The Canadian economy seems to be losing momentum as the year comes to a close. This comes despite the Central Bank's swift and large-sized cuts to interest rates. Canada's immigration restrictions, a two-month sales tax exemption, prospective US tariffs, and the uncertainty around Prime Minister Justin Trudeau's future may influence the gdp and inflation prospects in the coming months.

Canadian Economy Shrinks in November Despite Interest Rate Cuts

New Delhi
India will soon become the third-largest economy overtaking Japan and Germany. However, the journey from the third largest to the second largest or the largest is going to be extremely difficult given the large gap (The US at 7 times and China at 4.5 times the current size). Now, in order to bridge the gap with existing poles of the global economy and geopolitics, India has to focus more on the structure of the economy than size. The structure of the Indian economy remains shallow as we are dependent on foreign countries for most critical parts of the value chain and these vulnerabilities get reflected from time to time - most recently during Covid when API imports stopped.
India remains at the lower end of the value chain in the majority of the sectors. Among the 10 largest companies in the United States, 9 are IP-driven technology/Product companies, and the 10th is an investment firm with stocks of technology companies around the world. These companies are at the forefront of innovation and enjoy a premium in the market valuation based on their ability to be at the top of the game in their respective sectors.
<img alt="India economy" data-align="center" data-entity-type="file" data-entity-uuid="63b4b160-ede9-4d84-8782-67ba5fc14dfd" src="https://img-cdn.thepublive.com/filters:format(webp)/wion/media/post_attachments/sites/default/files/inline-images/1aa.jpg"/>
On the other hand, none of the 10 most valued Indian companies are IP-driven. Most of the Indian companies are banking or technology service providers. Innovation is not at the core of any Indian companies among the top 10. If the structure of the economy remains the same, a few decades down the line, the Indian economy will become stagnant just like the European economy.
<img alt="India economy" data-align="center" data-entity-type="file" data-entity-uuid="8ce1cf8d-5c74-4fff-94df-6c405c8485b2" src="https://img-cdn.thepublive.com/filters:format(webp)/wion/media/post_attachments/sites/default/files/inline-images/2aa.jpg"/>
The story is the same for European countries despite the fact these countries have lost in the innovation game in the last two decades. Among the top 10 European companies, Novo Nordisk, SAP, ASML, and Siemens are IP-driven product companies. What this tells us is that all the countries that escape the middle-income trap do it on the back of IP-driven product companies, not with process innovation-driven service companies that dominate the Indian economy today. 
<img alt="India economy" data-align="center" data-entity-type="file" data-entity-uuid="8bc00696-96db-430a-a706-9773583a02ab" src="https://img-cdn.thepublive.com/filters:format(webp)/wion/media/post_attachments/sites/default/files/inline-images/3aa.jpg"/>
<h2>What makes the move from middle-income status to high-income status so difficult? </h2>
One reason is that as they move through middle-income status, countries cannot leap all at once from investment-driven growth to innovation-driven growth. (From WB’s World Development Report 2024)
So, to become a developed nation, we need our existing companies to transition from a process innovation-driven revenue model to a product-driven innovation model. And for this, we need next-gen products because it is extremely difficult to beat the incumbent in the current-gen products. Be it India's UPI for payments or China's EVs, the countries and companies have been able to defeat the incumbent only by focusing on the next-gen products and offering solutions that are 10X better than the existing products.
Coming up with next-generation products also needs to bring some of our diaspora back, which is doing cutting-edge R&amp;D in American universities and firms. These researchers won't come to the current CSIR setup for obvious reasons (some left this setup to go to the US). The Rs 1 lakh crore fund, announced during the interim budget, can be used to do pre-commercial research at universities (Institute of Brain Sciences at IISc model), academic institutions and firms (corporate labs like Bell Labs, Xerox PARC) and startups.
In the last few years, we have succeeded in building the first generation of IP-driven product companies in some sectors. In telecom equipment, there is Tejas Networks, in vaccine development, we have Bharat Biotech, in making trains, we have also made some progress with Vande Bharat, which was developed at the Integrated Coach Factory in Chennai shows that the private and public sectors can both develop IP-driven products that will be globally competitive. The mindset of the government as well as the private sector needs to change for this. 
Services companies can be built without significant government involvement, it is extremely difficult to build a product company without the support from the government on the day. The product companies need a large sum of money for pre-commercial investment before the product hits the market. Moreover, these companies also need market access, preferably from the government at an early stage, in order to iterate and improve the product. 
In most of the products, the government acts as a safe buyer. The government will buy only if the product has been used by the private sector before and the trials will be on No-Cost-No-Commitment (NCNC) basis. These steps have been taken to prevent corruption and cronyism in public procurement. For the product companies to succeed, the government needs to act as a first buyer to mitigate risk and spur innovation. 
Moreover, the government needs to fund pre-commercial research at corporations and startups instead of doing it as autonomous labs where the researchers are employed full time without any accountability on outcome. Throughout the world, the product companies, from America’s defense industrial complex to China's new energy domination, were built by public funding for private innovation. 
India also needs to bank on public funding for private innovation and government buying to build its IP-driven product companies. The public funding should be designed in a way that it could spur private investment in R&amp;D, which has been abysmally low at 0.3% of GDP.  What propelled India to become 5th and soon to be 3rd largest economy in the world from 17th in 1991 will not enable it to compete with the United States and China. We need a new way of thinking on political economy that could change the structure of the economy from shallow services and manufacturing to an IP-driven economy. It will enable the country to overcome the middle-income trap and set the path to overtake the United States and China in the coming decades. 
Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.

