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India’s diamond industry is grappling with a severe downturn as both imports and exports have significantly declined over the past three years, triggering defaults, <keyword id="23043782" type="General" weightage="20" keywordseo="factory-closures" source="keywords">factory closures</keyword>, and widespread <keyword id="20013745" type="General" weightage="20" keywordseo="job-losses" source="keywords">job losses</keyword>, according to a report by the Global Trade Research Initiative (<keyword id="19962754" type="General" weightage="20" keywordseo="GTRI" source="keywords" meta.keywordsubtype="org" meta.entityname="GTRI" meta.hostid="261" meta.entityid="GTRI">GTRI</keyword>). The think tank highlighted that the sector is struggling with unsold <keyword id="20237406" type="General" weightage="20" keywordseo="rough-diamonds" source="keywords">rough diamonds</keyword> and increasing competition from lab-grown alternatives. Ajay Srivastava, Founder of GTRI, pointed out that the downturn in India’s diamond industry has had devastating effects. "This has led to defaults, factory closures, and widespread job losses. Tragically, more than 60 individuals from Gujarat’s diamond sector have taken their own lives, highlighting the intense financial and emotional stress," Srivastava said. He emphasised the urgent need for intervention to address these issues and ensure the survival of the sector. <h2>Declining imports and exports</h2>Data from GTRI paints a grim picture of the industry. Imports of rough diamonds have dropped by 24.5%, from USD 18.5 billion in 2021-22 to USD 14 billion in 2023-24, reflecting weakened global demand and fewer orders for diamond processing. After accounting for re-exported rough diamonds, net imports saw a 25.3% decrease, signalling reduced interest in processing diamonds in India. The situation is even worse on the export front. Exports of cut and polished diamonds fell by 34.6%, from USD 24.4 billion in FY 2022 to USD 13.1 billion in FY 2024. Net exports experienced an even sharper decline, dropping by 45.3% from USD 15.9 billion to USD 8.7 billion, indicating a weak global market and rising inventories of unsold diamonds. <h2>Rising inventories and market competition</h2>The report also highlighted that the percentage of unsold diamonds returned to India increased from 35% to 45.6% during this period. Additionally, the gap between net rough diamond imports and net exports of cut and polished diamonds widened from USD 1.6 billion in FY 2022 to USD 4.4 billion in FY 2024, signifying a growing stockpile of unsold inventory and insufficient export demand. Several factors contribute to this crisis. Global economic uncertainty, inflation, and geopolitical tensions — particularly in key markets like the US, China, and Europe — have led to decreased spending on luxury items such as diamonds. Fluctuating global diamond prices have added to this uncertainty, causing buyers to hesitate in purchasing rough diamonds. <div type="Article" hostid="261" msid="113445065" title="&amp;#39;The pressure became too much for her&amp;#39;: Mother blames &amp;#39;work stress&amp;#39; for 26-year-old EY employee&amp;#39;s death" mstype="2" mssubtype="0"></div>Moreover, the Russia-Ukraine conflict has disrupted the global diamond supply chain, with sanctions on Russia, a major producer of rough diamonds, further complicating trade. This slowdown has impacted the global market, stalling the flow of diamonds and affecting India’s processing sector. Another challenge facing the industry is the shift in consumer preferences toward <keyword id="20662742" type="General" weightage="20" keywordseo="lab-grown-diamonds" source="keywords">lab-grown diamonds</keyword>, which are seen as more affordable, ethical, and sustainable. This shift is particularly evident in markets where customers are becoming more conscious of the environmental and ethical implications of their purchases. <h2>Internal regulatory and operational hurdles</h2>Internally, the Indian diamond sector is facing a host of challenges. Many polishing units are burdened with unsold inventories of polished diamonds, discouraging them from importing new rough diamonds. Rising operational costs, including labour, energy, and materials, have also made it difficult for many polishing units to remain profitable. These factors have led to the closure of many shops and significant layoffs, particularly in Surat, the world’s largest hub for diamond cutting and polishing. The sector's heavy reliance on financing has also become a problem. Tighter credit conditions and reduced lending from banks have made it increasingly difficult for businesses to purchase rough diamonds, further stalling production. Additionally, a significant number of cut and polished diamonds exported from India are being returned due to quality issues, overstocking, and price fluctuations, creating costly delays and adding to the strain on exporters. <h2>Dubai's rising influence</h2>An interesting development highlighted by GTRI is the increasing share of rough diamond imports from Dubai, which does not produce diamonds itself. Instead, Dubai imports diamonds from countries like Botswana, Angola, South Africa, and Russia and re-exports them to India. Dubai’s share in India’s rough diamond imports surged from 36.3% in FY 2020 to 60.8% in FY 2024, further rising to 64.5% in April-June 2024. In contrast, Belgium’s share of these imports fell from 37.9% in FY 2020 to 17.6% in FY 2024. One major reason for Dubai's increasing role is India’s high corporate tax regime, which pushes foreign suppliers of rough diamonds to re-export their diamonds to Dubai before sending them to India. This has rendered India’s Special Notified Zones (SNZs) in Mumbai and Surat largely ineffective. <h2>Revitalising the sector</h2>To help revitalise the struggling sector, GTRI has proposed several measures. These include extending export credit terms, exempting foreign rough diamond sellers from corporate taxes in India, regulating the lab-grown diamond industry, and reconsidering the zero-tariff import of cut and polished diamonds from Dubai under the India-UAE trade agreement. The think tank also suggested that the Reserve Bank of India (RBI) extend the export credit period for cut and polished diamond exporters from six months to 12 months, as buyers are increasingly demanding longer credit terms. India’s strong foreign exchange reserves make this feasible. <div type="Article" hostid="261" msid="113449316" title="Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report" mstype="2" mssubtype="0"></div>The Indian diamond industry, which consists of over 7,000 companies — many of them small or medium enterprises — provides direct employment to about 1.3 million workers, with Surat alone employing nearly 8,00,000 people. The industry is also crucial for millions of indirect jobs in sectors like logistics, transport, and retail. With the sector being such a vital part of India’s economy, immediate and coordinated efforts are needed to address its current challenges and ensure its long-term viability. (With inputs from PTI)

India's diamond sector faces major crisis amid plummeting imports, exports, and massive job losses

