Representative image Impostor syndrome seems to be more common than actually thought, though at a collective level. People may often feel that the groups they are affiliated with may be underperforming in comparison to other groups. Although this self-critical approach may work in certain cases, it may also overlook the positives, and decrease the morale of those affiliated with the group. Many in India seem to have a collective/national-level impostor syndrome. While the Indian economy is much better placed than its peers in the emerging markets, and other economies, the government is being criticised on the economic front. The criticism comes when the fundamentals of the Indian economy are robust, despite the exogenous shocks caused by the COVID-19 pandemic, supply chain disruptions, monetary policy tightening by the US Federal Reserve, the Ukraine-Russia conflict, and inflated crude oil prices. India's macroeconomic health remains robust despite external pressures, and ongoing … [Read more...] about Bibek Debroy writes: India’s economy is better placed than its peers, other economies around the world
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The International Monetary Fund (IMF) has cut its gross domestic product (GDP) growth forecast for India for the current financial year by 80 basis points to 7.4 percent. A similar downgrade has been made to the growth forecast for FY24, which now stands at 6.1 percent as against 6.9 percent earlier. "For India, the revision reflects mainly less favourable external conditions and more rapid policy tightening," the IMF said on July 26 in an update to its World Economic Outlook report. Russia's invasion of Ukraine in late February disrupted supplies of crucial commodities, pushing up prices globally. Consequently, key central banks in the developed world, such as the US Federal Reserve, have begun tightening their monetary policies in earnest to cut down multi-decade high inflation . This has exerted further pressure on the Indian rupee, which has hurtled to multiple record lows in recent weeks and last week breached the 80-per-dollar mark for the first time . Close … [Read more...] about IMF cuts India’s FY23 growth forecast by 80 bps to 7.4%
Share to Twitter Share to Linkedin When it comes to mobile-first populations, India leads the list. The country counts more than 1 billion active mobile subscriptions with a massive appetite for mobile apps and interaction. On a single day in December 2021, for example, an astounding 1.06 billion mobile subscribers were active on their phones. Fast forward to 2022, and the State of Mobile 2022 report by Data.ai , a market intelligence and decision-making platform for the mobile app economy, shows app downloads in India hit the highest levels yet. What's more, the report highlights an uplift in the two metrics that matter most to marketers: time and money spent on apps. Indian consumers spent roughly one-third of their waking hours on mobile, using their devices for an average of 4 hours and 42 minutes per day in 2021. Compare that to the average daily television viewership of around 3 hours and 17 minutes per day, and it's clear mobile is where the … [Read more...] about Targeting India’s Smaller Cities Paves The Way To Mobile Commerce Gold
Miso head Victor Ching is aiming to replicate his app’s success in home cleaning to sweep up new business at home and overseas. O ver the past seven years, Victor Ching has carved out a niche in the home cleaning space in South Korea with an app called Miso. Though it’s a relatively small market compared to online payments or food delivery, the app, which connects cleaners with clients, is the category leader in the country by users. Miso, which means “smile” in Korean, has handled more than 5 million bookings since its founding in 2015. Of those, almost 90% have come from repeat customers, the Seoul-based company says. Top startup investors including Silicon Valley incubator Y Combinator and Los Angeles-based Strong Ventures have backed Miso, which has raised over $11 million to date. After years of steady growth in South Korea’s home cleaning market, cofounder and CEO Ching is taking Miso to the next stage. He’s aiming to replicate Miso’s success with the 70 other … [Read more...] about Korean House Cleaning App Miso Wants To Become The Amazon Of Home Services
Quek's Hong Leong Bank stake seen as attractive despite premium valuation - A + A Tan Sri Quek Leng Chan (Photo by Bloomberg) KUALA LUMPUR (Aug 10): Hong Leong Bank Bhd chairman Tan Sri Quek Leng Chan's reported attempt to pare down his controlling stake in the bank may not be an easy task, given the size of his shareholding and the premium valuation, whose share price is hovering near the historic high of RM21.20 it reached in May. Hong Leong Bank, with a market capitalisation of RM45.26 billion, is a screaming buy among analysts tracking the banking stock because of its attractive return-on-equity (ROE) and asset quality. There is not a single sell call on Hong Leong Bank. Nonetheless, this raises the question whether its rivals will pay a premium for it? Quek controls 62% of Hong Leong Bank via Hong Leong Financial Group Bhd (HLFG), which is way above the 10% limit that any individual is allowed to hold in a financial institution, according to the … [Read more...] about Hong Leong Bank seen as attractive but are there any buyers?
