels. Under the NZS, the predominant pathway in India by 2050 is hydrogen produced using electrolysers driven by renewable sources. WATCH WION LIVE HERE

India’s push towards a net-zero economy could attract investments worth $12.7 tn: Report

A recently released LinkedIn report shows the number of LinkedIn profiles indicating talents in artificial intelligence (AI) has increased 14 times in the previous seven years in India, placing the country among the top five in the world with the fastest-growing talent for the technology.

Over the last year, 43 per cent of the Indian workforce has seen an increase in AI adoption in their organizations. This spike has driven 60 per cent of all workers and 71 percent of so-called Generation Z professionals to recognise that learning AI abilities might help them advance in their careers. Two-thirds of Indians stated they plan to master at least one digital talent by 2023, with AI and machine learning among the top abilities on their list.

The report's analysis of 25 countries highlights that the number of LinkedIn members who added AI skills to their profiles nearly doubled after the launch of ChatGPT, the popular AI chatbot that responds to a variety of written queries, last year, rising from 7.7 percent in May–November 2022 to 13 percent in November 2022–June 2023.

According to the survey, the focus on soft skills like creativity and communication is especially significant in India in the age of AI. Around 91 percent of senior executives see the rising necessity of AI skills, above the global average of 72 percent. The bulk of the Indian workforce agrees, with 7 in 10 (69 percent) professionals believing that soft skills like creativity and problem solving enable them to offer a fresh perspective on work.

The first 'Future of Work: State of Work @ AI' report from the professional networking platform states that, India, Singapore, Finland, Ireland, and Canada have the highest percentage of AI skill adoption. The usage of the skills goes beyond technology into a variety of areas, such as retail, education, and financial services.

The top vocations with talents that can be boosted by generative AI are software engineer (96 per cent), customer service representative (76 per cent), and salesman (59 per cent). Oil field operators (one per cent), environmental health and safety professionals (three per cent), and nurses (six percent), on the other hand, are the vocations with the fewest augmentable abilities.

In 2023, half of India's top executives plan to upskill or hire for AI skills. Concurrently, 57 percent of CEOs intend to increase AI adoption in their organizations next year.

"As artificial intelligence shapes the future of work, India recognizes the value of human potential and the critical role that soft skills will play in developing a world-class workforce of the future. With India's top CEOs acknowledging the relevance of interpersonal skills in the age of AI, we're approaching an era that values more rewarding, human-centric work," the report quotes Ashutosh Gupta, LinkedIn India's national manager as saying.

Moreover, LinkedIn has launched a three-year cooperation with The Nudge Institute, a non-profit focused on sustainable lives, to develop employable skills among young Indians from economically challenged neighborhoods.

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A recently released LinkedIn report shows the number of LinkedIn profiles indicating talents in artificial intelligence (AI) has increased 14 times in the previous seven years in India, placing the country among the top five in the world with the fastest-growing talent for the technology.

