Endeavor Careers Choicest Blogs: Weekly Current Affairs: January 2022, Week 01

Welcome to the Endeavor Editors’ Weekly Current Affairs Choicest Blog series. Get a weekly roundup – on news from business, economy, markets, policy, and more. A quick capsule format news summary and update to keep you abreast with all the latest current affairs.

1) International News and Global Economy

Indonesia bans coal exports in January on domestic supply worries

Indonesia is the world’s biggest exporter of thermal coal, exporting around 400 million tonnes in 2020. Indonesia has banned coal exports in January due to concerns over low supplies for domestic powerplants, local media reported, citing a letter sent by the energy ministry. The Southeast Asian country is the world’s biggest exporter of thermal coal, exporting around 400 million tonnes in 2020. Its biggest customers are China, India, Japan and South Korea. Indonesia is among the top 10 global greenhouse gas emitters and coal makes up around 60% of its energy sources.

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Indonesia bans coal exports in Jan.; likely to raise global coal prices

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Israeli airstrikes hit militant targets in Gaza after rocket fire: Israel’s military

Israel’s military said early on January 2 that it launched strikes against militant targets in the Gaza Strip, a day after rockets were fired from the Hamas-ruled territory. Video filmed in Khan Younis, southern Gaza Strip, showed three huge explosions and fighter jets could be heard flying overhead. There was no immediate confirmation on possible casualties. The Israeli military said the attacks targeted a rocket manufacturing facility and a military post for Hamas. It also blamed the militant Islamic group for any violence emanating from the territory it controls. The airstrikes come as retaliation for two rockets fired from Gaza on January 1 which landed in the Mediterranean Sea off central Israel.

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Israeli Jets hit Militant targets in Gaza after rocket fire

Germany shuts down half of its 6 remaining nuclear plants

Germany is shutting down half of the six nuclear plants it still has in operation, a year before the country draws the final curtain on its decades-long use of atomic power. The decision to phase out nuclear power and shift from fossil fuels to renewable energy was first taken by the centre-left government of Gerhard Schroeder in 2002. His successor, Angela Merkel, reversed her decision to extend the lifetime of Germany’s nuclear plants in the wake of the 2011 Fukushima disaster in Japan and set 2022 as the final deadline for shutting them down. The three reactors now being shuttered were first powered up in the mid-1980s. Together they provided electricity to millions of German households for almost four decades. Some in Germany have called for the decision on ending the use of nuclear power to be reconsidered because the power plants already in operation produce relatively little carbon dioxide. Advocates of atomic energy argue that it can help Germany meet its climate targets for reducing greenhouse gas emissions. But the German government said this week that decommissioning all nuclear plants next year and then phasing out the use of coal by 2030 won’t affect the country’s energy security or its goal of making Europe’s biggest economy climate neutral by 2045.

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Germany to shut nuclear sites despite energy crunch | DW News

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Israel signs deal to buy $2 billion in US helicopters, tankers

Israel has signed a deal with the United States to buy 12 Lockheed Martin Corp CH-53K helicopters and two Boeing Co KC-46 refuelling planes, the Israeli Defence Ministry said on Friday, estimating the total price at around $2 billion. The deal, signed on Thursday, is part of an upgrade of Israel’s air force capabilities and includes an option to buy six additional helicopters, a ministry statement said. It said the first helicopters were due to arrive in Israel in 2026. Brigadier-General Shimon Tsentsiper, chief of materiel for the air force, told Israel’s Army Radio on Thursday that the refuelling planes on order would not be delivered before 2025. He said Israel was trying to bring forward the delivery of the KC-46s, and eventually wanted a total of four of them.

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World nations try to balance Omicron restrictions while keeping economies open

Global COVID-19 infections hit a record high over the past seven-day period, Reuters data showed on Wednesday, as the Omicron variant raced out of control and governments tried to contain its spread without paralysing fragile economies. Almost 900,000 cases were detected on average each day worldwide between Dec. 22 and 28. A number of countries posted all-time highs during the previous 24 hours, including Argentina, Australia, Bolivia, the United States and many nations in Europe. Studies have suggested Omicron is less deadly than some previous variants. But the sheer number of people testing positive could overwhelm hospitals in some countries and leave e businesses struggling to carry on without workers who government officials have ordered to quarantine.

