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The <keyword id="6360667" type="General" weightage="20" keywordseo="Madras-high-court" source="Orion">Madras high court</keyword> has held without "hesitation" that transgenders are entitled to a special reservation for the third gender viz, transgender category for admission to post basic (nursing) and post basic diploma in psychiatry nursing courses. The court directed the secretary of Tamil Nadu Health and Family Welfare department, director of Medical Education (DME), Chennai, and secretary (selection committee), DME, to treat the petitioner S Tamilselvi as third gender/ transgender and accordingly place her in a special category i.e. transgender category for admission to the course for the academic year 2022-23 for which the present merit list has been issued by the secretary, selection committee, only for female and male candidates. Apart from Tamilselvi, if any other transgender candidate applied for the said course, a separate category of merit list shall be prepared by the secretary consisting of only transgender candidates and based on the inter-se merit among the transgender candidates, justice R Suresh Kumar said. "If more than one candidate is available, based on the inter-se merit, admission shall be given to those transgender candidates. The needful, as indicated above, shall be immediately undertaken by the secretary, selection committee and accordingly the selection shall go on including the name of the petitioner under the special category i.e. transgender category," he said recently. Tamilselvi had moved the Madras High Court seeking a direction to the authorities to quash the prospectus issued for the Post Basic (Nursing) Course and Post Basic Diploma in Psychiatry Nursing Course for the academic year 2022-2023, as illegal for not categorising transgenders under special category. She also sought for direction from the secretary, and selection committee, to admit her to Post Basic B.Sc.(Nursing) Course for the academic year 2022-2023 under the special category of transgender. Though communal reservation was provided for the said courses, there were no separate reservations provided horizontally for the third gender/ transgender. Hence, she approached the court, her counsel Reshmi Christy, said. Citing the Supreme Court's set of directions to the Centre and state governments on the action to be taken to treat the third gender/ transgender as a special category, Justice Suresh Kumar observed "had there been special reservation as directed by the Hon'ble Supreme Court provided to transgenders, certainly the petitioner would have been in a top position and would be in a position to get admission in the course concerned." On the argument that sometimes seats reserved for transgenders may not be taken up by them for want of candidates as "only minimal transgenders are living" in the state, the judge remarked, "at least a provisional note could have been made." "Even though special reservation has not been made horizontally for transgender candidates, the non-inclusion of the petitioner in the special category meant for transgender is against the judgments given by the Hon'ble Supreme Court as well as this court and also against the provisions of the 2019 Act," he ruled. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/12-yr-old-ktaka-girl-develops-monkeypox-symptoms/articleshow/94833132.cms">12-yr-old K'taka girl develops monkeypox symptoms</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-is-a-bright-light-economy-but-key-structural-reforms-needed-for-10-trillion-gdp-imf-chief-economist/articleshow/94824299.cms">India is a bright light economy, but key structural reforms needed for $10 trillion GDP: IMF chief economist</a>

Transgenders entitled to special quota for third gender: Madras high court

India would now be joining the US, Japan, Germany and France at the <keyword id="6366068" type="ORGANIZATION" weightage="100" keywordseo="INTERNATIONAL-MONETARY-FUND">International Monetary Fund</keyword>'s top table. The world’s largest democracy would also be joined with three other emerging markets; this has happened after the multilateral institution said yes to the much-delayed quota reforms on Wednesday. 
 These changes, which were pending since 2010, has made India stand among the top largest 10 members of the <keyword id="6355408" type="ORGANIZATION" weightage="100" keywordseo="IMF">IMF</keyword>, along with Italy and the UK, as well as fellow newcomers, Brazil, China and Russia. 
 
In the last IMF-World Bank meeting which was held at Lima, Peru, in October last year, India’s finance minister Arun Jaitley had strongly asked for early implementation of these changes. 
 
The reforms recommended that in order for developing countries to be better represented, they needed a 6% shift in quotas in their favour. These changes would raise India's vote share to 2.69% from the current 2.34%. 
 
