Fitch reduces India’s GDP forecast for FY22 to 8.4 %
Smartphones can be subsidized using the USO fund: Ambani.
Billionaire Mukesh Ambani urged that the USO Fund be used to subsidize smartphones for specific groups to help them enter the digital revolution.
The Universal Service Obligation (USO) Fund, which was establish in April 2002 to achieve universal service objectives by providing entree to telephone services in rural or remote areas. As well as the creation of infrastructure for mobile services and broadband in these areas. Receives up to 5% of the license fee paid by telecom operators.
Fitch reduces India’s GDP forecast for FY22 to 8.4%.
Fitch Ratings cut India’s economic growth forecast for the current fiscal year, which ends March 31, 2022. To 8.4 percent, citing a slower-than-expected recovery from the second wave of COVID infections.
Fitch previously predicted 8.7 percent GDP growth in 2021-22. However, it increased its growth forecast for the next fiscal year (FY23) to 10.3 percent from 10 percent previously.
Meta will train 1 crore small businesses and 250,000 creators in India.
Meta (formerly Facebook) announced on Wednesday that it plans to train 1 crore small businesses. And 2,50,000 creators in the country over the next three years through its Centre for Fueling India’s New Economy (CFINE) in Delhi-NCR. The new Centre will be dedicate to training and skilling India’s small business owners, creators. Entrepreneurs, and local communities in order for them to capitalise on the country’s digital transformation.
CFINE is house in one of Meta’s largest Asian offices, which has been establish in the city. The new office, the company’s first standalone facility in Asia, will house various teams from Facebook, Instagram, and WhatsApp.
The RBI will allow banks to inject capital into overseas branches without prior approval.
RBI announced that banks would invest capital in their overseas branches and repatriate profits without seeking prior approval from the RBI. “To provide operational versatility to banks, it has been decide that banks do not need to seek prior approval from the RBI. If they meet the regulatory capital requirements,” RBI Governor Shaktikanta Das said.
