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<ul><li>43% of retail credit inquiries were made by consumers in the 18-30 year age group. </li><li>From a location perspective, most inquiries (31%) still come from metro areas, but this proportion is slowly declining. </li><li>Nearly one-third (32%) of consumers hold a prime credit score, up four percentage points from the same period in 2021. </li></ul>As <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>’s youngest adults are going for credit cards, consumer durable loans and personal loans – it has fuelled the number of inquiries, as per a report by <keyword id="4053635" type="General" weightage="80" keywordseo="transunion-cibil" source="Orion">TransUnion CIBIL</keyword>. In the quarter ending September 2022, for the very first time, those between the ages of 18-30 accounted for the largest proportion of inquiries – a measure of consumers applying for new credit cards, said the report named Credit Market Indicator (<keyword id="271053" type="General" weightage="80" keywordseo="cmi" source="Orion">CMI</keyword>). “The fact that 43% of retail credit inquiries were made by consumers in the 18-30 year-old age group, compared to 38% in the same quarter in 2021, and 33% in the year before, indicates a major milestone in the evolution of India’s credit market, which now has stronger participation of younger consumers in the credit ecosystem,” says <keyword id="2793" type="General" weightage="80" keywordseo="rajesh-kumar" source="Orion">Rajesh Kumar</keyword>, managing director and CEO of TransUnion <keyword id="6380215" type="General" weightage="20" keywordseo="CIBIL" source="Orion">CIBIL</keyword>. Kumar added that increased access to credit is directly related to quality of life and financial empowerment of India’s youth – who he says are drivers of the country’s economic engine. In the second quarter of FY23, credit demand remained robust, with a corresponding increase in originations as lenders continued to provide credit opportunities for millions of consumers across India, the report said. Most of this is fuelled by consumption-led lending. Positive lender sentiment and consistent improvement in credit performance year-over-year also helped. Where is the credit? The most in-demand credit products during the quarter were personal loans, followed by credit cards. Inquiry volumes for personal loans increased by 109% YoY, while inquiry volumes for credit cards increased by 102% YoY. A continued feature of the retail credit evolution has been increased credit penetration. Between September 2019 and September 2022, credit penetration has improved across age groups. Consumers in the 18-30 years age group who availed at least one credit product increased from 14% to 19%. In the 31-45 year age group, it increased from 26% to 35%. And among the 46+ year cohort, it rose from 23% to 32% The number of inquiries emanating from rural areas has increased by one percentage point each year, from 20% in September 2020 to 22% of all inquiries in September 2022. Inquiries from urban and semi-urban areas have remained consistent at 21% and 26% respectively over the last three years. Analysis of the latest CMI also shows a marked improvement in borrower profiles, with nearly one-third (32%) of consumers holding a prime credit score, up four percentage points from the same period in 2021. Over the same time, 38% of near-prime consumers improved their status to prime in the September quarter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-for-the-amrit-kaal-powered-by-capex-rooted-in-fiscal-consolidation/articleshow/97551916.cms">Budget for the Amrit Kaal: Powered by capex, rooted in fiscal consolidation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/indias-rich-to-shell-out-more-for-luxury-cars-global-travel-but-may-have-more-to-invest/articleshow/97551072.cms">India’s rich to shell out more for luxury cars, global travel but may have more to invest</a>

Credit cards, personal loans & more – India’s youngest adults lead in credit inquiries

<ul><li>Credit performance improved across most product categories during the second quarter of 2023.</li><li>The overall CMI for the second quarter of 2023 remained the same as the previous year, at 100.</li><li>Small-ticket <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword> of less than Rs 50,000 accounted for 0.3% of the total retail loan book </li></ul> India's <keyword id="726657" type="General" weightage="20" keywordseo="retail-credit" source="Orion">retail credit</keyword> market has continued to experience sustained growth in the second quarter of 2023, driven by consumption-led demand for credit. The <keyword id="4053635" type="General" weightage="80" keywordseo="transunion-cibil" source="Orion">TransUnion CIBIL</keyword>’s Credit Market Indicator (CMI) report shows that credit supply, measured by originations, grew by 15% year-on-year compared to the same period in 2022. While portfolio performance remained stable for most products, there are signs of risk build-up in certain areas. The TransUnion CIBIL’s CMI report provides a comprehensive measure of changes in credit market health. The Managing Director and CEO of TransUnion CIBIL, Rajesh Kumar, says that the latest CMI report indicates financial stability with healthy <keyword id="12970010" type="General" weightage="20" keywordseo="retail-credit-growth" source="Orion">retail credit growth</keyword> and broadly stable delinquency levels. However, he also noted that there are pockets showing signs of risk build-up. India continues to offer enough room for growth in credit thanks to rising levels of financial inclusion and large number of consumers who are new-to-credit. The CMI report analyses changes in credit market health using four pillars: demand, supply, consumer behavior, and performance. The overall CMI for the second quarter of 2023 remained the same as the previous year, at 100. Credit supply continued its upward trajectory in Q2 2023, with originations of new accounts increasing year-over-year. Growth was particularly notable among semi-urban and rural consumers, as well as younger consumers aged 18-30. However, originations for new-to-credit consumers decreased by 4%, indicating an opportunity for accelerating financial inclusion. Overall, credit performance improved across most product categories during the second quarter of 2023. However, credit cards and personal loans experienced a slight decline in balance-level serious delinquencies. This suggests that consumers are generally managing their credit repayments responsibly. Delving deeper into the data, the report shows that the small-ticket personal loans of less than Rs 50,000 accounted for 0.3% of the total retail loan book at an industry level. While delinquencies on these loans have a marginal impact on the overall portfolio, they need to be closely monitored. Consumers may prioritise other payment obligations ahead of personal loan payments, which could be an indicator of wider financial stress. TransUnion CIBIL also highlighted the rapid increase in the adoption of small-ticket personal loans and its impact on the overall retail lending book. Since January 2022, these loans have accounted for approximately 25% of total origination volumes, with the proportion of credit active consumers availing them increasing from 3% in June 2019 to 8% in June 2023. Additionally, more consumers who availed small-ticket personal loans already had more than four credit products, indicating a marked leverage build-up. The analysis of early vintage delinquency trends showed an increase in Q4 2022 on consumption loan products compared to the same period in 2019. This highlights the need for lenders to closely monitor vintage delinquencies and implement strong underwriting processes and robust credit risk management practices. In conclusion, while India's retail credit market continues to show sustained growth, rising delinquencies on small-ticket personal loans and signs of risk build-up in certain areas call for increased vigilance from lenders. By closely monitoring consumer behavior and implementing effective risk management practices, lenders can nurture these opportunities for long-term profitable growth.

