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Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

Exposure to India's infra sector helps LIC, SBI outshine peers

In a recent op-ed published in the TIME, <keyword id="19918823" type="General" weightage="20" keywordseo="OpenAI" source="keywords" meta.keywordsubtype="org" meta.entityname="OpenAI" meta.hostid="261" meta.entityid="OpenAI">OpenAI</keyword> CEO <keyword id="19918827" type="General" weightage="20" keywordseo="Sam-Altman" source="keywords">Sam Altman</keyword> and <keyword id="22347613" type="General" weightage="20" keywordseo="Thrive-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="Thrive Global" meta.hostid="261" meta.entityid="Thrive Global">Thrive Global</keyword>’s <keyword id="22347614" type="General" weightage="20" keywordseo="Arianna-Huffington" source="keywords">Arianna Huffington</keyword> pose as champions of affordable healthcare. Soft-launching the new company <keyword id="22347612" type="General" weightage="20" keywordseo="Thrive-AI-Health" source="keywords">Thrive AI Health</keyword> through the article, the duo speak of using <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> to help people take charge of their well-being and make expert health advice accessible to all. Most notably, they suggest that AI could help improve “both our health spans and our lifespans”. Thrive AI Health will primarily focus on promoting healthy behaviour, like the five foundational behaviours Sam himself swears by: getting enough sleep, eating well, exercising, spending time in nature and meditating. Furthermore, this <keyword id="22347611" type="General" weightage="100" keywordseo="AI-health-coach" source="keywords">AI health coach</keyword> wouldn't just tell you to eat better or exercise more, but promises to take your preferences, your schedule and your health data into account. OpenAI’s Whoop coach already exists while Google and Apple are also planning to roll out similar tools soon. Related: <a href="https://www.businessinsider.in/tech/news/ai-can-identify-clinically-anxious-youth-based-on-brain-structure-study/articleshow/108613080.cms">AI can identify clinically anxious youth based on brain structure: Study</a> According to the TIME article, the AI will be trained on the “best peer-reviewed science”. And here’s where it starts to get tricky. Both peer-reviewed and ‘under-review’ scientific literature consists of inaccurate and confusing interpretations when it comes to human health. Being an ever-evolving field of academia, the studies coming out in this domain have always been subjected to cherry-picking of data and misinterpreting the findings. So, will AI be able to navigate this challenge, especially considering the recent episodes of AI hallucinations even among the most advanced large language models? AI definitely holds promise to make affordable healthcare a reality at warp speed, but how could we make it safe if the training data itself is ambiguous? <h2>Dealing with <keyword id="18230708" type="General" weightage="20" keywordseo="AI-hallucination" source="Orion">AI hallucination</keyword> </h2>It’ll be a hot while before we purge our minds of the memory of a Google AI search result stating that it was perfectly normal for 5-10 cockroaches to crawl into your penis hole and that this was how they got the name “cock” roach. So forgive us if we don’t jump with joy at the thought of relying on technology trained using LLMs for any sort of health advice. <div type="twitter" handle="JeremiahDJohns" handlename="JeremiahDJohns" favoritecount="0" retweetcount="0" id="1794543007129387208"></div>We asked Dr Marcus Ranney — Longevity Physician, Founder of <keyword id="10673536" type="General" weightage="20" keywordseo="human-edge" source="Orion">Human Edge</keyword> and formerly General Manager with Thrive Global — what he thought about the limitations of using LLM-trained AI for healthcare. <a href="https://ever.humanedge.co/">Human Edge</a>, which provides wellness and fitness services, also employs generative AI tools. And Dr Ranney acknowledged that they had to deal with their share of AI hallucinations and inaccuracies. To tackle this little problem, Human Edge was taking the “man-in-the-middle” approach during training. Here, an actual healthcare professional would intercept the conversation between the AI and the user, and select the right answer from the options suggested by the tool. The other problem is that Thrive AI Health’s responses will obviously depend on the user’s input and