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Former Governor of Reserve Bank of India <keyword id="6358908" type="General" weightage="20" keywordseo="raghuram-rajan" source="Orion">Raghuram Rajan</keyword> has said he believes the country will be lucky if it achieves 5 per cent growth next year. The former governor also said next year is going to be more difficult than this one. "Of course, this one had a lot of difficulties with the war and all that. Growth is going to slow in the world. People are raising interest rates that bring down growth," he said. While talking with Congress leader <keyword id="5268" type="General" weightage="20" keywordseo="rahul-gandhi" source="Orion">Rahul Gandhi</keyword>, the former governor of the Reserve Bank of India said, "India is also going to be hit. India's interest rates have also gone up but Indian exports have been slowing quite a bit." "India's inflation problem is more about commodities inflation problem, vegetables' inflation problem. That is also going to be negative for the growth," he said on Wednesday in a candid talk with the Gandhi scion. The economist said, "I think we will be lucky if we do 5 per cent next year." The problem with the growth numbers is that you have to understand what you are measuring with respect to, he said. "We had a terrible quarter last year. And, you measure with respect to that you look very good. So ideally what you do is look before the pandemic in 2019 and look at now." He said, "If you look at 2022 vis-a-vis 2019, it's about 2 per cent a year. It's too low for us." While being asked what he attributes this to, by Rahul Gandhi, he said, "Pandemic was part of the problem but we were slowing before the pandemic. We had gone from 9 to 5. And, we haven't really generated reforms which will generate growth." Rahul Gandhi had asked him in the candid talk: "There is one thing happening, 4-5 persons are getting rich and they could go into any businesses and the rest of the people have remained backward. Farmers, the poor have formed a new Bharat. These 4-5 persons' dreams are fulfilled while those of the rest are dashed. What should we do with this inequality? "This is a big problem. This is not about industries," the economist said, adding, "The upper middle class have gained because they could work during the pandemic whereas the poor would have to go to factories and the factories were closed during the pandemic," he said. "This divide has grown during the pandemic," he said further. Economist Raghuram Rajan said, "The poorest could get ration. They get everything. These rich didn't suffer any difficulties. Those in between -- the lower middle class -- had to lose a lot. They lost their jobs. Joblessness went up. Debts went up. We should look at them. Because they have suffered a lot." On the subject of the concentration of wealth among the industrialists, he said we should also look at them. He said, "We couldn't be against capitalism. But we should be fighting for competition. We could be up against monopoly. Monopoly is not good for the country." He said India's issue was that our exports will also go down and growth would also decrease. "Technological support is needed, credit loans, there should be certainty about policies." He said there could be change. "If banks know that sales of small businesses are good and the steady revenue stream, they can lend but we need that information to be collected and made available. That is happening now. They are starting to think about all these in the fintech revolution right now. But in India, it needs to be 10 times," he added. Too many of our small companies don't grow big. They need a path to grow, he said. "Here is the problem, they get used to some of the benefits of staying small. If you don't pay taxes, officers won't come to them. They stay under the radar scan of the government instead of being helped by the government." He said, "You (company) stay under the radar until you get a revenue stream. Once your business grows, it should be like I'm going to look at you, I'm going to help you. I'm not going to tax you or make your life miserable. We need that situation." He added as soon as these businesses get better, the government take away those benefits. "There is no incentive to grow bigger. Why not say, if you grow bigger, you will get these incentives for five years? By the time they are big, they don't care," the economist added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/irctc-share-price-falls-over-5-as-governments-offer-for-sale-kicks-off/articleshow/96247564.cms">IRCTC share price falls over 5% as government's offer for sale kicks off</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/bumble-reveals-upcoming-dating-trends-in-2023/slidelist/96243427.cms#slideid=96244109">Inter-city love, better boundaries &amp; rise of divorced singles: Bumble reveals upcoming dating trends in 2023</a>

Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan

From Raghuram Rajan to Medha Parkar to Swara Bhasker – top celebs at Rahul Gandhi’s Bharat Jodo Yatra