Retail credit continues to boom, but delinquencies need better monitoring, says TransUnion CIBIL

<ul class="summary-list"><li>Around 82% of bosses lack any formal leadership or management training and qualifications.</li><li>A new survey by the Chartered Management Institute surveyed over 4,500 managers and workers in the UK. </li></ul>Your manager and senior leaders at your company are unlikely to have any formal qualifications or training for that position, a worrying new survey has found. The Chartered Management Institute released a nationwide study of <a target="_blank" href="https://www.managers.org.uk/wp-content/uploads/2023/10/CMI_BMB_GoodManagment_Report.pdf">UK management and leadership</a> in October. It commissioned YouGov to survey over 4,500 managers and employees online in June. It found that although one in four people in the workforce takes on management responsibilities, 82% of those who become managers have little training or qualification. They're called "accidental managers," in the survey. Just over half of managers said they don't hold any management or leadership qualifications and a third said they had never received formal management and leadership training. This also applied to 26% of senior managers and leaders. The high number of workers promoted to leadership positions without real experience can partly be attributed to favoritism in the workplace, the survey found.Almost half of the managers said promotions were dished out based on internal relationships and profile rather than ability and performance, per CMI. Just over a third said people who spent more time in the office with managers were more likely to progress as well. This trend is known as "<a target="_blank" href="https://www.businessinsider.com/bosses-worry-proximity-bias-hurt-remote-employees-career-progression-2021-11?r=US&amp;IR=T">proximity bias</a>," which sees remote employees overlooked for promotions because they're not as visible to leaders. Poor managers are contributing to high employee turnover as well. Only 27% of workers rated their manager as highly effective and 37% said they're somewhat effective, the CMI survey showed.Other findings from the survey included that half of the workers who did not think their manager was effective said they planned to leave in the next 12 months compared to 21% of workers who did see their manager as effective. Meanwhile, 31% of managers and 28% of workers had left a job because of a negative relationship with their boss. A <a target="_blank" href="https://www.gallup.com/services/182216/state-american-manager-report.aspx?utm_source=nurture&amp;utm_medium=email&amp;utm_campaign=LegacyNurture_NewsletterSubscription_SOTAMConfirmation&amp;utm_content=DownloadPDF_CTA_1&amp;elqTrackId=bf59dc929a9142e1bad724fa07a128dc&amp;elq=bd236271ef0743c4904c6d3438b82404&amp;elqaid=1633&amp;elqat=1&amp;elqCampaignId=">2015 Gallup study</a> of 2.5 million manager-led teams in 195 countries found that only 1 in 10 people have the right qualities to be a successful leader.René Carayol, an executive coach, previously told Insider that the most <a target="_blank" href="https://www.businessinsider.com/the-six-most-common-mistakes-new-managers-2021-10">common mistake new managers make</a> is thinking they have to be "the cleverest person in the room." Carayol stressed that IQ is less important than emotional intelligence and a lack of empathy will cause workers to leave in droves. He said managers don't need to have answers to every question, instead "their job is to create an environment where other people can fly."

More than 4 out of 5 of bosses are 'accidental managers' who stumble into leadership with little training, a UK survey found