A recently released LinkedIn report shows the number of LinkedIn profiles indicating talents in artificial intelligence (AI) has increased 14 times in the previous seven years in India, placing the country among the top five in the world with the fastest-growing talent for the technology. Over the last year, 43 per cent of the Indian workforce has seen an increase in AI adoption in their organizations. This spike has driven 60 per cent of all workers and 71 percent of so-called Generation Z professionals to recognise that learning AI abilities might help them advance in their careers. Two-thirds of Indians stated they plan to master at least one digital talent by 2023, with AI and machine learning among the top abilities on their list. The report's analysis of 25 countries highlights that the number of LinkedIn members who added AI skills to their profiles nearly doubled after the launch of ChatGPT, the popular AI chatbot that responds to a variety of written queries, last year, rising from 7.7 percent in May–November 2022 to 13 percent in November 2022–June 2023. According to the survey, the focus on soft skills like creativity and communication is especially significant in India in the age of AI. Around 91 percent of senior executives see the rising necessity of AI skills, above the global average of 72 percent. The bulk of the Indian workforce agrees, with 7 in 10 (69 percent) professionals believing that soft skills like creativity and problem solving enable them to offer a fresh perspective on work. The first 'Future of Work: State of Work @ AI' report from the professional networking platform states that, India, Singapore, Finland, Ireland, and Canada have the highest percentage of AI skill adoption. The usage of the skills goes beyond technology into a variety of areas, such as retail, education, and financial services. The top vocations with talents that can be boosted by generative AI are software engineer (96 per cent), customer service representative (76 per cent), and salesman (59 per cent). Oil field operators (one per cent), environmental health and safety professionals (three per cent), and nurses (six percent), on the other hand, are the vocations with the fewest augmentable abilities. In 2023, half of India's top executives plan to upskill or hire for AI skills. Concurrently, 57 percent of CEOs intend to increase AI adoption in their organizations next year. "As artificial intelligence shapes the future of work, India recognizes the value of human potential and the critical role that soft skills will play in developing a world-class workforce of the future. With India's top CEOs acknowledging the relevance of interpersonal skills in the age of AI, we're approaching an era that values more rewarding, human-centric work," the report quotes Ashutosh Gupta, LinkedIn India's national manager as saying. Moreover, LinkedIn has launched a three-year cooperation with The Nudge Institute, a non-profit focused on sustainable lives, to develop employable skills among young Indians from economically challenged neighborhoods. WATCH WION LIVE HERE

India ranks among top 5 nations for rapidly growing AI talent: LinkedIn report

The worldwide effort to reduce the dollar's dominance has taken a setback, with the dollar's participation in global payments reaching a new high. 
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An international movement led by China and Russia against the dollar's global dominance has suffered a blow, with the greenback’s percentage of global payments reaching a new high. 
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Data from the Society for Worldwide Interbank Financial Telecommunication, generally known as SWIFT, showed that in July, a record 46 percent of foreign exchange payments via the messaging system used the US dollar, as per Bloomberg. 
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The increase in dollar-based SWIFT payments calls into question the drive to abolish the dollar's hegemony over global payments and financial transfers. 
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SWIFT was founded in 1973 to provide a neutral forum for banks to discuss financial transfers, transactions, and exchanges. The service connects over 11,000 financial institutions from over 200 countries and territories. 
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Following Moscow's invasion of Ukraine, countries such as China, Russia, and India have been involved in the anti-dollar campaign, particularly after many Russian banks were booted off of SWIFT as part of Western sanctions. 
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Furthermore, the euro, pound, yen, and yuan were also popular currencies in July. Chinese currency also set records, with more than 3 percent of SWIFT communications referring to the yuan. Bloomberg stated that it was barely 0.03 percent around 13 years ago. 
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Specifically, the three countries have performed energy exchanges in the yuan, rupee, and ruble during the last year in an effort to minimize their dependency on the US dollar. Meanwhile, the BRICS countries are considering developing a unified currency to compete with the dollar. 
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However, some market experts have slammed the so-called dedollarisation plans, with one calling the planned BRICS currency proposal "embarrassing."

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The worldwide effort to reduce the dollar's dominance has taken a setback, with the dollar's participation in global payments reaching a new high. An international movement led by China and Russia against the dollar's global dominance has suffered a blow, with the greenback’s percentage of global payments reaching a new high.