Reserve Bank <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> on Thursday said the fundamental drivers of the <keyword id="6356076" type="General" weightage="100" keywordseo="indian-economy" source="Orion">Indian economy</keyword> are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at <keyword id="23048827" type="General" weightage="20" keywordseo="FIBAC-2024" source="Orion">FIBAC 2024</keyword>, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts. "Our nation's journey towards becoming an advanced <keyword id="19931030" type="General" weightage="20" keywordseo="economy" source="keywords">economy</keyword> is drawing strength from a unique blend of factors, and these factors would include a young and a dynamic population, a resilient and diverse economy, robust democracy, and a rich tradition of entrepreneurship and innovation," Das said. Stressing that India's growth story is intact and banks have robust balance sheets, he exhorted the private sector to step up investments in a big way. He said data actually shows that the fundamental growth drivers of the Indian economy are actually gaining momentum and they are not slowing. "This gives us the confidence to say that the Indian growth story remains intact," he said. In his speech, the governor said past reforms like GST and IBC have yielded long-term positive outcomes, and emphasised the need for further reforms in land, labour, and agri markets. While acknowledging that headline inflation matters, he said the balance between inflation and growth is well-poised. With monsoon progressing well and healthy Kharif sowing, food inflation outlook could become more favourable, he added. Das further said the <keyword id="20172097" type="General" weightage="20" keywordseo="financial-sector" source="keywords">financial sector</keyword> must expand access and harness digital platforms to drive inclusive growth. He also made a strong case for tailored products and services for women-led businesses and MSMEs without diluting underwriting standards. Das further noted that only regulated entities will be allowed on Unified Lending Interface (ULI) platform to ensure prudent lending. "ULI will not be a select club of few players," Das said.

Fundamental drivers of economy gaining momentum, India on sustainable growth path: RBI Governor Das

As Finance Minister Nirmala Sitharaman unveiled the Union <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, all eyes were on the <keyword id="20024321" type="General" weightage="20" keywordseo="housing-sector" source="keywords">housing sector</keyword>, which has been a focal point for both developers and <keyword id="19907145" type="General" weightage="20" keywordseo="homebuyers" source="keywords">homebuyers</keyword>. Expectations were high for increased deduction limits on home loan interest repayments, higher principal repayment deductions, and more robust incentives for first-time homebuyers. Last year's budget focused on increasing <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> through the Pradhan Mantri Awas Yojana (<keyword id="19945794" type="General" weightage="20" keywordseo="PMAY" source="keywords">PMAY</keyword>), with a significant allocation to achieve the goal of "Housing for All." The <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> had previously seen incentives for developers building affordable housing, such as tax holidays under Section 80IBA and increased allocation through the SWAMIH fund to improve liquidity for stressed projects. <h2>Major announcements in Budget 2024</h2>As per FM Sitharaman's 2024 Budget announcements, PMAY is set to add an additional 3 crore affordable housing — houses priced under Rs 40 lakh — in rural and urban sections of India. This will be accomplished with Rs 10 lakh crores, which includes assistance of Rs 2.2 lakh crores over the next five years. A provision of <keyword id="21240797" type="General" weightage="20" keywordseo="interest-subsidy" source="keywords">interest subsidy</keyword> to facilitate loans at affordable rates is also envisaged, the FM noted in her speech. “This is certainly pertinent – the affordable homes category has been seeing a decline in overall sales since the pandemic, to approximately 19% in H1 2024 from over 38% in the period before the pandemic in 2019,” notes Anuj Puri, Chairman of ANAROCK Group. “Consequently, this segment’s percentage share of the total housing supply in the top 7 cities also fell to 18% in H1 2024 from nearly 40% in 2019. Any boost to this vital segment is therefore welcome.” As per December 2023 reports, 65% of houses under PMAY-Urban had been completed and delivered to beneficiaries since the scheme was introduced in 2015. This amounts to over 78 lakh pucca houses out of the 1.18 crore sanctioned. The new addition to PMAY will thus attempt to more than triple the quadruple the number. <h2>Tax reliefs and transparent rental policies</h2>This year, the sector expected further <keyword id="20345361" type="General" weightage="20" keywordseo="tax-relief" source="keywords">tax relief</keyword> measures for homebuyers and developers. Key demands are aplenty, including increasing the deduction limit for home loan interest repayment from the current Rs 2 lakhs to Rs 3-4 lakhs for self-occupied properties, reintroducing tax exemptions for first-time homebuyers, standardising the definition of "Affordable Housing", and reducing GST on construction materials like cement and steel. However, there has been only disappointments on this front based on the announcements so far. However, in terms of the tax changes, the Budget has proposed a massive reduction in rental matters for the individual. While the current tax deducted at source (TDS) for Payment of rent by individuals or HUF under Section 194-IB stands at 5%, the new budget is set to bring this down to 2%, effective from October 1, 2024. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div>Further, the government has promised to enable and implement policies and regulations for efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> markets with enhanced availability. <h2>Additional initiatives</h2>Further, dormitory-style accommodations have also been announced for industrial workers in public-private partnership mode with Viability Gap Funding (VGF) support and commitment from anchor industries. VGF is a scheme that helps support important infrastructure projects that may not be financially viable, through grants that total up to 20% of the total project cost. The FM also announced that policies and regulations for efficient and transparent rental housing markets with enhanced availability will be put in place, to ease the rental and home-owning process. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div>Markets are optimistic in the aftermath of these announcements, with many housing finance companies recording healthy gains since the speech. Puri notes that the renewed focus on rural and urban job creation, if effective, may provide some boost to affordable housing in even tier 2 and 3 cities. “The Finance Minister's allocation of ₹10 lakh crore to help 1 crore poor middle-class families buy houses will boost the demand for residential properties,” remarks Divyam Mour, Research Analyst at Samco Securities. ”This funding, along with interest subsidies, will greatly benefit real estate developers like DLF, Macrotech Developers, NBCC, and Sunteck Realty, as well as housing finance companies focused on the lower and middle classes, such as Aadhar Housing Finance, Aptus Value Housing Finance, and Aavas Financiers.”

Budget 2024: More affordable housing, lowered rent TDS — here’s what will change for the housing sector this year

