Endeavor Careers Choicest Blogs: July 2021, Week 02

Welcome to the Endeavor Editors’ 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.

 Current Affairs July 2021 – Week 2

1) International News and Global Economy

IMF approves $650 billion expansion to fight the pandemic

The executive board of the International Monetary Fund approved a $650 billion expansion in resources to support economically vulnerable nations as they battle the coronavirus pandemic. IMF Managing Director Kristalina Georgieva said that the new support, the largest such expansion in the history of the 190-nation lending institution, would be a “shot in the arm for the world.” Republican members of Congress have objected to the funding, saying that the expanded IMF resources would benefit U.S. adversaries such as China, Russia, and Iran. However, the assistance has been strongly supported by international relief agencies.

For details visit.

U.S. adds 14 Chinese companies, to economic black list over Xinjiang

The Biden administration added 14 Chinese companies and other entities to its economic blacklist over alleged human rights abuses and high-tech surveillance in Xinjiang. The Commerce Department said the companies had been “implicated in human rights violations and abuses in the implementation of China’s campaign of repression, mass detention, and high technology surveillance against Uyghurs, Kazakhs, and other members of Muslim minority groups in the Xinjiang Uyghur Autonomous Region” China dismisses accusations of genocide and forced labor in Xinjiang and says its policies are necessary to stamp out separatists and religious extremists who plotted attacks and stirred up tension between mostly Muslim ethnic Uyghurs and Han, China’s largest ethnic group.

For details visit.

‘We’ve been clear what happened in Xinjiang is genocide’: US slams China

US State Department spokesperson Ned Price in Feb said that the US administration has been clear that what’s taking place in Xinjiang is genocide. While responding to a question on Canada’s legislature passing a motion designating China’s action in Xinjiang as genocide, Price said that Secretary Blinken has always said the same and added that collective action will bear more fruit in the bid to tackle China. He further added that they are constantly evaluating information about what is happening in Xinjiang and added that they will work with their partners to seek a change in Beijing’s behavior. 

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President Biden Signs Sweeping Executive Order Targeting Big Business and Anticompetitive Practices

President Joe Biden signed an executive order on Friday targeting what he labeled anticompetitive practices in tech, health care, and other parts of the economy, declaring it would fortify an American ideal “that true capitalism depends on fair and open competition.” The sweeping order includes 72 actions and recommendations that Biden said would lower prices for families, increase wages for workers and promote innovation and foster economic growth. However, new regulations that agencies may write to translate his policy into rules could trigger major legal battles.

For details visit.

How Biden’s Big Tech crackdown could affect companies

President Biden made the case that growing corporate consolidation was bad for the American workforce. CNBC reports on Biden’s latest executive order targeting Big Tech and other sectors.

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China widens clampdown on overseas listings with a pre-IPO review of firms with large user data

China’s cyberspace regulator said any company with data for more than 1 million users must undergo a security review before listing its shares overseas, broadening a clampdown on its large “platform economy”. The security review will put a focus on risks of data being affected, controlled or manipulated by foreign governments after overseas listings, the Cyberspace Administration of China (CAC) said, posting the proposed rules on its website. The security review, according to the CAC, will consider national security risks as “risk of supply chain interruption due to political, diplomatic, trade and other factors,” and risk of key data “maliciously used by foreign governments after listing in foreign countries.” The notice comes after Chinese authorities launched a probe of ride-hailing giant Didi Global Inc for allegedly violating user privacy, just days after its listing in New York.

For details visit.

Why is Beijing cracking down on Chinese tech giants listed on Wall St? 

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Cubans Denounce ‘Misery’ in biggest protests in decades

Shouting “Freedom” and other anti-government slogans, hundreds of Cubans took to the streets in cities around the country to protest food and medicine shortages, in a remarkable eruption of discontent not seen in nearly 30 years. In a country known for repressive crackdowns on dissent, the rallies were widely viewed as astonishing. Activists and analysts called it the first time that so many people had openly protested against the Communist government since the so-called Maleconazo uprising, which exploded in the summer of 1994 into a huge wave of Cubans leaving the country by sea.

For details visit.

G20 recognizes carbon pricing as a climate change tool for the first time

G20 finance leaders recognized carbon pricing as a potential tool to address climate change for the first time in an official communique, taking a tentative step towards promoting the idea and coordinating carbon reduction policies. The move marked a massive shift from the previous four years when former U.S. President Donald Trump’s administration routinely opposed the mention of climate change as a global risk in such international statements. “It is the first time in a G20 communique you could have these two words ‘carbon pricing’ being introduced as a solution for the fight against climate change,” French Finance Minister Bruno Le Maire told reporters.

