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Artificial intelligence (AI) has captured the collective imagination like never before. With AI voice assistants shaping our daily interactions and breakthroughs in predictive analytics and generative AI pushing boundaries, it's evident that AI is reshaping our lives, our work, and our entertainment in unprecedented ways.

Yet, the AI wave doesn't stop at revolutionizing how we interact with technology; it's now making its mark in the financial market, with an impact that promises to be just as transformative.

Imagine new systems and algorithms working seamlessly in the stock market, streamlining research and analysis for investors. But the reach of AI doesn't halt at the stock market; it's rapidly expanding into the broader financial services sector.

From simplifying procedures to automating routine tasks, enhancing customer service, and bolstering the bottom lines of organizations, AI has demonstrated its prowess. As Business Insider forecasts, AI technologies are poised to save banks and financial institutions a staggering $447 billion by 2023. Forbes further reveals that a remarkable 70 percent of financial firms are leveraging machine learning to predict cash flows, fine-tune credit scores, and fortify fraud detection.

The sphere of financial operations is diverse, encompassing everything from basic data collection to complex decision-making and strategic consultation. Hence, the potential for performance elevation through automation varies across these multifaceted functions, necessitating an array of technologies to unlock the full spectrum of opportunities.

Let's step into the future, where AI isn't just a buzzword but a transformative force that's changing the way we manage and interact with finances. Discover the dynamic landscape where technology meets finance and learn how AI is reshaping financial services for the better.

Unleashing the Power of AI in Financial Data Analysis

Imagine a world where colossal volumes of financial data are dissected and interpreted by AI systems in real time. This groundbreaking capability empowers investors to navigate data-driven decisions with confidence. TrendSpider, a US-based platform fueled by a machine learning algorithm that is revolutionizing technical analysis. Designed for both busy day traders and casual investors, this stock analysis program offers an automated, high-level analysis that's transforming the way we approach the market.

Empowering the Future with Algo Trading

Algorithmic trading, driven by AI, has emerged as a dominant force in modern finance. Imagine acquiring or trading securities based on meticulously tested rules rooted in charts, indicators, and historical data. The United States stock market has witnessed over 70 percent of its trading activity attributed to algorithmic trading. According to a recent Forbes analysis, the global market for algorithmic trading is projected to witness a remarkable growth of 10.3 percent by 2020. Dive into the realm where AI-driven strategies are reshaping trading landscapes.

&nbsp;AI-Powered ETFs and the Rise of AI Stock Pickers

&nbsp;Exchange-traded funds (ETFs) revolutionized portfolio investing, especially with their low-cost ratios. Yet, the introduction of AI-driven ETFs has taken this change a step further.&nbsp; AIEQ (AI Powered Equity), an equities exchange-traded fund infused with AI capabilities, exemplifies the future of ETFs. Moreover, industry giant BlackRock is leading the charge by replacing human stockpickers with a self-learning, AI-based investing program. Witness the convergence of artificial intelligence and investment management.

Risk Mitigation and Fraud Detection Through AI

As Forbes reports, AI systems are proving to be formidable allies in risk management and fraud detection. These systems are capable of identifying anomalous trading patterns, detecting potential market manipulations, and uncovering fraudulent activities faster than their human counterparts. With the ability to monitor vast data volumes and apply complex algorithms in real time, AI is the sentinel safeguarding the integrity of financial markets.

Human Broker vs. AI: A Complex Partnership

In the fast-paced world of financial markets, humans struggle to keep up with the deluge of incoming data. However, it's important to note that AI is not infallible either. While historical data can predict market forces, AI can't anticipate human behavior with absolute certainty. This is where humans hold an advantage.

AI can make decisions based on historical and current data, including information from sources like social media and news channels. Humans can perform this task, but not as efficiently, as they are limited by their capacity to absorb information and lack the processing speed of AI.

Experiments with AI-driven financial forecasting reveal that no single algorithmic model is flawless on its own. This underscores the significance of human input. Incorrect data can skew AI findings, potentially harming investor portfolios and distorting market numbers.

AI and human intelligence collaborate in guiding investors based on risk and reward metrics. AI systems may excel at predicting these metrics, offering tangible relief from market tension. However, the true value emerges from interpreting what these indicators truly signify—and in this realm, humans retain an edge.

In the grand scheme of things, AI is unlikely to replace human brokers in the stock market. While it can automate processes for consumers, it primarily serves an analytical role. Monitoring market trends, tracking cyber threats, and deciphering market nuances remain areas where human expertise shines.

The threat to financial AIfication

The transformative power of AI in the financial sector is undeniable, promising increased efficiency and innovation. Yet, as AI reshapes the financial landscape, questions about the reliability and trustworthiness of the data it relies on linger.

One key concern revolves around the potential over-reliance on AI models. In this shift, there's a risk of overlooking essential nuances and underestimating the value of human judgment. AI algorithms heavily lean on historical data, which may not always capture the intricate dynamics of the ever-evolving market or account for unforeseen events.

Forbes highlights another pressing issue—the possibility of AI introducing biases that could lead to discrimination or unfair behavior. To mitigate these risks, striking a balance by combining human experience with AI is crucial. Instead of AI being solely responsible for decision-making, it can serve as a valuable tool.

Furthermore, while AI excels in quantitative analysis, grasping the qualitative aspects necessary for in-depth company research remains a formidable challenge.

The future might see AI play a more dominant role, but for now, the relationship between AI and humans in the financial world is one of collaboration and complementarity.

&nbsp;

Artificial intelligence (AI) has captured the collective imagination like never before. With AI voice assistants shaping our daily interactions and breakthroughs in predictive analytics and generative AI pushing boundaries, it's evident that AI is reshaping our lives, our work, and our entertainment in unprecedented ways.

Artificial intelligence (AI) has captured the collective imagination like never before. With AI voice assistants shaping our daily interactions and breakthroughs in predictive analytics and generative AI pushing boundaries, it's evident that AI is reshaping our lives, our work, and our entertainment in unprecedented ways. Yet, the AI wave doesn't stop at revolutionizing how we interact with technology; it's now making its mark in the financial market, with an impact that promises to be just as transformative. Imagine new systems and algorithms working seamlessly in the stock market, streamlining research and analysis for investors. But the reach of AI doesn't halt at the stock market; it's rapidly expanding into the broader financial services sector. From simplifying procedures to automating routine tasks, enhancing customer service, and bolstering the bottom lines of organizations, AI has demonstrated its prowess. As Business Insider forecasts, AI technologies are poised to save banks and financial institutions a staggering $447 billion by 2023. Forbes further reveals that a remarkable 70 percent of financial firms are leveraging machine learning to predict cash flows, fine-tune credit scores, and fortify fraud detection. The sphere of financial operations is diverse, encompassing everything from basic data collection to complex decision-making and strategic consultation. Hence, the potential for performance elevation through automation varies across these multifaceted functions, necessitating an array of technologies to unlock the full spectrum of opportunities. Let's step into the future, where AI isn't just a buzzword but a transformative force that's changing the way we manage and interact with finances. Discover the dynamic landscape where technology meets finance and learn how AI is reshaping financial services for the better. Unleashing the Power of AI in Financial Data Analysis Imagine a world where colossal volumes of financial data are dissected and interpreted by AI systems in real time. This groundbreaking capability empowers investors to navigate data-driven decisions with confidence. TrendSpider, a US-based platform fueled by a machine learning algorithm that is revolutionizing technical analysis. Designed for both busy day traders and casual investors, this stock analysis program offers an automated, high-level analysis that's transforming the way we approach the market. Empowering the Future with Algo Trading Algorithmic trading, driven by AI, has emerged as a dominant force in modern finance. Imagine acquiring or trading securities based on meticulously tested rules rooted in charts, indicators, and historical data. The United States stock market has witnessed over 70 percent of its trading activity attributed to algorithmic trading. According to a recent Forbes analysis, the global market for algorithmic trading is projected to witness a remarkable growth of 10.3 percent by 2020. Dive into the realm where AI-driven strategies are reshaping trading landscapes. AI-Powered ETFs and the Rise of AI Stock Pickers Exchange-traded funds (ETFs) revolutionized portfolio investing, especially with their low-cost ratios. Yet, the introduction of AI-driven ETFs has taken this change a step further. AIEQ (AI Powered Equity), an equities exchange-traded fund infused with AI capabilities, exemplifies the future of ETFs. Moreover, industry giant BlackRock is leading the charge by replacing human stockpickers with a self-learning, AI-based investing program. Witness the convergence of artificial intelligence and investment management. Risk Mitigation and Fraud Detection Through AI As Forbes reports, AI systems are proving to be formidable allies in risk management and fraud detection. These systems are capable of identifying anomalous trading patterns, detecting potential market manipulations, and uncovering fraudulent activities faster than their human counterparts. With the ability to monitor vast data volumes and apply complex algorithms in real time, AI is the sentinel safeguarding the integrity of financial markets. Human Broker vs. AI: A Complex Partnership In the fast-paced world of financial markets, humans struggle to keep up with the deluge of incoming data. However, it's important to note that AI is not infallible either. While historical data can predict market forces, AI can't anticipate human behavior with absolute certainty. This is where humans hold an advantage. AI can make decisions based on historical and current data, including information from sources like social media and news channels. Humans can perform this task, but not as efficiently, as they are limited by their capacity to absorb information and lack the processing speed of AI. Experiments with AI-driven financial forecasting reveal that no single algorithmic model is flawless on its own. This underscores the significance of human input. Incorrect data can skew AI findings, potentially harming investor portfolios and distorting market numbers. AI and human intelligence collaborate in guiding investors based on risk and reward metrics. AI systems may excel at predicting these metrics, offering tangible relief from market tension. However, the true value emerges from interpreting what these indicators truly signify—and in this realm, humans retain an edge. In the grand scheme of things, AI is unlikely to replace human brokers in the stock market. While it can automate processes for consumers, it primarily serves an analytical role. Monitoring market trends, tracking cyber threats, and deciphering market nuances remain areas where human expertise shines. The threat to financial AIfication The transformative power of AI in the financial sector is undeniable, promising increased efficiency and innovation. Yet, as AI reshapes the financial landscape, questions about the reliability and trustworthiness of the data it relies on linger. One key concern revolves around the potential over-reliance on AI models. In this shift, there's a risk of overlooking essential nuances and underestimating the value of human judgment. AI algorithms heavily lean on historical data, which may not always capture the intricate dynamics of the ever-evolving market or account for unforeseen events. Forbes highlights another pressing issue—the possibility of AI introducing biases that could lead to discrimination or unfair behavior. To mitigate these risks, striking a balance by combining human experience with AI is crucial. Instead of AI being solely responsible for decision-making, it can serve as a valuable tool. Furthermore, while AI excels in quantitative analysis, grasping the qualitative aspects necessary for in-depth company research remains a formidable challenge. The future might see AI play a more dominant role, but for now, the relationship between AI and humans in the financial world is one of collaboration and complementarity.

