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The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy. &nbsp;

Daniel Leigh, who is IMF division chief, said that the Indian economy is a "very strong economy" and the nation is one of the bright spots in the global economy right now with a high growth rate.&nbsp;

Leigh said: "Yes, we have a growth rate for India which is 6.8 in 2022. Let's not forget this is one of the bright spots in the global economy right now."&nbsp;

He added, "Such a high growth rate and it is moderating down to 5.9 with a -.2 revision compared to January, what's happening here is also a set of historical revisions."&nbsp;

India's inflation to slow to 4.9 per cent in the current year and further to 4.4 per cent next fiscal year, the IMF projects and the growth forecast is lower than the Reserve Bank of India (RBI) projection. The central bank predicted 7 per cent GDP growth for FY 2022-23 and 6.4 per cent in the ongoing fiscal that started on April 1.

IMF also predicted that most countries will avoid a recession this year despite high inflation in many countries, rising geopolitical tensions and financial stability.&nbsp;

The IMF, in its World Economic Outlook (WEO) report, predicts the global economy will grow by 2.8 per cent this year and three per cent in 2024, which is a decline of 0.1 percentage point from its January forecasts.&nbsp;

According to the report, the United States is expected to grow by 1.6 per cent in 2023, marginally higher than previously predicted.&nbsp;

IMF chief economist Pierre-Olivier Gourinchas told a press conference Tuesday: "The global economy remains on track for a gradual recovery from the pandemic and Russia's war in Ukraine." &nbsp;He added that "the massive and synchronized tightening of monetary policy by most central banks" had begun to bring inflation lower.

(With inputs from agencies)&nbsp;

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The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy.

The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy. Daniel Leigh, who is IMF division chief, said that the Indian economy is a "very strong economy" and the nation is one of the bright spots in the global economy right now with a high growth rate. Leigh said: "Yes, we have a growth rate for India which is 6.8 in 2022. Let's not forget this is one of the bright spots in the global economy right now." He added, "Such a high growth rate and it is moderating down to 5.9 with a -.2 revision compared to January, what's happening here is also a set of historical revisions." India's inflation to slow to 4.9 per cent in the current year and further to 4.4 per cent next fiscal year, the IMF projects and the growth forecast is lower than the Reserve Bank of India (RBI) projection. The central bank predicted 7 per cent GDP growth for FY 2022-23 and 6.4 per cent in the ongoing fiscal that started on April 1. IMF also predicted that most countries will avoid a recession this year despite high inflation in many countries, rising geopolitical tensions and financial stability. The IMF, in its World Economic Outlook (WEO) report, predicts the global economy will grow by 2.8 per cent this year and three per cent in 2024, which is a decline of 0.1 percentage point from its January forecasts. According to the report, the United States is expected to grow by 1.6 per cent in 2023, marginally higher than previously predicted. IMF chief economist Pierre-Olivier Gourinchas told a press conference Tuesday: "The global economy remains on track for a gradual recovery from the pandemic and Russia's war in Ukraine." He added that "the massive and synchronized tightening of monetary policy by most central banks" had begun to bring inflation lower. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF says India 'very strong economy' and one of bright spots globally

Johnson and Johnson for its baby products and you probably know that the company faces lawsuits of its baby powder more than 90,000 lawsuits have been filed against the baby talc maker. The allegations are that the baby powder produced by the company was laced with asbestos.

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Following a grim warning that its future is looking fuzzy, Tupperware's stock plunged by close to 50 per cent&nbsp;on Monday (April 10).

The container manufacturer said there is "substantial doubt" about the company's capacity to continue as a going concern in a regulatory filing late Friday and that it is working with financial advisers to find financing to stay afloat.

Tupperware claimed that if it doesn't obtain extra funding, company won't have enough cash to support its operations. According to the corporation, it is looking into possible layoffs and assessing its real estate holdings for potential cost-saving measures.

The New York Stock Exchange also issued a warning that Tupperware's stock may be delisted for failing to submit the necessary annual report, reported CNN.

“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” CEO Miguel Fernandez said in a press release. “The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/fall-of-credit-suisse-not-a-fall-of-switzerland-says-president-581388">Fall of Credit Suisse not a fall of Switzerland, says president</a>

The 77-year-old company has had difficulty staying competitive with rivals in recent years. With newer and trendier products, it has been attempting to shed its stuffy reputation and draw in new customers. It also reached a sales agreement with Target last year.

Neil Saunders, retail analyst and managing director at GlobalData Retail who spoke to CNN,&nbsp;claims that Tupperware is suffering from a "sharp decline in the number of sellers, a consumer pullback on home products, and a brand that still does not fully connect with younger consumers."

“The company used to be a hotbed of innovation with problem-solving kitchen gadgets, but it has really lost its edge,” he said.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/a-year-after-crisis-sri-lanka-grants-3-foreign-oil-companies-to-sell-fuel-581267">A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel</a>

The move into Target, according to Tupperware (TUP), is a part of the brand's reinvention, which also includes efforts to expand through various retail channels and expose its products to younger consumers who have never even heard of Tupperware (TUP) parties.

However, that hasn't worked out so far because shares have fallen 90 per cent&nbsp;in the last year. In November, it again issued a "going concern" alert.

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Following a grim warning that its future is looking fuzzy, Tupperware's stock plunged by close to 50 per cent on Monday (April 10). The container manufacturer said there is "substantial doubt" about the company's capacity to continue as a going concern in a regulatory filing late Friday and that it is working with financial advisers to find financing to stay afloat.

Following a grim warning that its future is looking fuzzy, Tupperware's stock plunged by close to 50 per cent on Monday (April 10). The container manufacturer said there is "substantial doubt" about the company's capacity to continue as a going concern in a regulatory filing late Friday and that it is working with financial advisers to find financing to stay afloat. Tupperware claimed that if it doesn't obtain extra funding, company won't have enough cash to support its operations. According to the corporation, it is looking into possible layoffs and assessing its real estate holdings for potential cost-saving measures. The New York Stock Exchange also issued a warning that Tupperware's stock may be delisted for failing to submit the necessary annual report, reported CNN. “Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” CEO Miguel Fernandez said in a press release. “The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position.” ALSO READ | Fall of Credit Suisse not a fall of Switzerland, says president The 77-year-old company has had difficulty staying competitive with rivals in recent years. With newer and trendier products, it has been attempting to shed its stuffy reputation and draw in new customers. It also reached a sales agreement with Target last year. Neil Saunders, retail analyst and managing director at GlobalData Retail who spoke to CNN, claims that Tupperware is suffering from a "sharp decline in the number of sellers, a consumer pullback on home products, and a brand that still does not fully connect with younger consumers." “The company used to be a hotbed of innovation with problem-solving kitchen gadgets, but it has really lost its edge,” he said. ALSO READ | A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel The move into Target, according to Tupperware (TUP), is a part of the brand's reinvention, which also includes efforts to expand through various retail channels and expose its products to younger consumers who have never even heard of Tupperware (TUP) parties. However, that hasn't worked out so far because shares have fallen 90 per cent in the last year. In November, it again issued a "going concern" alert. WATCH WION LIVE HERE:

Tupperware in trouble? Company stock dips after warning it may go out of business

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at.

The Sri Lankan cabinet on March 27 decided to grant licenses to foreign oil companies to sell oil in the domestic retail market. Three companies -- China's Sinopec, United Petroleum of Australia, and RM Parks of the United States in a collaboration with Shell -- will soon start operating in the country.

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1) Cabinet approval grated to award licenses to Sinopec, United Petroleum, Australia &amp; RM Parks of USA in a collaboration with Shell Plc to enter the Fuel Retail market in Sri Lanka.
— Kanchana Wijesekera (@kanchana_wij) <a href="https://twitter.com/kanchana_wij/status/1640317066451492864?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote>
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These companies will be allowed to import, store and distribute petroleum products for 20 years. They will be allowed to operate 150 fuel stations that are currently run by the state-owned Ceylon Petroleum Corporation. Moreover, they will establish 50 fuel stations at new locations.

The entry of Chinese, American and Australian oil firms in Sri Lanka is significant as the island nation only has two major oil companies. Ceylon Petroleum Corporation, which is owned by the government, controls 80 percent of the fuel supply, while the Sri Lankan subsidiary of the Indian Oil Corporation -- Lanka IOC -- controls the rest.

