| World News, World News Updates, World News Headlines, Latest World News, Current Affairs Posted: 29 Jul 2019 02:26 AM PDT
| Beijing Denounces Hong Kong Protesters After Unrest Enters Its Ninth Week Posted: 29 Jul 2019 01:13 AM PDT The top Chinese government department responsible for handling Hong Kong affairs denounced the ongoing unrest Monday, after another weekend of violent clashes between antigovernment demonstrators and police. Speaking during a press conference in the afternoon, Yang Guang of the Hong Kong and Macau Affairs Office (HKMAO) said “We hope that the people of Hong Kong, from all walks of life, can oppose this riotous behavior.” He attacked the “small number of radical protestors” who “have seriously damaged Hong Kong’s reputation and challenged Hong Kong’s rule of law” and stressed that the Hong Kong government and police force had Beijing’s full backing.
“We are confident that with the full support of the central government and the mainland … our Hong Kong compatriots will be able to govern, develop and manage Hong Kong well, and Hong Kong will overcome the difficulties and challenges going forward,” he said.
It is the first time that the office has held a press conference since the former British colony was retroceded to Chinese sovereignty in 1997, indicating the seriousness with which Beijing views the territory’s political crisis. The remarks came just hours after communist mouthpiece the People’s Daily warned that Hong Kong’s “bright future” lay in its “being backed by the motherland.” The weeks of continued protests were originally sparked by a now suspended Hong Kong government bill that would have allowed the extradition of fugitives to mainland China for the first time. Critics fear such a provision would be used to apprehend dissidents and political opponents. The demonstrations have since evolved into a push for greater democracy and a rebellion against Chinese sovereignty itself. Many demonstrators are calling for self-determination. At least 40 people were injured over the weekend, the Hospital Authority confirmed, and 49 arrested at the protest in the western district. On Friday, hundreds of demonstrators staged a peaceful sit-in at the city’s international airport, chanting antipolice slogans. Since the start of the unrest, China has repeatedly accused “foreign forces” of being behind the protests. In a press conference last Tuesday, Chinese Foreign Ministry spokeswoman Hua Chunying claimed to reporters in Beijing that there were “very obvious signs that foreign forces are manipulating, plotting and even organizing and implementing relevant actions” and accused the U.S. of being involved. Last week, China’s defense ministry said the People’s Liberation Army would be able to intervene to “maintain social order” in Hong Kong if asked to do so. About 6,000 Chinese troops are based in the city. As the crisis enters into its ninth week, the unrest shows no signs of winding down. Civil servants from various departments are scheduled to rally Friday to demand an independent investigation into the police handling of the protests. Demonstrations across Hong Kong are also planned for the coming weeks.  | | Puerto Rico Governor’s Replacement Doesn’t Want the Job Posted: 28 Jul 2019 11:56 AM PDT (SAN JUAN, Puerto Rico) — The woman who is supposed to replace Puerto Rico’s embattled governor announced Sunday that she doesn’t want the job as the U.S. territory reels from political crisis. Justice Secretary Wanda Vázquez said in a Twitter post that she hopes Gov. Ricardo Rosselló will appoint a secretary of state before resigning Aug. 2 as planned. Former Secretary of State Luis Rivera Marín would have been next in line as governor, according to the U.S. territory’s constitution. But he is one of more than a dozen officials who have resigned in recent weeks since someone leaked an obscenity-laced chat in which Rosselló and close advisers insulted people including women and victims of Hurricane Maria.
Rosselló on Wednesday announced that he would step down following nearly two weeks of massive protests amid anger over the chat, corruption charges against several former government officials and a 13-year recession. In the chat, the 40-year-old Democrat and son of a governor called a female politician a “whore,” referred to another as a “daughter of a bitch,” and made fun of an obese man with whom he posed in a photo. Rosselló became the first governor to resign in the modern history of Puerto Rico, a U.S. territory of 3.2 million American citizens. He is more than halfway through his four-year term. Marín’s resignation had left Vázquez as next in line to be governor. But she said she has already told Rosselló about her wishes not to get the job, creating a chaotic scenario about who will be Puerto Rico’s next leader. If Rosselló’s choice for a secretary of state is not approved by the island’s House and Senate, Puerto Rico’s law dictates the treasury secretary would be next in line if the justice secretary doesn’t become governor. But current Treasury Secretary Francisco Parés is too young at 31 years old. The constitution dictates the person would have to be at least 35, so that would leave interim Education Secretary Eligio Hernández next in line. He replaced former education secretary Julia Keleher, who resigned in April and was arrested July 10 on federal corruption charges. She has pleaded not guilty. “This is crazy,” political expert Mario Negrón Portillo said in a phone interview on Sunday. “We have no idea what’s even going to happen tomorrow. Societies cannot live with this type of uncertainty.” Vázquez’s comments came less than an hour after Public Affairs Secretary Anthony Maceira resigned. “There were many challenges that we had to face together as Puerto Ricans, although sometimes we differed,” he said. “The work of each one of us must continue with the welfare of our island and its people as its north.” The announcement comes a day before Puerto Ricans planned another march, this time against Vázquez, who is accused of not ordering an investigation into the alleged mismanagement of supplies for hurricane victims, among other things. Vázquez said on Friday that there is a lot of misinformation but that she cannot speak publicly about certain cases. “The vicious attacks on my personal and professional integrity continue,” she said. “The desire and agenda of some to try to undermine my credibility at this moment of transcendental importance to Puerto Rico and to destabilize the governmental order is evident.” A spokeswoman for Vázquez did not immediately return a message for comment on Sunday. Aimara Pérez, a 32-year-old drafter who participated in some of the most recent marches, said she did not want Vázquez as governor. “We’re going to keep protesting,” she said. “It’s not going to stop. If there is evidence of corruption, the people are going to push ahead without fear, and we’re going to get rid of them all.”  | | South Korean and Russian Crew Members Released Days After Their Boat Drifts to North Korea Posted: 28 Jul 2019 09:25 AM PDT (SEOUL, South Korea) — Two South Koreans and 15 Russians returned to South Korea on Sunday, following 10 days of detention in North Korea after their fishing boat drifted into North Korean waters, officials said. The crew members were aboard a Russia-flagged fishing boat when it was detained by North Korea on July 17 after leaving South Korea’s eastern Sokcho port a day earlier. Seoul’s Unification Ministry said in a statement the crew arrived aboard the same boat at Sokcho on Sunday, a day after they left the North’s Wonsan port. Seoul officials did not immediately explain how they were detained, treated and repatriated, saying North Korea hasn’t informed South Korea of its decision to release the crew. The ministry said it learned of the boat’s departure from Wonsan on Saturday through various channels that it refused to disclose.
