The World Opinion

Category: Economy

  • Evidence Shows Brazil’s ‘Fake Judge’ Deliberately Interfered In Election: Musk | Economy News

    New Delhi: Calling Brazilian Supreme Court Justice Alexandre de Moraes “a fake judge”, tech billionaire Elon Musk on Sunday said that evidence is growing to show that he deliberately interfered in the country’s election held last year. Musk said this after de Moraes ordered to block Musk’s social media platform X nationwide, following the company’s refusal to appoint a legal representative in the country.

    “There is growing evidence that fake judge Alexandre engaged in serious, repeated, and deliberate election interference in Brazil’s last presidential election,” Musk said in a post on X. He said that former Twitter employees helped him. He also called out people to share examples.

    There is growing evidence that fake judge @Alexandre engaged in serious, repeated & deliberate election interference in Brazil’s last presidential election.

    Under Brazilian law, that would mean up to 20 years in prison.

    And, I’m sorry to say that it appears that some former…
    — Elon Musk (@elonmusk) September 1, 2024

    “Under Brazilian law, that would mean up to 20 years in prison. And, I’m sorry to say that it appears that some former Twitter employees were complicit in helping him do so. Anyone with examples or evidence to this effect, please reply to this post,” Musk said.

    Brazil is one of the biggest markets for X, with reportedly more than 22 million users. The platform has been in conflict with de Moraes for months over the platform’s refusal to comply with court orders to remove profiles that promote coup-related content or undermine democracy, according to Xinhua news agency.

    Musk also cautioned investors from investing in the country. On Saturday he said: “The oppressive regime in Brazil is so afraid of the people learning the truth that they will bankrupt anyone who tries”. The Brazilian Supreme Federal Court has also ordered X to pay fines amounting to 18 million reais (about $3.2 million) for non-compliance.

    As per De Moraes, X has facilitated “the actions of extremist groups and digital militias”. The SC judge said that the platform is “enabling the spread of Nazi, racist, fascist, hateful, and anti-democratic speech”, particularly ahead of the upcoming elections.

    De Moraes has also instructed the country’s National Telecommunications Agency (Anatel) to block access to X within 24 hours. The Brazilian judge also gave Apple and Google five days to remove the X app from their online stores.

  • India’s Foreign Exchange Reserve Touches Fresh High Of USD 681.7 Billion | Economy News

    New Delhi: India’s foreign exchange reserves increased by USD 7.023 billion, reaching a fresh record high of USD 681.688 billion, during the week that ended on August 23, according to data released by the Reserve Bank of India. The previous record high was USD 674.919 billion.

    The reserves have been on an upward trend for some time. In 2024 alone, they have risen by approximately USD 60 billion cumulatively. This buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.

    According to the latest data from the RBI, India’s foreign currency assets (FCA), the largest component of forex reserves, rose by USD 5.983 billion to USD 597.552 billion. Gold reserves during the week increased by USD 893 million, bringing the total to USD 60.997 billion. As per estimates, India’s foreign exchange reserves are now sufficient to cover about a year of projected imports.

    In the calendar year 2023, India added about USD 58 billion to its foreign exchange reserves. In contrast, India’s forex reserves saw a cumulative decline of USD 71 billion in 2022. Forex reserves, or foreign exchange reserves (FX reserves), are assets held by a nation’s central bank or monetary authority.

    These are generally held in reserve currencies, typically the US Dollar and, to a lesser extent, the Euro, Japanese Yen, and Pound Sterling. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions, aiming to contain excessive volatility in the exchange rate without reference to any pre-determined target level or band.

    The RBI frequently intervenes in the market through liquidity management, including the sale of dollars, to prevent a steep depreciation of the rupee.

  • FPIs Buying In Indian Debt Market As Rupee Remains Stable This Year | Economy News

    Foreign portfolio investors (FPIs) have increased buying in the Indian debt market because the rupee has been stable this year and the stability is expected to continue, market watchers said on Saturday. Bulk of the buying that FPIs are doing now are through the ‘primary market and others’ category. In the cash market, they have been consistent sellers because of the elevated valuations.

    In August, FPIs invested Rs 7,320 crore in equity compared to Rs 32,365 crore in July. They infused more than 11,366 crore in the Indian debt market, pushing the net inflow tally in the debt segment to more than the Rs 1 lakh crore mark in 2024 to date, according to NSDL data.