what medical data they choose to share about themselves. While Altman and Huffington are thankfully playing it safe and only intend for this app to start off with generalised (and mostly harmless) tips, we do wonder if it could land some people in a soup simply because they forgot to share something or thought it inconsequential. <h2>Impact on doctors</h2>A common misconception that many harbour is that such healthcare tools could replace healthcare providers. We can argue this point by saying that AI is only supposed to support the healthcare system and not uproot it. But in a country like India, where we tend to rely on the pharmacist’s advice instead of a doctor’s appointment to save time and money, over-reliance on AI healthcare tools could be a real problem. However, Dr Ranney stresses on how this could serve as the first tier of health advice. It would certainly also help reduce the burden of overworked doctors who are also busy battling the surge of misinformation on the internet — cue the tiff between Indian actress <keyword id="689826" type="General" weightage="20" keywordseo="samantha-ruth-prabhu" source="Orion">Samantha Ruth Prabhu</keyword> and The Liver Doc. Read: <a href="https://www.businessinsider.in/science/health/news/samantha-ruth-prabhu-faces-heavy-backlash-after-recommending-hydrogen-peroxide-inhalation-to-cure-viral-fever/articleshow/111515126.cms">Samantha Ruth Prabhu faces heavy backlash after recommending hydrogen peroxide inhalation to cure viral fever</a> When someone as influential as the actress shares the “benefits” of inhaling hydrogen peroxide with her millions of followers, it is bound to make waves, no matter how dubious the source of the information may be. Talking about the barrage of confounding medical advice bandied on social media and its many dangers, the Human Edge CEO insists that a reliable AI health coach could actually be a much better source of information. <h2>Could an AI health coach lead to data breaching issues?</h2>Depending on how much you engage with it, this health coach will likely know every tiny detail about you — from how many minutes you spend on your porcelain throne every morning to how many times you stayed up past your bedtime that week. And let’s face it, not all of us are completely okay with this sacred information being made available to others. Altman and Huffington do seem to be particular about ensuring “robust privacy and security safeguards”, but the technology will also rely on potentially several billion data points — data from users. So the chances of a data breach, no matter how miniscule, do exist. As Dr Ranney said, we’re going to need a lot of regulation to prevent something like this. That being said, if Thrive’s AI health coach delivers on its promises, it’s going to be a huge deal that revolutionises healthcare worldwide. While Dr Ranney did share his viewpoints from an industry perspective, he says he’s very excited about Thrive AI Health — and frankly, so are we (even if it didn't seem like it).

OpenAI & Thrive-backed “hyper-personalised” AI health coach is in the works. Should you be excited or worried?

New Delhi [India], June 13 (ANI): Mumbai and New Delhi are among cities in India that recorded a sharp annual increase in their <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> prices in the first quarter of 2024, according to a report by London-headquartered global property consultancy firm <keyword id="6363605" type="General" weightage="20" keywordseo="Knight-Frank" source="Orion">Knight Frank</keyword>. In case of Bengaluru, the average real estate prices witnessed a modest 4.8 per cent rise in prime residential or luxury homes during the January-March quarter of 2024. According to the report by the property consultant, titled '<keyword id="22041946" type="General" weightage="20" keywordseo="Prime-Global-Cities-Index-Q1-2024" source="Orion">Prime Global Cities Index Q1 2024</keyword>', Mumbai's significant rise on the international index was largely due to the rise in demand in the city. While the demand has been strong for all segments, there has been a rise in the sale of higher value products. Mumbai recorded the third highest year-on-year growth in prime residential prices in Q1-2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1-2023. Delhi NCR rose from 17th rank in Q1-2023 to 5th in Q1-2024 with a growth of 10.5 per cent on a yearly basis. However, Bengaluru observed a slight decline in ranking from 16th place in Q1-2024 to 17th rank in Q1-2024, even while it