AI vs humans: Can artificial intelligence replace financial expertise and reshape the market?

Indian tycoon Mukesh Ambani-owned Reliance Retail&nbsp;will get a $1 billion investment from Qatar’s sovereign wealth fund, valued at $100 billion, a report published in&nbsp;Financial Times said.

This is significant as it indicates Gulf investors’ growing exposure to India’s rapidly expanding economy.&nbsp;

The Reliance Industries subsidiary said on Wednesday that the $450 billion Qatar Investment Authority would acquire a 0.99 percent share in Reliance Retail Ventures Limited.

“QIA is committed to supporting innovative companies with high growth potential in India’s fast growing retail market,” Financial Times quoted QIA chief executive Mansoor Ebrahim al-Mahmoud as saying in a statement.

He also mentioned that&nbsp;Reliance&nbsp;Retail has joined the fund’s “growing and diverse portfolio of investments in India.”

The gas-rich Gulf state's sovereign wealth fund, which has also invested in Indian start-ups like online restaurant operator Rebel Foods and delivery group Swiggy, will be making one of its biggest bets on Indian retail with this investment. Qatar was reportedly exploring the investment last month, according to the Financial Times.

The sale comes after a string of other transactions by the QIA in India. According to market records, a fully owned subsidiary of the fund invested $474 million this month on a nearly 3 per cent investment in Gautam Adani’s renewable energy company Adani Green Energy.

About the Qatar Investment Authority &nbsp;

The Qatar Investment Authority (QIA) was established in 2005 with the goal of boosting the nation’s economy through asset diversification. Building on a more than 30-year history of investments, Qatar’s expanding portfolio of long-term strategic investments serves as a complement to the state’s natural resource wealth. The QIA, which has its main office in Doha, is set up to function at the highest levels of international investing. The QIA upholds the strongest financial and commercial requirements as a world-class investor.

WATCH WION LIVE HERE

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Indian tycoon Mukesh Ambani-owned Reliance Retail will get a $1 billion investment from Qatar’s sovereign wealth fund, valued at $100 billion, a report published in Financial Times said.

Indian tycoon Mukesh Ambani-owned Reliance Retail will get a $1 billion investment from Qatar’s sovereign wealth fund, valued at $100 billion, a report published in Financial Times said. This is significant as it indicates Gulf investors’ growing exposure to India’s rapidly expanding economy. The Reliance Industries subsidiary said on Wednesday that the $450 billion Qatar Investment Authority would acquire a 0.99 percent share in Reliance Retail Ventures Limited. “QIA is committed to supporting innovative companies with high growth potential in India’s fast growing retail market,” Financial Times quoted QIA chief executive Mansoor Ebrahim al-Mahmoud as saying in a statement. He also mentioned that Reliance Retail has joined the fund’s “growing and diverse portfolio of investments in India.” The gas-rich Gulf state's sovereign wealth fund, which has also invested in Indian start-ups like online restaurant operator Rebel Foods and delivery group Swiggy, will be making one of its biggest bets on Indian retail with this investment. Qatar was reportedly exploring the investment last month, according to the Financial Times. The sale comes after a string of other transactions by the QIA in India. According to market records, a fully owned subsidiary of the fund invested $474 million this month on a nearly 3 per cent investment in Gautam Adani’s renewable energy company Adani Green Energy. About the Qatar Investment Authority The Qatar Investment Authority (QIA) was established in 2005 with the goal of boosting the nation’s economy through asset diversification. Building on a more than 30-year history of investments, Qatar’s expanding portfolio of long-term strategic investments serves as a complement to the state’s natural resource wealth. The QIA, which has its main office in Doha, is set up to function at the highest levels of international investing. The QIA upholds the strongest financial and commercial requirements as a world-class investor. WATCH WION LIVE HERE

Qatar sovereign wealth fund to invest $1 billion in India’s Reliance retail

The US Justice department has successfully retrieved over 1.4 billion dollars in funds that were stolen from Covid-19 relief programs. With more than 3,000 defendants now facing federal charges across the nation, the scope of these fraudulent activities is becoming clear.

US recovers $1.4 BN in stolen Covid funds

Softbank-owned chip maker arm has filed for an initial public offering or IPO in the united states. Reports suggest that this much-anticipated IPO could end up being the biggest this year. The public offering is estimated to be $10 billion. This makes it the biggest IPO in the US since October 2021, when EV maker Rivian automotive's $13.7 billion IPO hit the market.

Chip maker arm files for listing in the US

In a major relief for the economically struggling Argentina, the international monetary fund has approved a 7.5 billion dollar package to the South American nation. the package is a part of a re-financed 44 billion dollar program that has endured months of negotiations amid political uncertainty and wrangling over economic policy.

$7.5 billion IMF package for Argentina

This remarkable achievement not only places Berkshire in a league of its own but also redefines the landscape of wealth accumulation.

Berkshire Hathaway’s trillion-dollar milestone

After the market’s closing bell on Wednesday, NVIDIA's shares surged by an impressive 6% in extended trading. The company has shattered estimates for its fiscal second quarter, while also sharing a highly optimistic outlook for the current period. The chipmaker reported earnings of $2.70 per share, surpassing the anticipated $2.09 per share according to Refinitiv. Revenue also exceeded predictions, with NVIDIA earning $13.51 billion compared to the estimated $11.22 billion. Net income skyrocketed from $656 million, or 26 cents per share, a year ago to an impressive $6.19 billion, or $2.48 a share, this quarter. Revenue doubled from the previous year to $6.7 billion, marking an 88% increase from the previous quarter.

NVIDIA’s Q2 beats expectations

Taiwan declared a significant move on Thursday (August 24), announcing plans to relax restrictions on Chinese business and group travellers. This decision marks a crucial step toward the revival of tourism exchanges with mainland China, potentially heralding a thaw in their strained relations.

Back in 2019, Beijing halted individual tourism permits to Taiwan, a move widely interpreted as a reflection of deteriorating relations between the two nations. Taiwanese President Tsai Ing-wen's steadfast refusal to acknowledge China's sovereignty over Taiwan exacerbated these tensions. While Taiwan reopened its borders to most tourists in October of the previous year after enduring years of COVID-19-related closures, travellers from mainland China remained excluded.

<h2>A gradual reopening</h2>

The Mainland Affairs Council, responsible for cross-strait relations within the Taiwanese government, announced their intention to "loosen restrictions" on Chinese business travellers starting the following Monday. Additionally, starting from September 1, individual Chinese nationals will be permitted to apply to enter Taiwan from third-party countries.

Also read |&nbsp;<a href="https://www.wionews.com/world/taiwan-proposes-3-billion-spending-on-new-weapons-gets-f-16-boost-628762">Taiwan proposes $3 billion spending on new weapons, gets F-16 boost</a>

<h2>Gradual increase in tourism</h2>

In a move signalling optimism, Taiwan also disclosed plans to allow Chinese tour groups to visit the island, with an initial daily cap of 2,000 visitors. However, specific dates for the resumption of group tours were not provided.

The policy shift includes a provision for reciprocal travel. Taiwanese tour groups will be allowed to travel to China, but again, the initial limit will be set at 2,000 individuals per day.

Also watch |&nbsp;Chinese spy try to hack into MP Alicia Kearn's email account

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/chinese-spy-try-to-hack-into-mp-alicia-kearns-email-account-628796/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<h2>Seeking diplomatic reconciliation</h2>

Taiwan's decision to relax restrictions can be seen as a diplomatic overture to China. Jan Jyh-horng, a government spokesperson, expressed the hope that this move would pave the way for a broader resumption of exchanges between the two sides. He emphasised the importance of fostering positive responses from China.

Taiwan has experienced a significant decline in mainland Chinese tourists since President Tsai assumed office in 2016. This drop has been attributed to a more negative portrayal of Taiwan in Chinese media and Beijing's ban on group tours.&nbsp;

(With inputs from agencies)

&nbsp;

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Taiwan declared a significant move on Thursday (August 24), announcing plans to relax restrictions on Chinese business and group travellers. This decision marks a crucial step toward the revival of tourism exchanges with mainland China, potentially heralding a thaw in their strained relations.