    Analysts said that fundamental reason for the low FPI interest in the equity market is the high valuation and FPIs have opportunities to invest in much cheaper markets. Leading FIIs have been selectively investing in defensive market segments, focusing on sectors such as healthcare and FMCG.

    On the debt market front, the strong buying trend among FIIs can be traced back to India’s addition to JP Morgan’s Emerging Market government bond indices earlier this June, said Vaibhav Porwal, Co-founder, Dezerv. The US Fed is expected to start its rate cut cycle in September. Historically, rate cut cycles in the US market have not been favourable for their equity markets.

    “We anticipate that FIIs will shift their focus to emerging markets, deploying capital where valuations are more appealing. However, India may not be a significant beneficiary of these flows,” said Porwal. FPIs have been selling in the secondary market, where valuations are perceived to be high, and redirecting their investments towards the primary market, which offers relatively lower valuations.

    The inclusion in global bond indices, attractive interest rates, stable economic growth, shift from equities, and favourable long-term outlook have been the key factors driving FPIs to invest in debt, said analysts.

    According to Vipul Bhowar, director listed investments, Waterfield Advisors, while September is likely to see continued interest from FPIs, the flows would be shaped by a combination of domestic political stability, economic indicators, global interest rate movements, market valuations, sectoral preferences, and the attractiveness of the debt market.

  • New FASTag Design Targets Misuse Of Smaller Vehicle Tags On Larger Vehicles— Details Here | Economy News

    New Delhi: The State Bank of India has introduced a new FASTag design which is aimed at addressing the misuse of smaller vehicle tags on larger vehicles to avoid higher toll charges. This updated FASTag is specifically designed for Vehicle Class-4 (VC-04) which encompasses cars, jeeps and vans, as reported by Economic Times. The new tag has been available since August 30, 2024.

    Why Was the New FASTag Design Introduced?

    The new FASTag design was introduced to address the issue of incorrect tags being used on higher-class vehicles like trucks. The misuse of VC-04 tags on these larger vehicles has been causing financial losses for toll plazas, the Economic Times quoted SBI as saying. The updated design aims to make it easier to identify vehicle classes, allowing toll staff to quickly address any misclassifications and prevent revenue loss, as per the report.

    On August 30, 2024, SBI introduced several new products. Among them is India’s first MTS card, the MTS RuPay NCMC prepaid card. This card offers a convenient offline payment option for various transit services, including metro rails, buses, ferries, tolls, and parking.

    SBI also launched the OneView mobile application. This app allows customers to easily manage their NCMC prepaid cards, including topping up, tracking, and overseeing their usage all from one platform.

    “The Nation First MTS Card, issued without the need for KYC verification, along with the OneView app, streamlines card management, making it easier for users to top-up without the need to visit metro or bus counters,” said Mahesh Kumar Sharma, Deputy Managing Director of Transaction Banking and New Initiatives at SBI.

  • SmilePay: No Cash, Card, Or Mobile Needed—Pay With Your Smile; Here’s How It Works | Personal Finance News

    New Delhi: If you have a bank account with Federal Bank, this news is for you. The private sector bank, Federal Bank, has launched a facial payment system called “SmilePay.” With this system customers can make payments by simply smiling at the camera. Once this service is in place you won’t need cash, cards or your mobile phones for transactions. The service has already been rolled out at select branches through Reliance Retail and Ananya Birtla’s Svatantra Microfin.

    Launched as a pilot project

    Launched as a pilot product, this service is currently in its testing phase. Based on the “BHIM Aadhar Pay” system it uses biometric data to withdraw money from accounts linked to an Aadhar number. The information provided about this system explains that it will utilise a fully secure facial recognition system provided by UIDAI.

    What is SmilePay?

    SmilePay is the first of its kind payment system in the country, according to a press release from Federal Bank. It utilises an upgraded facial recognition based on UIDAI’s BHIM Aadhar Pay. SmilePay enables users to make payments by scanning their face.

    With this service, customers will be able to pay merchants without the need for a card or mobile device. The entire transaction process will be completed in just two steps. Federal Bank’s CDO, Indraneel Pandit, mentioned that after cash, cards, and QR code payments, making payments with just a smile is quite intriguing. He expressed confidence that people will greatly appreciate this new feature.

    Features and Benefits of SmilePay

    With SmilePay you can complete transactions without the need to carry cash, cards or a mobile device. This service will help reduce the crowd at counters. Based on the secure UIDAI facial recognition service, transactions will be safe and reliable. The SmilePay feature is specifically available to Federal Bank customers, requiring both merchants and customers to have an account with the bank. Federal Bank also plans to expand this service in the future.

