With the rupee witnessing a downward spiral for the past several weeks, even crossing the 83 mark against the US dollar, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Wednesday said that the Indian currency has behaved in an orderly manner and its trajectory shouldn't be looked at emotionally. Das, while addressing industry body FICCI's banking summit in Mumbai, said that capital flows will resume as the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> will not resort to tightening rates for a long time. The RBI Governor's comments on the rupee came just hours before the US Fed is scheduled to meet later in the day to review key rates. It is anticipated that the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> may hike rates to curb rising inflation. Meanwhile, referring to the RBI's Monetary Policy Committee's (<keyword id="6369693" type="General" weightage="50" keywordseo="mpc" source="Orion">MPC</keyword>) scheduled meeting on Thursday to discuss its reply to the government, for failing to keep inflation within its tolerance limit of less than 4 per cent, Das said that the central bank won't immediately release details of the deliberations. The RBI does not have the authority to release these details, he said. The central bank is mandated to keep inflation within the tolerance limit of 2 per cent to 4 per cent. However, its failure to do so for the past nine months has warranted a response from the Centre. Defending the RBI's handling of price rise, Das said that acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Though he agreed that inflation has not been under control, the RBI Governor at the same time added that the central bank prevented a "complete collapse of the economy by keeping rates lower and stayed away from premature tightening". Speaking on the Central Bank Digital Currency (CBDC), Das said that RBI wants to iron out all aspects related to it before its launch. He said that the e-rupee launch was a landmark moment in the history of currency in the country and it will transform the way business is done and the way transactions are conducted. On Tuesday, the RBI launched a trial of the digital rupee. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a>

Rupee has behaved in an orderly manner, says RBI Governor

<ul><li><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> slipped 466 points to 60,564 while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> fell by 134 points to 18,022 on Thursday.</li><li>Auto major Tata Motors was the biggest loser with more than 4% fall, after it reported a consolidated Q2 net loss of ₹944 crore.</li><li>Analysts say all eyes will be on the <keyword id="108767" type="General" weightage="20" keywordseo="us-inflation" source="Orion">US inflation</keyword> data today, which would signal future policy rate decisions by the US Fed.</li><li>Barring Nifty Pharma and Nifty Media, all sectoral indices were in the red.</li></ul>Indian benchmark indices opened on a weak note on Thursday tracking global markets that are under pressure ahead of US inflation data for October, and a crash in the crypto market. Sensex slipped 466 points to 60,564 while Nifty50 fell by 134 points to 18,022 on November 10. “All eyes will be on the US CPI data to trickle in later today, which would signify the future policy rate decision by the US Fed,” said Prashanth Tapse - research analyst, senior VP (research) at Mehta Equities. Crypto market collapsed after Binance, the world’s biggest crypto exchange, abandoned a proposed deal to acquire smaller rival FTX, which is grappling from a severe liquidity crunch and is now set to face bankruptcy. Also, Facebook parent <keyword id="399907" type="General" weightage="20" keywordseo="meta" source="Orion">Meta</keyword> laying off 13% or 11,000 of its workforce due to falling revenues spooked investors. “Amid a sea of red across the global markets, key local benchmark indices brace for a rough trading session in Thursday trades. Overnight, the US equities witnessed a major sell-off as investors resorted to panic selling as the mid-term election results still remained undecided. The outcome is seen having an enormous impact as it will give voters an opportunity to indirectly express their views on Biden’s presidency and the current direction of the country,” said Tapse. Auto major Tata Motors was the biggest losing stock on Nifty50, with more than 4% fall after it reported a consolidated net loss of ₹944 crore for the second quarter. Its losses narrowed from ₹4,441 crore in the year ago period, and ₹5,006 crore loss it posted in the previous quarter ending June. Barring Nifty Pharma and Nifty Media, all sectoral indices were in the red. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers on Nifty50 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.97% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.71% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.45% </td></tr></tbody><tbody></tbody><tbody></tbody></table> On the bright side, crude oil prices continued to fall and stood at $92 per barrel on Thursday. This comes after reports show US crude stockpiles rising more than expected and on concerns of demand being hit after Covid-19 cases resurface in China, a top importer. Further, Apollo Hospitals, Eicher Motors, Adani Green, Reliance Power, Jindal Steel and Power, Bata India, Indian Hotels Company, Sail and Zomato will announce their September quarter earnings today. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-allotment-how-to-check-allotment-status-listing-date-and-more/articleshow/95407416.cms">Fusion Micro Finance IPO allotment – How to check allotment status, listing date and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/five-star-business-finance-ipo-receives-poor-subscription-of-2-on-day-1/articleshow/95406771.cms">Five Star Business Finance IPO receives poor subscription of 2% on day 1</a>