"These reforms will ensure that the Fund is able to bet-ter meand represent the needs of its members in a rapidly changing global environment," IMF managing director Christine Lagarde said in his official statement. "Today marks a crucial step forward and it is not the end of change as our efforts to strengthen the IMF's governance will continue." 
 
As per the IMF, the changes aim to make better the governance and reflect the increasing role that dynamic emerging markets and developing countries have in the world economy. 
 
"The entry into force of these reforms will reinforce the credibility, effectiveness, and legitimacy of the IMF," said the release. "For the first time, four emerging market countries (Brazil, China, India, Russia) will be among the 10 largest members of the IMF." 
 
<a href="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2014/10/06/102064081-RTXYQYK.1910x1000.jpg">Image source</a>

India gets more voting rights as IMF reforms quota

UN economists announced a likely USD 50 billion drop in worldwide manufacturing exports in February alone as the extent of the damage to the global economy caused by novel <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> COVID-19 moved further into focus. Citing the China Manufacturing Purchasing Manager's Index (PMI), Pamela Coke-Hamilton, who heads <keyword id="240183" type="COMPANY" weightage="20" keywordseo="UNCTAD">UNCTAD</keyword>'s Division on <keyword id="8869479" type="COMPANY" weightage="20" keywordseo="international-trade-and-commodities">International Trade and Commodities</keyword>, said that it had fallen to 37.5 - a drop of about 20 points - the lowest reading since 2004. "This also correlates directly to exports and also implies a two per cent drop in overall exports," she said, with a resulting "ripple effect" worldwide "to the tune of a USD 50 billion fall in exports." Because China has become the main supplier of finished products and so-called "intermediate" products used in countless industries - from chemical for pharmaceuticals to parts for digital cameras and the car industry - concerns about the long-term disruption to supply chains there, has left many companies around the world "fearful" that their own output may soon be affected, UNCTAD said. "Of course, if the virus continues to spread and gets out of control, and we see closures not only in China but also in India and the United States and everywhere else in the world, then it would be a big problem," said Alessandro Nicita from UNCTAD's Division on International Trade and Commodities. "Ultimately, the economic impact of this virus depends on the measures that countries apply to contain the virus. So, China has done a great job in containing the virus, but it has sacrificed a little bit the economy, at least in the first few weeks. So, planned closures, restriction to movement of people, which were all necessary; but there is an economic effect when you take those measures." In addition to the falling manufacturing levels, UNCTAD also highlighted a decrease in the number of container ships leaving Shanghai in the first half of February (from around 300 a week to 180), which then returned to normal levels in the second half of the month. "Right now, the impact on the global value chains is already being felt and will continue probably for a few months," Coke-Hamilton said. "But if it rebounds, say in the next few months, then the long-term or year-long impact will be a little different and will be better. So, it depends on what happens in China." In remarks made at a joint press conference with the head of the World Bank Group, the <keyword id="6355408" type="COMPANY" weightage="20" keywordseo="imf">IMF</keyword> Managing Director, Kristalina Georgieva, said that the UN-backed global funds would make up the shortfall, in effect, by offering to inject around USD 50 billion into low-income and emerging market nations, pending requests for support. "Thanks to the generosity of our shareholders, we have about USD 1 trillion in overall lending capacity," she said. "For low-income countries, we have rapid-disbursing emergency financing of up to USD 10 billion (50 per cent of quota of eligible members) that can be accessed without a full-fledged IMF programme," she added. The IMF chief added that members can access emergency financing through the Rapid Financing Instrument. "This facility could provide about USD 40 billion for emerging markets that could potentially approach us for financial support. We also have the Catastrophe Containment and Relief Trust - the CCRT - which provides eligible countries with up-front grants for relief on IMF debt service falling due. "The CCRT proved to be effective during the 2014 Ebola outbreak, but is now underfunded with just over USD 200 million available against possible needs of over USD 1 billion." She called on member countries "to help ensure that this facility is fully re-charged and ready for the current crisis", and said that the Fund was "fully committed to supporting our member countries, particularly the most vulnerable. We have the tools to help and we are coordinating closely with our partner institutions."