India remains at the lower end of the value chain in the majority of the sectors. Among the 10 largest companies in the United States, 9 are IP-driven technology/Product companies, and the 10th is an investment firm with stocks of technology companies around the world.



New Delhi India will soon become the third-largest economy overtaking Japan and Germany. However, the journey from the third largest to the second largest or the largest is going to be extremely difficult given the large gap (The US at 7 times and China at 4.5 times the current size). Now, in order to bridge the gap with existing poles of the global economy and geopolitics, India has to focus more on the structure of the economy than size. The structure of the Indian economy remains shallow as we are dependent on foreign countries for most critical parts of the value chain and these vulnerabilities get reflected from time to time - most recently during Covid when API imports stopped. India remains at the lower end of the value chain in the majority of the sectors. Among the 10 largest companies in the United States, 9 are IP-driven technology/Product companies, and the 10th is an investment firm with stocks of technology companies around the world. These companies are at the forefront of innovation and enjoy a premium in the market valuation based on their ability to be at the top of the game in their respective sectors. On the other hand, none of the 10 most valued Indian companies are IP-driven. Most of the Indian companies are banking or technology service providers. Innovation is not at the core of any Indian companies among the top 10. If the structure of the economy remains the same, a few decades down the line, the Indian economy will become stagnant just like the European economy. The story is the same for European countries despite the fact these countries have lost in the innovation game in the last two decades. Among the top 10 European companies, Novo Nordisk, SAP, ASML, and Siemens are IP-driven product companies. What this tells us is that all the countries that escape the middle-income trap do it on the back of IP-driven product companies, not with process innovation-driven service companies that dominate the Indian economy today. What makes the move from middle-income status to high-income status so difficult? One reason is that as they move through middle-income status, countries cannot leap all at once from investment-driven growth to innovation-driven growth. (From WB’s World Development Report 2024) So, to become a developed nation, we need our existing companies to transition from a process innovation-driven revenue model to a product-driven innovation model. And for this, we need next-gen products because it is extremely difficult to beat the incumbent in the current-gen products. Be it India's UPI for payments or China's EVs, the countries and companies have been able to defeat the incumbent only by focusing on the next-gen products and offering solutions that are 10X better than the existing products. Coming up with next-generation products also needs to bring some of our diaspora back, which is doing cutting-edge R&D in American universities and firms. These researchers won't come to the current CSIR setup for obvious reasons (some left this setup to go to the US). The Rs 1 lakh crore fund, announced during the interim budget, can be used to do pre-commercial research at universities (Institute of Brain Sciences at IISc model), academic institutions and firms (corporate labs like Bell Labs, Xerox PARC) and startups. In the last few years, we have succeeded in building the first generation of IP-driven product companies in some sectors. In telecom equipment, there is Tejas Networks, in vaccine development, we have Bharat Biotech, in making trains, we have also made some progress with Vande Bharat, which was developed at the Integrated Coach Factory in Chennai shows that the private and public sectors can both develop IP-driven products that will be globally competitive. The mindset of the government as well as the private sector needs to change for this. Services companies can be built without significant government involvement, it is extremely difficult to build a product company without the support from the government on the day. The product companies need a large sum of money for pre-commercial investment before the product hits the market. Moreover, these companies also need market access, preferably from the government at an early stage, in order to iterate and improve the product. In most of the products, the government acts as a safe buyer. The government will buy only if the product has been used by the private sector before and the trials will be on No-Cost-No-Commitment (NCNC) basis. These steps have been taken to prevent corruption and cronyism in public procurement. For the product companies to succeed, the government needs to act as a first buyer to mitigate risk and spur innovation. Moreover, the government needs to fund pre-commercial research at corporations and startups instead of doing it as autonomous labs where the researchers are employed full time without any accountability on outcome. Throughout the world, the product companies, from America’s defense industrial complex to China's new energy domination, were built by public funding for private innovation. India also needs to bank on public funding for private innovation and government buying to build its IP-driven product companies. The public funding should be designed in a way that it could spur private investment in R&D, which has been abysmally low at 0.3% of GDP. What propelled India to become 5th and soon to be 3rd largest economy in the world from 17th in 1991 will not enable it to compete with the United States and China. We need a new way of thinking on political economy that could change the structure of the economy from shallow services and manufacturing to an IP-driven economy. It will enable the country to overcome the middle-income trap and set the path to overtake the United States and China in the coming decades. Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.