For details visit.

Carbon Pricing: What is it?

The term “carbon pricing” is often thrown around, but what does it mean? And why does it matter? This video, explains how it is being implemented and the business case behind the policy.

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2) India 

Covid update From UK to Indonesia: How Delta variant is dominating global Covid surge

Covid cases in India may be on a steady decline but several countries across the world are now grappling with a renewed surge in cases on account of the highly contagious Delta variant. First identified in India last year, the fast-spreading variant has now become dominant in countries like the US and UK, leading to a significant spike in recent cases. Data from covidvariants.org shows that the Delta variant accounts for nearly 98% of samples sequenced in the UK and 93% in the US. In India, it accounts for 81% of the samples sequenced recently.

For details visit.

No case of SARS-CoV-2’s Lambda variant found in India yet: Govt

No case of the Lambda variant of SARS-CoV-2 has been found in India so far, the government said. Responding to a question at a press briefing, joint secretary in the health ministry, Lav Agarwal, said Indian SARS-CoV-2 Genomics Consortium (INSACOG) is closely monitoring the variant. “Lambda was the seventh variant of interest identified by the WHO (World Health Organisation) on June 14 and it has been detected in 25 countries,” he said.

For details visit.

COVID-19 variant of interest Lambda found in 29 countries: WHO

The latest COVID-19 variant in the WHO’s watchlist is called Lambda. It was first isolated in Peru in August 2020, but since then it has spread to 29 countries. This has led the WHO on June 16, 2021, to announce that Lambda was also a variant of interest. The variant has spread quickly across the South American countries. Particularly in Peru where 81% of the cases since April 2021 have been linked to this variant. Chile has reported that 32% of all submitted sequences in the last 60 days were of the Lambda variant. Argentina and Ecuador have also reported the presence of the Lambda variant in their countries. Lambda variant cases outnumbered the cases of Alpha variant – a global variant of concern. The variant carries mutations that might increase transmissibility or strengthen the virus’s resistance to antibodies. According to the WHO, evidence about this variant is limited. Further studies are needed to understand the variant to control its spread.

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Maharashtra, Kerala reported 53 percent of India’s total Covid cases last week: Centre

Maharashtra and Kerala recorded more than half of the COVID-19 cases registered in India last week, the Centre said as it stressed that the pandemic is far from over and there is no room for complacency. More than half of the COVID-19 cases reported in India last week were from two states -Maharashtra (21 percent) and Kerala (32 percent). The government said visuals from tourist spots and the way people are mingling without following Covid protocols is “a serious cause of concern” and that such negligence will increase the risk of virus spread.

For details visit.

 A central team of experts dispatched to Kerala to monitor the Zika virus situation

A six-member central team of experts has been dispatched to Kerala to monitor the Zika virus situation and support the state government in the management of cases, the Union health ministry said. The southern state has so far reported 14 cases of the Zika virus. It has been put on alert.

A 24-year-old pregnant woman was the first to have been diagnosed with the mosquito-transmitted disease on 8^th July. 

For details visit.

Other updates
India closely monitoring the situation in Afghanistan, says MEA after the evacuation of staff

The Ministry of External Affairs said the safety of Indian personnel is paramount after India evacuated staff posted in its consulate in Kandahar in view of the deteriorating security situation in Afghanistan. Describing the security situation in Afghanistan as fluid and deteriorating, the Afghan envoy to India Farid Mamundzay has said the Taliban need to cease violence and there should be an end to the bloodshed. “More than 200,000 Afghan civilians are displaced already. There is an active fight going on between Afghan forces and Taliban fighters in 200 districts out of a total of 375. There is also trouble in 18 border districts that share a border with several countries Tajikistan, Uzbekistan, and Iran,” the envoy said.

For details visit.

From July 22 onwards, 200 people will hold protests near Parliament, says BKU’s Rakesh Tikait

Bharatiya Kisan Union leader Rakesh Tikait informed that from July 22 onwards, 200 people will hold protests near Parliament, in view of the ongoing farmers’ protests. Tikait said the farmers are ready to talk with the government on the farm laws but made it clear that the discussions should be held without conditions. Farmers have been protesting at different borders of the national capital since November 26 against the three newly enacted farm laws -Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020; the Farmers Empowerment and Protection) Agreement on Price Assurance and Farm Services Act 2020 and the Essential Commodities (Amendment) Act, 2020.