<ul><li>Herd Immunity is a benchmark which is reached when the majority of the population develops resistance to a contagious disease </li><li>There are more experts chiming in and pointing to the fact that countries should not bank on the development of herd immunity to fight coronavirus — especially young countries like India. </li><li><keyword id="3995775" type="PERSON" weightage="20" keywordseo="ashish-jha">Ashish Jha</keyword>, a Harvard Professor, told <keyword id="5268" type="PERSON" weightage="20" keywordseo="Rahul-Gandhi">Rahul Gandhi</keyword> that herd immunity is a terrible idea. </li><li>Previously, WHO Executive Director for Health Emergencies Mike Ryan has also warned that <a href="https://www.businessinsider.in/science/news/the-who-made-a-thinly-veiled-dig-at-swedens-loose-coronavirus-lockdown-saying-humans-are-not-herds-and-old-people-are-not-disposable/articleshow/75685574.cms">it is “dangerous” to believe </a>that countries which did not implement strict measures to control the virus will develop herd immunity. </li></ul>As the number of coronavirus infections increases rapidly, scientists and health experts are clear that herd immunity isn’t going to bail the world from this deadly pandemic. Herd Immunity is a benchmark which is reached when the majority of the population develops resistance to a contagious disease — thereby developing antibodies that can immune the humans and prevent spread of the virus. There are more experts chiming in and pointing to the fact that countries should not bank on the development of herd immunity to fight coronavirus — especially young countries like India. “We are finding that even healthy and young people are getting very ill. We can’t be cavalier about this. We have to protect these people. Herd immunity in India is a terrible idea as millions will die, even young people,” Ashish Jha, professor of Global Health at the TH Chan School of Public Health and Director, Harvard Global Health institute told Congress leader Rahul Gandhi during a live chat. Jha said COVID-19 is here to stay for more than a year and called for aggressive testing to prevent its spread. However, he exuded confidence that a vaccine for coronavirus will be available by 2021. Previously, WHO Executive Director for Health Emergencies Mike Ryan has also warned that <a href="https://www.businessinsider.in/science/news/the-who-made-a-thinly-veiled-dig-at-swedens-loose-coronavirus-lockdown-saying-humans-are-not-herds-and-old-people-are-not-disposable/articleshow/75685574.cms">it is “dangerous” to believe </a>that countries which did not implement strict measures to control the virus will develop herd immunity. Yet another WHO scientist Soumya Swaminathan cited global data to warn that the <a href="https://www.hindustantimes.com/india-news/herd-immunity-is-still-far-global-data/story-YC1wm9ctrOcziPyKVwCAcM.html">population immune to coronavirus is too low to be called herd immunity</a>. “Based on data from many countries that have done sero surveys, it is clear that only a small proportion of 5%-10% people have been exposed to this virus. It will be difficult to achieve herd immunity without a vaccine, the number of people who get ill or die may be unacceptably high,” s<a href="https://www.hindustantimes.com/india-news/herd-immunity-is-still-far-global-data/story-YC1wm9ctrOcziPyKVwCAcM.html">aid Dr Soumya Swaminathan, chief scientist, World Health Organization. </a> According to experts including Ashish Jha aggressive testing is the only solution which can help India contain coronavirus — as it will identify the most vulnerable ones in the country. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/french-president-emmanuel-macrons-residence-gets-bengaluru-startups-coronaoven-which-sanitizes-everything-in-10-minutes/articleshow/76034831.cms">French President Emmanuel Macron’s residence gets Bengaluru startup’s CoronaOven – which sanitizes everything in 10 minutes</a> <a href="https://www.businessinsider.in/tech/apps/news/hacking-aarogya-setu-can-win-you-1-lakh-to-3-lakh-through-the-indian-governments-bug-bounty-programme/articleshow/76030048.cms">Hacking Aarogya Setu can win you ₹1 lakh to ₹3 lakh through the Indian government’s ‘bug bounty’ programme</a>

Herd immunity in India is a terrible idea, says Harvard Professor

RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="100" keywordseo="Urjit-Patel">Urjit Patel</keyword> and his deputies have got a big pay hike with the government more than doubling their basic salary to Rs 2.5 lakh and Rs 2.25 lakh per month, respectively, according to a news report by <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 
 
The "basic pay of the Governor and Deputy Governors" has been revised retrospectively with effect from January 1, 2016 and marks a huge jump from Rs 90,000 basic pay so far drawn by the Governor and Rs 80,000 for his deputies. 
 
Still, their salaries are much lower than the top executives of various banks regulated by the RBI. 
 The monthly emoluments of these top RBI officials include 'basic pay', dearness allowance and 'other payments', which totalled Rs 2,09,500 in case of <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword> as on November 30, 2016, as per the latest information disclosed on the RBI website. 
 In response to a query by PTI under the Right to Information (<keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">RTI</keyword>) Act, the central bank has now disclosed that as per a <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> communication, dated February 21, the basic pay of the Governor and Deputy Governors have been revised. 
 
Following the revision, the basic pay of the Governor stands increased to Rs 2,50,000 per month while the same for a Deputy Governor would be Rs 2,25,000, RBI said. 
 
The pay hike is "with effect from January 1, 2016". 
 
