Wondering if you are up to speed with topics that are likely to pop up at your upcoming dinner meet? Here is an overview of what’s trending in economy and finance this week:
When someone talks about Aadhar Card tell them that council is planning to add Virtual Id as security:
In the new era of technology coming up, the Unique Identification Authority of India (UIDA) has introduced facial recognition along with its fingerprint and iris recognition. As on Monday they released a notification saying that the face authentication will provide additional choices.
Not only this, in order to increase the security a Virtual ID will allow the Aadhar cardholders to generate a 16 digit temporary number that they can link with a bank, insurance company, or telecom provider which will protect the person’s 12 digit Aadhar number. It also added a safety feature to ensure only need-based sharing of information, by way of a limited KYC, even as it asserted that the system and data were safe.
When someone talks about Budget of 2018 tell them Finance Minister has described agriculture sector as priority:
According to our Finance Minister Mr. Arun Jaitley the agricultural sector has clear and evident benefits and the economy growth is not equitable and justifiable without it. He wishes to ensure that the merits of this budget reach the farmers and there is a visible growth in the sector. According to him they have turned the country from a food shortage country to a surplus one but it is now causing the farmers not getting the price of their produce. As per the latest data from the CSO there is only a 2.1% growth in the agricultural sector as compared to 4.9% the last financial year.
When someone talks about foreign investments in India tell them the government has made their norms more lenient than before:
The government has relaxed FDI-Foreign Direct Investment norms for single brand retailers (retailers like Nike that only sell one brand in their stores) allowing them to invest 100% in this sector without government approval. It has also allowed foreign airlines to invest up to 49% in Air India. Along with this government has relaxed FDI in medical devices and for real estate brokers.
The measures, the government said, are intended to “liberalise and simplify the FDI policy so as to provide ease of doing business in the country”.
When someone talks about the state of our economy tell them that World Bank has projected a 7.3% growth rate for India in 2018:
Despite the government undertaking many reforms India has “enormous growth potential” compared to other emerging economies, said the World Bank on Wednesday. It has projected India’s growth rate to 7.3 per cent in 2018 and 7.5 for the next two years.
Despite initial setbacks from demonetization and G.S.T. India is estimated to have grown at 6.7 per cent in 2017, according to the 2018 Global Economics Prospect released by the World Bank.
The Satyam Scandal, India’s biggest corporate scandal broke out in 2009 when the CEO then, B Ramalinga Raju admitted to falsifying company accounts. The accounting scandal amounting to Rs. 7000 crores affected the Indian stock markets and almost 53,000 people lost their jobs. One of the guilty parties was PWC-Price Waterhouse Coopers the auditors responsible to check accounts of Satyam.
And since PWC is part of The Big Four accounting firms in the world people trusted them and didn’t expect them to be a part of this fraud. In light of this, after 9 years The Securities and Exchange Board of India (SEBI- a body protecting interests of investors in the stock market) on Wednesday banned PWC from auditing companies on the stock exchange for two years. In addition to this a monetary penalty of Rs. 130.9 million is imposed on PWC and two of it’s Chartered Accountants. This is a disgorgement imposed on the 3 which means the act of giving up profits illegally obtained.
Now that you know these topics, the next time someone mentions them you know what to say. If there are any such topics spoken about at a party that have made you feel out of the loop, write to us at firstname.lastname@example.org and we will cover it in our next edition.