The ministry statement said it “positively” assessed the North’s repatriation of the crew members. In a Facebook message, the Russian Embassy in Pyongyang said the “coordinated work of the Russian diplomatic agency” led to their release. It said the ship’s captain was informed of the crew’s planned release 3 ½ hours before their departure from Wonsan. An unidentified crew member told Russia’s state news agency Tass that the ship was released without being fined. “The full crew is aboard the ship, everyone is feeling well,” he was quoted as saying. The Tass report said the ship was heading to the waters between the Korean Peninsula and Japan to catch crabs when it was detained. It cited the North Korean foreign ministry representatives as saying the ship was detained for “violating the rules of entry and stay in North Korea.” Ties between the Koreas remain cool amid a lack of progress in U.S.-led diplomacy aimed at ending North Korea’s nuclear program. Seoul said North Korea is holding six other South Koreans it has arrested in recent years on anti-state and other charges. Fishing boats drift across the Koreas’ eastern sea border in both directions. Earlier Sunday, South Korea’s military said a North Korean wooden fishing boat carrying three people crossed the maritime border on Saturday night, prompting a South Korean navy ship to tow it to a South Korean port. South Korea’s Joint Chiefs of Staff said the North Koreans were under an investigation. South Korea typically returns North Korean fishermen unless they are suspected of espionage. But it also lets them resettle in the South if they want, often triggering angry response from the North.  | | Nearly 1,400 People Detained at Violent Moscow Protest Posted: 28 Jul 2019 08:06 AM PDT (MOSCOW) — Nearly 1,400 people were detained in a violent police crackdown on an opposition protest in Moscow, a Russian monitoring group said Sunday, adding that was the largest number of detentions at a rally in the Russian capital this decade. OVD-Info, which has monitored police arrests since 2011, said the number of the detentions from Saturday’s protest reached 1,373 by early Sunday. The overwhelming majority of people were soon released but 150 remained in custody, OVD-Info and a lawyers’ legal aid group said Sunday. Crackdowns on the anti-government protesters began days before the rally. Opposition leader Alexei Navalny was arrested and sentenced Wednesday to 30 days in jail for calling for Saturday’s protest against election authorities who barred some opposition candidates from running in the Sept. 8 vote for Moscow city council.
Navalny was unexpectedly hospitalized Sunday with a severe allergy attack, his spokeswoman said. Kira Yarmysh said Navalny, who did not have any allergies beforehand, was taken from the Moscow jail to a hospital in the morning, arriving with severe facial swelling and red rashes. Hours later, she said Navalny was in a “satisfactory condition.” Russian police violently dispersed thousands of people who thronged the streets of Moscow on Saturday to protest the move by election authorities. Several protesters reported broken limbs and head injuries. Police justified their response by saying that the rally was not sanctioned by authorities. Along with the arrests of the mostly young demonstrators, several opposition activists who wanted to run for the Moscow City Duma were arrested throughout the city. Police eventually cordoned off the City Hall and dispersed protesters from the area, but thousands of demonstrators reassembled in several different locations nearby and a new round of arrests began. Russian police beat some protesters to the ground with wide truncheon swings while others tried to push the police away. Police said the protesters numbered about 3,500 but aerial footage from several locations suggested at least 8,000 people turned out. Dmitry Gudkov, an opposition figure who was barred from running for city council office in Moscow, was detained Sunday afternoon as he delivered food to some of the Moscow protesters still in jail. The U.S. Embassy in Moscow on Sunday decried the violent crackdown as “use of disproportionate police force” and the Russian presidential human rights council said it was concerned about the police brutality. Russian President Vladimir Putin stayed away from Moscow over the weekend. On Sunday, he led Russia’s first major naval parade in years, going aboard one of the vessels in the Navy Day parade in St. Petersburg, on the Gulf of Finland. The parade included 43 ships and submarines and 4,000 troops.  | | World Diplomats Recommit to Salvaging Iran Nuclear Deal Posted: 28 Jul 2019 06:57 AM PDT (VIENNA) — Diplomats from Iran and five world powers recommitted Sunday to salvaging a major nuclear deal amid mounting tensions between the West and Tehran since the U.S. withdrew from the accord and reimposed sanctions. Representatives of Iran, Germany, France, Britain, China, Russia and the European Union met in Vienna to discuss the 2015 agreement that restricts the Iranian nuclear program. “The atmosphere was constructive, and the discussions were good,” Iranian Deputy Foreign Minister Seyed Abbas Araghchi told reporters after the meeting ended. “I cannot say that we resolved everything” but all the parties are still “determined to save this deal,” he added.