Amazon is back with the Great Republic Day Sale ahead of India’s Republic Day on January 26. The sale is currently live for all users and will go on till January 23. As part of the sale, the company has announced several offers on smartphones, electronics, home appliances, personal apparels and more. Amazon is offering a 10% instant discount up to ₹1,500 for SBI credit card holders on a minimum transaction of ₹5,000. The e-commerce giant is also offering a no-cost EMI option and exchange offers on several devices. In this post, we look at some of the best deals on popular televisions on Amazon. <cmsannotation type="cmsannotation" annotationid="Best deals on televisions on Amazon Great Republic Day Sale" comment="subhead" text="Best deals on televisions on Amazon Great Republic Day Sale">Best deals on televisions on <keyword id="10589048" type="UNKNOWN" weightage="20" keywordseo="Amazon-Great-Republic-Day-Sale">Amazon Great Republic Day Sale</keyword></cmsannotation> <cmsannotation type="cmsannotation" annotationid="Sony Bravia 55-inch 4K Smart LED TV KD-55X7002G" comment="subhead" text="Sony Bravia 55-inch 4K Smart LED TV KD-55X7002G">Sony Bravia 55-inch 4K Smart LED TV KD-55X7002G</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B07STKNJ9R" comment="amazoncard" text="B07STKNJ9R">B07STKNJ9R</cmsannotation> The Sony Bravia 55-inch 4K Smart LED TV is a premium television and has received a huge discount as part of the sale. It features a 55-inch panel with a 4K Ultra HD resolution and 50 hertz refresh rate. It offers a sound output of 20 Watts and comes with Bass Reflex Speakers and Dolby Audio support. It is a smart TV that allows you to access Prime Video, Netflix and several other apps. <cmsannotation type="cmsannotation" annotationid="Samsung 50-inch Ultra HD LED Smart TV" comment="subhead" text="Samsung 50-inch Ultra HD LED Smart TV">Samsung 50-inch Ultra HD LED Smart TV</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B0872CMY16" comment="amazoncard" text="B0872CMY16">B0872CMY16</cmsannotation> The Samsung 50-inch Ultra HD LED Smart TV features a 50-inch 4K display with a 60 hertz refresh rate. It offers an audio output of 20 Watts with Dolby Audio support. It comes with a game enhancer that allows you to play games on your TV efficiently. It comes with Alexa, Bixby and Google Assistant built-in, allowing you to easily control your TV with voice commands. <cmsannotation type="cmsannotation" annotationid="OnePlus 43-inch Android LED TV 43Y1" comment="subhead" text="OnePlus 43-inch Android LED TV 43Y1">OnePlus 43-inch Android LED TV 43Y1</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B08B42HNH7" comment="amazoncard" text="B08B42HNH7">B08B42HNH7</cmsannotation> After smartphones, OnePlus has also entered the Smart TV segment. The OnePlus 43Y1 is a 43-inch Full HD Android TV that uses the Gamma engine for optimised picture quality. It offers a sound output of 20 watts and comes with Dolby Audio support. It runs on Android TV 9.0 and allows you to install apps and games from the Play Store. <cmsannotation type="cmsannotation" annotationid="Mi TV 4A PRO 43-inch Android LED TV" comment="subhead" text="Mi TV 4A PRO 43-inch Android LED TV">Mi TV 4A PRO 43-inch Android LED TV</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B07T89Z35Z" comment="amazoncard" text="B07T89Z35Z">B07T89Z35Z</cmsannotation> The Mi TV 4A Pro is one of the most popular pocket-friendly Android TVs in the country. It features a 43-inch Full HD display with 60 hertz resolution and offers a sound output of 20 Watts with DTS-HD support. It runs on Android TV 9.0 with PatchWall 3.0 on top. It supports Google Assistant for voice commands. <cmsannotation type="cmsannotation" annotationid="Sony Bravia 43-inch Smart LED TV KDL-43W6603" comment="subhead" text="Sony Bravia 43-inch Smart LED TV KDL-43W6603">Sony Bravia 43-inch Smart LED TV KDL-43W6603</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B086CGNG4T" comment="amazoncard" text="B086CGNG4T">B086CGNG4T</cmsannotation> The Sony Bravia 43-inch Smart LED TV is a good option if you are looking for a premium 43-inch TV. It features a 43-inch Full HD display with X-Reality Pro support. It offers 20 Watts with Open Baffle speakers for a good audio experience. It is a Smart TV and offers Prime Video, Netflix, YouTube and several other apps. <cmsannotation type="cmsannotation" annotationid="Sanyo 43-inch Android LED TV" comment="amazoncard" text="Sanyo 43-inch Android LED TV">Sanyo 43-inch Android LED TV</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B08DY7GNJ8" comment="amazoncard" text="B08DY7GNJ8">B08DY7GNJ8</cmsannotation> The Sanyo 43-inch Android LED TV is a good option if you are looking for a pocket-friendly smart TV for your home. It features a 43-inch Full HD display with 60 hertz resolution and offers an audio output of 20 Watts with Dolby Audio support. It comes with Chromecast built-in and supports Google voice assistant. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphone-deals-and-discount-on-amazon-great-republic-day-sale/articleshow/80358909.cms">iPhone 12 mini, Galaxy S20 FE, Redmi Note 9 Pro Max and other smartphone deals on Amazon Great Republic Day sale</a>

Sony Bravia 55-inch TV, OnePlus 43-inch TV, Mi TV 4A Pro and other television deals on Amazon Great Republic Day Sale