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Omicron update: Soaring COVID-19 infections around the world | DW News

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Sudanese block streets after day of protest violence

Sudanese pro-democracy demonstrators blocked streets in Khartoum on Friday, protesting against violence a day earlier that left five people dead and sparked condemnation. Sudan has been gripped by turmoil since military leader General Abdel Fattah al-Burhan launched a coup on October 25 and detained Prime Minister Abdalla Hamdok. Hamdok was reinstated on November 21, but mass protests have continued as demonstrators distrust Burhan’s promises of seeking to guide the country toward full democracy. As the authorities on Thursday cut off communications across the country, security forces clamped down on demonstrations, firing live rounds and tear gas as tens of thousands gathered in Khartoum, Khartoum North and nearby Omdurman.

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Thousands turn out for anti-coup protests across Sudan | DW News

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2) India  

Covid update

Omicron In India Could Require 60,000 People Hospitalised Per Day

India is going through an Omicron wave – one we don’t seem to be acknowledging. While official figures suggest that Omicron cases are less than 2 per cent of India’s total Covid cases, this could be a massive underestimate. While the official number of Omicron cases in India is estimated to be nearly 1, 500, in reality, it could be more than 10 times that – as high as 18,000 – with the number shooting up every day. India is following the rest of the world in galloping Omicron cases, which in some countries, account for 90 per cent of new cases. Particularly alarming is the fact that Omicron cases are rising much faster than Delta – from about 2 per cent share of total Covid cases two to three weeks ago, then shooting up to 30 per cent a few days ago- and is now close to 60 per cent of all Covid cases. During this period, the share of the Delta variant has fallen consistently, making Omicron the dominant variant in India.

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Other updates

India quietly launches 3rd Arihant-class nuclear-powered Submarine, can carry 8 ballistic missiles: Report

India has launched its third Arihant-class a nuclear-powered Submarine in Visakhapatnam. The low-key launch was reported by UK-based Janes Defence Weekly through satellite imagery from the Vishakhapatnam Ship Building Centre. The first SSBN INS Arihant was commissioned in 2016, while the second, though initially launched in 2014, is awaiting commissioning into the Indian Navy. According to the magazine, the additional length of the newly launched boats ‘accommodates expansion of the submarine’s vertical launch system, which has doubled to support eight (missile) launch tubes.’ This, it said, would allow the SSBN to carry eight K-4 submarine-launched ballistic missile (SLBM) missiles or 24 K-15 SLBMs with strike ranges of 3,500 km and 750 km, respectively.

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Has India quietly launched its third Arihant Class nuclear powered submarine?

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Explained: Why the GST Council is reconsidering rates on textiles

The Goods and Services Tax (GST) Council is holding its 46th meeting to discuss one agenda item — revision of rates in the textiles sector. Many representations have been made to put the proposed hike, effective January 1, on hold. The GST Council in its 45th meeting in September had recommended making certain rate changes for footwear and textiles to correct the inverted duty structure. An inverted duty structure arises when the taxes on output or final product is lower than the taxes on inputs, creating an inverse accumulation of input tax credit which in most cases has to be refunded. Inverted duty structure has implied a stream of revenue outflow for the government prompting the government to relook the duty structure. For footwear, the government refunds around Rs 2,000 crore in a year. In November, the Finance Ministry notified a uniform 12% rate for manmade fibre (MMF), yarn, fabrics and apparels, along with a 12% uniform rate for footwear. Many states and industry associations have expressed concerns about the proposed rate hike for textiles to 12% from 5%.