Dearness Allowance would be notified by the central government from time to time while "all other allowances (are) to be paid at existing rates as if the pay has not been received with effect from January 1, 2016," the RTI reply said. 
 
The RBI, however, did not disclose the new gross pay for Patel and his deputies following the revision in basic pay. 
 
With the earlier basic pay of Rs 90,000, Patel got a DA of Rs 1,12,500 and 'other payments' of Rs 7,000 -- totalling to a gross pay of Rs 2,09,500. The increase in the basic itself would take his gross pay to nearly Rs 3.70 lakh. 
 Patel, who took over the reins of the central bank in September 2016, had received a salary of Rs 2.09 lakh in October -- the first full month in office. This amount was same as drawn by his predecessor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> in August that year. 
 <keyword id="6355561" type="PERSON" weightage="20" keywordseo="Rajan">Rajan</keyword> assumed RBI governorship from September 5, 2013 at a monthly salary of Rs 1.69 lakh. His salary was revised to Rs 1.78 lakh and Rs 1.87 lakh respectively during 2014 and March 2015. His salary was raised to Rs 2.09 lakh from Rs 2.04 lakh in January 2016. 
 
It was not clear whether Rajan, who left RBI on September 4, 2016, would be eligible for arrears as the basic pay for Governor has been revised retrospectively while covering little more than nine months of his tenure. 
 Currently, RBI has four deputy governors -- R Gandhi, S S <keyword id="66822" type="CITY" weightage="20" keywordseo="Mundra">Mundra</keyword>, N S <keyword id="260413" type="PERSON" weightage="20" keywordseo="Vishwanathan">Vishwanathan</keyword> and Viral V Acharya. 
 
At the end of November last year, Gandhi, Mundra and Vishwanathan were taking home a basic pay of Rs 80,000 per month. Acharya took charge in January this year.

Here’s how much RBI governor
Urjit Patel will earn now after salary hike

Incumbent telcos got into a fight with new entrant <keyword id="6354504" type="UNKNOWN" weightage="100" keywordseo="Reliance-Jio">Reliance Jio</keyword> over the matter of transparency of tariff plans at the open house discussion held by the <keyword id="30356" type="ORGANIZATION" weightage="100" keywordseo="Telecom-Regulatory-Authority-of-India">Telecom Regulatory Authority of India</keyword> (<keyword id="6356988" type="PERSON" weightage="100" keywordseo="TRAI">TRAI</keyword>). Bharti <keyword id="15491" type="COMPANY" weightage="100" keywordseo="Airtel">Airtel</keyword> and <keyword id="6354924" type="PERSON" weightage="100" keywordseo="Idea-Cellular">Idea Cellular</keyword> said that some offers, especially counter offers used to retain subscribers, should be kept confidential so that competitors can’t take advantage of the strategies. However, Jio was of the view that all plans should be made public on a common platform to maintain transparency. Telcos also demanded that they be allowed to segregate between new and existing users while offering tariff plans, adding that retention offers, which are more of less in the form of discounts, were not arbitrary and are instead based on several parameters including average revenue per user and customer loyalty. TRAI would most likely issue an order or guidelines in the coming 30 days on these issues. "When a customer wants to leave - going out of a continued relationship between customer and operator - this is the fundamental right of the operator to retain that customer, and it is not only specific to telecom industry... it is there for any industry where you can match the offer (from a rival)," said <keyword id="202324" type="PERSON" weightage="100" keywordseo="Ravi-Gandhi">Ravi Gandhi</keyword>, regulatory head of Bharti Airtel. However, <keyword id="700571" type="UNKNOWN" weightage="100" keywordseo="Anshuman-Thakur">Anshuman Thakur</keyword>, head of strategy and planning at Reliance Jio disagreed to Gandhi’s view. "Current measures for transparency are not adequate because the specification of transparency in the industry is not consistent, therefore we again urge that all plans that are being offered by telcos are published in a common platform and people can see the plans, and nothing beyond those plans is offered to anyone else," Thakur said. "The customer should be able to choose what's best for him, because they're the ones paying. Only the authority can offer this," he added. It’s just been a few days that TRAI barred carriers from offering different plans to same-category subscribers. As per <keyword id="133375" type="PERSON" weightage="100" keywordseo="Rajan-Mathews">Rajan Mathews</keyword>, Director General of <keyword id="105151" type="ORGANIZATION" weightage="100" keywordseo="Cellular-Operators-Association-of-India">Cellular Operators Association of India</keyword>, a distinction needs to be made between acquisition of a new customer and retention of an existing customer while making offers. (Image source The Quint)