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Summer vacation have you dreaming about giving it all up and moving abroad? Luckily, six European towns are <a target="_blank" rel="noopener" href="https://www.businessinsider.com/get-paid-to-move-to-europe-greece-spain-switzerland-italy-2024-7">offering cash to help you move there</a>.Speaking of money and vacations: In today's big story, summer vacation means financial stress for parents looking to keep their kids busy while school is out <a target="_blank" href="https://www.businessinsider.com/cost-summer-camp-childcare-inflation-parents-debt-work-schedules-2024-7">without breaking the bank</a>.What's on deck:<ul><li>Markets: The June jobs report is <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">good news for a potential rate cut</a>.</li><li>Tech: The founder of Gen Z's new favorite app details <a target="_blank" href="https://www.businessinsider.com/noplace-app-takes-over-apple-charts-myspace-twitter-for-genz-2024-7">how she plans to avoid being just a fad</a>.</li><li>Business: The three worst letters in real estate: <a target="_blank" href="https://www.businessinsider.com/abolish-hoas-homeowner-associations-housing-market-real-estate-costs-2024-7">HOA</a>.</li></ul>But first, hello campers!If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">The cost of summer</h2><div type="image" title="illustration of coin on swan" height="880" width="1168" msid="111587548" hostid="261" sizebytes="82826"></div>School's out for summer, but the relief for kids is causing financial pain for their parents.Summer can be a money pit for parents scrambling <a target="_blank" href="https://www.businessinsider.com/cost-summer-camp-childcare-inflation-parents-debt-work-schedules-2024-7">to keep their kids entertained in July and August</a>, write Business Insider's Juliana Kaplan and Madison Hoff.Summer childcare isn't cheap. Nearly a quarter of recently surveyed parents with kids in a summer program said they expect to pay more than $1,000 a month per child this summer. And those costs can balloon well beyond that, with one family spending $6,000 for a three-week sleepaway camp.Further complicating things is most camps don't cover the two-plus months parents need to fill for their kids. The result is sometimes a patchwork system of camps and part-time nannies that parents need to cobble together.Sometimes costs crop up before camp even starts. Parents spend hundreds, or even thousands, on <a target="_blank" href="https://www.businessinsider.com/parents-spend-hundreds-summer-camp-packing-services-kids-2024-6">packing and prepping their kids before shipping them off</a>.Just about everyone feels the squeeze on their wallets when the temperature rises.An Intuit Credit Karma survey found 61% of parents with children under 18 said it "feels even more expensive to raise kids in the summer months."It's a brutal reality check for parents who thought their days of high childcare costs were behind them when they became DIPS (<a target="_blank" href="https://www.businessinsider.com/parents-paying-preschool-childcare-costs-new-term-dinks-dips-henry-2024-2">dual income, public school</a>).Instead, some are even going into debt, despite sky-high credit card interest rates, to make it work.<div type="image" title="Illustration of a teddy bear with makeup in front of campgrounds and cabins." height="1500" width="3000" msid="111587547" hostid="261" sizebytes="1234734"></div>Things don't always get easier once kids are at camp, though.This year, skincare products proved to be <a target="_blank" href="https://www.businessinsider.com/sephora-kids-sleepaway-camps-ban-expensive-skincare-beauty-products-2024-6">a lightning rod for kids and parents at elite summer camps</a>, writes BI's Anna Silman. Outright bans or restrictions on luxury skincare products — because nine-year-olds need their daily lip oil — created chaos among their tweens.Of course, drama comes with the price of admission at these fancy establishments, which can run $16,000 for the summer.In 2021, Anna reported on how parents were <a target="_blank" href="https://www.businessinsider.com/sleepaway-camp-photo-drama-tyler-hill-2021-7">up in arms over the daily photos shown from camp</a>. Parents inundated camp employees with concerned or critical emails and calls as they tried to parent their children from hundreds of miles away.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/boeing-big-mea-culpa-just-dropped-does-not-look-pretty-2024-7">Boeing's big mea culpa just dropped and it doesn't look pretty.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">Modi's Russia visit shows India isn't worried about making the US mad.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/joe-biden-should-not-drop-out-election-prediction-allan-lichtman-2024-7">Kamala Harris won't save Democrats if she takes over for Biden, warns historian who correctly predicted 9 of the last 10 elections.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/france-election-results-new-popular-front-2024-7">France's left-wing alliance blocks a far-right majority, projection shows.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/russia-use-wwii-tactic-defend-against-ukrainian-drone-strikes-2024-7">Russia may resort to an old World War II tactic that had a key role in the D-Day landings to repel Ukrainian drone attacks.</a><a target="_blank" rel="noopener" href="https://www.businessinsider.com/mint-butterfield-teen-child-tech-founders-found-safely-police-2024-4">ded Slack and mom cofounded Flickr, found safe, police say</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="man walking by power plants" height="546" width="1102" msid="111587552" hostid="261" sizebytes="147554"></div><ol><li>How to get in on the AI infrastructure trade everyone's talking about. You've read a lot about the role data centers and utilities play in powering AI. But where should you invest? <a target="_blank" href="https://www.businessinsider.com/ai-stocks-companies-building-out-infrastructure-goldman-sachs-picks-2024-7">Goldman Sachs identified 89 stocks across 10 sectors</a> that are key to AI infrastructure.</li><li>The June jobs report included a couple surprises. The US labor market added more jobs last month than expected (206,000). But an unexpected uptick in unemployment to 4.1% is good news for <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">investors hoping for an interest-rate cut</a>.</li><li>An activist short-seller's Pyrrhic victory. Hindenburg Research wiped out $150 billion in market value from the Adani Group when it accused the Indian conglomerate of sweeping fraud. Meanwhile, Hindenburg's rewards were meager: The short-seller made just $4 million for its efforts. <a target="_blank" href="https://www.businessinsider.com/hindenburg-research-adani-group-explained-stock-crash-short-seller-profits-2024-7">But its leader insists it's not about the money</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Phones with Noplace." height="553" width="738" msid="111587549" hostid="261" sizebytes="32544"></div><ol><li>Gen Z's new favorite social media is… MySpace 2.0? The app Noplace, which is going viral among young people, is a nod to the early days of social media before the "algos and ads" took over. <a target="_blank" href="https://www.businessinsider.com/noplace-app-takes-over-apple-charts-myspace-twitter-for-genz-2024-7">Its founder has a plan to keep it from fizzling out</a>.</li><li>How Andy Jassy secretly wooed Wall Street. After a rough start to his tenure as CEO, Jassy executed a stunning turnaround: He slashed costs, won over investors, and put a new stamp on Amazon's culture. More than a dozen employees, investors, and analysts explained <a target="_blank" href="https://www.businessinsider.com/amazon-andy-jassy-wooed-wall-street-overhauled-bloated-tech-giant-2024-7">how Jassy overhauled the tech giant for the better</a>.</li><li>Amazon laps Netflix in the race for TV ad dollars. Ad buyers told BI that <a target="_blank" href="https://www.businessinsider.com/amazon-beating-netflix-upfront-battle-for-tv-sports-dollars-2024-7">Amazon is leading streamers in the competition for advertisers</a>, thanks to its large sports footprint and lower prices. It also has a larger ad-supported audience, since it <a target="_blank" href="https://www.businessinsider.com/amazon-prime-video-preview-shake-up-tv-ad-marketplace-2024-1">switched on ads for all Prime Video users</a> in January.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Nosy neighbor with binoculars peeking over shrubs, shocked at neighbor's 'NO HOA' sign" height="900" width="1200" msid="111587555" hostid="261" sizebytes="92110"></div><ol><li>Down with homeowner associations. Millions of Americans live in neighborhoods with HOAs that operate as private quasi-governments. While a new Florida law has made strides to limit HOAs' power, it will take more than some modest adjustments. <a target="_blank" href="https://www.businessinsider.com/abolish-hoas-homeowner-associations-housing-market-real-estate-costs-2024-7">We may need to break the system entirely</a>.</li><li>Stay greasy, McDonald's. Over the course of many years, McDonald's forays into healthy alternatives haven't panned out. That's probably because no one is going there to enjoy a salad. Customers know that. McDonald's does, too — <a target="_blank" href="https://www.businessinsider.com/mcdonalds-should-stick-to-unhealthy-food-burgers-chicken-2024-7">and it shouldn't forget it</a>.</li><li>Gen Z in Neverland. A growing share of young Americans are living with their parents way past college, and relying on the Bank of Mom and Dad for support. But it isn't all their fault. Lacking social safety nets, <a target="_blank" href="https://www.businessinsider.com/gen-z-living-at-home-relying-on-parents-safety-net-2024-7">American parents are often left to provide cover</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/when-to-quit-six-figure-job-for-mental-health">3 high-earners share when they knew it was time to quit their 6-figure jobs: 'It was literally driving me to the edge.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/samsung-apple-galaxy-iphone-battle-ai-intelligence-smartphones-2024-7">Samsung really wants to outsmart Apple in the Galaxy-iPhone battle</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-mocks-mark-zuckerberg-hydrofoil-video-2024-7">Elon Musk mocks Mark Zuckerberg's big hydrofoil swag moment and says he prefers to work instead of having fun on yachts</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-downgrade-ai-fully-valued-nvda-tech-2024-7">Why Nvidia just got a rare stock downgrade</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/hamptons-nightlife-clash-between-elite-clubs-and-angry-locals-2024-7">Elite nightclubs are forcing the Hamptons into an identity crisis</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/retire-early-expert-savings-advice-2024-7">I want to retire before 50, so I asked a financial planner for 3 ways to earn more on my savings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chase-warns-pay-free-services-checking-account-2024-7">Why your checking account may no longer be free</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tech-workers-real-winners-ai-talent-war-pay-2024-7">Tech workers look like the real winners of the AI talent war</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Samsung workers <a target="_blank" rel="noopener" href="https://www.reuters.com/technology/samsung-workers-union-south-korea-kicks-off-three-day-strike-2024-07-08/">began a three-day strike</a>.</li><li>Russian President Vladimir Putin met with Indian Prime Minister Narendra Modi.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Jack Sommers, deputy editor, in London. Annie Smith, producer, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York.

