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New Delhi, The latest household consumer expenditure survey indicates that <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s poverty level has fallen below 5 per cent and people are becoming more prosperous both in the rural and urban areas, <keyword id="19921809" type="General" weightage="20" keywordseo="niti-aayog" source="keywords">NITI Aayog</keyword> CEO <keyword id="20727831" type="General" weightage="20" keywordseo="b-v-r-subrahmanyam" source="keywords">B.V.R. Subrahmanyam</keyword> said on Sunday. "The consumer expenditure survey also reflects the success of the poverty alleviation measures taken by the government," <keyword id="20140079" type="General" weightage="20" keywordseo="subrahmanyam" source="keywords">Subrahmanyam</keyword> told journalists. He said that the survey, grouped the population into 20 different categories and the data showed that the average per capita monthly expenditure for all categories stood at Rs 3,773 in rural areas and Rs 6,459 in urban areas. The average per capita monthly expenditure of the bottom 0-5 per cent class is pegged at Rs 1,373 in rural areas and Rs 2,001 in urban areas. "If we take the poverty line and inflate it with the Consumer Price Index (CPI) to today's rate, we see that the average consumption of the lowest 0-5 per cent class, is about the same. This means that poverty in the country is only in the 0-5 per cent group," the NITI Aayog CEO said. "This is my assessment. But economists will analyse it and come out with absolutely correct numbers," he added. The <keyword id="20411472" type="General" weightage="20" keywordseo="nsso" source="keywords">NSSO</keyword> estimates are based on data collected from 1.55 lakh rural households and 1.07 lakh urban households. Subrahmanyam said the data showed that the consumption both in rural and urban areas has shot up about 2.5 times. "This shows that the progress in the country is happening in both urban and rural areas," he pointed out. The survey also shows that consumption in rural areas is growing faster than urban areas, thus narrowing the disparities between the two segments, Subrahmanyam said. The survey also factors in the benefit of government welfare schemes which have contributed to the consumption of poor households who have received free foodgrains and goods such as bicycles and school uniforms for their children. The survey shows that the gap was 84 per cent in 2011-12 and has come down to 71 per cent in 2022-23. The gap was at its peak of 91 per cent in 2004-05. The NSSO survey also indicates a significant fall in the share of consumption of cereals and food in the total expenditure of both rural and urban households in the country. "This means people are becoming prosperous with extra income. And with this increased prosperity, they are spending more on other things than food. Even in food, they are drinking more milk, eating fruits and more vegetables," he said. Subrahmanyam also said: "The contribution of food to CPI inflation will be lower and probably was lower in earlier years also. This means inflation was being overstated and is probably less as food has been a major contributor to inflation."