Taiwan declared a significant move on Thursday (August 24), announcing plans to relax restrictions on Chinese business and group travellers. This decision marks a crucial step toward the revival of tourism exchanges with mainland China, potentially heralding a thaw in their strained relations. Back in 2019, Beijing halted individual tourism permits to Taiwan, a move widely interpreted as a reflection of deteriorating relations between the two nations. Taiwanese President Tsai Ing-wen's steadfast refusal to acknowledge China's sovereignty over Taiwan exacerbated these tensions. While Taiwan reopened its borders to most tourists in October of the previous year after enduring years of COVID-19-related closures, travellers from mainland China remained excluded. A gradual reopening The Mainland Affairs Council, responsible for cross-strait relations within the Taiwanese government, announced their intention to "loosen restrictions" on Chinese business travellers starting the following Monday. Additionally, starting from September 1, individual Chinese nationals will be permitted to apply to enter Taiwan from third-party countries. Also read | Taiwan proposes $3 billion spending on new weapons, gets F-16 boost Gradual increase in tourism In a move signalling optimism, Taiwan also disclosed plans to allow Chinese tour groups to visit the island, with an initial daily cap of 2,000 visitors. However, specific dates for the resumption of group tours were not provided. The policy shift includes a provision for reciprocal travel. Taiwanese tour groups will be allowed to travel to China, but again, the initial limit will be set at 2,000 individuals per day. Also watch | Chinese spy try to hack into MP Alicia Kearn's email account Seeking diplomatic reconciliation Taiwan's decision to relax restrictions can be seen as a diplomatic overture to China. Jan Jyh-horng, a government spokesperson, expressed the hope that this move would pave the way for a broader resumption of exchanges between the two sides. He emphasised the importance of fostering positive responses from China. Taiwan has experienced a significant decline in mainland Chinese tourists since President Tsai assumed office in 2016. This drop has been attributed to a more negative portrayal of Taiwan in Chinese media and Beijing's ban on group tours. (With inputs from agencies) WATCH WION LIVE HERE:

A diplomatic shift? Taiwan to ease restrictions on Chinese tourists

Several Chinese provinces are pushing for state-owned undertakings to employ more college graduates to assist with tackling the recent rise in youth unemployment, according to a report by the South China Morning Post.

The Covid-19 pandemic’s effects on the nation’s economy are still being felt, as the unemployment rate for people between the ages of 16 and 24 keeps shattering records.

In June, which was the final month for which data was made available before the central government declared it would no longer issue monthly figures, the unemployment rate for young people hit 21 per cent.

The government mobilised resources in the expectation of generating more jobs for the new labour market as the job market in recent years, surpassing the 11 million mark this year.

Anhui and Guizhou authorities have instructed state-owned businesses to make sure that at least half of their new hires are recent graduates.

The annual performance appraisals for CEOs at state firms in the central province of Hunan have now also included graduate recruitment.

These businesses have been instructed to hire more graduates this year “by a certain extent” than they did last year, while state-owned businesses under the direct control of the provincial government are required to hire at least 4,700 graduates.

Companies will get a one-time payment, typically 1,000 yuan (US$138), from the State Council, the government’s cabinet, for each job they offer to graduates who have been unemployed for more than two years or young people who are officially unemployed.

Several provinces recently announced further incentives.

Guangdong, the economic hub of southern China, announced last week that it will award businesses that provide both jobs and internships in specific regions of the province subsidies ranging from 5,000 to 10,000 yuan.

Guizhou also gives state businesses that are able to hire more graduates this year than they can in 2022 priority consideration in areas like research financing and professional evaluations.

As a major stimulus of economic expansion, job creation, and innovation, the private sector has trailed behind the public sector in the post-pandemic recovery.

Compared to the same time in 2022, the industrial output of state-owned enterprises increased by 4.3 per cent in the first seven months of this year, according to official data, as opposed to just 2 per cent for the private sector.

In contrast, fixed asset investment in the public sector increased by 7.6 per cent in the first seven months, while it decreased by 0.5 per cent in the private sector.

Several Chinese provinces are pushing for state-owned undertakings to employ more college graduates to assist with tackling the recent rise in youth unemployment, according to a report by the South China Morning Post.

Several Chinese provinces are pushing for state-owned undertakings to employ more college graduates to assist with tackling the recent rise in youth unemployment, according to a report by the South China Morning Post. The Covid-19 pandemic’s effects on the nation’s economy are still being felt, as the unemployment rate for people between the ages of 16 and 24 keeps shattering records. In June, which was the final month for which data was made available before the central government declared it would no longer issue monthly figures, the unemployment rate for young people hit 21 per cent. The government mobilised resources in the expectation of generating more jobs for the new labour market as the job market in recent years, surpassing the 11 million mark this year. Anhui and Guizhou authorities have instructed state-owned businesses to make sure that at least half of their new hires are recent graduates. The annual performance appraisals for CEOs at state firms in the central province of Hunan have now also included graduate recruitment. These businesses have been instructed to hire more graduates this year “by a certain extent” than they did last year, while state-owned businesses under the direct control of the provincial government are required to hire at least 4,700 graduates. Companies will get a one-time payment, typically 1,000 yuan (US$138), from the State Council, the government’s cabinet, for each job they offer to graduates who have been unemployed for more than two years or young people who are officially unemployed. Several provinces recently announced further incentives. Guangdong, the economic hub of southern China, announced last week that it will award businesses that provide both jobs and internships in specific regions of the province subsidies ranging from 5,000 to 10,000 yuan. Guizhou also gives state businesses that are able to hire more graduates this year than they can in 2022 priority consideration in areas like research financing and professional evaluations. As a major stimulus of economic expansion, job creation, and innovation, the private sector has trailed behind the public sector in the post-pandemic recovery. Compared to the same time in 2022, the industrial output of state-owned enterprises increased by 4.3 per cent in the first seven months of this year, according to official data, as opposed to just 2 per cent for the private sector. In contrast, fixed asset investment in the public sector increased by 7.6 per cent in the first seven months, while it decreased by 0.5 per cent in the private sector.

Chinese provinces offer state-owned enterprise incentives to increase youth employment: Report

Vegetable prices in India have begun to fall and are projected to decline from September, Reuters quoted the Reserve Bank of India (RBI) Governor Shaktikanta Das as saying on Wednesday.

The skyrocketing prices of vegetables and grains have caused retail inflation to soar to 7.44 per cent in July, its highest level in 15 months.

“We expect to see an appreciable slowdown in vegetable inflation from September,” Das said.

Although the possibility that global tensions could negatively influence food prices, he said the forecast for grain prices is positive.

The gradual decrease in core inflation over the past few months, according to Das, is a sign of monetary policy transmission despite core inflation being elevated.

According to him, the central bank would be vigilant to prevent persistent inflation from spreading to other market segments.

“The frequent incidences of recurring food price shocks pose a risk to anchoring of inflation expectations, which has been underway since September 2022. We will remain watchful of this,” Das said.

Since May 2022, India has increased interest rates by a total of 250 basis points to control inflation. According to Das, the Monetary Policy Committee’s legislated medium-term aim of 4 per cent inflation is still the central bank’s primary goal.

He asserted that the foundation of sustained growth must be price stability and added that the circumstances are ideal for the growth to continue and the capex cycle to pick up steam in 2023–2024.

The RBI chief reaffirmed that there is no set aim for the rupee but that the RBI will keep increasing its foreign exchange reserves to help control any dollar outflows.

"The Reserve Bank has also made conscious efforts to improve systemic resilience and efficiency by maintaining external stability and building forex reserves," he said.

(With inputs from Reuters)

&nbsp;

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Vegetable prices in India have begun to fall and are projected to decline from September, Reuters quoted the Reserve Bank of India (RBI) Governor Shaktikanta Das as saying on Wednesday.

Vegetable prices in India have begun to fall and are projected to decline from September, Reuters quoted the Reserve Bank of India (RBI) Governor Shaktikanta Das as saying on Wednesday. The skyrocketing prices of vegetables and grains have caused retail inflation to soar to 7.44 per cent in July, its highest level in 15 months. “We expect to see an appreciable slowdown in vegetable inflation from September,” Das said. Although the possibility that global tensions could negatively influence food prices, he said the forecast for grain prices is positive. The gradual decrease in core inflation over the past few months, according to Das, is a sign of monetary policy transmission despite core inflation being elevated. According to him, the central bank would be vigilant to prevent persistent inflation from spreading to other market segments. “The frequent incidences of recurring food price shocks pose a risk to anchoring of inflation expectations, which has been underway since September 2022. We will remain watchful of this,” Das said. Since May 2022, India has increased interest rates by a total of 250 basis points to control inflation. According to Das, the Monetary Policy Committee’s legislated medium-term aim of 4 per cent inflation is still the central bank’s primary goal. He asserted that the foundation of sustained growth must be price stability and added that the circumstances are ideal for the growth to continue and the capex cycle to pick up steam in 2023–2024. The RBI chief reaffirmed that there is no set aim for the rupee but that the RBI will keep increasing its foreign exchange reserves to help control any dollar outflows. "The Reserve Bank has also made conscious efforts to improve systemic resilience and efficiency by maintaining external stability and building forex reserves," he said. (With inputs from Reuters) WATCH WION LIVE HERE

Vegetable prices in India to fall from September: RBI governor

Warren Buffett's Berkshire Hathaway has achieved a historic milestone, crossing the one trillion dollar mark in assets. This remarkable achievement not only places Berkshire in a league of its own but also redefines the landscape of wealth accumulation.

The company's second-quarter data released this month showed that the famous investor's firm had $1.04 trillion in assets at the end of June. The massive number included its stock portfolio, which was valued at $353 billion at the end of the quarter, including a $178 billion holding in Apple.

Berkshire's $1 trillion milestone is extremely impressive. In 1964, the year before Buffett took over, the business had around $30 million in assets. This sum rose 700-fold in 30 years to roughly $21 billion in 1994. Berkshire's assets have grown another 48 times since then, giving Buffett a 33,000-fold rise during his tenure as CEO.

Buffett's conglomerate owns a plethora of firms in a variety of industries, including insurance, energy, railways, real estate, industrials, manufacturing, services, and retail. Given Berkshire's massive size and emphasis on the "real economy" rather than asset-light technology, it&nbsp;has a greater balance sheet than any of the big tech firms

Berkshire's assets also encompassed $147 billion of cash and Treasury bills. It further reflected the conglomerate's equity-method stakes in Kraft Heinz, Pilot, and Occidental Petroleum, as well as equipment, inventories, receivables, and other assets..

Indeed, at the conclusion of its most recent quarter, Apple had $335 billion in assets, including $167 billion in cash, marketable securities, and other liquid assets. Amazon claimed $463 billion in assets, while Microsoft, Alphabet, and Meta reported assets ranging from $200 billion to $400 billion.