Bears weigh on Indian markets due to negative global cues

A year-long study of the <keyword id="749867" type="General" weightage="20" keywordseo="dietary-habits" source="Orion">dietary habits</keyword> of 9,341 Australians has backed growing evidence that highly processed and refined foods are the leading contributor to rising obesity rates in the Western world. The new study, in the latest issue of the journal Obesity conducted by the University of Sydney's Charles Perkins Centre (CPC), was based on a national nutrition and physical activity survey undertaken by the Australian Bureau of Statistics (ABS), and further backs the '<keyword id="15478813" type="General" weightage="20" keywordseo="protein-leverage-hypothesis" source="Orion">Protein Leverage Hypothesis</keyword>'. First put forward in 2005 by professors Raubenheimer and Stephen Simpson, the Protein Leverage Hypothesis argues that people overeat fats and carbohydrates because of the body's strong appetite for protein, which the body actively favours over everything else. Because so much of modern diets consist of highly processed and refined foods -- which are low in protein -- people are driven to consume more energy-dense foods until they satisfy their protein demand. "As people consume more junk foods or highly processed and refined foods, they dilute their dietary protein and increase their risk of being overweight and obese, which we know increases the risk of chronic disease," said lead author Dr Amanda Grech, a Postdoctoral Research Fellow at the CPC and the university's School of Life and Environmental Sciences. "It's increasingly clear that our bodies eat to satisfy a protein target," added Professor David Raubenheimer, the Leonard Ullmann Chair in Nutritional Ecology at the School of Life and Environmental Sciences. "But the problem is that the food in Western diets has increasingly less protein. So, you have to consume more of it to reach your protein target, which effectively elevates your daily energy intake. "Humans, like many other species, have a stronger appetite for protein than for the main energy-providing nutrients of fats and carbohydrates. That means that if the protein in our diet is diluted with fats and carbohydrates, we will eat more energy to get the protein that our bodies crave." Proteins are the building blocks of life: every cell in the body contains them, and they are used to repair cells or make new ones; and it's estimated that over a million forms of protein are needed to allow a human body to function. Protein sources include meats, milk, fish, eggs, soy, legumes, beans, and some grains such as wheat germ and quinoa. The University of Sydney scientists analysed data from a cross-sectional survey of nutrition and physical activity in 9,341 adults, known as the National Nutrition and Physical Activity Survey which was conducted from May 2011 to June 2012, with a mean age of 46.3 years. They found the population's mean energy intake was 8,671 kilojoules (kJ), with the mean percentage of energy from protein being just 18.4 percent, compared with 43.5 percent from carbohydrates and from 30.9 percent from fat, and just 2.2 percent from fibre and 4.3 percent from alcohol. They then plotted energy intake versus the time of consumption and found that the pattern matched that predicted by the Protein Leverage Hypothesis. Those who consumed lower amounts of protein in their first meal of the day went on to increase their overall food intake in subsequent meals, whereas those who received the recommended amount of protein did not -- and, in fact, declined their food intake throughout the day. They also found a statistically significant difference between groups by the third meal of the day: those with a higher proportion of energy from protein at the start of the day had much lower total energy intake for the day. Meanwhile, those who consumed foods low in protein at the start of the day proceeded to increase consumption, indicating they were seeking to compensate with a higher consumption of overall energy. This is despite the fact the first meal was the smallest for both groups, with the least amount of energy and food consumed, whereas the last meal was the largest. Participants with a lower proportion of protein than recommended at the first meal consumed more discretionary foods -- energy-dense foods high in saturated fats, sugars, salt, or alcohol -- throughout the day, and less of the recommended five food groups (grains; vegetables/legumes; fruit; dairy and meats). Consequently, they had an overall poorer diet at each mealtime, with their percentage of protein energy decreasing even as their discretionary food intake rose -- an effect the scientists call 'protein dilution'. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-allotment-how-to-check-allotment-status-listing-date-and-more/articleshow/95407416.cms" style="">Fusion Micro Finance IPO allotment – How to check allotment status, listing date and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/us-reports-nearly-30000-weekly-child-covid-cases/articleshow/95397876.cms" style="">US reports nearly 30,000 weekly child Covid cases</a>