<ul><li>A growing number of educated millennials are now looking at government job prospects over privately-owned companies. </li><li>‘Dignity’ at work is attracting Indian youth towards government job profiles. </li><li>According to the latest report by the Centre for Monitoring Indian Economy (<keyword id="6493461" type="ORGANIZATION" weightage="20" keywordseo="cmie">CMIE</keyword>), the <keyword id="1958282" type="PERSON" weightage="20" keywordseo="unemployment-rate-in-India">unemployment rate in India</keyword> hit 7.6% in April, higher than 6.7% recorded in March.</li></ul>As unemployment crisis deepens in India, a recent survey revealed that a growing number of educated millennials are now eyeing government job prospects. The survey report titled ‘Between Aspiration &amp; Despair: Government Jobs &amp; The Predicament of The Educated Unemployed’ by the Centre for Equity Studies (CES), analyzed the concerns of unemployment among the educated youngsters in India. The report surveyed over 500 people across cities including Delhi, Jaipur and Allahabad. As the number of jobs in the private sector is shrinking, more millennials are taking government exams, a part of its recruitment process. One of the survey’s questions was <a href="http://centreforequitystudies.org/wp-content/uploads/2019/05/Between-Aspiration-Despair_Government-Jobs-the-Predicament-of-the-Educated-Unemployed_compressed.pdf">“Why sarkari naukri?”</a> (Why are you choosing a government job?) The respondents said that they are insecure about the future of privately-owned companies; and aren’t happy with the long working hours either. Additionally, ‘dignity’ at work is attracting more of India’s youth towards government job profiles. Sub par wages “The perception of jobs in the private sector is dominantly negative. Many respondents who previously worked in the private sector reported their working conditions to be undesirably exploitative and wages below par,” the report said. Of the total number of people<a href="https://www.newsclick.in/indias-educated-unemployed-prefer-govt-jobs-private-ones-finds-new-survey"> surveyed</a>, nearly 72% were graduates, while only 19% had a post-graduate degree. The survey comes in the back of the increased<a href="https://www2.staffingindustry.com/row/Editorial/Daily-News/India-April-unemployment-rate-reaches-highest-level-since-2016-49867"> unemployment </a>rate in the country. As per the Centre for Monitoring Indian Economy (CMIE), the unemployment rate in India hit 7.6% in April, higher than 6.7% recorded in March. Separately, <a href="https://www.businessinsider.in/indias-unemployment-rate-stands-at-13-2-among-graduates-and-post-graduates-cmie/articleshow/68517075.cms">CMIEs Consumer Pyramids Household Survey</a> bifurcated the unemployment numbers according to the levels of education. And, unemployment is higher amongst highly educated individuals — those with bachelor’s degrees and more. See also: <a href="https://www.businessinsider.in/indias-unemployment-rate-stands-at-13-2-among-graduates-and-post-graduates-cmie/articleshow/68517075.cms">Fewer jobs for better educated: India’s unemployment rate stands at 13.2% among the highly educated segment</a> <a href="https://www.businessinsider.in/may-day-2019-indias-labour-day-comes-at-the-cost-of-570000-job-losses-and-297-deaths/articleshow/69129435.cms">May Day 2019: India’s labour day comes at the cost of 570,000 job losses and 297 deaths</a> <a href="https://www.businessinsider.in/one-in-every-three-working-professionals-in-india-feels-stuck-and-going-nowhere-in-their-jobs-linkedin-survey/articleshow/68578305.cms">One in every three working professionals in India feels stuck and going nowhere in their jobs: LinkedIn survey</a>

As unemployment swells in India, educated millennials favour government jobs

<ul><li>As education level rises, the rate of unemployment also increases, shows data by Centre for Monitoring Indian Economy (CMIE). </li><li>Unemployment rate among the highly educated stood at 13.2% during September-December 2018. </li><li>People with bachelor’s degrees and above account for only 10% of India’s total working age population.</li><li>Rate of unemployment among women — with bachelor’s and master’s degrees — has been higher than men, at 35%. </li></ul>Unemployment has emerged as a key challenge for the Indian government as it heads into the general elections. A recent <a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2019-03-19%2009:46:12&amp;msec=486">analysis </a>by the Centre for Monitoring Indian Economy (CMIE) has shown that the rate of unemployment among qualified youth — those with bachelor degrees and higher — has seen a sharp increase from mid 2017. The report has highlighted that the unemployment rate for the given group was projected at 13.2% during September - December period in 2018. While in 2017, the number stood at 12.1% for the qualified Indians. The highly educated set of individuals — those with bachelor’s degrees and above — faced the <a href="https://www.businesstoday.in/current/economy-politics/unemployment-rate-among-graduates-touched-13pct-during-sep-dec-2018-cmie/story/329572.html">maximum unemployment </a>while the students who passed high school stood at 10.6%, in terms of unemployment numbers. The CMIE’s Consumer Pyramids Household Survey bifurcated the unemployment numbers according to the levels of education. People who have completed a bachelor’s degree or any other higher level of education account for only 10% of the working age population of India. While over 100 million had a bachelor’s degree or higher as of 2018. Out of these, nearly 53 million of those were employed. While eight million were looking for jobs. Post graduates (master’s or higher) in India have been facing the biggest challenge to fetch jobs. The unemployment rate among those with a master’s degree is twice the unemployment among the entire labour force, according to the report. India has a labour participation rate of 61% — for the graduation and above group, which was below 60% mark, a year ago. Labour participation rate is the number of employed people or the ones seeking employment. Unemployment among women While the overall labour participation rate — employed and seeking jobs — in the country has improved from the past few years, the female participation was still significantly low at 11.1% during September-December 2018. However, for the females with higher educational qualifications, the numbers hit 22.6%, which is more than twice compared to the average female participation. Unemployment rate among women in this segment stood at 35% during the same period. In contrast, the rate of unemployment for men stood at 10%. See also: <a href="https://www.businessinsider.in/indians-will-prefer-to-learn-a-new-skill-if-they-have-a-four-days-work-week-survey/articleshow/68516702.cms">Indians were asked what they would do in their free time if they could work for four days a week — and their answers are unexpected</a> <a href="https://www.businessinsider.in/male-workforce-is-reportedly-shrinking-in-india-reveals-job-survey-by-nsso/articleshow/68498030.cms">Male workforce is reportedly shrinking in India, reveals job survey by NSSO</a> <a href="https://www.businessinsider.in/indias-unemployment-crisis-is-hurting-women-more-than-the-men/articleshow/68403129.cms">India’s unemployment crisis is hurting women more than the men</a>

Fewer jobs for better educated: India’s unemployment rate stands at 13.2% among the highly educated segment

<keyword id="6354321" type="CITY" weightage="100" keywordseo="Bengaluru">Bengaluru</keyword> has pipped <keyword id="6357722" type="COMPANY" weightage="100" keywordseo="silicon-valley">Silicon Valley</keyword> to become the most dynamic city in the world. 
 
