English हिन्दी
Connect with us

Latest business news

World economy in slowdown, growth to be lowest in decade; to hit India harder: IMF chief

With global economic slowdown, growth in 2019-20 will fall to its lowest since the beginning of the decade, affecting emerging market economies such as India more.

Published

on

international monetary fund

With economic slowdown affecting almost 90 per cent of the world, growth in 2019-20 will fall to its lowest rate since the beginning of the decade and this is having a “more pronounced” effect on emerging market economies such as India, said the new International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, on Tuesday, Oct 8.

Georgieva took over leadership at the IMF from Christine Lagarde as MD on Oct 1. Georgieva made this assessment one week ahead of the joint Annual Meeting between the IMF and World Bank (WB) in which both institutions will present their economic projections in a gathering of top central bankers and economy ministers.

The fund is due to release details in its updated World Economic Outlook on October 15.

“Two years ago, the global economy was in a synchronized upswing. Measured by GDP, nearly 75 per cent of the world was accelerating. The global economy is now in a synchronized slowdown. In 2019, we expect slower growth in nearly 90 per cent of the world,” said Georgieva in her first speech as MD, IMF.

“In the United States and Germany, unemployment is at historic lows. Yet across advanced economies, including in the US, Japan, and especially the Euro area, there is a softening of economic activity,” she said.

“In some of the largest emerging market economies, such as India and Brazil, the slowdown is even more pronounced this year,” she added.

She said the IMF is cutting its forecasts for growth this year and next. Previously, the world economy had been projected to expand by 3.2 per cent in 2019 and 3.5 percent in 2020.

The IMF had cut its projection for India’s economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the “weaker-than-expected outlook” for the domestic demand.

Georgieva attributed the slowdown to a range of uncertainties — she called them “fractures” — including trade tensions, Brexit and geopolitical tensions.

Georgieva said that currencies are once again in the spotlight and disputes now extend between multiple countries and into other critical issues.

“Even if growth picks-up in 2020, the current rifts could lead to changes that last a generation — broken supply chains, siloed trade sectors, a ‘digital Berlin Wall’ that forces countries to choose between technology systems,” she said.

The IMF Managing Director said that global trade growth has come to a “near standstill.”

Amid rising trade war between the countries which is generally fought through tariffs and counter-tariffs, the chief called for nations to work together.

While trade tensions had been talked about as a danger to the economy, “now, we see that they are actually taking a toll,” she said.

She said trade tensions could result in “substantial weakening” of manufacturing and investment activity, and could subsequently affect services and consumption.

“Everyone loses in a trade war. For the global economy, the cumulative effect of trade conflicts could mean a loss of around $700 billion by 2020, or about 0.8 per cent of GDP. As a reference, this is approximately the size of Switzerland’s entire economy,” she said.

Georgieva compared the present scenario to that of two years ago, before the US-China trade war, when countries representing nearly 75 per cent of the world’s output were seeing accelerating growth.

To protect against a sharp global slowdown, Georgieva called on countries with funds available to deploy their “fiscal firepower”. She called for a “coordinated” response to the slowdown. “The world economy is still growing, it is just growing too slowly. To reverse this trend, and meet the aspirations of people, we cannot afford to be complacent. We must act,” she said.

The IMF chief’s statement came even as the Reserve Bank of India (RBI) said that the Indian economy which has largely been subdued in the past few quarters and signs of a slowdown have cropped up, is likely to face several more risks in the near term.

The RBI in its Monetary Policy Report, October 2019, has also said that a combination of domestic and global headwinds has depressed economic activity in the country “especially in terms of aggregate demand”. The near-term outlook of the Indian economy is fraught with several risks, said the report.

It said that private consumption, which is the major support of economic activity, has started to slow down due to several reasons.

Latest business news

RBI mandates tokenisation of debit and credit cards from October 1, here are the new rules kicking in | FAQ

The last date to tokenise your cards is September 30.

Published

on

RBI mandates tokenisation of debit and credit cards from October 1, here are the new rules kicking in | FAQ

The Reserve Bank of India (RBI) has announced new rules for debit and credit card holders from October 1. Under these rules, the users are required to tokenise their debit and credit cards. The last date to tokenise your cards is September 30.

But what actually is tokenisation? Here’s all you need to know about it.

What is tokenisation of Debit and Credit cards?

As per the RBI, tokenisation refers to the replacement of actual card details with an alternate code called the token.

What is the benefit of tokenisation?

Since the merchant is not given access to the actual card information while completing the transaction, tokenized card transactions are perceived to be safer.

Will the merchant have access to your personal information after tokenisation?

The merchants can’t store information like CVV and the number while making a transaction. RBI considers tokenisation as the more secure and safest online payment system.

Read Also: Pune Zomato delivery man forcibly kisses 19-year-old girl customer, arrested

How can the tokenisation be carried out?

By submitting a request through the token requestor’s app, the cardholder can have their card tokenized. The token requestor will send the request to the card network, and with the card issuer’s approval, the card network will issue a token corresponding to the combination of the card, the token requestor, and the device.

How to tokenise your card?

Step 1: Visit the merchant’s website or app and initiate a transaction.
Step 2: Select the credit or debit card and enter the CVV details.
Step 3: Then an option will pop up-either- Secure your card or Save card as per RBI guidelines. Tick-mark the check box.
Step 4: After that, you will receive the OTP on your registered mobile number.
Step 5: Now, the tokenisation process is done.

Can you de-tokenise the card?

Yes, you can convert the token back to actual card details. This is known as de-tokenisation.

What are the charges that the customer needs to pay for availing of this service?