You're eating fats and carbs because your body wants protein

<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s software export revenue and remittances act as a strong counter-cyclical buffer against the increase in current account deficit (<keyword id="52599" type="General" weightage="80" keywordseo="cad" source="Orion">CAD</keyword>) due to a hike in global oil prices and rupee depreciation, said the State Bank of India's (SBI) Chief Economic Adviser. In a research report Dr <keyword id="6448502" type="General" weightage="50" keywordseo="soumya-kanti-ghosh" source="Orion">Soumya Kanti Ghosh</keyword>, Group Chief Economic Adviser, SBI, said for every rupee depreciation, software exports increase by $250 million. <keyword id="4757" type="General" weightage="80" keywordseo="ghosh" source="Orion">Ghosh</keyword> said contrary to the expectations, the Q1FY23 Balance of Payments (BOP) numbers have shown a strong counter-cyclical buffer in the form of service exports and remittances. For example, in Q1, India's CAD was expected to reach $30 billion/3.8 per cent of gross domestic product (GDP), but the actual numbers came in at 2.8 per cent of GDP. The positive surprise was because of strong remittances and software exports, the CAD got a lift of 60 basis points, Ghosh said. "We expect that if such trends of strong remittances and software exports have continued (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> data suggests software exports in Q2 were strong) in Q2, and India's CAD comes in below the threshold level of 3.5 per cent of GDP in Q2, the CAD for FY23 could still be closer to 3 per cent benchmark and not in excess of 3.5 per cent of GDP," he added. Also, forex reserves could jump by another $5 billion as swap transactions reverse and thus have a positive impact on the rupee as is being currently witnessed, he noted. To understand the factors that are impacting India's CAD, Ghosh worked on the structural vector auto-regressions (SVAR) model. With oil forming 30 per cent of India's import bill, it has a major impact on macroeconomic variables. An increase in oil import price impacts directly the trade deficit and consequently, CAD gets widened. That apart, it also results in inflation. According to Ghosh, the SVAR model introduces a counter-cyclical response to increased oil prices in the form of software service exports that is impacted positively because of rupee depreciation. "Although remittances are positively impacted, we have not considered them in our SVAR model because of data volatility." The results of the SVAR model clearly give an idea of the negative impact of oil price shock on CAD, inflation and growth in one direction and the positive impact of software exports on CAD as a result of rupee depreciation. In particular, a positive shock to oil prices leads to an immediate and sharp increase in CAD, which dissipates completely in about eight quarters. The trade deficit also increases up to two quarters after the initial positive oil price shock, he said. "This implies that India's trade deficit may already have been adversely impacted for the first half of the current fiscal because of the oil price shock," Ghosh said. In the case of GDP, a positive shock to oil prices leads to an immediate decline, which however starts reversing after the third quarter and completely dissipates after the seventh quarter. "This implies that India's first-half GDP growth in FY23 could have been impacted because of the oil price shock. Most interestingly, the rupee-dollar exchange rate also gets impacted and it depreciates slightly after an increase in oil prices till three quarters following which it starts appreciating," he said. As a result, the rupee outlook is likely to improve in Q4 of FY23. The impact of oil price on consumer price index (CPI) inflation will dissipate after four quarters and it means that the CPI inflation outlook for FY24 will be consistent with RBI's forecast of 5 per cent. Ghosh said India's software exports are on the rise with the share of the offsite mode of exports by Indian IT service companies increasing to 88.8 per cent in FY22 compared to 82.8 per cent five years ago. Ghosh said a $10 increase in crude oil prices leads to an increase of 40 bps in CAD, 50 bps in CPI and a 23 bps decline in growth with software exports acting as a counter-cyclical buffer. "The exchange rate pass-through from variance decomposition method shows it is at least 10 per cent for CAD, inflation and growth, but significantly stronger at 35 per cent for software exports. For every rupee depreciation, software exports increase by $250 million," Ghosh added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bears-weigh-on-indian-markets-due-to-negative-global-cues/articleshow/95418328.cms">Bears weigh on Indian markets due to negative global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-allotment-how-to-check-allotment-status-listing-date-and-more/articleshow/95407416.cms">Fusion Micro Finance IPO allotment – How to check allotment status, listing date and more</a>

For every rupee depreciation, software exports increase by $250 mn: SBI Chief Economic Advisor