Fu Cong, the head of Chinese delegation, said that while there were “some tense moments” during the meeting, “on the whole the atmosphere was very good. Friendly. And it was very professional.” Both diplomats said there was a general agreement to organize a higher-level meeting of foreign ministers soon, but also that preparations for such a summit needed to be done well. A date has not been set. Iran is pressuring the remaining parties to the deal to offset the sanctions U.S. President Donald Trump reinstated after pulling out. The country recently surpassed the uranium stockpile and enrichment limits set out in the agreement, saying the action could be reversed if the other parties came up with economic incentives. Experts warn that higher enrichment level and a growing uranium stockpile narrow the one-year window that Iran would need to have enough material to make an atomic bomb, something Iran denies it wants but that the deal prevented. So far, neither Iran’s announcement that it exceeded the amount of low-enriched uranium allowed under the deal nor its revelation it had begun enriching uranium past the 3.67% purity allowed, to 4.5%, are seen as violations likely to prompt the European parties to invoke a dispute resolution mechanism. Both of Iran’s actions were verified by the U.N.’s nuclear watchdog, the International Atomic Energy Agency. At the Sunday meeting, Fu said, the Europeans urged Iran to come back to full compliance and Iran urged the European Union, France, Britain and Germany to implement their part of the deal. Fu said all sides expressed strong opposition against the unilateral imposition of sanctions by the U.S., especially the extraterritorial application of the sanctions. They also voiced support for China’s efforts to maintain normal trade and oil relations with Iran, Fu added. In addition to trade with China, Iran is especially keen on the activation of a barter-type system set up by the Europeans that would allow the continent’s businesses to trade with Tehran without violating the U.S. sanctions. Araghchi said the European system was “not functioning yet, but it is in its final stages.” In the meantime, Iran has taken increasingly provocative actions against ships in the Gulf, including seizing a British tanker and downing a U.S. drone. The U.S. has expanded its military presence in the region and fears are growing of a wider conflict. A Royal Navy warship arrived Sunday in the Gulf to accompany British-flagged ships passing through the Strait of Hormuz. Britain’s Ministry of Defense said the HMS Duncan will join the Frigate HMS Montrose in the Gulf to defend freedom of navigation until a diplomatic resolution is found to secure the key waterway again. Trump pulled the U.S. out of the nuclear deal last year unilaterally, saying he wanted to negotiate a better one. Under the provisions of the accord, signatories provided Iran with economic sanctions relief in exchange for curbs on the country’s nuclear program, but the latest U.S. sanctions have highlighted the inability of the Europeans, as well as Russia and China, to keep up with their commitments. Iran’s recent moves — which it defends as permissible after the U.S. withdrawal — are seen as a way to force the others to openly confront the sanctions. At the same time, Europe is under pressure from the U.S. to abandon the Iran nuclear accord entirely and is also being squeezed by Iran to offset the ever-crippling effects of American economic sanctions.  |   |
| economic news of india - world economic news - economics news for students - indian economy news Posted: 28 Jul 2019 07:48 PM PDT
| How a Rs 200 product can solve many problems in India Posted: By Arvind PanagariyaToday, poor vision, due to lack of access to eyeglasses, is easily the largest unaddressed disability in the world. In India alone, 550 million individuals are estimated to suffer this fate. Given that eyeglasses cost as little as Rs 200, correction of refractive error through eyeglasses constitutes the health intervention with the largest bang for the buck.The commonest eye problems result from refractive error due to which eye is unable to focus clearly on an object. The result is hyperopia, presbyopia, myopia or astigmatism.Loosely speaking, these conditions are about the inability to see objects clearly up close (hyperopia and presbyopia), far away (myopia) or both (astigmatism). The commonest condition is presbyopia, which is age-related and affects a majority aged 35 & above.Most refractive errors can be corrected with a pair of glasses costing pittance. Presbyopia is particularly easy to correct, since the patient herself can identify corrective lenses by trying out a few of them. In many countries, presbyopia patients get their first pair of reading glasses directly from a pharmacy or even grocery store. Quite apart from the loss of quality of life, measurable economic losses from impaired vision are staggering.For workers who must be able to see objects up close to perform their tasks, the loss of near vision translates into reduced productivity, excessive effort and frequent headaches. Workers in textiles and apparel, rugmakers, weavers, artisans, tea-pickers, and bicycle and auto mechanics fall in this category. Some recent work with Varanasi weavers has shown that almost 70 per cent need a pair of eyeglasses.Good LookingA July 2018 study published in the Lancet (bit.do/e3bYG) tried to measure the impact of near-vision glasses the impact of near-vision glasses on productivity of tea-pickers in terms of gain in daily weight of tea picked. It found that corrective eyeglasses improved productivity of tea pickers on average by 21.7 per cent . For workers aged 50 years and above, the increase was much higher at 32 per cent. This was the highest productivity increase ever recorded through a health intervention in low- and middle-income countries.In a similar vein, impaired vision among children translates to poorer learning outcomes. Inability to see what is written on the board, or to read books, can result in loss of motivation and poor learning outcomes. Eye tests in schools in India typically show that 8-10 per cent of children, and even higher proportion of teachers, suffer from refractive error and have never worn corrective glasses. Research on primary school children in China has shown that correcting vision is the equivalent of an additional one-third to half a year of schooling.When it comes to driving, impaired vision also has serious outcomes for road safety. Poor vision is one of the leading causes of road and industrial accidents worldwide. When randomly tested along Indian highways, more than half of truck drivers are found to suffer from vision problems and are without eyeglasses.Insightful ActionNumerous NGOs and social entrepreneurships, including Aravind, LV Prasad, Sankara and VisionSpring, have been working to bring eyeglasses to the underprivileged in India. While their work is admirable, the scale of the problem is too large for them to solve it. Even if they could dispense 10 million glasses a year, which they probably do not do currently, it will take them decades to bring even the first pair of eyeglasses to all those needing them. The real challenge is much bigger since eyeglasses require replacing every two to three years.This is why India will need the central government to intervene on a vast scale and attack the problem in mission mode. Given the current pressures on the financial resources of GoI, this may not be immediately feasible. But in view of the high 'bang for the buck' from corrective eyeglasses, such a mission ought to be high up on its 'to do' list.GoI has many avenues available to it for dispensation of eyeglasses that private NGOs and social entrepreneurships lack. For instance, in rural areas, there are easily 1 million-plus community health workers, most notably, accredited social health activists and anganwadi workers. If these workers dispensed even one pair of eyeglasses a week on average, they would be able to dispense an impressive 50 million-plus pairs each year.Likewise, GoI could mobilise the instrumentality of India Post, Common Service Centers (CSCs) and Indian Railways. Carrying eyeglasses at post offices, CSCs and railway stations could help reach millions of individuals each day.In principle, a mission to bring eyeglasses to all could also advance the cause of manufacturing activity and employment creation. At present, India lacks an ecosystem to manufacture eyeglasses at low cost. GoI imposes a customs duty of 25-35 per cent to protect domestic producers, but has only ended up hurting the weaker sections of the society by adding to the cost of eyeglasses they buy. A national mission aimed at providing eyeglasses to all who need them could potentially pave the way for the emergence of their large-scale manufacturing in India while also raising productivity of India's workforce, improving learning outcomes and reducing deaths due to road accidents.