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New Delhi [<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword>], May 19 (ANI): India's <keyword id="19998537" type="General" weightage="20" keywordseo="foreign-exchange-reserves" source="keywords">foreign exchange reserves</keyword> rose for the second straight week, by <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 2.561 billion to USD 644.151 billion in the week that ended on May 10, according to data shared by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). Preceding these two weeks, the forex kitty had seen three consecutive weeks of decline. The country's foreign exchange reserves had hit an all-time high of USD 648.562 billion recently. According to the latest data released by the Reserve Bank of India (RBI), India's foreign currency assets (FCA), the biggest component of the forex reserves, rose by USD 1.488 billion to USD 565.648 billion. <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">Gold reserves</keyword> during the week rose by USD 1.072 billion to USD 55.952 billion. India's foreign exchange reserves, which had reached an all-time high are sufficient to cover 11 months of projected <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, according to the Monthly Economic Review report of the Department of Economic Affairs under the Ministry of Finance, released lately. In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty. In 2022, India's forex kitty slumped by USD 71 billion cumulatively. Foreign exchange reserves have risen about USD 23 billion, on a cumulative basis, in 2024 so far. Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation's central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling. The country's foreign exchange reserves last touched their all-time high in October 2021. Much of the decline after that can be attributed to a rise in the cost of imported goods in 2022. Also, the relative fall in forex reserves could be linked to the RBI's intervention, from time to time, in the market to defend the uneven depreciation in the rupee against a surging US dollar. Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the sale of dollars, to prevent a steep depreciation in the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

India's foreign exchange reserves rose by USD 2.6 billion in the week ending May 10: RBI