The latest decision comes at least nine months after the government decided to open Sri Lanka's oil retail market to "companies from Oil producing nations" to resolve acute shortages of fuel during its worst economic crisis since gaining Independence in 1948.

Sri Lankan energy minister Kanchana Wijesekera had tweeted: "They will be selected on the ability to Import Fuel and operate without Forex requirements from the Central Bank of Sri Lanka and banks for the first few months of operations."

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1) Cabinet Approval was granted to open up the Fuel Import and Retail sales market to Companies from Oil producing Nations. They will be selected on the ability to Import Fuel and operate without Forex requirements from the CBSL and Banks for the first few months of operations.
— Kanchana Wijesekera (@kanchana_wij) <a href="https://twitter.com/kanchana_wij/status/1541646012032454656?ref_src=twsrc%5Etfw">June 28, 2022</a></blockquote>
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However, the Sri Lankan government won't find it easy to implement its reforms in the fuel industry. Workers Unions have been opposing the plan to allow grant licenses to the three foreign firms and partially privatise the Ceylon Petroleum Corporation.

The 2022 Sri Lanka economic crisis

Last year, amid the coronavirus pandemic and the Ukraine war, Sri Lanka faced an economic crisis.

The island nation defaulted on its debt for the first time since Independence. With foreign exchange reserves at a critical level, the nation of 22 million was unable to pay for imports of essential items like fuel, food and medicines. According to the World Bank, Sri Lanka's economy contracted by 7.8 percent in 2022.

A year later, Sri Lanka is in the midst of an International Monetary Fund-backed recovery, under which the government recently slashed fuel prices by 8 to 26 percent.&nbsp;

In March, the IMF approved a $3 billion package for the crisis-hit island nation.

World Bank's position on Sri Lanka's recovery

While the IMF has released its package, its sister organisation World Bank's&nbsp;outlook on the Sri Lankan economy looks bleak.

"The fluid political situation and heightened fiscal, external, and financial sector imbalances pose significant uncertainty for the outlook," the World Bank's latest Sri Lanka development update read.

The international institution added that a slow debt restructuring process, a sharper global slowdown, and a prolonged recovery from the scarring effects of the current crisis are key risks to the Sri Lankan economy.

However, Faris Hadad-Zervos, World Bank's Country Director for Maldives, Nepal and Sri Lanka, sees a brighter side too: "The crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances. Sri Lanka can use this opportunity to build a strong and resilient economy."

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at.

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at. The Sri Lankan cabinet on March 27 decided to grant licenses to foreign oil companies to sell oil in the domestic retail market. Three companies -- China's Sinopec, United Petroleum of Australia, and RM Parks of the United States in a collaboration with Shell -- will soon start operating in the country. 1) Cabinet approval grated to award licenses to Sinopec, United Petroleum, Australia & RM Parks of USA in a collaboration with Shell Plc to enter the Fuel Retail market in Sri Lanka. — Kanchana Wijesekera (@kanchana_wij) March 27, 2023 × These companies will be allowed to import, store and distribute petroleum products for 20 years. They will be allowed to operate 150 fuel stations that are currently run by the state-owned Ceylon Petroleum Corporation. Moreover, they will establish 50 fuel stations at new locations. The entry of Chinese, American and Australian oil firms in Sri Lanka is significant as the island nation only has two major oil companies. Ceylon Petroleum Corporation, which is owned by the government, controls 80 percent of the fuel supply, while the Sri Lankan subsidiary of the Indian Oil Corporation -- Lanka IOC -- controls the rest. The latest decision comes at least nine months after the government decided to open Sri Lanka's oil retail market to "companies from Oil producing nations" to resolve acute shortages of fuel during its worst economic crisis since gaining Independence in 1948. Sri Lankan energy minister Kanchana Wijesekera had tweeted: "They will be selected on the ability to Import Fuel and operate without Forex requirements from the Central Bank of Sri Lanka and banks for the first few months of operations." 1) Cabinet Approval was granted to open up the Fuel Import and Retail sales market to Companies from Oil producing Nations. They will be selected on the ability to Import Fuel and operate without Forex requirements from the CBSL and Banks for the first few months of operations. — Kanchana Wijesekera (@kanchana_wij) June 28, 2022 × However, the Sri Lankan government won't find it easy to implement its reforms in the fuel industry. Workers Unions have been opposing the plan to allow grant licenses to the three foreign firms and partially privatise the Ceylon Petroleum Corporation. The 2022 Sri Lanka economic crisis Last year, amid the coronavirus pandemic and the Ukraine war, Sri Lanka faced an economic crisis. The island nation defaulted on its debt for the first time since Independence. With foreign exchange reserves at a critical level, the nation of 22 million was unable to pay for imports of essential items like fuel, food and medicines. According to the World Bank, Sri Lanka's economy contracted by 7.8 percent in 2022. A year later, Sri Lanka is in the midst of an International Monetary Fund-backed recovery, under which the government recently slashed fuel prices by 8 to 26 percent. In March, the IMF approved a $3 billion package for the crisis-hit island nation. World Bank's position on Sri Lanka's recovery While the IMF has released its package, its sister organisation World Bank's outlook on the Sri Lankan economy looks bleak. "The fluid political situation and heightened fiscal, external, and financial sector imbalances pose significant uncertainty for the outlook," the World Bank's latest Sri Lanka development update read. The international institution added that a slow debt restructuring process, a sharper global slowdown, and a prolonged recovery from the scarring effects of the current crisis are key risks to the Sri Lankan economy. However, Faris Hadad-Zervos, World Bank's Country Director for Maldives, Nepal and Sri Lanka, sees a brighter side too: "The crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances. Sri Lanka can use this opportunity to build a strong and resilient economy."

A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel

Adani Power Limited (APL) said that it has started supplying electricity to Bangladesh as it announced the commissioning of its first of the two 800 MW thermal power generation units in the eastern Jharkhand district of India.&nbsp;

The unit at Godda region is presently supplying 748MW of power to the neighbouring country as part of a wider agreement to provide 1,496MW net capacity power. &nbsp;

The second 800MW thermal plant is expected to be commissioned soon, as it has been delayed due to pandemic and non-completion of the transmission infrastructure in Bangladesh.&nbsp;

The Bangladesh Power Development Board (BPDB) had entered into a long-term Power Purchase Agreement (PPA) with APL’s wholly-owned subsidiary&nbsp;Adani&nbsp;Power Jharkhand Limited (APJL) in November 2017 to procure 1,496 MW net capacity power from 2X800 MW ultra-supercritical power project at Godda.&nbsp;

On Sunday, APL, India’s largest power producer, in a statement said that the electricity supplied from Godda will significantly improve the situation in Bangladesh as it will replace expensive power generated from liquid fuel, bringing down the average cost of power purchased.&nbsp;

Bangladesh is undergoing an electricity crunch and depends mostly on gas and diesel-fired electricity with high tariffs.&nbsp;&nbsp;

The Godda Power Plant is composed of two units of the latest technology available in the world, which is “Ultra Super Critical Technology" equipped with latest techniques for controlling emissions and consumption of coal and water, the company claims.&nbsp;

In order to reduce emission and adhere to the lasts environment norms, the company said it has installed Flue Gas Desulphurisation (FGD) and Selective Catalytic Reduction (SCR). &nbsp;

The plant is going to be one its kind in India and in Bangladesh, operating on the latest environment emission norms, the company said.&nbsp;

Adani Power CEO SB Khyalia in a press release said that the power supply would make the industries and ecosystem more competitive in Bangladesh. &nbsp;

Khyalia said it is the first power plant in the country that started its operations from Day 1 with 100 per cent flue gas desulphurisation, selective catalytic reduction and zero-water discharge. &nbsp;

"The Godda power plant is a strategic asset in the India-Bangladesh's&nbsp;long-standing relationship," Khyalia said.

Adani&nbsp;Power has an installed thermal power capacity of 13,610 MW spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, apart from a 40 MW solar power plant in Gujarat.&nbsp;

&nbsp; 
&nbsp;

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Adani Power Limited (APL) said that it has started supplying electricity to Bangladesh as it announced the commissioning of its first of the two 800 MW thermal power generation units in the eastern Jharkhand district of India.

