Union Finance Minister Nirmala Sitharaman said  Indian banks  remained healthy  and resilient despite  the  global  crisis. 

  Union  Finance Minister  Nirmala Sitharaman  said in the  Rajya Sabha on  Tuesday that  Indian banks  remained healthy  and resilient despite  the  global  crisis,  adding that the  anti-money laundering  agency’s action The country’s flagship has returned over ₹ 15,000  crore to public sector lenders. 

  The  minister said the country’s  bad  debt volume is decreasing  while  bank  profits  are increasing, answering questions  from the opposition during question  period  in the  senate.  

  Rajya Sabha also discussed the current economic situation of the country after a  short  notice  of  discussion  drafted  by Trinamool Congress member Derek  O’Brien  was accepted by the House. 

  Sitharaman said banks  have  recovered ₹33,801 crore from  willful  defaulters  as of  March 31 this year. More than ₹15,000 crore  has  been  returned  to public sector banks through  actions  and recoveries by the Enforcement Directorate under the Prevention of Money Laundering Act, she added. 

  “Amid  global turmoil and  the sad  state of  the banking  system,  Indian banks  remain  healthy, strong and resilient. In our country, not only  have  non-performing assets (NPAs)  decreased,  but  profit margins  have also increased,”  she said. 

  Replying  to  further  questions on bad loans, Sitharaman said assets worth ₹692.89  crore were confiscated  under  the  provisions of the Fugitive Economic Offenders Act, 2018. 

  The minister said opposition MPs  who question  the  government’s  handling of  the NPA should  first  acknowledge  the  problem.  “The heart of the problem  occurred  during the  ten  years of UPA  rule, from  2004  to 2014,  when calls  (for banks)  were made  to  lend  to  undeserving people. It is our responsibility to solve the problems  of  Indian banks  through  reforms,” she said. 

  Responding to  a  question  from  MP  Jairam Ramesh, the  Finance Minister  said action  is  being taken  against those who willfully default.  “As of March 31, 2023, legal  action has been taken to recover  13,978 loan accounts.  Actions  under the SARFAESI Act  have  been initiated in 11,483 cases. FIRs have been filed in 5,674  cases.  

  “A total  amount of  33,801  crore has been  recovered,” said Sitharaman. Concrete action  through various legal provisions  is  being taken against defaulters and  hence the  money  will go  back to the  banks.”  amounting to ₹15,186.64  crore  under  PMLA  was seized  by the  ED,  of which ₹15,183.77  crore was returned  to  public sector banks.  

  Kicking off the  discussion on the state of the economy,  Trinamool’s O’Brien  said:  “What  the economy looks  like  depends on  the  eyes  with which  you  look  at  it. » O’Brien  said  that  while the stock market  is  booming and the number of billionaires  is increasing,  India  has  the  world’s  largest number of poor people at 23 crore (230 million).  “Even though food rations are  free, cooking gas costs  1,000 yen,”  he said. 

  BJP’s  Sudhanshu Trivedi said India  has become  the  world’s fastest growing  economy  thanks  to  Prime Minister Narendra  Modi’s “systematic policies”. 

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  The content  shared by  Indian  Instagram users  is expected to spark conversations around  career,  sports, gaming and fashion.  This is not surprising as  India leads  in terms of Instagram users globally.  

 Tech giant Meta is  looking  ahead  to 2024 and expects  India’s ‘Gen Z’  users to dictate global trends on Instagram.  “Generation Z”  is broadly defined as the demographic  group  of people born between 1996 and 2010.  Given  their  current age, they are  expected to be  social media  enthusiasts. Meta’s  Instagram is betting big on this demographic.  This expectation  of  setting trends and driving  conversations is not surprising.  India is  Instagram’s largest market to date. Figures released  by research firm Statista  earlier this year  indicate  that nearly  230 million (and counting) daily active users  come  from India,  followed by  the  United States  (143.35 million), Brazil (113.5 million) and Indonesia (89.15 million), countries that  track data. Graphics.  

  “The optimistic  and entrepreneurial spirit  of India’s Generation Z  stands out as they  enthusiastically  explore new interests and trends  in various fields.  Their dedication to  their  chosen  fandom  and commitment to self-improvement  is evident  through  this information.  And, while in many  ways, India’s  Gen  Z is  similar to their  peers around the world,  these trends also  reveal  specific areas where they are different and unique,”  ​​said  Paras Sharma,  Meta’s  director of  content  and  community partnerships  in India,  said.  in a  press release.  

  Instagram’s  Trend Talk survey indicates  that  43% of  respondents  hope that 2024 will mark  a milestone  in their  era of personal development,  a year  in which  they  invest in  growth and  your personal  development. More than  in  other countries,  Gen Z social media users  in India believe  that starting and running their own business is the best  way  to  make money.  

 Meta expects Indian users to drive the trend of “more content  on  life advice, more  daily  content and content  on  their  careers”. It involves  celebrities, athletes or even  other creative people. India’s Generation  Z  creates a buzz  on social  media that goes  beyond career  choices. The aspect of relatability also promotes  the  feeling  of  being  part of a “fandom”. Meta  claims that  India has the highest  proportion  of  avid  sports  fans  compared to Gen Z  in  other countries,  including  cricket and football, countries, clubs and  franchises, accounting for most conversations.  

 Meta  named  the Indian  cricket team,  Barcelona,  ​​​Real  Madrid, Royal Challengers  Bangalore  and Chennai Super Kings as the most  popular and  they expect  this to  continue in 2024.  Among the sports  highlights that  you are waiting for, let’s talk about  the next edition of the Indian Premier League T20  cricket.  tournament, the ICC T20  Cricket World Cup  and  the Africa  Cup of Nations.  Apart from  cricket, football and sports in general,  Meta  data indicates  that  BTS  Army,  Swifties, AR Rahman, Shreya  Ghoshal  and Anirudh  stand out. Just like  Minecraft, Fortnite, Call of  Duty  and Roblox  game  enthusiasts.  

 In other trends  expected to  gain momentum  in 2024, a third of  India’s  Gen Z Instagram users are turned off by  what many consider “poor meme taste”, with nearly  half  said they were  interested in do-it-yourself (DIY)  fashion.  and  have  a general interest  in  trying new  foods  and ingredients. 

  According to Meta, this insight  comes from a survey of  about 5,000 people  conducted by trend forecasting  company  WGSN  in collaboration  with  Instagram  in the US, UK, Brazil,  India  and  Korea.  Coverage focuses on Generation Z’s  perception of work, relationships, fashion, beauty, food and social  media  in the context of the  year ahead. 

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