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<div type="image" title="Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024." msid="115250619" hostid="261" sizebytes="118350" caption="&amp;lt;p&amp;gt;Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024.&amp;lt;/p&amp;gt;"></div> “Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="19977340" type="General" weightage="20" keywordseo="demat" source="keywords">Demat</keyword> account than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2>The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount (In Rs crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85,009 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">89,370 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97,426 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,02,562 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, domestic gold prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2>Hey, wait up for me, says <keyword id="23953567" type="General" weightage="20" keywordseo="las" source="keywords">LAS</keyword></h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2>What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="secured-loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-unsecured lending. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that personal loan delinquencies in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2>How does it work?</h2>Both these loans work on a similar principle: Your loan amount is equal to a certain percentage of the actual market value of your asset. This is known as the <keyword id="20051485" type="General" weightage="20" keywordseo="ltv" source="keywords">LTV</keyword> (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2>Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Simply Put: Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

The Retailers Association of India (RAI) on Friday called for <keyword id="20141385" type="General" weightage="20" keywordseo="lower-taxes" source="keywords">lower taxes</keyword> for individuals to generate demand and spur <keyword id="20018646" type="General" weightage="20" keywordseo="consumption" source="keywords">consumption</keyword> besides seeking low-cost finance, subsidies and benefits on land rates and necessities such as <keyword id="20028294" type="General" weightage="20" keywordseo="electricity" source="keywords">electricity</keyword> for retailers ahead of <keyword id="6360189" type="General" weightage="100" keywordseo="Union-Budget" source="Orion">Union Budget</keyword> FY25. Retailing in India accounts for about 10% of the country's GDP and the sector is second only to agriculture in terms of the number of people directly employed, RAI said in its pre-Budget memorandum highlighting areas that need attention in order to make the industry stronger. "To ensure the growth of the sector, the Union Budget for FY25 should focus on generating demand and spurring consumption by offering benefits or concessions in the form of lower taxes. It will boost the overall consumer sentiment and benefit the retail sector, it said adding, consumption equals to development and the "tax benefits and relief to individual <keyword id="59866" type="General" weightage="20" keywordseo="taxpayers" source="Orion">taxpayers</keyword> will increase the monthly disposable income and support consumption", the memorandum noted. Further, the budget should outline supportive policies, simplified regulations, skill development and simple goods and services tax (GST) norms to aid the development of the retail industry, RAI said. Asking for low-cost finance to retailers, the industry body said, "There is a need to provide lower interest rate to the retailers through the special announcement in the Budget to assure easier financing for the retail businesses." It also asked the government to consider the food and beverages retail sector as an essential service and said "subsidies and benefits should be given on land rates and other necessities such as electricity". RAI also said there is a need to expedite the formulation and implementation of '<keyword id="5649262" type="General" weightage="20" keywordseo="National-Retail-Policy" source="Orion">National Retail Policy</keyword>' to enable ease of doing business and that "such a step would provide a substantial boost to the retail sector". Stating that benefits to retail and wholesale trade MSMEs are restricted to priority sector lending only, RAI also recommended that retail and wholesale traders should be eligible for all benefits available to other MSMEs. Further, the retailers' body asked the Centre to encourage and incentivise states to adopt 'The Model Shops and Establishment (Regulation of Employment and Condition of Services) Act 2016 that enables states to choose to keep shops and other such establishments open 24X7 all through the year.

RAI's Budget wishlist: Lower taxes for individuals, benefits on land rates, electricity