<ul class="summary-list"><li>Some expat Indians are moving back home to launch companies of their own.</li><li>India's booming market size, internet growth, and post-pandemic spending is driving their decision.</li></ul>Nithin Hassan, 41, has always been fascinated with building something of his own.As a child in India, he would get in trouble for dismantling electronics around the house just so he could peek inside.In college, in true <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup</a> fashion, he started working on a small business out of his parent's garage in Bengaluru, assembling computers for friends and family.It was the early 2000s and the internet was not the trove of knowledge it is today — Hassan was relying on books to learn. Finding mentorship and the right guidance was a challenge, too.Everyone around Hassan told him that going to the <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">US for a master's degree</a> was the next big opportunity. So he did.Over the next 16 years, he put his startup plans on hold and worked at some of the world's biggest companies, including Amazon, Microsoft, and Meta.<div type="image" title="Nithin Hassan" height="2450" width="3266" msid="113831978" hostid="261" sizebytes="215682"></div>But the pandemic felt like a turning point. And its aftermath made India look like a lab-designed business environment: It had just become the world's most populous country, the pandemic had created <a target="_blank" class="" href="https://economictimes.indiatimes.com/news/economy/indicators/private-consumption-continues-to-be-supported-by-pent-up-demand-finance-ministry/articleshow/99069973.cms?from=mdr">pent-up demand</a> for consumer products, and growing internet adoption made commerce more scalable, he said.So Hassan left behind about $500,000 in annual pay at Meta to move back to Bengaluru in December 2023 with his wife and two children. He has since launched two startups.Hassan is part of a group of <a target="_blank" class="" href="https://www.businessinsider.com/i-moved-back-to-india-after-living-abroad-for-decade-2024-9">expat Indians moving back</a> home to venture out on their own. As such, he's also part of a decades-long trend of reverse migration back to India.The trend began in the 1990s and picked up at the turn of the century, driven by the economic collapse in 2008, said Binod Khadria, the president of Global Research Forum on Diaspora and Transnationalism. Many of those who returned to India for work were largely working for multinational companies.Today, the impetus for the move often looks a bit different: It's driven by factors like unstable visa policies and economic recessions, which lead to uncertainty when it comes to jobs and duration of stay in these destinations.Many returnees find work in tech, but the finance, retail, and climate sectors also absorb a large number of expat Indians, Khadia said. And some of the returnees are heading back to India to start companies of their own.India is undergoing a startup explosion. The country reported over<a target="_blank" href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043805"> 140,800 recognized startups</a> at the end of June — nearly 50,000 more than last year — and credited them with creating 1.6 million direct jobs.To be sure, not all of these companies will make it big — and some do still stumble, like <a target="_blank" class="" href="https://inc42.com/features/what-are-the-current-problems-being-faced-by-oyo/">Oyo </a>and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-hsbc-funds-byjus-startup-valuation-zero-edtech-india-raveendran-2024-6">Byju's</a>. But the chaos, where even established startups are trying and failing, makes India a fair playing field for new entrants, Hassan said.Business Insider spoke to six <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">first-time founders </a>about why they have recently returned to India after spending several years, or even an adult life, abroad.<h2 id="0e4a3c47-ba19-4690-8b52-c6bfece1c81d">Fastest-growing economy</h2>The health of the economy and interest from investors are fueling the entrepreneurship boom.<a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">India's economic growth</a> in 2023 — 8.2% — was the fastest of all large economies worldwide. That's led to greater purchasing power, which lets companies, including startups, sell more.India's inflation rate of about 3.5% is well below its annual wage growth of 9.6%. This makes inflation less of a challenge than it is for slower-growing peers, where consumer-focused businesses have been <a target="_blank" class="" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">hurt by high prices</a>.Investors are getting in on the action.From 2015 to 2021, the number of <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-capital-vc-firm-split-china-india-2023-6">unique investors in India</a> nearly quadrupled, though the number is tracking much lower this year, per PitchBook."Other than a slight downturn in 2022 and 2023 due to global macroeconomic factors, VC funding has been consistently growing in India," said Ben Mathias, a managing partner at Vertex Ventures Southeast Asia &amp; India.Besides funding, domestic developments have encouraged founders and VCs too, Mathias said.The Indian government's Universal Payment Interface system has spurred consumers and businesses to pay online, and <a target="_blank" class="" href="https://www.bcg.com/press/2june2022-digital-payments-in-india-projected-to-reach-10-trillion-by-2026">40% of all digital payments</a> globally happen in India today, the partner said.Programs like Startup India, which provides founders benefits like tax exemption, easier compliance, and funding support, have made creating a company smoother.Devyani Parameshwar worked in the microfinance and fintech space in India in the 2010s before heading to the UK and Africa. She returned to India in 2022 to launch a financial management venture."It's changed dramatically. I remember standing in line at various ministries in Delhi trying to get meetings and then trying to get answers and it wasn't easy in the past," she said of her memories of India.Now, she can use an online platform to ask the country's central bank and banking regulator questions.It's easier than ever for foreign companies to invest in India, which means startups have a clearer exit path through acquisition — something VCs think hard about before entering new markets or writing checks.<h2 id="e5dd7b6f-a09f-4ff2-84c1-5907de96dc5e">Market ripe for the taking</h2>For Rohan Bhide, who spent most of his college and professional life <a target="_blank" class="" href="https://www.businessinsider.com/worked-in-big-tech-before-launching-my-own-startup-engineer-2024-9">preparing to launch something of his own</a>, a trip home in 2017 while he was studying in the US was a turning point.Indian telecom giant Reliance had recently launched a cheap unlimited data plan, which spiked Indian internet adoption. India was charting among the countries with the highest online transactions."That really, really drew my attention," said Bhide, who worked at Meta after graduation. "It was my dream come true — a huge market, a huge user base, and at the same time, the ability to adopt technology was incredible."Bhide returned to India in January, leaving behind about $580,000 in total compensation at ticketing platform StubHub. He and a cofounder are working on launching a consumer tech product later this year.<div type="image" title="Rohan Bhide" height="2304" width="3072" msid="113831979" hostid="261" sizebytes="218468"></div>Most Indians grew up wanting to work at a multinational company — but that's changing, Bhide said.Freelancing, running your own business, or working for a startup is much more socially acceptable now, because people see the success of other Indian startups. The country has the third-largest number of "unicorns" — companies worth $1 billion or more — with 64, per PitchBook.<h2 id="7f423804-745b-4e04-a250-839e01663f09">Boom in entrepreneurship culture</h2>A lot has changed since Hassan first wanted to launch his hardware startup in the early 2000s.Tech hot spots like Bengaluru and Gurugram have seen a boom in entrepreneurship culture in the last few years, with meet-ups, networking mixers, and even morning walks with like-minded builders.<div type="image" title="man standing in front of mountains in USA" height="2268" width="3024" msid="113831980" hostid="261" sizebytes="141132"></div>Dhruv Anand, who left Google in the US to move back to India in 2021 to launch an <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">AI startup</a>, said that there were lots of other founders and mentors to help guide him."If you want to figure out who's the right chartered accountant to talk to, who's the right lawyer to help you draft agreements, all of that stuff is very easy," Anand said."It's been a really, really supportive community," Bhide said. There are people "telling you about their entire lives just because they want to help you and they're hoping that you pass the favor onto the next person who moves to India and wants to start their own company."<h2 id="3c8bff36-e855-4530-9b44-bcc7f36b0825">Not everything is perfect</h2>Although these founders made the decision to return to India, that doesn't mean they no longer see the benefits of operating in the US.Ruchit Garg founded an agriculture startup in Silicon Valley in 2016, with a focus on supporting farmers around the globe. In 2019, he returned to India, where his late grandfather worked as a farmer.Garg has been building in India ever since, but he says its startup ecosystem cannot yet compete with the Valley's decades of experience."The overall ecosystem was more mature back in Silicon Valley. It's still one of the best places for entrepreneurs. India isn't there yet, although it's growing pretty drastically," he said.Despite efforts to digitalize key processes, many bureaucratic challenges persist.For most founders, after living in US cities where populations are a fraction of those in Mumbai and Bangalore, congested roads and poorer air quality are also everyday annoyances.But India provides some big perks, including affordable domestic help and the appeal of building solutions for problems they witness firsthand."It's a different joy to be able to build for problems that you feel for very personally," Parameshwar, the fintech founder, said. When she worked in Africa, she needed translators. Now, she can speak with her users herself.Bhide said the general sentiment among local founders is shifting from "Build from India" to "Build for India."For some founders, being surrounded by family and the culture they grew up in was another selling point.Niranjan Vemulkar moved back to India in 2015 and later founded a digital legacy planning platform.He said that he never fully felt at home in the US, where he lived for over a decade."For us, it was the fact that we wanted to raise a family in an environment where the children would have access to the grandparents and Indian culture," Vemulkar said. "The fact that you could come back to India, start something of your own and figure things out in an ecosystem which was potentially booming for startups, was just a cherry on the cake."Are you in India and have a story to share about the tech and entrepreneurship landscape? Please reach out at shubhangigoel@insider.com

Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

<ul class="summary-list"><li>In a move likely to anger the US, Modi is visiting Russia.</li><li>It signals strong ties between the two countries and shows that India is pursuing its own agenda.</li></ul>In a move likely to anger the US, Indian Prime Minister Narendra Modi is visiting Russia on Monday for his first bilateral trip after winning a <a target="_blank" href="https://www.businessinsider.com/india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6">historic third term</a> in office.Modi's two-day visit to Russia — where he is scheduled to meet with President Vladimir Putin — is significant in that it signals strong ties between New Delhi and Moscow. It also shows the world that India is not afraid to pursue its own agenda.Vinay Kwatra, India's foreign secretary, told reporters in New Delhi that issues between Russia and India have "piled up" and "need to be addressed," <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-07/putin-hosts-modi-after-hailing-best-in-history-ties-with-india-rival-china">Bloomberg reported</a>.Russia's relationship with India goes back to the Cold War, and <a target="_blank" href="https://www.businesstoday.in/india/story/rise-in-trade-with-russia-not-a-temporary-phenomenon-s-jaishankar-429969-2024-05-17">trade between the two countries</a> has grown since Russia started the war in Ukraine. <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-oil-india-purchases-us-crude-wti-sanctions-ukraine-war-2024-3">India is a major buyer of Russian oil</a>. Russia is also India's biggest arms supplier.Kwatra underscored that the two countries' trade relationship has remained "resilient."Still, Modi's trip will "rankle many Western observers," Ved Shinde, a researcher and contributor to Australia's <a target="_blank" href="https://www.lowyinstitute.org/the-interpreter/why-modi-will-go-moscow">Lowy Institute</a>, wrote in a note on Wednesday."Since the Ukraine war began, India's purchase of cheap oil from Russia has been seen as profiting from troubles in the heart of Europe," Shinde added.<h2 id="05696275-c92a-4ee6-84e4-fd193ca99db2">Modi's visit to Russia will make the US look bad</h2>Just like <a target="_blank" href="https://www.businessinsider.com/vietnam-russia-putin-visit-us-wary-manufacturing-supply-chain-diplomacy-2024-6">Putin's visit to supply-chain hot spot Vietnam</a>, India's engagement with Russia isn't a good look for the US, as it comes while Washington is trying to isolate Putin.The US has raised "some concerns" about India's relationship with Russia with New Delhi, Kurt Campbell, the <a target="_blank" href="https://www.state.gov/special-online-briefing-with-deputy-secretary-of-state-kurt-m-campbell/">US deputy secretary of state</a>, said last month.However, Washington acknowledges that India's ties with Russia are different from its ties with the US."We have many areas of alignment, but it is not surprising that there would be areas where we've had perhaps different perspectives, views, historical ties," Campbell said about America's relationship with India.India, for its part, is looking to balance its relationship with the world's key powerbrokers: the US, Russia, and China."There are different degrees in India's multi-alignment. Make no mistake — the United States and its allies are more consequential for India's future than its relationship with Russia," Shinde wrote.India needs to leverage its historical ties with Russia to secure its economy and security, so Modi isn't just in Russia for a goodwill trip.<h2 id="c79db6fd-b57b-4ff5-8f16-bc16c77b8021">Reducing the trade imbalance</h2>A key agenda item for the visit is to reduce a huge bilateral trade imbalance, Kwatra said.India imports about $60 billion of goods a year from Russia, but Russia buys less than 10% of this amount from India, Bloomberg reported.Modi may also touch on China's activities in the Indo-Pacific region, Kwatra added.India is trying to manage its relationship with China, which has been testy since a <a target="_blank" href="https://www.businessinsider.com/india-china-border-clashes-could-cause-more-indian-ocean-activity-2020-7">border dispute in 2020</a>. Modi skipped the Shanghai Cooperation Organisation summit in Kazakhstan last week.There's also the matter of Russia's ties with China.At the summit last week, Putin said <a target="_blank" href="https://apnews.com/video/kazakhstan-china-government-russia-government-russia-5b1c1a8f402c400d8d703543b0562b51">Russia's relationship with China</a> is in the "best period in history."Modi now needs to cozy up to Putin to counter China's advances."The reason for the time-tested stability in India-Russia ties is to maintain a continental balance in the Eurasian heartland. That is, to balance China," Shinde wrote."Or to put it another way, don't go around making new adversaries when there are already two open fronts — China and <a target="_blank" href="https://www.businessinsider.com/us-and-china-pick-sides-in-tense-india-pakistan-rivalry-2022-3">Pakistan</a>," he added.

