Endeavor Careers Choicest Blogs: Weekly Current Affairs: February 2022, Week 04

Endeavor Careers Posted on February 28, 2022

Welcome to the Endeavor Editors’ Weekly Current Affairs Choicest Blog series. Get a weekly roundup – on news from business, economy, markets, policy, and more. A quick capsule format news summary and update to keep you abreast with all the latest current affairs.

1) International News and Global Economy

Russian President Vladimir Putin puts nuclear deterrent forces on alert

Russian President Vladimir Putin has ordered Russian nuclear deterrent forces put on high alert amid tensions with the West over his invasion of Ukraine. Speaking at a meeting with his top officials, Putin asserted on Sunday that leading NATO powers had made “aggressive statements” along with the West imposing hard-hitting financial sanctions against Russia, including the president himself. Putin ordered the Russian defense minister and the chief of the military’s General Staff to put the nuclear deterrent forces in a “special regime of combat duty.”

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Russia-Ukraine crisis: Zelenskyy says Ukraine delegation ready to start peace talks with Russia

Ukrainian President Volodymyr Zelenskyy agreed to start peace talks with Russia. Following a phone call with Belarusian strongman Alexander Lukashenko, Zelenskyy’s office said he had agreed to send a delegation to a meeting on the Belarusian-Ukrianian border near the Pripyat river. The talks would be the first to take Meanwhile, Ukrainian forces have repelled the Russian attempt to seize Kharkiv, the city’s governor claimed on Sunday. This came after fierce fighting was reported from Ukraine’s second-largest city. Kharkiv’s Governor Oleh Synyehubov posted on Facebook, “Control over Kharkiv is completely ours! A complete cleansing of the city from the enemy is happening. The Russian enemy is absolutely demoralised.” The mayor of Kyiv said on Sunday there were no Russian troops in the Ukrainian capital, which was holding its defence against attacks. “But our military, law enforcement and territorial defence continue to detect and neutralize saboteurs,” Vitaly Klitschko wrote on his Telegram channel.

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Russian troops enter Ukraine’s 2nd largest city of Kharkiv

Street fighting broke out early Sunday in Kharkiv as Russian troops pushed into Ukraine’s second-largest city, following a wave of attacks elsewhere targeting airfields and fuel facilities that appeared to mark a new phase of an invasion that has been slowed by fierce resistance. Russian troops approached Kharkiv, about 20 kilometers (12.4 miles) south of the border with Russia, shortly after Moscow launched its invasion of Ukraine on Thursday. But until Sunday, they remained on the outskirts of the city of 1.4 million without trying to enter while other forces rolled past, pressing their offensive deeper into Ukraine.

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What’s NATO expansion, why it angers Putin & return of tensions in Europe

Shekhar Gupta looks at the conception of Europe, its role in World Wars and what is the NATO expansion that Putin is furious about. We also look at prior Soviet Republics, Warsaw Pact nations, the Baltics and security treaties between America and other nations, especially those that interest India.

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Western allies to expel key Russian banks from SWIFT payment system; Ukraine fights on

The United States and its allies on Saturday moved to block certain Russian banks’ access to the SWIFT international payment system in further punishment of Moscow as it continues its military assault against Ukraine. The measures, which will also include restrictions on the Russian central bank’s international reserves, will be implemented in the coming days, the nations said in a joint statement that also vowed further action to come. The move comes after the United States and its allies slapped sanctions this week on major Russian banks as well as on Russian President Vladimir Putin himself, among others, as Moscow’s forces pushed into the heart of Ukraine toward Kyiv. The actions are aimed at preventing Putin from using $630 billion in central bank foreign currency reserves in the invasion of Ukraine and to defend a plunging rouble.

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Explained: What is SWIFT and what shutting Russia out of it means?