recorded a 4.8 per cent yearly growth in residential prices. India's main cities, notably New Delhi and Mumbai, have witnessed a surge in house prices driven by robust economic growth, with annual GDP growth exceeding 8 per cent in the just concluded financial year 2023-24. Manila, the capital city of Philippines, claimed the top spot in the ranking with a 26.2 per cent annual rise in prices. The growth, as per the Knight Frank report, can be attributed to two key factors: purchasing power, and substantial infrastructure investments within and around the city. Tokyo in Japan jumped 17 places up with 12.5 per cent yearly price growth and ranked 2nd in the index. Despite Japan's overall population decline, Tokyo sustains a net population growth owing to migration from other regions within the country. Shishir Baijal, Chairman and Managing Director at Knight Frank India said, "The strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia- Pacific and EMEA (Europe, Middle East, and Africa)." "Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged." The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Mumbai, Delhi record real estate price appreciation in double digits; Ranked 3rd and 5th globally

<ul><li>The Indian <keyword id="10600982" type="General" weightage="50" keywordseo="B2B-SaaS" source="Orion">B2B SaaS</keyword> industry continues to have a bullish outlook for 2023 despite global headwinds. </li><li>Four out of 10 Indian B2B SaaS CXOs are targeting over 100% ARR growth. </li><li>The majority of such companies are from AI, HCM, Fintech and CRM/CDP SaaS segments.</li></ul>Unmoved by recessionary trends of the past year, the Indian B2B SaaS industry continues to have a bullish outlook for 2023, says a report by Ernst &amp; Young in partnership with Upekkha Value SaaS Accelerator. It states that Indian SaaS growth is highly capital-efficient by default, across stages. Eight out of 10 Indian <keyword id="6756963" type="General" weightage="100" keywordseo="SaaS-companies" source="Orion">SaaS companies</keyword> have a burn multiple of under 1.5x. Globally, a burn multiple of less than 2-3x is a good state for growth stage — companies with $1 million to $100 million Annual Recurring Revenue (ARR). “Indian B2B SaaS is about 2x capital efficient compared to its global counterparts. This places them well, when the capital ask shifts from ‘growth at all costs’ to ‘profitable growth’,” says Kamalanand Nithianandan, partner, Business Consulting, EY India. The growth outlook is balanced by financial and operational prudence, reflecting strong focus on building and scaling capital efficient businesses, says the report titled ‘Bellwethers of Indian SaaS’. <cmsannotation type="cmsannotation" annotationid="Targeting ultra &amp; hyper growth" comment="subhead2" text="Targeting ultra &amp; hyper growth">Targeting ultra &amp; hyper growth</cmsannotation> Insights from the survey reveal that four out of 10 Indian B2B SaaS CXOs are targeting over 100% ARR growth (ultra-growth). A majority, eight out of 10 CXOs, are targeting above 50% ARR growth (hyper-growth) in 2023, as per the survey conducted by EY India and Upekkha. The majority of companies tagreting ultra-growth are from AI, HCM (human capital management) fintech, customer resource management (CRM) and customer data platform (CDP) segments. The funding scenario for Indian SaaS companies is also expected to remain bullish. The report highlights that with expected economic recovery in the second half of 2023 and availability of dry powder within the SaaS focused Indian VC/PE ecosystem, funding activity is expected to gain traction. “This presents an opportunity for Indian SaaS companies with demonstrated profitability to raise capital at favourable terms and double down on growth,” the report says. Alternative funding instruments, such as convertible notes, were emphasized against the backdrop of access to equity funding due to rising inflation rates. According to the report, 60% of company CXOs reported product innovation, pricing changes and partner-led expansion as their top strategic priorities. Top challenge inhibiting growth was ‘delay in customer closure cycle’ for 51% CXOs, whereas sales inefficiency came next for over 41% CXOs. Hiring and retention continue to be a key challenge, but CXOs also emphasize on adopting reskilling and training strategies to mitigate the talent shortage risk. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/stock-price-run-up-in-paytm-nykaa-zomato-pb-fintech-delhivery-could-see-large-shareholders-cashing-out-bofa/articleshow/98274102.cms">Stock price run up in Paytm, Nykaa, Zomato, PB Fintech &amp; Delhivery could see large shareholders cashing out - BofA</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/vr-app-allows-users-to-revisit-memories-previously-recorded-on-their-smartphones/articleshow/98275527.cms">This app is straight out of Black Mirror — it lets you capture and revisit memories in virtual reality</a>