    How to Make Payments with SmilePay:

    – Install the FED MERCHANT App: Ensure you have the FED MERCHANT app on your mobile device.

    – Select SmilePay at Checkout: When you’re ready to pay, choose SmilePay as your payment option.

    – Merchant Initiates Payment: The merchant will enter your Aadhaar number into the FED MERCHANT app.

    – Face Scan: The merchant’s mobile camera will scan your face and match it with UIDAI’s facial recognition data.

    – Payment Processing: If the scan is successful, the payment will be processed instantly.

    – Funds Transfer: The amount will be deducted from your account and transferred to the merchant’s Federal Bank account.

    – Confirmation: The FED MERCHANT app will notify you once the payment is complete.//

  • India’s Fiscal Deficit For April-July Stands At 17.2% Of Full-Year Target | Economy News

    New Delhi: The Central government’s fiscal deficit in the first four months (April-July) of the current financial year stands at Rs 2.77 lakh crore which works out to 17.2 per cent of the full-year target and is lower than the corresponding figure of 33.9 per cent in the same period last year, according to official data released on Friday.  

    The data showed that net tax receipts for the period stood at Rs 7.15 lakh crore, or 27.7 per cent of the annual target, which is higher compared with Rs 5.83 lakh crore for the same period last year.The total government expenditure during the period was Rs 13 lakh crore or about 27 per cent of the annual target.

    “The Government of India’s fiscal deficit more than halved to Rs 2.8 lakh crore or 18 per cent of the FY 2025 budget estimate in April-July FY2025, from Rs. 6.1 lakh crore in April-July FY2024,” ICRA chief economist Aditi Nayar said.

    Finance Minister Nirmala Sitharaman has fixed the fiscal deficit at 4.9 per cent of GDP in the Union Budget 2024-25 down from 5.6 per cent in 2023-24, as part of the government’s policy of sticking to the fiscal consolidation path.

    “The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore respectively. Both will be less than that in 2023-24,” she said.

    The reduced borrowings by the government will leave more money in the banking system for companies to borrow for investments which will help to spur growth and create more jobs. Sitharaman said that for FY 2024-25, the total receipts other than borrowings and the total expenditure are estimated at Rs 32.07 lakh crore and Rs 48.21 lakh crore, respectively.

    The net tax receipts are estimated at Rs 25.83 lakh crore. “The fiscal consolidation path announced in 2021 has served our economy very well, and we aim to reach a deficit below 4.5 per cent next year,” the Finance Minister said in her budget speech.

  • Check List Of 12 Industrial Nodes/Cities That Will Get Rs 28,602 Crore Investment By Modi Govt | Economy News

    New Delhi: The Union Cabinet has given its green signal to 12 New Industrial Cities Under NICDP with an estimated investment of 28,602 Crore to Boost India’s Global Manufacturing Edge.

    India is on the cusp of a significant industrial transformation following the Cabinet Committee on Economic Affairs’ recent approval of 12 new project proposals under the National Industrial Corridor Development Programme (NICDP). This landmark decision, chaired by Prime Minister  Narendra Modi, involves an estimated investment of Rs 28,602 crore, said an official release. 

    The initiative aims to create a strong network of industrial nodes and cities, driving economic growth and enhancing the country’s global competitiveness. These 12 industrial areas, strategically located across 10 states and planned along six major corridors, will be pivotal in advancing India’s manufacturing capabilities and economic expansion. 

    The approved cities include the following

    Khurpia, Uttarakhand
    Rajpura-Patiala, Punjab
    Dighi, Maharashtra
    Palakkad, Kerala
    Agra, Uttar Pradesh
    Prayagraj, Uttar Pradesh
    Gaya, Bihar
    Zaheerabad, Telangana
    Orvakal, Andhra Pradesh
    Kopparthy, Andhra Pradesh
    Jodhpur-Pali, Rajasthan

    Approving 12 new industrial nodes under the NICDP marks a significant milestone in India’s journey towards becoming a global manufacturing powerhouse. With a strategic focus on integrated development, sustainable infrastructure, and seamless connectivity, these projects are poised to redefine India’s industrial landscape and fuel the nation’s economic growth for years to come.