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The routinized evil of bureaucracy that led to Father Stan Swamy’s death

The 83-year-old Jesuit priest and tribal rights activist, who was arrested by the National Investigation Agency in connection with the Elgaar Parishad case in October died in judicial custody while undergoing treatment at the hospital. He was lodged in Taloja Central Jail before being shifted to the private hospital as his health worsened on May 28. What led to Swamy’s death is the normalized routinized evil of bureaucracy documented by Hannah Arendt and terrifying in its banality — of cogs in machinery encompassing the police, prisons, and courts that never strayed from their carceral imperative enough to see the patent injustice of Swamy’s incarceration.

For details visit.

Explained: What’s behind the India Out campaign in the Maldives?

The Indian High Commission in the Maldives has sought government action and greater security following what it calls “recurring articles and social media posts attacking the dignity of the High Commission” and diplomats posted in the country. Last week, a letter written by the High Commission to the country’s Ministry of Foreign Affairs was leaked and widely shared in Maldivian local media and across social media platforms. The letter cited the Preamble of the Vienna Convention on Diplomatic Relations (1961) and stated that these “attacks are motivated, malicious and increasingly personal” and indicated that they could potentially “damage the time-tested and mutually beneficial bilateral relations between India and the Maldives”. 

For details visit.

3) Economy

Demand picking up on back of robust activities: Assocham

Demand is picking up on the back of robust activities in rural segments and sectors like construction and consumer durables, industry body Assocham said. It said domestic travel and tourism are also witnessing an unleashing of pent-up demand. Construction activities that were suspended in April have resumed in several sectors like road building, repairs and maintenance, and residential projects. There is an expectation that the demand for farm equipment, machinery, and tractors will remain robust and may pick up traction after Monsoon, it said.

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Swift recovery expected due to limited impact of lockdown on the economy: Survey

India’s economy is expected to see a swift recovery from the impact of the second wave of COVID-19 as lockdowns were largely designed to limit social gatherings and did not affect economic activities much, a CII survey said. About 60 percent of CEOs participating in the survey expect that the recovery in sales of their companies would be better than that in the first wave of the pandemic. The survey added that vaccination holds the key to mitigating the impact of the second wave on economic activity and boosting consumer sentiment.

For details visit.

Indian economy is poised for double-digit growth: Niti Aayog VC Rajiv Kumar

With India’s story remaining “very strong”, the economy will register a double-digit growth in the current fiscal and the disinvestment climate also looks better, said Niti Aayog Vice Chairman Rajiv Kumar. He also asserted that the country is prepared in a far better manner in case there is a COVID wave as states have also their own lessons from the previous two waves. The economy contracted by 7.3 percent in the financial year ended March 31, 2021.

Among rating agencies, S&P Global Ratings has cut India’s growth forecast for the current fiscal to 9.5 percent from 11 percent earlier, while Fitch Ratings has slashed the projection to 10 percent from 12.8 percent estimated earlier. The downward revisions were mainly due to slowing recovery post-second COVID wave. Indicating the possibility of a strong rebound, the Reserve Bank has pegged economic growth at 9.5 percent in the current fiscal that ends on March 31, 2022.

For details visit.

4) Markets, Banking, and Finance

IDBI Bank disinvestment: Govt approves 100% stake sale by Centre, LIC

The government has approved the sale of its entire stake, and that of the Life Insurance Corporation of India (LIC), in IDBI bank. On July 9, the Department of Investment and Public Asset Management (DIPAM) said the Cabinet Committee of Economic Affairs (CCEA) has given its go-ahead to the government and the LIC to offload 100 percent of their entire stakes in IDBI Bank, along with a transfer of management. At present, IDBI Bank is classified as a private sector bank by the RBI with the government’s shareholding at 45.5 percent, LIC’s shareholding at 49.24 percent, and the non-promoter shareholding at 5.29 percent.

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Bad loans of Indian banks to peak after FY23, says Fitch

The bad loans of Indian banks are likely to peak after the financial year 2022-23 as the regulatory relief measures amidst the COVID-19 pandemic have postponed underlying asset quality issues, for now, Fitch Ratings said. Saying the bad loans ratio of Indian banks at 7.5 percent in FY21 was moderately better than its expectations, Fitch said it was supported by declining fresh bad loans as well as high levels of write-offs. “Continued relief measures aimed at COVID-19 affected segments (such as micro, small and medium enterprises (MSME), retail and contact services) played a crucial role in deferring recognition of problems with asset quality,” the rating agency said in a report titled “Indian Banks 2021 Report Card”.