<ul><li><keyword id="116273" type="General" weightage="100" keywordseo="cyberattacks" source="Orion">Cyberattacks</keyword> are a growing risk with countries devoting more resources to defend against them.</li><li>The research firm says that cyberattacks carry a tail risk with “potentially significant impact” on creditworthiness.</li><li>Rich countries, countries with lower preparedness and those with geopolitical tensions are amongst the top targets of cyber attackers.</li></ul>Cyberattacks are a growing risk with countries devoting more resources to defend against them, according to a report by <keyword id="125045" type="General" weightage="50" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword>. The research firm says that cyberattacks carry a tail risk that could have a major impact on the creditworthiness of victim countries. “Ranked alongside other sovereign creditworthiness drivers, the risk of a severe cyberattack is a tail risk, a low probability event but with potentially significant impact,” said a report by <keyword id="82981" type="General" weightage="80" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings. Tail risk refers to the chance of a loss occurring due to a rare event, based on predictions using a probability distribution. Countries with little capability to defend against cyberattacks are at a higher risk, as seen in the 2022 ransomware attack on Costa Rica, which is <a href="https://www.larepublica.net/noticia/costa-rica-reporta-perdidas-por-125-millones-por-caos-en-aduanas">said</a> to have caused losses to the tune of $30 million per day. “Cyberattacks constitute a relevant and growing concern for sovereigns. However, their tail risk nature and lack of historical precedents make them a hard risk to predict and measure,” said Charles Seville, senior director, Fitch Ratings. The unpredictability of cyberattacks has meant that determining the exact impact of these events on the countries’ creditworthiness is difficult, more so when these attacks have not had a substantial impact on countries’ ability to repay liabilities. This is also why cyberattacks have not figured so far in ratings action by Fitch, the firm says. The Fitch report also stated that most of these attacks have caused limited damage and have not affected economies sufficiently, so far, to show up in statistics. <cmsannotation type="cmsannotation" annotationid="Countries with geopolitical tensions, low preparedness among top targets" comment="subhead" text="Countries with geopolitical tensions, low preparedness among top targets">Countries with geopolitical tensions, low preparedness among top targets</cmsannotation> According to the research firm, countries facing geopolitical tensions and those with low preparedness against cyberattacks are amongst the top targets. For instance, after talks between US and <keyword id="6358826" type="General" weightage="50" keywordseo="russia" source="Orion">Russia</keyword> failed on Ukraine’s future in NATO, cyber attackers took down more than a dozen Ukrainian government websites. Ukrainian officials pegged the number at 70, although most of the websites were restored within an hour of the attack. A month later, as tensions between Russia and Ukraine continued to escalate, cyber attackers again took down multiple Ukrainian government and bank websites, days before Russia’s full-scale invasion of Ukraine. Further underlining how geopolitical tensions have led to an increased incidence of cyberattacks, Russia, China and the US are the top three countries facing cyberattacks, according to real-time data from security firm <a href="https://cybermap.kaspersky.com/">Kaspersky</a>. Tensions between the US on one hand, and Russia and China on the other hand, have been elevated for a while now. Richer countries and countries with weak cyber security also make for tempting targets, according to Fitch. While attacking developed economies could give the hackers a bigger payday, these economies have stronger buffers to prepare against these attacks and test contingency plans to deal with the fallout. Earlier in October, a pro-Russian hacker group ‘Killnet’ was<a href="https://abcnews.go.com/amp/Technology/cyberattacks-reported-us-airports/story?id=91287965"> reportedly</a> behind a cyberattack against more than a dozen US airport websites, but the hackers only managed to create temporary inconvenience. <cmsannotation type="cmsannotation" annotationid="‘Profit is the most common motive’" comment="subhead" text="‘Profit is the most common motive’">‘Profit is the most common motive’</cmsannotation> A big payday is the most common motive for cyber attackers, according to the report. “As the case of the 2022 ransomware attack on neutral Costa Rica demonstrates, they can strike anywhere and profit is the most common motive,” the report added. Cryptocurrency hacks, for instance, have resulted in over $2 billion worth of cryptocurrencies being stolen by hackers in 2022 alone. This includes high-profile attacks like the one on Binance, the world’s largest cryptocurrency exchange by volume – hackers stole $570 million from a blockchain linked with Binance in October this year. From a sovereign perspective, too, the treasury and central banks are the most critical targets, according to the report – for instance, hackers stole $81 million from the Bank of Bangladesh’ forex reserves, making it the most high-profile attack on a central bank. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a> <a href="https://www.businessinsider.in/stock-market/news/markets-break-4-session-winning-streak-to-open-lower-in-early-trade/articleshow/95245774.cms">Markets turn choppy ahead of US Fed monetary policy outcome</a>

Cyberattacks hold ‘potentially significant impact’ on countries’ credit ratings: Fitch Report