India needs to build IP-driven companies to escape middle-income trap

As we approach the end of 2024... The world is facing an economic crisis driven by the escalating costs of climate-related disasters. From extreme heatwaves to devastating floods, the toll on global productivity is mounting. In this report... We explore the staggering financial impact of climate change and the urgent need for action to protect our future. Take a look...

Climate Change Could Cost Global Economy $38 Tn by 2049: Report

India will soon become the third-largest economy overtaking Japan and Germany. However, the journey from the third largest to the second largest or the largest is going to be extremely difficult given the large gap (The US at 7 times and China at 4.5 times the current size). Now, in order to bridge the gap with existing poles of the global economy and geopolitics, India has to focus more on the structure of the economy than size. The structure of the Indian economy remains shallow as we are dependent on foreign countries for most critical parts of the value chain and these vulnerabilities get reflected from time to time - most recently during Covid when API imports stopped.

India remains at the lower end of the value chain in the majority of the sectors. Among the 10 largest companies in the United States, 9 are IP-driven technology/Product companies, and the 10th is an investment firm with stocks of technology companies around the world. These companies are at the forefront of innovation and enjoy a premium in the market valuation based on their ability to be at the top of the game in their respective sectors.
<img alt="India economy" data-align="center" data-entity-type="file" data-entity-uuid="63b4b160-ede9-4d84-8782-67ba5fc14dfd" src="//cdn.wionews.com/sites/default/files/inline-images/1aa.jpg" />
On the other hand, none of the 10 most valued Indian companies are IP-driven. Most of the Indian companies are banking or technology service providers. Innovation is not at the core of any Indian companies among the top 10. If the structure of the economy remains the same, a few decades down the line, the Indian economy will become stagnant just like the European economy.
<img alt="India economy" data-align="center" data-entity-type="file" data-entity-uuid="8ce1cf8d-5c74-4fff-94df-6c405c8485b2" src="//cdn.wionews.com/sites/default/files/inline-images/2aa.jpg" />
The story is the same for European countries despite the fact these countries have lost in the innovation game in the last two decades. Among the top 10 European companies, Novo Nordisk, SAP, ASML, and Siemens are IP-driven product companies. What this tells us is that all the countries that escape the middle-income trap do it on the back of IP-driven product companies, not with process innovation-driven service companies that dominate the Indian economy today.&nbsp;
<img alt="India economy" data-align="center" data-entity-type="file" data-entity-uuid="8bc00696-96db-430a-a706-9773583a02ab" src="//cdn.wionews.com/sites/default/files/inline-images/3aa.jpg" />
<h2>What makes the move from middle-income status to high-income status so difficult?&nbsp;</h2>

One reason is that as they move through middle-income status, countries cannot leap all at once from investment-driven growth to innovation-driven growth. (From WB’s World Development Report 2024)

So, to become a developed nation, we need our existing companies to transition from a process innovation-driven revenue model to a product-driven innovation model. And for this, we need next-gen products because it is extremely difficult to beat the incumbent in the current-gen products. Be it India's UPI for payments or China's EVs, the countries and companies have been able to defeat the incumbent only by focusing on the next-gen products and offering solutions that are 10X better than the existing products.