The US and European Union (EU) have decided to partially exercise the nuclear-weapon option as far as economic sanctions are concerned: cutting off a number of Russian banks from the main international payment gateway, SWIFT. These joint sanctions are the harshest measures against Moscow since its forces went into Ukraine and are expected to badly hit a country that is heavily reliant on the SWIFT platform for its key natural resources trade, especially the payments for its oil and gas exports. Cutting off a country from SWIFT in the financial world is equivalent to restricting Internet access of a nation.

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India abstains on UNSC resolution opposing Russia’s invasion of Ukraine

India abstained from voting on a United Nations Security Council (UNSC) resolution opposing Russia’s military operation against Ukraine, along with China and the United Arab Emirates, even as it sought to strike a balance by calling for a return to diplomacy and for respecting sovereignty and territorial integrity of states. The resolution received 11 votes in favour in the 15-member council while three members abstained. It was not passed since Russia vetoed it. India issued an explanation of vote (EOV), in which the country’s permanent representative to the UN, TS Tirumurti, said India was “deeply disturbed by the recent turn of developments in Ukraine” and urged that all efforts be made for “immediate cessation of violence and hostilities”.

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Russia’s war on Ukraine, India abstains from UN vote | Worldview with Suhasini Haidar

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Finland, Sweden brush off Moscow’s warning on joining NATO

Finland and Sweden have brushed off warnings from neighbouring Russia that their possible joining of NATO would trigger serious military-political consequences from Moscow for the two countries. A statement from the Russian Foreign Ministry Friday voiced concern about what it described as efforts by the United States and some of its allies to drag Finland and Sweden into NATO and warned that Moscow would be forced to take retaliatory measures if they join the alliance. Finnish Foreign Minister Pekka Haavisto said Saturday that “we’ve heard this before”. We don’t think that it calls for a military threat, Haavisto said in an interview with the Finnish public broadcaster YLE. Finland has a 1,340-kilometer (830-mile) land border with Russia the longest border shared by any European Union member state and Russia. Haavisto’s words were echoed by the Finnish President Sauli Niinisto who said on Friday that he didn’t see the statement meaning Moscow was threatening Finland militarily but rather what kind of countersteps Russia would take should Finland join NATO.

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S&P, Fitch downgrade Ukraine debt over crisis

S&P Global Ratings downgraded Ukraine’s long-term debt rating on Saturday, hours after a similar move by Fitch, with both citing the impact of the ongoing Russian invasion. S&P downgraded its rating from B to B-, with a negative outlook, noting potential disruptions to key sectors such as agricultural exports and the country’s gas pipeline network. “The Russian decision to launch a military attack on the country adds significant negative risks to its economic prospects, jeopardizing the service of the debt,” the credit rating agency said in a statement.”

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China’s new-generation rocket launches 22 satellites into space

China’s new Long March-8 rocket placed 22 satellites in space on Sunday, setting a domestic record for the most spacecraft launched by a single rocket. The rocket blasted off at 11:06 a.m. (Beijing Time) at the Wenchang Spacecraft Launch Site in the southern Hainan Province before sending the satellites into pre-set orbits, state-run Xinhua news agency reported.

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2) India

World Bank appoints its India head as VP, Operations at Multilateral Investment Guarantee Agency

The World Bank’s India head, Junaid Kamal Ahmad, has been appointed as one of the vice presidents of the global lending institution. Ahmad — who as Vice President, Operations would head the Multilateral Investment Guarantee Agency (MIGA) — is the second Bangladeshi national to be appointed to such a high position in the history of the bank. Fayez Choudhury was the first Bangladeshi national who became the vice president on the administration side.