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Muslim group moves Supreme Court over hate speech

A Muslim organisation has approached the Supreme Court seeking action against hate speeches against the community, saying state authorities had failed to act despite complaints. The plea by Jamiat Ulama-i-Hind, through its president Maulana Syed Mahmood Asad Madani, said “such speeches go beyond the limits of a permitted critical denial of another’s beliefs, and are certainly likely to incite religious intolerance…”. The plea stated that “insulting Prophet Mohammad (PBUH) is akin to attacking the very foundation of Islam”

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Viral hate Speech Videos from Haridwar meet spark outrage, No case yet

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On Vaishno Devi stampede, Notice for Public to share information

The Jammu and Kashmir administration issued a public notice asking eyewitnesses to the stampede at the Vaishno Devi shrine to share information on the incident. The public notice was issued by Jammu Divisional Commissioner Raghav Langer, who is one of the members of the committee constituted by Lieutenant Governor Manoj Sinha to probe the incident. Twelve people lost their lives and at least 16 others were injured in a stampede at the famous Mata Vaishno Devi shrine in Jammu and Kashmir in the early hours after a fight between two groups of pilgrims during the New Year rush. The three-member inquiry panel headed by Principal Secretary (Home) Shaleen Kabra, with Additional Director General of Police Mukesh Singh as the other member, has been asked to submit its report within a week.

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3) Economy

India to log ‘one of highest growth rates’ with support to vulnerable sectors, says economist Ashima Goyal

Eminent economist Ashima Goyal said India is likely to have one of the highest rates of growth in the world as there are gradual moves towards normalisation, even as stimulus and support for vulnerable sectors continue. Goyal further said sticking to the announced consolidation path by the government in the upcoming budget will give a good signal of control and predictability. “India has come out of a very difficult time with good macroeconomic parameters. It is likely to have one of the highest rates of growth in the world, while inflation remains within the tolerance band,” she said. Goyal, who is also a member of the Monetary Policy Committee (MPC) of the RBI, in an interview to said monetary-fiscal coordination has worked well and stimulus has been adequate but not excessive. “There are gradual moves towards normalisation, even as some stimulus and support for vulnerable sectors continues,” she said, adding that the financial sector is health

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2022: Economy sets sail with growth hopes; pandemic, inflationary headwinds remain

After navigating the turbulent pandemic waves, the recovering Indian economy is now sailing through unchartered waters of rising coronavirus cases, spiralling commodity prices and spiking inflation though the lighthouse of sustainable growth remains visible. As 2022 begins, a raft of developments, ranging from Budgetary announcements to continuation of stimulus measures to monetary policy, will set the tone for the domestic economy, which is projected to grow more than 9 per cent in the current fiscal ending March 2022. Industry body Ficci President Sanjiv Mehta said that a likely growth of over nine per cent in the current fiscal ending March 2022 was good but more important would be to “achieve a sustained growth of eight per cent over a long period of time”. A sustained growth is needed for accelerating job creation, removing poverty and bringing in prosperity in the rural and semi-urban areas. Fitch said it expects the services sector to show a strong reading amid the lifting of most restrictions.

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India’s April-November fiscal deficit narrows to 46% of full-year target

The centre’s fiscal deficit at the end of November came at 46.2% of the FY22 budget estimate on the back of robust revenues, official data released Friday showed. The deficit figures in the current financial year till November appear much better than the previous financial year when it had soared to 135.1% of the estimates mainly on account of a jump in expenditure to deal with the COVID-19 pandemic. In actual terms, the deficit stood at Rs 6.95 lakh crore at the end of November 2021 against the annual estimate of Rs 15.06 lakh crore, according to data released by the Controller General of Accounts (CGA). For the current financial year, the government expects the deficit at 6.8% of GDP or Rs 15.06 lakh crore. Experts said this was the lowest since FY98 in percentage terms of the full year’s fiscal deficit. They were divided on the issue of the government meeting FY22 target.