For details visit.

5) Business

BSNL’s 4G network trial: TCS, Tech Mahindra among shortlisted firms

Domestic tech majors like Tata Consultancy Services (TCS), Tech Mahindra, HFCL, and L&T have been shortlisted by state-run BSNL to conduct trials to test their local equipment. These firms will be given four months’ time to conduct the trials and display proof of their 4G network technology, after which the successful ones will be eligible to bid for rolling out BSNL’s 4G network. Under the multi-vendor model for which trials are being conducted, the 4G network would be built and managed by a system integrator, which would basically partner with different companies for hardware and software and assemble everything. This is a new model that is being tried globally. For BSNL, as the system integrator would be an Indian player, it would lend a domestic touch in building the network.

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Can BPCL get domestically produced LPG after privatization?

A two-decade-old LPG supply order restricting supply of domestically produced LPG to only state-owned oil companies have stymied plans to allow Bharat Petroleum Corporation Ltd (BPCL) to continue selling subsidized cooking gas (LPG) after its privatization. Currently, BPCL has more than 8.4 crores domestic LPG customers, including 2.1 crore Ujjwala customers. The company does not produce enough LPG at its refineries to be able to cater to the requirement of all these. The Liquefied Petroleum Gas (Regulation of Supply and Distribution) Order, 2020, known as LPG Control Order of 2000, restricts the sale of indigenously produced cooking gas only to state-owned oil marketing companies — Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and BPCL. The 2000 Control Order was issued as the nation is short in LPG production. Once BPCL is privatized, the 2000 order will bar ONGC and GAIL from selling LPG to BPCL, the officials said.

For details visit.

6) Technology

BIS, IMF call for global coordination on digital central bank currencies

The Bank for International Settlements, the International Monetary Fund, and the World Bank made a joint call for global cooperation on central bank digital currencies. Around 90% of the world’s central banks are currently looking at creating digital versions of their currencies, raising questions about how they will work and operate with each other. “CBDCs (central bank digital currencies) offers the opportunity to start with a ‘clean slate. It is crucially important that central banks take the cross-border dimension into account,” Jon Cunliffe, Chair of the Committee on Payments and Market Infrastructures and Deputy Governor for Financial Stability of the Bank of England, said in a report prepared for the G20 meeting in Italy.

For details visit.

Why Central Banks want to get into Digital Currencies

Intense interest in cryptocurrencies, like bitcoin, and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own. Advocates argue that central bank digital currencies, or CBDCs, can make cross-border transactions easier, promote financial inclusion, and provide payment system stability. Here’s how central bank digital currencies could become the future of digital finance.

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A wise move? London listing may open fintech floodgates

Wise’s record-breaking direct listing has come as a relief to other tech firms aiming to go public in the coming months, the bankers managing those deals and to post-Brexit London.

Wise, a cross-border payments firm formerly known as TransferWise, made its market debut on 7^th July, becoming the biggest tech company to list on the London stock exchange. “The Wise listing has been a huge success and very positive for the London market in terms of validating it as a great listing location for high growth tech and fintech companies,” James Fleming, Citi’s co-head of banking, capital markets and advisory in the UK and Ireland, said.

“London has the potential to be a global fintech center, and someone like Wise listing on the stock markets gives other companies options,” Rosh Wijayarathna, a managing director in the corporate banking division at Silicon Valley Bank, said.

For details visit.

Paytm, president Amit Nayyar, other high-profile execs quit ahead of IPO 

Some senior Paytm executives have quit ahead of its highly anticipated $2.3 billion Initial Public Offering (IPO). This includes Amit Nayyar, the president of Paytm, who has tendered resignation. Nayyar, a former Goldman Sachs executive, came on board in 2019 to build the start-up’s financial services arm and has been instrumental in propelling its insurance and lending verticals. Paytm declined to comment on the exits. 