Coronavirus wipes USD 50 billion off global exports in February alone

The emerging economies like India, China and <keyword id="6355226" type="COUNTRY" weightage="40" keywordseo="Brazil">Brazil</keyword> were neglected by the <a href="http://www.businessinsider.in/searchresult.cms?query=International+Monetary+Fund+%28IMF%29+">International Monetary Fund (IMF)</a> and had no say in policies matters. So they came up with their own multilateral financial institution named <a href="http://www.businessinsider.in/searchresult.cms?query=BRICS+bank">BRICS bank</a>. 
 
The US has now acknowledged that the creation of BRICS bank is a result of the failure of reform of the IMF, where India, China and Brazil have negligible voice. 
 
During his US visit in June, Union <a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Minister+Arun+Jaitley+">Finance Minister Arun Jaitley</a> had attributed the emergence of new multilateral financial institutions to the failure of reforms in IMF and the <a href="http://www.businessinsider.in/searchresult.cms?query=World+Bank">World Bank</a>. 
 "We do believe that these new institutions...this bank or the BRICS bank...these institutions are all coming up...the analysis in India has been the reforms within <keyword id="6354424" type="ORGANIZATION" weightage="100" keywordseo="World-Bank">World Bank</keyword> and the IMF has prolonged a bit too long. As a result of which these alternative institutions are coming up," Jaitley had said in his appearance at the <keyword id="182828" type="ORGANIZATION" weightage="60" keywordseo="Stanford-University-in-California">Stanford University in California</keyword>. 
 <keyword id="2624276" type="PERSON" weightage="40" keywordseo="Nathan-Sheets">Nathan Sheets</keyword>, the Under Secretary of Treasury for International Affairs, has accepted that due to the veto power of the US, the reforms of the IMF decided way back in 2010 to reflect the growing importance of major emerging markets in the <keyword id="47890" type="ORGANIZATION" weightage="20" keywordseo="global-economy">global economy</keyword> have not taken place. 
In 2010, IMF had agreed on a set of quota and governance reforms giving more voice and say in the decision making process to countries like China, India and Brazil. But this has not been realized so far as the US Congress has not approved it. 
 
These reforms were designed to strengthen the finances of the IMF and give a greater voice to emerging markets, such as Brazil, China, India and Mexico, while preserving the US veto by a comfortable margin, Sheets said during a Congressional hearing. 
 
He said: "As the largest shareholder and the only member with veto power over major IMF decisions, our extended delay in approving the 2010 IMF quota and governance reforms has led our partners to question our commitment to the multilateral system." 
 
"Some countries have pursued their interests in other ways, including by creating new institutions in which the United States has no voice, such as the <a href="http://www.businessinsider.in/searchresult.cms?query=New+Development+Bank+">New Development Bank</a> (known as the BRICS bank) and the Asian Infrastructure Investment Bank (AIIB)," Sheets said. 
 
(Image: Reuters)

The US admits that IMF’s gross neglect of India and China is why the BRICS bank was created

Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> is expected to voice India's strong opposition to conditions on environmental and social standards being proposed by multilateral agencies for project loans, at G20 leaders’ summit. 

	"Our interest is a fair and equitable climate agenda. We will seek a balance between concerns for climate change and the need for development," economic affairs secretary Shaktikanta Das told reporters in Antalya. 
 

	New Delhi is also expected to seek a roadmap for the $100 billion climate financing that has been promised by developed countries by 2020. 
 Das also said India will voice its concerns against the new conditions being proposed by agencies such as the <keyword id="6354424" type="ORGANIZATION" weightage="100" keywordseo="World-Bank">World Bank</keyword> as this will make loans costly and be a burden on development. India is one of the biggest borrowers from the World Bank. 

