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Amartya Sen to Gita Gopinath: Influential Indian-origin economists you should know

Iconic film franchises '<keyword id="6357995" type="General" weightage="100" keywordseo="harry-potter" source="Orion">Harry Potter</keyword>' and 'The Lord Of The Rings' are returning to Indian cinemas getting a re-release on the big screen to create the magic again. As part of the 100 years celebration of the iconic studio <keyword id="33396" type="General" weightage="50" keywordseo="warner-bros" source="Orion">Warner Bros</keyword>., audiences in India will get to watch two of the biggest movie franchises on the big screen. PVR-Inox, Miraj cinemas are releasing the Harry Potter films at their cinemas till May 11. 'The Lord Of The Rings' Trilogy will play in cinemas from May 13 to May 15. Speaking on the initiative, <keyword id="5143854" type="General" weightage="50" keywordseo="denzil-dias" source="Orion">Denzil Dias</keyword>, VP &amp; Managing Director India Theatrical at Warner Bros. Discovery said: "As part of our Centennial Celebrations, we plan to re-release some of our most cherished films and franchises in cinemas starting with the Harry Potter Series and the 'Lord of the Rings Trilogy with many more to come to serve our loyal fans." The 'Harry Potter' is a film series based on the eponymous novels by J. K. Rowling. It consists of eight fantasy films, beginning with Harry Potter and the Philosopher's Stone and culminating with Harry Potter and the Deathly Hallows - Part 2. As per Kamal Gianchandani, Chief Business Planning &amp; Strategy, PVR INOX Ltd: "These iconic films have captured the hearts and imagination of fans around the world, and we are excited to offer them a chance to relive the magic at our cinemas across the country." "We look forward to welcoming movie-goers of all ages to join us in this celebration of cinema and storytelling. I also congratulate Warner Bros for completing a stupendous 100 years of entertaining the world." The 'Lord of the Rings' is a series of three epic fantasy adventure films directed by <keyword id="59081" type="General" weightage="50" keywordseo="peter-jackson" source="Orion">Peter Jackson</keyword>, based on the novel The Lord of the Rings by J. R. R. Tolkien. The films are subtitled 'The Fellowship of the Ring', 'The Two Towers' and 'The Return of the King'. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/britannias-q4-net-profit-rises-47-yoy-to-559-crore-on-softer-input-costs/articleshow/100017366.cms">Britannia’s Q4 net profit rises 47% YoY to ₹559 crore on softer input costs</a> <a href="https://www.businessinsider.in/business/news/indigo-airlines-stock-to-surge-further-as-go-firsts-troubles-mount/articleshow/100009541.cms">The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount</a> <a href="https://www.businessinsider.in/finance/banks/news/raghuram-rajan-speaks-out-on-zombie-companies-a-simmering-real-estate-time-bomb-more/slidelist/100014762.cms">Raghuram Rajan speaks out on zombie companies, a simmering real estate time bomb &amp; more</a>

Harry Potter movies, The Lord Of The Rings triology to re-release on big screen in India