London: Universities and student groups on Tuesday urgently lobbied British Prime Minister <keyword id="19906889" type="General" weightage="20" keywordseo="Rishi-Sunak" source="keywords">Rishi Sunak</keyword> to safeguard the country's <keyword id="21659184" type="General" weightage="100" keywordseo="post-study-visa" source="keywords">post-study visa</keyword> offer, which has been dominated by Indians to gain work experience for around two years at the end of their university degree. Amid reports that Sunak is considering either restricting or ending the <keyword id="20616105" type="General" weightage="20" keywordseo="Graduate-Route" source="keywords">Graduate Route</keyword> to curtail soaring migration statistics ahead of a general election, a group of nearly 30 university vice-chancellors and the <keyword id="21760521" type="General" weightage="20" keywordseo="national-indian-students-and-alumni-association" source="keywords">National Indian Students and Alumni Association</keyword> (NISAU) UK have issued detailed letters of appeal to 10 Downing Street. They list a series of factors in favour of keeping the Graduate visa scheme unchanged, including the benefits that international students bring to the UK economy in a competitive global higher education marketplace. "Modelling by consultancy London Economics shows that a single cohort has a net economic benefit of GBP 37 billion to the UK economy; as well as through the soft power that Britain's international graduates generate for the country over time, including through furthering ties of trade and diplomacy," reads the NISAU UK letter addressed to Sunak. "Indeed, 70 per cent of <keyword id="19971660" type="General" weightage="20" keywordseo="Indian-students" source="keywords">Indian students</keyword> have told us that the ability to gain meaningful work experience is a critical element in their decision to choose between competing international destinations, of which the UK is one... the Graduate Route allows the opportunity to gain this work experience for a temporary period. It is non-extendable and does not count towards permanent settlement. This means that neither students nor Graduate visa holders should be considered 'immigrants' in the context of the long-term picture of migration," it notes. Their appeal comes a week after the influential <keyword id="20609895" type="General" weightage="20" keywordseo="Migration-Advisory-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Migration Advisory Committee" meta.hostid="83" meta.entityid="Migration Advisory Committee">Migration Advisory Committee</keyword> (MAC) advised the government to let the scheme continue as it found no abuse of this post-study work offer. It also confirmed that Indians topped its tally, accounting for 89,200 visas between 2021 and 2023, or 42 per cent of the overall grants, and were likely to be "most affected by any restriction on the Graduate Route". In their letter to Sunak, universities in the north of England — from Sunderland to Sheffield, Leeds to Lancaster, Liverpool to Teesside, Bradford to Huddersfield, and York to Newcastle — said they will all be harmed by the removal or reduction of this visa as it is an "intrinsic part of the educational offer that has made the UK so attractive to brilliant students from all around the world". "The Graduate Visa Route is regarded by students in key markets like India as an integral part of their educational experience. The MAC review made clear that the removal of this route would make the UK less attractive and thus would cause considerable financial detriment to universities around the country," reads their joint letter. "International student tuition fee income has long cross-subsidised underfunded research and has increasingly become critical to cross-subsidise the teaching of UK undergraduate students because of the frozen tuition fee. Universities cannot continue to absorb the costs of teaching UK undergraduates without some form of alternative funding source," they caution. On top of their visa fees, international students who find work and start businesses contribute billions of pounds in income tax, national insurance and VAT annually. The university chiefs point out that they are also usually net contributors to the National Health Service (NHS) through the NHS surcharge. The Russell Group of the UK's leading universities issued its appeal over the weekend, with CEO Tim Bradshaw warning that there has already been a 10 per cent decline in international applications for post-graduate courses starting this September in the wake of the clampdown on students being able to bring dependant family members. "A further restriction on international students would not only be unnecessary — as numbers are already falling — but also damaging, resulting in less spending in local communities, fewer opportunities for domestic students and less UK research," he noted in a letter to Sunak. Members of his own Cabinet are believed to be opposed to any changes to the Graduate scheme, but the British Prime Minister is having to balance pressures from the right of the governing Conservatives who are single-minded in their demands to curb all forms of legal as well as illegal migration levels ahead of an election later this year.

Universities, student groups lobby PM Sunak to keep UK's post-study visa scheme unchanged