Coming up with next-generation products also needs to bring some of our diaspora back, which is doing cutting-edge R&amp;D in American universities and firms. These researchers won't come to the current CSIR setup for obvious reasons (some left this setup to go to the US). The Rs 1 lakh crore fund, announced during the interim budget, can be used to do pre-commercial research at universities (Institute of Brain Sciences at IISc model), academic institutions and firms (corporate labs like Bell Labs, Xerox PARC) and startups.

In the last few years, we have succeeded in building the first generation of IP-driven product companies in some sectors. In telecom equipment, there is Tejas Networks, in vaccine development, we have Bharat Biotech, in making trains, we have also made some progress with Vande Bharat, which was developed at the Integrated Coach Factory in Chennai shows that the private and public sectors can both develop IP-driven products that will be globally competitive. The mindset of the government as well as the private sector needs to change for this.&nbsp;

Services companies can be built without significant government involvement, it is extremely difficult to build a product company without the support from the government on the day. The product companies need a large sum of money for pre-commercial investment before the product hits the market. Moreover, these companies also need market access, preferably from the government at an early stage, in order to iterate and improve the product.&nbsp;

In most of the products, the government acts as a safe buyer. The government will buy only if the product has been used by the private sector before and the trials will be on No-Cost-No-Commitment (NCNC) basis. These steps have been taken to prevent corruption and cronyism in public procurement. For the product companies to succeed, the government needs to act as a first buyer to mitigate risk and spur innovation.&nbsp;

Moreover, the government needs to fund pre-commercial research at corporations and startups instead of doing it as autonomous labs where the researchers are employed full time without any accountability on outcome. Throughout the world, the product companies, from America’s defense industrial complex to China's new energy domination, were built by public funding for private innovation.&nbsp;

India also needs to bank on public funding for private innovation and government buying to build its IP-driven product companies. The public funding should be designed in a way that it could spur private investment in R&amp;D, which has been abysmally low at 0.3% of GDP. &nbsp;What propelled India to become 5th and soon to be 3rd largest economy in the world from 17th in 1991 will not enable it to compete with the United States and China. We need a new way of thinking on political economy that could change the structure of the economy from shallow services and manufacturing to an IP-driven economy. It will enable the country to overcome the middle-income trap and set the path to overtake the United States and China in the coming decades.&nbsp;

Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.

India will soon become the third-largest economy overtaking Japan and Germany. However, the journey from the third largest to the second largest or the largest is going to be extremely difficult given the large gap (The US at 7 times and China at 4.