Moreover, Tesla, which has a market value comparable to Berkshire, had only $91 billion in assets at the end of June. Nvidia, which has a market value of almost $1.2 trillion,&nbsp;possessed only $44 billion in assets at the end of the last count.

However, Berkshire Hathaway's total assets were lesser than Wall Street's major banks. JPMorgan, for example, reported $3.9 trillion in assets last quarter, which included $469 billion in deposits and $1.3 trillion in loans.

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Warren Buffett's Berkshire Hathaway has achieved a historic milestone, crossing the one trillion dollar mark in assets. This remarkable achievement not only places Berkshire in a league of its own but also redefines the landscape of wealth accumulation.

Warren Buffett's Berkshire Hathaway has achieved a historic milestone, crossing the one trillion dollar mark in assets. This remarkable achievement not only places Berkshire in a league of its own but also redefines the landscape of wealth accumulation. The company's second-quarter data released this month showed that the famous investor's firm had $1.04 trillion in assets at the end of June. The massive number included its stock portfolio, which was valued at $353 billion at the end of the quarter, including a $178 billion holding in Apple. Berkshire's $1 trillion milestone is extremely impressive. In 1964, the year before Buffett took over, the business had around $30 million in assets. This sum rose 700-fold in 30 years to roughly $21 billion in 1994. Berkshire's assets have grown another 48 times since then, giving Buffett a 33,000-fold rise during his tenure as CEO. Buffett's conglomerate owns a plethora of firms in a variety of industries, including insurance, energy, railways, real estate, industrials, manufacturing, services, and retail. Given Berkshire's massive size and emphasis on the "real economy" rather than asset-light technology, it has a greater balance sheet than any of the big tech firms Berkshire's assets also encompassed $147 billion of cash and Treasury bills. It further reflected the conglomerate's equity-method stakes in Kraft Heinz, Pilot, and Occidental Petroleum, as well as equipment, inventories, receivables, and other assets.. Indeed, at the conclusion of its most recent quarter, Apple had $335 billion in assets, including $167 billion in cash, marketable securities, and other liquid assets. Amazon claimed $463 billion in assets, while Microsoft, Alphabet, and Meta reported assets ranging from $200 billion to $400 billion. Moreover, Tesla, which has a market value comparable to Berkshire, had only $91 billion in assets at the end of June. Nvidia, which has a market value of almost $1.2 trillion, possessed only $44 billion in assets at the end of the last count. However, Berkshire Hathaway's total assets were lesser than Wall Street's major banks. JPMorgan, for example, reported $3.9 trillion in assets last quarter, which included $469 billion in deposits and $1.3 trillion in loans. WATCH WION LIVE HERE

Warren Buffett's Berkshire Hathaway crosses $1 trillion in assets

US chip maker Nvidia far exceeded expectations with its quarterly revenue forecast on Wednesday as an artificial-intelligence boom spurred demand for its processors.

The chip maker also announced a $25 billion stock buyback, sending its shares surging after the results were announced.

Nvidia's better-than-expected earnings forecast suggests that the rise in generative AI technologies, which can read and write in human-like ways and are almost entirely driven by Nvidia's chips, show&nbsp;no signs of abating.

Nvidia's extra $25 billion in buybacks of shares announced came amid a four-fold increase its shares this year, which&nbsp;made Nvidia&nbsp;the first trillion-dollar semiconductor manufacturer.&nbsp;

Analysts believe that demand for Nvidia's coveted AI processors exceeds supply by at least 50 per cent and that the mismatch will persist for several quarters.

The chipmaker reported earnings of $2.70 per share surpassed&nbsp;the anticipated $2.09 per share, according to Refinitiv.

Nvidia revenue also exceeded predictions, with the chip maker earning&nbsp;$13.51 billion compared to the estimated $11.22 billion. On the other hand, the net income skyrocketed from $656 million, or 26 cents per share, a year ago to an impressive $6.19 billion, or $2.48 a share, this quarter.

Nvidia’s forward-looking forecast painted a bright picture for the ongoing quarter. The company has predicted&nbsp;revenue of approximately $16 billion, towering over the $12.61 billion Refinitiv had projected. This will be a 170 per cent increase from the same period last year.&nbsp;

Data centers, AI chips, and booming demand from cloud service providers and major internet players like Alphabet, Amazon, and Meta fueled Nvidia's data center business, raking in a whopping $10.32 billion, a 171 per cent leap from last year.

Nvidia also manufactures processors for advanced graphics applications. Year on year, that business fell 24 percent to $379 million. The firm recorded $253 million in automobile revenue, a 15 per cent increase over the previous year.

The gaming sector, which was previously Nvidia's core business, saw revenue rise by 22 per cent year on year to $2.49 billion, above the market expectation of $2.38 billion.&nbsp;

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US chip maker Nvidia far exceeded expectations with its quarterly revenue forecast on Wednesday as an artificial-intelligence boom spurred demand for its processors.

US chip maker Nvidia far exceeded expectations with its quarterly revenue forecast on Wednesday as an artificial-intelligence boom spurred demand for its processors. The chip maker also announced a $25 billion stock buyback, sending its shares surging after the results were announced. Nvidia's better-than-expected earnings forecast suggests that the rise in generative AI technologies, which can read and write in human-like ways and are almost entirely driven by Nvidia's chips, show no signs of abating. Nvidia's extra $25 billion in buybacks of shares announced came amid a four-fold increase its shares this year, which made Nvidia the first trillion-dollar semiconductor manufacturer. Analysts believe that demand for Nvidia's coveted AI processors exceeds supply by at least 50 per cent and that the mismatch will persist for several quarters. The chipmaker reported earnings of $2.70 per share surpassed the anticipated $2.09 per share, according to Refinitiv. Nvidia revenue also exceeded predictions, with the chip maker earning $13.51 billion compared to the estimated $11.22 billion. On the other hand, the net income skyrocketed from $656 million, or 26 cents per share, a year ago to an impressive $6.19 billion, or $2.48 a share, this quarter. Nvidia’s forward-looking forecast painted a bright picture for the ongoing quarter. The company has predicted revenue of approximately $16 billion, towering over the $12.61 billion Refinitiv had projected. This will be a 170 per cent increase from the same period last year. Data centers, AI chips, and booming demand from cloud service providers and major internet players like Alphabet, Amazon, and Meta fueled Nvidia's data center business, raking in a whopping $10.32 billion, a 171 per cent leap from last year. Nvidia also manufactures processors for advanced graphics applications. Year on year, that business fell 24 percent to $379 million. The firm recorded $253 million in automobile revenue, a 15 per cent increase over the previous year. The gaming sector, which was previously Nvidia's core business, saw revenue rise by 22 per cent year on year to $2.49 billion, above the market expectation of $2.38 billion. WATCH WION LIVE HERE

Nvidia ignites AI optimism with record results and $25 billion buyback

The U.S. Justice Department has successfully retrieved over 1.4 billion dollars in funds that were stolen from COVID-19 relief programs. With more than 3,000 defendants now facing federal charges across the nation, the scope of these fraudulent activities is becoming clear.

The Justice Department announced the findings of a countrywide enforcement campaign to combat coronavirus fraud, which included federal criminal charges against 371 individuals for acts involving over $836 million in suspected COVID fraud.

Reuters cited U.S. Attorney General Merrick Garland, as saying, "This latest action, involving over 300 defendants and over $830 million in alleged COVID-19 fraud, should send a clear message: the COVID-19 public health emergency may have ended, but the Justice Department's work to identify and prosecute those who stole pandemic relief funds is far from over."&nbsp;Garland established a COVID fraud enforcement task team in May 2021.

Furthermore, this sweeping enforcement action has resulted in 119 individuals either pleading guilty or being convicted at trial.

The US Justice Department appointed federal prosecutor Kevin Chambers to oversee the investigation into potential fraud schemes targeting pandemic aid programs last year.

A federal inspector reported in late June that over $200 billion from the US government's COVID-19 assistance programs were likely stolen, noting that the US Small Business Administration (SBA) had compromised its procedures in a haste to transfer the cash.

In September 2022, the inspector general of the United States Labor Department stated that during the coronavirus pandemic, fraudsters likely stole $45.6 billion from the United States' unemployment insurance program by employing strategies such as exploiting deceased persons' Social Security numbers.

Earlier this year, a separate watchdog audit concluded that the US government most certainly gave over $5.4 billion in COVID-19 funding to people with dubious Social Security numbers.

(Inputs from Reuters)

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The U.S. Justice Department has successfully retrieved over 1.4 billion dollars in funds that were stolen from COVID-19 relief programs. With more than 3,000 defendants now facing federal charges across the nation, the scope of these fraudulent activities is becoming clear.

The U.S. Justice Department has successfully retrieved over 1.4 billion dollars in funds that were stolen from COVID-19 relief programs. With more than 3,000 defendants now facing federal charges across the nation, the scope of these fraudulent activities is becoming clear. The Justice Department announced the findings of a countrywide enforcement campaign to combat coronavirus fraud, which included federal criminal charges against 371 individuals for acts involving over $836 million in suspected COVID fraud. Reuters cited U.S. Attorney General Merrick Garland, as saying, "This latest action, involving over 300 defendants and over $830 million in alleged COVID-19 fraud, should send a clear message: the COVID-19 public health emergency may have ended, but the Justice Department's work to identify and prosecute those who stole pandemic relief funds is far from over." Garland established a COVID fraud enforcement task team in May 2021. Furthermore, this sweeping enforcement action has resulted in 119 individuals either pleading guilty or being convicted at trial. The US Justice Department appointed federal prosecutor Kevin Chambers to oversee the investigation into potential fraud schemes targeting pandemic aid programs last year. A federal inspector reported in late June that over $200 billion from the US government's COVID-19 assistance programs were likely stolen, noting that the US Small Business Administration (SBA) had compromised its procedures in a haste to transfer the cash. In September 2022, the inspector general of the United States Labor Department stated that during the coronavirus pandemic, fraudsters likely stole $45.6 billion from the United States' unemployment insurance program by employing strategies such as exploiting deceased persons' Social Security numbers. Earlier this year, a separate watchdog audit concluded that the US government most certainly gave over $5.4 billion in COVID-19 funding to people with dubious Social Security numbers. (Inputs from Reuters) WATCH WION LIVE HERE

US authorities recover over $1.4 billion in stolen COVID relief funds

The Indian Finance Ministry stated on August 22 that although food price increases may be “transitory”, India’s inflationary pressures are still ongoing.&nbsp;

According to The Hindu report, the ministry attributed the most recent increase in headline inflation to global uncertainties brought on by the termination of the Black Sea Grain Initiative, which has disrupted supplies of wheat and edible oils as well as problems with domestic farm output.