Airtel and Jio fight over transparency in tariffs at TRAI open house

It has been couple of months since Dr. <keyword id="6358908" type="PERSON" weightage="40" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> has held the governors office at the Reserve <keyword id="6355303" type="CITY" weightage="40" keywordseo="Bank-of-India">Bank Of India</keyword>. It is about time that some new Indian currency notes start to roll out with the new <keyword id="130" type="POSITION" weightage="40" keywordseo="Governor">governor</keyword>’s signatures. RBI has announced in a release yesterday, which states that very shortly fresh Rs 10 bank notes will be issued to the public that will carry the governor’s signature. 
 The signature will be at the back of the bank note. The release by RBI said “The design of these notes to be issued now is similar in all respects to the Rs 10 Banknotes in <keyword id="6355532" type="PERSON" weightage="40" keywordseo="Mahatma-Gandhi">Mahatma Gandhi</keyword> Series - 2005 issued earlier.” 
 
Image: Indiatimes

New Rs 10 Bank Notes To Carry Indian RBI Governor, Raghuram Rajan’s Signature

The <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) will transfer surplus profit of Rs 65,876 crore to the Indian government. RBI follows the July-June accounting year. 
 
The amount is Rs 20 crore less than the previous year as last year the surplus profit was Rs 65,896 crore. 
 
"The (RBI Central) Board approved the transfer of surplus of the Reserve Bank for the year 2015-16 amounting to Rs 658.76 billion to the Government of India," the central bank said in a statement. 
 The approval to transfer the surplus was taken at the 559th meeting of the Central Board of the RBI, which was chaired by outgoing Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>. 
 
The Board reviewed the current economic situation, global and domestic challenges and policy responses and other specific areas in the working of the Reserve Bank. 
 
It also discussed the draft Annual Report of the Reserve Bank for the year 2015-16. 
 
Besides Deputy Governors Urjit R Patel, R Gandhi, S S Mundra and N S Vishwanathan, the other Directors of the Central Board were present at the meeting. 
 
The meeting was also attended by Government nominee Director Shaktikanta Das, Secretary, Department of Economic Affairs. Arvind Subramanian, Chief Economic Adviser also attended the meeting.

RBI will transfer Rs 65,876 crore surplus profits to government, lower from last year

With indications that NDA may come to power, there is speculation over conflict between the central bank governor and the new govt. But much will depend on the equation Rajan can build with the new FM, the way some of his predecessors did. 
 The <keyword id="6354335" type="CITY" weightage="40" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> Governor, <keyword id="6358908" type="PERSON" weightage="80" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, passed the banking licence litmus test by leaning on Bimal Jalan. The former Chicago University Professor can take a leaf out of the same elder statesman of Indian bureaucracy on how to navigate the rough seas after May. 
 Soon after the Atal Bihari Vajpayee-led National Democratic Alliance, or NDA, Government came to power in May 1998, Jalan, the then <keyword id="64190" type="POSITION" weightage="80" keywordseo="RBI-Governor">RBI governor</keyword>, reached out first to finance minister Yashwant Sinha and principal secretary to the prime minister, Brajesh Mishra. 
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	That was not to save his job, but to save the economy. So convincing was Jalan that not only did he manage to end the cacophony of voices from the party that called for a stronger rupee, he also got rewarded with another term at the RBI, and a nomination to the Rajya Sabha.
 
 Sorting out such politically tricky issues is inevitable for any central bank governor globally. At that time, it didn’t matter to the alliance that Jalan had been appointed by the previous United Front Government led by IK Gujral with <keyword id="43940" type="PERSON" weightage="40" keywordseo="P-Chidambaram">P Chidambaram</keyword> as Finance Minister. 
 
Similar challenges await Raghuram Rajan, with a new government set to assume office — one which is widely perceived to be a non-Congress political formation. Doom sayers, among them, shockingly, government officials, are already at work claiming how his approach may not be in consonance with a Modi-led sarkar. In other words, count on a confrontation soon, is what they appear to be implying. 
 