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Zomato lowers losses by 60% In FY21; Eyes Grocery push after IPO

Zomato has reported narrower losses in FY 2021 with 60% of its food delivery business recovering well after the pandemic last year, according to the company’s chief financial officer Akshant Goyal said at the company’s call related to its initial public offering (IPO). The company says it’s banking on replacing the home-cooked food consumption segment to drive restaurant food consumption. “We are disrupting the Indian habit of home-cooked food. India is a large opportunity for us and we will remain focused in this space,” said Gupta. In addition to its B2B supply chain business Hyperpure, the company is also doubling down on B2C online grocery delivery and will launch its grocery offering shortly, pitching itself against the likes of BigBasket. It has recently made a $100 mn investment in BigBasket rival Grofers but the company said that the investment is independent of its grocery plans.

For details visit.

7) Politics

From lawyers to doctors, PM Modi’s new cabinet is a mix of professionals

Among the 36 new faces in Prime Minister Narendra Modi’s council of ministers, eight are lawyers, four are doctors, two former IAS officers and four MBA degree holders, besides several engineers, making it an eclectic mix of professionals. Apart from addressing regional and community aspirations, the focus it seems has been on bringing in highly qualified members and those with experience of administration in states in an effort to reboot the government midway in its term.

For details visit.

Key insights from Cabinet changes on Modi-Shah BJP’s changing politics, return of allies, RSS-lite

Looking beyond who’s in and who’s out, Shekhar Gupta lists some of the key political takeaways from the Cabinet changes and reads how the Modi-Shah BJP’s mind & approach are changing.

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42% of ministers declared criminal cases against them: ADR

As many as 15 new cabinet ministers and 28 ministers of state were sworn in on 7^th July, taking the strength of the council of ministers to 78. Of all the ministers analyzed, 33 (42 percent) have declared criminal cases against themselves, said the Association for Democratic Reforms report citing their poll affidavits. About 24 or 31 percent of ministers have declared serious criminal cases including cases related to murder, attempt to murder, robbery, etc.

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Mukul Roy appointed PAC chairman in West Bengal Assembly; BJP stages walkout

Senior TMC leader Mukul Roy, who recently switched over to the ruling camp in Bengal after winning the assembly polls on a BJP ticket, was appointed as the chairperson of Public Accounts Committee in the Assembly by Speaker Biman Banerjee. BJP MLAs, led by Leader of Opposition Suvendu Adhikari, staged a walkout in the Assembly, protesting against this decision. Adhikari said that an opposition MLA is usually appointed as the PAC chairman in accordance with the norm, but the TMC misused that rule to appoint Roy as its chairman.

For details visit.

8) Sports

Euro 2020 final: Italy beat England 3-2 on penalties in final to win their 2nd European Championship title

This is Italy’s second European Championship title. They had last won the continental crown back in 1968. Italy lifted their second European Championship trophy after they defeated England 3-2 in penalty shoot-out in the Euro 2020 final at Wembley Stadium in London. The match had ended 1-1 after extra time. Marcus Rashford, Jadon Sancho, and Bukayo Saka missed for the Three Lions as Italy goalkeeper Gianluigi Donnarumma saved two penalties in a row to take his team to the title.

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Wimbledon 2021: Novak Djokovic Wins 20th Grand Slam with Sixth Wimbledon triumph

Novak Djokovic won a record-equalling 20th Grand Slam title and sixth Wimbledon with a four-set victory over battling Matteo Berrettini of Italy. The world number one triumphed 6-7 (4/7), 6-4, 6-4, 6-3 to move level on 20 majors with Roger Federer and Rafael Nadal. His win also put him three-quarters of the way to the first calendar Grand Slam of all four majors since 1969. A sixth victory at the All-England Club for Djokovic, who was playing in his 30th final at the Slams, added to his nine Australian Opens, two Roland Garros titles as well as three at the US Open.

For details visit.

Copa America 2021 Final Highlights: Argentina beat Brazil 1-0; Messi wins first Senior International Trophy

Lionel Messi’s Argentina beat Brazil 1-0 in Copa America final to secure the national team’s first title in 28 years and the superstar’s first major international trophy. Argentina’s winning goal at the Maracana Stadium in Rio de Janeiro came in the 22nd minute after Rodrigo de Paul made a long pass to Angel di Maria. The 33-year-old veteran striker counted on some sloppy defending from left-back Renan Lodi to take control and lob it past goalkeeper Ederson. It was only the third goal Brazil conceded in the tournament. Neymar tried hard with dribbles and passes, but the Selecao barely threatened Argentina goalkeeper Emiliano Martinez.

For details visit.