Modi's Russia visit shows India isn't worried about making the US mad

For employees, a job is about more than just the paycheck—elements like work-life balance, career development and a positive <keyword id="20375714" type="General" weightage="20" keywordseo="workplace-environment" source="keywords">workplace environment</keyword> play crucial roles. This broader perspective extends to a national level too, with highly <keyword id="20614079" type="General" weightage="20" keywordseo="skilled-professionals" source="keywords">skilled professionals</keyword> increasingly drawn to countries that offer a more inclusive and progressive atmosphere. A recent study from Washington State University underscores this notion, revealing that European countries which embraced <keyword id="20026331" type="General" weightage="100" keywordseo="same-sex-marriage" source="keywords">same-sex marriage</keyword> saw a significant boost in retaining their top talent. This shift had considerable economic repercussions, particularly in influencing the flow of skilled workers to the United States. <cmsannotation type="cmsannotation" annotationid="Uncovering the link between marriage equality and skilled labour retention" comment="subhead" text="Uncovering the link between marriage equality and skilled labour retention">Uncovering the link between <keyword id="1660336" type="General" weightage="20" keywordseo="marriage-equality" source="Orion">marriage equality</keyword> and <keyword id="22603926" type="General" weightage="20" keywordseo="skilled-labour-retention" source="Orion">skilled labour retention</keyword></cmsannotation> The study, recently published in AEA Papers and Proceedings, analysed 20 years of data on H-1B visas—those coveted permits for immigrants with advanced degrees and specialised skills. The research team’s choice to focus on EU countries was a strategic one, leveraging the shared labour market within this political and economic union for a more precise analysis of marriage equality’s effects. The EU also provided a natural experiment: by 2019, roughly half of the 27 member states had legalised same-sex marriage, while the remaining 14 had not, creating a perfect control group for comparison. The results revealed that from 2000 to 2019, as 13 EU countries adopted same-sex marriage laws, the U.S. experienced a 21% decline in new H-1B visas from these countries. This trend persisted despite differences in enactment dates and economic conditions across the EU. The study also considered the effect of the U.S. recognising foreign same-sex marriages in 2013. Notably, this policy change slowed the decrease in H-1B visa admissions from EU countries with existing marriage equality laws, such as The Netherlands, Belgium and Spain. Koroles Awad, a Ph.D. candidate in economics at WSU, emphasised that <keyword id="21934841" type="General" weightage="20" keywordseo="inclusive-policies" source="keywords">inclusive policies</keyword> make countries more attractive to skilled labour. This finding underscores the broader economic benefits of marriage equality beyond just social progress. Awad further noted that marriage equality could act as a non-monetary incentive for attracting and retaining highly sought-after skilled workers, particularly in STEM fields. Building on previous U.S. studies showing that same-sex couples and households led by women were more likely to relocate to states recognising same-sex marriage, this new research broadens the understanding of how inclusive policies affect migration patterns. Although this study doesn’t address the sexual orientation of H-1B visa holders, it clearly indicates that the appeal of inclusive environments is a significant factor for skilled professionals.

Inclusivity pays off: Countries with same-sex marriage retain skilled professionals more effectively, per study

<ul><li>On an average, a loan could get extended by around ₹3.5-5 lakhs depending on the rupee exchange value at the time of the loan, said Ashwini Kumar, VP at MPower Financing.</li><li>Apart from tuition cost, Indians students also have to support themselves abroad and living expenses are going up as well.</li><li>The third part of the triple whammy is from rising interest rates. </li></ul>19-year-old Sakshi Shewale from Mumbai has been planning to go to Georgia in Europe for her medical course. The course costs around ₹30 lakh for the five-year course and unlike many others, her father is bankrolling it, without her having to take a loan. Yet, in the last few months a lot has changed. Europe is in the throes of a possible recession, the value of Indian rupee is depreciating and more importantly, inflation in the continent is also impacting budgeted expenses. “Looks like I might have to take a loan after all because my living expenses will change drastically. I have spoken to students who live there and they all tell the same story,” Shewale sighs. Her story is similar to a number of Indian <keyword id="15304331" type="General" weightage="20" keywordseo="students-wanting-to-study-abroad" source="Orion">students wanting to study abroad</keyword> but those who have already taken admission this year have it worse – on rupee depreciation alone. Since the beginning of 2022, the rupee has fallen more than 7% against the dollar. <div type="image" title="rupee" height="900" width="1200" msid="94974075" hostid="261" sizebytes="49035"></div> ‘Loans could balloon by ₹3.5-5 lakh’ If a student had taken a loan in March this year, when rupee was at 75 against the dollar, it would add a few lakh into the loan, as per Ashwini Kumar, VP at MPower Financing, a public benefit corporation that helps students to study abroad. For every dollar of the loan, an extra ₹7 is added and it would inflate the loan and the interest as well. “On an average, a loan could get extended by around ₹3.5-5 lakh depending on the rupee exchange value at the time of the loan,” Kumar told Business Insider India. The problems don’t end there. Apart from tuition costs, Indian students also have to support themselves there and living expenses are going up as well. The Eurozone inflation is being <a href="https://www.euronews.com/next/2022/09/30/record-inflation-which-country-in-europe-has-been-worst-hit-and-how-do-they-compare">pegged at 10%, as per estimates</a>. Inflation in the US too has recently <a href="https://economictimes.indiatimes.com/news/international/us/us-inflation-soars-to-8-2-per-cent-highest-in-40-years/articleshow/94842348.cms">hit a 40-year high</a>, messing with economics of students abroad. Most Indian students head to these destinations. The third part of the triple whammy is from rising interest rates. This financial year, the Indian central bank raised repo rates four times and the base rates now stand at 5.9%. More interest rate hikes are expected in the near term and most experts see base rates stabilising once it’s around 6-6.5%. “Loans linked to MCLR and BPLR will see a gradual increase in the interest rate in the near future. The EMIs of current and future borrowers will rise due to this,” said Ankit Mehra, CEO and co-founder of GyanDhan, an education loan market place. Moreover, the psychological impact of a possible depreciation in rupee will also largely play on the minds of US and Europe-bound students and their parents, said Kumar. Students still eye foreign degrees Studying abroad is going to become much more expensive. However, experts say that this is not discouraging students from pursuing their higher education dreams. Shewale too intends to absorb the extra costs but does not intend to change her plans. “The return on investment in terms of quality of education, career growth, international exposure, skills developed, and networking has more intrinsic worth,” said Mehra. Kumar too says that students who are planning to go abroad this year and the next, have been planning it two years before, and it’s unlikely that the road bumps will change their plans, though some may choose to delay it. “There are a few sections of society wherein parents are managing the EMIs on the border, which is due to get affected. A student who had to arrange ₹25 lakh for their overseas education prior to the rate hike will find it difficult to arrange for additional funds given the parental income has not increased proportionally to the hike in the interest rates,” said Mehra. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/maggi-maker-nestl-indias-net-profit-grows-8-3-to-668-crore-in-q2/articleshow/94960866.cms">Maggi maker Nestlé India’s net profit grows 8.3% to ₹668 crore in Q2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-profit-tumbles-42-yoy-to-756-crore-due-to-higher-power-raw-material-costs/articleshow/94964556.cms">UltraTech Cement’s profit tumbles 42% YoY to ₹756 crore due to higher power, raw material costs</a>