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India’s oil import bill to top $100 bn in current fiscal

India’s crude oil import bill is set to exceed $100 billion in the current fiscal year ending March 31, almost double its spending last year, as international oil prices trade at seven-year highs. India spent $94.3 billion in the first 10 months (April-January) of the ongoing financial year that started April 1, 2021, according to data from the oil ministry’s Petroleum Planning & Analysis Cell (PPAC). It spent USD 11.6 billion in January alone when oil prices had started to surge. This compared with USD 7.7 billion spending in the same month last year. Higher crude oil import bill is expected to dent the macroeconomic parameters. The country’s import dependence has increased owing to a steady decline in domestic output. The nation produced 30.5 million tonnes of crude oil in 2019-20, which fell to 29.1 million tonnes in the following year. During the current fiscal, it has produced 23.8 million tonnes of crude oil so far as compared to 24.4 million in the first 10 months of 2020-21. The target for 2021-22 is 26.1 million tonnes, the PPAC data showed.

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Russia-Ukraine crisis: India among worst losers in Asia, report says

The ongoing conflict between Russia and Ukraine has sent global markets into a frenzy. And just as countries and central banks were recovering from the impact of Covid-19 pandemic, the geopolitical tensions are likely to further aggravate inflationary pressures, and a Nomura report suggests that in Asia, India is likely to be among the worst losers as a result of this conflict. Brent crude climbed around 3% after surging above $105 per barrel at one point in Thursday’s trade. The report by the research firm, authored by Aurodeep Nandi and Sonal Varma, notes that the sustained rise in oil and food prices is likely to have an adverse impact on Asia’s economies, manifested through higher inflation, weaker current account and fiscal balances, and a squeeze on economic growth. “In such a scenario, India, Thailand, and the Philippines are the biggest losers, while Indonesia would be a relative beneficiary,” the report says.

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3) Economy

Uncertainties remain around India’s medium-term debt trajectory: Fitch

Fitch Ratings has said tha India’s economy is rapidly recovering from the pandemic but uncertainties remain around its medium-term debt trajectory. In its report ‘What Investors Want to Know: Indian Sovereign and Financial Institutions in 2022’, it said financial institutions face an uneven recovery due to lingering asset-quality risks and capital limitations. Fitch projects India’s real GDP growth at a robust 8.4 per cent in 2021-22 and 10.3 per cent in next fiscal year, as the economy rebounds from its sharp pandemic-induced slowdown in 2020-21.

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India may grow at 9.5% in 2022: Moody’s

Moody’s Investors Service raised its GDP growth forecast for India to 9.5% for the current calendar year from 7% earlier, citing a stronger-than-expected economic recovery from the national lockdown of 2020 and the second wave of the Covid-19 pandemic in mid-2021. The GDP growth forecast for 2023 has been retained at 5.5%. This translates into 8.4% and 6.5% growth in fiscal years 2022-23 and 2023-24, respectively, Moody’s said in a statement. In November last year, Moody’s had forecast India’s economy to expand 7.9% in the 2022-23 financial year beginning April 1. As per official estimates, the Indian economy is estimated to grow at 9.2% in the current fiscal year ending March 31.

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Indian economy poised for recovery, but high crude prices worrisome: CEA

Chief Economic Advisor (CEA) V Anantha Nageswaran on Thursday said that the Indian economy is now poised for recovery but high crude oil price is a cause for concern. The banking sector in the country is stable, capital is available and credit offtake is poised to take off, he said at a webinar organised by Bharat Chamber of Commerce. The budget for 2022-23 has been made keeping in mind that the price of crude oil will be around USD 75 per barrel. But due to the conflict between Russia and Ukraine, the price of Texas crude is now USD 96 per barrel. “Its impact on the Indian economy will depend how long this high.price will remain,” Nageswaran said.

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What can reduce crude prices and how Crude at $100 can impact India?

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4) Markets, Banking and Finance

Zomato incorporates wholly owned NBFC, Zomato Financial Services Ltd

Indian food aggregator Zomato has incorporated a wholly-owned subsidiary of the company, a non-banking financial company (NBFC) called Zomato Financial Services Ltd. “We wish to intimate Zomato Financial Services Ltd, a wholly-owned subsidiary of the company, which was incorporated on February 25, 2022,” the company informed the exchanges on Saturday. The company in its earnings release for the quarter ended December 31, 2021, had said it was in the process of setting up its own NBFC company, which will allow it to extend short-term credit to its ecosystem, including its delivery partners, customers and restaurant partners.

