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<ul><li>According to a <keyword id="4321682" type="PERSON" weightage="20" keywordseo="customer-survey">customer survey</keyword> done by financial group Robocash Group, roughly one-third (30%) of Indians fall short of money every now and then. </li><li>A fourth of respondents in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and the Philippines are directly or indirectly involved in careers related to finance. </li><li>This is when half of the Indian respondents are university graduates and most have a regular job.</li></ul>Financial literacy is as important as it is to earn well. However, Indians seem to be facing difficulty in planning their personal budgets. According to a customer survey done by financial group Robocash Group, roughly one-third (30%) of Indians fall short of money every now and then. Also, close to 88% respondents of the survey feel that the gaps in their personal budget is due to the lack of financial knowledge. They are also keen on improving the situation. This is in spite of the fact that half of the respondents are either university graduates, and most of them hold on to a regular job. But they are also keen on improving the situation. “The level of financial literacy and readiness to improve it among customers significantly correlates with their involvement in finance,” the report added. In fact, one-fourth of respondents in India and the Philippines are directly or indirectly involved in a career field related to finance. The survey was performed in three countries — India, Philippines, Vietnam. Indians seem to face budgetary issues as only 23% and 21% of the respondents admitted to budgetary gaps in the Philippines and Vietnam, respectively.

A third of Indians are constantly short of money and 88% admit that they lack financial literacy

<ul><li>Knight Frank's latest report pegs the shortage of beds among university students in India at 8 million.</li><li>The report has also estimated that the shortage can rise to 13 million by 2025.</li><li>Lemon Tree Hotels which is investing in student housing under the Hamstede brand expects the new business to eventually help its hotels too.</li></ul>There are 34 million students in Indian universities and the available accommodation for them is nowhere close to necessary. "The purpose built student accommodation (PBSA) market in India is in its infancy, despite the country boasting one of the largest populations of undergraduate students in the world," Knight Frank said in its 'Global Student Property 2019' report. The net shortage right now is around 8 million right now and can rise to 13 million by 2025. And these are just in the big cities. Private property owners and hostels meet some of the demand but quite often, they do not meet the students' expected standards. In many places, landlords are reluctant to lease their homes to a student or a group of students due to fears of their own. Wherever there is unmet demand, there is an opportunity to make money. Investors have poured in about $100 million in the space so far but that's not enough either. About $1oo million have already been invested in creating spaces for migrant students but there is space for a lot more. How the investors view the opportunity "The market is 10 million students, who are not in the campus but are migrants, who are staying various types of paying guest type of accommodations," Patanjali Keswani of Lemon Tree Hotels told Business Insider earlier this year. Lemon Tree Hotels is the country's biggest chain of budget hotels, which is also expanding into other spaces like co-living and student housing under a different banner called Hamstede. Global private equity major <keyword id="6402698" type="UNKNOWN" weightage="20" keywordseo="warburg-pincus">Warburg Pincus</keyword> is an investor along with Lemon Tree Hotels in Hamstede-- which will be an associate company for Lemon Tree Hotels. However, Co-living and student housing will be sold under different brands. The board of Lemon Tree has approved an initial investment of $5 million (₹35 crores) in the joint venture. Including the share of Warburg Pincus and the debt Hamstede can raise over the equity, there will be a total investment of $50 million by the end of 2019. "To me this is exciting because these students are future mid-market, aspirational customers," Keswani added highlighting the potential for his mainstay hotel business. "The forecast is highly promising and is likely to offer investment opportunities in this alternate asset class for domestic and international investors” Knight Frank India CMD Shishir Baijal <a href="https://economictimes.indiatimes.com/industry/services/property-/-cstruction/student-housing-gets-investment-worth-usd-100-mn-in-2018-potential-to-attract-usd-50-bn-report/articleshow/69689476.cms" data-type="tilCustomLink" target="_blank">reportedly</a> said. SEE ALSO: <a href="https://www.businessinsider.in/business-insider-stack-all-you-need-to-know-about-the-future-plans-of-lemon-tree-hotels/articleshow/68680640.cms" data-type="tilCustomLink" target="_blank">SLIDESHOW: All you need to know about the future plans of Lemon Tree Hotels</a>

Indian students are short of 8 million beds-- and there's a lot of money to be made

