HENCY R SHAH AND ASSOCIATES

India Loses Billions of Dollars Due to Internet Shutdowns Internet shutdowns are a growing problem around the world. In 2022, there were 114 major deliberate internet outages in 23 countries, affecting 710 million people. These shutdowns had a significant economic and social impact. A study by Top10VPN found that internet shutdowns in 2022 cost the global economy $24.67 billion. This includes losses in productivity, tourism, and foreign investment. The shutdowns also had a negative impact on education and healthcare, as people were unable to access online resources. India lost $1.9 billion in the first half of 2023 due to internet shutdowns. It also found that the shutdowns also led to the loss of 21,000 jobs and $11.8 million in foreign direct investment. The most affected country in 2022 was Russia, which suffered a loss of $21.59 billion due to internet shutdowns. This was followed by Myanmar ($1.09 billion), Iran ($773 million), and India ($582.8 million). The study also foun...

Here's how to manage finances after a job layoff Since your regular flow of money has stopped the next challenge is to have enough money in hand to meet your daily expenses. Following biggies like Meta, Twitter, Amazon, Microsoft, Indian corporates have also been issuing pink slips to thousands of employees. For example, Swiggy announced that it is firing 380 employees as part of its latest layoff process. Similarly, Exotel, a customer engagement platform based out of Bengaluru, has laid off 15 per cent of its employees in the latest layoff rounds. GoMechanic fires 70 per cent employees, founder admits to financial reporting errors At some stage, you will get back to earning, but you need to provide a bridge till such time. While we cannot avoid the situation, we can definitely protect us and our family financially by taking right decisions. The first right move is to take account of your expenses. The immediate action to take is to evaluate expenses into 3 buckets: a) must spend (...

RBI puts on hold NUE licensing RBI is said to have put on hold licensing of the New Umbrella Entity (NUE) network, a fintech institution planned as a rival to the National Payments Corporation of India (NPCI). Six Groupings, which included Facebook, Google, Amazon, Flipkart, and others, had applied for NUE licenses. RBI will not grant permission to any of the six consortiums to commence business as all of them have fallen short of the RBI's expectations. It looks like none of the applicants have proposed anything novel or a great technology breakthrough that would have made RBI look over it, almost all of the plans were similar to that of the NPCI, which did not enthuse the RBI. NPCI, established by the RBI and banks, runs the Unified Payments Interface (UPI) and other payment systems. NUEs were supposed to set up and operate a new retail digital payment system and manage clearing and settlement systems that could be an alternative to the bank-promoted NPCI. The applica...

Companies Restructure, Cut 3,00,000+ Jobs In 2022: Will 2023 Bring Stability?   We are at the business end of the year 2022, which has hardly been a smooth ride for the Corporate Job ecosystem. The year 2022 marked the end of Covid-19 restrictions and the resumption of most economic activity. However, be it recession, inflation, employment crisis, or economic downfall, the ghosts of the pandemic can still be seen in various forms. Adding up to the crisis were job cuts that turned out to be one of the biggest crises that hit the world on the sidelines of the 2019 global health emergency. Be it cost-cutting, performance-linked layoffs, restructuring purposes, or something else, we saw lakhs of job cuts this year. Worst of all, the economic downhill ride that began nearly three years ago has still not been curtailed. Amazon and Meta, two of the biggest tech behemoths, kicked out several thousand employees in 2022. Besides them, nearly other 600+ enterprises laid off more than 3,0...

IMF, World Bank sound alarm about global economic outlook T he International Monetary Fund, World Bank and others raised concerns about a worsening global outlook, while hopeful that China’s reopening will help support world growth. IMF Managing Director Kristalina Georgieva said indicators show further downgrades to global growth are likely. Speaking Friday after a meeting with China’s Premier Li Keqiang in Anhui province, Georgieva said China’s recalibration of its Covid policies would be a good thing for the domestic economy and the rest of the world. The IMF currently forecasts global growth will be 2.7% next year, slowing from 3.2% this year. The meeting was part of the “1+6” dialogue that China holds every year with heads of the IMF, World Bank, OECD, World Trade Organization and others. David Malpass, head of the World Bank, was also downbeat about the global outlook. "I’m deeply concerned that the world is at risk of a global recession,” Malpass said, warning of the potent...

 Moonlighting ethically Valid or not?? IT major Wipro recently fired 300 employees for moonlighting, the term used for working with other companies at the same time. What is moonlighting? Moonlighting refers to working additional shifts or jobs outside one's regular job, usually without the primary employer's knowledge. Companies have opposed the practice, claiming that having staff perform multiple jobs impacts their productivity. Working from home became the norm during the COVID-19 pandemic, allowing employees to take up additional work assignments. Same competency, double delivery. Two different laptops, same WiFi, catering to two different clients — all from the comfort of own home, in own hometown. It was impossible to catch them. Then who caught them? revealing the secret method companies apply to catch moonlighters. The most innocent looking, unassuming —provident fund contribution was the reason the employees were identified. A provident fund (PF) is a government retir...

Do you think India really needs another time zone? Each night, the sun sets over an hour and a half later in western India than in the east of the nation, yet the whole nation follows a similar time region. Later nightfall implies individuals stay conscious longer, which prompts lack of sleep among youngsters and adversely influences their review endeavors, another concentrate by an examination researcher at Cornell University has found. Because of resting late, kids are less inclined to finish essential and center school, and this effect is generally articulated among unfortunate families, says the review, ‘Poor Sleep: Sunset Time and Human Capital Production’, which investigated the outcomes India faces by working under a solitary time region. "Back-of-the-envelope gauges propose that India causes yearly human resources expenses of generally $4.1 billion (almost Rs 29,000 crore) or 0.2% of ostensible GDP [Gross Domestic Product] because of the current arrangement directing time r...