Even as several non-BJP ruled states like Rajasthan, Chhattisgarh, Himachal Pradesh, Punjab and <keyword id="6360371" type="General" weightage="80" keywordseo="jharkhand" source="Orion">Jharkhand</keyword> have started implementing the old pension scheme, the Reserve Bank of India (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) has cautioned that it would add to the financial burden of the states. In its report titled "State Finances: A Study of Budgets of 2022-23", the central bank has said that the move is a major risk to the "subnational fiscal horizon" and may lead to the accumulation of unfunded liabilities in the years to come. "A major risk looming large on the subnational fiscal horizon is the likely reversion to the old pension scheme by some states. The annual saving in fiscal resources that this move entails is short-lived," the RBI report said. By postponing the current expenses to the future, the report said states risk the accumulation of unfunded pension liabilities in the coming years. The governments of Rajasthan, Chhattisgarh, Himachal Pradesh, Punjab and Jharkhand have informed the Centre about their decision to implement the old pension scheme, which they had promised to do in their election manifestos. The decision by these states has led to a political tussle between non-BJP and BJP-ruled states. Incidentally it was the BJP-led NDA government, which in 2004, had done away with the old pension scheme from April 1, 2004 onwards. In its place, the government had introduced the National Pension Scheme, (NPS), under which government employees contribute 10 per cent of their basic salary towards their pension while the government contributes 14 per cent. The private sector was also included under the NPS system. Under the old pension scheme, retired government employees received 50 per cent of their last drawn salary as monthly pension, and the amount kept increasing with the hike in the DA rates. The old pension regime is not fiscally sustainable as it is not contributory in nature and the burden on the exchequer keeps on mounting, experts have said. Even former RBI governor <keyword id="46742" type="General" weightage="50" keywordseo="d-subbarao" source="Orion">D Subbarao</keyword> had spoken about the negative effects of the old pension scheme recently. "In a country where the large majority of the people have no social safety net, government servants with an assured pension are a privileged lot. Privileging them even further at the cost of the larger public will be morally wrong and fiscally detrimental," he had said. Subbarao had cautioned that if state governments revert to a "pay as you go" pension scheme, the burden of pensions will fall on current revenues, which in turn means foregoing schools, hospitals, roads and irrigation. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/britannias-q4-net-profit-rises-47-yoy-to-559-crore-on-softer-input-costs/articleshow/100017366.cms">Britannia’s Q4 net profit rises 47% YoY to ₹559 crore on softer input costs</a> <a href="https://www.businessinsider.in/business/news/indigo-airlines-stock-to-surge-further-as-go-firsts-troubles-mount/articleshow/100009541.cms">The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount</a> <a href="https://www.businessinsider.in/finance/banks/news/raghuram-rajan-speaks-out-on-zombie-companies-a-simmering-real-estate-time-bomb-more/slidelist/100014762.cms">Raghuram Rajan speaks out on zombie companies, a simmering real estate time bomb &amp; more</a>

RBI sounds note of caution on OPS, says it may add to liabilities in future

A basket of stocks selected by ChatGPT, a chatbot powered by Artificial Intelligence (AI), has far outperformed some of the most popular investment funds in the UK, according to media reports. Between March 6 and April 28, a dummy portfolio of 38 stocks gained 4.9 per cent while 10 leading investment funds clocked an average loss of 0.8 per cent, according to an experiment conducted by financial comparison site finder.com, CNN reported. It wouldn't "be long until large numbers of consumers try to use (ChatGPT) for financial gain," <keyword id="17339797" type="General" weightage="80" keywordseo="jon-ostler" source="Orion">Jon Ostler</keyword>, Finder's CEO, said in a statement earlier this week. Over the same eight-week period, the S&amp;P 500 index, which tracks the 500 most valuable companies in the US, rose three per cent. <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>'s equivalent, the Stoxx Europe 600 index, ticked up 0.5 per cent in that time. A typical investment fund pulls together money from multiple investors, and is overseen by a fund manager who decides how to invest that money, CNN reported. Finder's analysts took the 10 most popular UK funds on trading platform Interactive Investor as a benchmark for assessing the performance of the ChatGPT-generated fund. Funds managed by HSBC and Fidelity were among those selected. The analysts asked ChatGPT to select stocks based on some commonly used criteria, including picking companies with a low level of debt and a track record of growth. <keyword id="10387" type="General" weightage="50" keywordseo="microsoft" source="Orion">Microsoft</keyword>, Netflix and Walmart were among the companies selected. While major funds have used AI for years to support their investment decisions, ChatGPT has put the technology in the hands of the general public, with the potential to guide the decisions of retail investors, CNN reported. A survey of 2,000 UK adults conducted by Finder last week showed that eight per cent had already used ChatGPT for financial advice, while 19 per cent said they would consider doing so. Yet a much bigger 35 per cent said they would not consider using the chatbot to help them make decisions about their money, CNN reported. In a study published in April, researchers at the University of Florida found that ChatGPT could predict the stock price movements of specific companies more accurately than some more basic analysis models. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/britannias-q4-net-profit-rises-47-yoy-to-559-crore-on-softer-input-costs/articleshow/100017366.cms">Britannia’s Q4 net profit rises 47% YoY to ₹559 crore on softer input costs</a> <a href="https://www.businessinsider.in/business/news/indigo-airlines-stock-to-surge-further-as-go-firsts-troubles-mount/articleshow/100009541.cms">The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount</a> <a href="https://www.businessinsider.in/finance/banks/news/raghuram-rajan-speaks-out-on-zombie-companies-a-simmering-real-estate-time-bomb-more/slidelist/100014762.cms">Raghuram Rajan speaks out on zombie companies, a simmering real estate time bomb &amp; more</a>