School's out, and parents' financial stress is in

Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword> has asked the <keyword id="20677983" type="General" weightage="20" keywordseo="mutual-fund-industry" source="keywords">mutual fund industry</keyword> to proactively conduct stress tests, a key component of <keyword id="20383727" type="General" weightage="20" keywordseo="risk-management" source="keywords">risk management</keyword> for the financial sector, which will help strengthen the ecosystem, its whole-time member Ananth Narayan Gopalakrishnan said on Friday. The regulator's stress testing emphasizes the need to assess and manage liquidity risks, especially in small and midcap equity schemes. Speaking at a mutual fund event, Gopalakrishnan highlighted the importance of modelling stress scenarios not just for individual schemes or fund houses, but for the entire mutual fund ecosystem. "It is also important to model stress scenarios for the entire composite mutual fund ecosystem. I would strongly encourage the industry and <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="153" meta.entityid="AMFI">AMFI</keyword> to take the lead and proactively conduct objective and credible industry wide stress tests. themselves," Gopalakrishnan said. He also emphasized the need to find better ways to communicate the risks associated with different mutual fund schemes. The SEBI official mentioned that while the current risk measurement system is straightforward and has had a significant impact, it doesn't fully capture the differences in risks among various investment schemes. According to him, many schemes are just labelled as high risk, even though they have different kinds of risks. The goal is to improve this system to better reflect those differences, while keeping it simple and easy to understand. One possible approach is to consider the portfolio's volatility and liquidity from stress tests to give a clearer picture. "While ensuring simplicity and ease of understanding remains a key objective, perhaps the underlying volatility of the portfolio along with the liquidity of the portfolio from stress tests could be used to provide better colour all around," he added. This comes at a time when the holdings of mutual funds by <keyword id="20234284" type="General" weightage="20" keywordseo="domestic-institutional-investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) and individuals have risen from about 54.3% of free float of all mid cap and small cap companies, as of March 2020 to 60.6% as of March 2024. Several fund houses have proactively stopped lump sum investments in some small-cap schemes and also capped the amount that can be invested through <keyword id="20675888" type="General" weightage="20" keywordseo="systematic-investment-plan" source="keywords">Systematic Investment Plan</keyword> (SIP) into small-cap schemes. He also highlighted the potential mismatch between the demand for paper and the supply of fresh paper coming into the ecosystem. Gopalakrishnan said the industry can make more progress in streamlining operations and improving efficiency for investors. "At a time when instantaneous fund transfers have become ubiquitous in our country, perhaps we should look to improve our internal processes and the security settlement ecosystem, to ensure that funds are passed on to investors on the day of the settlement itself, rather than a day after or two days after," he added. Over the last few years, the mutual fund industry has made impressive strides, and is now playing a crucial role in channeling financial savings towards risk capital formation. This was driven by stable macros, increased formalization, robust corporate earnings, digitisation and user friendly access. Moreover, the number of mutual fund investors has grown significantly from about 2 crore as of March 2019 to nearly 4.7 crore as of June 2024, an impressive compounded annual growth rate of 18% during that period. Gopalakrishnan mentioned that several exciting initiatives are in the works, developed with input from all stakeholders. These include a proposed low-ticket SIP, further breaking down regular SIPs into smaller, more accessible units (sachetisation and tokenization), and the introduction of "mutual funds lite" regulations. These new regulations will simplify rules for passively managed funds, reducing the compliance burden and encouraging competition and innovation. Additionally, a new class of higher-risk schemes is proposed for investors with a greater capacity to handle risk.

SEBI asks mutual fund industry to proactively conduct stress test

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. 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India to introduce UPI payment service in Maldives

<keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced a <keyword id="20274081" type="General" weightage="20" keywordseo="credit-guarantee-scheme" source="keywords">credit guarantee scheme</keyword> for facilitating <keyword id="22087606" type="General" weightage="20" keywordseo="term-loans" source="keywords">term loans</keyword> for <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword> to purchase machinery and equipment without collateral or third-party guarantee. In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small &amp; medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units. "We have formulated a package, covering financing, <keyword id="20961204" type="General" weightage="20" keywordseo="regulatory-changes" source="keywords">regulatory changes</keyword> and technology support for MSMEs to help them grow and also compete globally, as mentioned in the interim budget," she said. The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities. "A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger," the minister announced in the Budget. The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reduced loan balance. She also announced a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period. Sitharaman said that while being in the 'special mention account' (SMA) stage for reasons beyond their control, MSMEs need credit to continue their business and avoid getting into the NPA stage. "Credit availability will be supported through a guarantee from a government-promoted fund," she added. In another move to help MSMEs, the minister announced a new assessment model for credit to the sector. She said public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. "They will also take a lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy," she added. The new assessment model, she said, is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria. It will also cover MSMEs without a formal accounting system. Mohammad Athar (Saif), partner and leader capital projects and infrastructure development, PwC India, said the credit guarantee scheme and <keyword id="22514802" type="General" weightage="20" keywordseo="e-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> for MSMEs will enable demand creation and boost India's aspiration of achieving USD 1 trillion in exports by 2030, driven by MSMEs. Sitharaman also announced that to enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in public-private-partnership (PPP) mode. These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. Vivek Jalan, Partner, Tax Connect, a multi-disciplinary firm, said, as requested by the trade and industry bodies and laid down by the Economic Survey, for MSME businesses, the compliance burden is also sought to be relaxed. Litigations will be reduced in the new <keyword id="22517694" type="General" weightage="20" keywordseo="Vivaad-Se-Vishwas-Scheme" source="keywords">Vivaad Se Vishwas Scheme</keyword>, he added. Rumki Majumdar, Economist, Deloitte India, said the credit guarantee schemes for MSMEs in the <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword>, facilitating term loans for the purchase of machinery, and formulating packages to finance technology support to them will go a long way to providing access to finance and increasing investments, which have been key challenges in the sector.

FM announces credit guarantee scheme, other measures for MSMEs

The pre-budget <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> highlights the need for measures to boost <keyword id="19973896" type="General" weightage="20" keywordseo="talent" source="keywords">talent</keyword> and <keyword id="19959621" type="General" weightage="20" keywordseo="productivity" source="keywords">productivity</keyword> through <keyword id="19974189" type="General" weightage="20" keywordseo="private-sector" source="keywords">private sector</keyword> investment, experts said on Monday. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> tabled the Economic Survey for 2023-24 in Parliament. Rumki Majumdar, Economist, <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword> said the Survey has highlighted measures to boost talent and productivity through private sector investment in <keyword id="20077463" type="General" weightage="20" keywordseo="skills" source="keywords">skills</keyword> (in addition to what the government is initiating), physical and digital connectivity and building state capacity and capabilities. She said <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>, agriculture, education and <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, and upskilling as key pillars for uplifting the masses through jobs, income and skills. Aditi Nayar, Chief Economist and Head - Research &amp; Outreach, ICRA said the Survey stresses that in the medium term, growth needs to be supported by the private corporate sector as well as the state governments. On inflation, she said that "managing inflation is not just the prerogative of the RBI and its MPC, and would require active intervention by the Centre, especially in the arena of food price management. The realisation of both these paradigms is crucial to ensure an optimal growth-inflation mix over the medium term."

Survey highlights need for private investments to boost talent, productivity: Experts

The pre-budget <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> on Monday called for urgent reforms in India's <keyword id="19915424" type="General" weightage="20" keywordseo="agricultural-sector" source="keywords">agricultural sector</keyword>, warning that the structural issues could impede the country's overall <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> trajectory. The survey, tabled in Parliament by Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>, highlighted the untapped potential of the <keyword id="20682012" type="General" weightage="20" keywordseo="Indian-agriculture" source="keywords">Indian agriculture</keyword> sector compared to other economies. Chief Economic Advisor V Anantha Nageswaran called for a pan-India dialogue on the agriculture sector. The survey, presented ahead of the annual budget, emphasised that India has yet to fully leverage its agricultural sector for economic growth and job creation, unlike East Asian economies and Western developed nations. "Indian agriculture is not in a crisis now but requires a serious <keyword id="20544318" type="General" weightage="20" keywordseo="structural-transformation" source="keywords">structural transformation</keyword> because climate change and water criticality loom large in the times to come," the survey stated. The CEA advocated for a reassessment of existing policies, despite current government subsidies and support measures for farmers. "The payoff will be immense if we untie the knots that bedevil farm sector policies," Nageswaran said in the survey's preface. While the government provides substantial support to farmers through subsidies on water, electricity, and fertilizers, along with income tax exemptions and minimum support prices, there is room for improvement in policy implementation, he added. The survey identified several key challenges, including balancing growth with food inflation management, improving price discovery, and addressing land fragmentation. To address these challenges, the survey recommends multi-pronged reforms, which include: upgrading agricultural technology, enhancing marketing avenues, adopting farming innovations, reducing input wastage, and improving the agriculture-industry linkages. The document stressed the need to shift focus from basic <keyword id="19992806" type="General" weightage="20" keywordseo="food-security" source="keywords">food security</keyword> to nutritional security, aligning with a 'demand-driven food system' that is both nutritious and environmentally sustainable. The survey suggested that policymakers must strike a delicate balance between incentivizing farmers to increase production and keeping food prices within acceptable limits. "This dual objective requires careful policy interventions." The survey also emphasized the need for a farmer-friendly policy framework to ensure markets function in farmers' interests. It recommended avoiding bans on futures or options markets at the first sign of price spikes; invoking bans only under exceptional circumstances; re-examining the inflation-targeting framework; increasing the total net irrigated area, and aligning farming practices with <keyword id="22505922" type="General" weightage="20" keywordseo="climate-considerations" source="keywords">climate considerations</keyword>. Looking ahead to 2047, the survey highlighted the potential of agriculture and allied sectors (horticulture, livestock, fisheries, dairy, and food processing) for sustained <keyword id="20268655" type="General" weightage="20" keywordseo="employment-generation" source="keywords">employment generation</keyword>. "To sustain growth for nearly a generation up to 2047 or more and to ensure that it makes people's lives better and fulfills their aspirations, bottom-up reforms are necessary," it noted. It suggested that India may need to reconsider the traditional development model of transitioning from agriculture to industry and services.