Indian-origin Samir Banerjee lifts Wimbledon boys’ singles title

American tennis player of Indian-origin Samir Banerjee lifted the Wimbledon boys singles title with a straight-set win over compatriot Victor Lilov, here. Playing only his second junior Grand Slam, 17-year-old won 7-5 6-3 in the final that lasted in one hour 22 minutes. At the junior French Open, Banerjee, ranked 19 in the world, had crashed out in the first round.

For details visit.

9) Opinion

What does the MSME sector expect from its new minister Narayan Tatu Rane?

The cabinet reshuffle of Prime Minister Narendra Modi’s government took place on July 7, which saw some key names exiting, and making way for some fresh faces at the helm. Newly appointed minister for micro, small and medium enterprises (MSMEs), Narayan Tatu Rane, is one of them.  Rane’s entry into the MSME cabinet is particularly of significance because of the circumstances and the challenges the sector is grappling with. The sector is struggling to meet its working capital requirements despite the various stimulus packages rolled out by the government. Fervent pleas from the sector are to ensure that MSMEs receive their payments on time so as to keep their day-to-day operations running smoothly.

For details visit.

News Analysis | A perception shift in relations between Sri Lanka and China?

From the time the pandemic struck last year, China has topped the charts in providing crucial and timely support to Sri Lanka by way of over $ 2 billion in loans and a currency swap, and Sinopharm vaccines totaling over a million in donation, and about six million for procurement so far. However, despite the past and pandemic-time assistance, China is under more public scrutiny in the island nation than ever before. There is growing skepticism of China, in public discourse and the media. The sentiment came to the fore in May this year, when the government passed a controversial Bill governing the China-backed Colombo Port City, and during recent controversies over signboards in public places and government offices that included mandarin while excluding Tamil, a national language in Sri Lanka. In resistance to the Port City Bill, Sri Lanka’s influential Buddhist monks said they would never allow a “Chinese colony” in their country. What has changed in how Sri Lankans perceive their country’s relationship with the Asian giant?

For details visit.

How identifying hotspots of zoonotic disease could prevent another pandemic

As the coronavirus pandemic continues to rage across the globe, active measures are required to quell further outbreaks of zoonotic diseases. For decades, scientists have been warning of dangerous zoonoses — zoonotic diseases caused by germs that spread between animals and people. From SARS to MERS and Ebola, many infectious diseases are transmitted by viruses that have an animal origin. According to a report by the World Biodiversity Council, there are as many as 1.7 million undetected viruses in the animal kingdom, 827,000 of which could infect humans. As humans and wild animals come into ever-closer contact, it is unlikely that COVID-19 is the last pandemic in our globalized world.

For details visit. 

Will UPI kill the Card & Cash Model?

With its focus on cleaning up the black economy, the government and the Reserve Bank of India launched the UPI through the National Payments Corporation of India (NPCI) in August 2016. But it struggled with adoption, especially on the person-to-merchant payments (P2M) even if person-to-person (P2P) payments caught on. Cut to June 2021, the NPCI clocked a record 2.8 Bn transactions, up 10% month on month. It also reported transactions worth INR 5.47 Lakh Cr. In India, UPI has increasingly become a threat to major card payment solution providers like Visa and Mastercard. UPI service providers like GooglePay, PhonePe, AmazonPay have managed to make inroads to replace cash for a large number of use-cases where cards did not have a presence. Now they are also threatening the credit card turf of the card companies with solutions like auto-debit. UPI-based credit products, however, are yet to find mass adoption. And these payments are not happening in the top tier 1 and 2 cities alone. Increasingly it is a small-town phenomenon, although rural growth is yet to pick up.

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Why Tech companies are chasing Cybersecurity experts

One of the fastest-growing domains of the IT industry, cybersecurity has witnessed rising demands in recent years. The increasing number of mobile phone users and easy affordability of high-speed internet has made cybersecurity all the more relevant today, especially in the Indian context where people have become more reliant on online monetary transactions after the demonetization. Unfortunately, awareness around safe internet usage is not that high enough, making users susceptible to cyber-attacks. The Mint reports that this year, India has witnessed a massive surge in cybercrimes following the rapid digitization in the pandemic era. On average, more than 3000 cyber-attacks have been reported daily, amounting to 1.16 million cases in 2020. The rising cases of cyber-attacks are a clear indication that we need to prepare a skilled workforce who can protect our digital assets and ensure the uninterrupted progress of global business.

For details visit.

With that, we come to an end for our Weekly Current Affairs July 2021 -Week 2. 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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