<ul class="summary-list"><li>Spy mania in Russia has created an environment that's stifling innovation, sources told BI.</li><li>Arrests for treason in Russia have soared, human rights experts said.</li></ul>Ivan Pavlov, a Russian-born lawyer who now lives in Europe, was 51 was he was forced to leave his home country. After years of representing Russians who had been accused of treason, he was put on the nation's wanted list and labeled as a "foreign agent" in 2021 — a term that, in Russia, is equated with spy, according to the <a target="_blank" href="https://www.hrw.org/news/2022/12/01/russia-new-restrictions-foreign-agents">Human Rights Watch</a>.Eventually, he knew he had to flee, he told Business Insider in an interview."All my professional life was in Russia," he said. "My family was inside Russia and it was a huge [suffering]."The arrest of accused "spies" has risen dramatically since Moscow began its invasion of Ukraine, Pavlov and other human rights experts told BI.That could end up having a big knock-on effect on Russia's already-weakened economy. Possible impacts include decreased investment, decreased consumption, and slower growth as Russia shifts away from a capitalistic society, Richard Portes, an economist from the London Business School, says."You do have an inhibition on risk-taking, innovation," Portes told BI on the intensifying pursuit of foreign agents in Russia. "For those who remain, you're not going to get any dynamic economic activity. Aside from the <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-ukraine-war-worker-shortage-population-brain-drain-2024-8">brain drain</a>, aside from the drain of young people, you're not going to get any innovation. And I think that's the medium-term consequence of all this: disastrous."Sergei Guriev, another economist who was deemed a "foreign agent" by the Russian government, agrees the crackdown on perceived security threats could hurt the country economically.He used the example of Russia recently <a target="_blank" class="" href="https://www.businessinsider.com/russia-arrests-3-hypersonic-missile-scientists-for-treason-2023-5">arresting some of its missile scientists</a>, which has made others in the scientific community fearful of publishing new research, he said."We can expect that it should impact economic growth," he added, though he noted the effect may not be immediately felt.Russia's economy is showing some signs that the kind of risk-taking associated with innovation and entrepreneurship is on the decline. Innovation in Russia has fallen behind the nation's level of development, according to a <a target="_blank" href="https://www.wipo.int/web-publications/global-innovation-index-2024/assets/67729/2000%20Global%20Innovation%20Index%202024_WEB2.pdf">2024 ranking</a> from the World Intellectual Property Organization. Patent filings fell 13% in Russia in 2022, while patent filings from foreign applicants dropped 30%, according to data from the <a target="_blank" href="https://rospatent.gov.ru/content/uploadfiles/otchet-2023.pdf">Russian Patent Office</a>.Russia minted just 240,458 new LLCs in 2022, about half of the number of new companies that registered in 2015, according to the <a target="_blank" href="https://www.worldbank.org/en/programs/entrepreneurship">World Bank entrepreneurship</a> database.Private investment in Russia is also down. Private equity and venture capital-backed M&amp;A deals and funding rounds in Russia dropped around 39% from 2022 to 2023, with the nation seeing just <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/2-years-on-private-capital-flees-russia-builds-slowly-in-ukraine-80421379">$1.4 billion</a> of those types deals last year, according to S&amp;P Global data. Merger and acquisition deal value as a whole also dropped 71% to $6.41 billion, down from $22.48 billion the prior year.<a target="_blank" href="https://rosstat.gov.ru/storage/mediabank/132_28-08-2024.html">Corporate profits</a> in Russia also dropped around 6% in the first half of the year in 2024. Meanwhile, profits from Russia's professional, scientific, and technical activities dropped around 19% over the first half of this year compared to the same period a year ago, Rosstat data shows.These outcomes are partly influenced by a more restrictive environment in Russia, Portes said, in addition to some of Moscow's other challenges, like <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">high inflation</a> and the <a target="_blank" class="" href="https://www.businessinsider.com/russian-economy-brain-drain-labor-shortage-workforce-exodus-capital-flight-2023-9">flight of some of its most educated</a> workers."The longer-term consequences, the medium-term consequences, are hollowing out [the economy]," he said. "It's very sad, but that's what it is."<h3 id="c673f304-1ae4-43f5-81a2-d4145eb78dc1">Moscow's spy mania</h3>The number of Russians being accused of treason has skyrocketed in recent years, Guriev says. He estimates that over 100 people each year are now being arrested for treason. That's likely because Russia's government is focused on creating an "atmosphere of fear," and "paralyzing resistance" amid the war in Ukraine, Pavlov said.Constant fear of persecution doesn't mix with a capitalistic society, Portes says."The thing about capitalism — capitalism has its defects for sure — but it works because it gives incentives to people to take risks," he said. "The circumstances of a country that's like what Russia is right now, the incentive to take risks, there is a strong disincentive".Other experts have noted that Russia looks to be <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-economy-ukraine-war-tech-reverse-industrialization-central-bank-finland-2023-3">drifting away</a> from a capitalist structure, particularly as it boosts public spending to fund its war efforts in Ukraine.Previously, Portes predicted that Russia was on its way to being reduced to a "<a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-ukraine-war-worker-shortage-population-brain-drain-2024-8">natural resource economy</a>." That could lead to a lower quality of life for Russians, he predicted, hitting the nation with sluggish economic growth and a decline in everything from education to medical care.Moscow's economy isn't necessarily at risk of collapse, thanks to <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-military-spending-inflation-worker-shortage-2024-2">hefty government spending on the war</a>, Portes says, though he still sees a dark economic future ahead of the nation."It's a disaster. We have plenty of examples in history where a war economy can keep on going, even though everything is crumbling around it. And I think that's what you have now," he added.