Economic Survey calls for urgent agricultural reforms; cites growth hurdles

I will never play quarterback in the National Football League. I can't plant my feet in the pocket and throw into a tight window. I'm too short and flat-footed, and my asthmatic lungs give up after mere minutes of physical exertion. In high school, the only varsity letters I received were for marching band.But when I recently took the <a target="_blank" href="https://www.businessinsider.com/netflix-nfl-football-streaming-deal-explained-peter-kafka-2024-5">NFL's</a> preeminent player evaluation, it revealed that I have several skills that pro teams are looking for. In fact, I outperformed nearly all draft prospects in certain categories of this test, floundering on only one. The best part? I didn't even break a sweat.I took the exam while sitting in an office chair within the suburban Tennessee corporate headquarters of a testing startup called S2 Cognition. Purporting to be the "only sports evaluation that scientifically measures an athlete's game-speed cognitive abilities down to a millisecond level," these tests — which feel like a cross between playing Pong and taking an eye exam — have fast become part and parcel of how many scouts find the next billion-dollar athlete. More than 52 <a target="_blank" href="https://www.businessinsider.com/professors-turned-porn-stars-free-speech-campus-battle-wisconsin-2024-6">colleges and universities</a> and 16 of the NFL's 32 teams pay S2 to administer tests to prospective signees and to keep the results confidential.Jack Marucci, the longtime athletic-training director at the SEC powerhouse Louisiana State University, told me the tests helped him identify his athletes' natural strengths and weaknesses and adjust their training to get the most out of them. "We get a lot of Maseratis here," Marucci said, "but we've got to fine-tune the engine a little bit and find out what's going to make them stay at that high gear."While others have questioned S2's professed efficacy, the company is quickly expanding beyond sports and into law enforcement, the military, and even the boardroom. In the not-distant future, as the corporate hiring process grows ever more layered and as the compulsion to measure every conceivable facet of ourselves grows ever more feverish, you might be taking a version of this high-speed, highly stressful test to land your next job.This is what brought me to Nashville. I may be genetically damned to never be a Tennessee Titan, but perhaps my test results can help propel me to become a <a target="_blank" href="https://www.businessinsider.com/save-tech-industry-fire-managers-ceo-hire-coders-developers-executives-2024-6">titan of industry</a>. Somehow, I have a slightly easier time believing that.When I arrived at S2's brand-new, still undecorated offices this spring, I was greeted by its founders, Brandon Ally and Scott Wylie, two college athletes turned neuroscientists. After spending their early careers researching individual differences in cognitive deterioration — Ally studied Alzheimer's disease and Wylie studied Parkinson's disease — they founded S2 in 2015, deciding they could apply their work to studying individual differences in cognitive function in world-class athletes. "We are essentially working at both ends of the spectrum, from breakdown to elite expression of cognitive systems," Ally says.They drew interest for their work with quarterbacks, who often need to be the quickest thinkers on the football field. The difference between throwing a touchdown and taking a brutal sack could be that extra tenth of a second the QB takes to see patterns developing downfield. To gauge whether a QB has the brainpower to handle the pressure and noise, S2 has designed a sequence of tests to measure their reaction time, impulse control, and processing speed, among other traits.By 2016, S2 had found a hungry market in the NFL. For general managers, drafting and trading players are high-stakes decisions, with up to hundreds of millions of dollars — and the managers' own jobs — on the line. Selecting the wrong quarterback can set a franchise back years, while nabbing the next <a target="_blank" href="https://www.businessinsider.com/patrick-mahomes-defends-dad-bod-great-body-quarterback-nfl-2024-4">Patrick Mahomes</a> or Lamar Jackson (neither of whom was the first quarterback drafted in his class) can catapult a team to year-after-year Super Bowl contention. Small wonder teams would pay a king's ransom for a test that promises to give them an edge in knowing which quarterback to draft out of college or sign in free agency.For many years, the standard-bearer for evaluating the brains of NFL athletes was the Wonderlic, a short IQ test with a series of increasingly difficult questions. While the test is still used in the corporate world, often as part of the interview process, it has largely fallen out of favor in pro sports as research has indicated its scores are not statistically correlated with athletic performance. The Wonderlic has also been criticized as perpetuating racial and socioeconomic biases."We are always living under the ghost of the Wonderlic," Ally says. "People think whatever's between the ears is all sort of the same thing — that it's all IQ." For S2, he says, it's a marketing challenge as much as anything to convince prospective clients that "there are things in the brain, and that the brain does, that can correlate to performance in sports." John Michel, an associate professor of management and organizations at Loyola University Maryland who has extensively studied the efficacy of testing in workplaces, agrees there's a distinction. While the Wonderlic, he says, assesses only crystallized intelligence ("How well can you remember something you've learned?"), the S2 gauges fluid intelligence ("How well can you observe multiple objects moving at once in space? How well can you keep track of things?"). But not everyone is convinced that S2 is a magic bullet. In April 2023, an independent reporter published leaked test results from the Ohio State quarterback C.J. Stroud, then favored to be the first player selected in the <a target="_blank" href="https://www.businessinsider.com/nfl-draft-first-round-quarterbacks-busts">NFL draft</a>, over the Alabama quarterback Bryce Young. The report indicated that Stroud had bombed the S2, scoring in the 18th percentile, while Young scored in the 98th. One week later, Young was drafted first overall, and Stroud fell to second. But then Stroud, the alleged dolt, went on to have one of the best rookie campaigns of any NFL quarterback, while Young struggled all year. Headlines flooded in calling the S2 the second coming of the Wonderlic, or an outright sham.While S2 won't publicly talk about the details of Stroud's results, Ally said Stroud's reported score was "not legit." Stroud himself seemed to admit he didn't give the test his full effort: "Some things I apply myself to, some things I don't," he told The Athletic.Still, the backlash has continued into this year. In February, the prominent sports agency Athletes First, which represents Stroud, the Jets quarterback Aaron Rodgers, and many other top players, instructed its clients to skip cognitive evaluations including the S2 and Athletic Intelligence Quotient, a rival test.At the S2 office, it was time for me to take the test. Unlike the Wonderlic, the S2 isn't anything like a standardized exam: It's a rapid-fire battery of pressure-filled visual simulations that require split-second decision-making, conducted on a gaming laptop or Xbox console connected to a hypersensitive keypad. "I don't care if you have Einsteinian-level IQ or you barely pulled a D-minus average," Wylie told me just before I began. "That's not going to help you."We agreed I wouldn't divulge the specifics of the test, but I'll say that there are eight five-minute modules: One evaluates your perception speed, another your tracking ability, and another your abilities to intuit a pattern on the fly. Many of them involve dots flying around a screen or flashing before your eyes, and demand an instant reactions by clicking a button or pressing an arrow.It was grueling, requiring intense concentration and locked-in vision. I wasn't on a football field with 300-pound linemen protecting me from shifty edge rushers, but I felt the pressure. There were moments when I felt completely in the zone, and others when some subconscious impulse led my button-mashing prowess astray. By the end I felt exhausted, and I was certain I'd failed.Unfazed by the controversy over Stroud, S2 has begun selling its tests to other sectors. The several law-enforcement agencies and special operations military groups it has partnered with so far feel like a natural extension: People in both fields often require the same high-pressure, split-second decision-making skills as athletes.But the company's expansion into corporate settings is a more significant departure. Can a test originally designed for pass rushers and designated hitters really help companies, as S2 claims it can, evaluate outside talent, invest in worker training, and fast-track potential executives?For many metrics-intensive corporations, S2's testing isn't all that different from what they've been using to assess candidates for decades. IQ tests and personality tests like the Myers-Briggs or the Enneagram have long been deployed to evaluate candidates' aptitude, intelligence, and cultural fit. Many of the world's top companies, such as Goldman Sachs, Boeing, Meta, and Alphabet, already do many of the things S2 is offering, albeit by compiling teams of psychometricians or human-resources experts in bespoke assessment centers. It's no surprise, then, that <a target="_blank" href="https://www.businessinsider.com/everyone-hates-workday-human-resources-customer-service-software-fortune-500-2024-5">Fortune 500 companies</a> have been reaching out to S2. (The company won't disclose its nonathletic clients.)<div type="image" title="A field goal post with a bar graph being hit with a football" height="1500" width="2000" msid="111312818" hostid="261" sizebytes="139608"></div>A few years ago, S2 ran a pilot program at three companies in different industries. Wylie says it focused on evaluating employees and discussing with them, rather than their managers, how their results could help them "understand themselves a little bit better beyond just personality and group dynamics" and find ways to adjust their workflows or different roles they could move to. "If we can help every individual maximize their performance and efficiency," Wylie added, "gosh, that's just going to elevate departments, elevate teams." The S2 team learned that some workers were more sensitive than others about what they wanted their employers to know about them.When Ally and Wylie evaluate so-called corporate athletes — a term that makes even them cringe a bit, though they nevertheless use — they look at dynamic memory systems, including explicit and implicit memory (think recall versus intuition), and executive cognitive systems (such as impulse control and risk-taking). Some of these have crossover with a pro athlete's skill set, while others fall outside.Michel says a fluid-intelligence test like the S2 could be helpful in deciding whether a candidate would make the right hire or whether an employee is right for a managerial role, but only as part of a suite of tests and reviews of their work product, or as a way to narrow down a large pool of interview candidates.Wylie and Ally also say their tests should work in tandem with other evaluations. After all, perhaps there's no bigger red flag for a prospective employee than when your future employer relies on one metric to say whether you're a fit or not, whether you can handle the work and live up to expectations. I know I'd be turned off.After finishing my test, I nervously trudged down the hall to a conference room, where Wylie had my results displayed on a laptop screen. To my surprise, he was smiling.It turned out that my tracking capacity — my ability to follow movements around a screen — was less than stellar. Among NFL prospects, I would have scored in the 6th percentile. My perception speed was fairly average (48th) and my impulse control above average (84th).But in instinctive learning — in which I had to trust my gut, figure out a pattern, and stick with it despite distractions being thrown my way — I somehow scored in the 97th percentile. "Most people get up and say, oh man, that was tough," Wylie said. "You actually deduced the optimal responses very quickly, very efficiently. A lot of our general managers crush that."Earlier I had told Wylie that I was easily distractible and often struggled to focus. But then I scored in the 98th percentile on the distraction-control test. "I don't care what you say: When you want to lock in and block out distractions, you can," Wylie saidPerhaps, it's time for me, as a worker, to amend my environment so I can find better ways to remove distractions and lock in. When I finally do that, NFL front offices should give me a call. I won't need the tracking ability of an NFL safety watching a play unfold in front of him, but maybe I can run a franchise.<a target="_blank" href="https://www.businessinsider.com/author/scott-nover">Scott Nover</a> is a freelance writer based in Columbus, Ohio. He is a contributing writer at Slate and was previously a staff writer at Quartz and Adweek covering media and technology.

