India - NewNerve

World Bank Projects in India: Understanding its Key Priorities and Focus Area

6Jul

By AnkitNo Comments

Blog, Development Projects, Economics, Finance

World Bank Projects in India: Understanding its Key Priorities and Focus Area

The World Bank, a global financial institution dedicated to fighting poverty and fostering development, plays a significant role in India's economic and social progress. The World Bank projects in India are carefully aligned with the country's development priorities, reflecting a collaborative approach to achieving shared goals. Here's how: 1. Aligning with National Development Plans: The World Bank projects in India are designed to support India's national development plans, such as the Sustainable Development Goals (SDGs) and the National Development Strategy. This ensures that projects address key areas of focus for the Indian government. For example, the "India Climate Resilient Agriculture Project" directly contributes to achieving SDG 2 (Zero Hunger) and SDG 13 (Climate Ac...

Madhya Pradesh Tourism: Where History Meets Wildlife, and Adventure Meets Serenity

1Jun

By Ankit1 Comment

Madhya Pradesh, Blog, Exploring India, Travel

Madhya Pradesh Tourism: Where History Meets Wildlife, and Adventure Meets Serenity

Madhya Pradesh, with its vast forests and diverse ecosystems, is a crucial stronghold for India's rich biodiversity. The state's commitment to preserving this natural heritage is evident in its proactive policies and initiatives. Let's explore some of these efforts, backed by factual numbers: Key Conservation Efforts: National Parks and Wildlife Sanctuaries: Madhya Pradesh boasts a network of 29 national parks and wildlife sanctuaries, covering a total area of approximately 12,000 sq km. These protected areas provide safe havens for endangered species like tigers, leopards, sloth bears, and various bird species. Tiger Conservation: Madhya Pradesh has been a leader in tiger conservation, with its national parks and sanctuaries playing a crucial role in increasing tiger population...

Discover Madhya Pradesh: The Heart of Incredible India

1Jun

By Ankit1 Comment

Blog, Exploring India, Madhya Pradesh, Travel

Discover Madhya Pradesh: The Heart of Incredible India

Madhya Pradesh, often referred to as the "Heart of India," is a state brimming with rich history, diverse culture, and breathtaking natural beauty. Located in the central region of the country, it holds immense significance in India's geographic, historical, political, and agricultural landscape. Let's delve deeper into the multifaceted nature of this fascinating state. Geographic Significance: Central Location: Madhya Pradesh's strategic location at the heart of India makes it a vital link connecting the north, south, east, and west. This central position has historically played a crucial role in trade and cultural exchange. Diverse Terrain: The state boasts a diverse topography, ranging from the Vindhya and Satpura mountain ranges to fertile plains and plateaus. This varie...

How India is Becoming a Global Fintech Hub, 2024

19May

By AnkitNo Comments

Blog, Fintech

How India is Becoming a Global Fintech Hub, 2024

The Indian fintech market is experiencing explosive growth, attracting significant global attention and investment, and becoming a Global Fintech Hub. This burgeoning landscape is fueled by several key factors: 1. A Vast and Underserved Population: India boasts a massive population, with a large segment still lacking access to traditional financial services. This creates a huge potential market for fintech solutions that can offer affordable and accessible financial products. The rise of mobile phones and internet penetration has further fueled this trend, allowing global fintech companies to reach even the most remote areas. 2. Government Support and Favorable Regulatory Environment: The Indian government has actively promoted the growth of fintech...

INR on the World Stage: Challenges and Opportunities”

22Apr

By AnkitNo Comments

BFSI, Economics, Finance

INR on the World Stage: Challenges and Opportunities”

The Indian Rupee (INR) is strategically positioning itself to become an alternative reserve currency on the global stage, despite its recent decline against the US Dollar (USD). This situation, while challenging, has spurred India into action, leading to significant agreements aimed at bolstering the INR’s international standing. India’s Strategic Moves Toward Reserve Currency Status Oil Trade Agreements: India, heavily dependent on oil imports, has taken proactive steps to mitigate the impact of the INR’s devaluation. Last July, India signed a pact with the United Arab Emirates (UAE) to pay oil bills in INR. This arrangement helps reduce the vulnerability caused by fluctuations in the USD-INR exchange rate. Additionally, India has executed INR trades for Russian oil import...

India’s Forex Fall to $643 Billion, Steepest Decline in 3 Months: What Does It Mean for the Indian Economy?