Indian B2B SaaS companies are 2x more capital efficient than global peers: EY report

<ul class="summary-list"><li>Some researchers are advocating the benefits of VR therapy for psychosis treatment.</li><li>A clinical trial showed VR therapy reduced anxiety and agoraphobia in people with psychosis.</li></ul>In May 2022, Daniel Freeman, a psychology professor at Oxford University, published the results of a <a target="_blank" href="https://www.thelancet.com/journals/lanpsy/article/PIIS2215-0366(22)00060-8/fulltext">landmark clinical trial</a>. For years, Freeman had been developing and fine-tuning the use of <a target="_blank" href="https://gamechangevr.com/">gameChange</a>, virtual-reality <a target="_blank" href="https://www.businessinsider.com/virtual-reality-mental-health-treatment-anxiety-depression-disorders-2024-5">cognitive-therapy software</a>. Guided by a virtual coach, users walk through a series of everyday scenarios, from getting on a bus to stepping into a coffee shop, rating their fear levels at every stage.The trial included 346 people with psychosis, who often experience severe anxiety and agoraphobia."Psychosis is not a mental illness but a symptom that appears as part of different mental illnesses," said <a target="_blank" href="https://x.com/KaiConibear">Kai Conibear</a>, the author of "<a target="_blank" href="https://uk.jkp.com/products/the-mythbusting-guide-to-psychosis">The Myth-Busting Guide to Psychosis</a>," out later this month. These mental illnesses include, but are not limited to, schizophrenia, bipolar disorder, and post-traumatic stress disorder.Anywhere from 15 to 100 people out of 100,000 develop psychosis annually, <a target="_blank" href="https://www.nimh.nih.gov/health/publications/understanding-psychosis">according to the National Institute for Mental Health</a>. Conibear pointed to the widespread perception that people with psychosis are inherently violent."In reality, most people who are psychotic are extremely vulnerable," he said. "They're more likely to hide away and isolate themselves than be out on the street running around and making noise, but that's what draws media attention."Freeman's trial specifically focused on people suffering "extreme agoraphobic avoidance" as a result of psychosis. The treatment is a kind of exposure therapy, in which a virtual therapist guides users through stressful scenarios to help alleviate their fears and regulate their thoughts.The study found that participants who used the gameChange software experienced significantly less distress and avoidance, reporting that they felt less threatened in their environments. The more severely anxious patients experienced the greatest benefits, researchers said. These results were deemed so successful that last year, the UK's <a target="_blank" href="https://www.nihr.ac.uk/news/nihr-funded-virtual-reality-treatment-recommended-for-use-in-nhs/34929">National Health Service approved gameChange</a> as a treatment option.The use of VR in healthcare <a target="_blank" href="https://online.wlv.ac.uk/have-virtual-therapeutic-interventions-been-proven-safe">stretches back to the early 1990s</a>, when it was first tested as a treatment for anxiety. It's taken a while, but researchers are steadily building a case to prove that VR — especially in combination with more traditional therapeutic methods — can exponentially improve the lives of people with psychosis.<h2 id="33f7eee1-e20a-4fa8-8c7e-e307d8324eba">The barrier to VR treatments</h2><a target="_blank" href="https://med.stanford.edu/profiles/kim-bullock">Kim Bullock,</a> a Stanford University researcher who studies neuropsychiatrics, said she only learned about VR advancements through her own research. "I found out there was 30 years of evidence that none of us ever heard about in training," she told Business Insider.Bullock is one of several researchers documenting the growing number of trials measuring the effectiveness of VR as a supplementary tool in both the <a target="_blank" href="https://www.businessinsider.com/artificial-intelligence-treating-mental-illness-and-used-in-therapy-2024-4">diagnosis