Job interviews are about to get a whole lot more stressful

<ul class="summary-list"><li>Careers in luxury-travel advising are growing as travelers seek stress-free, high-end experiences.</li><li>Gen Z and millennials are driving the growth, seeing vacation spending as a worthy expense.</li></ul>The internet has revolutionized the way people research and book travel. Travelers now have access to hotel- and flight-booking platforms, travel content on social media, travel blogs, and travel publications.Today's travelers, especially those seeking luxury experiences, don't always want to wade through all that information. Consequently, the travel-advisor industry has experienced <a target="_blank" href="https://www.researchandmarkets.com/reports/5939779/online-travel-agent-global-market-report">significant growth in recent years</a>, especially among <a target="_blank" href="https://www.businessinsider.com/travel-agents-back-gen-z-millennials-vacation-planning-overseas-resorts-2024-6">Gen Z and millennial travelers</a>. According to Grand View Research, the global luxury-travel market is worth an estimated $1.3 trillion and <a target="_blank" href="https://www.grandviewresearch.com/industry-analysis/luxury-travel-market">expected to grow 7.9% from 2024 to 2030</a>.Luxury travelers are not necessarily looking for the best deals but the best way to plan a trip without the hassle. This is where a luxury-travel advisor comes in. Agents can provide personalized itineraries, access to upgrades and selective experiences, and support throughout the trip.Business Insider talked to three luxury-travel advisors about the industry's growth and how to transition into travel advising.<h2 id="d0bc394b-7621-4fa4-a0f8-32d935c8b8b2">Why the luxury-travel industry is booming</h2>Diana Hechler, the owner of <a target="_blank" href="https://www.dtourstravel.com/">D. Tours Travel</a>, said the luxury-travel industry has grown because travelers have access to more luxury-level properties, and more people are willing to pay luxury prices. Also, a vacation is seen as <a target="_blank" href="https://www.businessinsider.com/cook-chef-manager-amusement-parks-gen-z-attendant-experience-economy2023-11">a necessity for Gen Z travelers</a>."People are booking vacations more than ever and want them to be stress-free and restorative. And nothing does that better than luxury travel," Hechler told BI. "Despite the higher prices, the segment of travelers that want luxury and are willing to pay for it has grown as well."<div type="image" title="Diana Hechler smiling against the backdrop on a scenic landscape" height="480" width="640" msid="111319030" hostid="261"></div>Angela Adto Tepper, the owner of <a target="_blank" href="https://www.azaluxurytravel.com/">AZA Luxury Travel</a>, said that the shift toward luxury travel had increased since the pandemic, with more Americans prioritizing travel."The luxury-travel sector has evolved to prioritize wellness, health, sustainability, and transformative experiences, and people are now prioritizing meaningful travel experiences and pursuing bucket-list trips," Tepper said. "Advisors have adapted by curating journeys tailored to each client."<h2 id="e8bab25d-5ff3-4403-9e08-2486bf69f866">Why travelers work with advisors</h2>One of the biggest advantages of working with a travel advisor is that it helps travelers cut through the noise and information overload. Traveler agents work on commission, getting a percentage of hotel, cruise, or tour costs, which is paid after a trip is over. Many agents also charge an up-front fee for research and planning."The internet was supposed to be the death of advisors, and instead, it's made us more valuable than ever," Hechler said. "While some people love to spend time researching their vacations and doing it themselves, many don't have time to 'waste' on the internet starting from scratch. Saving time is problem-solving for almost everyone; anytime you can solve people's problems, you can have a successful business."Travel advisors can also offer complimentary upgrades and have access to experiences that might not be available to the public."Working with a travel advisor can be summarized by three E's," Tepper said. "We can provide expertise and insider knowledge, extras with personalized service, and emergency assistance."<div type="image" title="Angela Adto Tepper headshot" height="800" width="800" msid="111319028" hostid="261"></div>With the prevalence of Instagram and TikTok, it might seem like everyone is going to the same places. So booking luxury hotels or making reservations at Michelin-starred restaurants is no longer enough; travelers want advisors to curate one-of-a-kind experiences."The luxury-travel sector is not just about opulence and indulgence but also about creating meaningful, enriching experiences that leave a lasting impact," Maurice Smith, the founder and CEO of the luxury-travel agency <a target="_blank" href="https://www.eugenetoriko.com/about/mauricesmith">Eugene Toriko</a>, said. "Sustainable and regenerative travel practices are becoming increasingly important, focusing on preserving and enhancing the destinations we visit."<h2 id="9b6f140b-dd8b-4170-8551-bcd2b8a53375">Tips for transitioning into travel advising</h2>If you're ready to move into the industry, it's worth taking stock of your skills first. For example, Tepper said people with event-planning experience might transition well into travel advising since itinerary planning and familiarity with booking platforms are part of the job. She added that soft skills, like interpersonal communication, problem-solving, and adaptability, would also come in handy.Tepper recommended contacting an advisor before switching over. "If you're considering the career change, one of the best things you can do is secure a reputable mentor," she said. "A mentor can offer invaluable guidance, accelerating professional growth and enhancing skill development, leading to greater success and higher earnings."It also helps to study travel trends, have a deep knowledge of a destination, and build expertise around types of travel, such as <a target="_blank" href="https://www.businessinsider.com/multigenerational-family-cruise-vacation-kids-grandmother-2024-4">multigenerational trips</a>, cruises, or honeymoons. Tepper said that prospective advisors must also remember that they're not necessarily looking for the "best discounts" for clients but creating tailored trips with impeccable customer service."To maintain the quality of our personalized work, we occasionally have to turn away a client," Tepper said. "Not every client is the right fit for our service. This selectivity ensures that we can devote the necessary time and attention to crafting great experiences for everyone while upholding the high standards we have put in place."<h2 id="20ff0366-89dc-464a-b1bb-6d985f7819cf">The benefits of travel advising</h2>Travel advising provides valuable services to travelers, but agents can also receive perks like complimentary trips sponsored by hotels and tourism boards and travel discounts."One of the biggest perks of this job is the opportunity to explore the world and indulge in my passion for travel," Tepper said. "Imagine waking up in a new city, tasting exotic cuisines, and immersing yourself in diverse cultures while doing what you love. For me, it's a career that blends passion and purpose."The job also comes with a few challenges. Smith said that agents must stay on top of ever-changing travel regulations to ensure the safety of their clients. But ultimately, he said, it's a rewarding career that prioritizes relationships."Travel advising offers flexibility and the potential to work remotely, allowing for a good work-life balance," Smith said. "Additionally, the satisfaction of helping clients create unforgettable memories and the joy of turning their travel dreams into reality is incredibly rewarding."