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Bumpy road to recovery: Core infra sector growth slows to 3.1% in November

Growth in the output of the eight core infrastructure sectors unexpectedly slowed to 3.1% in November from a year earlier, compared with 8.4% in the previous month, reflecting the fragility of industrial recovery as the favourable base effect continued to wane. Analysts attributed the slowdown to Diwali holidays, disruption in supplies from southern India following heavy rainfall, and weakening demand momentum once the peak festival season ended. Data released by the industry ministry on Friday showed, against the pre-pandemic (same month in FY20) level, the growth in core sector output in November slowed to 1.9% from 7.8% in the previous month. The core sector had grown at a tepid pace of just 0.4% in FY20.

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4) Markets, Banking and Finance

Merged PSBs more risky than unmerged banks: RBI

The Reserve Bank of India, in an analysis, says merged public sector banks (PSBs) are riskier than the unmerged ones. It said Indian banks are much better off now than they were in the first COVID wave. The analysis, RBI’s latest Financial Stability Report, found that the systemic risk in the banking sector receded in 2021 from its elevated level during the first wave of the pandemic. “Systemic risk posed by PSBs was higher than private banks. The risk generated by the category of merged PSBs is comparatively higher than the unmerged PSBs,” the report said. The central bank found that one of the benefits of consolidation is higher operational efficiency gains to reduce the cost of lending. Banks with scale for building a $5 trillion economy will have enhanced risk appetite.

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Bad loan recovery through IBC remains a drag on banks

Bad loan recovery from the revamped insolvency-resolution mechanism has been on a steady decline, with the rate dropping to 24.7% at the end of September, data from the Reserve Bank of India showed. Loan recovery rates halved to 20% in 2020-21 as the impact of the pandemic – and the moratorium to take cases to courts – played out during the year. The recovery rate through the Insolvency and Bankruptcy Code (IBC) mechanism was 46.3% at the end of 2020. While banks had recovered more than ?1 lakh crore at the end of 2019 through the IBC route, the figure dropped to a little over ?27,000 crore by March 2020. At the end of 2021, while banks had referred 537 corporates with loans worth ?1.35 lakh crore to the bankruptcy courts, this number was significantly higher in 2020 at 1,986 cases with total loans involved at ?2.25 lakh crore.

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RBL Bank gets RBI nod to appoint Rajeev Ahuja as interim MD, CEO

The Reserve Bank has approved the appointment of Rajeev Ahuja as the interim MD and CEO of RBL Bank for three months or till there is a regular appointment. In a sudden turn of events, the board of the bank had on last Saturday sent the then Managing Director and Chief Executive Officer Vishwavir Ahuja on leave and elevated Rajeev as the interim MD and CEO to take care of the day-to-day operations of the bank, subject to regulatory and other approvals. Vishwavir’s sudden departure was seen as a result of the RBI communication to the bank a day earlier (December 24, 2021), appointing his Chief General Manager Yogesh K Dayal to the board of the private sector lender. Rajeev in his very first interaction with reporters and investors on December 26 had said the bank was financially

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Rajeev Ahuja takes over as Interim MD & CEO of RBL Bank

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5) Business

Tata Motors overtakes Hyundai to grab the number two position in PV sales in December 2021

Tata Motors, the maker of Nexon SUV, has overtaken Hyundai Motor India to become the second-largest seller of passenger vehicles in the domestic market for the first time in close to a decade in December 2021. The company also earned the distinction of posting its highest-ever monthly sales in December 2021, highest ever quarterly sales in October to December of 2021 and the highest annual sales since its inception in 2021. Despite witnessing a shortfall in production due to the ongoing semiconductor crisis, Shailesh Chandra, President, Passenger Vehicles Business Unit, Tata Motors Ltd., said the company’s passenger vehicle business set several new milestones during the quarter.

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Used car sellers are on a hiring spree as demand shoots through the roof

The demand for used cars continues to soar during the pandemic and subsequently companies in this space are expanding and hiring at a rapid pace, with up to 10,000 new jobs currently available in the industry. What’s more, with the new-age companies in this space offering services like inspection of the car at the customer’s home and even home delivery of cars, the requirement of staff per sale has also gone up. The demand for used cars has reached new highs as customers look for affordable personal means of transport during the pandemic. A sharp increase in the prices of new cars over the past couple of years and the recent supply shortage in the new car market has driven even more customers towards the pre-owned segment.