<keyword id="6448574" type="PERSON" weightage="20" keywordseo="n-r-narayana-murthy">N R Narayana Murthy</keyword>, the co-founder of software giant <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> who chairs a Sebi panel on alternate investment policy advisory, on Tuesday pitched for pension funds and banks to invest money in Indian startups. Speaking at the annual Tiecon event, Murthy said a bulk of the money which gets invested as risk capital in the upcoming companies is from abroad and there is a need for domestic money to play an important role in this. At the same event, Murthy's former colleague at Infosys T V <keyword id="6491998" type="PERSON" weightage="20" keywordseo="mohandas-pai">Mohandas Pai</keyword>, who is now associated with Ispirit, an advocacy group for startups, said only a tenth of the USD 60 billion invested into Indian startups since 2014 has come from domestic investors. Pai warned that "we risk the prospect of turning into a digital colony" by 2025, seeking to draw parallels with imperialism.
 He said there will be 1 lakh startups in India with a collective valuation of over USD 500 billion by 2025. There will be at least 100 unicorns among them and over 65 of them will be majorly owned by foreign investors.
 "This is one of the most important issues that we have been discussing (at the Sebi panel). That is, what are the policy changes that are required to make sure that there is more of Indian and domestic money coming into the startup sector because today it is by and large from abroad," Murthy said.
 "To do that, pension funds must be allowed, corporations must be allowed, banks must be allowed," he added.
 Pai sounded more disappointed with Indian billionaires who are willing to invest in real estate and even bank deposits, but have a tendency to overlook the startup sector.
 In an apparent reference to the spate of frauds, Pai said the billionaires also tend to pass the risk on money invested to banks.
 He said the biggest letdown has been from financiers in Mumbai, and asked startup entrepreneurs to educate such professionals on the need of the hour. 
 Pai said why Indian pension funds or insurance companies cannot invest, questioning how companies in the same sector from abroad are coming in and taking interests here.
 Meanwhile, Murthy also clarified on a recent controversy over cutting short his speech at an event where he shared stage with American e-commerce giant Amazon's chief executive <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword>. He said Bezos had come on time to the venue, but the "indisciplined" crowd at the venue in New Delhi mobbed the entry gates which resulted in the delayed start for the event.
 Bezos was very understanding and smiled at the act of cutting short the speech, Murthy said, adding that this is so because the visiting honcho is himself a disciplinarian. See also: <a href="https://www.businessinsider.in/business/news/with-kapil-wadhawans-arrest-the-family-is-now-accused-of-scams-worth-over-a-billion-dollars/articleshow/73713230.cms?src=hp_ts">With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-what-can-finance-minister-nirmala-sitharaman-do/articleshow/73691622.cms?src=hp_wh">Watch: India’s ‘make or break’ budget 2020⁠— once-in-a-career crisis offers Finance Minister Nirmala Sitharaman a fertile ground for creativity</a>

India's tech icon Narayana Murthy says India may become a 'digital colony' if startups have to rely on foreign funds