Adani Power Limited (APL) said that it has started supplying electricity to Bangladesh as it announced the commissioning of its first of the two 800 MW thermal power generation units in the eastern Jharkhand district of India. The unit at Godda region is presently supplying 748MW of power to the neighbouring country as part of a wider agreement to provide 1,496MW net capacity power. The second 800MW thermal plant is expected to be commissioned soon, as it has been delayed due to pandemic and non-completion of the transmission infrastructure in Bangladesh. The Bangladesh Power Development Board (BPDB) had entered into a long-term Power Purchase Agreement (PPA) with APL’s wholly-owned subsidiary Adani Power Jharkhand Limited (APJL) in November 2017 to procure 1,496 MW net capacity power from 2X800 MW ultra-supercritical power project at Godda. On Sunday, APL, India’s largest power producer, in a statement said that the electricity supplied from Godda will significantly improve the situation in Bangladesh as it will replace expensive power generated from liquid fuel, bringing down the average cost of power purchased. Bangladesh is undergoing an electricity crunch and depends mostly on gas and diesel-fired electricity with high tariffs. The Godda Power Plant is composed of two units of the latest technology available in the world, which is “Ultra Super Critical Technology" equipped with latest techniques for controlling emissions and consumption of coal and water, the company claims. In order to reduce emission and adhere to the lasts environment norms, the company said it has installed Flue Gas Desulphurisation (FGD) and Selective Catalytic Reduction (SCR). The plant is going to be one its kind in India and in Bangladesh, operating on the latest environment emission norms, the company said. Adani Power CEO SB Khyalia in a press release said that the power supply would make the industries and ecosystem more competitive in Bangladesh. Khyalia said it is the first power plant in the country that started its operations from Day 1 with 100 per cent flue gas desulphurisation, selective catalytic reduction and zero-water discharge. "The Godda power plant is a strategic asset in the India-Bangladesh's long-standing relationship," Khyalia said. Adani Power has an installed thermal power capacity of 13,610 MW spread across seven power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, and Madhya Pradesh, apart from a 40 MW solar power plant in Gujarat. WATCH WION LIVE HERE

India’s Adani Group starts supplying electricity to Bangladesh 

Right now, Bitcoin is flying. The leading cryptocurrency is up more than 7% from the previous day, which means it has reached the psychological threshold of $30,000.

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In the first quarter of 2023, Apple's worldwide computer shipments decreased by almost 40% year over year. Apple's competitors are also experiencing a decline in consumer demand. Aces Also reporting double-digit declines in shipments were Dell HP and Lenovo.

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The Indian empire described the details of the 2.87 billion dollars in stake sales and group firms since 2019, and how 2.55 billion dollars of that money was ploughed back into business at any group firm, in a regulatory filing on Monday. Adani Group listed out the details of the group firm's stake sales since 2019 and how it reinvested that money into its businesses.

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After being fired from the firm, Parag Agarwal, the former CEO of Twitter, filed a lawsuit against Twitter's Elon Musk, requesting compensation for the costs associated with the litigation, probes, and congressional hearings. They asserted that Twitter owes them more than $1 million and that Twitter is required by law to pay them.

Former CEO Parag Agarwal takes legal action against Elon Musk for unpaid legal expenses

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India's digital public infrastructure, one of the biggest success stories of the country, has got a thumbs up from the International Monetary Fund.

While praising India's digital public infrastructure, a recent paper by the IMF noted that the country's digital journey has "lessons for other countries embarking on their own digital transformation."

India's digital public infrastructure, which includes the Aadhar, Unified Payments Interface (UPI) -- in other words, digital payments -- and Digilocker (an online storage platform), collectively come under the 'India Stack'.

Together they enable online, paperless, cashless, and privacy-respecting digital access to a variety of public and private services, the paper noted.

The IMF paper, titled 'Stacking up the benefits: lessons from India's digital journey', argued that India's digital infrastructure helped the people during the pandemic.

"India was able to quickly provide support to an impressive share of poor households during the pandemic. In the first months of the pandemic about 87 per cent of poor households received at least one benefit," the paper said.

Thanks to the robust digital infrastructure across India, the Indian government could save an estimated 1.1 per cent of the GDP in expenditure up to March 2021.

ALSO READ | <a href="https://www.wionews.com/world/india-china-to-account-of-half-of-global-growth-in-2023-as-imf-chief-warns-of-sharp-slowdown-579969">India, China to account for half of global growth in 2023, as IMF chief warns of ‘sharp slowdown’</a>

The paper particularly noted how the government pushed for financial inclusion through the Jan Dhan scheme, which provided low-cost zero-balance accounts to millions of poor Indians by linking their accounts to Aadhar.

Under this initiative, 462.5 million bank accounts were opened in both urban and rural areas, as of August 2022.

In addition, 'India Stack' has digitised and simplified Know Your Customer (KYC) procedures, which has lowered costs. Banks that use e-KYC lowered their cost of compliance from $12 to 6 cents, the IMF paper said.

And it is not just the banking and finance sector that has benefited from India's digital transformation.

India's digital infrastructure helped overcome logistical challenges during the Covid-19 vaccination process.

"Using a digital backbone allowed India to scale its vaccine delivery quickly and overcome challenges such as large-scale internal migration. The technology underlying CoWIN has been deployed in Indonesia, Philippines, Sri Lanka and Jamaica to help facilitate their vaccination programmes," the paper noted.

A large part of India's digital infrastructure is centred around digital payments via UPI.

As UPI is interoperable, which means it can be used across multiple platforms, even private players like PhonePe, Google and PayTm have integrated their payment systems with it.

WATCH | IMF Chief: World to grow at 3% for 5 years

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Digital payments now account for 68 per cent of all payment transactions by volume. Roughly 4.5 million individuals and companies have benefited from easier access to financial services through UPI, the paper noted.

Digitalisation has also supported the formalisation of the Indian economy, where a large section of the population works in the informal sector, the paper added.

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India's digital public infrastructure, one of the biggest success stories of the country, has got a thumbs up from the International Monetary Fund. While praising India's digital public infrastructure, a recent paper by the IMF noted that the country's digital journey has "lessons for other countries embarking on their own digital transformation.

India's digital public infrastructure, one of the biggest success stories of the country, has got a thumbs up from the International Monetary Fund. While praising India's digital public infrastructure, a recent paper by the IMF noted that the country's digital journey has "lessons for other countries embarking on their own digital transformation." India's digital public infrastructure, which includes the Aadhar, Unified Payments Interface (UPI) -- in other words, digital payments -- and Digilocker (an online storage platform), collectively come under the 'India Stack'. Together they enable online, paperless, cashless, and privacy-respecting digital access to a variety of public and private services, the paper noted. The IMF paper, titled 'Stacking up the benefits: lessons from India's digital journey', argued that India's digital infrastructure helped the people during the pandemic. "India was able to quickly provide support to an impressive share of poor households during the pandemic. In the first months of the pandemic about 87 per cent of poor households received at least one benefit," the paper said. Thanks to the robust digital infrastructure across India, the Indian government could save an estimated 1.1 per cent of the GDP in expenditure up to March 2021. ALSO READ | India, China to account for half of global growth in 2023, as IMF chief warns of ‘sharp slowdown’ The paper particularly noted how the government pushed for financial inclusion through the Jan Dhan scheme, which provided low-cost zero-balance accounts to millions of poor Indians by linking their accounts to Aadhar. Under this initiative, 462.5 million bank accounts were opened in both urban and rural areas, as of August 2022. In addition, 'India Stack' has digitised and simplified Know Your Customer (KYC) procedures, which has lowered costs. Banks that use e-KYC lowered their cost of compliance from $12 to 6 cents, the IMF paper said. And it is not just the banking and finance sector that has benefited from India's digital transformation. India's digital infrastructure helped overcome logistical challenges during the Covid-19 vaccination process. "Using a digital backbone allowed India to scale its vaccine delivery quickly and overcome challenges such as large-scale internal migration. The technology underlying CoWIN has been deployed in Indonesia, Philippines, Sri Lanka and Jamaica to help facilitate their vaccination programmes," the paper noted. A large part of India's digital infrastructure is centred around digital payments via UPI. As UPI is interoperable, which means it can be used across multiple platforms, even private players like PhonePe, Google and PayTm have integrated their payment systems with it. WATCH | IMF Chief: World to grow at 3% for 5 years Digital payments now account for 68 per cent of all payment transactions by volume. Roughly 4.5 million individuals and companies have benefited from easier access to financial services through UPI, the paper noted. Digitalisation has also supported the formalisation of the Indian economy, where a large section of the population works in the informal sector, the paper added. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