	He also said India will reiterate its demand for implementation of the International Monetary Fund, quota reforms agreed in 2010 as well as governance reforms at the multilateral agency to better reflect the new global economic order. India has taken up the issue of IMF reforms with the United States. 
 

	Modi will also press for adoption of the recommendations on Base Erosion and Profit Shifting and automatic exchange of information as it steps up its fight against black money.
 The PM will also meet leaders from BRICS countries on the sidelines of the summit when they will undertake a review of the new development bank and the global economy. A meeting with US President <keyword id="15962" type="PERSON" weightage="100" keywordseo="Barack-Obama">Barack Obama</keyword> is also on the cards though there has been no confirmation on this so far. Das said India will insist on country-specific strategy for development. "There cannot be a 'one size fits all' strategy," he said adding that the <keyword id="51196" type="ORGANIZATION" weightage="100" keywordseo="G-20">G-20</keyword> leaders will review the progress made in delivering on the commitment to add 2 per cent to global growth. India is expected to showcase its strong economic growth which enabled it to emerge as a significant contributor to global growth. 

	On employment, India will back the demand for global mobility of skilled labour and the need to make it more flexible, Das said adding that visa restrictions on employment will be taken up under this segment. 

	 
	 
	(Image credits: Indiatimes)

India to voice its opposition against proposed loan clause on environment at G20

New Delhi [India], November 22 (ANI): Under the chairmanship of Prime Minister Narendra Modi, India is all set to hold the virtual <keyword id="12405410" type="General" weightage="20" keywordseo="g20-leaders-summit" source="Orion">G20 Leaders' Summit</keyword> on Wednesday evening that will witness a major gathering of world leaders. Leaders of all <keyword id="802147" type="General" weightage="20" keywordseo="g20-members" source="Orion">G20 members</keyword>, including the Chair of the African Union, as well as nine guest countries and heads of 11 international organisations, have been invited. On September 10 at the closing ceremony of the <keyword id="42982" type="General" weightage="20" keywordseo="g20-summit" source="Orion">G20 Summit</keyword>, Prime Minister Modi announced that India would be hosting a virtual G20 Leaders' Summit prior to the conclusion of India's G20 Presidency on November 22. The virtual summit will address key issues, select outcomes and review developments that have taken place since the conclusion of the New Delhi G20 Summit in September. Following the G20 Leaders' Summit that took place here in the national capital on September 9-10 this year, considerable progress on major G20 priorities as well as outcomes have been made. For instance, the G20 consensus on tripling renewable energy capacity globally by 2030 and doubling the global rate of energy efficiency improvement by 2030, which was committed to by G20 Leaders in Delhi for the first time, are the key expected outcomes of COP28. In the US-China Joint Statement on November 14, both countries supported the G20 Leaders' Declaration to pursue efforts to triple renewable energy capacity globally by 2030 and also agreed that each would undertake five large CCUS projects. CCUS stands for Carbon capture, usage and storage. Such projects are carried out by employing technology that allows for the reduction of CO2 emissions from big point sources such as power plants, refineries, and other industrial sites. Another key highlight of India's G20 Presidency is that as a result of India's advocacy, the Global Initiative on Digital Health (GIDH) was able to garner commitment for the contribution of USD 44.5 million. Based on G20 AI Principles (2019), UNESCO's Ethical AI Guidelines and India's Responsible "AI for All" Principle; work on the creation of a framework has been initiated by the Ministry of Electronics and Information Technology (MeitY), and the co-design process of One Future Alliance (OFA) for DPI has been initiated with interested countries (UK, France, US, EU, Brazil, Canada, Italy) by MeitY. Volume 2 of the report of the Independent Expert Group on Strengthening of MDBs was submitted to and welcomed by the G20 Finance Ministers at the 4th meeting of Finance Ministers and Central Bank Governors (FMCBG) in October this year. On November 7, the IMF Executive Board proposed a quota increase to the Board of Governors. Furthermore, an action plan on <keyword id="879547" type="General" weightage="80" keywordseo="sustainable-development-goals" source="Orion">Sustainable Development Goals</keyword> (SDGs) is being taken forward. The 2023 G20 New Delhi Update (an Annual G20 Update), was finalised on November 13 this year. It is a comprehensive report on the progress made by G20 with respect to the achievement of the Sustainable Development Goals and the contribution of the Indian Presidency to the process. The Principles on Lifestyles for Sustainable Development (LiFE) are being socialised through international fora such as COP 28 and also among the youth by the IEA. Another major feat included work on the mentorship platform for promoting women's leadership at all levels. It has been done by enhancing and enabling access to mentorship and capacity-building through an e-platform initiated by the Ministry of Women &amp; Child Development (M/WCD) and it will be hosted by NITI. Moreover, TechEquity, a digital inclusion platform for women launched during India's Presidency to bridge gender digital divide, to collate best-in-class self-learning courses on Digital literacy, financial literacy, tech skill development and core skill enhancement from across G20 nations and invited guest countries, is under process in M/WCD. The G20 Sherpa Amitabh Kant has said the Virtual G20 Summit will be held under the chairmanship of PM Modi and will take forward the guidance provided by the participating world leaders to give impetus to implementing the Summit's outcome. The G20 Leaders' Summit will be held today from 5:30 pm onwards and will witness a major gathering of world leaders. "The virtual summit of the G20 being held tomorrow will also be a major gathering of world leaders since the conclusion of the 78th Session of the UN General Assembly high-level week and the SDG Summit," the G20 Sherpa said on Tuesday during a press briefing on the Virtual G20 Leaders' Summit. (ANI)