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They may well be wrong. In the last 25 years, the working relationship between the government represented by the finance minister and RBI governors may not have always been smooth. Yet, despite frosty ties, especially towards the fag end of the tenures of at least more than one governor, the political establishment has held back perhaps mindful of the downside to cutting the institution and its head to size.
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	Former finance minister, Yashwant Sinha is one of those who is quick to dismiss such speculation. A new government should not rock the boat and change the head of the central bank, he says, making it clear that he reckons Rajan is doing well and would distinguish himself further.
Sinha should know. For back in 1990, as the finance minister of the short -lived Chandrasekhar Government, which survived on a “daily wage basis” as ministers themselves dubbed it, he had the unpleasant task of telling the then governor of RBI, RN Malhotra to step down and pave way for S Venkitaramanan, a civil service colleague and a former finance secretary. This was after Malhotra had been given a fresh term by the previous VP Singh-led National Front Government after he completed five years. 
 Yashwant Sinha says that was a political decision, taken under pressure from the <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> led by Rajiv Gandhi, which provided support to the Chandrasekhar Government only to pull the plug after barely four months. The only other case of a change in guard following a new government coming to power was when KR Puri, who was appointed as RBI governor during the emergency, was moved out days after the Janata Party came to power. <table align="center" border="1" cellpadding="1" cellspacing="1">
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In RBI’s long history, there have been enough instances of governors quitting — the first being as early as 1936 when Sir Osborne Smith quit after differences with the head of the treasury and one of his deputy governors; later Sir Benegal Rama Rau quit over differences with finance minister TT Krishnamachari. Not that all this is unique to India. Such instances abound in Thailand, Argentina and a few other countries. 
 
According to Sinha, what makes the difference is the personal equation between the two —the finance minister and the governor. It all boils down to the kind of rapport the two develop and their personalities, he says, citing his experience with Jalan when their engagement went beyond the realm of just monetary policy. 
 
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Between 1998 and 2002, during budget making, Sinha used to lean on Governor Jalan, a former chief economic advisor, banking secretary and finance secretary, for advice on budgetary issues. That was way beyond the central bank chief ’s remit, Sinha says making the point such institutional arrangements cannot be formalised as part of statutes. What could also have helped boost such ties is the long stint in government and experience of policy making for both Jalan and his successor Reddy. 
 
That will be a test for Rajan who soon after his appointment as governor worked out a unique, but a non-formal, agreement with finance minister P Chidambaram under which the turf was clearly marked out for both the finance ministry and the RBI. The minister who often advocated lowering rates ahead of a monetary policy review, attracting criticism for putting pressure on the central bank, worked out the arrangement with Rajan after ties between North Block and the RBI soured towards the end of Subbarao’s tenure in 2013. 
 That may have worked well especially with the <keyword id="26374" type="ORGANIZATION" weightage="40" keywordseo="UPA-government">UPA government</keyword> on its last leg. But unlike some of his predecessors who had the advantage of having worked in the government for long and engaging with politicians of all hues, Rajan may have to build such ties from scratch. 
 That is because he has been away for long with his formal association with the government having started as late as 2008 as an advisor to the prime minister. In the second half of 2012, the former <keyword id="69755" type="POSITION" weightage="40" keywordseo="Chief-Economist">chief economist</keyword> of IMF finally came on board as chief economic advisor before being appointed as RBI governor last September. 
 
Any perceived discomfort at what lies ahead could also be because of lingering statements such as the one by BJP’s treasurer Piyush Goyal, who had indicated that the governor’s approach to inflation management was faulty. 
 
The BJP is also uncomfortable with the idea of granting banking licences to business houses. All these come at a time when the RBI led by Rajan has pitched for inflation targeting, an approach, which a new political formation has to buy into. And which would call for an explicit agreement with the government that may be wary given the political risks in the event of any failure to cool prices. There are other major challenges, too, such as the potential re-shaping of the role of the RBI, as outlined by the Financial Sector Legislative Reforms Commission, if at all the new government chooses to pursue the recommendations, besides the future of state-owned banks. 
 
But he cannot baulk. Rather, he will have to continue like his predecessors and lay bare unpleasant facts to the government. Manmohan Singh, who was governor between 1982 and early 1985, had to write to the finance minister in the context of high inflation that the monetary implications of a vast fiscal imbalance were truly disturbing. Similarily, RN Malhotra wrote a series of letters towards the fag end of the Congress-led government in 1988-89 and to the VP Singh government on the dangers of a severe balance of payment crisis in the offing, well before it unfolded in 1990-91. 
 
So did Subbarao on fiscal excesses and the need for a credible fiscal consolidation. And such professional conflicts, which sometimes spill over into ego issues, are part of the job. YV Reddy, too, had run-ins with the government, including on the use of foreign exchange reserves, participatory notes or the product used by foreign portfolio investors to invest in Indian stocks and on consolidation of Indian banks. 
 
Some in the financial markets may be busy speculating on his future. But politicians and policy makers are aware that though the current incumbent may not have dirtied his hands in the Indian establishment, he is no pushover. 
 
Having impressed by stabilising a wobbly currency and setting the agenda in international forums, there is nothing to lose for Rajan, but there’s quite a bit for the government.