IMF paper hails India's public digital infrastructure

The bankruptcy filing of Richard Branson's Virgin Orbit has dealt a significant blow to Japan's plans of building a domestic space industry, including the Kyushu-based spaceport designed to attract tourism.&nbsp;

Oita prefecture had partnered with Virgin Orbit in 2020 to create its first Asian spaceport at Oita Airport using a Boeing 747 for horizontal rocket launches. However, the original plan to launch small satellites from Oita as early as last year never occurred, leading to another setback in Japan's attempt to become a player in the crowded market for commercial satellite launches after two recent rocket launch failures.&nbsp;

Two Japanese companies, ANA Holdings unit All Nippon Airways Trading Co and little-known Japanese satellite development start-up iQPS Inc, emerged among the top six creditors when Virgin Orbit filed for Chapter 11 bankruptcy protection. ANA, owed $1.65 million, had entered into a provisional deal with Virgin Orbit in 2021 for 20 flights of its LauncherOne rocket at the Oita spaceport. Fukuoka-based iQPS had paid a $5.2 million deposit to launch its small, lightweight constellation satellites weighing around 100 kilograms.&nbsp;

Oita prefecture had estimated that the spaceport would produce economic benefits worth about $97 million dollars in the region over the five years from the initial launch, attracting around 240,000 tourists. Local businesses created alien-related souvenirs, from alien passports to "E.T." bicycles, in anticipation of the spaceport's opening. Locals are still hopeful that a spaceport will eventually emerge, and an economics lecturer at Oita University noted that there are other companies and competitors besides Virgin Orbit that are considering horizontal launches, so Oita still has many options to re-enter into a contract with them.&nbsp;

While Japan has big ambitions for space, recent setbacks such as the failed medium-lift H3 rocket in March and the solid-fuel Epsilon rocket in October have some experts urging Japan to shift the focus of its space industry. Cyber and space expert Jun Nagashima suggested that Japan is concentrating too much on launches and that it would be better for Japan to compete in different activities and areas in space, especially with SpaceX coming out with affordable rockets that can be used repeatedly.&nbsp;

Despite the challenges, Japan's hopes of building a domestic space industry and attracting tourists to its spaceports remain intact, and the country will likely continue to pursue new opportunities and partnerships in the rapidly evolving space sector.

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The bankruptcy filing of Richard Branson's Virgin Orbit has dealt a significant blow to Japan's plans of building a domestic space industry, including the Kyushu-based spaceport designed to attract tourism.

The bankruptcy filing of Richard Branson's Virgin Orbit has dealt a significant blow to Japan's plans of building a domestic space industry, including the Kyushu-based spaceport designed to attract tourism. Oita prefecture had partnered with Virgin Orbit in 2020 to create its first Asian spaceport at Oita Airport using a Boeing 747 for horizontal rocket launches. However, the original plan to launch small satellites from Oita as early as last year never occurred, leading to another setback in Japan's attempt to become a player in the crowded market for commercial satellite launches after two recent rocket launch failures. Two Japanese companies, ANA Holdings unit All Nippon Airways Trading Co and little-known Japanese satellite development start-up iQPS Inc, emerged among the top six creditors when Virgin Orbit filed for Chapter 11 bankruptcy protection. ANA, owed $1.65 million, had entered into a provisional deal with Virgin Orbit in 2021 for 20 flights of its LauncherOne rocket at the Oita spaceport. Fukuoka-based iQPS had paid a $5.2 million deposit to launch its small, lightweight constellation satellites weighing around 100 kilograms. Oita prefecture had estimated that the spaceport would produce economic benefits worth about $97 million dollars in the region over the five years from the initial launch, attracting around 240,000 tourists. Local businesses created alien-related souvenirs, from alien passports to "E.T." bicycles, in anticipation of the spaceport's opening. Locals are still hopeful that a spaceport will eventually emerge, and an economics lecturer at Oita University noted that there are other companies and competitors besides Virgin Orbit that are considering horizontal launches, so Oita still has many options to re-enter into a contract with them. While Japan has big ambitions for space, recent setbacks such as the failed medium-lift H3 rocket in March and the solid-fuel Epsilon rocket in October have some experts urging Japan to shift the focus of its space industry. Cyber and space expert Jun Nagashima suggested that Japan is concentrating too much on launches and that it would be better for Japan to compete in different activities and areas in space, especially with SpaceX coming out with affordable rockets that can be used repeatedly. Despite the challenges, Japan's hopes of building a domestic space industry and attracting tourists to its spaceports remain intact, and the country will likely continue to pursue new opportunities and partnerships in the rapidly evolving space sector. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Virgin Orbit bankruptcy casts shadow over Japan's space dreams

Taiwanese electronics giant Foxconn has announced plans to invest $820 million over the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle ambitions, as per the latest media reports.&nbsp;

The company's latest investment in Taiwan signals its commitment to developing its own EV supply chain and reducing reliance on third-party suppliers. The move is also in line with Taiwan's push to become a major player in the EV industry, with the government providing incentives to attract investment and support the development of local talent in the field.&nbsp;

Foxconn's investment is expected to create thousands of new jobs in Kaohsiung, a city in southern Taiwan, and provide a boost to the local economy.&nbsp;

Foxconn is a major supplier to Apple, manufacturing iPhones, and is seeking to diversify its revenue base with a focus on the EV market. The company has already formed several partnerships with global automakers, including a joint venture with Chinese automaker Geely, to provide contract manufacturing services for electric vehicles.

The global EV market is growing rapidly, with demand for electric cars expected to surge in the coming years. Foxconn's investment in new manufacturing facilities and EV-related technologies is aimed at positioning the company as a key player in the market and capturing a share of the growing demand.

Foxconn's move into the EV industry is part of a broader trend of technology companies expanding into the automotive sector. With the rise of electric and autonomous vehicles, the lines between the two industries are blurring, creating opportunities for companies to develop new products and services that cater to the changing needs of consumers.

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Taiwanese electronics giant Foxconn has announced plans to invest $820 million over the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle ambitions, as per the latest media reports.

Taiwanese electronics giant Foxconn has announced plans to invest $820 million over the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle ambitions, as per the latest media reports. The company's latest investment in Taiwan signals its commitment to developing its own EV supply chain and reducing reliance on third-party suppliers. The move is also in line with Taiwan's push to become a major player in the EV industry, with the government providing incentives to attract investment and support the development of local talent in the field. Foxconn's investment is expected to create thousands of new jobs in Kaohsiung, a city in southern Taiwan, and provide a boost to the local economy. Foxconn is a major supplier to Apple, manufacturing iPhones, and is seeking to diversify its revenue base with a focus on the EV market. The company has already formed several partnerships with global automakers, including a joint venture with Chinese automaker Geely, to provide contract manufacturing services for electric vehicles. The global EV market is growing rapidly, with demand for electric cars expected to surge in the coming years. Foxconn's investment in new manufacturing facilities and EV-related technologies is aimed at positioning the company as a key player in the market and capturing a share of the growing demand. Foxconn's move into the EV industry is part of a broader trend of technology companies expanding into the automotive sector. With the rise of electric and autonomous vehicles, the lines between the two industries are blurring, creating opportunities for companies to develop new products and services that cater to the changing needs of consumers. WATCH WION LIVE HERE

Foxconn to pump $800 million into Taiwan to expand electric vehicle production

Nirmala Sitharaman, the Indian Finance Minister, is in the United States for a week. During her stay, she plans to attend a number of meetings at the World Bank, the IMF, and other institutions.

Indian Finance Minister Nirmala Sitharaman to meet G20 FM's today in US

A group of leading Indian CEOs will be led by Indian Commerce Minister Piyush Goyal at the India France Business Summit in Paris on Tuesday. The upcoming trip is expected to improve trade ties with France, the second-largest economy in the European Union.

India talks business and trade with France

Tesla is allegedly being accused of violating the privacy of its consumers by sharing films and pictures taken by the cameras in Tesla cars, leading to the possibility of a class-action lawsuit. The lawsuit was filed last week, one day after Reuters revealed that between 2019 and 2022, Tesla personnel shared privately on the company's messaging platforms occasionally highly intrusive footage and photographs taken by consumers' car cameras.