    Beyond these new approvals, NICDP has already completed four projects, with another four currently under implementation. This continued progress underscores the government’s unwavering commitment to transforming India’s industrial sector and fostering a vibrant, sustainable, and inclusive economic environment.

  • This Luxury Carmaker Is Betting Big On India, Sees Country Among Its Top 10 Global Markets | Auto News

    Maserati India Plan: Italian luxury carmaker Maserati believes India has the potential to be among its top ten global markets in the mid-term with the country’s entrepreneurs driving its sales, according to the company’s Head of Overseas Markets, Philippe Claverol.

    The company, which on Friday launched its GranTurismo model with prices starting at Rs 2.72 crore, is also studying the feasibility of introducing its electric vehicle range in India.

    “Maserati is a luxury brand, so we don’t look at huge volume for us. A big market for us is a market where we sell 500 cars a year… But I think in mid-term, in few years, I think in India, we can reach this kind of 500 (units a year),” 

    He, however, said volume isn’t “an objective in itself” for Maserati. He further said, “I know who are the top markets of Maserati worldwide. I think India can become one of the top 10 markets for Maserati in the mid-term.” 

    Currently, North America, Italy, Switzerland, China, Japan, Australia, Taiwan, and the UAE are the top global markets for Maserati and India with less than 50 units sold last year is still a small market, he added. Yet, Claverol said, India is an important market for Maserati.

    “It is a land of entrepreneurs. A vast majority, 80 per cent of our customers in India are entrepreneurs,” he said. Also, India is a country with a lot of appreciation for luxury products, he said, adding “we feel that there is a good match”. In order to enhance its presence in India, Maserati is expanding sales network, he said.

    Maserati already has a dealership in Mumbai and opened a new one on Friday here in the national capital and will open one in Bengaluru later this year, Claverol said.

    “We see that the North India market is bigger actually than the Mumbai market and we also think that Bengaluru is the third pillar. This dealership expansion is also because we want to go where the markets are in terms of volume,” he said.

    Asked about plans for launching electric vehicles in India, Claverol said Maserati has the electric version of the conventional engine models under the Folgore range globally and the company will study the feasibility of bringing it in India.

    “We will, with our partners, start to look at how is the market, how to train our people, how to train the technicians, how to analyse, how to build the right offer, the pricing, the charging solution, and so on, and then, once we will be ready, we will look at the pricing, and we will obviously try to launch the Folgore range as well,” he said.

    Asked about the timeline for a possible launch of the electric range, he said, “The sooner, the better. The cars are available.

  • THESE 5 Special FD Schemes With High Interest Rates Are Ending On September 30, SBI FD In The List | Personal Finance News

    New Delhi: The deadline for Special Fixed Deposit (FD) Schemes of several banks –State Bank Of India, IDBI and Indian Bank, Punjab and Sindh Bank will come to an end on September 30. Interested senior citizen investors can put their money in the schemes to earn a higher interest rate on FD policies. 

    Banks had earlier introduced the scheme for a select period to provide senior citizens and regular customers with a chance to get better returns on their investments. However, Banks later revised the deadlines a few times, considering demand from public. 

    IDBI Utsav Callable FD (Revised Rates w.e.f. August, 15, 2024)

    Validity is up to September 30, 2024. The interest rate structure is as follows:





    Interest Rate (% p.a.)
     
     




    Special Buckets
    General/NRE/NRO
    Senior Citizens


    300 Days
    7.05
    7.55


    375 Days
    7.25
    7.75


    444 Days
    7.35
    7.85


    700 Days
    7.20
    7.70

    Indian Bank Special FD

    The Deadline for Indian Bank Special Ind Super 300 Days Fixed Deposit scheme is 30 September 2024. The details of the special FD scheme, interest rates are as follows:





    SCHEME
    Special Term Deposit Product “IND SUPREME 300 DAYS “ with fixed maturity tenor of 300 days in the form of FD/MMD.
     
     
     
     



    TARGET CUSTOMERS


    Individual (singly or jointly)
    HUF
    NRI
    Firm (Proprietorship/Partnership), Company, Association, Society, Club in its name.
    Religious, Charitable or Educational Institutions.
    Municipality or Panchayat, Government or Quasi Government Body
    Any other entity not prohibited by RBI.
     
     
     
     


    DEPOSIT AMOUNT
    Minimum Amount
    Rs. 5000 /- (Five Thousand Only)
    Maximum Amount
    Less than Rs.3 Crore*

    Note :* w.e.f 12.06.24 , Limit of maxmium investement per customer per day stands revised to less than Rs.3 Crore from less than Rs.2 Cr.
    Bulk deposits of Rs.3 crore & above are not eligible.