India's poverty level has fallen below 5%: NITI Aayog CEO

<ul><li>UK and <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> have signed an MoU mutually recognising each other’s education degrees.</li><li>The two countries also signed two more agreements – on maritime education and a framework agreement on the healthcare workforce.</li><li>Negotiations for the India-UK free trade agreement (FTA) are ongoing and will be concluded by August 31, commerce secretary <keyword id="6641896" type="General" weightage="80" keywordseo="bvr-subrahmanyam" source="Orion">BVR Subrahmanyam</keyword> said.</li></ul>The United Kingdom is one of the most popular choices among Indian students, as the country is home to some renowned universities like Oxford, Cambridge, LSE etc. On Thursday, July 21, the Indian government signed a memorandum of understanding (MoU) with the UK government, which will be highly beneficial for Indian students who wish to study in the island nation. “From today onwards, UK degrees will be recognised as equivalent to Indian degrees. You can take a degree there (in the UK) and will be eligible for employment in India. However, professional degrees such as medicine, pharmacy, engineering, architecture will not be covered under the pact,” commerce secretary BVR Subrahmanyam said at a media briefing on July 21. Undergraduate and postgraduate degrees will now be recognised in both the countries. This means that an Indian student who has a degree from one of the Indian colleges will now be eligible to pursue higher studies in the UK and vice versa. This also means that Indian degree holders will now be treated on par with UK degree holders and will be eligible for jobs in the UK as well. The UK government has plans to attract more international students to its universities and hence, will be giving an economic boost. “The agreement will make UK universities even more appealing to Indian applicants and is likely to provide an economic boost, as the benefit to the UK of welcoming non-EU students is estimated by industry to be around £109,000 per person,” the UK government said in a statement. The two countries also signed two more agreements – on maritime education and a framework agreement on the healthcare workforce. The latter pact will facilitate the training of healthcare professionals and nurses in India by the UK government, as the country is facing a shortage. The maritime MoU paves the way for the governments to recognise the degrees, training and competency in maritime education in the respective countries. The MoUs are part of the UK-India Enhanced Trade Partnership (ETP), which was agreed upon by Prime Minister <keyword id="6380867" type="General" weightage="50" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> and Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> last year. Negotiations for the India-UK free trade agreement (FTA) are ongoing and will be concluded by August 31, said Subrahmanyam. Currently, the fifth round of negotiations for the FTA is underway. “In August, we will be negotiating every day. The hope is to conclude the deal by August 31 and I am confident that we are on track,” Subrahmanyam said. The trade between both the countries is worth $24 billion. “Our investment relationship supports over half a million jobs. Since 2017 the UK Government has secured new access to India’s market, which businesses estimate will unlock approximately £92m of additional UK exports every year in spirits, oats, pork products, and more. India is projected to become the world’s third largest economy by 2050,” the UK statement read. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/thrifting-is-the-latest-trend-on-indian-instagram-and-it-is-a-great-one-for-the-environment/articleshow/93052751.cms">Thrifting is the latest trend on Indian Instagram, and it is a great one for the environment</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-had-3x-more-women-pilots-than-the-global-average/articleshow/93044874.cms">India had 3x more women pilots than the global average</a>

Now you can get a job in the UK with an Indian degree — Here’s everything you need to know

<keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> are navigating choppy waters as global economic shifts, from rate cuts to evolving political climates, create new pressure points across the financial landscape, according to a recent report by ANI attributed originally to the Union Bank of India. The domestic stock and bond markets showed signs of strain, with <keyword id="19910363" type="General" weightage="20" keywordseo="bond-yields" source="keywords">bond yields</keyword> witnessing slight adjustments. India’s 10-year government bond yield dipped to 6.82%, a decrease from the previous session, reflecting cautious investor sentiment as the markets react to shifting global indicators. Meanwhile, the 5-year bond yield remained steady at 6.76%, a signal of lingering hesitation amid economic unpredictability. In the currency market, the rupee faced a notable decline, ending the day at ₹84.3725 against the US dollar, slipping from its prior close of ₹84.2800. Market analysts point to significant capital outflows as a key factor, with investors moving funds to perceived safer assets overseas. This migration has weighed heavily on the rupee, underlining the currency’s vulnerability in an environment of global economic flux. India’s stock market bore the brunt of this volatility, with key indices falling over 1%, effectively erasing the gains of a previous rally. This abrupt drop reportedly reflects renewed investor anxiety, largely triggered by the recent <keyword id="20189882" type="General" weightage="20" keywordseo="US-presidential-election" source="keywords">US presidential election</keyword> results. Experts suggest that the election has introduced a fresh layer of uncertainty, not only for the US economy but for global markets, impacting everything from policy decisions to investor sentiment. Analysts are also keeping a close eye on upcoming decisions by central banks, which will likely shape the path forward for the Indian equities market. Commodities showed contrasting trends, with Brent crude prices falling on lower demand expectations, as economic indicators point toward cautious spending globally. Gold, on the other hand, experienced a modest rise as investors sought refuge in safe-haven assets, highlighting a shift towards risk aversion among market participants. Globally, major central banks made coordinated efforts to sustain economic growth, with the Bank of England (BoE) announcing a 25 basis-point cut, lowering its benchmark rate to 4.75%. The BoE’s Monetary Policy Committee (MPC) largely backed this move to counter inflation, which has been declining, albeit gradually. Across the Atlantic, the US Federal Reserve mirrored this action with its own 25 basis-point cut, a sign of confidence in the ongoing economic recovery. Both rate cuts, though modest, signal a global trend towards caution as economies work to balance growth with stability. In Asia, the People’s Bank of China (PBoC) maintained its supportive stance. Governor Pan Gongsheng sought to reassure foreign investors by reaffirming the PBoC’s commitment to growth-oriented policies. Pan emphasized enhanced communication and pledged to open China’s financial services sector further, aiming to attract more international participants. Europe, meanwhile, faced mixed economic signals. Germany reported a steep 2.5% drop in industrial production in September, signalling a slowdown in manufacturing, while the Eurozone saw a mild 0.5% rise in retail sales, reflecting cautious consumer optimism in the region. Adding another layer to the global economic landscape, the European Union’s Climate Change Service warned that 2024 could be the hottest year on record, underscoring urgent climate challenges just as the UN COP29 climate summit approaches. The summit, set to take place in Azerbaijan, aims to rally increased funding for climate action, though tempered expectations linger in light of recent US political shifts. On the domestic front, Niti Aayog CEO BVR Subrahmanyam spoke about India’s potential role in pivotal global trade agreements, specifically the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These partnerships, Subrahmanyam suggested, could bolster India’s Micro, Small, and Medium Enterprises (MSME) sector, which currently accounts for 40% of India’s exports, offering a strategic advantage for Indian trade in an interconnected world. As the Indian markets digest these developments, experts believe continued volatility could be the theme for the coming months. (with ANI inputs)