Tesla face class-action lawsuit for privacy breach

Tesla is set to expand its presence in China with a new Factory in Shanghai which will be capable of producing 10 000 Mega packs of Energy Products. Annually the new plant will supplement the California mega pack Factory and also take advantage of China's world-leading battery supply chain. Tesla CEO Elon Musk aims to meet the rising Global demand for renewable energy storage with lower cost through increased output production is set to begin in the quarter 2024 following groundbreaking in quarter 3 2023. The new Mega path Factory adds to Tesla's existing footprint in China which includes EV production and a plan expansion of its most productive Auto plant

Tesla to build EV megapack facility in China

Chinese search engine giant Baidu has filed lawsuits against relevant app developers and Apple over fake copies of its Ernie bot app available on Apple's App Store. The business's artificial intelligence-powered Ernie bot, which debuted last month, has been hailed as China's most direct rival to the ChatGPT chatbot created in the US.

Baidu sues Apple, app developers over fake Ernie apps

'Twitter Files' journalist Matt Taibbi is calling it quits from the microblogging website and parting ways with CEO Elon Musk after the rivalry between Substack and the platform deepened. Musk chose Taibbi for "Twitter Files" to reveal the alleged conspiracies&nbsp;between former Twitter management and the federal government to restrict conservatives.&nbsp;

<h2>Why is Matt Taibbi leaving Twitter now?&nbsp;</h2>

Matt Taibbi is one of the most well-known contributors on Substack, Twitter's social media rival platform.&nbsp;A couple of days ago, Substack announced the launch of Substack Notes, a new service that resembles Twitter in some ways.

Also Read | <a href="https://www.wionews.com/world/3-injured-in-shooting-at-christiana-mall-in-us-state-of-delaware-police-580564">Three injured in shooting at Christiana Mall in US state of Delaware: Police</a>

“It turns out Twitter is upset about the new Substack Notes feature, which they see as a hostile rival,” Taibbi wrote in a Substack post.&nbsp;

Titled “The Craziest Friday Ever,” Taibbi added in the post, “I’m staying at Substack. You’ve all been great to me, as has the management of this company. Beginning early next week, I’ll be using the new Substack Notes feature (to which you’ll all have access) instead of Twitter, a decision that apparently will come with a price as far as any future Twitter Files reports are concerned.”

<h2>How did the Twitter-Substack controversy start?&nbsp;</h2>

It all started when reports indicated that Twitter has blocked users to access Substack posts. Not just that, it was also reported that a warning message is shown by Twitter reading that links to Substack may be dangerous.

Also Read | <a href="https://www.wionews.com/india-news/uae-envoy-abdulnasser-alshaali-praises-indias-g20-leadership-says-honored-by-new-delhis-invitation-580566">UAE envoy Abdulnasser Alshaali praises India's G20 leadership, says honoured by New Delhi's invitation</a>

<h2>Elon Musk breaks silence</h2>

In reaction to Matt Taibbi's announcement of leaving Twitter, Elon Musk put out a Tweet on Saturday. He called Taibbi a liar.

“Substack links were never blocked. Matt’s statement is false,” Musk tweeted.&nbsp;

The unveiling of Substack Notes, a short-form social media capability is seen as a potential rival to Musk, as per Forbes. Musk further claimed that Substack attempted to download data from Twitter in order to aid in the development of this new feature, Substack Notes.

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World at War | Russia welcomes Finland's NATO membership with nuclear Iskander missiles

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“Substack was trying to download a massive portion of the Twitter database to bootstrap their Twitter clone, so their IP address is obviously untrusted,” Musk added in a three-pointer tweet. “Turns out Matt is/was an employee of Substack,” he added.&nbsp;

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In reality, Forbes reported that the warning is there and the substack post links are blocked too.&nbsp;Twitter shows a notice which reads, “Some actions on this Tweet have been disabled by Twitter.”&nbsp; 
&nbsp;

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'Twitter Files' journalist Matt Taibbi is calling it quits from the microblogging website and parting ways with CEO Elon Musk after the rivalry between Substack and the platform deepened.

'Twitter Files' journalist Matt Taibbi is calling it quits from the microblogging website and parting ways with CEO Elon Musk after the rivalry between Substack and the platform deepened. Musk chose Taibbi for "Twitter Files" to reveal the alleged conspiracies between former Twitter management and the federal government to restrict conservatives. Why is Matt Taibbi leaving Twitter now? Matt Taibbi is one of the most well-known contributors on Substack, Twitter's social media rival platform. A couple of days ago, Substack announced the launch of Substack Notes, a new service that resembles Twitter in some ways. Also Read | Three injured in shooting at Christiana Mall in US state of Delaware: Police “It turns out Twitter is upset about the new Substack Notes feature, which they see as a hostile rival,” Taibbi wrote in a Substack post. Titled “The Craziest Friday Ever,” Taibbi added in the post, “I’m staying at Substack. You’ve all been great to me, as has the management of this company. Beginning early next week, I’ll be using the new Substack Notes feature (to which you’ll all have access) instead of Twitter, a decision that apparently will come with a price as far as any future Twitter Files reports are concerned.” How did the Twitter-Substack controversy start? It all started when reports indicated that Twitter has blocked users to access Substack posts. Not just that, it was also reported that a warning message is shown by Twitter reading that links to Substack may be dangerous. Also Read | UAE envoy Abdulnasser Alshaali praises India's G20 leadership, says honoured by New Delhi's invitation Elon Musk breaks silence In reaction to Matt Taibbi's announcement of leaving Twitter, Elon Musk put out a Tweet on Saturday. He called Taibbi a liar. “Substack links were never blocked. Matt’s statement is false,” Musk tweeted. The unveiling of Substack Notes, a short-form social media capability is seen as a potential rival to Musk, as per Forbes. Musk further claimed that Substack attempted to download data from Twitter in order to aid in the development of this new feature, Substack Notes. World at War | Russia welcomes Finland's NATO membership with nuclear Iskander missiles × “Substack was trying to download a massive portion of the Twitter database to bootstrap their Twitter clone, so their IP address is obviously untrusted,” Musk added in a three-pointer tweet. “Turns out Matt is/was an employee of Substack,” he added. In reality, Forbes reported that the warning is there and the substack post links are blocked too. Twitter shows a notice which reads, “Some actions on this Tweet have been disabled by Twitter.” WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Matt Taibbi and Elon Musk split. What is the Substack-Twitter rivalry?

As Pakistan continues to struggle economically, a report by the prominent Washington-based think tank, United States Institute of Peace (USIP), said that the cash-strapped country needs to repay a whopping $77.5 billion in external debt from April 2023 to June 2026. The report published on Thursday (April 6) also warned that Islamabad could face “disruptive effects” if it ultimately defaults.&nbsp;

Pakistan is currently facing soaring inflation at 35.37 per cent which is the highest in over five decades while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. Meanwhile, the country is also facing political conflicts and rising terrorism, said the report, warning that it is at risk of default due to its massive external debt obligations.&nbsp;

According to the USIP report, in the next three years, the debt-stricken country has to repay a number of Chinese financial institutions, private creditors and Saudi Arabia. Between April to June, this year, Islamabad faces near-term debt repayment pressure as the external debt servicing burden is at $4.5 billion, said the report. It added that Pakistan has to repay $1 billion to the Chinese SAFE deposit and another loan of around $1.4 billion from Chinese commercial is also due to mature.&nbsp;

The US-based think tank, in its report, also suggests that Pakistani officials are hoping to convince the Chinese to not only refinance but also roll over both debts, adding that they have managed to do so before. However, even if they do pull it off this time as well, the next fiscal year for Pakistan would be more challenging as the debt servicing will reportedly rise to nearly $25 billion.

The short-term debt repayments include $4 billion to Chinese SAFE deposits, $3 billion to Saudi deposits and $2 billion to United Arab Emirates (UAE) deposits, said the report, adding that the “Pakistani government assumes they will be rolled over by the creditors each year.” Separately, Pakistan also needs to repay another $1.1 billion of long-term commercial loans to Chinese banks, said the USIP.&nbsp;

As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by the government of Pakistan to various creditors.&nbsp;

Meanwhile, Pakistan also continues to struggle with securing the $6.5 billion bailout package the International Monetary Fund (IMF) approved in 2019 which also expires in June this year. However, Pakistan and the IMF have been negotiating the programme's resumption for months but are yet to reach an agreement.

(With inputs from agencies)&nbsp; 
 
&nbsp;

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As Pakistan continues to struggle economically, a report by the prominent Washington-based think tank, United States Institute of Peace (USIP), said that the cash-strapped country needs to repay a whopping $77.