Prime Minister Narendra Modi to hold virtual G20 Leaders' Summit today

With uncertainties in the world - economics and geopolitics - investors having medium to long-term outlooks can have <keyword id="18712" type="General" weightage="20" keywordseo="Gold" source="Orion">gold</keyword> and silver in their portfolio, said <keyword id="46252" type="General" weightage="80" keywordseo="motilal-oswal" source="Orion">Motilal Oswal</keyword> Financial Services Ltd. A 20 per cent allocation to gold exchange-traded funds (ETF) in an investment portfolio during Diwali is ideal, said <keyword id="594214" type="General" weightage="80" keywordseo="quantum-amc" source="Orion">Quantum AMC</keyword>. Geopolitics, the Central bank's action and inflationary concerns are themes that are not only driving precious metals but also triggering volatility in other asset classes, said Motilal Oswal in a report. The <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> is rushing to raise interest rates at an aggressive pace with an objective to tame inflation. On the other hand, geo-political tensions between Russia-Ukraine and other economies continue to increase distress in the economy. All this is raising questions regarding the pace of global growth, institutions like IMF have also lowered their projections on the same. Pointing out India as one of the largest consumers of gold and silver, Motilal Oswal said there has been a lot of development, especially on the domestic front which is supporting prices. "Government initiatives like setting up GIFT city, signing an FTA (free trade agreement) between <keyword id="6358356" type="General" weightage="50" keywordseo="uae" source="Orion">UAE</keyword> and India, (implies that about 200 tonnes of gold will be imported from UAE at 1 per cent tariff rate quota-TRQ) and changes in import duty," the company said. This year macro factors will have an upper hand over the move in metal prices, as a tighter monetary policy scenario is not a great phase for non-yielding asset gold, the report said. The gold price trend is caught between the tussle of bulls and bears. Extreme negatives do trigger bargain buying for gold and so it is important for medium to long-term investors to see a broader picture, Motilal Oswal said. Except for a few dips, the overall trend for gold has remained positive, and the returns also are quite decent, the company added. The company has suggested accumulation of gold at Rs 46,800-Rs 47,500 with a medium-term target of Rs 53,000 and a long-term target of Rs 58,000 with an expected upside of 8-17 per cent. In the case of silver, Motilal Oswal said the accumulation zone will be Rs 53,500-Rs 54,000 with a medium-term target of Rs 64,500 and a long-term target of Rs 73,000 with an expected upside of 13-28 per cent. According to Quantum AMC, the correction in the gold prices from the peak has made the metal affordable this festive season. "To make the most of the correction, we recommend investing in efficient products such as gold ETFs (exchange-traded funds) to maximize the benefits," Quantum AMC said. Owning physical gold comes with additional costs such as making charges, retail premiums, storage concerns, and lower buyback value. On its part, Emkay Global Financial Services in a report said the current weakness in gold may continue till there is more concrete information on the state of the economy in the major economies, especially against the background of an aggressive central bank trade-off unfavourable to growth and promoting stability. Generally, gold is considered as a hedge against inflation but this time around it does not seem so. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/global-vc-investment-falls-for-3rd-straight-quarter-report/articleshow/94985259.cms">Global VC investment falls for 3rd straight quarter: Report </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/hong-kongs-hang-seng-index-hits-a-13-year-low/articleshow/94984206.cms">Hong Kong's Hang Seng index hits a 13 year low</a>