Stocks selected by ChatGPT far outperform UK fund managers

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

<keyword id="20154" type="General" weightage="100" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> Health Minister <keyword id="344917" type="General" weightage="50" keywordseo="ma-subramanian" source="Orion">Ma Subramanian</keyword> inspected the mass fever camp on Friday organised in the <keyword id="6361743" type="General" weightage="50" keywordseo="saidapet" source="Orion">Saidapet</keyword> area in Chennai. Chennai Mayor <keyword id="3346795" type="General" weightage="50" keywordseo="priya-rajan" source="Orion">Priya Rajan</keyword> also joined the Health Minister in inspecting the camps. "About 1000 fever camps have been set up all over Tamil Nadu of which 200 fever camps are in Chennai," Health Minister said. Recently, H3N2 virus fever broke out across the country sparking concerns. The Indian Council of Medical Research (ICMR) in a statement asked the administrations all over to comply with the safety protocols and take necessary precautions. People have been instructed to wear masks and maintain proper hygiene to avoid the virus infection. "Apart from the fever camps, about 11,333 public health centres in the state have been instructed to conduct frequent fever check-ups," said the minister in the statement. "We have adequate medicines for the fever. As of now, there are no severe cases and there is no need to panic." The Health Minister added, "According to ICMR, we have to be cautious with H3N2 virus spread like we were during the Covid Pandemic. People with fever symptoms should isolate themselves as per ICMR guidelines to prevent spread." Reportedly, corona cases have also been increasing in Tamil Nadu and also India, in general. "RTPCR tests are done and the number of tests has been increased. There were only 2 cases last month but now it's 20 to 25 cases in Tamil Nadu and we are preparing to curtail it," assured the Health Minister. Health Minister also said, "As of now it's not a community spread of H3N2 virus in Tamil Nadu. We are taking precautions to make sure it does not spread rapidly and turn into a community spread. I appeal to the people of Tamil Nadu to avoid going to public places if they identify themselves with the symptoms and immediately inform the authorities." According to the administration, the mega fever camps will continue their operations on Saturday, Sunday and also in the coming days in the state. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/long-covid-much-less-likely-after-omicron-infection-study/articleshow/98539407.cms">Long Covid much less likely after Omicron infection: Study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/karnataka-records-its-first-h3n2-variant-death/articleshow/98539607.cms">Karnataka records its first H3N2 variant death</a>

H3N2 virus: Tamil Nadu sets up 1,000 mega fever camps

<ul><li>Risk management must be driven by the understanding of what is good for the corporate, said M Damodaran, Chairperson, Excellence Enablers and former Chairman, Sebi.</li><li>FICCI-GRMI Model Risk Code is a toolkit to sensitise senior officials and corporate boards on risk assessment and mitigation processes.</li><li>The Securities and Exchange Board of India (Sebi) mandates that the top 1000 companies listed must have risk management procedures. </li></ul>Risk management must be driven by the understanding of what is good for the corporate, said M Damodaran, Chairperson, Excellence Enablers and former Chairman, Sebi."The success of the risk code will be when people look at it, not as a direction or something that is mandated, but as the distilled wisdom of persons in corporate India and see how to apply that to their own corporate," the former chairman said at the release of the FICCI -- GRMI Model Risk Code on Friday. FICCI-GRMI Model Risk Code is a toolkit to sensitise senior officials and corporate boards on risk assessment and mitigation processes. The Securities and Exchange Board of India (Sebi) mandates that the top 1000 companies listed must have risk management procedures. However, while releasing the Model Code, Damodaran said risk management could be a voluntary exercise for others. "I am not a great believer in something being drafted into law", he said, adding, "if they don't see the value, it might end up as one more tick box," but whether it will add to corporate well-being is suspect. "Don't mandate because mandating comes with a cost". On occasion, <keyword id="462786" type="General" weightage="80" keywordseo="sidharth-birla" source="Orion">Sidharth Birla</keyword>, Past President, FICCI, said evaluating and addressing risk is a critical attention area for boards. "Any framework that helps businesses take more informed and risk-intelligent decisions should be most welcome," he said. In this context, he added, the Model Risk Code addresses entities of all sizes, including non-listed and private entities and can be of great significance in building risk maturity, should they choose to draw upon the Code. "This code will support boards as accountability increases with each passing day," he said. During the launch ceremony, <keyword id="838661" type="General" weightage="80" keywordseo="subodh-bhargava" source="Orion">Subodh Bhargava</keyword>, GRMI Board Chairman, said the Code was going to be a toolkit to bring about a change in the mindset of corporate boards and senior officials, and make risk assessment and risk mitigation processes a part of their DNA. Subhashis Nath, Founder and CEO - GRMI, former Senior Vice President and Service Line Leader for Enterprise Risk and Compliance, Genpact, said there was a significantly increased expectation from the corporate world, which requires corporate India to be more resilient, agile, and future proof. He added, "the model risk code intends to be a playbook, a guide or toolkit, to ensure boards and CEOs have an effective enabler to embed risk into their DNA." Anita George, Independent Director, Piramal Enterprise and former Executive Vice President and Deputy Head of CDPQ Global, said that while the risk was always there, the pace, unpredictability, volatility, and the myriad types of risks that are coming at us are making us aware that we need to have someone in the organisation who is firefighting, not just on a day-to-day basis, but more strategically. <keyword id="216369" type="General" weightage="80" keywordseo="richard-rekhy" source="Orion">Richard Rekhy</keyword>, Board Member of KPMG Dubai and former chief executive officer of KPMG India, noted that risk management was entirely about the business and has to be led by the CEO. Alluding to the Covid crisis, Rekhy noted that "post-Covid, the companies that bounced back faster are the ones that had better risk management practices." <keyword id="245593" type="General" weightage="80" keywordseo="mukesh-butani" source="Orion">Mukesh Butani</keyword>, Founding and Managing Partner, BMR Legal, <keyword id="204991" type="General" weightage="80" keywordseo="rajan-saxena" source="Orion">Rajan Saxena</keyword>, former Vice Chancellor of the SVKM's NMIMS, and Ritu Chawla Kochhar, India Head, Spencer Stuart, were also present at the occasion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/government-invites-suggestions-for-union-budget-2023-24/articleshow/95799750.cms">Government invites suggestions for union budget 2023-24</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-needs-1000-pilots-annually-but-training-infra-in-short-supply/articleshow/95799701.cms">India needs 1,000+ pilots annually, but training infra in short supply</a>