As Pakistan continues to struggle economically, a report by the prominent Washington-based think tank, United States Institute of Peace (USIP), said that the cash-strapped country needs to repay a whopping $77.5 billion in external debt from April 2023 to June 2026. The report published on Thursday (April 6) also warned that Islamabad could face “disruptive effects” if it ultimately defaults. Pakistan is currently facing soaring inflation at 35.37 per cent which is the highest in over five decades while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. Meanwhile, the country is also facing political conflicts and rising terrorism, said the report, warning that it is at risk of default due to its massive external debt obligations. According to the USIP report, in the next three years, the debt-stricken country has to repay a number of Chinese financial institutions, private creditors and Saudi Arabia. Between April to June, this year, Islamabad faces near-term debt repayment pressure as the external debt servicing burden is at $4.5 billion, said the report. It added that Pakistan has to repay $1 billion to the Chinese SAFE deposit and another loan of around $1.4 billion from Chinese commercial is also due to mature. The US-based think tank, in its report, also suggests that Pakistani officials are hoping to convince the Chinese to not only refinance but also roll over both debts, adding that they have managed to do so before. However, even if they do pull it off this time as well, the next fiscal year for Pakistan would be more challenging as the debt servicing will reportedly rise to nearly $25 billion. The short-term debt repayments include $4 billion to Chinese SAFE deposits, $3 billion to Saudi deposits and $2 billion to United Arab Emirates (UAE) deposits, said the report, adding that the “Pakistani government assumes they will be rolled over by the creditors each year.” Separately, Pakistan also needs to repay another $1.1 billion of long-term commercial loans to Chinese banks, said the USIP. As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by the government of Pakistan to various creditors. Meanwhile, Pakistan also continues to struggle with securing the $6.5 billion bailout package the International Monetary Fund (IMF) approved in 2019 which also expires in June this year. However, Pakistan and the IMF have been negotiating the programme's resumption for months but are yet to reach an agreement. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cash-strapped Pakistan owes $77bn to China, Saudi Arabia, needs to repay by 2026: Report

Elon Musk-owned Tesla is offering bumper discounts. For the fifth time since January, the electric vehicle maker has slashed the prices between two per cent and nearly six per cent.

Elon Musk-owned Tesla is offering bumper discounts. For the fifth time since January, the electric vehicle maker has slashed the prices between two per cent and nearly six per cent. The continuation of the discount drive in Tesla's largest market could hurt profitability, caution experts. According to Tesla's website, the cuts ranged from two per cent on the Model 3 performance version to nearly six per cent on the basic version of Model S. The company also slashed $2,000 off the price of Model Y — its most popular small SUV, adding a lower-cost dual-motor version at $49,990. Cumulatively, Tesla has reduced the price of its base Model 3 by 11 per cent since the beginning of the year while Model Y has witnessed an even steeper 20 per cent reduction. US prepares to adopt tougher standards The move comes at a time when the US government is preparing to adopt tougher standards that may limit EV tax credits. Tesla earlier this month said the Model 3 rear-wheel drive credit will be reduced as a result of the guidance. The Biden administration is expected to publish a revised list of qualifying models and tax credit amounts later this month. WATCH | Elon Musk loses world's richest crown after Tesla shares fall 50% | World Business News | WION × Industry experts said Tesla needs to sell more vehicles to keep its factories operating at full capacity as the overhead of underutilised plants can quickly eat into the profit margins. Before the tax credits evaporate, this is the opportunity to let the cars fly out of the Tesla factory shelves. Moreover, with more and more players jumping on the EV bandwagon, Tesla's novelty factor may have worn off which explains the aggressive price cuts. Tesla's sales numbers According to sales figures released earlier this month, Tesla, which does not break out sales by country said the deliveries rose 36 per cent last quarter to 422,875. ALSO READ | Tesla’s 50 per cent price slash creates ‘havoc’ in Chinese electric car market: Report The numbers were significantly higher than the 310,000 deliveries recorded a year ago but still fell short of analyst estimates of 432,000. Despite missing the target, the company has set an ambitious goal of hitting 1.8 million deliveries this year. Apart from the USA, Tesla made news last month when it triggered a price war among the electric carmakers in the hyper-competitive Chinese market by announcing a 50 per cent reduction in prices. (With inputs from agencies) WATCH WION LIVE HERE:

Tesla slashes car prices in US for fifth time since start of year to spur demand

International Monetary Fund (IMF) managing director Kristalina Georgieva has warned that a sharp slowdown will continue in 2023, with India and China remaining to be the only bright spots.

She said that while the world will grow at less than 3 per cent, half of it will be accounted for by the two Asian giants.

“The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades," the IMF chief said on Thursday.

"Some momentum comes from emerging economies —Asia especially is a bright spot. India and China are expected to account for half of the global growth in 2023. But others face a steeper climb," she added.

She said that lower-income countries would be hit the hardest, as they will find it difficult to grow amidst a global slowdown.

"Poverty and hunger could further increase, a dangerous trend that was started by the Covid crisis," she said.

<h2>India's Central Bank pauses on rate hikes; RBI on standby mode </h2>

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Georgieva’s remarks come ahead of the next week’s meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy's most pressing issues.

While the West, including the EU, is facing fresh headwinds in the wake of the banking collapse, India’s economic growth has so far been resilient.

About 90 per cent of advanced economies are projected to see a decline in their growth rates this year, she said.

The IMF chief’s projections are closely aligned with the Reserve Bank of India’s estimates, which has pegged India’s Gross Domestic Product (GDP) at 7 per cent for 2023.

While announcing RBI’s first bi-monthly monetary policy statement of FY24 on Thursday, RBI Governor Shaktikanta Das said that India’s real GDP growth for FY24 is projected at 6.5 per cent, with Q1 at 7.8 per cent, Q2 at 6.2 per cent, Q3 at 6.1 per cent, and Q4 at 5.9 per cent.

“The global economy is witnessing a renewed phase of turbulence with fresh headwinds from the banking sector turmoil in advanced economies," he said.

(With inputs from agencies)

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International Monetary Fund (IMF) managing director Kristalina Georgieva has warned that a sharp slowdown will continue in 2023, with India and China remaining to be the only bright spots.

International Monetary Fund (IMF) managing director Kristalina Georgieva has warned that a sharp slowdown will continue in 2023, with India and China remaining to be the only bright spots. She said that while the world will grow at less than 3 per cent, half of it will be accounted for by the two Asian giants. “The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades," the IMF chief said on Thursday. "Some momentum comes from emerging economies —Asia especially is a bright spot. India and China are expected to account for half of the global growth in 2023. But others face a steeper climb," she added. She said that lower-income countries would be hit the hardest, as they will find it difficult to grow amidst a global slowdown. "Poverty and hunger could further increase, a dangerous trend that was started by the Covid crisis," she said. India's Central Bank pauses on rate hikes; RBI on standby mode Georgieva’s remarks come ahead of the next week’s meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy's most pressing issues. While the West, including the EU, is facing fresh headwinds in the wake of the banking collapse, India’s economic growth has so far been resilient. About 90 per cent of advanced economies are projected to see a decline in their growth rates this year, she said. The IMF chief’s projections are closely aligned with the Reserve Bank of India’s estimates, which has pegged India’s Gross Domestic Product (GDP) at 7 per cent for 2023. While announcing RBI’s first bi-monthly monetary policy statement of FY24 on Thursday, RBI Governor Shaktikanta Das said that India’s real GDP growth for FY24 is projected at 6.5 per cent, with Q1 at 7.8 per cent, Q2 at 6.2 per cent, Q3 at 6.1 per cent, and Q4 at 5.9 per cent. “The global economy is witnessing a renewed phase of turbulence with fresh headwinds from the banking sector turmoil in advanced economies," he said. (With inputs from agencies) WATCH WION LIVE HERE

India, China to account for half of global growth in 2023, as IMF chief warns of ‘sharp slowdown’

The Indian government approved the recommendations of a gas panel report, on Thursday (April 6) which would fix the cost of natural gas by imposing a cap or ceiling price and help lower the cost of compressed natural gas (CNG) and piped cooking gas prices (PNG) by up to 10 per cent. The new price cap will come into effect from Saturday, in a bid to control inflation and a major relief to consumers across the country.&nbsp; 
&nbsp; 
Changes to the pricing mechanism

