India is in dire need of cybersecurity professionals. With several recent incidents of data breach, India's cybersecurity journey so far proves this demand. But is the country ready to meet this demand and is it preparing a cybersecurity workforce for the unforeseen cyber future? A report titled "India Cybersecurity Services Landscape" by Nasscom-Data Security Council of India (DSCI) predicts that the Indian cybersecurity services industry would grow at a compound annual growth rate (CAGR) of about 21 per cent to touch $13.6 billion by 2025. And by 2022, the industry, which generated a cumulative revenue of about $4.3 billion in 2019, is expected to grow to $7.6 billion. However, around 3.5 million jobs in the cybersecurity space will remain unfilled by the end of 2021.
The bulk of the incremental profits will come from oil & gas and automobile sectors.
While there were concerns about the security aspect of drones, top government officials were of the view that restricting the drone industry would stifle a sunrise sector which holds significant promise for future, reports Arindam Majumder.
Sitharaman also listed out various welfare schemes like affordable housing, direct benefit transfer and Ayushman Bharat.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the UK on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial. India has been pressing the United Kingdom to extradite Mallya and Modi to face trial in India for their alleged involvement in cases relating to financial fraud. At a media briefing, joint secretary in the Europe West division in the ministry of external affairs (MEA) Sandeep Chakravorty said British Prime Minister Boris Johnson has mentioned that the authorities in the UK will do whatever possible to make sure that the economic offenders are extradited.
For ICC Women's Player of the Decade, Ellyse Perry (Australia), Meg Lanning (Australia), Suzie Bates (New Zealand), Stafanie Taylor (West Indies), Mithali Raj (India), Sarah Taylor (England) have been nominated.
If the real estate sector is properly managed, it could drive not just finance but demand for a range of products and services, observes T N Ninan.
The steady rise through most of July implies a greater demand for jobs. And most of this demand is being met, says Mahesh Vyas.
India's consumer digital economy which was pegged at $85-90 billion in calendar year 2020, is expected to become a $800 billion market by 2030, according to reports released by consulting firm RedSeer at its flagship event Ground Zero 5.0. The digital economy includes 60 per cent of travel, 40 per cent non-grocery retail, 30 per cent of education, 25 per cent of food and beverages services and 6 per cent of pharma/grocery going through digital channels by calendar year 2030. Online retail is set to become the third-largest market by scale by CY30 with an annual gross merchandise value (GMV) of $350 billion in CY30, said RedSeer.
India has become the third most innovative lower middle-income economy in the world.
The CAD is a critical indicator of the macroeconomic health and represents the gap between the overall foreign exchange expended and received in the economy.
However, the SBI report said it will take almost seven-quarters from Q4 FY21 to reach the pre-pandemic level in nominal terms and there will be a permanent output loss of around 9 per cent of GDP.
Vaishali fell behind early and could not catch up against Gunina, who had finished runner-up in the first leg.
Young Indian Grandmaster Vaishali Rameshbabu's fine run in the first leg of FIDE chess.com Women Speed Chess Championships ended on Friday with a defeat in the semi-finals at the hands of Anna Ushenina of Ukraine. The 19-year-old Chennai player went down 4.5-5.5 to the experienced Ukrainian GM in an exciting last four clash of the online tournament.
Vaishali came back from 2-4 down to oust the experienced Ukrainian by winning the last two bullet games.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
India Inc's quarterly net profit reached a record high of Rs 1.64 trillion in the third quarter ended December 31, 2020, mainly due to gains from higher commodity prices and a big swing in banks' earnings. The combined net profit of 3,323 listed companies that have declared results so far was up 68.6 per cent year-on-year (YoY). In comparison, earnings were up six times (534 per cent) in the second quarter and 6.5 per cent in the corresponding period last year.
India's Rs 4.5-trillion fast-moving consumer goods (FMCG) sector was one of the first to bounce back from the lockdown induced blues, reporting a year-on-year (YoY) growth in the October-December quarter last year. That said, the overall consumption figures continue to remain depressed. The FMCG market, which includes daily consumables like branded atta, hand sanitizers, edible oils, shampoos, razors, and so on, recorded 7.3 per cent value growth during the period, while the smartphone market grew by 21 per cent.
India might be heading towards a "serious livelihood crisis" as the situation seems to be worse this time for the working class amid the COVID crisis and local restrictions by states already add up to something close to a nationwide lockdown, according to noted economist Jean Dreze. In an interview to PTI, he also said the government's target to make India a $5 trillion economy by 2024-25 was never a "feasible target" and was just to pander to the "super-power ambitions" of the Indian elite. About the impact of the second wave of COVID on the Indian economy, the eminent economist said the situation today is not very different from what it was around this time last year as far as working people are concerned.