<ul><li>The total financial implication of the free tourist visa plan would be ₹100 crore. </li><li>The free visa will be available to a tourist, only once, coming to <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. </li><li>Indian government has also announced a loan guarantee scheme for registered tour guides. </li></ul>The government of India is offering free tourist <keyword id="6414213" type="UNKNOWN" weightage="20" keywordseo="Visas">visas</keyword> to over half-a-million (five lakh) <keyword id="6356297" type="UNKNOWN" weightage="20" keywordseo="tourists">tourists</keyword> visiting the country by next year. This step has been taken to re-energise India’s tourism industry, which has taken a huge hit by the COVID-19 pandemic in 2020 and 2021. India’s Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>, during a press conference held on June 28, announced that on an average, daily stay of a foreign tourist in India is 21 days and the average daily spending is $34 (₹2,400). Once the issuance is restarted, the first five lakh tourists visas issued till March 31, 2022, will be issued free of charge. The benefits will be available only once per tourist, <keyword id="679937" type="COMPANY" weightage="20" keywordseo="Sitharaman">Sitharaman</keyword> added. The total financial implication of the move is expected to be ₹100 crore. The finance minister also added that 10.93 million foreign tourists visited India in 2019 and spent $30 billion on leisure and business. Besides this, the union government has also announced financial support to more than 11,000 registered tourist guides, and travel and tourism stakeholders. For instance, about 10,700 regional level tourist guides and travel and tourism stakeholders will be offered loans under 100% guarantee schemes. These guides should be registered with the <keyword id="62889" type="COMPANY" weightage="20" keywordseo="Ministry-of-tourism">Ministry of Tourism</keyword> and their respective state governments. "No processing charges” will be imposed on the guides, the ministry has emphasised. Overall, Sitharaman has also announced a ₹1 trillion loan guarantee scheme for COVID-19 affected sectors like healthcare. In addition, the minister has announced an additional ₹1.5 trillion to the Emergency Credit Line Guarantee Scheme (ECLGS), which provides coverage to the banks, non-banking financial institutions (NBFCs) and other lending institutions. The relief package announced today is for stressed loans through the credit guarantee scheme, which facilitates loans of up to ₹1.25 lakh per individual. The scheme aims to cover 25 lakh people through micro finance institutions (MFIs). The interest rate on each of these loans from banks is capped at marginal cost of funds-based lending rate (MCLR) plus 2%. SEE ALSO <a href="https://www.businessinsider.in/policy/news/nirmala-sitharaman-announces-over-1-trillion-loan-guarantee-scheme-for-covid-affected-sectors-like-healthcare/articleshow/83918564.cms">Finance Minister Nirmala Sitharaman announces over ₹1 trillion loan guarantee scheme for COVID-19 affected sectors such as healthcare</a> <a href="https://www.businessinsider.in/business/startups/news/tiger-global-overtakes-sequoia-as-the-top-investor-in-indian-unicorns-in-2021-cracks-15-deals-this-year-so-far/articleshow/83912624.cms">Tiger Global overtakes Sequoia as the top investor in Indian unicorns in 2021</a> <a href="https://www.businessinsider.in/stock-market/news/kims-ipo-listed-in-stock-market-at-over-20-premium/articleshow/83912694.cms">KIMS IPO: Stock listed at over 20% premium, loses initial gains after soaring to ₹1059 per share</a>

India is giving out free visas for half a million tourists

<ul><li> Eight-year old <keyword id="2589674" type="General" weightage="20" keywordseo="sheroes" source="Orion">Sheroes</keyword> started lending, only to women, via its digital bank called <keyword id="12806215" type="General" weightage="20" keywordseo="mahila-money" source="Orion">Mahila Money</keyword> six months ago.</li><li>Chahal wants to scale this venture to 10 million more women by 2022.</li><li>Chahal recounts the challenges and how she plans to overcome them in an exclusive interview with Business Insider.