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6) Technology

Ed-Tech under the lens: Decoding Govt’s latest stance | India development debate

The Ministry of Education has warned parents and students against ed-tech companies. It has advised them to be careful while deciding on opting for online content and coaching being offered by these companies. The government has also advised against making auto-debit payments to any ed-tech platform. This warning comes in the wake of complaints of cheating and forgery by some ed-tech companies. While concerns of mis-selling and fraud are perfectly valid and need to be addressed, does the government’s latest stance indicate an impending crackdown on ed-tech companies à la China? Could it impact India’s booming ed-tech space? How can we implement a regulatory framework to weed out mis-selling and fraud without stifling the dynamic industry?

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Crypto exchanges bet on NFTs amid regulatory concerns

Indian cryptocurrency exchanges seem to have taken a shine to Non-Fungible Tokens (NFTs). At least half a dozen crypto platforms are foraying into the NFT space, assuming that it would not be outlawed as NFTs hold an underlying asset that is traded in digital form. In fact, cryptocurrency exchanges that offer NFTs have grown 40-50% month on month, albeit on a smaller base. NFTs are a unique and noninterchangeable digital representation of art photo, video, text – that exist on a blockchain. The global market for NFTs hit $22 billion in 2021, according to DappRadar, a global app store for decentralised applications. In March last year, a digital collage created by artist Mike Winkelmann, known professionally as Beeple, was sold for $69. 3 million. Indian creators sold NFTs worth Rs 2. 4 crores on the WazirX NFT marketplace till December 20, according to a newsletter by cryptocurrency exchange WazirX.

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Fintech platform Eko witnesses 30% month-on-month growth within seven months

Fintech platform Eko has seen a 30% month-on-month growth within seven months. Previously, the company recorded 12.5x revenue growth over 4 years, ending 2020. While the nationwide lockdowns led to a sharp decline in the company’s and its partners’ businesses, Eko embraced the digital route to acquire and retain users over its existing offline-only operations. The company quadrupled the volume of new transacting users in six months, exceeding the volumes of pre-covid offline acquisitions per month, it said in a statement. “From pioneering money transfer to devising unique credit products like daily loans with flexible payments to extending the services beyond banking transactions, we like to keep up our spirit of continuous innovation. When Covid presented us with a new challenge, we took the plunge to go completely digital,” Abhinav Sinha, co-founder Eko, said.

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Centre asks Apple to make goods worth $50 billion annually in India

The Centre has proposed that electronics giant Apple generate annual production output worth $50 billion in India over the next 5-6 years in a push to its ‘Make in India’ programme. This would include expanding its locally-made product kitty beyond iPhones to include Macbooks, iPads, air pods and watches. “The meeting with the Apple officials happened recently, where senior members of the government – including a top minister – were present,” a source told TOI. They explained that the government told Apple that India is setting up an enabling environment to give a massive push to electronics manufacturing in the country, with a big eye on exports. “The enabling environment includes production-linked incentive (PLI) schemes to encourage companies to invest in, and grow, manufacturing in India. Also, capital subsidy plans are being given out, such as the one allotted for kickstarting semiconductor manufacturing where the government has extended a support of $10 billion for those willing to invest,” TOI’s source added.

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CCI orders probe against Apple over its App store policies

In a major setback for technology giant Apple, the Competition Commission of India (CCI) has ordered a probe into operations of the company in India over alleged unfair business practices pertaining to its app store policies. The commission has also directed the Director-General to complete the investigation and submit the investigation report within a period of 60 days from the date of the order. The order copy said that Apple’s App Store is the only channel for app developers to distribute their apps to iOS consumers which are pre-installed on every iPhone and iPad. The watchdog is convinced that a prima facie case is made out against Apple, which merits investigation.