(The writer is Professor, Economics, Columbia University, US) | | Govt plans online boost for desi products Posted: New Delhi: Rural artisans may soon be able to sell their products through e-commerce platforms as part of a facilitation plan envisaged by the government that includes setting up of producer companies in select clusters.The rural development ministry has drawn up a list of 200 products that will be sold on e-commerce platforms, including the Government e-Marketplace (GeM), said officials. The ministry has joined hands with Tata Trusts to set up a not-for-profit company under Section 25 of Companies Act to provide professional support to rural artisans to sell their products globally, they said."We are in the process of setting up clusters or producer companies by bringing in people making similar products," a senior government official told ET.Some handicrafts and handloom products, such as Madhubani paintings from Bihar, tribal paintings from Jharkhand, terracotta items from Rajasthan and tussar silk wear from Bhagalpur, made by rural artisans, mainly women entrepreneurs, are already being sold online via Amazon and Flipkart.The govt is now keen to expand the initiative as part of the 100-day plan in the second term of the Narendra Modi government. The products identified by the government could include stationery items such as folders, pen holders and gift items, according to those in the know. 70424054 The official cited earlier said the government's initiative will help rural artisans legally qualify to be on e-commerce platforms and cater to a larger market.A dedicated value chain development centre, with four-five regional offices, is being set up by the government to provide complete value chain solutions to rural artisans. This will provide artisans technical assistance as well as help in designing and packaging of products to enhance their global appeal.The plan includes engaging professional photographers and content writers to ensure products featured on e-commerce platforms have a story to tell to make them more attractive to buyers."Coming on to the e-commerce platform will help artisans get larger volumes and better prices for their products even after parting with at least 40% (of revenue) to these sites as seller charges," said G Vinod Nair, manager-non-farm livelihood products, National Rural Livelihood Mission.At present, rural artisans sell their products through central and state exhibitions organised by the ministry or directly through traders, besides catering to local demand restricted to their own districts. | | UP has key for India's $5 tn dream: Tata boss Posted: NEW DELHI: Home Minister and BJP President Amit Shah on Sunday said despite questions raised on the administrative inexperience of Uttar Pradesh chief minister Yogi Adityanath when he and PM Modi proposed the debutante in 2017, Yogi had proven himself with his work.The "improved law and order situation" that has seen 91 criminals being shot dead in UP in Yogi's tenure, including the maximum 53 in Western UP, where the maximum investment is coming up, was endorsed by Shah on Sunday in his address before leading corporates at the second ground breaking ceremony on Sunday.Western UP accounts for 54% of projects worth Rs 65,000 crore launched on Sunday at a ceremony in Lucknow."Investors have been assured of security and excellent law and order," a senior UP government official told ET.Speaking on the occasion, Tata Sons chairman N Chandrasekaran said there are immense business opportunities in Uttar Pradesh and the state will play a critical role in making India a $5-trillion economy. He said the Tata Group sees a huge potential in sectors such as renewable energy, tourism, airlines and electric mobility, among others.Chandrasekaran said, "The Tata Group has a long standing presence in the state, and many of our companies have significant investment here."PepsiCo India president and CEO Ahmed El Sheikh said his company will focus on expansion of its agro-based programme in the state. He said, "Through this programme, we will provide seeds, technology, equipment, weather insurance, training and guidance for our team of agronomists."On investment plans, he said, "To set up our third unit of greenfield food manufacturing plant in Uttar Pradesh, an investment of Rs 500 crore will be made."Adani Group chairman Gautam Adani said that his group will invest Rs 5,500 crore over the next five years in power transmission and food processing sectors in the state.He said, under the food processing segment, rice and flour mills, kachchi ghani refining facility will be set up in the state "In the next five years, the group is planning to invest Rs 5,000 crore in power transmission and another Rs 500 crore in food processing sector," Adani said.Speaking on the sidelines of the event, Flipkart group chief executive officer Kalyan Krishnamurthy said, "UP is an important state for us at Flipkart. We not only have many sellers and local MSME (micro, small and medium enterprise) manufacturers who are accessing the nationwide market to sell their products more efficiently and in a cost effective way, but we are also encouraging local handicrafts to market their products."The Medanta group is planning to open 1,000-bed hospitals in Gorakhpur, Varanasi and Allahabad on the lines of the one being constructed in Lucknow.Medanta Group chairman Naresh Trehan said, the Lucknow hospital is likely to generate 6,000 direct jobs, and overall more than 13,000 jobs will be generated by the opening of this facility The chairman of UAE based LuLu Group International Yusuff Ali said, "The group is planning to set up a food processing unit in UP besides there are also plans to set up a shopping mall in Sahibabad near Delhi." "We are constructing Uttar Pradesh's biggest shopping mall in Lucknow at a cost of Rs 2,000 crore in which 5,000 people will get direct employment and 10,000 others will get indirect employment," he said.The Torrent Group said it is planning to invest Rs 3,000 crore for laying a gas pipeline network in Uttar Pradesh. "In coming years, gas pipeline network will be established for domestic, commercial and industrial consumers, and a plan to invest Rs 3,000 crore is being made," Torrent Group chairman Sudhir Mehta.(With inputs from PTI) | | Significant rate cut would do a lot of good: Sitharaman Posted: The government is closely monitoring developments in the economy, including the slump in the automobile sector, and is open to sectoral interventions, Union finance and corporate affairs minister Nirmala Sitharaman told Deepshikha Sikarwar and Vinay Pandey in an interview. Edited excerpts:There are renewed concerns over growth. The International Monetary Fund (IMF) and Asian Development Bank have cut forecasts and also pointed to demand issues. Corporate results have been muted. Are you worried?Well, not really. I wouldn't say worried. Of course, I will be closely watching developments and making sure that timely responses are made from the government's side, not knee-jerk but considered (reactions). I don't want to sound complacent, but it is also a fact that in spite of global headwinds, India is keeping its head well above the water. And, if you notice, this particular assessment of growth is not just for India. Globally, economies are slowing down, but we are managing to keep it at 7 (% growth) or above. It's an observation by the IMF.I think there are ways in which we can closely monitor and, within permissible space, take steps to keep engaging with stakeholders and responding timely. So, I think