BUSINESS
India the bellwether for global BPM industry, logs $44 bn revenues
Leveraging data to improve operational efficiency will emerge as the top priority for the BPM service providers in the next two years. As per the findings, over 90 per cent of the surveyed companies are expected to increase IT budgets by more than 10 per cent during the next 12 months though uncertainties like macroeconomic issues, geo-politics and delayed decision making may create some headwinds.
E-commerce losses due to online fraud to exceed $48 bn globally
This growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (buy-now-pay-later), which are creating new fraud risks. In India, the Unified Payments Interface (UPI) reported another record high in August, with 6.57 billion transactions, amounting to Rs 10.72 trillion. In FY23 (till August) UPI recorded over 30 billion transactions worth Rs 51.74 trillion.
Forthcoming budget to focus on growth, says Sitharaman
Speaking at an event organised by the Brookings Institute in Washington, during the course of her five-day US visit, the Finance Minister in a conversation with Cornell University's Eswar Prasad, said on Tuesday that the focus of the forthcoming Union Budget would be on growth priority. She said that inflation concerns were also there and managing growth would be the main focus.
French PM to requisition workers as strikes at refineries continue
"A salary disagreement does not justify blocking the country," Borne told the National Assembly. "To refuse to discuss is to make the French the victims of an absence of dialogue." According to Borne, 30 per cent of the country's gas stations have already run out of at least one type of fuel, with the Greater Paris region one of the worst affected, Xinhua news agency reported.
IMF downgrades 2023 global growth forecast to 2.7%
The global economy is experiencing "a number of turbulent challenges", as inflation higher than seen in several decades, tightening financial conditions in most regions, Russia-Ukraine conflict, and the lingering Covid-19 pandemic all weigh heavily on the outlook, Xinhua news agency reported, citing the report.
IMF expects inflation in India to come down to 4% range next year
Daniel Leigh, the IMF's head of World Economic Studies Division, said at a news conference on Tuesday, "We do expect that inflation will come back into the inflation tolerance band 4 per cent in fiscal year 2023-2024, and additional monetary tightening is going to ensure that that happens." IMF's chief economist Pierre-Olivier Gourinchas said, "Inflation is still above the central bank target in India at 6.9 per cent (that) were projected for this year and coming down to 5.1 per cent".
RBI revises rules on foreign currency exposure of banks
As per the changes initiated by the central bank, lenders will have to assess the unhedged foreign currency exposures of all counterparties to whom they have an exposure in any currency, going ahead. Foreign currency exposure of all entities would have to be ensured by banks at least once a year, the RBI said. The revised rules will come into force from January 1, 2023 onwards.
India remains world's fastest-growing economy, despite IMF cutting growth projection
The IMF's World Economic Outlook report released in Washington on Tuesday cut India's growth rate by 0.6 per cent from the projection of 7.2 per cent made in July, but it kept the slower growth projection for next year at 6.1 per cent, which would still be the highest for major economies. The report said the downgrade reflects "a weaker-than-expected outturn in the second quarter and more subdued external demand".
Nissan sells its Russian operation with 6 year buyback option
According to Nissan, its Executive Committee on Tuesday approved the sale of its Russian operations to NAMI, the Central Research and Development Automobile and Engine Institute. The sale will transfer all Nissan operations in Russia under the Nissan Manufacturing Russia LLC (NMGR) legal entity to NAMI for future passenger vehicle projects, Nissan said.
IMF cuts India's GDP projection to 6.8% in 2022-23
Earlier, in July, it had projected a growth of 7.4 per cent for India in the current financial year. Reasons like contraction in US economy in the first half of 2022, a fall in Euro, lockdowns in China and continued Coronavirus outbreaks, have been listed by IMF for trimming India's growth projection.
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