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India heading to a current account surplus: K Subramanian

Chief Economic Adviser Krishnamurthy Subramanian

India may witness a current account surplus due to the recent economic reforms announced by the government, said the Chief Economic Adviser, Krishnamurthy Subramanian.

Speaking at CII’s MNCs Conference 2020 on Monday, the CEA also said that the implementation of the labour law reforms has eased compliance burden by way of increased thresholds, change of MSME definition and easier retrenchment norms.

“Owing to the economic reforms measures by the government, the Indian economy may witness a Current Account Surplus despite battling the COVID19 crisis,” he said

The government has taken up several market liberalising measures including enhancing FDI limits in defence, commercialising coal mining, labour law reforms among others as part of the economic packages announced to support the economy amid the pandemic.

Subramanian on Monday said that the intent of the reforms including RERA, employment among others is for formalisation of the economy.

“Macroeconomic configuration is being changed to employment-intensive sectors for sustained growth,” the CEA said.

Soumitra Bhattacharya, Chairman, CII National Committee said that the government reform measures of liberalisation in FDI policies, simplification of agriculture and labour laws, PLI schemes have provided a boost to foreign investment sentiment.

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Business

ICICI, Visa join hands to boost fintech innovation

Digital payments major Visa on Monday announced a collaboration with ICICI Bank on its ‘Visa in a Box’ programme for fintech acceleration.

Through this collaboration, fintechs can access APIs and the developer sandbox of Visa and ICICI Bank, to rapidly build, test and deploy consumer payment applications, Visa said in a statement.

ICICI Bank is the first bank to partner with Visa for its ‘Visa in a Box’ programme in India.

“As part of the alliance, ICICI Bank and Visa have come together to help fintechs launch their prepaid card issuing programme in India. The bank offers its financial technology, in-depth market expertise and payment solutions to accelerate innovation within the thriving fintech community,” it said.

Under the partnership, ICICI Bank has launched co-branded prepaid cards with three fintechs — one each in business banking, business expense management and neo bank.

The statement said that the partnership between Visa and ICICI Bank will further accelerate fintech enablement for innovations across digital issuance, lending and prepaid use cases.

T.R. Ramachandran, Group Country Manager, India and South Asia, Visa said: “As India becomes one of the epicenters for payment innovation, it is incumbent upon established players to create a collaborative ecosystem for fintechs to help contribute to India’s journey of digital payment adoption. We are delighted to partner with our longstanding partner, ICICI Bank, towards this objective.”

He said that through this partnership with ICICI, Visa looks forward to combine its platform assets and expertise, to deliver a robust kickstart for Indian fintechs.

Sudipta Roy, Head of Unsecured Assets, ICICI Bank said: “We believe that this partnership presents us with an opportunity to get innovative solutions for our customers and partners, thereby catering to the growing demand for digital solutions in the country. We look forward to witnessing some pioneering and ground-breaking innovations and solutions through this programme, which have the potential to benefit a larger audience.”

Visa and ICICI Bank will also jointly develop programmes aimed at accelerating growth and innovation in their respective businesses, the statement said. ICICI Bank will also have access to Visa’s growing network of fintech partners — part of the Visa Everywhere Initiative (VEI) — and provide guidance to get them to market in the most efficient way possible.

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Business Economy India News

SEBI Chief calls for increased Investor awareness

Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi

Emphasising on the need for informed decision by investors, Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi has said that investor awareness and education play an important role in the investor’s decision making.

In his message, ahead of the World Investor Week scheduled for November 23-29, Tyagi said that complexities of the securities market have grown manifold during last three decades with so many developments relating to market structure, and newer products among others.

He said that apart from the supply side growth, on the demand side too, newer participants have entered the market. Also, the trends in participation of the retail investors are encouraging in terms of growth in number of portfolios of mutual funds, he said.

“There is a need for the new investors to make informed investment decisions. Thus, investor awareness and education play an important role in education the investor. One should not get lured by false promises and by unsolicited advice,” Tyagi said.