The Ministry noted that the 11.5 per cent food inflation rate was “perhaps the third highest” since the current Consumer Price Index (CPI) series started in 2014 and that the impact of the worldwide disruptions was “clearly evident” in the sharp increase in retail inflation pace in July to a 15-month high of 7.44 per cent. It noted that core inflation, which excludes the cost of gasoline and food, was at a 39-month low of 4.9 per cent.

The ministry emphasised on the need to maintain macroeconomic stability by stating that the current level of inflationary pressures may continue to rise for the foreseeable future due to domestic and global disruptions. This would require more vigilance from the government and central bank.

“Cereals, pulses and vegetables exhibited double-digit growth… [but] only 48 per cent of food items have inflation of above 6 per cent, and this includes 14 food items with inflation in double digits. Items like tomato, green chilli, ginger and garlic witnessed inflation of more than 50 per cent,” The Hindu quoted the Finance Ministry as saying in its monthly economic review for July.

According to the review, significant food inflation last month was caused by these “abnormal” upticks in select commodities, but this is anticipated to be temporary.&nbsp;

“Tomato prices are likely to decline with the arrival of fresh stocks by the end of August or early September. Further enhanced imports of tur dal are expected to moderate pulses inflation,” it indicated, arguing that these and other government efforts can soon moderate the high food prices in the coming months.

&nbsp;

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The Indian Finance Ministry stated on August 22 that although food price increases may be “transitory”, India’s inflationary pressures are still ongoing. According to The Hindu report, the ministry attributed the most recent increase in headline inflation to global uncertainties brought on by the termination of the Black Sea Grain Initiative, which has disrupted supplies of wheat and edible oils as well as problems with domestic farm output.

The Indian Finance Ministry stated on August 22 that although food price increases may be “transitory”, India’s inflationary pressures are still ongoing. According to The Hindu report, the ministry attributed the most recent increase in headline inflation to global uncertainties brought on by the termination of the Black Sea Grain Initiative, which has disrupted supplies of wheat and edible oils as well as problems with domestic farm output. The Ministry noted that the 11.5 per cent food inflation rate was “perhaps the third highest” since the current Consumer Price Index (CPI) series started in 2014 and that the impact of the worldwide disruptions was “clearly evident” in the sharp increase in retail inflation pace in July to a 15-month high of 7.44 per cent. It noted that core inflation, which excludes the cost of gasoline and food, was at a 39-month low of 4.9 per cent. The ministry emphasised on the need to maintain macroeconomic stability by stating that the current level of inflationary pressures may continue to rise for the foreseeable future due to domestic and global disruptions. This would require more vigilance from the government and central bank. “Cereals, pulses and vegetables exhibited double-digit growth… [but] only 48 per cent of food items have inflation of above 6 per cent, and this includes 14 food items with inflation in double digits. Items like tomato, green chilli, ginger and garlic witnessed inflation of more than 50 per cent,” The Hindu quoted the Finance Ministry as saying in its monthly economic review for July. According to the review, significant food inflation last month was caused by these “abnormal” upticks in select commodities, but this is anticipated to be temporary. “Tomato prices are likely to decline with the arrival of fresh stocks by the end of August or early September. Further enhanced imports of tur dal are expected to moderate pulses inflation,” it indicated, arguing that these and other government efforts can soon moderate the high food prices in the coming months. WATCH WION LIVE HERE

Inflationary pressures may persist but food prices to stabilise: Indian finance ministry 

India is expected to halt its sugar exports in the next season, beginning in October, a decision with potential ramifications for both local and international economies. According to sources, this decision comes after a lack of rain has severely impacted cane yields in key sugar-producing states.

The absence of India from the global market is anticipated to raise benchmark prices in New York and London, which are already near multi-year highs, raising concerns about additional inflation on global food markets.

Reuters cited a government official saying, "Our primary focus is to fulfill local sugar requirements and produce ethanol from surplus sugarcane. For the upcoming season, we will not have enough sugar to allocate for export quotas."

India permitted mills to export just 6.1 million metric tons of sugar during the current season, which ended on September 30, after allowing them to sell a record 11.1 million metric tons the previous season.

Furthermore, monsoon rains in the key cane-growing regions of Maharashtra and Karnataka, which account for more than half of India's total sugar output, have been as much as 50 percent below average this year, according to meteorological department statistics.

In July, retail inflation in India reached a 15-month high of 7.44 percent, while food inflation reached 11.5 percent, the highest level in more than three years.

Additionally, last month, India startled importers by imposing a restriction on non-basmati white rice exports. Last week, New Delhi put a 40 percent levy on onion exports in an effort to cool food prices ahead of state elections later this year.

Local sugar prices reached their highest level in nearly two years this week, prompting the government to enable mills to sell an additional 200,000 metric tons in August.

"Food inflation is a cause for concern. "Any possibility of exports has been eliminated by the recent increase in sugar prices," claimed another official source cited by Reuters.

Meanwhile, experts also highlight that India's action will impact global markets, which are already facing challenges from reduced sugar output in other countries like Thailand.

(Inputs from Reuters)

&nbsp;

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India is expected to halt its sugar exports in the next season, beginning in October, a decision with potential ramifications for both local and international economies.

India is expected to halt its sugar exports in the next season, beginning in October, a decision with potential ramifications for both local and international economies. According to sources, this decision comes after a lack of rain has severely impacted cane yields in key sugar-producing states. The absence of India from the global market is anticipated to raise benchmark prices in New York and London, which are already near multi-year highs, raising concerns about additional inflation on global food markets. Reuters cited a government official saying, "Our primary focus is to fulfill local sugar requirements and produce ethanol from surplus sugarcane. For the upcoming season, we will not have enough sugar to allocate for export quotas." India permitted mills to export just 6.1 million metric tons of sugar during the current season, which ended on September 30, after allowing them to sell a record 11.1 million metric tons the previous season. Furthermore, monsoon rains in the key cane-growing regions of Maharashtra and Karnataka, which account for more than half of India's total sugar output, have been as much as 50 percent below average this year, according to meteorological department statistics. In July, retail inflation in India reached a 15-month high of 7.44 percent, while food inflation reached 11.5 percent, the highest level in more than three years. Additionally, last month, India startled importers by imposing a restriction on non-basmati white rice exports. Last week, New Delhi put a 40 percent levy on onion exports in an effort to cool food prices ahead of state elections later this year. Local sugar prices reached their highest level in nearly two years this week, prompting the government to enable mills to sell an additional 200,000 metric tons in August. "Food inflation is a cause for concern. "Any possibility of exports has been eliminated by the recent increase in sugar prices," claimed another official source cited by Reuters. Meanwhile, experts also highlight that India's action will impact global markets, which are already facing challenges from reduced sugar output in other countries like Thailand. (Inputs from Reuters) WATCH WION LIVE HERE

India's sugar export ban raises global price concerns

On account of the G20 Summit, all public, private, and municipal offices and schools in Delhi would be closed from September 8 to September 10. Banks, financial institutions, and retail establishments will also be closed during this time, NDTV quoted Delhi Chief Minister Arvind Kejriwal as saying.&nbsp;

Kejriwal's statement came shortly after the Special Commissioner of the Delhi Police wrote to the city’s Chief Secretary recommending a government holiday from September 8 to September 10.

On September 9 and 10, the G20 summit—a gathering of the heads of the 20 largest economies in the world—will take place at Delhi’s Pragati Maidan’s state-of-the-art Bharat Mandapam convention hall, which was just inaugurated. India will be hosting the conference.

The recommendation is being given in an attempt to ease any potential traffic congestion and logistical issues.

“Since, most of the arrivals will take place September 8 and delegates will depart to their respective countries on September 10-11, there will be a massive movement of traffic which needs to be curtailed to ensure safe passage for the delegates from airport to hotels and to the other venues during the summit,” the letter read.

The Delhi Police are in the process of making special arrangements to ensure smooth vehicular movement during the time of the summit. The summit will see the arrival of several heads of state and diplomats, including US President Joe Biden, Chinese Premier Xi Jinping, Canadian Prime Minister Justin Trudeau, and French President Emmanuel Macron.

In order to examine the restriction and diversion measures, the Delhi traffic police performed a mock drill on important routes connecting Pragati Maidan, the summit’s main location, with a number of hotels on Monday.

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On account of the G20 Summit, all public, private, and municipal offices and schools in Delhi would be closed from September 8 to September 10. Banks, financial institutions, and retail establishments will also be closed during this time, NDTV quoted Delhi Chief Minister Arvind Kejriwal as saying.