How Will RBI Governor Raghuram Rajan Build An Equation With The New Finance Minister If NDA Comes To Power

Full transcript of PM Narendra Modi's TV interview

Reserve <keyword id="6355303" type="CITY" weightage="80" keywordseo="Bank-of-India">Bank of India</keyword> (RBI) is planning to issue guidelines that will be used to grant differentiated and on-tap banking licenses later this year, said <keyword id="110158" type="POSITION" weightage="60" keywordseo="Deputy-Governor">deputy governor</keyword> R <keyword id="6356181" type="PERSON" weightage="60" keywordseo="Gandhi">Gandhi</keyword>.
 

	Differentiated banks exist in developed markets, wherein they undertake specific banking activities such as retail, infrastructure financing, rural banking, etc., depending on the core expertise of the organisation.
 

	The companies that were unsuccessful in attaining licences from the apex bank in April can apply for differentiated and on-tap licences. Nearly 25 companies were in the race for new banking licences.
 In April, <keyword id="64190" type="POSITION" weightage="40" keywordseo="RBI-Governor">RBI governor</keyword> Raghuram Rajan had indicated that the central bank would soon start the process of issuing <keyword id="2402675" type="UNKNOWN" weightage="40" keywordseo="Differentiated-Banking">differentiated banking</keyword> licenses. RBI deputy <keyword id="130" type="POSITION" weightage="40" keywordseo="Governor">governor</keyword> R Gandhi also said the assessment of the monsoon rains on the <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword> would not be carried out until later. 

	The Indian monsoon recorded the weakest first month of the June-September rainy season in five years, weather officials said on Thursday (June 3).

	(Image: The Times of India)

RBI To Issue Guidelines On Differentiated
Banking This Year

<ul><li>An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022. </li><li>The potential of gig workers can grow further if online retail grows across the country. </li><li>The report predicts that the penetration of online retail was just 5% in 2019 and is expected to grow to 11% by 2024.</li></ul>As more e-commerce platforms enter the 10-minute delivery space, demand for gig workers has not only ballooned – but their monthly earnings have increased too. A report by StrideOne, a tech-enabled NBFC, titled ‘The Startup Economy Report 2022’ says that 25% of gig workers surveyed reported an over 50% rise in their monthly income as compared to their previous mode of livelihood – in the last one year. An overall growth of 150% was recorded in the payments/salaries to gig workers between October 2021 and September 2022, the report said. Majority of the gig workers are engaged in retail trade and sales which includes fast commerce like food and beverage, grocery, medicines delivery etc. Around 56% of the gig workers surveyed previously had full-time employment. “Startups are limiting their hiring of permanent employees. Gig workers have begun to replace these permanent employees,” the report said. The number of companies who shifted to a semi-gig workforce model has increased by 15% since October 2021. The potential of gig workers can grow if online retail expands across the country. The report predicts that the penetration of online retail was 5% in 2019, and is expected to grow to 11% by 2024. Non-farm sectors of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> have the potential to add over 90 million gig jobs in the longer term, the report predicts. As of now, the <keyword id="3080230" type="General" weightage="20" keywordseo="gig-economy" source="Orion">gig economy</keyword> constitutes 1.5% of the total workforce in India and is expected to expand to 23.5 million by 2024 constituting 4% of the workforce. <cmsannotation type="cmsannotation" annotationid="Startup ecosystem of India" comment="subhead" text="Startup ecosystem of India"><keyword id="15794501" type="General" weightage="20" keywordseo="startup-ecosystem-of-India" source="Orion">Startup ecosystem of India</keyword></cmsannotation> The number of jobs created by the startup ecosystem of India, which is said to be the third largest in the world, grew by 78% CAGR between 2017 and 2022. It is further projected to grow at a CAGR of 24% from 2022-27. The ecosystem altogether created over 2 lakh jobs this year, according to the report. However, several startups like Byju’s, Udaan laid off several employees from its workforce as a part of their retrenchment due to funding winter. “The rapid growth phase and maturity of the ecosystem have unlocked tremendous appetite for scalability, alternate funding options, expansion into the global market and the capacity to enable millions of jobs. This meteoric rise of startups has made India the third largest startup ecosystem in the world and has significantly impacted the Indian economy showcasing the ability to contribute approximately 4-5% to the gross domestic product (GDP) of India,” said Ishpreet Singh Gandhi, founder, StrideOne. Sectors like textile, apparel and logistics however retain the title of being the biggest job creators in the country. The textile industry is said to be the second largest employer in India, which has given direct employment to 5 crore people, and 10 crore people in allied industries. Whereas, logistics sector currently employs 22 million people and is estimated to contribute 11% to the overall GDP of the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-railways-backed-spacetech-startup-galaxeye-raises-3-5-million-in-seed-round/articleshow/96250010.cms">Indian Railways backed spacetech startup GalaxEye raises $3.5 million in seed round</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/will-be-lucky-if-we-grow-5-next-year-says-former-rbi-governor-raghuram-rajan/articleshow/96249572.cms">Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan</a>