SEBI is member of the International Organisation of Securities Commissions (IOSCO). The World Investor Week is celebrated in October every year, under the aegis of IOSCO.

This year, due to the pandemic, celebration of the World Investor Week has been delayed and it will be celebrated during November 23-29. The SEBI is the National Coordinator for the event.

Also Read: US investors urge SEBI to Effect IPO Reforms

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-Top News India News

India Daily Digital – November 23, 2020 – Apex Court Seeks Report On Covid Fight

Apex Court Seeks Report On Covid Fight; AstraZeneca Vaccine Shows 90% Efficacy; Biden to Unveil First Cabinet Pics on Nov. 24; Hafiz Saeed’s ‘conviction’: A drama to sway FATF – all in India Daily Digital – please click here to read.

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-Top News Asia News

Afghan talks strike breakthrough

Afghan President Ashraf Ghani,

A breakthrough has been reported in the stalled talks between the Afghanistan government and the Taliban after the two sides agreed to include the February 29 US deal, UN endorsements, commitments of the negotiating teams and the will of the Afghan people as bases for upcoming negotiations, according to sources.

The sources said on Sunday that said Afghan chief negotiator Mohammad Massoom Stanikzai and presidential peace advisor Salam Rahimi were on a secret trip to Kabul, seeking President Ashraf Ghani’s approval for the agreed formulation, reports TOLO News.

But there has been no confirmation on this development by either of the two sides.

This comes as negotiators from both the sides met visiting US Secretary of State Mike Pompeo in Doha on November 21.

During their meeting with the top US diplomat, the Afghan Republic negotiators insisted on an end to violence and called for preserving the country’s achievements.

“Concerns of members of the peace delegation about the increase in violence and the US support to the Afghan peace negotiations, which is a common goal, were discussed,” said Habiba Sarabi, a peace negotiator from the Islamic Republic of Afghanistan.

US special envoy Zalmay Khalilzad was also present in the meeting.

Meanwhile, the Taliban said that during their meeting with Pompeo, they insisted on the implementation of the Doha agreement, the removal of names of the group’s members from UN blacklist, release of their prisoners, and the peace negotiations, TOLO News reported.

“The release of remaining prisoners of the Islamic emirate of Afghanistan and ending the blacklists and also issues around intra-Afghan negotiations were discussed,” Taliban spokesman Mohammad Naeem said.

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-Top News UK News

Asian Lite Daily Digital – November 23, 2020 – Tougher 3-Tier Curbs To Greet End of Lockdown

Tougher 3-Tier Curbs To Greet End of Lockdown; Trump Test Dose Gets Panel Nod; OBIT: Khadim Hussain Rizvi; Erdogan meets Abdullah amid peace talks stalemate – all in Asian Lite Daily – please click here to read.

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-Top News World News

G20 reasserts commitment to the Planet

Saudi King Salman bin Abdulaziz Al Saud

The G20 leaders have emphasized the group’s commitments to safeguarding the planet and adopting clean energy, according to an official statement.

During the second and final day of the 12th G20 Riyadh Summit, the Saudi presidency on Sunday hosted a high-level side event on safeguarding the planet, during which the G20 leaders highlighted the importance of Circular Carbon Economy approach to manage greenhouse emissions across the world and industries to protect the planet, reports Xinhua news agency.

The statement noted that G20 remains committed in its efforts to safeguarding the planet by preserving coral reefs, ocean ecosystems, and taking concrete actions to tackle land degradation and habitat loss.

“With a coordinated approach on environment, we ensure the G20 countries’ commitment to building a more inclusive, sustainable, and resilient future,” the statement added.

Addressing the meeting, Saudi King Salman bin Abdulaziz Al Saud stressed that safeguarding the planet is of critical importance.

“With the increase in emissions because of economic and population growth, we must pioneer sustainable, pragmatic, and cost-effective approaches for achieving ambitious climate goals,” he added.