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FSDC calls for constant vigil on functioning of financial institutions

The Financial Stability and Development Council (FSDC) on Tuesday met under the chairpersonship of Union Finance Minister Nirmala Sitharaman. The Council noted the need for a constant vigil on financial conditions and the functioning of financial institutions in the country. “The Council deliberated on the various mandates of the FSDC and major macro-financial challenges arising in view of global and domestic developments,” Finance Ministry said in a statement. The Council noted that the Government and all regulators need to maintain a constant vigil on the financial conditions and functioning of important financial institutions, especially considering that it could expose financial vulnerabilities in the medium and long-term, it said.

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Explained: Why digital lenders have come under the scanner?

Last week, the Reserve Bank cancelled the Certificate of Registration (CoR) issued to P C Financial Services Pvt Ltd, New Delhi, which was primarily engaged in mobile app-based lending operations through an app called ‘Cashbean’. While PC Financial was a registered entity with the central bank, the Working Group on Digital Lending of the RBI recently estimated that there were around 600 illegal lending apps which usually charge high interest rates, adopt unacceptable and high-handed recovery methods and operate in an opaque manner. The RBI said the CoR of the company has been cancelled on account of supervisory concerns such as gross violations of RBI directions on outsourcing and know your customer norms. The company was also found to be “charging usurious rate of interest and other charges to its borrowers in an opaque manner apart from indulging in unauthorized use of logos of the RBI and Central Bureau of Investigation for recovery from the borrowers in gross violation of the Fair Practices Code”.

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5) Business

Reliance takes control of Future Retail stores, offers jobs to employees

Reliance Industries has effectively taken over the operations of Future Retail stores and has offered jobs to its employees, even as the Kishore Biyani-led group is locked in a bitter battle with e-commerce major Amazon at several judicial forums over the sale of its business to the retail arm of the oil-to-telecom conglomerate. Reliance Retail has started to take possession of the premises in which Future Retail is operating its stores such as Big Bazaar and replaced them with its brand stores, said sources close to the development. It has also started to offer jobs to employees of Future Retail stores and bring them on Reliance Retail’s payroll, they added. As Future failed to make the payments, Reliance has decided to run and rebrand about 200 outlets that would otherwise be closed, they said.

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Ambani sees India exporting $500 billion of Green Energy by 2042

Mukesh Ambani, Asia’s richest person, expects India to emerge as a leader in renewable energy with overseas sales of $500 billion in two decades. “I have absolutely no doubt that India can, and India will emerge as a global new energy leader,” Ambani, the chairman of Reliance Industries Ltd., said at an event Wednesday, predicting that the country’s green energy exports have “the potential of half a trillion dollars. The tycoon, however, conceded that the country’s green transition will be a slow process and “cannot happen overnight.” “For the next 2-3 decades, India’s dependence on coal and imported oil will continue,” he said. “But we must have a plan to eliminate that.”

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RIL CMD Mukesh Ambani speaks on the opportunities Green Hydrogen Policy brings | CNBC-TV18

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Bharti Airtel agrees to buy 4.7% stake in Indus Towers from Vodafone Group

Bharti Airtel Ltd. has agreed to buy a 4.7% stake in Indus Towers Ltd. from Euro Pacific Securities Ltd., an affiliate of Vodafone Group Plc. The deal will be made on a condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea Ltd., the India unit, after obtaining all shareholders or regulatory approvals, according to an exchange filing. The amount will be simultaneously remitted to Indus Towers to clear Vodafone Idea’s outstanding dues. “The acquisition would be at an attractive price representing a significant discount typically available for such large block transactions,” the filing said. “Airtel is also protected with a capped price which is lower than the price for the block of Indus shares sold by Vodafone on Feb. 24, 2022