India will soon become the third-largest economy overtaking Japan and Germany. However, the journey from the third largest to the second largest or the largest is going to be extremely difficult given the large gap (The US at 7 times and China at 4.5 times the current size). Now, in order to bridge the gap with existing poles of the global economy and geopolitics, India has to focus more on the structure of the economy than size. The structure of the Indian economy remains shallow as we are dependent on foreign countries for most critical parts of the value chain and these vulnerabilities get reflected from time to time - most recently during Covid when API imports stopped. India remains at the lower end of the value chain in the majority of the sectors. Among the 10 largest companies in the United States, 9 are IP-driven technology/Product companies, and the 10th is an investment firm with stocks of technology companies around the world. These companies are at the forefront of innovation and enjoy a premium in the market valuation based on their ability to be at the top of the game in their respective sectors. On the other hand, none of the 10 most valued Indian companies are IP-driven. Most of the Indian companies are banking or technology service providers. Innovation is not at the core of any Indian companies among the top 10. If the structure of the economy remains the same, a few decades down the line, the Indian economy will become stagnant just like the European economy. The story is the same for European countries despite the fact these countries have lost in the innovation game in the last two decades. Among the top 10 European companies, Novo Nordisk, SAP, ASML, and Siemens are IP-driven product companies. What this tells us is that all the countries that escape the middle-income trap do it on the back of IP-driven product companies, not with process innovation-driven service companies that dominate the Indian economy today. What makes the move from middle-income status to high-income status so difficult? One reason is that as they move through middle-income status, countries cannot leap all at once from investment-driven growth to innovation-driven growth. (From WB’s World Development Report 2024) So, to become a developed nation, we need our existing companies to transition from a process innovation-driven revenue model to a product-driven innovation model. And for this, we need next-gen products because it is extremely difficult to beat the incumbent in the current-gen products. Be it India's UPI for payments or China's EVs, the countries and companies have been able to defeat the incumbent only by focusing on the next-gen products and offering solutions that are 10X better than the existing products. Coming up with next-generation products also needs to bring some of our diaspora back, which is doing cutting-edge R&D in American universities and firms. These researchers won't come to the current CSIR setup for obvious reasons (some left this setup to go to the US). The Rs 1 lakh crore fund, announced during the interim budget, can be used to do pre-commercial research at universities (Institute of Brain Sciences at IISc model), academic institutions and firms (corporate labs like Bell Labs, Xerox PARC) and startups. In the last few years, we have succeeded in building the first generation of IP-driven product companies in some sectors. In telecom equipment, there is Tejas Networks, in vaccine development, we have Bharat Biotech, in making trains, we have also made some progress with Vande Bharat, which was developed at the Integrated Coach Factory in Chennai shows that the private and public sectors can both develop IP-driven products that will be globally competitive. The mindset of the government as well as the private sector needs to change for this. Services companies can be built without significant government involvement, it is extremely difficult to build a product company without the support from the government on the day. The product companies need a large sum of money for pre-commercial investment before the product hits the market. Moreover, these companies also need market access, preferably from the government at an early stage, in order to iterate and improve the product. In most of the products, the government acts as a safe buyer. The government will buy only if the product has been used by the private sector before and the trials will be on No-Cost-No-Commitment (NCNC) basis. These steps have been taken to prevent corruption and cronyism in public procurement. For the product companies to succeed, the government needs to act as a first buyer to mitigate risk and spur innovation. Moreover, the government needs to fund pre-commercial research at corporations and startups instead of doing it as autonomous labs where the researchers are employed full time without any accountability on outcome. Throughout the world, the product companies, from America’s defense industrial complex to China's new energy domination, were built by public funding for private innovation. India also needs to bank on public funding for private innovation and government buying to build its IP-driven product companies. The public funding should be designed in a way that it could spur private investment in R&D, which has been abysmally low at 0.3% of GDP. What propelled India to become 5th and soon to be 3rd largest economy in the world from 17th in 1991 will not enable it to compete with the United States and China. We need a new way of thinking on political economy that could change the structure of the economy from shallow services and manufacturing to an IP-driven economy. It will enable the country to overcome the middle-income trap and set the path to overtake the United States and China in the coming decades. Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.

Russian President Vladimir Putin has praised his country’s economic performance, forecasting a GDP growth of up to 4 percent by the end of 2024. Speaking at his annual end-of-year press conference, Putin claimed analysts rank Russia’s economy first in Europe and fourth globally in terms of growth.

Putin Predicts 4% Growth for Russia, Admits Inflation Concerns

Russian President Vladimir Putin has praised his country’s economic performance, forecasting a GDP growth of up to 4 percent by the end of 2024. Speaking at his annual end-of-year press conference, Putin claimed analysts rank Russia’s economy first in Europe and fourth globally in terms of growth.  

Russian President Vladimir Putin addresses the nation in an end-of-year speech. Putin began by boasting about Russia's economic performance. Watch in. 

BREAKING: Russian President Vladimir Putin Holds Year-End Press Meet

Russian President Vladimir Putin addresses the nation in an end-of-year speech. Putin began by boasting about Russia's economic performance. Watch in.

Italy's economic recovery from the Covid-19 pandemic is running out of steam, raising alarms for its already fragile public finances. The National Statistics Bureau, Istat, now projects 0.5 percent growth for 2024—half of the government’s target of 1 percent.