Joey Salceda MANILA, Philippines — Albay Rep. Joey Salceda has called on the Bangko Sentral ng Pilipinas (BSP) to regulate the high fees charged by banks for digital fund transfers using Instapay, PesoNet, and other interbank systems. Calling prevailing high bank transfer fees a form of “avarice,” or extreme greed for wealth or material gain, the House ways and means committee chair on Tuesday cited data from the BSP showing that interbank transfer fees using PesoNet reached as high as P2,100 per transaction, with P550 being the highest charged by a purely local bank, while InstaPay fees amounted to as much as P35 per transaction. PesoNet is used for fund transfers involving bigger amounts, while InstaPay, which has a daily limit of P50,000, is commonly used by ordinary consumers for everyday transactions such as paying groceries or electricity and water bills involving as little as a few hundred pesos. InstaPay and PesoNet are private entities operated by a consortium of … [Read more...] about BSP cap sought on digital transfer fees charged by banks
Representative Image In the August Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das said that the Indian Rupee (INR) has fared “much better than several reserve currencies as well as many of its EME and Asian peers”. The Governor also added that the INR has depreciated “more on account of the appreciation of US dollar rather than weakness in macroeconomic fundamentals of the Indian economy”. Of late, there has been a lot of discussion around the INR. Towards the end of July, the rupee touched 80 against a US dollar , leading to discussions that it is a sign of a weakening Indian economy. But, is this the case? First, exchange rate increasing or decreasing against a foreign currency is not a sign of weakness or strength. In fact depreciation of the currency is often cited as a positive development for the domestic economy. If a currency depreciates against a foreign currency, the exports become cheaper with respect to the other country, and imports … [Read more...] about USD vs INR | India’s macroeconomic fundamentals are strong
By ILAN BEN ZION JERUSALEM (AP) — Israeli troops killed three Palestinian militants and wounded dozens in a shootout that erupted during an arrest raid in the city of Nablus in the occupied West Bank on Tuesday. The shootout came a day after a cease-fire ended three days of fighting between Israel and the Palestinian Islamic Jihad militant group in the Gaza Strip. Israeli police said security forces encircled the home of Ibrahim al-Nabulsi, who they say was wanted for a string of shootings in the West Bank earlier this year. They confirmed that al-Nabulsi and another Palestinian militant were killed in a shootout at the scene, and that troops found arms and explosives in his home. The Israeli military said that troops came under attack from Palestinians throwing rocks and explosives, and that soldiers responded with live fire. It confirmed Palestinians were shot, but did not elaborate on their condition. The Palestinian Health Ministry said three people were killed — … [Read more...] about Palestinians: Israeli troops kill 3 militants in West Bank
Representative Image REUTERS/Dado Ruvic/Illustration/File Photo The Union health ministry is expected to soon approve Biological E's Corbevax as a precaution dose for people above 18 years who are double vaccinated with either Covishield or Covaxin, official sources said on Tuesday. The approval will be based on the recommendations made by the COVID-19 Working Group of the National Technical Advisory Group on Immunisation (NTAGI) last week, the sources told PTI. If approved by the government, this would be the first time a booster dose of a Covid vaccine different from the one used for primary vaccination would be allowed in the country. "Corbevax will be considered as a precaution dose after completion of 6 months or 26 weeks from the date of administration of the second dose of either Covaxin or Covishield vaccines for those aged above 18 years enabling use of Corbevax as a heterologous COVID-19 vaccine for precaution dose administration in this age group," a source said. … [Read more...] about Government nod for Corbevax as booster for adults vaccinated with Covishield, Covaxin soon
Dear Reader , The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. In a case of how cheer for the economy may not be so for markets, investors in US stocks fretted over excellent jobs data. US businesses added 5,28,000 jobs in July, beating most estimates by an embarrassing margin. US 2-year treasuries rose after the report, as the market priced in a more certain likelihood of another 75-basis point rate hike by the US Fed. But the S&P 500 slipped, as investors pondered over what too strong an economy could mean for interest rates. Those fears did not carry over to India, however, with the stock market rising by a strong 0.8 percent at 1.15pm. The RBI’s 50 basis point hike in the repo rate last week and its determination to stay in ‘withdrawal of accommodation’ mode is … [Read more...] about Moneycontrol Pro Panorama | Are US and Indian markets decoupling?