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Indiamart to buy 26% in IMPL for ?104 cr

B2B e-commerce Indiamart Intermesh will acquire 26 per cent stake in industrial e-commerce firm IB Monotaro Pvt Ltd (IMPL) for ?104.2 crore, the company said in a regulatory filing. Pursuant to this transaction, Japan-based Monotaro will hold a 51.6 per cent stake in IB Monotaro while Emtex Engineering, representing the promoter group and early investors, will hold a 22.4 per cent stake in the company. IB Monotaro under its brand name ‘Industry Buying’ is engaged in the e-commerce business for industrial and business supplies in India. Indiamart expects to close the transaction within 30 days.

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Number of startups growing by 10% per year in India

India has the third-largest ecosystem for startups in the world and the number of such firms is growing by 10% per year, said Sanjeev Malhotra, the CEO of Nasscom Centre of Excellence for internet of things (IoT) and artificial intelligence (AI). “The number of startups is growing significantly in the country with ten per cent being added every year. There has been significant growth in the number of companies and funding organisations which are attributing to this cause,” he said. Malhotra further informed that most of the startups are on the application side, while a lot of work has also been done in the field of software-aided services. “But there is a need to build startups in areas of core research,” he said.

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6) Technology

ASCI releases guidelines for ads, promotion of crypto assets, services

ASCI said the ads must carry the disclaimer ‘Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions’. To safeguard investor interest and ensure that advertisements do not mislead or exploit consumers’ lack of expertise on crypto assets, Indian advertising industry’s self-governing body has come out with guidelines for virtual digital asset advertising. The guidelines have been issued after consulting industry stakeholders, including the government. The Advertising Standards Council of India (ASCI) noted that even as the government continues to work on the framework for virtual digital assets (VDA), commonly referred to as crypto or non-fungible token (NFT) products, advertising for these products has been very aggressive over the past few months. “ASCI noted that several of these advertisements do not adequately disclose the risks associated with such products,” it said in a release.

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Disclaimer in crypto ads from April 1: ASCI releases guidelines

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Indian founder of cryptocurrency company indicted for $2.4 billion fraud

The founder of cryptocurrency investment platform BitConnect, an Indian national, has been indicted on charges of orchestrating a global Ponzi scheme worth USD 2.4 billion, federal prosecutors said. According to court documents, Satish Kumbhani (36) of Hemal in Gujarat misled investors about BitConnect’s “Lending Program.” BitConnect reached a peak market capitalisation of USD 3.4 billion, the Department of Justice said. “This indictment alleges a massive cryptocurrency scheme that defrauded investors of more than USD 2 billion,” U.S. Attorney Randy Grossman for the Southern District of California said on Friday. Kumbhani is charged with conspiracy to commit wire fraud and price manipulation, operation of an unlicensed money transmitting business and conspiracy to commit international money laundering. If convicted of all counts, he faces a maximum total penalty of 70 years in prison.

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7) Politics

Odisha: BJD wins 268 of 300 Zilla Parishad seats, Congress, BJP at 14 each

The ruling BJD won 268 Zilla Parishad seats of the 300 declared so far with the counting for the panchayat polls continuing for the second day on Sunday, officials said. Opposition BJP and Congress won only 14 seats each, while Independent candidates won two seats. Other parties also won two seats, they said.The counting began on Saturday and will continue till Monday. Votes for 305 seats are being counted on Sunday, while votes for the rest 231 will be counted on Monday.

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Sporadic violence mars Bengal civic polls

Sporadic incidents of violence marred elections to 107 municipalities across West Bengal on Sunday even as a voter turnout of around 49.91 per cent was recorded till 1 PM, election officials said. Elections were scheduled in 108 municipalities, but the TMC had won one civic body uncontested in Dinhata in Coochbehar district a few days back, a State Election Commission official said. In Bhatpara municipality, the pocket borough of BJP MP Arjun Singh, the situation was tense as sporadic clashes erupted between TMC and BJP supporters.