Italy's Post-pandemic Recovery Stalls Amid Challenges

Italy's economic recovery from the Covid-19 pandemic is running out of steam, raising alarms for its already fragile public finances. The National Statistics Bureau, Istat, now projects 0.5 percent growth for 2024—half of the government’s target of 1 percent.  

Sri Lanka is set to save 4.1 million dollars annually by slashing excessive security for former presidents starting January 1. Public Security Minister Ananda Wijepala announced the policy in line with the government’s commitment to treat high-ranking officials the same as ordinary citizens.

Sri Lanka Cuts Ex-Presidents’ Security To Save $4.1 Million

Sri Lanka is set to save 4.1 million dollars annually by slashing excessive security for former presidents starting January 1. Public Security Minister Ananda Wijepala announced the policy in line with the government’s commitment to treat high-ranking officials the same as ordinary citizens.  

Chinese bonds are signaling deep skepticism about the country’s economic recovery, even as the stock market rallies on hopes of a revival in consumption. Our next report delves into the data and what it means for China’s economy heading into 2025. Take a look!

Chinese Bond Investors Bet on Prolonged Slowdown in 2025

Chinese stocks declined, adversely impacting wider Asian markets. This comes after disappointing retail sales data indicated the world's second-largest economy continues to face recovery challenges.

Korean Stocks Give Back Gains Following Yoon's Impeachment Loss

Britain’s Economy Shrank By 0.1% In October, Marking A Second Consecutive Monthly Decline. Weakness In Oil, Gas, Retail, And Hospitality Puts The UK on Recession Watch. Finance Minister Rachel Reeves Called The Figures "Disappointing" But Highlighted Long-term Growth Policies.

UK's Economy Shrinks Amid Budget Jitters

Britain’s Economy Shrank By 0.1% In October, Marking A Second Consecutive Monthly Decline. Weakness In Oil, Gas, Retail, And Hospitality Puts The UK on Recession Watch. Finance Minister Rachel Reeves Called The Figures "Disappointing" But Highlighted Long-term Growth Policies.



After cutting rates for two consecutive times, federal reserve officials ease rates again this month. However, the fed is forecast to reduce the number of rate cuts next year. That is according to analysts polled by Bloomberg news.

Fed to Cut Once More Before Slowing Pace in 2025: Economists

India's retail inflation surged to a 14-month high of 6.21% in October 2024, up from 5.49% in September. This sharp rise in inflation is largely driven by food prices, which saw a steep jump. The latest data comes as a stark reminder of the financial pressure many are facing, especially amidst growing concerns over rising costs and a sluggish economy. Watch in for more details!

India's Inflation Eases In November

China is set to outline its economic policies for 2025 at the central economic work conference starting today. The two-day meeting will bring together top leaders, state officials, and business heads to strategize on growth. Watch in for more details!

Central Economic Work Conference To Chart 2025 Policies

Wall street stocks snapped a two-day decline after benign inflation data bolstered hopes of a federal reserve rate cut this month and sent asian stocks soaring on thursday. The rise in Asian equities were led by Japan. Mainland china and Australia saw minimal movement in their stock markets.

Asian Stocks Climb Higher Tracking Nasdaq's Fresh Record Mark | WION Business Watch | World News

Concerns over a worldwide shortage of coffee have contributed to its meteoric rise in price this year. The commodity reached a new all-time high in new york on tuesday. Take a look at this next for what this means to your daily dose of coffee...

Is Your Already Costly Coffee Going To Get More Expensive? | WION Business Watch | World News

China's leaders pledged "more proactive" fiscal measures and "moderately" looser monetary policy next year to boost domestic consumption. Watch for more details!

China's Leaders Hint at 'Proactive' Stimulus to Support Growth

Japan's economy is facing mounting challenges as bankruptcy filings continue to rise. According to private-sector data from Tokyo Shoko research, japan is on track to surpass 10,000 bankruptcies by the end of 2024, marking the highest number since 2013. With 9,164 bankruptcies already recorded by November, this figure has already exceeded last year's total. Watch in for more details!

Economic Recovery In Japan At Risk As Bankruptcy Filings Surge

Japan's bankruptcy filings this year are set to surpass 10,000 and hit the highest since 2013, private-sector data by Tokyo Shoko Research (TSR) showed on Monday. Watch for more details!