How national security panics in Russia could stifle innovation and hurt its economy

<ul class="summary-list"><li>TikTok and its owner sought to hire hundreds of Chinese staff in 2023, Business Insider has learned.</li><li>669 of the 1,089 approved US H-1B hires for TikTok and ByteDance in that fiscal year were from China.</li></ul>TikTok didn't shy away from hiring employees from China last year, even as US officials accused the app of being a national security risk because its owner, ByteDance, is headquartered in Beijing.Of the roughly 1,000 non-US employees that TikTok and ByteDance sought to hire for its US teams via H-1B visa applications between October 2022 and September 2023, most were from China.Companies use the H-1B program to hire foreign workers who have business skills that they say they cannot otherwise obtain from the existing US workforce.Six hundred and sixty-nine of the 1,089 approved H-1B hires for TikTok and ByteDance last fiscal year were from China, a 50% increase from the previous year, according to US Citizenship and Immigration Services data obtained by Business Insider via a Freedom of Information Act request. The federal government's fiscal year runs from October through September.Fourteen of those 669 approved hires were recruited to work under TikTok's <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-us-user-data-storage-project-texas-privacy-security-2023-3">US Data Security Division</a>, or USDS, a section of the company dedicated to keeping US user data out of the hands of the Chinese Communist Party and other actors that the US government has deemed a foreign adversary. Those roles included work in data science, fraud strategy, systems analysis, and software engineering.While TikTok is by far ByteDance's most popular app in the US, the company does operate other platforms such as its Pinterest-like app <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-owner-bytedance-hiring-influencers-boost-lemon8-app-2024-1">Lemon8</a>, which some H-1B hires may have been tasked with working on.TikTok and ByteDance's 50% year-over-year jump in approved H-1B applications for Chinese nationals came despite US Senator Tom Cotton raising concerns about having "foreign individuals work at ByteDance and TikTok's offices in California.""Given the security concerns with TikTok and the company's repeated statements about 'US-based' teams and data centers, having hundreds of foreign nationals working in those offices presents another potential threat," Cotton <a target="_blank" class="" href="https://www.uscis.gov/sites/default/files/document/foia/H-1B_visa_use-Senator_Cotton.pdf">wrote</a> in a November 2022 letter to Secretary of Homeland Security Alejandro Mayorkas.TikTok and ByteDance did not respond to requests for comment.Using the H-1B program to recruit talent from China isn't unusual on its own. Among applications for H-1B visas across all companies in fiscal year 2023, it was the second most common country of origin, per data published by the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.uscis.gov/sites/default/files/document/reports/OLA_Signed_H-1B_Characteristics_Congressional_Report_FY2023.pdf">USCIS</a>. But TikTok and ByteDance's H-1B recruiting efforts dramatically over-indexed toward China. Only 12% of all approved fiscal year 2023 H-1B applications were for Chinese nationals, compared to 61% of TikTok and ByteDance's approved applications.India ranked second among countries where TikTok and ByteDance earned H-1B approvals in fiscal year 2023, followed by Taiwan, Canada, and Vietnam.<h2 id="652509fc-c542-496a-8661-64a16854f5a3">Why TikTok is recruiting talent from China</h2>TikTok has been under heavy scrutiny for years due to its owner's roots in China. US officials have <a target="_blank" class="" href="https://www.businessinsider.com/fcc-tiktok-letter-experts-say-ban-unlikely-despite-political-pressure-2022-7">raised concerns</a> that ByteDance could be compelled to hand over TikTok's US user data to the Chinese government in order to comply with a National Intelligence Law. Some have worried that TikTok could be used as a propaganda tool to further the CCP's interests.In April, Congress passed a <a target="_blank" class="" href="https://www.businessinsider.com/senate-passes-tiktok-ban-2024-4">law</a> that gave ByteDance a deadline for divesting TikTok's US assets. If it fails to do so, TikTok could be removed from US app stores in January. TikTok is challenging the law in court, but legal experts previously told BI it's <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-justice-department-federal-appeals-court-law-ban-expert-2024-9">not looking promising for the company</a>. President-elect Trump pledged on the campaign trail to "<a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-block-tiktok-ban-legal-experts-2024-11">never ban TikTok</a>," but his paths to rescuing the app are limited.TikTok has previously said it does not share information with the Chinese government, and that its content moderation efforts are run by a US-based team that "operates independently from China."While it may not be politically advantageous for TikTok to recruit talent from China, it makes sense given the company operates closely with its parent ByteDance.Even as TikTok has taken steps to <a target="_blank" href="https://gizmodo.com/tiktok-master-messaging-pr-playbook-china-music-1849334736">downplay its association with China</a>, its owner, ByteDance, continues to operate in the US. Current and former TikTok employees <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-employees-say-staff-in-china-make-many-product-decisions-2021-12">told BI in 2021</a> that final product decisions for TikTok were often made by ByteDance staffers in Beijing. And TikTok staffers are asked to adhere to core workplace values it calls "<a target="_blank" class="" href="https://www.businessinsider.com/tiktok-employees-bytedance-bytestyles-used-to-reward-and-reprimand-2021-9">ByteStyles</a>."The company has also used TikTok's Chinese sister app, Douyin, as a testing ground for features that <a target="_blank" class="" href="https://www.businessinsider.com/whats-next-for-tiktok-look-at-china-douyin-2022-1">ultimately end up on TikTok</a>. Recently, the company has matched vendors with expertise in <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-shop-us-partner-summit-live-shopping-and-douyin-ruled-2024-10">e-commerce in China</a> to its US partners that work with sellers and influencers on its social-shopping feature, TikTok Shop. Several of its approved 2023 H-1B applications for Chinese nationals were for roles in e-commerce, including a creator manager role focused on live shopping and software engineering roles tied to shopping ads.