A quarter of Indian gig workers’ salaries grew by 50% in the last one year

<ul><li>The event focuses on Web3, D2C, metaverse, SaaS, in addition to conversations around corporate governance and building resilient businesses.</li><li>The event will include over 50 speakers, over 20 investors and has more than 20 sessions that include keynotes, masterclasses, panel discussions and exclusive lunch table sessions.</li><li>The 2-day event is spread across <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>’s leading sStartup hubs – Delhi-NCR and Bengaluru.</li></ul>Dubbed as India's largest and most definitive startup event for tech entrepreneurs, TiE Delhi-NCR’s India Internet Day (iDay) is all set to commence. The event will be held at two different locations and nation’s leading startup hubs. It is slated for September 1-2 in Bengaluru and Delhi-NCR. The theme for iDay 2022 is ‘Riding the wave: Building Winning Businesses Today’. Over 100 key industry stakeholders, ace investors, unicorn founders will be a part of conversations revolving around building resilient businesses, trends in D2C, Web3, metaverse, SaaS, crypto and beyond. Now in its 11th edition, the iconic India Internet Day has been running successfully for over a decade, curated by key leaders from the Indian startup ecosystem. iDay will showcase best practices, exciting opportunities and defining future trends. Expected attendees include tech pioneers, innovators, ideators, investors, mentors, incubators, accelerators, evangelists and budding entrepreneurs. The conference plays host to in-depth sessions, engaging keynotes by leading founders, investors and market experts of the digital world, in addition to exclusive lunch table sessions. “It has been an honour to co-chair this edition of India Internet Day, which has always been the premier event for tech entrepreneurs. The importance of this platform is even more amplified now, when founders need to learn from one another on how to build enduring, resilient businesses. Like they say - when the going gets tough, the tough get building,” said Mayak Khanduja, partner, elevation capital &amp; co-chair, India Internet Day. The exceptional line up for the event includes institution builders, leading tech entrepreneurs, nation’s best investors and policy makers including Deepak Bagla, Invest India; Mayank Khanduja, Elevation Capital; Rajan Anandan, Sequoia India &amp; SEA; Deep Kalra, MakeMyTrip; Mohit Bhatnagar, Sequoia India; Mukul Arora, Elevation Capital; Kiran Vasireddy, Kalaari Capital; Ashwini Asokan, Vue.ai, Blox.ai; Upasana Taku, Mobikwik; Ravi Chhabria, NetApp India; Gaurav Gupta, Squareboat; Ashish Hemrajani, BookMyShow; Ashish Singhal, CoinSwitch; Vidit Aatrey, founder &amp; CEO, Meesho &amp; many more. “Over the past decade, India Internet Day has emerged as a leading platform showcasing India’s internet growth story. After a resounding debut in 2012, it has grown from being relevant to being indispensable for stakeholders across the ecosystem. iDay hosts the entire gamut of the internet mobile industry in India like no other forum,” said Geetika Dayal, executive director, TiE Delhi-NCR. “This year iDay focuses on building robust, resilient &amp; future ready companies which can survive &amp; succeed in the midst of headwinds. We are happy to bring iDay to Bengaluru in collaboration with TiE Bangalore this year,” added Dayal. The conference is supported by <keyword id="3003094" type="General" weightage="50" keywordseo="startup-india" source="Orion">Startup India</keyword>, Elevation Capital, Sequoia Capital, Microsoft, AWS, Squareboat, Netapp Excellarator, Kalaari Capital, Client Associates, Google Cloud, Kalaari and NTT Data-TiE Pune. As a commitment towards being a responsible organization TiE Delhi-NCR is continuing to build on its initiatives to adopt sustainability and make its events truly sustainable. As a first formal step towards being carbon neutral, it is tracking its carbon emissions for the India Internet Day and adopting steps to reduce emissions, waste generated and water wastage. India Internet Day 2022 is going to officially be a carbon neutral event. All the emissions offset undertaken, shall be published for public knowledge, post third party validation. About TiE Delhi-NCR’s India Internet Day From its inception #iDay has set out to be a leadership conference that looks to set conversations around vision 2025 for the industry. It’s one of India’s most exciting gatherings of the internet community designed to deliver powerful content and showcase the possibilities, which the internet holds for the present and the future. The conference sees participation from all major and relevant technology companies from across the country. India Internet Day 2020 co-chairs include – Mayank Khanduja &amp; Ashwini Asokan along with the team Abhishek Gupta, Alok Mittal, Arvind Jha, Deep Kalra, Dev Khare, Gautam Gandhi, Karan Mohla, Latika Pai, Miten Sampat, Prasanto K Roy, Rajan Anandan, Rajat Garg, <keyword id="262068" type="General" weightage="50" keywordseo="rajesh-sawhney" source="Orion">Rajesh Sawhney</keyword>, Ravi Gururaj, <keyword id="8713499" type="General" weightage="50" keywordseo="shereen-bhan" source="Orion">Shereen Bhan</keyword>, <keyword id="3380503" type="General" weightage="50" keywordseo="suchita-salwan" source="Orion">Suchita Salwan</keyword> and Vani Kola – who are the torchbearers who put together the conference that has emerged as the voice of India’s internet industry. About TiE Delhi-NCR TiE Delhi-NCR is among the most active and vibrant chapters across the vast TiE network. In the last two decades, it has continuously taken the lead in creating an increasingly positive ecosystem for entrepreneurs and investors. With a strong mentor support base, marquee events and focused workshops throughout the year it has emerged as one of the most valuable platforms supporting entrepreneurship, nationally. TiE Delhi-NCR conducts a wide range of programmes to help entrepreneurs. These include TiEcon, Startup Expo, TiE Institute, TiE Young Entrepreneurs along with Special Interest Groups (SIGs) across sectors.