the policy space is what I am looking at being actively engaged with.One of the tax proposals, the super-rich surcharge, has also impacted alternative investment funds (AIFs) and foreign portfolio investors (FPIs) that are structured as trusts or associations of persons. Is the government thinking of a review, ring-fencing them to provide relief? Also, at the time the issue of super-rich tax was broached, was its application to FPIs and AIFs deliberate?No, to be honest, I don't think it was an intent; we didn't aim to touch the FPIs. The intent was more to look at putting in a surcharge from the point of view of incomes above 2 crore and 5 crore and within them, make sure we calibrated. But of course, it has touched those FPIs that are registered as trusts. Although I don't want to be tempted to repeat the dialogue, it is possible, and we are, as a government, willing to even help out if FPIs registered as trusts want to come over to being companies. While it encourages me to know that FPI flow into the country during May-June has been fairly high and not drastically fallen because of this (surcharge), I hope people understand that the intention was not to touch them. But, of course, if the question is of transition becoming difficult, I don't know if it is expected of the government to do anything to ease the transitional problems. I am willing to hear (out) the people.Now that it has become an unintended consequence, the FPIs and markets are looking for a signal that there will be a kind of rethink on that...Well, see again, once you start rethinking, it becomes a dialogue of what is the level of rethink. Are you looking at yielding only to FPIs? Then what happens to domestic investors? And then what happens to not having a level playing field between FPIs and domestic investors? It becomes a newer set of questions that we have to look at. So, I will leave it at that for now.But you are open to inputs..?The question is, we brought it in with an intent and the intent was to touch incomes beyond Rs 2 (crore), beyond Rs 5 (crore). If you are registered as a trust — and trusts' legal status being what all of you have known — to tell me that the intent of the government was to hit at FPIs is absolutely inconsistent with a logical set of arguments with which we can talk. To me, it doesn't even take off as an argument.Stakeholders say conversion of FPIs into corporates is not tax neutral. Will we look at finding some sort of a window to facilitate it so it becomes tax neutral?If this issue of conversion is becoming tedious or conversion is not tax neutral, I am quite willing to hear them out. But as I said, the intention was to touch incomes that are beyond a certain limit. I am quite willing to hear what the difficulty in conversion is, and if the conversion difficulties are so severe, I certainly have to hear them out.There was this proposal to borrow overseas but now we are hearing the Rashtriya Swayamsevak Sangh and the Swadeshi Jagran Manch have expressed concern and the Prime Minister's Office has asked the finance ministry to reconsider. Where are we on the sovereign bond issue?I am hearing it from you. I am not doing any review. I have not been asked by anyone to do a review.So, you will go ahead?Well, I have announced it (in the budget).What is the next step in this? When does the next tranche come?I don't think we have worked it out yet.The government stuck to the fiscal consolidation roadmap in the budget. The RBI governor also complimented you on this. Inflation has remained benign so far. Do you see room for further rate cuts to boost growth?I'll honestly wish (for a) rate cut… and yes, a significant rate cut would do a lot of good for the country. I am conscious that the RBI has taken a very accommodative posture and done nearly… 75 bps (basis points rate cut). We will now have to look at that route with a lot more hope. The industry also feels there is space for it.The Comptroller and Auditor General has expressed concern over the quality of fiscal deficit, particularly increase in off-balance sheet items. Is the finance ministry looking at what the CAG has said?Of course, we look into what the CAG says. The comments for the previous financial year that they have made are some things that are seriously being looked into. The questions that have arisen there are due to extra-budgetary resources that have been generated. We are certainly looking into that. We are not unaware of the issues that they are raising.The auto sector is facing a crisis. Dealerships are shutting down, companies are cutting production. Are you looking at measures to perk demand?I have been engaging with the auto sector — different stakeholders differently — about the sector and its demand pattern or if the demand is plateauing out and there is an indication of a kind of slump. Various reasons are being attributed to it (but) it's the diagnosis that I am interested in, knowing what is actually bringing about this slowdown and what it is that we have to do from our end.Vitally, the kind of input which I am thinking of and also putting in a context is — we are at a stage where, from January 1, 2020, the Bharat Stage VI (emission norm) is going to come in. I am getting the input that buyers are looking to wait till the 1st, see if the industry is giving any kind of a discount to favour or push that BS VI vehicle. Is that going to be one of the reasons why the slump is happening now, or are there any other factors? There are different inputs coming in. We will have to introspect on all that and see what we can do. Yes, we recognise that the sector contributes substantially to GDP and towards employment, and that mobility is a very critical factor for all sections of society. It has a big implication and I am therefore keeping a very close watch on it.You talked about policy space with reference to the economy. In the run-up to the budget, there was talk of revising fiscal goals but you have stayed with consolidation. What is this policy space? What can be done to reverse the slowdown?I am not sure there is a one-step solution. It has to be calibrated for each industry accordingly and also, yes, your reference to the fiscal discipline and consolidation routine that we have set ourselves is important. I had to honour it. Over and above that, a whole lot of factors are to be considered. I am also hoping that the industry, post the budget, is able to see that this government's intention is to make it possible for it to function with more ease, more comfort. Where it is possible, I have addressed tax issues, particularly in corporate tax. (In) that again, as much as in fiscal discipline, I have honoured the trajectory that was given to me, the glide path. So, the intentions of this government (are) about wanting to bring in greater ease of doing business, keeping commitments that have been given, fulfilling commitments that have been stated earlier. These are the messages which I want the industry to read, saying that we are with them. We honour the commitments that have a larger implication.You spoke of a calibrated response to industry-specific issues. Are you open to sectoral incentives for areas under stress?That's been the approach of the Modi-led government. Didn't we look at, say, textiles and footwear in the last tenure? We have consistently kept that sectoral support, even in this tenure. Within the (first) 100 days, we have shown our intentions very clearly — our support for these potentially good exports-driven sectors, potentially good jobs-giving sectors, potentially good medium and small industry-based sectors. We have maintained supporting many sectors that work under the small and medium kind of profile – (even if) it is through banks' lending.While you may see our response to the NBFC (non-banking finance companies) crisis as responding to a crisis, I see it as responding to an institutional framework, which helps the small and medium industry. It's one thing to look at our response to the NBFC in one way. But in your asking about sectoral response, for several sectors that are typically driven by small and medium enterprises (SMEs), I see that supporting the NBFCs as a platform through which their credit requirements are met is also giving sectoral support. So, on a macro (level) and in a broader sense, we are constantly looking to strengthen institutions that have a direct play with SMEs. And when I am talking of SMEs, I am obviously talking of those sectors that have a greater contribution to exports, job creation and so on.There is a persistent complaint about liquidity in the NBFC sector despite the measures announced. Can more be done to address the NBFC issue?I am so happy to hear the RBI (Reserve Bank of India) governor speak so effusively on the issue of the liquidity crisis. If the government says it, it's one thing, but the RBI is also saying it. I am not repeating his words. The summary and substance of what he said was that there is no liquidity issue.I am not totally negating it. The governor has said the RBI has ensured that liquidity has been made available. It is now for institutions such as the NBFCs to further it and extend it to the end user. But what the crisis is all about is this interpretation that there could be a liquidity shortfall. The crisis is probably that NBFCs are looking for credit-worthy claimants for loans and finding it difficult to get such people. Therefore, the extension gets delayed or the facility gets delayed. It's getting interpreted as liquidity shortfall. That offloading based on some worthy securities is now consuming more time because security and genuine worth are taking time to evaluate. Strictly (speaking), it's not a liquidity crisis, but a crisis to pass on the liquidity to genuine borrowers.One of the announcements in the budget was to allow the government's stake in companies to fall below 51%. Will the government be open to reducing its stake in public sector banks (PSBs) as well?At the moment, we are looking at CPSEs (central public sector enterprises), not so much as PSBs. We thought it only makes sense if government holding is not over and above other public sector holdings. That's why all of the above put together can stay at 51%, whether the government or the ministry directly… it's government's money after all.It allows room in PSUs such as ONGC and IOC, where the government is close to 51%.Well, the principle is that. But how quickly, how soon and how many are the things that we will have to work out.The report on cryptocurrency that recommends a sovereign digital currency and stringent punishment and fines for private digital currency has just come out. When are you proposing to take the legislation to Cabinet?I had the presentation done before me. The committee has done extensive work on it. Inputs that have come in; if I compare several other countries where this kind of study has been done on cryptocurrencies, we have done very well. They have gone much ahead of all other countries that have thought about it. It's a very futuristic and well-thought out report. I have not spent time on it after the presentation. Of course, we will look into it soon and come back with a position. That was also reported in court as there is a case going on.There is a growing view that aggressive tax targets lead to tax terrorism, an issue flagged by many experts. Demands get raised and the dispute settlement mechanism is not that effective. Is that something that is on your priority list?First of all — and I even said this during the Income Tax Day event — the target that we have set is not at all unachievable. It is something that the tax department itself has agreed to — that it is not a demanding, unrealistic target. Second, I am personally giving a lot of attention and time to make sure that, where it is possible for us to seek an explanation or ask for information, we take that route first rather than rushing to initiate action. Third, I also proposed to the revenue secretary that I should go all over the country, meet with all kinds of people, different sectors and all segments of society to ask them — not that the media doesn't tell me — what is happening. That is being worked out. If a solution can be offered in each zone, with the people, there is a certain sense of accountability that we can bring in the ministry. We were supposed to start from August 2. But, because the Parliament session has been extended, we have postponed that. I shall be going to different zones with income tax officials or even customs, and talking with all stakeholders. In the meantime, I am ensuring that officers seek explanations or answers through e-platform, rather than initiating action. That has already been done.Former finance secretary Subhash Chandra Garg said he has taken voluntary retirement and that he had sort of first spoken to the government a week before the transfer happened. Because this is quite a dramatic development, questions are being asked if there is more to it…Well, he had given the letter just the day after the government transferred (him). The letter literally came the morning after the announcement was made. I am not aware of any conversation with me before that. The letter is concrete evidence which I can speak about, that came the morning after. | | E-commerce boost for 200 rural products Posted: New Delhi: Rural artisans may soon be able to sell their products through e-commerce platforms as part of a facilitation plan envisaged by the government that includes setting up of producer companies in select clusters.The rural development ministry has drawn up a list of 200 products that will be sold on e-commerce platforms, including the Government e-Marketplace (GeM), said officials. The ministry has joined hands with Tata Trusts to set up a not-for-profit company under Section 25 of Companies Act to provide professional support to rural artisans to sell their products globally, they said."We are in the process of setting up clusters or producer companies by bringing in people making similar products," a senior government official told ET.Some handicrafts and handloom products, such as Madhubani paintings from Bihar, tribal paintings from Jharkhand, terracotta items from Rajasthan and tussar silk wear from Bhagalpur, made by rural artisans, mainly women entrepreneurs, are already being sold online via Amazon and Flipkart.The govt is now keen to expand the initiative as part of the 100-day plan in the second term of the Narendra Modi government. The products identified by the government could include stationery items such as folders, pen holders and gift items, according to those in the know. 70424054 The official cited earlier said the government's initiative will help rural artisans legally qualify to be on e-commerce platforms and cater to a larger market.A dedicated value chain development centre, with four-five regional offices, is being set up by the government to provide complete value chain solutions to rural artisans. This will provide artisans technical assistance as well as help in designing and packaging of products to enhance their global appeal.The plan includes engaging professional photographers and content writers to ensure products featured on e-commerce platforms have a story to tell to make them more attractive to buyers."Coming on to the e-commerce platform will help artisans get larger volumes and better prices for their products even after parting with at least 40% (of revenue) to these sites as seller charges," said G Vinod Nair, manager-non-farm livelihood products, National Rural Livelihood Mission.At present, rural artisans sell their products through central and state exhibitions organised by the ministry or directly through traders, besides catering to local demand restricted to their own districts. | | Hyundai Kona EV explodes and causes a garage fire Posted: A Hyundai Kona EV, the all-electric version of the Kona, exploded and caused a garage fire in Île-Bizard, Montreal on Friday. The Kona EV reportedly exploded – blowing the garage door off in the process, said the report by Electrek.The Montreal Fire Department is reportedly investigating the fire.The Kona electric SUV was launched in India on July 9 for a starting price of Rs 25.30 lakh (ex-showroom, India). Within 10 days of the introduction, the carmaker received 120 confirmed bookings for the electric SUV. | | Trade setup: Nifty may head either way from here; stay cautious Posted: The domestic stock market put up a dismal show last week with NSE benchmark Nifty plunging 135 points. However, some