Economy

Wise, the global technology company operating in global money transfer ecosystem, released a new study revealing that Indians paid over Rs. 263 billion (US$ 3.50 billion) on foreign exchange fees in 2020, out of which ~Rs. 97 billion (US$ 1.29 bilion) were charged as hidden exchange rate markups on currency conversions, payments and card purchases. The outstanding Rs. 166 billion (US$ 2.21 billion) were spent on transaction fees.

The National Skill Development Corporation (NSDC) launched the first-of-its-kind and the largest ‘Impact Bond’ for skilling in India in partnership with global partners, involving a US$ 14.4 million fund which will help 50,000 youth by making them job ready.

According to a report published by London & Partners and Dealroom.co, India ranks at the ninth spot globally for climate tech investment, with the country’s climate tech businesses receiving US$ 1 billion in venture capital funding between 2016 and 2021.

As part of the vision to further strengthen India’s position globally in terms of Pharmaceuticals and Medical Devices, the Department of Pharmaceuticals, in partnership with Invest India, will host an Investor Summit on 27th October 2021 at 10:00 AM – 4:30 PM via video conferencing.

According to the latest report by Michael Page India, India Inc is considering a 14% employment rise in the third quarter of 2021 compared to the same quarter last year. As the economy is in a recovery mode, there will be a rise in job opportunities as well.

Mrs. Aniyamma Baby from Kerala has developed an innovative Cashew Multiple Rooting Propagation Method. This method generates multiple roots in a grownup cashew tree, thus improving production per unit area. It also helps eco-friendly management of stem and root borers, restores productivity, provides strong anchorage against wind damage/cyclonic storms, and extension of the plantation life without the necessity of replanting.