Indian markets under pressure as global rate cuts stir uncertainty, new report says

Jammu, Apr 27 () Jammu and Kashmir Lieutenant Governor Girish Chandra Murmu on Monday called for preparing in advance a comprehensive strategy for the post-May 3 scenario to combat the COVID-19 pandemic in the union territory. The Lt governor was chairing a meeting on COVID-19 control efforts at the Raj Bhavan soon after an interaction with Prime Minister Narendra Modi through video conferencing, to discuss the emerging situation and plan ahead for tackling the COVID-19 pandemic, an official spokesman said. Murmu underlined the importance of continued efforts at all levels of the administration in the fight against coronavirus in the UT and asked the officers to formulate an effective rapid response mechanism so that pro-active steps can be taken to deal with any emerging situation when the lockdown will be lifted. The Lt governor noted that the increased testing is the key in identifying and combating the pandemic, and asked the officers to ensure the sustainability of the testing speed and to explore the possibilities of increasing the same, the spokesman said. Murmu directed for an effective implementation of restrictions in red-zones to contain the spread of the deadly virus. He urged the J&amp;K Bank to reach out to the masses with the digital banking facilities by encouraging them to use UPI, BHIM, QR, in addition to the use of Aarogya Setu application. He further directed the officers to take necessary measures to fulfill the nutritional requirements of the vulnerable population with a special focus on destitutes and slum dwellers, the spokesman said. Rajeev Rai Bhatnagar, Advisor to Lt governor; BVR Subrahmanyam, Chief Secretary; Dilbag Singh , DGP; Atal Dulloo, Financial Commissioner Health and Medical Education; Shaleen Kabra, Principal Secretary to Government, Home Department; Bipul Pathak, Principal Secretary to Lt governor attended the meeting. AB AQS

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India's poverty level has fallen below 5%: NITI Aayog CEO

IANS

Now you can get a job in the UK with an Indian degree — Here’s everything you need to know

Vaamanaa Sethi

Indian markets under pressure as global rate cuts stir uncertainty, new report says

BI India Bureau

Lockdown: Murmu calls for formulation of comprehensive strategy post-May 3 scenario

PTI

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