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>Delhi-based women-only social network Sheroes is now expecting to go big in the lending space by providing small business loans to female micro-entrepreneurs in India. The eight-year-old company set up a new neobank, named Mahila Money, six months ago to offer loans as well as financial services to women. It is a separate entity, with a separate team, to scale it faster with sharp focus. The company currently offers small loans at an average ticket size of ₹50,000 and it goes up to ₹500,000 to yoga coaches, tuition teachers, social commerce sellers, beauty parlour owners, and boutiques owners. Simply put, Neobanks are digital only banks, without any physical branches. You can read more about it <a href="https://www.businessinsider.com/neobank-threat-against-incumbent-banks-growing-2021-9">here</a>. While founder Sairee Chahal started out with some ambitious goals, Mahila Money has managed to lend to 200 women in the last quarter. She noted that the people borrowing on Sheroes' Mahila Money have never borrowed capital from the formal market before and that is majorly due to lack of options available for female entrepreneurs. One of the biggest hurdles in the segment has been the lack of trust. “Trust is a major, major thing. No woman, no one wants somebody landing up on their doorstep or somebody calling their family or relatives to get loan recovery” Chahal said in an interview. The whole space for small loans has been stained by the unregulated players, many of whom act unethically to recover their loans. An issue that even the Reserve Bank of India (RBI) has been <a href="https://www.businessinsider.in/finance/banks/news/rbi-warns-people-against-unauthorized-digital-lending-apps-that-promise-quick-loans/articleshow/79919474.cms">worried about</a>. Even those who need loans have been scarred and many a time wary of even the legitimate players like Sheroes. But trust can get you a foot in the door. There are many other challenges along the way. The traditional lending system leaves out a major chunk of the Indian population who do not have a credit score. Women were at the deep end of this pool since they neither had any asset or credit score to borrow capital on. Women have to rely on other male members of the family to finish up the loan process since they don’t own any assets under their name and it is quite discouraging for them, Chalal explained. To beat this challenge, and to identify women who can likely repay loans, Mahila Money looks at 100 new data points including their understanding of the business, behavioral data, social data, transaction data, and social capital among others, Chahal added. <div type="image" title="After six months of lending, Sheroes realizes how big of a task it is" msid="88476585" hostid="261"></div> It is still a tough task. So, Chahal has partnered with organisations that work closely with these women. In order to build that trust Mahila Money has partnered with 60 women-focused organizations — Empower Foundation, Udyam Foundation, Seva Foundation, beauty parlour associations —, which have close to 1 million members. These organizations redirect their members to Mahila Money at the time of need and help in the underwriting process as well. The company aims to connect with 3000-4000 such organisations, with close to 10 million members, by the end of 2021. This is in addition to the 22 million women that are registered on the Sheroes app for employment, entrepreneurship or simply to engage in a community. This is still a huge opportunity. According to a <a href="https://www.indiaspend.com/uploads/2021/02/20/file_upload-417397.pdf">report</a> by International Finance Corporation, a member of the World Bank, India ranks third-highest in entrepreneurship gender gap across the world and the lack of capital is a major reason behind it. Another report<a href="https://www.mckinsey.com/featured-insights/gender-equality/the-power-of-parity-advancing-womens-equality-in-india-2018"> published</a> by Mckinsey Global Institute in 2018 added that India can increase its gross domestic product (GDP) upto 60% by 2025 through equal participation of women in the labor force. This would need an additional $700 million to $7.9 trillion. Chahal wants to scale this venture to 10 million more women by 2022, from the current customer base of 200. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/shares-of-data-patterns-list-at-864-while-the-shares-were-allotted-at-585per-share/articleshow/88467078.cms" data-type="tilCustomLink">Data Patterns beats GMP and lists at 40% premium</a> <a href="https://www.businessinsider.in/stock-market/news/data-patterns-lampt-finance-indigo-spicejet-and-other-stocks-to-watch-out-for-on-december-24/slidelist/88465282.cms">Data Patterns, L&amp;T Finance, IndiGo, SpiceJet and other stocks to watch out for on December 24</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-bound-xiaomi-phone-maker-in-india-faces-tough-challenge-from-a-prowling-samsung/articleshow/88450732.cms">IPO-bound Xiaomi phone maker in India faces tough challenge from a prowling Samsung</a>