On account of the G20 Summit, all public, private, and municipal offices and schools in Delhi would be closed from September 8 to September 10. Banks, financial institutions, and retail establishments will also be closed during this time, NDTV quoted Delhi Chief Minister Arvind Kejriwal as saying. Kejriwal's statement came shortly after the Special Commissioner of the Delhi Police wrote to the city’s Chief Secretary recommending a government holiday from September 8 to September 10. On September 9 and 10, the G20 summit—a gathering of the heads of the 20 largest economies in the world—will take place at Delhi’s Pragati Maidan’s state-of-the-art Bharat Mandapam convention hall, which was just inaugurated. India will be hosting the conference. The recommendation is being given in an attempt to ease any potential traffic congestion and logistical issues. “Since, most of the arrivals will take place September 8 and delegates will depart to their respective countries on September 10-11, there will be a massive movement of traffic which needs to be curtailed to ensure safe passage for the delegates from airport to hotels and to the other venues during the summit,” the letter read. The Delhi Police are in the process of making special arrangements to ensure smooth vehicular movement during the time of the summit. The summit will see the arrival of several heads of state and diplomats, including US President Joe Biden, Chinese Premier Xi Jinping, Canadian Prime Minister Justin Trudeau, and French President Emmanuel Macron. In order to examine the restriction and diversion measures, the Delhi traffic police performed a mock drill on important routes connecting Pragati Maidan, the summit’s main location, with a number of hotels on Monday. WATCH WION LIVE HERE

Delhi offices, schools, shops, banks to be shut on Sept 8-10 for G20 meet 

In the likely case of a federal government shutdown anytime after funding run out on September&nbsp;30, Goldman Sachs Group Inc. predicts a short-term impact to the US economy, followed by a comeback.

Goldman's team of economic experts forecasts that a comprehensive government shutdown could lead to a weekly reduction of 0.2 percentage points in U.S. GDP growth, along with supplementary ramifications for the private sector. Goldman predicts that the losses incurred during the shutdown will be recuperated in the subsequent quarter.

In a communication to clients on Sunday, a senior U.S. political economist at Goldman Sachs conveyed, "It appears increasingly probable that the federal government will undergo a temporary shutdown later this year."

Furthermore, unlike the prior debate to increase the debt ceiling earlier this year, the current political dispute over spending lacks the potentially catastrophic consequences, as the United States faced the risk of defaulting on certain obligations. However, Goldman Sachs indicates&nbsp;that this "raises the chances of Congress failing to take action in a timely manner" regarding the funding legislation.

Additionally, forecast suggests that&nbsp;"previous shutdowns haven't triggered significant reactions in the markets," with stock performance remaining unchanged or even positive during shutdowns in 1995–96, 2013, and 2018–19.

Last month, lawmakers departed for an August recess without resolving the fiscal 2024 funding bills. The House is not slated to reconvene until September 12, with a to-do list encompassing the clearance of 11 out of the 12 annual appropriations bills and the resolution of disparities with the Senate in just 12 scheduled working days of the month.

(Inputs from Bloomberg)

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In the likely case of a federal government shutdown anytime after funding run out on September 30, Goldman Sachs Group Inc. predicts a short-term impact to the US economy, followed by a comeback.

In the likely case of a federal government shutdown anytime after funding run out on September 30, Goldman Sachs Group Inc. predicts a short-term impact to the US economy, followed by a comeback. Goldman's team of economic experts forecasts that a comprehensive government shutdown could lead to a weekly reduction of 0.2 percentage points in U.S. GDP growth, along with supplementary ramifications for the private sector. Goldman predicts that the losses incurred during the shutdown will be recuperated in the subsequent quarter. In a communication to clients on Sunday, a senior U.S. political economist at Goldman Sachs conveyed, "It appears increasingly probable that the federal government will undergo a temporary shutdown later this year." Furthermore, unlike the prior debate to increase the debt ceiling earlier this year, the current political dispute over spending lacks the potentially catastrophic consequences, as the United States faced the risk of defaulting on certain obligations. However, Goldman Sachs indicates that this "raises the chances of Congress failing to take action in a timely manner" regarding the funding legislation. Additionally, forecast suggests that "previous shutdowns haven't triggered significant reactions in the markets," with stock performance remaining unchanged or even positive during shutdowns in 1995–96, 2013, and 2018–19. Last month, lawmakers departed for an August recess without resolving the fiscal 2024 funding bills. The House is not slated to reconvene until September 12, with a to-do list encompassing the clearance of 11 out of the 12 annual appropriations bills and the resolution of disparities with the Senate in just 12 scheduled working days of the month. (Inputs from Bloomberg) WATCH WION LIVE HERE

Goldman Sachs predicts US GDP and markets to withstand expected government shutdown

Trade negotiations between the UK and India are reportedly in its “final but trickier” stages, the BBC reported.

This week, G20 trade ministers are expected to gather in India under the leadership of Trade Secretary Kemi Badenoch.

Whether a trade agreement will be reached before Rishi Sunak’s travel to India in September has been the subject of rumours.

However, the BBC has been informed that the UK government does not anticipate that a complete deal will be reached by then.

The BBC report nevertheless highlights that there are still some “big nuts to crack” before an agreement could potentially be reached in the coming “months.”

The government has long viewed a trade agreement with India as one of the most advantageous bilateral agreements the UK could make after Brexit.

Former UK Prime Minister Boris Johnson had pledged last year that an agreement would be “done” by Diwali in 2022,&nbsp;but that target was missed.

The UK is eager to reach a deal that might lower import duties on UK exports like cars and whisky, which are currently subject to triple-figure import charges in India.

Because of these levies, UK goods are less affordable in India and less competitive.

Due to British officials' refusal to issue visas to Indian employees, trade negotiations have encountered obstacles in the past year.

The UK has been eager to persuade India to let more UK companies and service industries establish operations there.

The British Chambers of Commerce's William Bain, head of trade strategy, claimed that this would be a “big win” for British companies, particularly those offering travel, business, or financial services.

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Trade negotiations between the UK and India are reportedly in its “final but trickier” stages, the BBC reported. This week, G20 trade ministers are expected to gather in India under the leadership of Trade Secretary Kemi Badenoch.

Trade negotiations between the UK and India are reportedly in its “final but trickier” stages, the BBC reported. This week, G20 trade ministers are expected to gather in India under the leadership of Trade Secretary Kemi Badenoch. Whether a trade agreement will be reached before Rishi Sunak’s travel to India in September has been the subject of rumours. However, the BBC has been informed that the UK government does not anticipate that a complete deal will be reached by then. The BBC report nevertheless highlights that there are still some “big nuts to crack” before an agreement could potentially be reached in the coming “months.” The government has long viewed a trade agreement with India as one of the most advantageous bilateral agreements the UK could make after Brexit. Former UK Prime Minister Boris Johnson had pledged last year that an agreement would be “done” by Diwali in 2022, but that target was missed. The UK is eager to reach a deal that might lower import duties on UK exports like cars and whisky, which are currently subject to triple-figure import charges in India. Because of these levies, UK goods are less affordable in India and less competitive. Due to British officials' refusal to issue visas to Indian employees, trade negotiations have encountered obstacles in the past year. The UK has been eager to persuade India to let more UK companies and service industries establish operations there. The British Chambers of Commerce's William Bain, head of trade strategy, claimed that this would be a “big win” for British companies, particularly those offering travel, business, or financial services. WATCH WION LIVE HERE

UK-India trade deal negotiations in their “final, trickier” stage: Report  

Baidu Inc.’s revenue rose its most in more than a year, joining China’s largest internet companies in rediscovering growth after Beijing relaxed its grip on the private sector to try and jumpstart a faltering economy.

Baidu revenue beats as ChatGPT-style AI awaits Beijing approval

John Warnock, the co-founder of Adobe Inc.&nbsp;passed away at the age of 82 on August 19.

In 1982, Warnock, along with Charles Geschke, established the San Jose-based company. The duo is remembered for creating PDF formats of documents.

Warnock held the role of CEO until 2000 and that of CTO until his retirement in 2001.

Over the course of nearly three decades until 2017, Warnock served as the chairman of the board, sharing the position with Charles Geschke for most of that duration.

He remained on the company's board of directors until his demise.

Geschke, his co-founder, passed away in 2021 at the age of 81.

Before co-founding Adobe, Warnock worked as a principal scientist at Xerox Palo Alto Research Center and held positions at Evans &amp; Sutherland Computer, Computer Sciences Corp., IBM, and the University of Utah.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/modi-in-us-indian-pm-to-meet-elon-musk-nobel-laureates-during-his-landmark-trip-606337">Modi in US: Indian PM to meet Elon Musk, Nobel laureates during his landmark trip</a>

Warnock's impact extended well beyond his tenure as CEO until 2000.

He continued as the Chairman of the Board, alongside Charles Geschke, until 2017. Under his leadership, Adobe transformed into a global powerhouse recognised for its innovative software suite catering to diverse creative needs.

<h2>Warnock's legacy</h2>

While Warnock's technical contributions were remarkable, Warnock's legacy also encompassed changing how individuals approached digital creativity. He conceived tools that democratised artistic expression, making intricate design accessible to a broader audience, irrespective of technical expertise.

Also watch |&nbsp;World Business Watch: Adobe agrees to buy Figma in $20 billion software deal

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Adobe, which started with a vision, grew into a significant presence within the technology and creative sectors, with Warnock's influence deeply embedded in its journey. His work's ripple effects have left an indelible mark on countless professionals, profoundly shaping the digital landscape.

Warnock earned a doctorate in electrical engineering, a master's in mathematics, and a bachelor's in mathematics and philosophy, all from the University of Utah.

He is survived by his wife, Marva, and three children.

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John Warnock, the co-founder of Adobe Inc. passed away at the age of 82 on August 19. In 1982, Warnock, along with Charles Geschke, established the San Jose-based company.

