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How Covid-19 affected household savings in India


Nithya Subramanian
On Wednesday, the Reserve Bank of India released data on household savings for the third quarter of 2020-’21. This covered the October-December 2020 period, which means the data captured the aftermath of first Covid-19 wave in India and the economic disruptions that containment measures such as lockdowns caused.
The numbers are disappointing with a sharp dip in the net financial assets of households. Not only does this point to the economic hit the Indian middle class has taken but it is also bad news for India’s post-Covid economic recovery, given that it might mean reduced spending as well as a lower corpus available for investment.

South-africa , United-states , India , Brazil , National-institute-of-public , Reserve-bank , Public-finance , Indian-economy , Business-and-economy , Bi , Ockdown

India's IT industry slashed its carbon emissions during the pandemic. Is this sustainable?


An Infosys building at Electronics city IT district in Bangalore,.
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Vivek Prakash/Reuters
When India’s IT services industry returns to work in a post-pandemic world, it would have stepped up its sustainability quotient.
Carbon emissions in India’s IT sector have fallen 85% to 0.3 million tonnes between March 2020 and March 2021, compared to 2 million tonnes in the year prior, according to market intelligence firm UnearthInsight. The green gains are mainly because less than 5% of the 4.4 million employees in the Indian IT outsourcing industry were travelling to work during this time.
The top five IT services companies – Tata Consultancy Services, Infosys, HCL Technologies, Wipro, and Tech Mahindra – spent 75% less than last year on commutes to work, domestic travel, and international travel, according to UnearthInsight.

Bangalore , Karnataka , India , Google , Wipro , Tata-group , Infosys , Tata-consultancy-services , Microsoft , Tech-mahindra , Business-and-economy

How the accumulation of debt during the Covid-19 pandemic is hurting India's low-income households


How the accumulation of debt during the Covid-19 pandemic is hurting India’s low-income households
Household-debt-to-GDP ratio increased to 37.1% in the second quarter of 2020,
The debt levels of daily wage workers around the country have increased, surveys show.
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Punit Paranjpe/ AFP
Six years ago, 24-year-old Munna Kumar Singh and his family migrated to Delhi from a small town in Bihar, where he worked in a denim factory in the city’s Udyog Vihar for a monthly salary of Rs 9,000. He is the sole breadwinner in the family of four. He also tries to send a small remittance to those at home in Bihar. When he lost his job with last year’s lockdown to curtain the spread of Covid-19, Singh struggled to make ends meet. He ended up borrowing extensively from informal channels. He is now over Rs 50,000 in debt with no stable income to repay his loans.

Surat , Gujarat , India , Lucknow , Uttar-pradesh , Delhi , Bihar , Pune , Maharashtra , Munna-kumar-singh , Punit-paranjpe , Pallavi-chavan

With Europe banning WhatsApp's privacy update, the app's sights are fixed on India


Dado Ruvic / Reuters
The rollout of WhatsApp’s new privacy policy, which critics warn will lead to more data sharing with its parent company Facebook, received a blow on May 13 after German regulators temporarily banned the update. The regulators are now said to be seeking a European Union-wide ban by presenting their case to the European Data Protection Board.
WhatsApp users will have noticed a recent intensification of pop-ups nudging them to agree to the app’s new terms of service. The cliff-edge deadline for users to accept these new terms – with WhatsApp announcing that those who failed to do so would lose functionality on the app – had been set for Saturday, May 15. That deadline was recently moved forward by “several weeks”.

China , Germany , Delhi , India , United-kingdom , Brazil , German , Mukesh-ambani , Narinder-naanu , Facebook , Competition-commission-of-india , Delhi-high-court

China's digital yuan could be the future of money


China’s digital yuan could be the future of money
But what does it mean for global trade?
4 hours ago
The digital yuan is a version of the normal Chinese currency deployed on a blockchain.
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Martin Bureau / AFP
China is making promising progress with testing its digital yuan currency. It has announced the success of a pilot in Suzhou City, near Shanghai in eastern China, where 181,000 consumers were given ¥55 of free money in digital wallets to spend at participating outlets in the Double Fifth shopping festival between May 1 and 5.
This was part of a bigger test by the People’s Bank of China targeting 500,000 consumers in 11 Chinese regions since April. For those eligible, there is a straightforward app to download which gives them a wallet. Using this to make purchases in thousands of participating stores, they receive discounts.

Japan , Shanghai , China , United-states , Thailand , Hong-kong , United-kingdom , Shenzhen , Guangdong , Suzhou , Jiangsu , United-arab-emirates

Coronavirus: RBI announces Rs 50,000 crore lending programme to boost health infrastructure


RBI Governor Shaktikanta Das.
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Reuters
Reserve Bank of India Governor Shaktikanta Das on Wednesday announced a Rs 50,000 crore lending programme to help ramp up the health infrastructure as India is battered by a second wave of the coronavirus pandemic.
The governor said that the RBI will inject liquidity worth Rs 50,000 crore, which will be available for banks to lend to entities like vaccine manufacturers, hospitals, other medical facilities and coronavirus patients. Under the provision, banks will maintain a “Covid loan book” and will be able to borrow money from the central bank at the existing repo rate of 4% for a term of three years. Banks will be able to avail this facility till March 31, 2022.

India , Reserve-bank , India-governor-shaktikanta-das , Business-and-economy , Ndia , Haktikanta-das , Oronavirus , Eserve-bank-of-india , Bi , Oronavirus-vaccine , Bi-shaktikanta-das-coronavirus-vaccine

Four reasons why India's Covid-19 crisis is likely to derail the global economy

The scale of the crisis in India means that international restrictions may remain in place for longer than hoped.

India , United-kingdom , Germany , United-states , Hong-kong , Brazil , South-africa , Ahmedabad , Gujarat , Punit-paranjpe , Sanjay-kanojia , Soumya-swaminathan

How Indian cryptocurrency exchange WazirX flourished despite RBI ban on virtual coins


Running a cryptocurrency business in India is no easy feat.
Just three weeks after the Mumbai-based cryptocurrency exchange WazirX launched in March 2018, the Indian central bank imposed a blanket ban on virtual coins in the country. The Reserve Bank of India’s circular put crypto exchanges in a precarious position. With investors fretting over the ban, trading volumes on exchanges dropped severely and some players in India had to shut shop.
The bootstrapped WazirX also found itself in a tight spot.
But it managed to work its newness to its advantage. Being relatively smaller than other players gave it the ability to tide over the ban.

Karnataka , India , Mumbai , Maharashtra , Nirmala-sitharaman , Sameer-mhatre , Siddharth-menon , Nischal-shetty , Anthony-wallace , Google , Reserve-bank , Google-play