respite came on the last day of the week with the index posting a modest gain of 32.15 points or 0.29 per cent to 11,284.30.The 50-stock pack has breached some crucial levels on the weekly chart. At the same time, it remains oversold on a couple of lead indicators on the daily chart. This technical setup may result in the market at least arresting its downside and consolidating at current levels or even continue with its pullback. We expect a positive start to the week.Monday's session is likely to see 11,325 and 11,370 levels act as resistance. Supports may come in at 11,210 and 11,170.The Relative Strength Index (RSI) on the daily chart stood at 33.2334 and remained neutral, showing no divergence against the price. The daily MACD stayed bearish and traded below its signal line. No other formation, apart from a white body, emerged on the candles.The pattern analysis of the daily chart suggests that the decline that was triggered when Nifty breached the 100-DMA at close decelerated and finally got arrested. The previous trading session saw the index ending with modest gains.All in all, though the broader technical setup may suggest some continued weakness in the market, the immediate short-term outlook has higher chances of declines getting halted.The structure of the charts suggests possibilities of consolidation around current levels and also some relief rally ahead. However, keeping the more extensive technical setup in view, we recommend traders to totally avoid shorts, but at the same time continue to protect profits at higher levels vigilantly.A cautiously positive outlook is advised for the day.(Milan Vaishnav, CMT, MSTA is Consultant Technical Analyst at Gemstone Equity Research & Advisory Services, Vadodara. He can be reached at milan.vaishnav@equityresearch.asia) | | Tweet Buster: Tax cut on EVs is not enough; all eyes on RBI meet Posted: NEW DELHI: Pessimism ran high on Dalal Street this week with benchmark indices ending lower in four out of five sessions. The last-minute respite on Friday came from a handful of stocks, not quelling away the fears of a bear market.Some of the top D-Street analysts believe that we are in this bear phase for the long haul and many blame government policies for the same. Besides FII outflows, a lot of corporate governance issues are plaguing the Street and over-leveraging is coming to haunt many top firms.Here's sampling some of them: Professor Sanjay Bakshi said that the wealth destruction is on a massive scale and in most cases that not the damage is permanent. He listed over-leveraging and crookedness of the management as the causes.Wealth destruction on a massive scale. In most of these cases, the impairment is permanent. And the usual suspects… https://t.co/wBUzjvIHgA— Fundoo Professor (@Sanjay__Bakshi) 1563985758000 PMS fund manager Basant Maheshwari said the Street was sitting at the maximum possible pessimism. Sticking my neck out: The street is sitting at the point of maximum possible pessimism. Looks like we getting read… https://t.co/eQ8vjVDsZD— Basant Maheshwari (@BMTheEquityDesk) 1563938271000 In another tweet, Maheshwari explained the biggest issue with the bear market. The biggest problem of a bear market is you lose a few years of your time betting on the wrong horses. And you lose… https://t.co/Mn4vt1Oywz— Basant Maheshwari (@BMTheEquityDesk) 1564203454000 Sandip Sabharwal, an independent market expert, took to Twitter to put forth his concerns regarding what could happen to Indian market if the global markets were to correct. Indian Governments tax policies have made Indian Markets underperform significantly even as other markets have rall… https://t.co/pqXDrz1M4K— sandip sabharwal (@sandipsabharwal) 1564072262000 Sabharwal shared data for Nifty performance from May 31, 2019 in which showed the benchmark has turned negative by 6 per cent while Dow Jone has surged some 10 per cent. He added, "MPC Policy meeting now critical for markets."From 31st May 2019 Dow Jones IA up 10% NIFTY down 6% Money chases performance. MPC Policy meeting now critical fo… https://t.co/b5mIfSul9R— sandip sabharwal (@sandipsabharwal) 1563953311000 In another tweet, Sabharwal said that data suggests if July is a poor month for the market, then August is most likely to follow suit. Empirical evidence suggests that if July is a down month for the markets Most of the times August is also down I… https://t.co/vBM3cr1umG— sandip sabharwal (@sandipsabharwal) 1563854786000 Value investor Safir Anand although hopes that ICICI Bank results could bring relief to the market. Icici results should bring some relief to mkts.— Safir (@safiranand) 1564237114000 On a lighter note, Maheshwari commenting on the massive FII outflows said, "Seems that the foreigners have finally taken our 1942 call for a 'Quit India movement' quite seriously." Seems that the foreigners have finally taken our 1942 call for a 'Quit India movement' quite seriously.— Basant Maheshwari (@BMTheEquityDesk) 1563896182000 GST COUNCIL MEETIn another important development, the GST council reduced GST on electric vehicles, but Maheshwari and Sabharwal are not sure if it would bring any benefits for Indian companies.Maheshwari thinks it wouldn't bring any demand for EVs but might lead to short-selling in auto stocks.Lowering GST and other charges on Electric Vehicles won't create demand for EVs.There is just no infrastructure. Pe… https://t.co/XI2XX979kI— Basant Maheshwari (@BMTheEquityDesk) 1564283523000 Sabharwal says the incentive should be on production and not buying because otherwise, it would lead to imports from China. Reducing GST on EVs to 5% Giving tax break on interest Might look good but creates a significant market distortion… https://t.co/ensB6acQQE— sandip sabharwal (@sandipsabharwal) 1564238271000 Very few industries in #India are globally competitive in cost/technology & also creates a huge No of jobs i.e.… https://t.co/8S1MmIB75k— sandip sabharwal (@sandipsabharwal) 1564239654000 To top off, here's another song from market expert Vijay Kedia on the state of the stock market in India. Enjoy! My Fifth song about the current situation of the stock market written & sung by me! Do listen to it and share your… https://t.co/56npKbgbmC— Vijay Kedia (@VijayKedia1) 1564119621000 | | Mid-tier IT caught between shrinking deals and rising costs Posted: Pune | Mumbai: India's mid-cap IT firms have posted their worst set of numbers in the past few years in the just concluded quarter, following cuts in client budgets, deferred projects and rising costs of local talent in the US and Europe.The slowdown in spending on banking, financial services and insurance (BFSI) has emerged as a key concern, industry insiders said, even as they remain wary of a spillover effect into other verticals.Margins at Mindtree, which has changed owners, dropped to their lowest in eight years in the June quarter, while growth has been largely flat at L&T Infotech. Persistent Systems reported a 3% drop in dollar revenue, while Cyient posted its worst quarterly numbers in a decade.The first quarter (April-June) typically tends to be soft for tech firms, analysts tracking the sector said. "There are higher expenses because of H-1B filing costs and wage hikes in this quarter, but this time, the appreciation of the rupee has also hurt the tech firms," said Harit Shah, senior analyst, Reliance Securities.While margin pressures may ease in the second quarter, it will take longer for revenue to recover, he said. The BFSI sector in the US is facing a slowdown, impacting even large-cap companies. "While BFSI is a larger set that includes wealth management, capital markets, insurance, consumer banking and so on, there are certain areas within that seeing a slowdown — call it insourcing, lower tech spend by some of these larger banks," said Apurva Prasad, IT analyst at HDFC Securities. "BFSI is apain point that seems to be emerging." L&T Infotech's quarter-on-quarter revenue growth in constant currency terms was 1%, its weakest in the past nine quarters, according to analysts.This was due to weakness in its top banking client and another lender in Africa, they said. "For L&T Infotech, within BFSI there were two clients affected and they called it earlier too. But the real concern across the space is if this macro