Latest News

News24x7 Live: May 2022 news highlights in the world Factors that make a news source reliable

Since the business area is one of the most prominent industries in the world, it’s vital to keep yourself informed about all the updates related to it. Here at News24x7 Live, we feature different business news including cryptocurrencies and financial updates in the country. Read through some of the most popular pieces of news below:

Central of India plans to create CBDC

On January 8, 2022, the Reserve Bank of India (RBI) announced that they are planning to create a specific fintech department that is responsible for formulating cryptocurrency regulations and creating the central bank digital currency (CBDC). According to them, they are looking into two types of CBDCs which are wholesale and retail. On that note, the previously mentioned department will be assigned to work on this for the rest of the year. As mentioned by RBI to local news sources, this move is a great way to show their allocation for the fintech sector in India.

A trusted source who requested to remain anonymous said in a statement that, ‘You can expect much more action from Mr. Ajay Kumar Choudhary towards the central bank digital currency. This may signify a shift from the RBI’s stance towards fast-tracking CBDC piloting’. Ajay Kumar Choudhary is the new head of the fintech department according to the RBI.

A technology and policy expert who used to work for the national government Vivan Sharan said that ‘it’s a positive signal of intent to build real regulatory capacity to oversee the fast-paced fintech industry’. She added that ‘it’s a reflection of the central bank’s desire to deepen digital payments through a focus on innovation and a recognition of the growing importance of various forms of digital money that will require supervisory bandwidth’.

India’s GDP is projected to grow by 9.2%

According to the National Statistics Office (NSO) last January 8, the gross domestic product (GDP) of India is expected to grow 9.2% in the current financial year of 2021-2022. This estimate is slightly lower than the projected 9.5% of the Reserve Bank of India (RBI) in its December 2021 policy review. However, RBI highlighted that this was only possible if there are no longer COVID-19 cases in the country.

When the nation faced a lockdown, it affected the economy with a decrease of 7.3%. Moreover, the rising cases of the Omicron variant of the virus made many economists decide to lower their growth projections for the year.

On another hand, NSO’s data suggests that the GDP and gross value added (GVA) will regain their drive and have better numbers compared to the 2019-2020 fiscal year. Although government spending remains the same, many experts mention that there are more investments coming in that will help improve the economy of the country.

Learn more about the latest business news in India here at News24x7 Live. Visit our website for all the details.

Leave a Reply

Your email address will not be published.