Economic Recovery in Japan at Risk as Bankruptcy Filings Surge

SBI forecasted India's GDP growth at 6.3 pc, lower than RBIs projection of 6.6 pc for FY25 in its latest report. Watch for more details!

Urban Wages And Spending Are Slumping in India

Australian police have scored the biggest cocaine bust in the country's history after seizing 2.3 tonnes of cocaine from a fishing boat that had broken down off the coast of Queensland. The authorities have arrested 13 people, including two juveniles who were allegedly part of a drug-smuggling syndicate.

The drugs have been valued at an estimated A$760 million&nbsp;($490mn), which could have been distributed across 11.7 million street deals.

According to CNN, the boat experienced a suspected mechanical breakdown, leaving the accused stranded 18 kilometres (11 miles) off the northeastern tip of K’gari island on November 30. The boat was on its way to deliver the drugs to a larger mothership.

Also read |&nbsp;<a href="https://www.wionews.com/world/colombian-navy-seizes-8-billion-worth-of-cocaine-in-narco-submarine-bust-780003">Colombian navy seizes cocaine worth $8 billion in narco-submarine bust</a>

The Australian Federal Police (AFP) had been tracking the recreational fishing boat and boarded it after it broke down.

While two men were arrested onboard the boat, the other 11 were arrested on shore, waiting for the shipment and in nearby areas.

AFP has said one of the men is identified as the Brisbane vice president of the Comanchero Outlaw Motorcycle Gang, who is accused of violence, trafficking, and extortion.

The recent cocaine bust was part of an extensive investigation into the notorious gang, which started last month.

Also read |&nbsp;<a href="https://www.wionews.com/world/vietnamese-tycoon-behind-massive-bank-fraud-now-needs-9bn-to-save-her-life-781042">Vietnamese tycoon behind massive bank fraud now needs $9bn to save her life</a>

All the arrested are accused of being a part of a criminal syndicate and charged with conspiracy to import a commercial quantity of drugs, which has a maximum punishment of life imprisonment. Authorities have said that the shipment came from an unknown South American country, according to BBC.

Last week, the Colombian navy intercepted a semi-submersible transporting illegal drugs to Australia.

(With inputs from agencies)

Australian police have scored the biggest cocaine bust in the country's history after seizing 2.3 tonnes of cocaine from a fishing boat that had broken down off the coast of Queensland.

Australian police have scored the biggest cocaine bust in the country's history after seizing 2.3 tonnes of cocaine from a fishing boat that had broken down off the coast of Queensland. The authorities have arrested 13 people, including two juveniles who were allegedly part of a drug-smuggling syndicate. The drugs have been valued at an estimated A$760 million ($490mn), which could have been distributed across 11.7 million street deals. According to CNN, the boat experienced a suspected mechanical breakdown, leaving the accused stranded 18 kilometres (11 miles) off the northeastern tip of K’gari island on November 30. The boat was on its way to deliver the drugs to a larger mothership. Also read | Colombian navy seizes cocaine worth $8 billion in narco-submarine bust The Australian Federal Police (AFP) had been tracking the recreational fishing boat and boarded it after it broke down. While two men were arrested onboard the boat, the other 11 were arrested on shore, waiting for the shipment and in nearby areas. AFP has said one of the men is identified as the Brisbane vice president of the Comanchero Outlaw Motorcycle Gang, who is accused of violence, trafficking, and extortion. The recent cocaine bust was part of an extensive investigation into the notorious gang, which started last month. Also read | Vietnamese tycoon behind massive bank fraud now needs $9bn to save her life All the arrested are accused of being a part of a criminal syndicate and charged with conspiracy to import a commercial quantity of drugs, which has a maximum punishment of life imprisonment. Authorities have said that the shipment came from an unknown South American country, according to BBC. Last week, the Colombian navy intercepted a semi-submersible transporting illegal drugs to Australia. (With inputs from agencies)

Israeli Minister Barkat sees significant increase in commercial ties with India

Internet censors have taken down a speech by prominent Chinese economist Gao Shanwen after he warned that a widespread lack of opportunities for young people was pulling down growth in the country, Radio Free Asia reported.&nbsp;