The announcement, on Thursday, was made by the country’s Information Minister Anurag Thakur after a meeting of the Cabinet Committee on Economic Affairs which was chaired by Prime Minister Narendra Modi. PNG will be cheaper by 10 per cent while CNG will cost at least six to nine per cent lesser, said Thakur while addressing a press conference and adding that the government will issue a notification in this regard on Friday (April 6) which will come into effect on Saturday (April 8).&nbsp;

This comes as the natural gas produced from legacy or old fields will now be indexed to the crude oil price as opposed to pricing it based on gas prices in surplus nations such as the United States, Canada and Russia, said the information minister.&nbsp;

The price will also apply to industrial buyers and companies in the fertiliser and city gas distribution sectors which will be fixed on a monthly basis, reported Reuters. Notably, old fields mostly operated by Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) account for around 80 per cent of India’s annual gas output of about 91 billion cubic metres. The lower prices are set to hit the earnings of these companies.&nbsp;

The approved revised domestic natural gas pricing guidelines will be imposed for&nbsp;gas produced from nomination fields of ONGC/OIL, New Exploration Licensing Policy (NELP) blocks and pre-NELP blocks where&nbsp;the Production Sharing Contract (PSC) provides for the government’s approval of prices.&nbsp;

“The price of such natural gas shall be 10 per cent of the monthly average of Indian Crude Basket and shall be notified on a monthly basis,” said the government, in a statement.&nbsp;

The gas produced by ONGC and OIL from their nomination blocks and&nbsp;the administered price mechanism (APM) shall be subject to a floor and a ceiling. However, the gas produced from new wells or well interventions in the nomination fields of ONGC and OIL would be allowed a premium of 20 per cent over the APM price, the statement added.&nbsp;

Previous pricing guidelines

Currently, the domestic gas prices are determined as per the new Domestic Gas Pricing Guidelines, 2014, approved by the government in the same year and provide for the declaration of domestic gas prices for a six-month period based on the volume-weighted prices prevailing at four gas trading hubs.&nbsp;

The trading hubs in question are Henry Hub, Albena, National Balancing Point (United Kingdom), and Russia for a period of 12 months and a time lag of a quarter. However, the previous guidelines based on the four gas hubs had a “significant time lag and very high volatility,” said the government. Therefore, the revised guidelines will make prices linked to crude oil, a practice now followed in most industry contracts.&nbsp;

Why now?

Last year, the Indian government set up a committee led by energy expert Kirit Parikh to review gas prices and determine a pricing formula that takes into account the interests of both local consumers and producers. The panel was also asked to ensure after state-set prices of gas from old fields and a ceiling price for output from hard-to-access blocks rose to record highs.&nbsp;

“The new guidelines are intended to ensure stable pricing regime for domestic gas consumers while at the same time providing adequate protection to producers from adverse market fluctuation with incentives for enhancing production,” said the government in a statement. Furthermore, the reduced prices shall also lower the fertiliser subsidy burden and help the domestic power sector.&nbsp;

This also comes as the government aims to transition to a gas-based economy and PM Modi’s aim to raise the share of gas in India’s energy mix to 15 per cent by 2030 from 6.2 per cent. Furthermore, it will also contribute to India’s ‘net zero’ carbon-emission goal.&nbsp;

The panel has since recommended a price range for current production from legacy or old fields. After the announcement, the Indian PM took to Twitter and wrote, “The Cabinet decision relating to revised domestic gas pricing has many benefits for the consumers. It is a positive development for the sector.”

Expected price changes in CNG and PNG

In the national capital, Delhi the current price of CNG is expected to reduce from Rs. 79.56 per kg ($0.97) to 73.59 ($0.90), whereas the price of PNG is expected to drop from Rs. 53.59 ($0.66) per thousand cubic metres to Rs. 47.59 ($0.58). Meanwhile, in Mumbai, CNG is expected to cost Rs. 79 ($0.97) per kg instead of Rs. 87 ($1.06) while PNG may drop to cost Rs. 49 ($0.60) per Standard Cubic Meter (SCM) from the current Rs. 54 ($0.66).&nbsp;

(With inputs from agencies)&nbsp; 
 
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The Indian government approved the recommendations of a gas panel report, on Thursday (April 6) which would fix the cost of natural gas by imposing a cap or ceiling price and help lower the cost of compressed natural gas (CNG) and piped cooking gas prices (PNG) by up to 10 per cent.

The Indian government approved the recommendations of a gas panel report, on Thursday (April 6) which would fix the cost of natural gas by imposing a cap or ceiling price and help lower the cost of compressed natural gas (CNG) and piped cooking gas prices (PNG) by up to 10 per cent. The new price cap will come into effect from Saturday, in a bid to control inflation and a major relief to consumers across the country. Changes to the pricing mechanism The announcement, on Thursday, was made by the country’s Information Minister Anurag Thakur after a meeting of the Cabinet Committee on Economic Affairs which was chaired by Prime Minister Narendra Modi. PNG will be cheaper by 10 per cent while CNG will cost at least six to nine per cent lesser, said Thakur while addressing a press conference and adding that the government will issue a notification in this regard on Friday (April 6) which will come into effect on Saturday (April 8). This comes as the natural gas produced from legacy or old fields will now be indexed to the crude oil price as opposed to pricing it based on gas prices in surplus nations such as the United States, Canada and Russia, said the information minister. The price will also apply to industrial buyers and companies in the fertiliser and city gas distribution sectors which will be fixed on a monthly basis, reported Reuters. Notably, old fields mostly operated by Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) account for around 80 per cent of India’s annual gas output of about 91 billion cubic metres. The lower prices are set to hit the earnings of these companies. The approved revised domestic natural gas pricing guidelines will be imposed for gas produced from nomination fields of ONGC/OIL, New Exploration Licensing Policy (NELP) blocks and pre-NELP blocks where the Production Sharing Contract (PSC) provides for the government’s approval of prices. “The price of such natural gas shall be 10 per cent of the monthly average of Indian Crude Basket and shall be notified on a monthly basis,” said the government, in a statement. The gas produced by ONGC and OIL from their nomination blocks and the administered price mechanism (APM) shall be subject to a floor and a ceiling. However, the gas produced from new wells or well interventions in the nomination fields of ONGC and OIL would be allowed a premium of 20 per cent over the APM price, the statement added. Previous pricing guidelines Currently, the domestic gas prices are determined as per the new Domestic Gas Pricing Guidelines, 2014, approved by the government in the same year and provide for the declaration of domestic gas prices for a six-month period based on the volume-weighted prices prevailing at four gas trading hubs. The trading hubs in question are Henry Hub, Albena, National Balancing Point (United Kingdom), and Russia for a period of 12 months and a time lag of a quarter. However, the previous guidelines based on the four gas hubs had a “significant time lag and very high volatility,” said the government. Therefore, the revised guidelines will make prices linked to crude oil, a practice now followed in most industry contracts. Why now? Last year, the Indian government set up a committee led by energy expert Kirit Parikh to review gas prices and determine a pricing formula that takes into account the interests of both local consumers and producers. The panel was also asked to ensure after state-set prices of gas from old fields and a ceiling price for output from hard-to-access blocks rose to record highs. “The new guidelines are intended to ensure stable pricing regime for domestic gas consumers while at the same time providing adequate protection to producers from adverse market fluctuation with incentives for enhancing production,” said the government in a statement. Furthermore, the reduced prices shall also lower the fertiliser subsidy burden and help the domestic power sector. This also comes as the government aims to transition to a gas-based economy and PM Modi’s aim to raise the share of gas in India’s energy mix to 15 per cent by 2030 from 6.2 per cent. Furthermore, it will also contribute to India’s ‘net zero’ carbon-emission goal. The panel has since recommended a price range for current production from legacy or old fields. After the announcement, the Indian PM took to Twitter and wrote, “The Cabinet decision relating to revised domestic gas pricing has many benefits for the consumers. It is a positive development for the sector.” Expected price changes in CNG and PNG In the national capital, Delhi the current price of CNG is expected to reduce from Rs. 79.56 per kg ($0.97) to 73.59 ($0.90), whereas the price of PNG is expected to drop from Rs. 53.59 ($0.66) per thousand cubic metres to Rs. 47.59 ($0.58). Meanwhile, in Mumbai, CNG is expected to cost Rs. 79 ($0.97) per kg instead of Rs. 87 ($1.06) while PNG may drop to cost Rs. 49 ($0.60) per Standard Cubic Meter (SCM) from the current Rs. 54 ($0.66). (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained | India: CNG, PNG to cost less after revision in domestic gas pricing. Here’s how

Russia's currency rouble hit its lowest level since April last year on Thursday after reports suggested that British oil giant Shell may repatriate over $1 billion from the sanctions-hit country.