Wall Street brokerage Goldman Sachs has lowered its estimate for India's economic growth to 11.1 per cent in fiscal year to March 31, 2022, as a number of cities and states announced lockdowns of varying intensities to check spread of coronavirus infections. India is suffering the world's worst outbreak of COVID-19 cases, with deaths crossing 2.22 lakh and new cases above 3.5 lakh daily. This has led to demand for imposition of nationwide strict lockdowns to stem the spread of the virus - a move that the Modi government has so far avoided after the economic devastation last year from a similar strategy.
During the week, gold reserves decreased by $200 million to $26.709 billion.
'Under National Security Advisor Ajit Kumar Doval and now Chief of Defence Staff General Bipin Rawat, India began to actively work on Pakistani internal faultlines with a possibility of the break-up of Pakistan as the only solution,' observes Colonel Anil A Athale (retd).
While presenting the Union Budget to Parliament earlier this month, Finance Minister Nirmalal Sitharaman had raised fiscal deficit target to 3.8 per cent of the GDP from 3.3 per cent pegged earlier for 2019-20 due to revenue shortage.
Former World champion Viswanathan Anand and India cricketer Yuzvendra Chahal among others took part in an online chess charity event, raising Rs 8.8 lakh for the waste pickers' community fighting the coronavirus pandemic. "Chess For Charity", held on Saturday on chess.com, saw India No.1 Anand, No. 2 Vidit Gujrathi, Grandmaster Nihal Sarin, Woman Grandmaster Tania Sachdev and Croatia's Antonio Radic take on a team of comedians comprising Biswa Kalyan Rath, Samay Raina, Abhishek Upamanyu and Aakash Mehta.
Export sectors that recorded positive growth in the last month include iron ore, electronic goods, spices, and marine products.
Young Indian Grandmaster Vaishali Rameshbabu on Thursday beat International Master Munkhzul Turmunkh of Mongolia to storm into the semi-finals of the first leg of FIDE chess.com Women Speed Chess Championships but the country's top player Koneru Humpy bowed out in the opener.
'The Insolvency and Bankruptcy Code cleans up non-performing assets and puts companies in capable and credible hands.'
For the week under review, foreign currency assets, which are the biggest parts of the reserves, increased by $1.642 billion to $410.453 billion.
With the 21 unicorns collectively valued at $73.2 billion, India is the fourth biggest in terms of unicorns, behind the US, China and the UK, as per the Hurun Global Unicorn List.
India's reserve position with IMF rose by $ 7 million to $ 3.636 billion.
As per the survey, 7 per cent of employers anticipate an increase in payrolls, 3 per cent forecast a decrease and 54 per cent expect no change.
India, which appears to have been pushed back to being the world's sixth biggest economy in 2020, will again overtake the UK to become the fifth largest in 2025 and race to the third spot by 2030, a think tank said on Saturday. India had overtaken the UK in 2019 to become the fifth largest economy in the world but has been relegated to 6th spot in 2020. "India has been knocked off course somewhat through the impact of the pandemic. "As a result, after overtaking the UK in 2019, the UK overtakes India again in this year's forecasts and stays ahead till 2024 before India takes over again," the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday. The UK appears to have overtaken India again during 2020 as a result of the weakness of the rupee, it said.
Observing that India's worsening COVID-19 situation and the strict measures to contain it have hit the economy hard, the rating agency said productive capacity has been severely disrupted since the start of the pandemic.
Kohli is last on the list of top-100 athletes, headed by Barcelona and Argentina football superstar Lionel Messi
Batting great Sachin Tendulkar has advised the Harmanpreet Kaur-led Indian women's team which entered its maiden T20 World Cup final on Thursday, to remain positive and "just be in the moment".
There are various estimates of India's debt to GDP ratio, but the consensus is that that it would be over 80 per cent at the end of the current fiscal year.
India skipper Virat Kohli, on Wednesday, said he was 'appalled' after hearing about the death of a pregnant elephant in Mallapuram, Kerala who ate cracker-stuffed pineapple allegedly given by a local.
Most rating agencies had projected contraction in India's GDP for the first quarter of 2020-21.
Changes in lifestyle due to aspects like lockdowns and work from home has created additional demand for items such as television sets, laptops, Wi-Fi routers and even vacuum cleaners, which the bank is funding at present.
Market cap of government companies has remained unchanged in the past 8 years.
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