<ul><li>RBI said it will transfer as much as ₹1.76 lakh crore of its surplus reserves to the government.</li><li>This will cut the estimated fiscal deficit by half leaving more money with the government to spend on growth measures.</li><li>Sensex gained over 150 points at Tuesday’s open as investors expect additional money supply to improve demand in the economy.</li></ul> India’s central bank has been saving for a rainy day and looks like that day has come. After much prodding by the Narendra Modi government, and based on the recommendation of a panel headed by former central bank Governor Bimal Jalan, the Reserve Bank of India (RBI) said it will transfer as much as ₹1.76 lakh crore of its surplus reserves to the government. This alone will fill up more than half of the country’s estimated fiscal deficit-- the difference between the government’s budgeted expenses and revenues-- for the current year. "This will help to some extent in bridging an estimated ₹1.5 lakh crore of shortfall in GST revenues even as the fiscal continues to be strained due to weak tax revenues," said a report by Kotak Economics Research. The Indian share market is celebrating the windfall that it expects more money slush around in the economy due to the RBI move. The Sensex kicked off to a good start and opened 164 points higher in Tuesday’s opening trade. This is in addition to the nearly 800-point <a href="https://www.businessinsider.in/markets/donald-trummp-hints-at-easing-trade-war-with-china-triggers-700-point-rally-in-sensex/articleshow/70840608.cms">Donald Trump-triggered rally</a> on Monday. Banking stocks like SBI, Axis Bank, and ICICI gained as as investors hoped that some of this additional money will go into recapitalising banks. The value of government bonds held by these banks rose in value. “As on June 30, 2019, the RBI stands as a central bank with one of the highest levels of financial resilience globally,” the central bank said in its statement. Why the market is cheering? Indian industry has long been asking for a stimulus package from the government, to overcome the deep crisis in <a href="https://www.businessinsider.in/job-cuts-at-parle-and-britannia-sales-show-indian-economy-is-in-dire-straits/articleshow/70766429.cms">the rural economy</a> as well as in sectors like <a href="https://www.businessinsider.in/hero-motocorp-tata-mahindra-and-maruti-suzuki-are-all-cutting-production-as-theres-no-demand/articleshow/70710729.cms">automobiles</a> and <a href="https://www.businessinsider.in/a-third-of-indias-textile-workers-30-million-lost-their-jobs-and-more-could-go/articleshow/70781257.cms">textiles</a>, which have cut down production and laid off millions of workers following the demand slump in recent years. Those who support the RBI move to part with its funds believe this money can come in handy for the Indian government which is facing heavy fiscal deficit, which means that it is short of funds and has limited room to spend more to stop growth from slipping down further. The Modi government has also promised to spend a whopping ₹100 trillion in building new infrastructure in the next five years. Finance Minister Nirmala Sitharaman also promised to provide as much as ₹70,000 crore in additional funds to banks in the hope to beat the current credit crunch. All of this requires money, which the government is in short supply of. The slowdown in economic activity has meant the direct tax revenue has sharply <a href="https://www.livemint.com/news/india/direct-tax-collections-fall-short-of-rs-82-000-crore-in-fy-19-1557226156318.html">slowed down</a>. The Goods and Services Tax (GST) too has fared short of expectations. along with a slowdown across the economy has cut down <a href="https://www.livemint.com/news/india/direct-tax-collections-fall-short-of-rs-82-000-crore-in-fy-19-1557226156318.html">the government's </a>direct tax revenues by ₹82,000 crore though they revised their target to ₹12 lakh crore in 2018-19. A recent move to levy extra taxes on stock investors in the latest Union Budget did not go down well with the share market, and had to be <a href="https://www.businessinsider.in/nse-and-bse-stocks-lost-over-15-lakh-crore-and-rupee-falls-against-dollar-due-to-tax-surcharge/articleshow/70837553.cms">retracted </a>by Finance Minister Nirmala Sitharaman last Friday (August 23). Those who lost their jobs opposing the move The government’s push to get RBI to transfer excess money has faced severe opposition. The dissent by former Secretary of the Department of Economic Affairs, Subhash Chandra Garg, was <a href="https://www.ndtv.com/business/subhash-chandra-garg-exit-linked-to-sovereign-bond-plan-prime-ministers-office-unhappy-says-report-2075600">one of the main reasons</a> for which he was forced out the Finance Ministry prematurely. Even the former RBI Governor Urjit Patel and former Deputy Governor Viral Acharya left the central bank unceremoniously after contentious standoffs with the government over many issues including the proposal to transfer RBI surplus to the government. Economists in India have been largely divided on the issue because many fear this impedes the RBI’s autonomy. The <a href="https://www.businessinsider.in/nirmala-sitharaman-finance-minister-bimal-jalan-committee-report-on-rbi-surplus-reserves-next-meeting/articleshow/69587872.cms">key questions</a> were who should decide the use of RBI surplus and how should it be spent. The recommendation of an independent panel may partly answer the first question and as for the second question, all eyes are now on the government. SEE ALSO: <a href="https://www.businessinsider.in/nirmala-sitharaman-finance-minister-bimal-jalan-committee-report-on-rbi-surplus-reserves-next-meeting/articleshow/69587872.cms">A bitter debate may hound Finance Minister Nirmala Sitharaman in the first fortnight-- what to do with RBI's surplus reserves</a>

RBI offers Narendra Modi government money to boost growth-- share markets cheer

In a stern message on <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword>, <keyword id="6355261" type="POSITION" weightage="60" keywordseo="Finance-minister">Finance Minister</keyword> Arun Jaitleyhas said the government is targeting to weed out the root causes of this menace and a one-time compliance window will be announced in the next few days for those with undeclared assets abroad to come clean. 

	"The government is taking a number of steps to compress the flow of black money. The most important step...is to weed out the root causes," Jaitley said. 
 

	While a new law will come into effect from April 1, 2016, to tackle the black money menace, the government is in the process to put in place a compliance window for those with undeclared assets abroad to come clean by paying the penalty. 
 

	"The time frame of the compliance window would be announced very shortly. We are in the process of consultation (on the time frame)," Jaitley told PTI in an interview here. 
 

	Jaitley, who has held a series of meetings with businesses, investors and the government officials during his US trip, said the government has begun taking strong action on black money. 
 

	"We have got a law passed by Parliament where illegal assets and accounts kept abroad will be penalised. So I will impose a tax on that," he said. 
 

	"I am going to announce in the next few days a compliance window that within so many days, disclose the assets, pay the tax plus penalty. And if you use that compliance window, you pay the tax, penalty and get out," Jaitley said. 
 

	"But if you do not use the compliance window and thereafter if you are caught, because the world is now moving towards an automatic disclosure, you are not only going to pay a much higher level of penalty, but you also would be prosecuted," the Minister said. 
 

	Jaitley said the new law has created a fear psychosis in the mind of the tax evaders. 
 

	"The same set of people who would get up and say take action against black money would now say this is too draconian. But this is one law, which I am not going to relent neither the Prime Minister will," he said. 
 

	On domestic black money, Jaitley said the government has announced that any cash transaction over Rs 20,000 would be prohibited for property deals. 
 

	"I am also going to very shortly announce that if you pay by cash beyond a certain limit -- the limit has to be announced -- giving your PAN card is necessary," he said. 
 Jaitley said a number of delegations have met him on this issue where people have opposed this move, "as if transaction in black money is a fundamental right". "The world is changing. If you pay taxes, then it enables the government to reduce the level of taxes. India is also on the forefront of the entire <keyword id="51196" type="ORGANIZATION" weightage="20" keywordseo="G-20">G-20</keyword> effort for automatic transmission of information. 