Luxury-travel advisors are in demand as Gen Z and millennials splurge on stress-free, meaningful vacations

Mutual funds stress test: What it means for you

<ul><li>More than 51% of techies said that they spend anywhere between 9-12 hours at work, as per a survey.</li><li>Unrealistic timelines, excessive meetings, and company cultures that value and reward overwork — are the reasons for long hours.</li><li>The resultant health effects include acidity, gut problems, back and neck pain, erratic sleep cycles, muscle stiffness and more. </li></ul>It’s official. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s tech professionals are among the most overworked, putting in way longer hours at work than the global average. As per a report by Onscurity &amp; Knowledge Chamber of Commerce and Industry (<keyword id="20246448" type="General" weightage="20" keywordseo="kcci" source="keywords">KCCI</keyword>) – more than half of the country’s techies work for an average of 52.5 hours a week. This is considerably higher than the national average for India, which is 47.7 hours a week. As per the US Bureau of Labour Statistics, the average number of hours worked per week is around 36.4 in the informal sector! Stats paint a grim picture More than 51% of Indian techies surveyed said that they spend anywhere between 9-12 hours at work, as per a survey conducted for the report. While 2% said that they spend over 12 hours working, 47% adhere to the 5-8 hour schedule. A staggering 55% of tech professionals reported that working late hours significantly impacts their health. This higher work burden is leaving them with a myriad of health problems — such as acidity, gut problems, back and neck pain, erratic sleep cycles, muscle stiffness, eyesight-related issues, weight gain, and intense headaches. As per the KCCI report titled ‘Burying the Burnout: Decoding the Health Challenges of India’s Tech Geniuses’, 26% of techies are experiencing exacerbated sleep problems, with more than 51% of them getting only an average of 5.5 to 6 hours of sleep per day. “Frankly, working in the IT/ITES sector is exceptionally demanding, akin to traversing a tightrope. With tight deadlines and inevitable setbacks, employees' health often bears the brunt. Therefore, focusing on preventive measures is paramount,” said <keyword id="21013145" type="General" weightage="20" keywordseo="bharat-patel" source="keywords">Bharat Patel</keyword>, secretary general of KCCI. The survey respondents were software developers, web and app developers, data analysts, data scientists, UI/UX designers and more. It was conducted in pan-India in cities including Delhi, Bangalore, Kochi, Ahmedabad, and Kolkata. Excessive meetings vs Family events What is making techies put in longer hours than their peers? As per the survey — unrealistic timelines, last-minute changes, dissatisfaction with initial iterations of work completed etc. The most notorious of the reasons as per the survey included excessive meetings. Company cultures that value and reward overwork, pressure from management; and not least of all, perceived career advancement opportunities tied to working long hours, also push the workforce to adhere to excessive work hours. “Many tech roles in India are inherently demanding, often necessitating a predominantly sedentary lifestyle. Collectively, these factors contribute to a detrimental impact on the well-being of these individuals,” the report says. Nearly 45% of tech professionals disclosed that their mental health is suffering, with stress, anxiety, and depression taking a toll. Increased job hours also translate to less family time. As many as 74% of techies are sacrificing family events and celebrations due to work demands. The report adds that as individuals consistently prioritise work over personal and family commitments, it can lead to feelings of isolation, loneliness, and burnout. “It's crucial that we don't overlook the daily struggles of tech professionals in our pursuit of success, as neglecting their well-being could not only render technology jobs unappealing but also hinder the true potential of these individuals,” said <keyword id="21013144" type="General" weightage="20" keywordseo="yogesh-agarwal" source="keywords">Yogesh Agarwal</keyword>, Founder and CEO, <keyword id="21013146" type="General" weightage="20" keywordseo="onsurity" source="keywords">Onsurity</keyword> added that the survey findings should serve as a wake-up call for tech companies. As more and more stakeholders push to prioritise health and personal time over never-ending work requirements, the time is perhaps ripe for companies to revisit their internal work culture to make employees more productive and not miserable over the long term.

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