Indian students going abroad to face a triple whammy of inflation, forex and interest rates

The <keyword id="4877542" type="COMPANY" weightage="20" keywordseo="mit-world-peace-university">MIT World Peace University</keyword> (MIT-WPU) announced that it has become the first in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> to offer Blockchain-anchored digital degrees and diplomas to its <keyword id="3216" type="ORGANIZATION" weightage="20" keywordseo="students">students</keyword>. MIT-WPU has signed a partnership agreement with CertOnce to implement its platform to offer Blockchain-anchored digital degrees and diplomas to over 2,568 students across programs from this year. "Our university is always striving towards <keyword id="860946" type="PERSON" weightage="20" keywordseo="digital-transformation">digital transformation</keyword> and we are dedicated to finding new avenues to lead in this digital transformation journey and create new, inspiring ways of empowering our students," Rahul V. Karad, Executive President, MIT-WPU, said in a statement. "As our students continue to pass out with flying colours and secure jobs at the world's leading organisations in India and internationally, we wanted to empower them with a Credential that would put them at par with the best in the world - a document that embodies trust and global academic competence," Karad added. Beyond Diploma Certificates, MIT-WPU will also use the system to issue student transcripts, publish academic research papers, project reports, among many others. MIT-WPU has been setting global standards, whether it is by building global industry relationships or driving digital transformations. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/check-out-all-the-hiring-opportunities-in-2021-in-india/slidelist/81343839.cms">A whole host of jobs, from government to private to foreign companies in India, are opening up ⁠— here’s a look at some of those</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-the-worlds-top-food-delivery-companies-indias-zomato-and-swiggy-have-a-long-way-to-go-as-compared-to-their-global-counterparts-like-doordash-or-meituan/slidelist/81344728.cms">These are the world’s top food delivery companies – India’s Zomato and Swiggy have a long way to go as compared to their global counterparts like DoorDash or Meituan</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-has-outperformed-its-peers-in-the-last-one-year-but-analysts-are-still-cautious-about-giving-it-a-buy-rating/articleshow/81345564.cms">Wipro's share price has outperformed its peers in the last year — but analysts are still cautious about giving it a 'buy' rating</a>