As per Jones Lang LaSalle's fourth annual City Momentum Index of cities around the world, Bengaluru topped the list followed by Ho Chi Minh City of Vietnam and Silicon Valley in the U.S. 
 
The survey undertakes speed of change of a city's economy and commercial real estate market. It covers 134 major established and emerging business hubs and identifies cities that have the potential to maintain the greatest dynamism over the short and long term. 
 
"Most dynamic cities share the ability to embrace technological change, absorb rapid population growth and strengthen global connectivity. Cities in India, China and Vietnam, along with several in the U.S., head the list of the world's fastest changing cities," said a press release by Jones Lang LaSalle. 
 
"With more than half the world's population currently living in cities, a proportion that is expected to grow substantially over the next few decades, the success of our cities takes on great importance," noted Jeremy Kelly, JLL Director of Global Research. "The CMI highlights that, despite various political upheavals and ongoing economic uncertainties, many cities continue to show impressive dynamism. Keys to their success are the agility and openness that enable them to adapt quickly to each new wave of global change."

Bengaluru is the most dynamic city in the world, beats Silicon Valley

<ul><li><keyword id="6554535" type="UNKNOWN" weightage="20" keywordseo="Dhruv-Prajapati">Dhruv Prajapati</keyword> a young arachnological researcher from <keyword id="6354766" type="LOCATION" weightage="20" keywordseo="Gujarat">Gujarat</keyword> has identified seven confirmed new species of <keyword id="23924" type="ORGANIZATION" weightage="20" keywordseo="Spiders">spiders</keyword> in India.</li><li>He has named one of his discoveries Tropizodium <keyword id="5350457" type="PERSON" weightage="20" keywordseo="Kalami">Kalami</keyword> after the country’s late President Dr APJ <keyword id="5141" type="PERSON" weightage="20" keywordseo="Abdul-Kalam">Abdul Kalam</keyword>.</li><li>He maintains that spiders are incredibly beneficial - they help regulate insect population and some species can even help determine soil toxicity.</li></ul>It’s tiny, it has eight legs, it is mostly harmless, yet it is one of the most feared creatures on Earth. Yes, we are talking about the humble, albeit slightly creepy, spider. And while most humans can’t resist picking up a broom to shoo the tiny arachnid away, a few stare at the creature with pure fascination. Dhruv Prajapati, a young researcher from Gujarat, is one of them. The 26-year-old has merged his passion with his studies and is one of very few arachnological researchers in India. In fact, while researching for his Master’s dissertation he managed to identify 77 species of spiders all within the Gujarat University campus in India. Some of these were quite rare and few knew of their existence in the state. In 2016, he was awarded the Young Naturalist Award by Sanctuary Asia, a well-known wildlife and nature conservation magazine from India. We spoke to the young man who is now pursuing a PhD in spider diversity from the Bharathiar University, Coimbatore. Over the past three years, he has conducted an in-depth study on these creatures spanning from the Western Ghats of Gujarat to Maharashtra, Goa and Kerala. 
	
	<div type="image" title="DSC00391" msid="64291035" hostid="261"></div>




 During his research, Prajapati has identified seven confirmed new species of spiders in India. <ul><li>Two of these belong to the ant-eating spider genus Tropizodium that are incredibly rare and have for the first time been reported from India. He has named one of these Kalami, after the country’s late President Dr APJ Abdul Kalam and the other is called viridurbium. </li><li>The third and the fourth species, Cambalida tuma and Cambalida deorsa, belong to the genus Cambalida that was so far believed to be endemic to Africa and were reported by Dhruv for the first time in Asia.</li><li>The fifth and the sixth species are from the jumping spider family Salticidae - Stenaelurillus gabrieli (named after Padmabhushan awardee Dr Fr. Gabriel CMI, founder of the zoology department in Sacred Heart College, Thevara, Kochi), and Langelurillus onyx. Langelurillus is also an African genus and was reported in Asia for the first time. </li><li>And the seventh one is Meotipa multuma from the family Theridiidae.</li></ul> All these new findings were published in <a href="http://www.mapress.com/j/zt/">Zootaxa</a>, one of the world’s leading scientific journals from New Zealand. He is also working on a bunch of research papers on new species, which, when approved by the international reviewers, will be added to his kitty of discoveries. On being questioned on how dangerous the feared creatures are, he emphatically replied, “most species are not harmful. And while almost all species have a certain amount of venom, they can only harm small creatures that are their prey and if they happen to bite a human, which is quite rare, they can cause just a small infection.” That being said, Australian and North American spiders are much more venomous though they don’t attack humans very often. Not only are spiders supremely beneficial, some species are really quite pretty. A particular favourite of Prajapati’s is the peacock spider, that is found in Australia. Like birds, the male spiders court females by showing off their colourful abdomen, that have flaps which they raise while dancing, to impress the female. He also reiterated how important spiders are to our ecology. “Spiders help in regulating insect population. In fact, 80% of the insect population is eradicated by spiders, which is much more than that of birds, and this helps farmers significantly.” Ground spiders can also detect soil toxicity as they are sensitive to metal pollution in soil. And should they enter your homes, hold back your urge to screech and call for help, for they are also getting rid of the actual pests in your house, including mosquitoes and other bugs that bite, annoy and spread disease.