and treatment of psychotic disorders</a>. Bullock was part of a team behind a <a target="_blank" href="https://pubmed.ncbi.nlm.nih.gov/37360960/">systematic review</a> published last summer that delved into 23 research articles across 14 countries.In these studies, VR was used to <a target="_blank" href="https://www.businessinsider.com/13-mental-health-startups-ipo-acquisition-merge-buyout-2024-5">treat everything from anxiety and social skills to paranoid delusions</a>, often with the help of more conventional mental-health techniques, like cognitive-behavioral therapy. The study authors highlighted the "common misconception" that people with psychosis might be harmed by VR experiences because avatars or voices could mimic their hallucinations.By contrast, the authors wrote, "VR methods may reduce symptoms and improve physical health, quality of life, and psychosocial functioning," especially when teamed with other therapeutic treatments and medication. They described VR as a "valuable tool to potentially improve clinical outcomes, including medication adherence, motivation, and rehabilitation."There's a growing body of research that demonstrates the efficacy of VR treatment, yet Bullock described healthcare providers as a "cautious group by nature." She added, "We don't get trained in VR, we don't have the ability to try it out, and there are no set standards and best practices." Bullock described this caution — rather than cost or logistics — as the main barrier to VR treatments.In his book, Conibear interviewed eight people who've experienced psychotic symptoms. Many of them, Conibear said, talked about the misconception that "people with psychosis are inherently dangerous and violent." It's a persistent stereotype and one that results in severely ill people being violently detained rather than offered treatment and support.<h2 id="1b1631d3-2022-468d-a24f-6419b1be57af">How a VR experience is raising awareness</h2>Treatment aside, VR is being used to educate and raise awareness of what psychosis actually looks like. Hong Kong's <a target="_blank" href="https://mindspace.org.hk/en/index.html">Mind Space Museum</a> is tucked away inside Castle Peak Museum, in the Tuen Mun District. In August last year, the museum opened up four different "symptom experience rooms," which allow visitors to experience simulated psychosis courtesy of VR.With the aid of goggles and headsets, visitors can experience how it feels to walk through everyday places, such as libraries and markets, with hallucinatory voices in their heads and visual apparitions flashing before their eyes.After the VR exercise, visitors are offered a "sharing session with our peer-support workers" who experience psychosis themselves, Dr. Jessica Wong, the cochair of the hospital's Institute of Mental Health Executive Committee, said. These support workers chat about their personal experiences with psychosis, further breaking down myths about mental illness.This combination of VR tech and face-to-face interaction is designed to foster "empathy, understanding, and education around mental health," Wong said. "It's about reducing stigma and promoting mental-health literacy. Ultimately, the visitors leave with the realization that people experiencing mental-health challenges are no different than anyone else."Despite reluctance among US healthcare providers, researchers in <a target="_blank" href="https://pubmed.ncbi.nlm.nih.gov/35477837/">the UK</a>, <a target="_blank" href="https://pubmed.ncbi.nlm.nih.gov/36979281/">Hong Kong</a>, <a target="_blank" href="https://affiliate.insider.com?h=a56f46a8f6e86545886908004e738d592c989defa7aed63b95c46aa52dfdc48f&amp;postID=666217feb38735ca9de4904b&amp;postSlug=virtual-reality-therapy-for-psychosis-treatment-research-2024-6&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs41537-021-00139-2">Canada</a>, and elsewhere are building a convincing case for VR treatment. Conibear is on board. "Most of the currently available treatment is either medication or therapy, so this is a really interesting alternative," Conibear said. "I love the idea that you can be exposed to these situations, but then you come out of the simulation and you're in a safe place with everything you need to calm down."When compared to new medications — and their potential for side effects — Conibear believes there's little to deter people with psychosis from trying VR out. "I really feel like this is how technology should be used," he concluded. "There should absolutely be more of it."

