Finishing Fourth
After an impressive performance at the Olympics last year, India once again put up an excellent performance at the 2022 Commonwealth Games in Birmingham. India was ranked fourth at the games with 61 medals in total consisting of 22 gold, 16 silver, and 23 bronze. However, India fell one rank from the 2018 CWG, where it was ranked third with 66 medals. India’s best performance in the Commonwealth Games so far was in 2010 in Delhi, where it ranked second with 101 medals.
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Parliament Productivity
The monsoon session of Parliament this year was one of the least productive sessions in the past eight years. The Lok Sabha functioned only for 47% of its scheduled hours and the Rajya Sabha just 42%, data compiled by PRS Legislative Research shows. The session was marred by protests by Opposition parties on issues such as inflation, goods and services rate hikes, and alleged misuse of the Enforcement Directorate. Budget sessions were found consistently the most productive.
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Oil Toil
$3.92 billion: That was the trade deficit India had with the UAE in May-June, the first two months since a free trade agreement (FTA) between the two countries came into effect. The trade deficit rose fourfold due to the jump in oil and gold imports. India’s exports to the country rose 17.5% during the period but was outpaced by a huge 67% rise in imports. However, the FTA may turn out to be fruitful as India largely imports raw materials from the UAE and exports value-added goods.
Crypto Con
The charges of money laundering made by the Enforcement Directorate against crypto exchange WazirX have put a spotlight on possible evasion by crypto platforms, despite the security and traceability claimed by the blockchain technology. Data by Chainalysis, a blockchain data platform, shows the total value of cryptocurrencies stolen and sent to illicit wallet addresses around the world rose around 80% year-on-year in 2021.
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Study Plans Intact
Ever since the rupee has hit the 80-mark against the dollar, the issue of foreign studies getting costlier has emerged. A Mint analysis shows tuition fees at elite colleges worldwide have indeed grown faster in rupee terms than in local currency due to the continuous weakening of the Indian currency. But it is not a deterrent. Greater access to student loans, hopes of better jobs and a higher standard of living are drawing Indian students to foreign campuses.
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5G Launch
March 2024: That is the date by which Bharti Airtel aims to cover 5,000 towns and cities with 5G services. The second largest telecom company will launch the 5G services later this month. Airtel has bought the largest pool of mid band spectrum, 30 MHz, in four circles and 20 MHz or above in the rest, which would be adequate for a seamless 5G experience. The company plans to front-load capital expenditure for the rollout.
Tighter Regulation
With the share of loan disbursals through digital channels rising, especially at non-banking financial companies, the Reserve Bank of India has issued guidelines to ensure greater protection to borrowers. The guidelines were issued against the backdrop of complaints of usurious interest rates, aggressive recovery practices, frauds, and breach of data privacy. The rules mandate RBI-regulated entities to disclose the all-inclusive cost of digital loans to borrowers, among others.
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Chart Of The Week: Phone Slump
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As the pandemic-era pent-up demand receded, global smartphone shipments saw a broad-based decline in the June-ended quarter, with only Samsung and Apple bucking the trend.
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