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7) Politics

PM Modi to Visit Manipur, Tripura on Jan 4 to Inaugurate Several Developmental Projects Worth Crores

Prime Minister Narendra Modi will be visiting poll-bound Manipur as well as Tripura on January 4 to inaugurate different development projects in the Northeast region. Right from road infrastructure projects to mobile connectivity to health infrastructure, Prime Minister Modi will dedicate projects worth Rs 4,800 crore to Manipur alone. Tripura will go to the polls in 2023. Abhishek Banerjee, national general secretary of the TMC, is also in Tripura to meet members of the Adivasi community, as well as party workers injured in violent clashes during the civic body polls.

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Samajwadi Party faces set back in UP, as Party leader Shatarudra Prakash joins BJP

In a setback to the Samajwadi Party (SP), its MLC and former Uttar Pradesh minister Shatarudra Prakash joined the BJP at the saffron party’s state headquarters here on Friday. A socialist since his student days, Prakash joined the BJP in the presence of the party’s state unit chief Swatantra Dev Singh. Prakash had praised Prime Minister Narendra Modi after the inauguration of the Kashi Vishwanath Corridor. During the recent winter session of the state legislature, he congratulated Modi and Uttar Pradesh Chief Minister Yogi Adityanath in the Legislative Council for making the Vishwanath Dham temple complex spacious and beautiful.

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Ikk Jutt Jammu gets registered as political party, to pitch for separate Jammu State

A breath of fresh air in a stale political ecosystem is how supporters of Ikk Jutt, Jammu – a new political party launched on Thursday- describe it after it was registered by Election Commission of India. “It is for the first time in the history of Jammu and Kashmir that a Jammu specific – all its 10 districts included – has come up and is duly registered by Election Commission of India,” Ankur Sharma, the head of the Ikk Jutt Jammu said. Sharma said that his party will fight assembly elections from all 43 seats of Jammu. “We have nothing to do with Kashmir,” he went on. A prominent lawyer based out of Jammu; Sharma has pitched for a separate Jammu state since the party started to shape up two to three years ago. He makes no bones about Kashmir saying it should continue as a Union Territory, ruled directly by Centre.

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8) Sports

SA vs IND 2nd Test: Virat Kohli’s men on the cusp of history, look to seal series win in Johannesburg

While India have managed to a draw a series once in 2010/11, a win has always eluded the team in the Rainbow Nation. But the team that arrived in South Africa for the ongoing tour was widely touted as being capable to break that run and emphatically made a case for themselves when they stormed to a 113-run win in the first Test in Centurion. South Africa have a world class seamer in Kagiso Rabada while Lungi Ngidi looked good in the first Test. Duanne Olivier, who was out with a hamstring injury in the first Test, could also return making the South African pace attack a formidable one. However, India edged ahead in the first Test with their own fast bowling attack and spinner Ravichandran Ashwin taking two wickets to end the Test was the cherry on top.

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India readies an ambitious aero sports policy, targeting 2023

The Ministry of Civil Aviation on Saturday issued a draft National Air Sports Policy (NASP) to leverage India’s potential for air sports, given its large geographical expanse, diverse topography and fair-weather conditions. The draft NASP 2022 covers sports such as aerobatics, aeromodelling, ballooning, drones, gliding, hang gliding, paragliding and skydiving. An Air Sports Federation of India (ASFI) will be established as the apex governing body, according to the draft NASP. Associations for each air sport will handle day-to-day activities. For instance, the Paragliding Association of India will manage sports within its ambit. Long term funding for the development of air sports in India should come from corporate investors, sponsors, membership fees, events and media rights, it mentioned. ASFI may seek financial support from the Government of India for the promotion of air sports, especially in the initial years.

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9) Opinion

EdTech revolution, which is set to accelerate in India, will make learning fun and personalized

A report by PricewaterhouseCoopers and the Confederation of Indian Industry says teachers, students and parents are not just enthusiastic about but also accepting of the numerous benefits that the EdTech mode offers — like flexibility of timings, personalised/customised study material for students, and the continuity of education even during challenging times. It also implies that the online class is likely to expand to other core learning areas such as skill upgradation and university education. In the new year, the EdTech revolution is likely to get accelerated in the country. Online education will have a greater reach and distribution in tier-2 and tier-3 cities as the accessibility of internet data increases.