	"We would be signing the agreement with the United States FATCA for automatic sharing of transaction related to Indian citizens by the US and other countries that are going to sign FATCA. These are all very tough measures we are announcing," he said. 
 

	"The present government in India is willing to talk not only with its own businesses and investors, but is also reaching out to international investors and people of Indian origin who can be of great utility in India growth story," Jaitley said. 
 

	"Probably the eye opening experience has been in the Silicon Valley. It is an area where you see the virtues of technology being converted into commerce, where entrepreneurship is at its very best where convergence of entrepreneurship and technology has been enabled with a great Indian participation. 
 

	"It also answers the question that it pays to be innovative, pays to invest in education, it pays to invest in technology and more important that it is pays for a country to unshackle the energy of people," he added. 
 On his last day in the US, Jaitley also met the California Governor <keyword id="168520" type="PERSON" weightage="20" keywordseo="Jerry-Brown">Jerry Brown</keyword> and addressed an event organised by the Indian industry body CII and TiE in Palo Alto, California.

Government to take strict steps to eradicate black money menace from its root

Prospects of a Modi election victory have induced a dollar flood into Indian bonds and <keyword id="45369" type="CITY" weightage="40" keywordseo="equities">equities</keyword>. The rupee has strengthened to below Rs 60 per dollar. 
 
If the strong rupee was caused by an export boom, everyone would be delighted. In fact, it has been caused by hot money plunging into the speculative froth of a Modi victory. This sort of strong rupee torpedoes India’s export prospects without providing any sustainable gains. 
 Some investment banks see the rupee strengthening further to Rs 58 per dollar. Adam Gilmour of Citigroup says it could strengthen to Rs 40-45 per dollar if Modi wins handsomely. But this would be disastrous for India’s competitiveness and balance of payments. The RBI must send a clear signal to <keyword id="6358355" type="ORGANIZATION" weightage="40" keywordseo="forex">forex</keyword> markets that it will keep the rupee competitive. It must mop up excessive inflows. The consequent increase in rupee money supply should be sterilised by equivalent RBI sales of gilts, checking any inflationary impact. 
 
Many ordinary Indians feel good about a strong rupee. But equating national prestige with a strong rupee is wrong. What matters is that India’s exports are competitive, and current account deficit under control. If this co-exists with a strong rupee, fine. But if this requires a weaker rupee, that’s fine too. The exchange rate is a means to an end, not an end in itself. 
 Last year, Prachi Mishra, <keyword id="192731" type="PERSON" weightage="40" keywordseo="Rohini-Malkani">Rohini Malkani</keyword> and others in the <keyword id="47209" type="ORGANIZATION" weightage="40" keywordseo="Finance-Ministry">finance ministry</keyword> calculated that a reasonable exchange rate might be Rs 58-60 to the dollar. All such calculations are iffy, but many foreign analysts had a similar view. However, the continuing <keyword id="22195" type="COMPANY" weightage="40" keywordseo="Inflation">inflation</keyword> differential between India and the world means that the same model will indicate a reasonable range of Rs 60-62 per dollar today. Inflation is falling but remains well above rates abroad, so a competitive exchange rate might be Rs 63-65 per dollar by the end of 2014. 
 
75% Gilt-y 
 
The composition of the recent dollar inflow is dismaying. Of the $8-billion inflow since January, no less than $6 billion is into gilts. Indian interest rates are sky-high by global standards, with short-term gilts yielding 8.5%. Last year, rupee depreciation made the high rupee yield illusory. 
 But today, foreigners get a high coupon plus currency appreciation, giving a fabulous total return of maybe 10%. No wonder they are flooding in. It’s wrong to <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">finance</keyword> India’s current account deficit by borrowing short term at an effective dollar rate of 10%. The RBI must discourage debt inflows of less than two years’ duration. The <keyword id="37018" type="UNKNOWN" weightage="40" keywordseo="interest-rate">interest rate</keyword> for two-year gilts is just a fraction more than for three-month treasuries, but carries a clear exchange rate risk — the rupee will very probably depreciate in two years. Three-month inflows constitute risky hot money, which will flood out if the election results don’t meet expectations. Two-year inflows will be much less volatile. 
 
History has repeatedly shown India’s vulnerability to sudden stops of forex inflows. Such sudden stops can be triggered by global events even if there is no disaster in India itself. The best remedy is continuously rising productivity, making exports more competitive and imports less competitive, ending any significant current account deficit. 
 In less ideal conditions, safety can be improved in two ways. One, limit the current account deficit by letting the rupee depreciate when exports turn uncompetitive. Two, encourage relatively stable dollar inflows, and discourage relatively unstable ones. There are four sorts of forex inflows. The most stable, desirable sort is foreign direct investment (<keyword id="44528" type="ORGANIZATION" weightage="40" keywordseo="FDI">FDI</keyword>). Foreign-owned factories and power stations cannot exit in a panic. 
 