Virtual reality could unlock better treatment for psychosis — a use case that's gaining traction globally

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], March 11 (ANI): Global rating agency Moody's expects India's economic growth in 2024-25 growth above that of other emerging market G20 peers, given its domestic demand managed to sustain momentum. India's real GDP growth accelerated to 8.4 per cent year over year in the October-December quarter of 2023, up from upwardly revised prints of 8.1 per cent in July-September and 8.2 per cent in April-June. The global rating agency Moody's attributed India's firm growth primarily to solid capital expenditure, defying private consumption which remained "sluggish" amid still-weak rural demand. On the supply side, an 11.6 per cent surge in manufacturing output and strong service sector activity more than offset a decline in agricultural output in India, it said. Even so, it said high-frequency indicators, including expanding <keyword id="20905252" type="General" weightage="20" keywordseo="purchasing-managers" source="keywords">Purchasing Managers</keyword>' Index (PMI), rising auto sales, consumer optimism and double-digit credit growth, suggest that the economy's strong October-December momentum carried into January-March this year. "Some of the large emerging market (EMs) countries stood out in 2023 for their resilient economies amid high-interest rates, exchange rate volatility, subdued capital flows and muted external demand. This year, we expect growth to slow across several major EMs as the economies transition to a post-pandemic steady growth path," Moody's said in its Macro Monday report, chaptered 'G-20 emerging markets are poised for growth stabilization'. In its recently published <keyword id="20905253" type="General" weightage="20" keywordseo="global-macro-outlook" source="keywords">Global Macro Outlook</keyword>, it forecasted G20 emerging market growth to stabilize around 4.0 per cent in 2024 and 2025, down from 4.7 per cent in 2023 as global monetary policy gradually normalises. On an annual basis, domestic demand was the primary engine of growth in several G20 emerging markets. "We believe growth cycles in India and Indonesia are at their peak, Brazil and Mexico are likely past their peak, and <keyword id="19899437" type="General" weightage="20" keywordseo="south-africa" source="keywords">South Africa</keyword>'s growth has likely troughed. Nevertheless, we expect relatively stable growth at close to potential in 2024 and 2025 for most G-20 EMs." On the policy side, the rating agency expects continuity after the general election in April-May and continued focus on infrastructure development. It forecasts India's real GDP to grow about 6.8 per cent in 2024 and 6.4 per cent in 2025, from 7.7 per cent in 2023. India's GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24 and the country continued to remain the fastest-growing major economy. The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters - April-June and July-September. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively. In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), India's finance ministry recently asserted. (ANI)

Domestic demand to keep India's growth above other G20 emerging markets: Moody's

<ul class="summary-list"><li>A top <keyword id="12059591" type="UNKNOWN" weightage="60" keywordseo="ecb" source="Orion">ECB</keyword> official urged globally coordinated measures to regulate <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and avoid a "lawless frenzy".</li><li>Fabio Panetta supported higher taxation for some crypto and called for oversight on peer-to-peer payments.</li></ul>A top ECB official called for international coordination to regulate the crypto sector and called for a crackdown on the market.Fabio Panetta said the <keyword id="13714330" type="UNKNOWN" weightage="60" keywordseo="unregulated" source="Orion">unregulated</keyword> crypto market posed financial stability risks and policymakers should not leave it unchecked."Now is the time to ensure that crypto-assets are only used within clear, regulated boundaries," he said in a <a href="https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220425~6436006db0.en.html">speech</a> at Columbia University on Monday. "We should make faster progress if we want to ensure that crypto-assets do not trigger a lawless frenzy of risk-taking.""But our measures can only be effective if they are matched by ambitious measures implemented by our international peers," he said.Panetta suggested holding crypto to the same standards as other financial assets, and proposed bringing peer-to-peer crypto transfers under the scope of rules on anti-money laundering and countering the financing of terrorism. Panetta warned crypto-assets could be used for tax evasion or to circumvent sanctions.He also said taxation for crypto should be in line with other instruments and across jurisdictions and said there should be an obligation to report transactions above a certain threshold. He raised the possibility of higher taxation for some <keyword id="11893901" type="UNKNOWN" weightage="60" keywordseo="crypto-assets" source="Orion">crypto assets</keyword>, like those based on PoW (proof of work), such as bitcoin, which tend to be more energy-intensive. Panetta urged regulating on-chain peer-to-peer payments due to the risk of them evading regulation.Panetta said greater disclosure and transparency requirements for the crypto market would ultimately lead to greater consumer protection. He said crypto's volatility and liquidity meant that a standard of conduct should be followed by professional crypto operators to protect retail investors."We need globally coordinated regulatory action to address issues such as the use of crypto-assets in cross-border illicit activities or their environmental footprint," he said.Panetta compared crypto's unregulated nature to the Wild West and to the subprime mortgage market that led to the 2008 global financial crisis."In the absence of adequate controls, crypto-assets are driving speculation by promising fast and high returns and exploiting regulatory loopholes that leave investors without protection," he said.His concerns echoed the IMF's. In its Global Financial Stability Report last week, the International Monetary Fund <a href="https://markets.businessinsider.com/news/currencies/russia-sanctions-crypto-bitcoin-mining-regulator-circumvent-ukraine-sanctions-imf-2022-4">urged policymakers</a> to develop comprehensive global standards for crypto assets and to coordinate their regulatory approach with others around the world.