MIT-WPU to offer Blockchain-anchored digital degrees and diplomas in India

<ul class="summary-list"><li>India has long been one of the world's biggest arms buyers, relying on others to equip its forces.</li><li>But New Delhi is investing heavily in domestic production to arm itself and export to the world.</li></ul>India has long been the world's largest arms importer, relying on other countries to supply it with <a href="https://www.businessinsider.com/india-china-buying-new-light-tanks-for-himalayan-mountain-warfare-2023-6">tanks</a>, <a href="https://www.businessinsider.com/first-jet-landing-on-vikrant-reflect-indian-aircraft-carrier-ambitions-2023-2">warships</a>, and <a href="https://www.businessinsider.com/indian-air-force-modernization-not-only-because-of-china-2021-9">fighter jets</a>. But it has been investing heavily in its domestic arms industry with the goal of equipping its own forces and increasing its arms sales around the world.New Delhi has made headway toward that goal with its "Make in India, Make for the World" initiative, launched in 2020, and by forging closer defense relationships with other countries.India's need to wean itself off its heavy dependency on arms imports became more apparent after Russia attacked Ukraine in 2022. New Delhi still has close ties with Moscow but the war has made the Russians less dependable suppliers.Recent arms sales and exercises illustrate how India seeks to turn that domestic arms production into foreign sales and perhaps even take some of that market away from its biggest supplier.<h2>Shopping around</h2><div type="image" title="India army soldier Pinaka rocket launcher parade" height="1333" width="2000" msid="104092852" hostid="261" sizebytes="141000"></div>In September 2022, India agreed to sell its powerful Pinaka multi-barrel rocket launchers to Armenia — the first foreign export of the Pinaka — along with anti-tank missiles and assorted ammunition in a $260 million deal.That sale came two and a half years after Armenia bought four of India's Swathi counter-battery radars, which track incoming artillery and rockets and plot return fire, for $40 million, choosing the Indian option over equivalent Polish and Russian systems in what was considered <a href="https://timesofindia.indiatimes.com/india/india-pips-russia-and-poland-for-40m-armenia-defence-deal/articleshow/74432148.cms" target="_blank" rel="noopener">a big achievement</a> for the then-nascent Make in India program.New Delhi's aspirations for <a href="https://timesofindia.indiatimes.com/india/centres-new-plan-to-boost-exports-of-made-in-india-weapons-to-africa-middle-east/articleshow/100054640.cms?from=mdr" target="_blank" rel="noopener">a foothold in the African and Middle East arms markets</a> would undoubtedly get a boost from a sizable arms deals with Egypt. Over the past decade, Egypt has spent large sums on high-end weapons systems, primarily from France and Russia. Between 2015 and 2019, <a href="https://www.wilsoncenter.org/article/egypt-and-allure-military-power" target="_blank" rel="noopener">Egypt was the world's third-largest arms importer</a>.India has been improving its ties with Egypt, as seen in their expanded military exchanges.<div type="image" title="India Narendra Modi Egypt Abdel Fattah al-Sisi Cairo" height="1479" width="1977" msid="104092853" hostid="261" sizebytes="91154"></div>India's air force and navy participated in Egypt's Bright Star-23, a multilateral military exercise, in September. It was the first time India had joined, and during the drills, an Indian air force Il-78 tanker <a href="https://timesofindia.indiatimes.com/india/exercise-bright-star-23-indian-air-force-refuels-egyptian-rafale-fighters/articleshow/103603060.cms?from=mdr" target="_blank" rel="noopener">refueled</a> Egyptian MiG-29M and Rafale fighters — Russian- and French-made jets, respectively.That refueling underscored the degree of interoperability the militaries have developed and illustrated the countries' rapidly growing defense ties — ties that may translate into arms sales, particularly of India's domestically developed weapons.In January, Egyptian President Abdel Fattah el-Sisi visited New Delhi and met with Indian Prime Minister Narendra Modi. The leaders <a href="https://www.bloomberg.com/news/articles/2023-01-25/india-hosts-egypt-s-sisi-as-it-looks-to-increase-defense-sales" target="_blank" rel="noopener">discussed</a> "defense platforms" and "equipment-related linkages" and <a href="https://www.reuters.com/world/india/india-egypt-will-seek-deepen-military-co-operation-foreign-secretary-2023-01-25/" target="_blank" rel="noopener">deepening cooperation</a> between their militaries and defense industries.In June, Modi visited Egypt, the first visit to Cairo by an Indian leader <a href="https://www.newarab.com/analysis/why-india-and-egypt-are-forging-new-strategic-relationship" target="_blank" rel="noopener">since 1997</a>, where the two leaders decided to boost cooperation in several fields, <a href="https://www.hindustantimes.com/india-news/modi-meets-egypt-s-sisi-to-deepen-bilateral-ties-101687718543603.html" target="_blank" rel="noopener">including security and technology</a>. During Modi's visit, a former Indian Air Force chief <a href="https://timesofindia.indiatimes.com/india/india-egypt-can-cooperate-in-field-of-military-rd-manufacturing-former-iaf-chief-on-pm-modis-state-visit/articleshow/101245090.cms?from=mdr" target="_blank" rel="noopener">told Indian media</a> that the countries were eager to cooperate on military research, development, and manufacturing.<div type="image" title="Egypt air force fighter jet India tanker refueling" height="1000" width="1500" msid="104092854" hostid="261" sizebytes="39568"></div>"There is a very significant possibility of exporting weapon systems, sensors and platforms and also supporting Egypt" in its efforts to "building up their own industrial complex," the former air force chief was quoted as saying, noting their "commonalities of equipment, and thinking."There have been reports that India is interested in <a href="https://www.theweek.in/news/india/2023/02/14/hal-pushing-for-lca-tejas-deal-with-malaysia-argentina-and-egypt-show-interest.html" target="_blank" rel="noopener">selling Egypt about 20</a> its Tejas light multi-role combat jets and in setting up production lines for that aircraft and for Indian-made helicopters in Egypt.In February, the chairman of Hindustan Aeronautics Limited, which makes the Tejas, <a href="https://www.egyptdefenceexpo.com/news/hal-egypt-tejas-aircraft-contract-works" target="_blank" rel="noopener">said</a> the company was in talks to supply 35 Tejas Mk-1As to Egypt alongside a complete technology transfer that would enable Cairo to build the aircraft locally. (Egypt and India collaborated on development of the Helwan HA-300 light supersonic interceptor in the 1960s, but that project was ultimately canceled.)India has also shown interest in exporting its domestically developed Akash medium-range air-defense system and the BrahMos cruise missile to a number of countries, <a href="https://www.al-monitor.com/originals/2021/02/egypt-india-russia-made-brahmos-missile-system-weapons.html" target="_blank" rel="noopener">including Egypt</a>. Brahmos is a joint Indian-Russian venture and officials are now <a href="https://www.reuters.com/business/aerospace-defense/india-russia-joint-venture-hopes-5-bln-supersonic-missile-exports-by-2025-2022-10-18/" target="_blank" rel="noopener">angling for billions</a> in foreign sales of it.<h2>Cashing in on the value market</h2><div type="image" title="India Narendra Modi helicopter factory" height="1157" width="2000" msid="104092855" hostid="261" sizebytes="138288"></div>While some of these deals could undoubtedly boost India's defense exports, it is still early days. After all, Indian defense exports in recent years were negligible compared to heavyweights like the US and France, and New Delhi remains heavily reliant on imports.In the coming years, India could carve out a sizable place for itself in the <a href="https://warontherocks.com/2022/05/helping-india-replace-russia-in-the-value-arms-market/" target="_blank" rel="noopener">growing market for "value arms,"</a> which caters to countries looking for a better deal on older or slightly less capable hardware.With a bigger share of that market, India could replace Russia and <a href="https://www.businessinsider.com/china-arms-sales-may-get-boost-from-russia-war-ukraine-2023-7" target="_blank" rel="noopener">compete with China</a> for exports, profits from which would also help Indian firms develop indigenously made equipment to fulfill domestic requirements.While selling arms to Armenia may eventually be seen as the start of the Make in India initiative's ambitious effort to take New Delhi from the being the world's largest arms importer to a significant exporter, making that transformation is much easier said than done.Securing even bigger deals with Egypt and other countries, and sweetening the pot with technology transfers and other incentives, might get that effort farther off the ground, helping India stand out in a crowded marketplace.Paul Iddon is a freelance journalist and columnist who writes about Middle East developments, military affairs, politics, and history. His articles have appeared in a variety of publications focused on the region.