No Running Away 
 The second most stable inflow is into equities. If foreign investors try to exit en masse in a panic, stock prices and the exchange rate plummet. Equity investors can exit only at a very steep loss, so many stay put. This was demonstrated in the Asian Financial Crisis and Great Recession. The third most stable — or second most unstable — inflow is into medium-or long-term rupee bonds. Here too, any mass exit will depress the price and exchange rate too. But bonds are far less volatile than <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword>, and so carry a much lower exit penalty. 
 
Red-Hot Greenbacks 
 
The fourth, worst sort of inflow is dollar-denominated debt, which on maturity is repaid in full without any exit penalty. Long-term dollar debt takes time to mature, and is not so hot. But short-term dollar debt matures very quickly and is the hottest-ofhot flows. Rupee-denominated short term debt is not quite so bad, since it carries some currency risks (which are, however, limited because of the short maturity). 
 
These facts should guide the strategy of the next government and of the RBI. Priority should be given to raising productivity and, thus, reducing the current account deficit. As for inflows, FDI is the best. Inflows into equities is also desirable. Dollardenominated debt should not be encouraged. And foreign investment in short-term debt, whether in rupees or dollars, must be strongly discouraged. Hot money must not be allowed to make exports uncompetitive.

Short-Term Capital Inflows Boosting The Rupee Will Render Exports Uncompetitive

<ul class="summary-list"><li>Hindenburg Research unveiled its short position against Carl Icahn's holding company on Tuesday. </li><li>In a new report, the firm alleges Icahn Enterprises has used "inflated" asset valuations.</li></ul>The shorter seller that took on Asia's richest man is targeting the business empire run by another billionaire: Carl Icahn.Hindenburg Research, which earlier this year released a scathing report on Indian conglomerate Adani Group, <a href="https://hindenburgresearch.com/icahn/" target="_blank" rel="noopener">unveiled its short position</a> against Icahn Enterprises on Tuesday. It claims the Wall Street legend's holding company has used inflated asset valuations and has been run like a Ponzi scheme.Reasons Hindenburg gives for its short position include:"(1) IEP trades at a 218% premium to its last reported net asset value (NAV), vastly higher than all comparables (2) we've uncovered clear evidence of inflated valuation marks for IEP's less liquid and private assets (3) the company has suffered additional performance losses year to date following its last disclosure."The report also says that Icahn's firm has used new investor money to pay old investors in a structure akin to a Ponzi scheme. "In brief, Icahn has been using money taken in from new investors to pay out dividends to old investors. Such Ponzi-like economic structures are sustainable only to the extent that new money is willing to risk being the last one 'holding the bag'."Shares of Icahn Enterprises plunged nearly 20% shortly after the opening bell, trading at $41.49 at 10:05 a.m. ET. Icahn Enterprises did not immediately respond to Insider's request for comment. "Overall, we think Icahn, a legend of Wall Street, has made a classic mistake of taking on too much leverage in the face of sustained losses: a combination that rarely ends well," the report concludes. Hindenburg's report on Gautam Adani's company <a href="https://markets.businessinsider.com/news/stocks/adani-group-loses-50-billion-market-value-hindenburg-2023-1?utm_medium=ingest&amp;utm_source=markets">shaved billions off of its market cap</a> and resulted in a <a href="https://www.businessinsider.com/gautam-adani-net-worth-falls-80-billion-this-year-hindenburg-2023-2">huge blow to the billionaire's net worth</a>. Hindenburg accused the company of "brazen stock manipulation" and "accounting fraud" in its report in January. A few months later, the short seller revealed that it was also targeting payments company Block, <a href="https://markets.businessinsider.com/news/stocks/block-hindenburg-cash-app-short-seller-investigation-claims-report-fraud-2023-3">claiming that it was peddling inaccurate user metrics</a> for its Cash App service to mislead investors.