A top ECB official is urging a global crackdown on the crypto market to prevent a 'lawless frenzy'

<ul class="summary-list"><li>Sierra Leone declared a state of emergency over widespread drug abuse.</li><li>One drug causing particular concern in the West African nation is the synthetic drug "kush."</li></ul>Sierra Leone's capital, Freetown, is a<a target="_blank" href="https://www.wewillnomad.com/destination/sierra-leone"> bustling African port city</a> on the Atlantic Ocean, where even the dead can't rest, say its residents.Cemeteries are bolstering their security measures because gravediggers are stealing human bones to make powerful synthetic drugs, local journalists told Business Insider.Sierra Leone, in West Africa, declared a state of emergency in April over rising cases of synthetic drug abuse due to the spread of "kush," which contains ground human bones, locals say.Addressing the nation on April 4, Sierra Leone's president, Julius Maada Bio, said the country was facing "an existential threat" from "the ravaging impact of drugs and substance abuse, particularly the devastating synthetic drug kush."<div type="image" title="A vendor sells daily necessities at a market in Freetown, Sierra Leone, Feb. 21, 2024." height="3648" width="5472" msid="109861396" hostid="261"></div>As with the rise of synthetic drug use in other parts of the world, such as the <a target="_blank" href="https://www.businessinsider.com/how-brutal-sinaloa-cartel-flooded-us-fentanyl-los-chapitos-2023-5">fentanyl crisis in the US</a>, kush could be set to spread.International expansion is "almost inevitable," Michael Cole, a professor of forensic science at Anglia Ruskin University in the UK, told BI.While there are no official statistics on the number of users of the drug, they are not hard to spot, reports say.The streets of Freetown, the country's capital, are said to be awash with young men, often sitting or lying in the spot where they lost consciousness after smoking the drug, Sally Hayden reported for <a target="_blank" href="https://www.irishtimes.com/world/africa/2023/07/17/people-love-kush-more-than-food-west-africas-growing-drug-problem/">The Irish Times</a>.<h2>Why locals say kush is sometimes made with ground human bones</h2><div type="image" title="A man sleeps on a motorbike inside a drug den at the Kington landfill site in Freetown on June 21, 2023." height="2401" width="3600" msid="109861400" hostid="261"></div>Kush has been around for years in Sierra Leone, but its exact origin and composition remain unclear.Cole told BI that kush was a mixture of tobacco, cannabis, tramadol, and fentanyl — but he noted that some believe it can also contain formaldehyde, a preservative used in embalming fluid for corpses.Formaldehyde also has <a target="_blank" class="editor-rtfLink" href="https://pubmed.ncbi.nlm.nih.gov/18720671/">euphoric properties</a>, says the National Library of Medicine, which explains why kush users could be raiding Freetown's cemeteries.Mabinty Magdalene Kamar, the editor of a local news outlet, Politico SL, said that kush users had claimed to her that the drugs did indeed contain bones."We heard stories about boys breaking into cemeteries and tombs and then taking out the bones of dead bodies, grinding them just to produce kush," she told BI.The drug has a ravaging effect on users' physical health. Abdul Jalloh, a mental health expert and hospital care manager at the Sierra Leone Psychiatric Teaching Hospital, told BI he had observed kush users suffering from issues such as skin necrosis, ulcers, wounds, oral issues, kidney and liver problems, and eye infections.It can also be fatal, with <a target="_blank" class="editor-rtfLink" href="https://www.bbc.co.uk/news/world-africa-68742694">one doctor telling the BBC </a>that "in recent months," hundreds of men had died in Freetown after suffering organ failure caused by the drug.