    Minimum Amount
    Rs. 5000 /- (Five Thousand Only)
    Maximum Amount
    Less than Rs.3 Crore*

    Note :* w.e.f 12.06.24 , Limit of maxmium investement per customer per day stands revised to less than Rs.3 Crore from less than Rs.2 Cr.




    Minimum Amount
    Rs. 5000 /- (Five Thousand Only)
     
     
     
     


    Maximum Amount
    Less than Rs.3 Crore*

    Note :* w.e.f 12.06.24 , Limit of maxmium investement per customer per day stands revised to less than Rs.3 Crore from less than Rs.2 Cr.


     
     
     
     


    PERIOD OF DEPOSIT
    300 Days
     
     
     
     


    RATE OF INTEREST
    7.05 % p.a
     
     
     
     
     


    ADDITIONAL INTEREST RATE
     
    Senior Citizen: 0.50 % p.a
    Super Senior Citizen: 0.75 % p.a
    Staff: 1.00% p.a.
    Staff Senior Citizen: 1.50% p.a.
    Staff Super Senior Citizen: 1.75 % p.a
    (Additional interest offered to Senior Citizens & Staff are not applicable for NRO Deposits)
     
     
     
     

    Punjab and Sind Bank Special FD

    Punjab and Sind Bank’s special Fixed Deposit deadline ends on 30 September, 2024. Under the special FD customers get interest rates of up to 7.15% for 333 days.

    SBI AMRIT KALASH FD

    SBI’s Retail Term Deposit ‘AMRIT KALASH’ scheme of 400 days tenor offers @7.10% p.a interest. SBI AMRIT KALASH FD is available up to 30 September 2024. Eligible Deposits are Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 2 crore); ii) New and Renewal Deposits and iii) Term Deposit and Special Term Deposit only. Interest rate is 7.10%. Senior Citizens, Staff and Staff Pensioners are eligible for additional interest rate applicable to them.

    SBI Deposit Scheme “SBI WECARE’

    SBI’s Deposit Scheme “SBI WECARE’ is valid till 30 September 2024. The Scheme is available on fresh deposit and renewal of maturing deposits. SBI Wecare Senior Citizen FD Scheme will fetch interest rate of 7.50 percent. Senior Citizen will get additional premium of 30 bps (over and above existing premium of 50 bps) over card rate for Public i.e. 80 bps over card rate for Public.

     

  • Cabinet Approves 3 Railway Projects Covering Odisha, Jharkhand, West Bengal, Chhattisgarh | Mobility News

    New Railway Projects: The central government has approved three projects of the Ministry of Railways with a total estimated cost of Rs 6,456 crore. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved on Wednesday. They include two new railway lines and one multi-tracking project. These projects will cover Odisha, Jharkhand, West Bengal, and Chhattisgarh.

    The projects covering seven districts in these four states will increase the existing network of Indian Railways by about 300 Km.

    “The approved projects will improve logistical efficiency by connecting the unconnected areas, increasing the existing line capacity, and enhancing transportation networks, resulting in streamlined supply chains and accelerated economic growth,” the government said.

    The new line proposals will provide direct connectivity and improve mobility, providing enhanced efficiency and service reliability for Indian Railways.
    The multi-tracking proposal will ease operations and reduce congestion, providing the much-required infrastructural development on the busiest sections across Indian Railways.

    “The projects are in line with Prime Minister Narendra Modi’s Vision of a New India which will make people of the region “Atmanirbhar” by way of comprehensive development in the area which will enhance their employment/ self-employment opportunities.”

    The projects are the result of PM-Gati Shakti National Master Plan for multi-modal connectivity which has been possible through integrated planning and will provide seamless connectivity for the movement of people, goods, and services.
    With these projects 14 New Stations will be constructed, providing enhancing connectivity to two Aspirational Districts (Nuapada and East Singhbum).

    New Line projects will provide connectivity to approx. 1,300 villages and about 11 Lakh population. Multi-tracking project will enhance connectivity to approx. 1,300 villages and about 19 lakh population.

    These are essential routes for transportation of commodities such as agriculture products, fertilizer, coal, iron ore, steel, cement, limestone etc.

    The capacity augmentation works will result in additional freight traffic of magnitude 45 MTPA (Million Tonnes Per Annum).