The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn

Global oil prices are rising, the <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n rupee is depreciating, the government’s current account deficit is increasing. Government bonds are becoming riskier investments, and now, foreign portfolio investors are exiting India in droves, culminating in the largest monthly outflow since demonetisation was announced. From May 1st to May 25th, foreign investors pulled out a total of ₹267.7bn from Indian bonds and stock-markets, according to depository data. As a result, the total outflow is on track to exceed the ₹271.1 billion that they pulled out in December 2016 - the month after the government imposed its demonetisation initiative. This will be the highest outflow of foreign money in 18 months. Consistent outflow The investor panic after demonetisation was short-lived, as <keyword id="46757" type="ORGANIZATION" weightage="20" keywordseo="foreign-investment">foreign investment</keyword> stabilised and gradually increased in 2017-18. This was largely due to the implementation of the insolvency and bankruptcy code, the new GST law, surging stock-markets, a rebound in manufacturing growth and depressed interest rates in developed countries like the US. However, the outflow of foreign investment has been consistent in 2018 so far, pointing at a deeper malaise and lack of confidence in India’s short-term growth trajectory. In April, foreign investment outflows totalled <a href="https://economictimes.indiatimes.com/markets/stocks/news/fpi-outflows-hit-16-month-high-at-rs-15500-crore-in-april/articleshow/64049143.cms">₹155bn</a>, a 16-month high. In addition, March yielded a meagre net inflow result of ₹26.5bn, only due to <keyword id="6391506" type="UNKNOWN" weightage="20" keywordseo="Equity">equity</keyword> inflows, while net outflows in February 2018 totalled ₹116.7bn. In fact, as of May 25th, foreign outflows from India have totalled ₹291 billion in the year so far. Rupee set to weaken further As foreign investment continues its downward spiral and oil prices increase, the rupee will only weaken further as there are less foreign investors entering the economy and buying rupees. The Reserve Bank of India is trying to do its best to stem the fall, by using up its dollar reserves to prop the currency, but as its foreign reserves <a href="https://economictimes.indiatimes.com/markets/forex/forex-reserve-drops-3-2-billion-on-dollar-outflows/articleshow/64031531.cms">dwindle</a>, its ability to intervene in the future will be compromised. This scenario isn’t only limited to India, though. After years of low interest rates in the US and across Europe, money came from these countries into emerging markets in Asia and South America in search of higher returns. However, as interest rates in these developed markets are on the upswing, less money is leaving them. Paul Krugman, a Nobel Prize winning economist, raised alarm bells last week, when he pointed to <a href="https://twitter.com/paulkrugman/statuses/999272781215879168">an impending crisis in emerging markets</a>, based on the drastic decline in currencies, the pileup in dollar <keyword id="44647" type="ORGANIZATION" weightage="20" keywordseo="debt">debt</keyword> and slowdown in economic growth. For now, foreign investment in India is tied to the country’s growth rate over the next few quarters, which is in turn, tied to oil prices. If India exceeds quarterly growth estimates, it will be able to lure investors back. However, with oil prices set to hover around $80 a barrel a near term, maintaining growth, let alone exceeding predictions, will be extremely difficult. It seems that foreign investors will continue to pull money out in the near term. As a result, the Indian government will have no choice but to rely on demand and investment from domestic entities to keep the bond and stock markets afloat.

Foreign investors are losing confidence in India’s short-term growth prospects

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) is proposing to increase timings for <keyword id="897906" type="PERSON" weightage="20" keywordseo="forex-trade">forex trade</keyword>. </li><li>Currently the over-the-counter forex exchange-traded currency derivatives market functions till 5 pm. </li><li>The special committee wants it extended it to 9 pm. </li></ul>The Reserve Bank of India (RBI) is proposing to increase timings for forex trade to bring in more overseas participants. If timings are extended, Indian trade markets will be able to sync better with their global counterparts. Currently the over-the-counter forex exchange-traded currency derivatives market functions till 5 pm. The special committee wants it extended it to 9 pm. The proposal was floated after an internal committee meeting of the Central Bank recommended the revision for currency markets and that of short-term loans. More participants If accepted, this move can increase trading volumes by drawing more overseas participants. “Gradual integration of the Indian economy with the global economy and increased interest of foreign investors in Indian markets aided by a liquid USD/INR forex market have led to growing volumes in rupee trades in the offshore markets,” the committee mentioned in the RBI draft report. The report also said that volumes in the offshore currency markets have steadily increased as compared to the onshore exchanges, during last 3-4 years. The market share of domestic exchanges in the US dollar and Rupee futures have come down to 56% in 2018-19, from 74% in 2014-15. The RBI also proposed to stretch the inter-bank call money market from 5 pm to 6 pm. Presently, money market trading hours start at 9 am. “The group has recommended the extension of timings for both collateralized and uncollateralised segments of the money market,” the committee said. Extension of an hour in the timings for repo market is also expected from the current 2:30 pm. The committee also recommended shifting settlement timings for primary auction or Open Market Operation from presently at noon to around 4 pm.