INTERVIEW: After six months of lending, Sheroes founder explains how tough it is

<ul><li><keyword id="381854" type="COMPANY" weightage="20" keywordseo="Indiamart">IndiaMart</keyword> has been a leader in the wholesale market, with a first mover advantage since 24 years.</li><li>Even Alibaba and Walmart’s entry has not displaced IndiaMart from pole position so far. </li><li>However, global investment bank UBS believes that <keyword id="430602" type="COMPANY" weightage="20" keywordseo="JustDial">Justdial</keyword>’s new B2B (business to business) platform <keyword id="10142986" type="UNKNOWN" weightage="20" keywordseo="JD-Mart">JD Mart</keyword> may pose a serious challenge. </li><li>Check out the latest news and analysis on <a href="https://www.businessinsider.in/">businessinsider.in.</a></li></ul>Justdial – the 24-year old local discovery platform – is placing a new big bet. The company is set to launch its own B2B (business to business) marketplace called JD Mart. This will be in direct competition to the country’s oldest e-commerce platform IndiaMart, which has had an unchallenged run for 24 years. Even the entry of Alibaba and Walmart into India’s wholesale market had not threatened IndiaMart as much as Just Dial’s JD Mart might. Global investment bank UBS added fillip to the excitement among Just Dial’s shareholders by raising the target price for the stock from ₹640 to ₹800. The shares of Just Dial jumped by over 3% in early trade on Wednesday. <div type="image" title="justdial." msid="78781881" hostid="261"></div> JD Mart – powered by Justdial’s existing strengths The potential and excitement for Justdial’s new platform comes with the fact that the company already has a strong foothold in the market and a loyal user base. According to a report by UBS, the company will be able to leverage its already existing 140 million quarterly unique users and 100,000 paid B2B subscribers to sell JD Mart. A snapshot of Just Dial before JD Mart <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market cap as of October 21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,851.47 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹953.1 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹272.3 crore </td></tr></tbody></table> IndiaMart has a headstart but e-commerce in India is so young that analysts are excited. “While IndiaMART is the leader with 150,000 paid subscribers (2.5% of listings) and $90 million in revenue in FY20, this is a fraction of the number of MSMEs in India. Given room for growth, we think two or more B2B platforms can co-exist,” said the UBS report. MSME stands for micro, medium and small enterprises. And Just Dial is pumping big money to capture this space. For the launch of the new platform, the company has already earmarked $15 million (₹110 crore) for marketing, branding and hiring. That is equal to the money spent by the company on advertising and promotion in the last two years combined. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Justdial’s advertising spend </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY 20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹66.7 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY 19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹58.3 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount set aside for JD Mart branding </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹110 crore </td></tr></tbody></table> “We think Justdial has developed a superior platform on the backdrop of an interactive user interface along with robust depth and breadth of B2B product offerings. JD's core strength is its large sales force (9,000), which should aid monetizing the new platform,” said the UBS report. IndiaMart and JD Mart will have to share India’s current B2B online marketplace has a clear leader – IndiaMart. Led by Dinesh Agarwal, the company has secured its position in the B2B marketplace space with over 150,000 subscribers. Its growing popularity has even led to analysts comparing IndiaMart to Chinese giant Alibaba (which is yet to make a mark in the Indian market). <div type="image" title="Indiamart sellers and buyers." msid="78781890" hostid="261"></div> The platform has over 68 million product listings across 100,000 categories. “If you can’t find something on IndiaMart, you won’t find it on the internet,” Agarwal had told Business Insider in <a href="https://www.businessinsider.in/business/news/indiamart-dinesh-agarwal-shares-how-the-profit-doubled-during-the-lockdown/articleshow/77102706.cms">an earlier interview.</a> Agarwal believes this also keeps them different from their rising list of <keyword id="2771895" type="PERSON" weightage="20" keywordseo="b2b-ecommerce">B2B ecommerce</keyword> competitors – Amazon, Alibaba, Flipkart wholesale, TradeIndia, and ExportersIndia.com among others. However, JD Mart is coming in with the exact same payment model as IndiaMart: a 'freemium' model where subscription is free but leads are chargeable and it is followed by a charged subscription model for premium users. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/equitas-small-finance-bank-518-crore-ipo-opens-for-subscription-heres-what-brokerages-have-to-say/articleshow/78764498.cms">Equitas Small Finance Bank ₹518 crore IPO opens for subscription — Here’s what brokerages have to say</a> <a href="https://www.businessinsider.in/business/startups/news/zerodha-has-a-booming-content-platform-within-but-it-has-no-plans-to-milk-it/articleshow/78768073.cms">Zerodha has a booming content platform within, but it has no plans to milk it</a>