TikTok and its owner ramped up their hiring of Chinese employees, even as Congress raised national security concerns

The <keyword id="19894846" type="General" weightage="20" keywordseo="Wrestling-Federation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Wrestling Federation of India" meta.hostid="153" meta.entityid="Wrestling Federation of India">Wrestling Federation of India</keyword> (<keyword id="19894852" type="General" weightage="20" keywordseo="wfi" source="keywords">WFI</keyword>) on Friday said it will challenge the Delhi <keyword id="20030450" type="General" weightage="20" keywordseo="High-Court-order" source="keywords">High Court order</keyword> that restored the mandate of <keyword id="22809836" type="General" weightage="20" keywordseo="IOAs-ad-hoc-committee" source="keywords">IOA's ad-hoc committee</keyword> to manage the affairs of the sports body, saying the "interference" could jeopardize the participation of <keyword id="19933029" type="General" weightage="100" keywordseo="Indian-wrestlers" source="keywords">Indian wrestlers</keyword> at the upcoming <keyword id="20200346" type="General" weightage="20" keywordseo="World-Championships" source="keywords">World Championships</keyword>. The latest order came on a plea seeking a stay on the functioning of the WFI and prevent it from undertaking any activity as a national federation for the sport. Justice Sachin Datta while passing the interim order on the plea by wrestlers <keyword id="19910804" type="General" weightage="20" keywordseo="Bajrang-Punia" source="keywords">Bajrang Punia</keyword>, <keyword id="19895499" type="General" weightage="20" keywordseo="Vinesh-Phogat" source="keywords">Vinesh Phogat</keyword>, <keyword id="19895495" type="General" weightage="20" keywordseo="Sakshi-Malik" source="keywords">Sakshi Malik</keyword> and her husband Satyawart Kadian, said it was open to the <keyword id="19896477" type="General" weightage="20" keywordseo="Indian-Olympic-Association" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Olympic Association" meta.hostid="153" meta.entityid="Indian Olympic Association">Indian Olympic Association</keyword> (IOA) re-constituting the committee which was earlier led by Bhupender Singh Bajwa. The IOA had dissolved the ad-hoc panel on April 4 while UWW had lifted its suspension on February 13 this year after WFI conducted its elections. "We are going to take it to double bench. The IOA had dissolved the ad-hoc panel . We will also approach world governing body UWW and the International Olympic Committee (IOC). They had warned that outside interference may impact out athletes," WFI President Sanjay Singh told PTI. "Two World Championships are approaching. Indian wrestlers' participation could be blocked," he feared. The U-17 World championship is set to be held in Amman, Jordan from August 19-25 while the U-20 World championship is scheduled in Pontevedra, Spain from September 2-8. UWW President in his April 25 letter to WFI President had made it clear that ad-hoc panel running the show was not acceptable to them. "In case any decision or order should be made against your federation, and a third party be designated to run the daily affairs of our sport in India in violation of the UWW Statutes, UWW would have no other option than to re-impose a temporary suspension of your federation until further notice, and which, this time, could maybe include your athletes,"UWW president Lalovic wrote. The Centre had suspended the WFI on December 24, 2023, three days after it elected the new office bearers, for allegedly not following the provisions of its own constitution while taking decisions, and requested IOA to constitute an ad-hoc committee to manage its affairs. On March 4, the court had issued notice to the central government, WFI and the ad-hoc committee on the petition filed by the top grapplers.