RBI wants to extend forex trading timings to bring more global players

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div><ul class="summary-list"><li>Billionaire short seller Jim Chanos says the current market environment is similar to the dotcom bubble of the early 2000s, but not as dangerous as 2008. </li><li>"I'm stunned at the number of huge loss-making enterprises," Chanos said at an event at the Indian Harbor Yacht Club in Greenwich, Conn., Thursday night.</li><li>The founder of Kynikos Associates told the roughly 60 attendees that he believes some of the biggest unicorns that have gone public - like Uber and Lyft - did so only because they ran out of funding in the private markets.</li><li>For more stories like this, visit <a href="https://www.businessinsider.com/">Business Insider's homepage</a>.</li></ul>The talk at the Indian Harbor Yacht Club Thursday night was about cars instead of boats for a change.Legendary short seller <a href="https://www.businessinsider.com/category/jim-chanos" target="_blank" rel="noopener">Jim Chanos</a>, the billionaire founder of Kynikos Associates, spoke at the Connecticut Hedge Fund Association's second quarter meeting in a fireside chat with Fox Business reporter Charlie Gasparino. Chanos, a well-know <a href="https://markets.businessinsider.com/stocks/tsla-stock" target="_blank" rel="noopener">Tesla</a> short, spent a good part of his hour-long conversation on the state of the market, comparing it to the dotcom bubble in the early 2000s. He told the roughly 60 attendees that ride-sharing companies Uber and Lyft only went public because their funding had run out in the private market. "It's not that they wanted to go public, but have to," Chanos said. "They were beginning to exhaust their funding from the VC and sovereign wealth funds." Read more: <a href="https://www.businessinsider.com/canyon-partners-realization-value-fund-has-loaded-up-on-cash-2019-6">Josh Friedman's $10.5 billion hedge fund has shifted to having almost 20% of the fund in cash, as it backs away from a shaky stock market</a>The two companies - which have stumbled in their debuts as public companies - could not keep relying on private money because they were leaving the early-stage growth cycles that's favored by venture capital, Chanos said. Representatives for Uber and Lyft did not immediately return requests for comment. Even compared to the tech bubble, when companies like Ask Jeeves and Pet.Com rapidly grew in value, Chanos is "stunned at the number of huge loss-making enterprises" operating now. "It's real money" they're losing every quarter, he said in astonishment. Still, he thinks any similarities drawn to the 2008 financial crisis now are overblown, telling Gasparino that the economy is "not even close" to a "Lehman moment." Read more: <a href="https://www.businessinsider.in/the-ceo-of-softbank-investment-advisers-who-runs-the-worlds-biggest-venture-fund-offers-an-inside-look-at-how-he-picks-which-companies-to-lavish-with-billions-of-capital/articleshow/69132986.cms">The CEO of SoftBank Investment Advisers, who runs the world's biggest venture fund, offers an inside look at how he picks which companies to lavish with billions of capital</a>However, the easy money that has been available to startups appears to be drying up, which indicates investors might be concerned about a potential rate hike from the <a href="https://www.businessinsider.com/category/federal-reserve" target="_blank" rel="noopener">Federal Reserve</a> - or even a prolonged economic slump. He specifically pointed to SoftBank, which has begun selling off some of the stakes in now-public companies, like Alibaba."When the crazy drunken buyer of last resort becomes a seller, or has their drink taken away, then maybe there's a hangover coming," he said.<a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=40-big-tech-predictions-for-2019"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/gary-shilling-legendary-economist-trade-war-outlook-says-us-will-win-2018-10">WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war</a></h3> <div> </div> </div>

Legendary short seller Jim Chanos: Uber and Lyft went public because they had to, not because they wanted to

<ul><li>Infosys Chairman <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> believes Indians will be data rich before they will be economically rich. </li><li>This will lead to new business models like <keyword id="8177326" type="UNKNOWN" weightage="20" keywordseo="flow-based-lending">flow based lending</keyword>. </li><li>Flow-based lending will allow small businesses to access small and short-term working capital loans. </li></ul>More and more Indians are coming online as Internet penetration and connectivity improves in the country. "Indians will be data rich before they will be economically rich," stated Nandan Nilekani, the chairman of Infosys at the <keyword id="33239" type="PERSON" weightage="20" keywordseo="India-Economic-summit">India Economic Summit</keyword> in New Delhi. He explained that data being leveraged in India is very different to how it is leveraged in the West. People were online 10 -15 years earlier and their data flowed without any restrictions. In India, the online ad market is still only at $2 billion and people are very aware of how and where their data is going. Even so, as data increases, it will bring about new business models — like flow-based lending. Chairman of Wipro, <keyword id="197349" type="PERSON" weightage="20" keywordseo="Rishad-Premji">Rishad Premji</keyword>, feels that big data can be harnessed and that India has only "scratched the surface," of new technologies. Credit will follow the data "Historically, lending in India has been to big guys in large amounts for a long time for assets. A lot of challenges we have today are because of that," stated Nilekani. The boom in data can be a boon for small businesses. Flow-based lending means that small businesses will be able to raise small, short-term working capital loans. In cash flow lending, companies are allowed to borrow money based on the projected future cash flows. "So, millions of businesses that don’t have access to credit today will get access," he said. Around seven to eight businesses have in-principle approval from the RBI for account aggregation and 30-40 startups working on flow based lending. Even big banks are showing interest in this model. "Credit will be first example of data being empowered for users," said Nilekani.