India’s oldest e-commerce platform is bracing for its first direct challenge in 24 years as Justdial ups its game

Here’s how the advertising and marketing industry reacted to Union Budget 2021

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.Three days before Donald Trump is set to be inaugurated as the 45th US president, a world power with which he has taken an at-times adversarial approach <a href="http://www.businessinsider.com/davos-xi-jinping-trump-china-trade-war-2017-1">has become the unlikely leader at the world's most visible gathering of economic elites</a>.Xi Jinping on Tuesday became the first Chinese president to attend the World Economic Forum in Davos."Whether you like it or not, the global economy is the big ocean you can't escape from," Xi said in delivering the forum's opening plenary speech, introduced by the forum's founder and chair, Klaus Schwab.Elsewhere in geopolitics, it's <a href="http://www.businessinsider.com/theresa-may-brexit-speech-leaving-single-market-immigration-control-2017-1">going to be a "Hard Brexit" in the UK</a>. <a href="http://www.businessinsider.com/china-us-trade-wars-have-already-begun-2017-1">There's reason to believe the trade wars have already begun</a>. And the two biggest tail risks listed by fund managers have a single source: <a href="http://www.businessinsider.com/bank-of-america-fund-manager-survey-jan-2017-trump-biggest-tail-risk-2017-1">US President-elect Donald Trump</a>.Former UK Foreign Secretary <a href="http://www.businessinsider.com/former-foreign-secretary-william-hague-joins-citi-as-strategic-advisor-2017-1">William Hague is joining investment bank Citi as a senior advisor to help the bank make sense of it all</a>. In Wall Street news, Morgan Stanley just <a href="http://www.businessinsider.com/morgan-stanley-q4-2016-earnings-2017-1">reported fourth-quarter earnings that beat on the top and bottom lines</a>. And one of <a href="http://www.businessinsider.com/jonny-potter-leaves-deutsche-bank-2017-1">Deutsche Bank's top sales executives is leaving</a>. The <a href="http://www.businessinsider.com/morgan-stanley-on-surprises-in-money-management-2017-1">money management business could reach "a turning point" in 2017</a>, according to Morgan Stanley. We could be <a href="http://markets.businessinsider.com/news/stocks/stock-market-set-to-benefit-stock-pickers-over-index-funds-2017-1-1001666754-1001666754">heading for "a stock pickers' paradise."</a> And these are the <a href="http://www.businessinsider.com/best-stock-pickers-2016-tipranks-2017-1">10 best stock pickers that you should have listened to in 2016</a>.A key fundraiser for Barack Obama and a <a href="http://www.businessinsider.com/ron-transatlantic-hna-group-buying-skybridge-2017-1">Chinese conglomerate are buying Anthony Scaramucci's investment firm</a>. A <a href="http://www.businessinsider.com/pershing-square-and-other-funds-fined-by-sec-for-violating-pay-to-play-2017-1">bunch of funds just got fined by the SEC for violating "pay-to-play" rules</a>. And here's <a href="http://www.businessinsider.com/einhorn-heres-how-to-play-the-trump-presidency-2017-1">how to play the Trump presidency</a>, according to hedge fund legend David Einhorn. In related news, <a href="http://www.businessinsider.com/einhorn-we-have-dramatically-increased-our-gm-position-2017-1">Einhorn is making a big bet on GM</a>.In deal news, the accessory retailer <a href="http://www.businessinsider.com/claires-withdraws-ipo-2017-1">Claire's has withdrawn its plans to go public</a>.In the healthcare sector, the GOP's <a href="http://www.businessinsider.com/congressional-budget-office-report-on-obamacare-repeal-2017-1">Obamacare repeal could leave 27 million people without health insurance</a> and cause premiums to skyrocket, according to the Congressional Budget Office. Incidentally, <a href="http://www.businessinsider.com/poll-shows-more-americans-for-obamacare-than-against-it-2017-1">Obamacare is now more popular than ever</a>. And in tech news, Evan Spiegel is <a href="http://www.businessinsider.com/snap-prepares-ipo-frames-evan-spiegel-as-visionary-for-investors-2017-1">selling his vision to investors ahead of Snap's huge IPO</a>. AT&amp;T CEO <a href="http://www.businessinsider.com/att-ceo-time-warner-does-not-need-to-spin-off-cnn-2017-1">says he won't need to spin off CNN for the $85 billion Time Warner merger to go through</a>.And Yahoo CEO Marissa Mayer's next job should be a tech investor - <a href="http://www.businessinsider.com/yahoo-ceo-marissa-mayer-should-be-a-vc-investor-2017-1">her track record proves it</a>.Lastly, the world's 8 richest people <a href="http://www.businessinsider.com/worlds-eight-richest-as-wealthy-as-half-humanity-oxfam-tells-davos-2017-1">have the same wealth as half of humanity combined</a>. Here are the top Wall Street headlines from the past 24 hours<a href="http://www.businessinsider.com/tiffany-flagship-store-holiday-sales-fall-trump-tower-security-2017-1">TIFFANY &amp; CO.: Trump Tower is killing our business</a> - The heavy security around Trump Tower in New York to protect the president-elect is crushing its neighbors.<a href="http://www.businessinsider.com/pwc-annual-ceo-survey-in-davos-jobs-brexit-trump-technology-income-inequality-2017-1">The world's CEOs are more worried about a burgeoning jobs problem than Brexit or populism</a> - The bulk of the world's CEOs are more concerned about the burgeoning workers' skills gap than political uncertainty from Brexit, US President-elect Donald Trump's policies, or the rise of populism across Europe.<a href="http://www.businessinsider.com/r-luxottica-and-essilor-to-merge-in-53-billion-deal-ft-2017-1">The maker of Ray Ban is merging with a rival in a €50 billion deal</a> - Italian eyewear maker Luxottica and French corrective eye lens maker Essilor have agreed on a €50 billion (£44 billion, $53.16 billion) merger.<a href="http://markets.businessinsider.com/news/stocks/difference-between-how-the-dow-and-sp-500-are-calculated-2017-1-1001672304-1001672304">Dow 20,000 is overrated</a> - For much of the past month, investors have been fixated on the Dow Jones Industrial Average's quest for its first print above 20,000. And while the index hit a high of 19,999.63 on January 6, it has yet to breach the psychologically important level.<a href="http://www.businessinsider.com/deutsche-bank-hsbc-kbc-natixis-rabobank-socit-gnrale-and-unicredit-work-on-digital-trade-chain-dtc-2017-1">Deutsche Bank, HSBC, and five other big banks are collaborating on a blockchain project</a> - Seven major banks have signed up to a new project aimed at increasing global trade among small and medium-sized businesses using blockchain, or distributed ledger, technology.<a href="http://www.businessinsider.com/tom-price-trumps-hhs-nominee-stock-investment-ethics-questions-2017-1">Trump's top health official is facing ethics questions for investments in healthcare companies</a> - Rep. Tom Price, President-elect Donald Trump's nominee for secretary of the Department of Health and Human Services, is facing ethics questions over investments he made in medical companies while serving in Congress.<a href="http://www.businessinsider.com/accenture-blockchain-could-save-top-10-investment-banks-up-to-8bn-a-year-2017-1">Blockchain tech could save top investment banks $8 billion a year</a> - Blockchain technology could save leading investment banks up to $12 billion (£9.8 billion) a year in back office cost, according to a new analysis from consultancy Accenture and operations benchmarking company McLagan.<a href="http://www.businessinsider.com/how-much-the-white-house-is-worth-cost-rent-2017-1">Here's how much it would cost to buy the White House</a> - The White House is worth $397.9 million, according to the real-estate listings firm Zillow.<a href="http://www.businessinsider.com/what-its-like-to-live-in-new-yorks-micro-apartments-at-carmel-place-2017-1">Manhattan's first micro-apartments just won a prestigious design award - here's what it's like to spend a night in one</a> - People often assume that New Yorkers live in shoe-box-sized apartments.

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