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BJP meets West Bengal Governor, seeks fresh polls in 107 civic bodies

BJP has urged West Bengal Governor Jagdeep Dhankhar to intervene to get the State Election Commission to order fresh elections in 107 municipal bodies policed by central forces. A BJP delegation consisting of General Secretary Agnimtra Paul and Sisir Bajoria made the request to Dhankhar Sunday night after meeting the State Election Commission. The party said in its letter to the SEC that the state poll panel “has failed to perform its role in ensuring a free and fair municipal election as directed by the hon’ble high court” resulting in widespread rigging in all 107 municipalties and attacks on BJP activists by TMC cadre.

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8) Sports

F1 won’t race in Russia this year after Ukraine invasion

Formula One says it is “impossible” to hold a race in Russia later this year following Russia’s invasion of Ukraine. F1 had scheduled a race in Sochi on September 25. “We are watching the developments in Ukraine with sadness and shock and hope for a swift and peaceful resolution to the present situation,” F1 said in a statement Friday. “Formula 1, (governing body) the FIA, and the teams discussed the position of our sport, and the conclusion is, including the view of all relevant stakeholders, that it is impossible to hold the Russian Grand Prix in the current circumstances.”

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Second T20I: Iyer powers India to 7-wicket win over Sri Lanka

The in-form Shreyas Iyer continued to impress with his dazzling strokeplay as his unbeaten 44-ball 74 powered India to a series-clinching seven-wicket victory over Sri Lanka in the second T20 International on a chilly Saturday evening in Dharamsala. Ravindra Jadeja blasted 45 off 18 balls as India chased down the target of 184 with 17 deliveries to spare and register their 11th straight win in the format. Sanju Samson contributed 39 off 25 balls. India were dealt a massive blow early on as they lost their captain Rohit Sharma for one in the final ball of the first over, the successful bowler being Dushmantha Chameera.

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Explained: Why six-foot, six-inch Medvedev becoming No.1 signals rise of towering giants in tennis

On Monday, Daniil Medvedev will be crowned the world No.1, ending the Big Four’s monopoly which has lasted since February 2004. The 6’6 Russian is also set to become the tallest world No.1 in ATP history, close on his heels is Alexander Zverev, another six-foot six-incher; both fulfilling Rafael Nadal’s prophecy. A 2016 study released at the European Science Open Forum confirmed that the world’s population has grown taller by a few centimetres over the past century thanks to economic prosperity and better nutrition and healthcare. The growth among the tennis elite has been more noticeable.

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Daniil Medvedev’s Journey to WORLD NO. 1!

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9) Opinion

Why India abstained from voting in UN resolution against Russia

India’s abstention, says Dilip Sinha, former permanent representative to the UN in Geneva, is in line with its position in the past. When it comes to voting on an issue concerning the big powers, especially their intervention in another country, India decides to stay away, he said. In 2011, for instance, when India was a non-permanent member in the UNSC and there was a vote on a no-fly zone over Libya, India decided to abstain (as did Russia and China). “So, this time, even if it is a blatant invasion of another country, I am not surprised that we abstained.” In a world where dynamics have changed majorly over the last seven decades, the one steadfast relationship India has had is with Russia, formerly the Soviet Union. That relationship is largely based on military cooperation. Though India has developed far deeper economic and people-to-people linkages with the western world over the decades, the strength of India-Russia ties has remained. It is the constant that the western world has to factor in when forging new relations with India (read Indo-Pacific and the Quad). “They know that there is only this much they can expect from India; they cannot push beyond a point,” says Harsh Pant, Observer Research Foundation.