Risk management must be driven by understanding of what is good for corporate: Ex-chairman Sebi

<keyword id="2461546" type="General" weightage="80" keywordseo="fintech" source="Orion">Fintech</keyword> company slice on Wednesday said it has raised $50 million as part of its larger series C round led by <keyword id="526777" type="General" weightage="100" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, adding that it will use new capital to boost its new unified payments interface (<keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword>) product. The latest funding round also saw participation from existing investors Moore Strategic Ventures and Insight Partners, and a new investor, GMO VenturePartners. The leading credit card challenger last month launched the integration of UPI into its app for all its existing and waitlisted users in a phased manner. "Our next important product launch with UPI has been gaining strong early traction. We are excited about the long journey that lies ahead of us," said <keyword id="4393092" type="General" weightage="50" keywordseo="rajan-bajaj" source="Orion">Rajan Bajaj</keyword>, Founder-CEO, slice. In November last year, slice entered the unicorn club after raising $220 million in its Series-B fundraise co-led by Tiger Global and Insight Partners. "slice is leading the way for innovation, customer experience, and growth in India's rapidly developing payments market," said <keyword id="10168420" type="General" weightage="50" keywordseo="alex-cook" source="Orion">Alex Cook</keyword>, <keyword id="6399933" type="General" weightage="50" keywordseo="partner" source="Orion">Partner</keyword>, Tiger Global. Similar to other UPI apps, slice users can now create a UPI account on the slice app by linking it to their bank accounts. With andy (&amp;ID), the unique ID on slice, users will be able to make payments just by searching for the &amp;ID. Earlier, only slice's credit users could enjoy its simple and intuitive experience. By extending UPI services to its 10 million waitlisted customers, the company will now be able to provide them with an equally superior experience.

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Amartya Sen to Gita Gopinath: Influential Indian-origin economists you should know

Prerna Tyagi

Harry Potter movies, The Lord Of The Rings triology to re-release on big screen in India

IANS

RBI sounds note of caution on OPS, says it may add to liabilities in future

IANS

Stocks selected by ChatGPT far outperform UK fund managers

IANS

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

ANI

H3N2 virus: Tamil Nadu sets up 1,000 mega fever camps

ANI

Risk management must be driven by understanding of what is good for corporate: Ex-chairman Sebi

ANI

Fintech company Slice raises $50 million led by Tiger Global, aims to boost its new UPI product

IANS

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