India is a growing defense powerhouse, and now it's looking to cash in on it

US President <keyword id="99719" type="PERSON" weightage="20" keywordseo="Joe-Biden">Joe Biden</keyword>'s administration has announced it is cancelling a proposal by his predecessor <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> to limit student visas to a four-year term for scholars from <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> and most other countries. The <keyword id="134917" type="ORGANIZATION" weightage="20" keywordseo="department-of-homeland-security">Department of Homeland Security</keyword> (<keyword id="57003" type="ORGANIZATION" weightage="20" keywordseo="DHS">DHS</keyword>) published the decision on Tuesday and said that it would also drop the proposed limits on visa for journalists. The DHS said that it had received about 32,000 public comments, of which 99 per cent were critical of the proposal made by the Trump administration last September and, therefore, it was withdrawing the proposed changes. It said that it "is concerned that the changes proposed unnecessarily impede access to immigration benefits." By keeping the current visa regulations, students on F and J visas would be able to keep their visas in the US as long as they are continuing their studies and journalists on I visas while keeping their jobs. If the changes had gone through, they would have had to apply to the <keyword id="11600526" type="UNKNOWN" weightage="20" keywordseo="citizenship-and-immigration-service">Citizenship and Immigration Service</keyword> for extensions or leave the country and apply to the <keyword id="1811553" type="ORGANIZATION" weightage="20" keywordseo="Customs-and-Border-Protection">Customs and Border Protection</keyword> agency for readmission. The Trump administration proposal would have further reduced the limits on student visas to two years for certain countries a large number of whose citizens were overstaying their visas. The DHS reported that those opposing the time limit said "would significantly burden the foreign students, exchange scholars, (and) foreign media representatives" and "impose exorbitant costs." "Higher education groups were alarmed by the plan to change the policy, which, they argued, would create uncertainty and confusion for students who would have to navigate a burdensome and costly new reapplication process in order to continue their studies in the US," Inside Higher Education reported. The businesses that wrote in against the proposal said that "many noncitizens may not be able to apply for an extension of stay or have it approved in a timely fashion, thereby delaying the possible start dates of employees and/or cause them to lose potential job candidates," the DHS added. The DHS, however, said that it still supports the goal of the proposal, which was "to protect the integrity of programmes that admit nonimmigrants in the F, J, and I" visa categories and would analyse it while ensuring that it conformed to Biden's executive order issued in February on "restoring faith in our legal immigration systems." Typically, students in PhD or research programmes or pursuing other advanced degrees require more than four years. Students transitioning to practical training programmes could also be affected, impacting businesses that rely on foreign students to power their development. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-arent-worried-about-the-lull-in-trading-volumes-they-see-it-as-an-opportunity/articleshow/84256471.cms">Indian crypto exchanges aren’t worried about the lull in trading volumes — they see it as an opportunity</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-hires-over-20000-in-june-quarter-its-highest-ever-quarterly-addition/articleshow/84240423.cms">TCS has loaded up half a million peeps as it expects many to move on</a>

Joe Biden cancels Donald Trump's proposal to limit foreign student visas to four-year term

Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="60" keywordseo="Narendra-Modi">Narendra Modi</keyword> is set to make his most important involvement in the country’s higher education scene. He wants foreign universities to set up campuses in India. 
 
Modi has called for a special meeting with top bureaucrats on June 11 at his official residence in Delhi. His mediation adds to the chances of the long pending idea passing off this time. It been in the pipeline since the UPA rule. 
 
According to media reports the meeting will be graced by the Cabinet Secretary, the foreign secretary, the head of the Niti Aayog, secretaries of the HRD ministry and Department of Expenditure and the Chairman of the University Grants Commission (UGC). 
 
Over the years an increasing number of Indian students have chosen to travel overseas for higher education, and settle abroad. This denies the country of its best brains. 
 
The commerce ministry feels India has the potential to emerge as a centre for higher education in India. This will also help save foreign exchange. 
 
According to the UNESCO Institute of Statistics, India ranks second to only China in the number of students going abroad. The country sent 2,000,000 students in 2012 alone. 
 
(Image credit: Indiatimes)