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-Top News Arab News

Asian Lite Daily Digital – November 23, 2020 – G20 Leaders Mull Life After Covid-19

G20 Leaders Mull Life After Covid-19; Trump Test Dose Gets Panel Nod; OBIT: Khadim Hussain Rizvi; Erdogan meets Abdullah amid peace talks stalemate – all in Asian Lite Daily Digital – please click here to read.

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Cricket Sport

Kohli’s absence will create a big hole: Ian Chappel

Virat Kohli

Virat Kohli’s absence for the final three Test of the upcoming Border-Gavaskar Trophy will “create a big hole” in the Indian batting order, believes former Australia captain Ian Chappell.

Kohli will be returning to India after the first Test against Australia — a day-night fixture currently slated to be played at the Adelaide Oval from December 17 — to be with his wife Anushka Sharma for the delivery of their first child. However, he will be part of the limited-overs leg of the tour — three ODIs and three T20Is — beginning November 27.

“India also face a selection dilemma when skipper Virat Kohli departs for home for the birth of his first child following the opening Test. This creates both a big hole in the Indian batting order and an opportunity for one of their talented young players to make a name for himself,” ESPNcricinfo quoted Chappell as saying.

“What was already shaping up as an exciting tussle now has the added stimulus of crucial selection decisions. The result could well come down to who is the bravest set of selectors,” he added.

Australia all-rounder Marcus Stoinis, however, believes missing the last three Tests will not take motivation away from Kohli.

“Don’t worry about Virat. He is up for every single game he is playing. Maybe, there will be extra motivation. I am sure he will be ready to go. As I said he is getting home for the birth of his child which is the right decision, so I am sure he will be extra motivated,” Stoinis said on Saturday.

Also Read: ‘Kohli’s Absence Will Put Pressure On Other Players’

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-Top News Africa News Arab News

UAE calls for dialogue in Ethiopia

H.H. Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Cooperation, UAE

Sheikh Abdullah bin Zayed, the UAE’s Minister of Foreign Affairs and International Cooperation has expressed his concern over recent developments in Ethiopia.

The Minister stressed the need to return to dialogue and implement the rule of law while expressing the UAE’s solidarity with the brotherly Ethiopian people and highlighting the link between security and stability in the Middle East region and the Horn of Africa.

Sheikh Abdullah indicated that the region is witnessing new opportunities that must be seized and built upon, including the peace process in Sudan and South Sudan.

Moreover, he stressed the need to mobilize all international and regional efforts and ensure the stability of the region and the central role of Ethiopia in this vision, as well as work with the African Union and other relevant institutions, indicating that the UAE has made many contacts with partners in Africa, the region, and the international community to put an end to the conflict by peaceful means and avoid escalation in light of the sensitive situation that the region is witnessing.

Ethiopia, Nov. 12 (Xinhua) — People display photos of Tigrian deceased fighters during the 45th anniversary of the founding of the Tigray People’s Liberation Front (TPLF) at Mekelle Stadium in Mekelle, northern Ethiopia. (Xinhua/Michael Tewelde/IANS)

Sheikh Abdullah also indicated that Ethiopia is the key to security and stability in the Horn of Africa and the region, underscoring the importance of preserving the institutions of the Ethiopian state and the unity of the federal system.

He expressed his concern over continued human suffering in the region and the displacement of thousands of innocent people, especially children, women, and the elderly due to recent military clashes, which could lead to a rapid deterioration of the humanitarian situation.

Sheikh Abdullah affirmed the UAE’s support for a political solution and constructive dialogue in order to bring peace to Ethiopia, noting that the UAE would provide US$5 million through the World Food Programme and international organizations to help refugees affected by the humanitarian crisis. His Highness also noted the importance of adhering to the principle of non-interference in internal affairs.

Also Read: Tigray operation ‘progressing well’: Ethiopian PM

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