slowdown can percolate into other accounts and verticals," said Prasad.Firms have been hit by unforeseen situations. Cyient was hit by a slowdown in two key verticals — aerospace, and defence and communications. The company will have to overcome issues in its top 20 clients to achieve significant revenue growth, analysts said.L&T Technology Services was also impacted by a ramp-down in spending by one of its top clients. Revenue at a key vertical — telecom and high-technology – declined $7 million quarter-on-quarter, HDFC Securities said. Analysts are, however, confident that the company will be able to revive profit margins in the coming quarters due to its varied business mix and strong growth in its transportation vertical. Business at Mindtree, which analysts believe is fundamentally strong, is likely to be hit till there is certainty around senior leadership following its acquisition by Larsen and Toubro. Its new CEO is expected to come on board on August 2.Kotak Institutional Equities said the company can grow revenue if attrition rates are contained. S N Subrahmanyan, a director at Mindtree and chief executive of L&T, however, told analysts in a recent call that he expects deferred deals to return and is confident of a stable second quarter.Mphasis, however, was able to buck the trend, owing to increased growth from its digital business. The company secured $151million worth deals in its direct international business, of which 80% was in new-generation services, the company said.70425997 | | How influencing became a career Posted: Shyam Tyagi was working a 9-to-5 job at an IT services agency, all while dreaming of a career in fashion. He had been running a blog and Instagram account showcasing his outfits for over a year, but it wasn't until an e-commerce firm approached him with an offer to collaborate that the thought of monetising his passion even occurred to him. "When I decided to do it full-time, people kept asking me if quitting a secure job was a good call. But I knew I had to put my 100% in it," says the 34-year-old Bengaluru resident. Today, two and a half years after quitting his job, he has 73,000 Instagram followers and a team that includes a content writer, videographer and photographer, who are all on his payroll. Having worked with brands like Reebok, Superdry and Airtel, he says his IT gig didn't fetch him even 50-60% of what he makes now — about Rs 2-3 lakh a month. 70413182 While influencers and content creators have been around for a while now, it is only in the last couple of years that the market has tuned into their sphere of influence, allowing them to make enough money to turn a side gig into a career. Depending on how many followers you have and the ways in which they engage with you, an influencer can make anything between Rs 1,000 and 1 lakh for a sponsored post, according to Rahul Singh, co-founder of influencer marketing firm Winkl. Singh says, "Most of the 7,000 creators we work, with still have other jobs, but the ones who are doing this full-time are doing very well," says Singh. The amount you get paid depends on your followers, sure. But, there's more to it — the kind of comments they leave on your picture (things like 'wow beautiful girl' and the fire emoji don't do the trick, while actual conversation about the content does), the niche you have carved for yourself, and whether you using and endorsing a certain brand is believable all play a role. 70413196 Akanksha Redhu has been running her eponymous blog since 2008, and has since diversified the number of platforms she's active on — Instagram, Twitter and Pinterest. In the last decade, she began and shuttered a clothing and accessory brand. "By the time my accessories were doing well, my blog also took off. Blogging literally opened me up to the possibility of never having to do a job-job. Unlike running a brand, I had no overheads — no salaries to pay, or studios to rent," says the 32-year-old, who has a little less than 200,000 Instagram followers. 70413197 Redhu says she's very picky about the brands she works with, insisting on full advance payment. Unlike her, most newbies take barters when they first start off — if they promote a brand, they will get a product or service instead of hard cash.Even without the hard cash, it is hard work, say influencers, keen to bust the myth that they're preening narcissists who simply post glam photos. The process of creating content for brands isn't as easy as it looks. Redhu says, "First, a brand shares their lookbook with me and I pick an outfit that I would wear and see if they are okay with it. If I wore an evening gown, my audience would be very confused. Depending on if they want a photo shoot or a video, I hire someone, scout for locations. You have to take 500 photos for the two you post." The pictures you pick have to be authentic to your feed, as well as what the brand is looking for. You run the picture and caption by them, and hope they approve. If not, back to the drawing board (and graffitied wall to pose against).A survey conducted by digital marketing agency Greenroom shows that 62% of the 100 professional marketers surveyed in India had worked with influencers in the last year, and 42% said they plan on increasing their influencer marketing budget. Why? Because it works, says Pranay Swarup, co-founder of influencer marketing agency Chtrbox, which works with 300,000 influencers across the country. "We partner influencers and brands based on relevancy and whether they are potential users of the product. SRK being a brand ambassador for Santro worked in 2010, but there's no authenticity in that in 2020," he says. What works about influencer marketing is that it is a business to consumer to consumer model. If they're good at what they do, people trust them. Other emerging trends in the industry, Swarup adds, are an increased focus on influencers from Tier 2 and 3 cities, Instagram stories being preferred to posts despite their shorter life, as well as the rise of TikTok.Shivani Kapila, a TikTok creator with 2.8 million fans, recently quit her HR job to pursue content creation full-time. It wasn't an easy decision, one that she mulled over for a year. "I create videos about fitness, cooking and safety. It's a completely different lifestyle — I can work from anywhere, and sometimes get free travel opportunities. As a girl born and brought up in Jhansi, I never thought this could be my life," says the Surat resident, 30. Unsurprisingly, there are many fake influencers who try to game the system. A recent global study showed that Instagram influencer fraud in India was the third highest in the world, with people buying followers and likes as well as boosting each other's posts to show more engagement to brands. Fashion influencer Divya Maben says the fact that many older bloggers have used these methods to boost their profiles has led to younger copycats. However, there are tools that figure out how many of your followers are real, and some brands are catching on. "But a very large percentage of brands, agencies and followers are unaware of this sad reality," she adds.But isn't there a worry that this influencer bubble will burst or that they will be replaced by a younger generation of social media stars? Most insist that they can see their careers growing for the forseeable future. "My friends would ask if I want to do this my whole life, and initially I would say 'no, I'm not that person'. But, what's the harm in doing this until I die? My audience is growing older with me, so there's no age-based expiry date. If there's something else I want to do, I won't leave social media, but find a way to combine the two," says Redhu.Meet the Insta-crorepatis: Priyanka and Virat 70419251 Makeup mogul Kylie Jenner gets $1.26 million (8.6 crore) for a post, making her the highest paid celebrity influencerPopstar Ariana Grande takes the second spot, followed by footballer Cristiano Ronaldo and Kim Kardashian, all of whom make upwards of 6.2 crore a postPriyanka Chopra is one of only two Indians who made it the list. She ranks 19, getting $271,000 (1.8 crore) per sponsored postVirat Kohli is 23rd, and makes $196,000 (1.3 crore) per postSource: Hopper HQ Instagram Rich List 2019 |  |
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