Modi wants foreign universities to come
to India

<ul class="summary-list"><li>I currently live in Glasgow, Scotland, but have also spent time in London and the US.</li><li>I've made friends in the most unlikely of places, including recently, on a random city bench.</li></ul>These days, I seem to make friends wherever I go, but this wasn't always the case.I grew up in a small town outside <a href="https://www.insider.com/scotland-travel-mistakes-american-tourists-make-to-avoid-2022-7" target="_blank" rel="noopener noreferrer">Glasgow, Scotland</a>, where I had my <a href="https://www.insider.com/identical-twins-what-not-to-say-2022-2#dont-ask-if-you-are-identical-why-is-your-sister-taller-4" target="_blank" rel="noopener noreferrer">twin sister</a>, Aimee, by my side for most of my childhood and adolescence. I didn't have to try very hard to make friends, because I was always with my sister. Meeting strangers is something I never had to do on my own.But that changed when I became an adult, and I didn't have Aimee to lean on. A couple of years into my degree at the University of Strathclyde in Glasgow, I had the opportunity to spend a <a href="https://www.insider.com/we-compared-our-us-study-abroad-experiences-2022-3" target="_blank" rel="noopener noreferrer">four-month exchange semester in Pennsylvania</a>, where I knew nobody. Then, after graduating in 2018, I packed up my life and <a href="https://www.insider.com/things-that-surprised-me-moved-from-scotland-to-london-2022-2" target="_blank" rel="noopener noreferrer">moved to London</a> for work, where I also didn't know a soul. These experiences helped break me out of my comfort zone, particularly when it came to befriending strangers.I <a href="https://www.insider.com/best-and-worst-things-about-living-in-scotland-uk-2023-2" target="_blank" rel="noopener noreferrer">moved back to Glasgow</a> in March 2020 due to the COVID-19 pandemic. And even though I'm now in a city where many of my childhood friends reside, I've continued to use the skills I've learned to meet new people. Here are some of the most important things I've learned about befriending strangers, whether in a foreign city or in your hometown.<h2>You have to treat it the same way you'd treat dating</h2>I've made friends in some of the most unlikely places, from a rock-climbing course in Pennsylvania to a concert in Scotland.And the most important lesson I've learned is that you should treat making friends the same way you would treat dating. You have to be open to meeting people where you'd least expect to. And then when you do meet them, it's about taking a leap of faith and having an open mind. Last summer, I met a woman named Anshu while sitting on a bench in George Square in Glasgow. We were both reading our respective books, when a woman approached us and asked if we wanted free ice cream. We politely declined.<div type="image" title="Mikhaila and Anshu" height="1280" width="960" msid="98234059" hostid="261" sizebytes="71898"></div>After the woman left, Anshu turned to me. "Does that usually happen in Glasgow?" she asked.I laughed and told her no — but rather than stop the conversation there, I asked how long she had been in Glasgow. Anshu told me she's from India, and had just moved to Glasgow after previously relocating to London in 2019. That's all the information I required to give her my phone number, and I told her to let me know if she wanted to meet up sometime.When I walked home, it dawned on me that I might have come across rather forward. What if she thought I was weird? What if she never texted?I didn't have to worry though, as Anshu texted me a couple of days later. After meeting up a couple of times, I introduced her to my friend group. Now, we're very close, and we spend our weekends meeting up in coffee shops, bars, or at each other's apartments. None of our friends can imagine not having her around. <div type="image" title="mikhaila friends" height="1024" width="768" msid="98234061" hostid="261" sizebytes="52032"></div><h2>Everyone should live with strangers at least once in their life</h2>Of course, I understand that befriending strangers on a random city bench doesn't work for everyone. One alternative suggestion I have is to live with strangers in a shared apartment, which was helpful for me when I lived away from home. The first time I lived with strangers was during my semester abroad in 2016. I became fast friends with my roommates, as well as the other people who lived on my floor — many of whom I still keep in contact with to this day. When I moved to London a few years later, living alone was an expense I couldn't afford. But due to the positive experience I had in the US, I had an open mind when it came to having roommates.I ended up finding a room to rent in Shoreditch, East London, on <a href="https://www.spareroom.co.uk/" target="_blank" rel="noopener">SpareRoom</a>, where I lived with two women who were a similar age to me. We got along extremely well, and I found myself spending more and more time with them after work and over the weekends. <div type="image" title="mikhaila" height="960" width="720" msid="98234064" hostid="261" sizebytes="34550"></div>Although I decided to leave London due to the pandemic, we still stay in touch. One of my former roommates, Cécile, has even come to visit me in Scotland, and we still speak on the phone regularly. <h2>Join a local club, or if there are no clubs in your area, create one</h2>Equally, I can understand if living with strangers is not your thing, or if you've heard too many <a href="https://www.businessinsider.com/these-ultimate-roommate-horror-stories-will-convince-you-to-live-alone-2018-3?r=US&amp;IR=T">roommate horror stories </a>that make you want to live alone forever. But even if you don't have roommates, that doesn't mean you can't get to know your neighbors. I moved in with my partner in an apartment in Glasgow last year, and this year we relocated to another apartment just outside the city center. We've been here for a few weeks now, and I loved it instantly. The only thing that could make it better, I decided, is if I could make friends with my neighbors. Luckily, there's already a Facebook group for residents of my building, so I used that to ask if anyone would be interested in joining a book group. There were at least a dozen responses from people of all ages and backgrounds. We had our first meeting last week, so it's too early to tell if anyone from the group will become a lifelong friend. But sometimes, that's not even the point. It's about having the ability to put yourself out there — so that when the right person comes along, you won't be afraid to make the first move.

I've lived in both foreign cities and my hometown, and managed to befriend strangers in each. Here are 3 things I've learned about making new friends as an adult.

You Searched For "foreign degree india" and got 10 results

India's foreign exchange reserves rose by USD 2.6 billion in the week ending May 10: RBI

ANI

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Modi's Russia visit shows India isn't worried about making the US mad

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Inclusivity pays off: Countries with same-sex marriage retain skilled professionals more effectively, per study

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Indian students going abroad to face a triple whammy of inflation, forex and interest rates

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MIT-WPU to offer Blockchain-anchored digital degrees and diplomas in India

IANS

India is a growing defense powerhouse, and now it's looking to cash in on it

Paul Iddon

Joe Biden cancels Donald Trump's proposal to limit foreign student visas to four-year term

IANS

Modi wants foreign universities to come to India

BI India Bureau

I've lived in both foreign cities and my hometown, and managed to befriend strangers in each. Here are 3 things I've learned about making new friends as an adult.

Mikhaila Friel

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