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NBFCs to witness revival in growth this year; may see slight uptick in NPAs

Recently, the Trends and Progress of Banking of India in 2020-21 report released by the RBI said, “With increased pace of vaccinations and the broadening revival of the economy, the NBFC sector is expected to remain buoyant.” Non-banking financial companies (NBFCs) showed resilience in 2021 despite the coronavirus pandemic woes and are expected to witness continued momentum in growth this year. This year, the growth will be driven by the uptick in the economy, stronger balance sheet, higher provisions and improved capital positions of NBFCs. On the other hand, gross non-performing assets (NPAs) of NBFCs are likely to rise, following the Reserve Bank of India’s (RBI) move to tighten the NPA norms in November 2021.

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Foldable phones will turn a corner in 2022 as new models flood market

India’s smartphone market is set to be flooded with foldable phones in 2022 with all top brands such as Xiaomi, Apple, Samsung, Oppo and Vivo likely betting on such devices. The segment is likely to touch 300,000-unit sales in 2022 from 1,75,150 units in 2021, a whopping 600 plus percent on year jump, albeit on a smaller base, sector watchers said. “In terms of sales volumes, the market is likely to cross 300,000 units in 2022, which will be close to 7% of the luxe segment of smartphones,” said Faisal Kawoosa, founder of research firm, Techarc. Today, about 4.2% of the luxury segment – defined as phones priced more than Rs 50,000 – is in the foldable category. He added that in 2022, foldable smartphone revenues are expected to grow 60% on-year, or ?3,200 crore, for the industry.

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Start-up IPOs to buck Covid fears in 2022, Experts bullish about public listings

With quite a few new-age companies lined up to hit the public markets in 2022, market analysts are bullish about the prospective initial public offerings (IPO) in the year ahead, although concerns of a resurgent Covid-19 and the Omicron variant loom large. At least 16 start-ups are expected to go public in 2022, out of which three have received SEBI’s approval, and six are yet to receive SEBI nod for the IPO. Amidst the recent IPO rush, the weak listing of companies such as Paytm, Fino Payments and RateGain have also raised concerns over prospects of upcoming offers of tech-backed companies. The rising cases of the Omicron variant of Covid-19 has also impacted recent offers as it has subdued the overall market sentiments.

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10) Weekly special

India has huge potential to become global crypto hub but clarity key, say Indian crypto start-ups, investors

During a panel discussion on “India’s crypto story: the way forward,” Raghu Mohan, Co-founder and CEO, Builders Tribe and Lumos Labs, spoke to crypto start-up ecosystem stakeholders such as Aniket Jindal, Co-founder, Biconomy; Pranav Sharma, Founding Partners, Woodstock Fund; Tarusha Mittal, Co-founder and CEO, Unifarm; and Minal Thukral, Executive VP – Growth and Strategy, CoinDCX, to deep-dive into what it’ll take to make India a global crypto hub and build a decentralised future powered by Web 3.0. India has tremendous potential in becoming a global crypto hub, but India needs to develop a clear playbook for setting up and operating businesses with crypto, given the prevailing uncertainty in operating crypto projects in the country, said crypto start-ups and investors. 

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11) Did you know?

Did you know which is the smallest country in the world?

Principality of Sealand: The smallest country in the world

Sealand is an offshore platform situated in the North Sea. It was built by the British during World War II, and was asked to be demolished after World War II since it was outside UK waters. It’s a hulking metal-and-concrete platform in the North Sea that has been run as an independent micronation in defiance of the UK government for the last 54 years.

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With that, we come to an end for our Weekly Current Affairs January 2022 -Week 1. Hope you have liked it. Write your feedback in the comments below and let us know if there is anything else you would like us to cover.

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