John Warnock, the co-founder of Adobe Inc. passed away at the age of 82 on August 19. In 1982, Warnock, along with Charles Geschke, established the San Jose-based company. The duo is remembered for creating PDF formats of documents. Warnock held the role of CEO until 2000 and that of CTO until his retirement in 2001. Over the course of nearly three decades until 2017, Warnock served as the chairman of the board, sharing the position with Charles Geschke for most of that duration. He remained on the company's board of directors until his demise. Geschke, his co-founder, passed away in 2021 at the age of 81. Before co-founding Adobe, Warnock worked as a principal scientist at Xerox Palo Alto Research Center and held positions at Evans & Sutherland Computer, Computer Sciences Corp., IBM, and the University of Utah. Also read | Modi in US: Indian PM to meet Elon Musk, Nobel laureates during his landmark trip Warnock's impact extended well beyond his tenure as CEO until 2000. He continued as the Chairman of the Board, alongside Charles Geschke, until 2017. Under his leadership, Adobe transformed into a global powerhouse recognised for its innovative software suite catering to diverse creative needs. Warnock's legacy While Warnock's technical contributions were remarkable, Warnock's legacy also encompassed changing how individuals approached digital creativity. He conceived tools that democratised artistic expression, making intricate design accessible to a broader audience, irrespective of technical expertise. Also watch | World Business Watch: Adobe agrees to buy Figma in $20 billion software deal × Adobe, which started with a vision, grew into a significant presence within the technology and creative sectors, with Warnock's influence deeply embedded in its journey. His work's ripple effects have left an indelible mark on countless professionals, profoundly shaping the digital landscape. Warnock earned a doctorate in electrical engineering, a master's in mathematics, and a bachelor's in mathematics and philosophy, all from the University of Utah. He is survived by his wife, Marva, and three children. WATCH WION LIVE HERE

Who is John Warnock? Adobe co-founder who led photoshop revolution dies

The UK government transferred £14.3 billion ($18.3 billion) to the Bank of England in July, the single biggest state transfer to the bank on record, in order to meet shortfalls in its monetary stimulus program.

Losses on BOE QE Program Cost UK Taxpayers Almost £30 Billion in Past Year

Even as recent reports suggest that china's economy is in trouble, the country's paramount leader, Xi Jinping, is putting up a brave face at the BRICS summit. He has suggested that china's economy remains resilient and that its economic fundamentals are strong.

China's economy: Resilience or risk?

Signs that China is becoming more forceful in supporting its markets provided some relief for developing-nation assets battered by concerns over the world’s second-largest economy.

China’s firmer stance on Yuan sparks relief in emerging markets

China’s leader Xi Jinping through his minister informed the BRICS grouping that China’s economy is resilient and that the underlying principles for its long-term growth remain the same.

In a prepared statement read out at a business roundtable by Wang Wentao, China’s commerce minister, Xi said,&nbsp;"The Chinese economy has strong resilience, tremendous potential and great vitality."&nbsp;

Due to a deteriorating real estate slump, sluggish consumer spending, and falling credit growth, recovery in the world’s second-largest economy has lost momentum, strengthening the need for policy stimulus from the government.

However, according to Xi, China has several economic advantages, including a “super-sized market”, a fully developed industrial system, and a large pool of skilled workers.

“The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead,” Xi' statement read.

Meanwhile, the U.S. on Tuesday criticised China for decreasing the transparency of its reporting of fundamental economic statistics and for taking aggressive action against Chinese companies that had been supplying such data.

(With inputs from Reuters)

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China’s leader Xi Jinping through his minister informed the BRICS grouping that China’s economy is resilient and that the underlying principles for its long-term growth remain the same.

China’s leader Xi Jinping through his minister informed the BRICS grouping that China’s economy is resilient and that the underlying principles for its long-term growth remain the same. In a prepared statement read out at a business roundtable by Wang Wentao, China’s commerce minister, Xi said, "The Chinese economy has strong resilience, tremendous potential and great vitality." Due to a deteriorating real estate slump, sluggish consumer spending, and falling credit growth, recovery in the world’s second-largest economy has lost momentum, strengthening the need for policy stimulus from the government. However, according to Xi, China has several economic advantages, including a “super-sized market”, a fully developed industrial system, and a large pool of skilled workers. “The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead,” Xi' statement read. Meanwhile, the U.S. on Tuesday criticised China for decreasing the transparency of its reporting of fundamental economic statistics and for taking aggressive action against Chinese companies that had been supplying such data. (With inputs from Reuters) WATCH WION LIVE HERE

“Chinese economy resilient”: Xi Jinping assures BRICS grouping 

Despite a slowdown in global demand, India’s overall exports and imports of goods and services surpassed the $800 billion mark during the first half of 2023, attributed in large part to the country’s services sectors, according to a research released on Monday by think tank GTRI.

Data from the Global Trade Research Initiative (GTRI) showed&nbsp;that from January to June of this year, exports of goods and services increased by 1.5 per cent to $385.4 billion in comparison to $379.5 billion in January to June of 2022.

However, compared to the same period last year, imports decreased by 5.9 per cent to $415.5 billion, from $441.7 billion.

“India’s foreign trade (exports and imports of merchandise and services) reached $800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022),” the report said.

Separately, exports of products fell by 8.1 per cent to $218.7 billion, while imports fell by 8.3 per cent to $325.7 billion.

In contrast, over the six-month period, exports of services increased by 17.7 per cent to $166.7 billion, while imports increased by 3.7 per cent to $89.8 billion.

“Data is showing modest decline due to weak global demand and losing competitiveness in labour intensive sectors. The decline in merchandise exports happened despite appreciating INR (Indian Rupee). INR/USD exchange rate appreciated from 76.16 in April 2022 to 82.18 in Apr 2023,” GTRI Co-founder Ajay Srivastava told PTI.

He noted that a number of issues, including as the ongoing conflict in Ukraine, high inflation, tighter monetary policy, and financial unpredictability, contribute to the poor forecast for global commerce in 2023.

But he also mentioned that these factors will soon be overshadowed by a spate of new subsidies and protectionist measures by the EU and USA. He cited an example saying that&nbsp;in the first seven months of 2023 alone, the EU has introduced five regulations on climate change and trade, each of these are essentially measures to curb imports.&nbsp;

He added that given that every major nation is shifting its attention inward, India should not give up its policy space, particularly when it comes to fresh concerns with FTAs (free trade agreements) and the Indo-Pacific Economic Framework for Prosperity (IPEF).

(With inputs from agencies)

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Despite a slowdown in global demand, India’s overall exports and imports of goods and services surpassed the $800 billion mark during the first half of 2023, attributed in large part to the country’s services sectors, according to a research released on Monday by think tank GTRI.

Despite a slowdown in global demand, India’s overall exports and imports of goods and services surpassed the $800 billion mark during the first half of 2023, attributed in large part to the country’s services sectors, according to a research released on Monday by think tank GTRI. Data from the Global Trade Research Initiative (GTRI) showed that from January to June of this year, exports of goods and services increased by 1.5 per cent to $385.4 billion in comparison to $379.5 billion in January to June of 2022. However, compared to the same period last year, imports decreased by 5.9 per cent to $415.5 billion, from $441.7 billion. “India’s foreign trade (exports and imports of merchandise and services) reached $800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022),” the report said. Separately, exports of products fell by 8.1 per cent to $218.7 billion, while imports fell by 8.3 per cent to $325.7 billion. In contrast, over the six-month period, exports of services increased by 17.7 per cent to $166.7 billion, while imports increased by 3.7 per cent to $89.8 billion. “Data is showing modest decline due to weak global demand and losing competitiveness in labour intensive sectors. The decline in merchandise exports happened despite appreciating INR (Indian Rupee). INR/USD exchange rate appreciated from 76.16 in April 2022 to 82.18 in Apr 2023,” GTRI Co-founder Ajay Srivastava told PTI. He noted that a number of issues, including as the ongoing conflict in Ukraine, high inflation, tighter monetary policy, and financial unpredictability, contribute to the poor forecast for global commerce in 2023. But he also mentioned that these factors will soon be overshadowed by a spate of new subsidies and protectionist measures by the EU and USA. He cited an example saying that in the first seven months of 2023 alone, the EU has introduced five regulations on climate change and trade, each of these are essentially measures to curb imports. He added that given that every major nation is shifting its attention inward, India should not give up its policy space, particularly when it comes to fresh concerns with FTAs (free trade agreements) and the Indo-Pacific Economic Framework for Prosperity (IPEF). (With inputs from agencies) WATCH WION LIVE HERE

India’s foreign trade surpasses $800 billion: Think tank GTRI 

India, often lauded for its burgeoning young population, stands on the brink of a demographic dividend that promises transformative economic growth. This potential, however, faces a critical test as the recent Mercer/Mettl report paints a sobering picture of the country's employability landscape. Titled 'India's Graduate Skill Index: 2023,' the report meticulously evaluated 2,500 campuses and 440,000 learners, revealing a startling reality: only 45% of Indian graduates possess the skills that align with the rapidly evolving industry demands. In a nation where the demographic dividend has long been heralded as a strategic advantage, this revelation prompts a reevaluation of how India can effectively leverage its youthful workforce to fuel economic prosperity.

Meet the experts: Gurpreet Singh and Jaideep Kewalramani

In the pursuit of deeper insights, we turn to two industry experts who shed light on India's employability challenges and potential solutions. Gurpreet Singh, the Co-founder and Chief Business Officer of Awign, a work fulfillment platform, offers a dynamic perspective shaped by his experience in the corporate arena. Jaideep Kewalramani, the Head of Employability and COO at TeamLease Edtech, brings a comprehensive understanding of employability trends and workforce dynamics. Through their nuanced viewpoints, we embark on a journey to decipher the complex interplay between India's demographic dividend and its employability realities.

Capitalising on the demographic dividend

India's employability gap, as illuminated by the Mercer/Mettl report, raises a critical question: Can the nation fully capitalise on its demographic dividend or risk squandering a momentous opportunity? According to Gurpreet Singh, the foremost challenge lies in the misalignment between the skills imparted by educational institutions and those demanded by employers. This profound disconnect creates a skill gap that leaves job seekers ill-equipped to navigate the swiftly evolving business landscape driven by technological advancements. Singh calls for a comprehensive overhaul of education and skill development, where the academic curriculum is recalibrated to align seamlessly with industry needs. While the government has taken noteworthy steps, such as the National Education Policy and Skill India initiatives, Singh emphasises that all stakeholders – educational institutes, businesses, and policymakers – must collaborate to bridge the employability gap.

