Additionally, the portion of spending on food has decreased during this time period

The latest Household Consumption Expenditure Survey shows that the difference in average monthly spending between rural and urban households has decreased over the years.

 In 2022-23, rural households spent an average of Rs 3,773 per month, a significant increase from Rs 1,430 in 2011-12. Urban households, on the other hand, spent an average of Rs 6,459 per month in 2022-23 compared to Rs 2,630 in 2011-12. 

This indicates that rural spending has increased more than urban spending during this period. The survey also reveals that the bottom 5% of rural population spent Rs 1,373 on average, while the bottom 5% of urban population spent Rs 2,001.

 Additionally, the top 5% of the rural and urban population spent Rs 10,501 and Rs 20,824 respectively. These findings suggest that the gap between the spending of the rich and poor has widened.

 The survey also shows changes in spending patterns, with a rise in expenditure on non-food items and a decrease in expenditure on food items. 

Moreover, adjusting for the imputed cost of food grains distributed by the government, the average monthly spending was Rs 3,860 in rural areas and Rs 6,521 in urban areas.

 The survey, which is conducted every five years, was delayed due to the Covid-19 pandemic, but the latest results highlight important trends in consumption patterns in rural and urban areas.

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In a message to the staff, Raveendran clarified that despite claims from a minority group of shareholders about changing the leadership of the company, he remains the CEO, the current management team stays in place, and the board remains unchanged. 

He emphasized that only a small fraction of shareholders supported the resolution at the recent EGM, indicating limited backing for the proposed changes. 

Raveendran highlighted that the company’s governance structure is determined by established documents and laws, which were not followed during the meeting, rendering any decisions made invalid. 

Shareholders, including Prosus, have taken the matter to the National Company Law Tribunal, aiming to address governance and compliance issues at Byju’s.

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Nirmala Sitharaman highlighted that the main strength of her government lies in its transparency and use of technology to combat corruption.

 She emphasized the importance of studying the governance model adopted by her government in recent years, especially during challenging times like the Covid-19 pandemic and ongoing global conflicts.

 Sitharaman encouraged management students to analyze the government’s approach of minimum government and maximum governance, which focuses on responsiveness to public needs. 

She also praised the Digital Public Infrastructure (DPI) and Output Outcome Monitoring Framework (OOMF) as key tools that have improved transparency and efficiency in government operations. 

Additionally, she pointed out the collaborative and outcome-driven approach of the government as a key factor in its success. 

The inauguration of the new campus of BITS Pilani in the Mumbai Metropolitan Region was used as a backdrop to emphasize the government’s commitment to education and innovation.

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SEBI is utilizing artificial intelligence (AI) for investigations, according to a senior official of the market regulator. 

Kamlesh Chandra Varshney, a member of SEBI, emphasized the importance of staying updated on technological advancements. 

He also warned that adhering to regulations will be beneficial, while violations will result in consequences. Varshney spoke at the 13th international convention of the Association of National Exchanges Members of India, stating that AI is being used for investigations and other purposes.

 He advised brokers to be vigilant against stock market manipulations to maintain investor trust. SEBI has been cracking down on entities involved in manipulative practices, including front-running activities.

 In an effort to streamline compliance reporting, SEBI directed intermediaries reporting to financial institutions to upload client certifications under FATCA and CRS systems by a certain deadline.

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EPAM Systems, a US-based engineering service firm, has Ukraine as its largest delivery center with 9,113 professionals as of December 31, 2023. India has become the second-largest delivery center for EPAM, with a total of 7,050 employees by the end of 2023.

 Despite the decrease in employee count in Ukraine due to the war, EPAM continues to maintain its business continuity plans and hiring efforts across multiple locations. The company no longer operates in Russia but still employs around 3,500 professionals in Belarus. 

EPAM has a global presence with delivery professionals in over 50 countries, with India and Poland as the second and third-largest delivery locations respectively.

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The RBI has approved the use of digital payments for public transportation by allowing authorized PPI issuers to issue prepaid cards and wallets for commuters to use across various modes of transport. 

This decision aims to provide convenience, speed, affordability, and safety in digital payment options for transit services. Previously, the RBI required issuers to obtain permission before introducing mass-transit payment instruments. 

The PPIs for public transport will have a limit of up to ₹3,000, as per RBI regulations. This move is seen as a step towards modernizing transit systems and improving the overall transportation experience for commuters.

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