Indians will be data rich before they’re economically rich, said Nandan Nilekani

Is it possible for a nation to be equally enamoured by the game of politics as it is smitten by the game of cricket? India is a cricket-worshipping country, which is also rooting for change as <keyword id="6355187" type="ORGANIZATION" weightage="80" keywordseo="Lok-Sabha">Lok Sabha</keyword> <keyword id="6359957" type="UNKNOWN" weightage="80" keywordseo="Polls">polls</keyword> are taking place. But if you ask us to choose one over the other, it will be like having to decide which one of the two eyes is our favourite. The question will be deemed downright absurd by us. One look at the social media is enough to understand that India, the biggest democracy in the world, is quite capable of splitting its attention right in the middle and dedicating two equal halves to the two things that make its world – politics and cricket. 
 Sounds astounding? Not really. While the world’s second most populated country, home to some 1.2 billion people, is deciding its political fate through nine phases of polls spanning two months and held across 543 general constituencies, the same population is also ensuring that the Indian Premier League (<keyword id="6354312" type="CITY" weightage="80" keywordseo="IPL">IPL</keyword>) cricket matches, spanning a little over a month from mid-April, won’t suffer loss of viewership, come rain or shine! 
 
The number of Indian voters listed this time is about 815 million who will be deciding the fate of the nation by choosing the next government. Moreover, the poll outcome may largely depend on nearly 10% first-time voters. This demographic dividend, higher in the north of the country than in the south, will also mark the biggest ever impact of first-time voters if they come out and vote in large numbers. But according to the Election Commission data, the enthusiasm among the young people to vote has not been as high as anticipated over the past few years. 
 
Reasons for this can be many. For one, pan-India migration owing to career demands makes voting a cumbersome process and young people are not able to dedicate enough time and energy required for it. 
 
Juxtapose this with the Indian Premier League where cricket comes home, comes in a conveniently short format, and is available at all times. Therefore, it was of little surprise that last season’s IPL reached 129 million television homes and propelled the TRPs in the process. It is expected to reach another pinnacle this year as well. 
 
The dates for the IPL matches taking place in the faraway venues of Sharjah, Dubai and Abu Dhabi have been cleverly decided – so that they will not clash with the election dates across the Indian states. In fact, India decided to host the initial matches in those locations owing to the elaborate security arrangements which were to be made at home for the polls. The shortage of security forces was the prime reason behind the IPL shifting base till the time the Indian democracy is through with exercising its voting rights. 
 
Cricket will reach its apex of glory post the elimination rounds and from the quarter-finals onwards. The electoral process, too, will see its culmination when the next government is formed, with the Prime Minister and the Parliamentarians sworn in. Subsequently, Indians can enjoy the crucial matches, interspersed with equally crucial policy discussions, as portfolios will be allocated to various ministers. 
 
The ongoing IPL Season 7 will create new heroes and will also witness some iconic figures bite the dust. Politically, too, the high-pitched battle being fought on fierce grounds has evoked a lot of interest among the young and the old alike. But it is the young people who will take the cake. 
 
Now, if you have to talk about the most important and most common aspect of these two events that may impact billions of Indians living in India and abroad, it will surely be the bookies and how they operate. This is where part of India’s black money changes colour or changes hands. Bookies operating in what’s called the ‘satta bazaar’ have now set their eyes on the polls, predicting the victory of some candidates. Stakes are high and the number of those who would like to bet for or against this prediction run into crores. 
 Although large corporate houses have invested well to create the cash cow called IPL, the onset of the Lok Sabha <keyword id="6355644" type="EVENT" weightage="80" keywordseo="elections">elections</keyword> may pose a challenge to the backdoor entry of money. Except for this aspect and that of security, which has forced the matches out of India for a while, before they return to the country around the first week of May, IPL matches are well endowed to maintain their viewership and rake in millions for their advertisers. 
 
A country that breathes and lives cricket, is also voting for a change in leadership or so it seems. But what is making the polls more exciting this time around is the fact that apart from a huge sum of money and mammoth operations conducted by the Election Commission to ensure ‘free and fair’ elections, it will also throw light on the fact whether the Young India has, indeed, voted for change or for short-change.

You Searched For "indians are short of money" and got 12 results

A third of Indians are constantly short of money and 88% admit that they lack financial literacy

Prerna Sindwani

Indian students are short of 8 million beds-- and there's a lot of money to be made

Sriram Iyer

India's tech icon Narayana Murthy says India may become a 'digital colony' if startups have to rely on foreign funds

PTI

RBI offers Narendra Modi government money to boost growth-- share markets cheer

Katya Naidu

Government to take strict steps to eradicate black money menace from its root

BI India Bureau

Short-Term Capital Inflows Boosting The Rupee Will Render Exports Uncompetitive

Economic Times

The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn

Morgan Chittum

Foreign investors are losing confidence in India’s short-term growth prospects

Dilsher Dhillon

RBI wants to extend forex trading timings to bring more global players

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Legendary short seller Jim Chanos: Uber and Lyft went public because they had to, not because they wanted to

Bradley Saacks

Indians will be data rich before they’re economically rich, said Nandan Nilekani

Prabhjote Gill

Polls And Cricket: India Hits Crescendo, Backs Its Twin Passions

Preetam Kaushik

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