<h2>Police guard Freetown's cemeteries</h2><div type="image" title="Headstones line the Waterloo Ebola graveyard in Waterloo, Sierra Leone on December 14, 2017." height="3333" width="5000" msid="109861403" hostid="261"></div>Local media outlets have <a target="_blank" href="https://sierraloaded.sl/local/police-human-bones-kush/">reported cases of gravedigging</a> for bones to extract formaldehyde and make the drug.Thomas Dixon, the editor of the Salone Times newspaper in Freetown, told BI that while his publication had not been able to confirm the use of human bones in the drug, "you will see missing bones" if you go to cemeteries in the city.Fears over grave robbing for kush production have become so widespread in the city that some cemeteries have requested <a target="_blank" href="https://www.bbc.co.uk/news/world-africa-68742694">police protection,</a> the BBC reported.Business Insider contacted the Freetown Police Force for comment.<h2>"It makes you forget"</h2>Jalloh said most kush users were "between the ages of 20 to 34."Sierra Leonians face soaring unemployment rates, and much of its population lives in poverty — and some seem to be turning to kush in a bid to forget such problems.<div type="image" title="Two men relax on a car at the Kington landfill site in Freetown on June 21, 2023. In recent years Kush, a mix of various chemicals and plants that mimic the natural properties found in cannabis, according to the National Drug Agency, is increasingly being used by youth in Sierra Leone." height="2401" width="3600" msid="109861405" hostid="261"></div>Jalloh said that many of the patients he had dealt with cited unemployment, stress, and peer pressure among the reasons they had started using the drug."It makes you forget," Salifu Kamara, a 21-year-old kush user, told <a target="_blank" href="https://www.npr.org/sections/goatsandsoda/2024/02/10/1229662975/kush-synthetic-drug-sierra-leone">NPR</a>. "We're under such strain. There's no work. There's nothing here."Dixon said he believed it pointed to a "systemic failure" in the country, adding that kush turned young people into "zombies.""Young people don't believe in the authorities anymore. The people don't believe in the political system anymore - they are sliding into taking drugs," he said.<div type="image" title="People gather in a Kush drug den in Freetown on June 26, 2023." height="2401" width="3600" msid="109861407" hostid="261"></div>Jalloh noted that the use of synthetic drugs was not unique to Sierra Leone."It's a global crisis everywhere," he said.<h2>Synthetic cannabinoids</h2>Authorities have likened kush to synthetic cannabinoids, the <a target="_blank" href="https://www.theguardian.com/global-development/2023/sep/13/its-like-smoking-poison-sierra-leones-youth-battle-addiction-to-a-mystery-drug">Guardian</a> reports.Synthetic cannabinoids are chemically engineered substances that mimic the effects of cannabis but can be much more harmful and unpredictable.The <a target="_blank" href="https://www.cdc.gov/nceh/hsb/chemicals/sc/default.html">Centers for Disease Control and Prevention (CDC)</a> warns that toxic synthetic cannabinoids can cause rapid heart rate, vomiting, agitation, confusion, and hallucinations."Synthetic marijuana" can be up to 100 times as potent as traditional marijuana, inducing extreme physical effects like seizures, psychosis, and even death.<div type="image" title="Packets of synthetic marijuana illegally sold in New York City put on display at a news conference in New York." height="2001" width="2961" msid="109861409" hostid="261"></div>Recent years have seen a worldwide <a target="_blank" href="https://www.businessinsider.com/what-is-k2-or-spice">growth of synthetic drugs, </a>marketed as<a target="_blank" href="https://www.facebook.com/watch/?v=1790253157707430"> "spice,"</a> "K2," "black mamba," or "crazy clown."Drugmakers change the specific ingredients so fast — and produce the drugs in such massive quantities — that enforcement agencies can't keep up.In 2021, Kensington, a low-income neighborhood in North Philadelphia, became notorious for abuse of a sedative called "tranq."Also known as "xylazine," the animal sedative was often cut with other drugs. A side-effect of this drug can be struggling to stand upright, which is why users are commonly described in the media as "zombies."Last month, the Financial Times reported that <a target="_blank" href="https://www.ft.com/content/93e07d74-c379-41fb-87e2-06280031d167">tranq had reached the UK.</a>

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