India’s largest event for tech entrepreneurs, TiE Delhi-NCR’s India InternetDay - now connects two startup hubs

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>An Indian man was arrested in Delhi airport Monday. Police there say he dressed up as a pilot and tried to use his status to get preferential treatment, like free upgrades.</li><li>Officers say Rajan Mahbubani was trying to pass himself off as a Lufthansa pilot while getting on an Air Asia flight from Delhi to Kolkata.</li><li>Police said Mahbubani had also previously impersonated an army colonel.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>An Indian man was arrested in at an airport in New Delhi Monday, on suspicion of dressing up as an airline pilot in an attempt to get preferential treatment.Rajan Mahbubani was detained while attempting to board an Air Asia flight at New Delhi's Indira Gandhi International Airport, <a href="https://edition.cnn.com/travel/article/india-fake-lufthansa-pilot-arrest/index.html">according to a report from CNN</a>.He was dressed in the uniform of a pilot for Germany's flag carrier airline, Lufthansa.According to CNN, Mahbubani told authorities that he had frequently dressed up as a pilot to secure perks like upgraded seats and access to crew-only lines at security and passport control.Mahbubani even had a fake Lufthansa pilots ID, police said.His scheme was discovered when staff from the Air Asia flight he was trying to board called Lufthansa to confirm his identity.He was then arrested at the gate before getting on the flight to Kolkata.<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><a href="https://www.telegraph.co.uk/news/2019/11/21/indian-businessman-wore-pilot-disguise-get-upgrades-special/">According to The Daily Telegraph</a>, police accused Mahbubani of having a history of impersonated various uniformed professions.The outlet quoted Delhi airport police official Sanjay Bhatia, who said: "The passenger had also posted videos wearing different uniforms on TikTok. He had travelled on various occasions using the same modus operandi. The travel history of the passenger is being scanned."Mahbubani's case has been compared to a less successful version of the movie <a href="https://www.youtube.com/watch?v=71rDQ7z4eFg">"Catch Me If You Can,"</a> which told the story of Frank Abagnale, who conned people out of millions of dollars in the 1960s using various disguises including that of a pilot.The Telegraph said police also found pictures on Mahbubani's phone of him dressed as an army colonel.An official for Air Asia acknowledged the arrest, saying in a statement reported by <a href="https://timesofindia.indiatimes.com/business/india-business/con-man-boards-over-15-flights-as-pilot-held/articleshow/72122446.cms">The Times of India</a>: "He was handed over to the airport police and an investigation has been ordered."The incident is the second involving elaborate disguises to emerge from Delhi in recent months. In September, 32-year-old Jayesh Patel was <a href="https://www.businessinsider.com/indian-man-old-man-disguise-fake-passport-2019-9?r=US&amp;IR=T">arrested for dressing up as an old man,</a> including dying his hair white, to try and get on a plane to the US.Patel tried to board a flight to New York using a passport with the fake name of Amrik Singh, an 81-year-old born in Delhi in February 1938, the Central Industrial Security Force said.

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