Today, young people in China are tightening their belts and "turning off the lights and eating noodles", instead of following promising careers and contributing their disposable income into the economy, Gao, a chief economist at SDIC Securities, said at an investor conference in Shenzhen on Tuesday.&nbsp;

“Turning off the lights and eating noodles” is a catchphrase used to describe someone who is down on their luck after failed investments in the stock market.&nbsp;

Gao's statement went viral on social media and was considered insensitive enough to be removed from the "Economist Book Club" public account on WeChat.&nbsp;

<a href="https://www.wionews.com/world/china-stops-releasing-youth-unemployment-data-amid-disappointing-economic-figures-625733">Also read:&nbsp;China stops releasing youth unemployment data amid disappointing economic figures</a>

The WeChat link where Gao's whole speech was posted, read on Wednesday, "This content is no longer available due to complaints of violations.”

Youth unemployment in China has been increasing, leaving millions of young people jobless, living at home, relying on delivery jobs, or as the trend says, "pretending to go to work".&nbsp;

Some of the workers in China, including both white-collar and blue-collar, have told Radio Free Asia that they are struggling, despite the state media being pressured to show the positive side of economic news.&nbsp;

Watch |&nbsp;China’s youth unemployment hits record

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Gao further argued that areas with younger populations had seen worse economic performance since the ending of the zero-COVID policy in December 2022 than areas with older populations.&nbsp;

“The younger the population of a province, the slower the consumption growth; the older the population of a province, the faster the consumption growth,” Gao said, citing recent economic data.&nbsp;

“This conclusion is somewhat counterintuitive and is summarized ... in three sentences: vibrant older people, lifeless young people, and middle-aged people in despair,” he added.&nbsp;

He continued that many older people in China have pensions to rely on, whereas, young people are barely contributing to the economy at all.&nbsp;

“For the elderly, ... there will be no impact on their income, and they can continue to enjoy their twilight years and dance in public places,” Gao said.

“For young people, income expectations have been significantly revised downward, the certainty of income growth has been significantly revised downward,” he said. “They can’t find jobs, or the jobs they find are significantly different from their expectations.”

(With inputs from agencies)

Internet censors have taken down a speech by prominent Chinese economist Gao Shanwen after he warned that a widespread lack of opportunities for young people was pulling down growth in the country, Radio Free Asia reported.

Internet censors have taken down a speech by prominent Chinese economist Gao Shanwen after he warned that a widespread lack of opportunities for young people was pulling down growth in the country, Radio Free Asia reported. Today, young people in China are tightening their belts and "turning off the lights and eating noodles", instead of following promising careers and contributing their disposable income into the economy, Gao, a chief economist at SDIC Securities, said at an investor conference in Shenzhen on Tuesday. “Turning off the lights and eating noodles” is a catchphrase used to describe someone who is down on their luck after failed investments in the stock market. Gao's statement went viral on social media and was considered insensitive enough to be removed from the "Economist Book Club" public account on WeChat. Also read: China stops releasing youth unemployment data amid disappointing economic figures The WeChat link where Gao's whole speech was posted, read on Wednesday, "This content is no longer available due to complaints of violations.” Youth unemployment in China has been increasing, leaving millions of young people jobless, living at home, relying on delivery jobs, or as the trend says, "pretending to go to work". Some of the workers in China, including both white-collar and blue-collar, have told Radio Free Asia that they are struggling, despite the state media being pressured to show the positive side of economic news. Watch | China’s youth unemployment hits record × Gao further argued that areas with younger populations had seen worse economic performance since the ending of the zero-COVID policy in December 2022 than areas with older populations. “The younger the population of a province, the slower the consumption growth; the older the population of a province, the faster the consumption growth,” Gao said, citing recent economic data. “This conclusion is somewhat counterintuitive and is summarized ... in three sentences: vibrant older people, lifeless young people, and middle-aged people in despair,” he added. He continued that many older people in China have pensions to rely on, whereas, young people are barely contributing to the economy at all. “For the elderly, ... there will be no impact on their income, and they can continue to enjoy their twilight years and dance in public places,” Gao said. “For young people, income expectations have been significantly revised downward, the certainty of income growth has been significantly revised downward,” he said. “They can’t find jobs, or the jobs they find are significantly different from their expectations.” (With inputs from agencies)

China takes down economist's speech on youth unemployment pulling down country's economy

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