The worldwide effort to reduce the dollar's dominance has taken a setback, with the dollar's participation in global payments reaching a new high. An international movement led by China and Russia against the dollar's global dominance has suffered a blow, with the greenback’s percentage of global payments reaching a new high. Data from the Society for Worldwide Interbank Financial Telecommunication, generally known as SWIFT, showed that in July, a record 46 percent of foreign exchange payments via the messaging system used the US dollar, as per Bloomberg. The increase in dollar-based SWIFT payments calls into question the drive to abolish the dollar's hegemony over global payments and financial transfers. SWIFT was founded in 1973 to provide a neutral forum for banks to discuss financial transfers, transactions, and exchanges. The service connects over 11,000 financial institutions from over 200 countries and territories. Following Moscow's invasion of Ukraine, countries such as China, Russia, and India have been involved in the anti-dollar campaign, particularly after many Russian banks were booted off of SWIFT as part of Western sanctions. Furthermore, the euro, pound, yen, and yuan were also popular currencies in July. Chinese currency also set records, with more than 3 percent of SWIFT communications referring to the yuan. Bloomberg stated that it was barely 0.03 percent around 13 years ago. Specifically, the three countries have performed energy exchanges in the yuan, rupee, and ruble during the last year in an effort to minimize their dependency on the US dollar. Meanwhile, the BRICS countries are considering developing a unified currency to compete with the dollar. However, some market experts have slammed the so-called dedollarisation plans, with one calling the planned BRICS currency proposal "embarrassing." WATCH WION LIVE HERE

De-dollarisation efforts falter as US dollar's share in global trade reaches record high

Porsche AG, a German sports car manufacturer, is doubling down on expanding its presence in India, as a new generation of Indians look for supercar brands with a sustainable story, Detlev von Platen, a member of the company’s executive board told Mint.

“India has a chance (to grow the luxury car market) when you look at its willingness to invest in sustainable technology and infrastructure. We’d like to learn more about it. At Porsche, we have a clear commitment to be net-carbon neutral by 2030, which means our entire supply chain and even the usage of our products must be net carbon-neutral. India can be a country where the transition to EVs can happen quickly. We don’t see India as an&nbsp;emerging market anymore,” Mint quoted Platen as saying.

In addition, Platen noted that India has a strong momentum as it embraces investment in research and development (R&amp;D), sustainability, and infrastructure. Although many opportunities have opened up over the past ten years, he said that the company will not set up assembly units in India. Instead, the vehicle manufacturer would prioritise value-oriented growth, sustainable growth, and national brand building in the country.&nbsp;

By the end of the year, the German high-performance automaker would have 10 dealer-investors in India, giving it a presence in all significant tier-one markets, the company said.

Platen also told Mint that Porsche is one of the fastest growing luxury car brands in India. As part of the luxury car market in India, Planten said that Porsche would continue to be small in terms of its volume.&nbsp;

He added that the group would&nbsp;not see India as an emerging market anymore, especially in terms of establishing all operations in the country, arguing that&nbsp;India is a leading country in terms of software technologies.&nbsp;

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Porsche AG, a German sports car manufacturer, is doubling down on expanding its presence in India, as a new generation of Indians look for supercar brands with a sustainable story, Detlev von Platen, a member of the company’s executive board told Mint.

Porsche AG, a German sports car manufacturer, is doubling down on expanding its presence in India, as a new generation of Indians look for supercar brands with a sustainable story, Detlev von Platen, a member of the company’s executive board told Mint. “India has a chance (to grow the luxury car market) when you look at its willingness to invest in sustainable technology and infrastructure. We’d like to learn more about it. At Porsche, we have a clear commitment to be net-carbon neutral by 2030, which means our entire supply chain and even the usage of our products must be net carbon-neutral. India can be a country where the transition to EVs can happen quickly. We don’t see India as an emerging market anymore,” Mint quoted Platen as saying. In addition, Platen noted that India has a strong momentum as it embraces investment in research and development (R&D), sustainability, and infrastructure. Although many opportunities have opened up over the past ten years, he said that the company will not set up assembly units in India. Instead, the vehicle manufacturer would prioritise value-oriented growth, sustainable growth, and national brand building in the country. By the end of the year, the German high-performance automaker would have 10 dealer-investors in India, giving it a presence in all significant tier-one markets, the company said. Platen also told Mint that Porsche is one of the fastest growing luxury car brands in India. As part of the luxury car market in India, Planten said that Porsche would continue to be small in terms of its volume. He added that the group would not see India as an emerging market anymore, especially in terms of establishing all operations in the country, arguing that India is a leading country in terms of software technologies. WATCH WION LIVE HERE

India can see quick transition to EVs: Senior Porsche executive