'Gold and Silver for medium to long term as investment'

CAG is hiring more than 10,000 accountants and auditors around the country

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Via Dave Lutz at JonesTrading, here's a quick guide to what traders are talking about this morning. Good Morning! US Futures are lower this AM, as money flows into the Treasury market early. European markets, however, are all higher and nearing records as Greece makes a €448m payment to the IMF. DAX is 50bp higher and EuroStoxx 70bp in very light volumes - with a big rally in Consumer Discretionary shares the tailwind, while the Big Banks are feeling some weight. Another Wild Ride over in Asia, as the Hang Seng jumps 6%+ on the open before closing "only" up 2.7%. In heavy trade as Chinese quotas expand over HK Connect (FXI up almost 2% early). Shanghai's exchanged suffered from the outflows - losing 1% in heavy trade. India's Nifty Gains 60bp After Moody's Upgrades Rating Outlook, while Aussie fell under pressure as Ore and Energy shares dropped.The 10YY is under some pressure, and continues to hover around 1.88% - While Germany's 10Y Bund Yields have taken out recent lows and collapsed towards 15bp this AM, and Headlines Swiss sell 10-year debt at negative yield continues to propel flows into Sovs. The DXY is higher, staying above 98 in a early retest, making gains against Euro while losing some ground against Yen (Back under Y120). Commodities have a headwind from this, and Gold is off small, back under $1200, while Silver is getting hit for another 1% early. Copper is buckng the trend, while the Oil complex stages a rally from the smackdown yesterday - it's worst in months. Natty gas is up 1% into inventory data. Scheduled Catalysts today include weekly claims data at 8:30 - Wholesale Inventories at 10am, followed by Natty inventories at 10:30. WASDE Data for Agriculture at high noon - and a 30Y auction at 1pm to close the excitement out.

You Searched For "IMF India Quota" and got 9 results

Transgenders entitled to special quota for third gender: Madras high court

PTI

India gets more voting rights as IMF reforms quota

BI India Bureau

Coronavirus wipes USD 50 billion off global exports in February alone

PTI

The US admits that IMF’s gross neglect of India and China is why the BRICS bank was created

BI India Bureau

India to voice its opposition against proposed loan clause on environment at G20

BI India Bureau

Prime Minister Narendra Modi to hold virtual G20 Leaders' Summit today

ANI

'Gold and Silver for medium to long term as investment'

IANS

CAG is hiring more than 10,000 accountants and auditors around the country

BI India Bureau

What are traders talking about this morning? Another huge rally in Asia ...

Myles Udland

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