The rouble closed at 81.6 per dollar on Thursday, the lowest since April 2022.

Reports suggest that Russian President Vladimir Putin has allowed Shell to sell its stake, worth $1.21 billion, in a project in the Russian Far East. Shell moved out of Russia after Moscow invaded Ukraine last year.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-makes-record-local-defence-purchases-credit-russias-rouble-roadblock-report-572116">India makes record local defence purchases due to Russia's rouble roadblock: Report</a>

Since the war began in Ukraine in February 2022, Putin has asked foreign companies to seek permission before selling their Russian assets.

The British oil giant is not the only company to withdraw from Russia, which has been under multiple sanctions after the invasion. These sanctions have effectively cut Russia's global financial and payment systems access.

According to a Bloomberg report, assets worth 15 to 20 billion dollars have flown out of Russia, putting immense pressure on its economy.

The flight of capital from Russia has hurt the stability of the rouble.

"With liquidity in the currency market low, it leads to increased volatility for the rouble," Dmitry Polevoy of Moscow's Locko-Invest told Bloomberg.

Indeed, the rouble has had a volatile journey since the Ukraine war. The Russian currency rose from 78 to over 130 per dollar when Moscow invaded its neighbour.

However, by mid-2022, it recovered to 57 roubles per dollar. This was the best exchange rate in about four years.

The currency volatility, however,&nbsp;does not bode&nbsp;well for the Russian economy. After denying it for several months, Putin admitted that sanctions could impact Russia in the medium term.

"The illegitimate restrictions imposed may indeed have a negative impact on it in the medium term," the Russian state media quoted him as saying. 
&nbsp;

WATCH | Capital outflows weigh on the Russia rouble

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Reports in the Russian media suggest that sanctions have led to the budget deficit in the first two months of 2023 reaching 88 per cent.&nbsp;

A higher budget deficit means that Moscow needs help to fund its coffers.

According to the International Energy Agency, Russia earned $11.6 billion from its oil exports in February 2023, a 42 per cent drop from $20 billion in February 2022.

The drop in revenue comes after the European Union imposed a ban on Russian oil and a price cap was imposed by G7 countries and Australia. 
&nbsp;

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Russia's currency rouble hit its lowest level since April last year on Thursday after reports suggested that British oil giant Shell may repatriate over $1 billion from the sanctions-hit country.

Russia's currency rouble hit its lowest level since April last year on Thursday after reports suggested that British oil giant Shell may repatriate over $1 billion from the sanctions-hit country. The rouble closed at 81.6 per dollar on Thursday, the lowest since April 2022. Reports suggest that Russian President Vladimir Putin has allowed Shell to sell its stake, worth $1.21 billion, in a project in the Russian Far East. Shell moved out of Russia after Moscow invaded Ukraine last year. ALSO READ | India makes record local defence purchases due to Russia's rouble roadblock: Report Since the war began in Ukraine in February 2022, Putin has asked foreign companies to seek permission before selling their Russian assets. The British oil giant is not the only company to withdraw from Russia, which has been under multiple sanctions after the invasion. These sanctions have effectively cut Russia's global financial and payment systems access. According to a Bloomberg report, assets worth 15 to 20 billion dollars have flown out of Russia, putting immense pressure on its economy. The flight of capital from Russia has hurt the stability of the rouble. "With liquidity in the currency market low, it leads to increased volatility for the rouble," Dmitry Polevoy of Moscow's Locko-Invest told Bloomberg. Indeed, the rouble has had a volatile journey since the Ukraine war. The Russian currency rose from 78 to over 130 per dollar when Moscow invaded its neighbour. However, by mid-2022, it recovered to 57 roubles per dollar. This was the best exchange rate in about four years. The currency volatility, however, does not bode well for the Russian economy. After denying it for several months, Putin admitted that sanctions could impact Russia in the medium term. "The illegitimate restrictions imposed may indeed have a negative impact on it in the medium term," the Russian state media quoted him as saying. WATCH | Capital outflows weigh on the Russia rouble Reports in the Russian media suggest that sanctions have led to the budget deficit in the first two months of 2023 reaching 88 per cent. A higher budget deficit means that Moscow needs help to fund its coffers. According to the International Energy Agency, Russia earned $11.6 billion from its oil exports in February 2023, a 42 per cent drop from $20 billion in February 2022. The drop in revenue comes after the European Union imposed a ban on Russian oil and a price cap was imposed by G7 countries and Australia. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Russian rouble hits a one-year low as Ukraine war-induced sanctions begin to pinch

Samsung, one of the biggest electronics brands in the world, is now struggling to handle its chip production arm as its shares plunge by 96%.

The Korean giant is sitting on huge inventories after a build-up to meet the expected pent-up demand post-COVID did not materialise.

Samsung's initial thoughts on its performance in the last quarter are gloomy.

In response, the company is now set to make "meaningful cuts" driven by a slowdown in the global semiconductor market.

In a preliminary earnings statement, the world's largest memory chip and TV maker estimated that its operating profit fell to $455.5 million in January-March, marking the lowest profit for any quarter in 14 years. 
 
The company plans to cut the production of memory chips to tighten supply amid a huge pile of inventories.

The move is a strong signal from Samsung, which had previously said it would only make small adjustments like pauses for refurbishing production lines, but not a full-blown cut.

It did not disclose the size of the planned cut. The first-quarter profit fell short of a $733.3 million Refinitiv SmartEstimate, which was weighted towards more consistently accurate analysts.

With consumer demand for tech devices sluggish due to rising inflation, semiconductor buyers, including data centre operators and smartphone and personal computer makers, are refraining from new chip purchases and using up inventories.

Analysts estimate that the chip division sustained quarterly losses of more than $3.03 billion as memory chip prices fell and its inventory values were slashed.

This would be the chip business's first quarterly loss since the first quarter of 2009, a major divergence from what is normally a cash cow that generates about half of Samsung's profits in better years.

Despite the disappointing results, shares in Samsung rose 3% in early trading, while shares of rival SK Hynix surged 5% as investors welcomed plans to cut production to help preserve pricing power.

Samsung is set to release detailed earnings, including divisional breakdowns, later this month.

Samsung, one of the biggest electronics brands in the world, is now struggling to handle its chip production arm as its shares plunge by 96%. The Korean giant is sitting on huge inventories after a build-up to meet the expected pent-up demand post-COVID did not materialise.

Samsung, one of the biggest electronics brands in the world, is now struggling to handle its chip production arm as its shares plunge by 96%. The Korean giant is sitting on huge inventories after a build-up to meet the expected pent-up demand post-COVID did not materialise. Samsung's initial thoughts on its performance in the last quarter are gloomy. In response, the company is now set to make "meaningful cuts" driven by a slowdown in the global semiconductor market. In a preliminary earnings statement, the world's largest memory chip and TV maker estimated that its operating profit fell to $455.5 million in January-March, marking the lowest profit for any quarter in 14 years. The company plans to cut the production of memory chips to tighten supply amid a huge pile of inventories. The move is a strong signal from Samsung, which had previously said it would only make small adjustments like pauses for refurbishing production lines, but not a full-blown cut. It did not disclose the size of the planned cut. The first-quarter profit fell short of a $733.3 million Refinitiv SmartEstimate, which was weighted towards more consistently accurate analysts. With consumer demand for tech devices sluggish due to rising inflation, semiconductor buyers, including data centre operators and smartphone and personal computer makers, are refraining from new chip purchases and using up inventories. Analysts estimate that the chip division sustained quarterly losses of more than $3.03 billion as memory chip prices fell and its inventory values were slashed. This would be the chip business's first quarterly loss since the first quarter of 2009, a major divergence from what is normally a cash cow that generates about half of Samsung's profits in better years. Despite the disappointing results, shares in Samsung rose 3% in early trading, while shares of rival SK Hynix surged 5% as investors welcomed plans to cut production to help preserve pricing power. Samsung is set to release detailed earnings, including divisional breakdowns, later this month.

Samsung to cut chip production after profits hit 14-year low