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Ukraine: How the Russian invasion could derail the fragile world economy

The invasion of Ukraine comes at a delicate time for the world economy, which was just beginning to recover from the ravages of COVID. Russia’s war could now have far-reaching economic consequences, as financial markets tumble and the price of oil soars. Today the world economy is much larger than it was back then, but it has been growing much more slowly in recent decades. And the pandemic struck a mighty blow over the last two years, with governments forced to spend vast sums on bailing out their own economies.

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What prompted Ukraine to give up its nuclear arsenal?

According to some experts, the deterrent value of Ukraine’s nukes was questionable. Although Ukraine was in physical possession of the weapons, it had no operational control. Russia alone controlled the codes needed to operate the nuclear weapons, through electronic Permissive Action Links and the Russian command and control system. For Ukraine, establishing opeartional control over the nucear weapons could have attracted adverse reactions from allies. That included possibilities like withdrawal of diplomatic recognition by US and Nato allies, and a probable retaliation by Russia. Besides, maintenance and safety of the arsenal would have been a huge burden on the struggling economy of new-born Ukraine.

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How a Russia-controlled Ukraine could extend a new Iron Curtain across Europe

CNN’s John King lays out how potential Russia control of Ukraine could remove a buffer between NATO member nations and Russia, creating a new Iron Curtain 32 years after the Berlin Wall collapsed.

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Why Indian SaaS startups are stealing the show, why they matter and what next, explained

Software as a service (SaaS) startups are suddenly all the rage. New unicorns are popping up more frequently than ever before, valuations are at historic highs, and both stock markets and venture capitalists seem to have a new favourite thing. But while consumer internet firms such as Flipkart, Uber and the like are well known, their enterprise counterparts often remain out of the spotlight, despite being just as promising and more profitable. Moneycontrol breaks down what is really happening out there — what SaaS companies do, why they are different, what the hype is about, and more.

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Raghuram Rajan’s vision for India’s Future Growth & Development and the sort of country it should be

In an interview where he explains in detail a vision for India’s future growth and development and the sort of country it should be, which involves a radical rethinking of India’s politics and an economic strategy and is also very different to the vision of the present government, Raghuram Rajan has said that India should put greater focus on growth through the export of services rather than through export of goods and, at the same time, it must reinforce its credentials as a liberal democracy. He says this “is not my vision, it’s the vision of our founding fathers”. However, Raghuram Rajan adds, he has found a way of integrating their vision with the character of the sort of country India has become 75 years after independence. In a 53-minute interview to Karan Thapar for The Wire, Raghuram Rajan said “our democracy and our economy need course correction”.

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10) Weekly special

Becoming unicorn doesn’t mean much, want to grow 200-300 times from here: Urban Company CEO Abhiraj Bhal

Home services firm Urban Company on April 27 was valued at $2 billion, when it raised $255 million. It was a big deal by most accounts, but Urban Company did not announce the deal or talk to the media about it, being busy dealing with the horrific second wave of the Covid-19 pandemic in India. More than a month on, co-founder and CEO Abhiraj Bhal is seeing shoots of recovery. He is convinced that customers ordering home services online is a long-term trend and here to stay, not a pandemic-forced temporary shift in behavior, like some suspect. He bases all his decisions on this conviction. In an interview with Moneycontrol’s M. Sriram and Chandra R. Srikanth over Zoom, he talks about dealing with the pandemic, bouncing back, expansion plans, and why becoming a unicorn- celebrated by many startups- does not mean much to him.

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11) Did you know?

Which countries have the highest number of unicorns?

United States | With 487 Unicorns, the US is at the top of the list. Some of the unicorns include Elon Musk’s SpaceX ($36 billion) and Airbnb ($18 dollars). China | With 301 Unicorns, China is at the second spot. Some of the Unicorns include Bytedance, which is also the highest-valued Unicorns in terms of market valuation at $75 billion. India recently overtook the UK to rank third among nations having the highest number of unicorns.

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With that, we come to an end for our Weekly Current Affairs February 2022 -Week4. Hope you have liked it. Write your feedback in the comments below and let us know if there is anything else you would like us to cover.

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