This 26-year-old has a strange passion for a creepy-crawly and has seven discoveries to his name

Big data can help states decide whom to release from prison
IN MONTY PYTHON'S "Life of Brian", the Jerusalem crowd picks wrongdoers for Pontius Pilate to release according to whether their names begin with "r", since they find it amusing that the Roman governor cannot pronounce that letter. ("Welease Woger!"). Two thousand years later, America aims to select prisoners for parole by more rational criteria, such as "Are they likely to re-offend?"
It turns out, however, that granting parole wisely is hard. Parole boards may be biased, perhaps without realising it. In general, they tend to overestimate the likelihood that a prisoner will re-offend, says Lance Lowry of AFSCME Texas Correctional Employees, a warders' union. Many fear that if they free a thug who then commits an atrocity, their reputation will be ruined.
This makes them err on the side of severity. In Ohio, for example, a paroled murderer was arrested last year for allegedly murdering a 13 year old girl. (He later died in custody.) The parole board took a beating in the press. Being granted parole in Ohio is now only slightly more likely than winning the lotto, says Barry Wilford, a local lawyer. Among applicants given hearings, in some months less than 1% are released. (In neighbouring West Virginia the average is 48%.)
Help may be at hand, in the form of "risk-assessment" software, which crunches data to estimate the likelihood a prisoner will re-offend. Such software tends to increase the proportion of applicants who are granted parole while also reducing the proportion who re-offend. Two such programmes, LSI-R and LS/CMI, appear to reduce parolee recidivism by about 15%. Developed by Multi-Health Systems, a Canadian firm, they were used to assess 775,000 parole applications in America in 2012. Four-fifths of parole boards now use similar technology, says Joan Petersilia of Stanford University.
The data that matter include the prisoner's age at first arrest, his education, the nature of his crime, his behaviour in prison, his friends' criminal records, the results of psychometric tests and even the sobriety of his mother while he was in the womb. The software estimates the probability that an inmate will relapse by comparing his profile with many others. The American version of LS/CMI, for example, holds data on 135,000 (and counting) parolees.
It is better to be guided by software than one's gut, says Olivia Craven, head of the Idaho Commission of Pardons and Parole. Donna Sytek of the New Hampshire Parole Board agrees. Unaided, parole board members rely too much on their personal experiences and make inconsistent decisions, she says.
Software can be used to help make better decisions not only about whom to release, but also about how to manage parolees on the outside. South Carolina uses a programme called COMPAS, developed by Northpointe Inc, an American firm, to help with rehabilitation. It tells officials which factors are likely to be "feeding into" a person's criminal behaviour, says Shaunita Grase, the official in charge of making it work. If COMPAS concludes that a parole applicant's delinquency was fuelled more by lack of education than, say, household strife, it might make sense to let him live at home as long as he attends evening classes. If his education is irrelevant, limited resources might be better spent on, say, anger-management training.
In some cases, software may actually reduce crime. ORAS, a programme designed for the Ohio Department of Rehabilitation and Correction, flags the low-risk criminals whose likelihood of reoffending actually increases the longer they are locked up alongside violent criminals. So says Jennifer Lux, an ORAS designer at the University of Cincinnati's Centre for Criminal Justice Research.
Some officials dislike all this new technology, notes Mr Lowry. Some resent having their gut feelings overruled. Others are sorry that software makes it harder to disguise political favours, such as respecting the wish of a state senator to see the man who burgled his house denied parole.
However, it meets a need. America's prisons are overcrowded--with less than a 20th of the world's population, it locks up nearly a quarter of prisoners--and ruinously expensive. If software helps cut the cost of incarceration without endangering the public, states will surely use it.
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Prisons Are Using Sophisticated Software To Predict How Parolees Will Behave After Release

<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="http://www.apimages.com/metadata/Index/Inmate-Overcrowding-Assaults/eb51a969114a4e82b5a7f3444e4c14aa/96/0">AP Photo</a>This Tuesday, July 3, 2012 photo shows the interior of a cell at the maximum-security Mount Olive Correctional Center in Mount Olive, W.Va.</div></div></div>Big data can help states decide whom to release from prison
IN MONTY PYTHON'S "Life of Brian", the Jerusalem crowd picks wrongdoers for Pontius Pilate to release according to whether their names begin with "r", since they find it amusing that the Roman governor cannot pronounce that letter. ("Welease Woger!"). Two thousand years later, America aims to select prisoners for parole by more rational criteria, such as "Are they likely to re-offend?"
It turns out, however, that granting parole wisely is hard. Parole boards may be biased, perhaps without realising it. In general, they tend to overestimate the likelihood that a prisoner will re-offend, says Lance Lowry of AFSCME Texas Correctional Employees, a warders' union. Many fear that if they free a thug who then commits an atrocity, their reputation will be ruined.
This makes them err on the side of severity. In Ohio, for example, a paroled murderer was arrested last year for allegedly murdering a 13 year old girl. (He later died in custody.) The parole board took a beating in the press. Being granted parole in Ohio is now only slightly more likely than winning the lotto, says Barry Wilford, a local lawyer. Among applicants given hearings, in some months less than 1% are released. (In neighbouring West Virginia the average is 48%.)
Help may be at hand, in the form of "risk-assessment" software, which crunches data to estimate the likelihood a prisoner will re-offend. Such software tends to increase the proportion of applicants who are granted parole while also reducing the proportion who re-offend. Two such programmes, LSI-R and LS/CMI, appear to reduce parolee recidivism by about 15%. Developed by Multi-Health Systems, a Canadian firm, they were used to assess 775,000 parole applications in America in 2012. Four-fifths of parole boards now use similar technology, says Joan Petersilia of Stanford University.
The data that matter include the prisoner's age at first arrest, his education, the nature of his crime, his behaviour in prison, his friends' criminal records, the results of psychometric tests and even the sobriety of his mother while he was in the womb. The software estimates the probability that an inmate will relapse by comparing his profile with many others. The American version of LS/CMI, for example, holds data on 135,000 (and counting) parolees.
It is better to be guided by software than one's gut, says Olivia Craven, head of the Idaho Commission of Pardons and Parole. Donna Sytek of the New Hampshire Parole Board agrees. Unaided, parole board members rely too much on their personal experiences and make inconsistent decisions, she says.
Software can be used to help make better decisions not only about whom to release, but also about how to manage parolees on the outside. South Carolina uses a programme called COMPAS, developed by Northpointe Inc, an American firm, to help with rehabilitation. It tells officials which factors are likely to be "feeding into" a person's criminal behaviour, says Shaunita Grase, the official in charge of making it work. If COMPAS concludes that a parole applicant's delinquency was fuelled more by lack of education than, say, household strife, it might make sense to let him live at home as long as he attends evening classes. If his education is irrelevant, limited resources might be better spent on, say, anger-management training.
In some cases, software may actually reduce crime. ORAS, a programme designed for the Ohio Department of Rehabilitation and Correction, flags the low-risk criminals whose likelihood of reoffending actually increases the longer they are locked up alongside violent criminals. So says Jennifer Lux, an ORAS designer at the University of Cincinnati's Centre for Criminal Justice Research.
Some officials dislike all this new technology, notes Mr Lowry. Some resent having their gut feelings overruled. Others are sorry that software makes it harder to disguise political favours, such as respecting the wish of a state senator to see the man who burgled his house denied parole.
However, it meets a need. America's prisons are overcrowded--with less than a 20th of the world's population, it locks up nearly a quarter of prisoners--and ruinously expensive. If software helps cut the cost of incarceration without endangering the public, states will surely use it.
Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist

Parole And Technology: Prison Breakthrough

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Happy Tuesday! 
From Dave Lutz of JonesTrading, here's a quick guide to what traders are talking about this morning:
Good Morning! US Futures are breaking higher, with Russell, NDX and S&amp;P all adding 50bp early. The global rally started in Asia - Hong Kong's Hang Seng index rose 1.2% and the Shanghai Composite jumped 2.1% as President Xi Jinping signaled a nationwide expansion of free-trade zones. While Falling Ore weighed on Miners keeping Aussie in the red, and Nikkei fell 40bp despite stronger Retail Sales Data - India added 50bp on chatter reforms coming to boost growth. This shift in global sentiment is helping Europe recover, the DAX has added 1.3%, EuroStoxx 1% as the Banks recover yesterday's weakness - SX7E gaining 1.5%. Most EU markets are trading very light still, with volumes 30-50% below normal. Russian equities are bouncing and the Ruble rallying - helping sentiment in Europe. Keep an eye on Brazilian equities - EWZ is continuing yesterday's rally from lows, gaining 3% - PBR marked up 2% as the street covers shorts post election.
The 10YY is higher here, mirroring a weakness in German paper as the Fed starts their 2day meeting - The DXY is continuing its rally - making gains against the Euro, and getting back upside 108 to the Yen. Keep an eye on Sweden's Krona - just took out 3Y lows against the $ as their Central Bank cuts to 0% to fight deflation. Despite the headwind from the stronger dollar - most commodities are well bid. Silver and Copper are rallying, while Brent/WTI are up 50bp despite headlines Iran saying no OPEC cut next month. Grains and Beans are popping as yields in Australia and Russia may drop because of extreme weather - this is another crowded short. Scheduled catalysts include Durable Goods Orders at 8:30, S&amp;P CaseShiller at 9, at 10 we get Consumer Confidence and Richmond Fed, and finally at 1 we have a $29B, 2Y auction
Focus remains on earnings today (TWTR off 10%, downgraded BofA, SF, Nomura, RBC) - we have AET, AMTD, CIT, CMI, DD, FCX, GLW, HOT, MMC, PCAR, PFE, and TRW pre-open and AFL, AJG, AMP, BXP, EA, FB, GILD, MAR, WDC, and X after the bell. I'll also be watching the Oil Service Stocks, OIH never recovered with the commodity yesterday. Brazil remains interesting, as EWZ has been a straight line higher since yesterday's down 10% opening - Despite lighter Eco data yesterday, the ITB (Builders) managed to rally above the 200dma, and close near 3M highs - With rates slightly higher, watch tailwinds in Fins - there was a massive liquidation Friday in the XLF, seemed tied to a hedge coming off in Options. Finally, Ebola headlines are fading, and the Airlines continue to rocket higher - UAL, AAL and DAL are all up double digits for October.

What Are Traders Talking About Right Now? Russia, Oil, Earnings...