Echoing this sentiment, Jaideep Kewalramani underscores the urgency of reimagining higher education in India. He advocates for the integration of real-world work experience into academic programs, a model that allows students to gain practical skills while pursuing online education. This approach, Kewalramani contends, not only addresses the employability challenge but also harnesses India's demographic dividend to its fullest potential. Both experts converge on the idea that unlocking India's demographic dividend requires aligning education with industry and nurturing job-ready graduates equipped with the skills demanded by the 21st-century job market.

Gig working: Pioneering a new era of employment

The rise of the gig economy emerges as a pivotal solution in enhancing employability and harnessing the demographic dividend. Jaideep Kewalramani looks at the gig economy as a transformative force that challenges conventional notions of employment. He stresses that gig work and freelancing should be considered legitimate avenues for work, offering flexibility, autonomy, and valuable skill development. This paradigm shift, Kewalramani asserts, is indicative of the evolving nature of employment in the digital age.

Gurpreet Singh emphasizes that the gig economy presents a unique avenue to expand employment opportunities for India's youth. As job seekers and enterprises increasingly embrace the gig economy, the entry barriers are lowered, providing unemployed graduates the chance to contribute their skills to the workforce. Singh predicts that the gig economy could potentially generate up to 90 million jobs in the next decade, presenting a significant opportunity for economic growth and individual empowerment. Both experts see the gig economy as a powerful tool to bridge the employability gap by providing diverse work opportunities that align with the skills of India's youth.

Quality of new hires and emerging trends

The question of the quality of new hires and the evolving employment landscape takes center stage in the discussion of India's employability. Gurpreet Singh's insights bring reassurance, dispelling concerns about declining new hire quality. He cites a diverse and rigorous talent pool, indicative of the evolving workforce dynamics. Singh also highlights a trend toward project-based talent acquisition through the gig economy, especially in the tech sector. This shift reflects the changing demands of industries and the increasing need for specialized skills.

Jaideep Kewalramani provides a more holistic perspective, acknowledging the generational shift occurring in the workforce. He notes that as the Gen Z population grows, traditional notions of workplace engagement, communication, and motivation need to evolve. Kewalramani emphasises that businesses are now focusing on building a future-ready talent supply chain rather than just addressing immediate workforce needs. This aligns with the changing employment landscape, where adaptability, continuous learning, and technology proficiency are increasingly valued.

Tier-wise college hiring: Dismantling traditional notions

The Mercer/Mettl report's revelation that employability does not substantially differ between graduates from tier 1 and tier 2 or 3 colleges challenges conventional hiring paradigms. Jaideep Kewalramani's insights suggest that this trend is well underway. He hints at the already expanding practice of corporations hiring from tier 2, 3, and even 4 locations with successful outcomes. Kewalramani suggests that this trend is set to escalate further as businesses realize the potential of untapped talent across the nation. He implies that Talent mobility will be crucial in reshaping the employability landscape, bringing individuals from diverse backgrounds to the forefront of India's economic growth. He also mentioned Platforms like Digivarsity, which offer&nbsp;work-integrated degree programs and&nbsp;solve issues of talent acquisition, deployment, and retention.

Gurpreet Singh contends that this shift indicates a broader trend in the employment landscape. Employers focus more on candidates' skills and capabilities than their educational pedigree. Singh highlights a growing recognition of the value that diverse perspectives and talents from different geographical regions can bring to businesses. This signals a departure from the historical reliance on top-tier institutions.

Conclusion: Navigating the path forward

In the face of challenges, a blueprint emerges for success – aligning education with industry, embracing the gig economy, adapting to generational shifts, and recognizing talent irrespective of college tiers. The road to capitalising on India's demographic dividend demands collaboration, innovation, and a willingness to reimagine conventional norms. As India looks to the future, it stands at a pivotal juncture where harnessing the potential of its youthful workforce is not only a necessity but a transformative opportunity for sustainable growth and global competitiveness. Through collective effort and strategic action, India's demographic dividend can truly become the cornerstone of a thriving economy.

WATCH WION LIVE HERE

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India, often lauded for its burgeoning young population, stands on the brink of a demographic dividend that promises transformative economic growth. This potential, however, faces a critical test as the recent Mercer/Mettl report paints a sobering picture of the country's employability landscape.

India, often lauded for its burgeoning young population, stands on the brink of a demographic dividend that promises transformative economic growth. This potential, however, faces a critical test as the recent Mercer/Mettl report paints a sobering picture of the country's employability landscape. Titled 'India's Graduate Skill Index: 2023,' the report meticulously evaluated 2,500 campuses and 440,000 learners, revealing a startling reality: only 45% of Indian graduates possess the skills that align with the rapidly evolving industry demands. In a nation where the demographic dividend has long been heralded as a strategic advantage, this revelation prompts a reevaluation of how India can effectively leverage its youthful workforce to fuel economic prosperity. Meet the experts: Gurpreet Singh and Jaideep Kewalramani In the pursuit of deeper insights, we turn to two industry experts who shed light on India's employability challenges and potential solutions. Gurpreet Singh, the Co-founder and Chief Business Officer of Awign, a work fulfillment platform, offers a dynamic perspective shaped by his experience in the corporate arena. Jaideep Kewalramani, the Head of Employability and COO at TeamLease Edtech, brings a comprehensive understanding of employability trends and workforce dynamics. Through their nuanced viewpoints, we embark on a journey to decipher the complex interplay between India's demographic dividend and its employability realities. Capitalising on the demographic dividend India's employability gap, as illuminated by the Mercer/Mettl report, raises a critical question: Can the nation fully capitalise on its demographic dividend or risk squandering a momentous opportunity? According to Gurpreet Singh, the foremost challenge lies in the misalignment between the skills imparted by educational institutions and those demanded by employers. This profound disconnect creates a skill gap that leaves job seekers ill-equipped to navigate the swiftly evolving business landscape driven by technological advancements. Singh calls for a comprehensive overhaul of education and skill development, where the academic curriculum is recalibrated to align seamlessly with industry needs. While the government has taken noteworthy steps, such as the National Education Policy and Skill India initiatives, Singh emphasises that all stakeholders – educational institutes, businesses, and policymakers – must collaborate to bridge the employability gap. Echoing this sentiment, Jaideep Kewalramani underscores the urgency of reimagining higher education in India. He advocates for the integration of real-world work experience into academic programs, a model that allows students to gain practical skills while pursuing online education. This approach, Kewalramani contends, not only addresses the employability challenge but also harnesses India's demographic dividend to its fullest potential. Both experts converge on the idea that unlocking India's demographic dividend requires aligning education with industry and nurturing job-ready graduates equipped with the skills demanded by the 21st-century job market. Gig working: Pioneering a new era of employment The rise of the gig economy emerges as a pivotal solution in enhancing employability and harnessing the demographic dividend. Jaideep Kewalramani looks at the gig economy as a transformative force that challenges conventional notions of employment. He stresses that gig work and freelancing should be considered legitimate avenues for work, offering flexibility, autonomy, and valuable skill development. This paradigm shift, Kewalramani asserts, is indicative of the evolving nature of employment in the digital age. Gurpreet Singh emphasizes that the gig economy presents a unique avenue to expand employment opportunities for India's youth. As job seekers and enterprises increasingly embrace the gig economy, the entry barriers are lowered, providing unemployed graduates the chance to contribute their skills to the workforce. Singh predicts that the gig economy could potentially generate up to 90 million jobs in the next decade, presenting a significant opportunity for economic growth and individual empowerment. Both experts see the gig economy as a powerful tool to bridge the employability gap by providing diverse work opportunities that align with the skills of India's youth. Quality of new hires and emerging trends The question of the quality of new hires and the evolving employment landscape takes center stage in the discussion of India's employability. Gurpreet Singh's insights bring reassurance, dispelling concerns about declining new hire quality. He cites a diverse and rigorous talent pool, indicative of the evolving workforce dynamics. Singh also highlights a trend toward project-based talent acquisition through the gig economy, especially in the tech sector. This shift reflects the changing demands of industries and the increasing need for specialized skills. Jaideep Kewalramani provides a more holistic perspective, acknowledging the generational shift occurring in the workforce. He notes that as the Gen Z population grows, traditional notions of workplace engagement, communication, and motivation need to evolve. Kewalramani emphasises that businesses are now focusing on building a future-ready talent supply chain rather than just addressing immediate workforce needs. This aligns with the changing employment landscape, where adaptability, continuous learning, and technology proficiency are increasingly valued. Tier-wise college hiring: Dismantling traditional notions The Mercer/Mettl report's revelation that employability does not substantially differ between graduates from tier 1 and tier 2 or 3 colleges challenges conventional hiring paradigms. Jaideep Kewalramani's insights suggest that this trend is well underway. He hints at the already expanding practice of corporations hiring from tier 2, 3, and even 4 locations with successful outcomes. Kewalramani suggests that this trend is set to escalate further as businesses realize the potential of untapped talent across the nation. He implies that Talent mobility will be crucial in reshaping the employability landscape, bringing individuals from diverse backgrounds to the forefront of India's economic growth. He also mentioned Platforms like Digivarsity, which offer work-integrated degree programs and solve issues of talent acquisition, deployment, and retention. Gurpreet Singh contends that this shift indicates a broader trend in the employment landscape. Employers focus more on candidates' skills and capabilities than their educational pedigree. Singh highlights a growing recognition of the value that diverse perspectives and talents from different geographical regions can bring to businesses. This signals a departure from the historical reliance on top-tier institutions. Conclusion: Navigating the path forward In the face of challenges, a blueprint emerges for success – aligning education with industry, embracing the gig economy, adapting to generational shifts, and recognizing talent irrespective of college tiers. The road to capitalising on India's demographic dividend demands collaboration, innovation, and a willingness to reimagine conventional norms. As India looks to the future, it stands at a pivotal juncture where harnessing the potential of its youthful workforce is not only a necessity but a transformative opportunity for sustainable growth and global competitiveness. Through collective effort and strategic action, India's demographic dividend can truly become the cornerstone of a thriving economy. WATCH WION LIVE HERE

Decoding India's Employability: Unlocking the potential of India's demographic dividend