WFI to challenge High Court order, says Indian wrestlers' participation in upcoming Worlds in danger

New Delhi: <keyword id="20016187" type="General" weightage="20" keywordseo="Hockey" source="keywords">Hockey</keyword> goalkeeper <keyword id="20544212" type="General" weightage="100" keywordseo="PR-Sreejesh" source="keywords">PR Sreejesh</keyword> will accompany pistol shooter <keyword id="20241095" type="General" weightage="20" keywordseo="manu-bhaker" source="keywords">Manu Bhaker</keyword> as the joint flagbearers of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> during the closing ceremony of the ongoing Paris <keyword id="19933819" type="General" weightage="20" keywordseo="Olympics" source="keywords">Olympics</keyword> 2024, the <keyword id="19896477" type="General" weightage="20" keywordseo="Indian-Olympic-Association" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Olympic Association" meta.hostid="261" meta.entityid="Indian Olympic Association">Indian Olympic Association</keyword> (IOA) has announced. Secretary General of <keyword id="20063115" type="General" weightage="20" keywordseo="Hockey-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Hockey India" meta.hostid="261" meta.entityid="Hockey India">Hockey India</keyword>, Bhola Nath Singh, heaped praise on Sreejesh for his exemplary leadership in India's bronze medal win at the Olympics. "PR Sreejesh deserved the honour of being the flag bearer. Hockey India extends its gratitude to the government for bestowing this prestigious recognition upon him," Bhola Nath told reporters. He confidently stated that the coutnry's team is the best in the world and capable of defeating anyone. "I can say it with utmost confidence, our team is the best in the world," Nath said while speaking to ANI. The organization celebrated the Indian team's remarkable achievement of securing back-to-back bronze medals, though they acknowledged the desire to have reached the final. "It has been an incredible achievement to win back-to-back bronze medals. We had hoped to reach the final. If <keyword id="21262191" type="General" weightage="20" keywordseo="Amit-Rohidas" source="keywords">Amit Rohidas</keyword> hadn't been shown a red card, the outcome could have been different. With him on the field, we believe we could have won gold and his presence might have changed the result against Germany," he said. Singh emphasized that Amit Rohidas' absence from the semifinal may have impacted the team's performance and possibly altered the colour of their medal. Reflecting on the semifinal, Singh noted, "It simply wasn't our day." Despite the setback, the team's triumph in the bronze medal match was a source of national pride. Singh highlighted that millions tuned their television to watch the match, although many were unaware of their return to the country today, so, there was no crowd as such. "During the bronze medal match, 18-19 crore people were glued to their TV sets. Many were unaware of that we will be landing today, because we had not communicated it properly," Singh said. Secretary General of Hockey India also praised coach Craig Fulton for understanding the Indian players and the country so quicky. "Craig Fulton is a splendid coach. He understands the players of India and Hockey. He will be there with us till the next Olympics. In the 2028 Olympics, we will win the Gold medal for India," Singh said The celebration of the hockey bronze medal was a testament to the players' resilience and dedication. Hockey India, along with fans across the country, celebrated the players' success and their contribution to Indian sports.

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