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://commons.wikimedia.org/wiki/File:La_Sirena_Cave_Forschungsprojekt_2003_002.jpg">Wikimedia Commons</a></div></div></div>A dark corner of the bond market is sending a warning sign about the economy."If our analysis is correct, today's elevated level of US investment-grade and high-yield credit spreads will persist, and default rates may rise materially through 2016," UBS's Stephen Caprio said on Wednesday. "The implication for the US economy is that wide credit spreads and ascending downgrade and default risks will increase borrowing costs for US corporates. This signals a downside growth risk to the US economy."This story is not just about junk bonds. It's about the junkiest of junk bonds and what they're predicting for bank lending, which is critical for job creation.Let's take a breath and unpack this for a second.<h2>What are junk bonds and why are spreads are blowing out?</h2>Market-watchers have pointed to the recent spike in high-yield bond spreads and noted that this is the kind of move that happens as an economy goes into recession.The high-yield bond market is particularly sensitive to economic cycles. Commonly referred to as junk bonds, these debt securities are issued by companies with low credit quality. Because of the higher risks that come with lending to such companies, they have to offer higher yields than those of their investment-grade peers. When spreads increase, it's costing more for these junk corporates to borrow."US high yield credit has faced one headwind after the next - from <a href="http://www.businessinsider.com/energy-companies-making-up-high-yield-bonds-2014-10">significant distress in Energy</a>, to risks of weakening global growth, to significant uncertainty around Fed rate hikes," Morgan Stanley's Adam Richmond said on Friday. "As a result, HY just posted the weakest four-month stretch (Jun-Sep) since the end of 2008, -7.03% in total return. This selloff has driven very negative sentiment, as nothing brings the bears out of hiding more so than low prices, feeding into panicky price action in markets." <div class="KonaFilter image-container display-table"><div><div class="image">Morgan Stanley</div></div></div>"The simple point - it doesn't happen often - only shortly before recessions or during major growth scares," Richmond said.Now, the first caveat everyone points to is <a href="http://www.businessinsider.com/energy-companies-making-up-high-yield-bonds-2014-10">high-yield energy, which has been getting slammed by the effects of low oil prices</a>. Indeed, if you take the energy companies out of the picture, spreads in the rest of the junk bond market are much more subdued.But UBS's Caprio sees a bit more nuance to the story.<h2>The "lowest of low quality issuers" are sending a warning sign.</h2>Caprio thinks we're heading for a period of tighter, more expensive money. In a note to clients on Wednesday, Caprio observed that what happens in non-bank lending markets like the bond markets lead what happens in bank lending.He honed in on a segment of the junk bond market."Our analysis suggests it is actually the lowest of low quality issuers (B-rated and below) that provides the first leading signal that credit stress may lie ahead, as Figure 3 illustrates," Caprio wrote. "Worryingly, this chart is flashing red. While BB net issuance has held in quite well, B-rated and lower net issuance has plunged in a replay of late 2007, as investors cut back in the face of growing default risk and rising illiquidity."<div class="KonaFilter image-container display-table"><div><div class="image">UBS</div></div></div>Caprio goes into great detail regarding what's going on here and what the implications are. But we'll fast forward to the nut of the argument.What's happening in this "lowest of the low" corner of the argument is just a preview of what banks are going to do when businesses and consumers come asking for loans.As a proxy for bank lending, Caprio points to the percentage of banks tightening lending standards according to the <a href="http://www.businessinsider.com/sr-loan-officers-opinion-survey-apr-2014-2014-5">Fed's Senior Loan Officers Survey (SLOS)</a>. (UBS chief economist <a href="http://www.businessinsider.com/ubs-easier-lending-leads-to-more-jobs-2013-1">Maury Harris has long argued this measure is a reliable indicator of job creation</a>.)Caprio observed that market activity in bonds B-rated and lower - a proxy for non-bank lending - predicts where the SLOS is going. From Caprio (emphasis added):"What do our non-bank measures tell us about the future level of bank lending, and ultimately credit spreads and defaults, per our model framework? Utilizing quarterly data back to 2001, we build a model that predicts SLOS based on the level of the CMI index and low-quality HY bond net issuance (Figure 10). The fit is good (R-squared of 68%) as we expected, highlighting that bank and non-bank liquidity evolve similarly through time. However, we would note that our non-bank liquidity measure generally leads our bank liquidity measure by one quarter. The exception is during the financial crisis, where the banking sector was clearly the epicentre of the problem. The implication of this model is that bank lending will tighten from a healthy 6% of banks easing standards in Q2'15 to 14% of banks tightening standards in Q3 '15. This would be a significant move; these levels would imply HY defaults near 4.8% by Q3'16, even without accounting for specific stresses impacting the energy and materials sectors... Here's what that relationship looks like.<div class="KonaFilter image-container display-table"><div><div class="image">UBS</div></div></div>While all that sounds bleak, Caprio thinks it could be a lot worse."On the positive side though, we believe further spread widening would only be warranted with a systemic-type event, likely originating from even lower commodity prices, a renewed strengthening of the dollar, or a further deterioration in EM growth," Caprio said. Still, Caprio's base case is for tighter financial conditions."In sum, we believe that non-bank lending standards illustrate an overall tightness in US financial conditions that signal a downside growth risk to the US economy," Caprio said. "While bank lending standards are healthy, we ultimately believe this misdiagnoses the pulse of the corporate credit cycle. <a href="https://twitter.com/bySamRo/status/652936671563022336">Nearly all of the additional financing provided to nonfinancial corporates has come from non-bank sources, post-crisis</a>. And expecting the banking system to meaningfully pick up the baton from a non- bank slowdown is unrealistic in today's highly regulated environment. In short, non-bank liquidity has been the main driver of the corporate credit cycle post-crisis, and there are now early signs that it is evaporating."To close, we'll note that <a href="http://www.businessinsider.com/goldman-sachs-fomc-preview-september-2015-2015-9">tighter financial conditions make it less likely that the Federal Reserve will tighten monetary policy</a> imminently. This may alleviate some of the concerns above. Or maybe it just won't exacerbate them. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/james-bullard-fed-zero-interest-rates-forever-japan-growth-2015-9">Fed's Bullard explains the problem with keeping rates at zero forever</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Jsd3BudzqeUDdG3whgFzc5nMNTdl2hGm" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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