The customer need not pay any charges for availing of this service.

How is tokenisation different from Credit and Debit cards?

The 16-digit card number will be replaced with a token that is created by the card network and sent back to the retailer. The retailer will keep a record of this token for the next transactions. To continue with the approval process, they must enter their CVV and OTP.

Viral: Students learn Hindi grammar by singing, Twitter users in awe | Watch 

Delhi: SUV hits multiple vehicles, drags scooty rider for 100 meters in Karol Bagh

Continue Reading

India News

Bank holidays October 2022: Banks to remain closed for 21 days due to Durga Puja, Diwali, and Chhath, check the full list of holidays here

The Reserve Bank of India (RBI) has released the list of bank holidays in October 2022 according to the guidelines.

Published

on

Bank holidays October 2022

October is a month full of festivities across India. This means banks working days will be affected. Last month, banks were shut for 21 days based on the festivals inlcuding Onam, Heroes’ Martrydom Day, Maharaja Agrasen Jayanti, S Bhagat Singh Jayanti, and others.

The Reserve Bank of India (RBI) has released the list of bank holidays in October 2022 according to the guidelines. The RBI divides holidays into three categories-Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday, Holiday under Negotiable Instruments Act, and Banks’ Closing of Accounts.

In October, both private and public sector banks will remain closed for 21 days due to multiple festivals including Durga Puja/Dussehra, Diwali, and Chhath Puja including the second and fourth Saturdays and Sundays.

Check the full list of bank holidays here

  • October 1: Half Yearly Closing of Bank Accounts
  • October 2: Sunday & Gandhi Jayanti Holiday
  • October 3: Durga Puja (Maha Ashtami)
  • October 4: Durga Puja/Dussehra (Maha Navami)/Ayudha pooja/Janmotsav of Srimanta Sankardeva
  • October 5: Durga Puja/Dussehra (Vijaya Dashmi)/Janmotsav of Srimanta Sankardeva
  • October 6: Durga Puja (Dashain)
  • October 7: Durga Puja (Dashain)
  • October 8: Second Saturday Holiday and Milad-i-Sherif/Eid-i-Milad-ul-Nabi (Birthday of Prophet Muhammed)
  • October 9: Sunday
  • October 13: Karva Chauth
  • October 14: Friday following Eid-i-Milad-ul-Nabi
  • October 16: Sunday
  • October 18: Kati Bihu
  • October 22: fourth Saturday
  • October 23: Sunday
  • October 24: Kali Puja/Deepavali/Diwali (Laxmi Pujan)/Naraka Chaturdashi)
  • October 25: Laxmi Puja/Deepawali/Govardhan Pooja
  • October 26: Govardhan Pooja/Vikram Samvant New Year Day/Bhai Bij/Bhai Duj/Diwali (Bali Pratipada)/Laxmi Puja/Accession Day
  • October 27: Bhaidooj/Chitragupt Jayanti/Laxmi Puja/Deepawali/Ningol Chakkouba
  • October 30: Sunday
  • October 31: Sardar Vallabhbhai Patels Birthday/Surya Pashti Dala Chhath (Morning ardhya)/Chhath Puja

Full list of weekly bank holidays across India

  • October 16: Sunday
  • October 22: Fourth Saturday
  • October 23: Sunday
  • October 30: Sunday

October is full of festivities and to avoid any inconvenience bank holders are advised to plan their bank visit accordingly.

Continue Reading

Latest business news

Cyrus Mistry, former Tata Group chairman, dies in road accident in Palghar

The official said four people were in the car when the accident happened, of which two succumbed to injuries.

Published

on

Cyrus Mistry, former Tata Group chairman, dies in road accident in Palghar

Industrialist and former Tata Sons chairman Cyrus Mistry died in a car accident on Sunday. The accident took place in Palghar at around 3:15 pm on a bridge over the Surya river when the 54-year-old was travelling to Mumbai from Ahmedabad. The industrialist succumbed to injuries.

According to the reports, Mistry was returning from Ahmedabad when his car hit the divider on the road. The reports of his demise have been confirmed by the Palghar Superintendent of Police.

The official said four people were in the car when the accident happened, of which two succumbed to injuries. The other two, including the driver, have been injured. All the injured have been admitted to a local hospital in Kasa. The industrialist was travelling in a Mercedes car.

Mistry is survived by his wife Rohiqa Chagla, the daughter of lawyer Iqbal Chagla and granddaughter of jurist M.C. Chagla, and two sons Firoz Mistry and Zahan Mistry.

Cyrus Mistry’s daughter Aloo is the wife of Noel Tata, Ratan Tata’s step-brother.

All you need to know about Cyrus Mistry

Cyrus Pallonji Mistry was the sixth chairman of the Tata Group and only the second after Nowroji Saklatwala, to not bear the surname Tata.

After Ratan Tata announced his retirement in December 2012, Cyrus Mistry took over as chairman.

He assumed leadership of the Tata Group in December of that year after being chosen by a selection committee in mid-2012. But after 4 years he was removed in a boardroom coup led by Tata Trusts, which owned 66 per cent of Tata Sons and was controlled by Ratan Tata.  

Natarajan Chandrasekaran was appointed as the new chairman a few months after the former chairman, Ratan Tata, returned as an interim chairman.

In May, the Supreme Court rejected a petition by the Sapoorji Pallonji (SP) group asking for a review of the 2021 judgement upholding the Tata group’s decision to oust Cyrus Mistry as executive chairman of the Tata Sons.

After his Tata stint, Cyrus went on to set up a venture capital firm, Mistry Ventures LLP.

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com