20Apr

By AnkitNo Comments

BFSI, Business, Economics, Wealthtech

India’s Forex Fall to $643 Billion, Steepest Decline in 3 Months: What Does It Mean for the Indian Economy?

India's foreign exchange reserves declined by $5.4 billion to $643.16 billion for the first time in eight weeks as of April 12, as per data released by the Reserve Bank of India. This is the steepest decline in Forex in over three months. Earlier, it rose by $32.5 billion over a period of seven weeks. Key Points: This is the first decline in Forex reserves in eight weeks. The decline is the steepest in over three months. The decline is attributed to the central bank's intervention in the forex market to control volatility. The rupee settled at 83.47 against the dollar on Friday. Reasons for the decline in Forex Reserves The central bank has been selling dollars in the spot forex market over the last few sessions to prevent a large-scale depreciation in the rupee amid g...

Aditya Birla’s Financial Businesses Set to Soar: Expects 19%-21% Growth in 3-5 Years

17Apr

By Ankit1 Comment

NBFC, BFSI

Aditya Birla’s Financial Businesses Set to Soar: Expects 19%-21% Growth in 3-5 Years

In an exciting development for the financial sector, Aditya Birla Group, one of India's leading conglomerates, has announced its optimistic outlook for the growth of its key financial businesses. Chairman Kumar Mangalam Birla unveiled the group's projections, stating that they anticipate a remarkable compounded annual growth rate (CAGR) of 19% to 21% over the next three to five years. This revelation signals a strong commitment to expanding their presence and influence in the financial services industry. Announcement from Aditya Birla Capital During a recent event in Mumbai, Aditya Birla Capital, the financial services arm of the group, introduced a digital application called ABCD. This innovative platform aims to attract a substantial customer base, with a target of acquiring 30 million...

SBI Urges Government to Grant Full Tax Exemption on Rs 2.7 Lakh Crore Interest Earned by Senior Citizen Deposits

17Apr

By Ankit1 Comment

Banking, Finance, NBFC

SBI Urges Government to Grant Full Tax Exemption on Rs 2.7 Lakh Crore Interest Earned by Senior Citizen Deposits

State Bank of India (SBI), one of India's largest public sector banks, is urging the government to provide a full tax rebate on the interest earned by senior citizens on their deposits. The bank estimates that senior citizens have earned a staggering Rs 2.7 lakh crore in interest, and by assuming an average tax payment of 10%, approximately Rs 27,106 crore could be collected as tax revenue. SBI argues that granting a full tax rebate on these earnings would not impact the government's fiscal deficit and would be a fair measure to support senior citizens. Rising Deposit Rates and Special Schemes: The surge in deposit rates, coupled with higher interest rate differentials for senior citizens, has led to a significant increase in deposit accretion among this demographic. SBI highlights the s...

33% of Indian Consumers Unaware of Risks Posed by Illegal Loan Apps: New Study

16Apr

By Ankit1 Comment

Digital Lending, Cyber Crime, Finance, Lending

33% of Indian Consumers Unaware of Risks Posed by Illegal Loan Apps: New Study

A recent report by the Fintech Association for Consumer Empowerment (FACE) has shed light on the concerning issue of Indian consumers being tricked by illegal loan apps. Despite efforts to raise awareness and enhance consumer protection measures, the report reveals that a significant number of consumers still lack knowledge about digital loans and struggle to identify illegal lending applications. The findings highlight the urgent need for action to address these gaps and safeguard consumers from fraudulent practices. Limited Knowledge and Detection Challenges: According to the report, one-third of high-confidence customers in India have limited understanding of their digital loans and face difficulties in identifying illegal loan apps. Many consumers are unaware of key facts and grievan...

Fintech Funding Trends: A Closer Look at Q1 2024

14Apr

By Ankit3 Comments

Economics, Finance, Fintech

Fintech Funding Trends: A Closer Look at Q1 2024

The first quarter of 2024 has been a rollercoaster ride for the fintech industry. Amidst regulatory changes, economic shifts, and investor caution, fintech funding dynamics have undergone significant transformations. In this article, we delve into the numbers, dissect the trends, and explore what lies ahead for fintech startups. Decline in Year-on-Year Fintech Funding According to the Fintech India report released by data intelligence platform Tracxn, funding during the January-March quarter dried up year on year across various stages: Seed Stage: A staggering 77% decline, with funding plummeting to $9.9 million. Early Stage: A 42% drop, resulting in $147 million. Late Stage: A substantial 60% fall, leaving $394 million on the table compared to ...