Bit by Bit 3rd Sept. || India Back in top 5 Economies || Apple to get rid of passwords & more

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MARKET UPDATE

• BSE SENSEX : ₹58,803.33 (+0.06%)

• NIFTY 50 : ₹17,539.45 (-0.02%)

• NIFTY BANK : ₹39,421.00 (+0.30%)

• USD/INR : ₹79.744 (+0.08%)

• GOLD MCX : ₹50,384.00 (+0.63%)

• BRENTOIL : $93.06 (+0.75%)

• FII Net Cashflow : -₹9 crores

• DII Net Cashflow : -₹669 crores

As of 11:59 PM on 02/09/2022

ECONOMY

India enters the TOP 5 - Again!!

Key Facts:

• India regains its position as the 5th biggest economy in the world.

• Projected growth at 7% this year.

• The GDP has recovered the pre-pandemic output and gone beyond by near 4%

The Story:

As Bloomberg reported on Friday, India has surpassed Britain to become world’s fifth largest economy. The size of Indian economy in “normal” cash terms in the quarter through March was USD 845.7 billion. On the same basis, UK was USD 816 billion, according to the report.

The International Monetary Fund projected India overtaking UK this year, placing it just behind the US, China, Japan and Germany. The report further added that a decade ago the Indian economy was 11th largest, while UK’s occupied the fifth position.

The UK is likely to have fallen further since. UK GDP grew just 1% in cash terms in the second quarter and, after adjusting for inflation, shrank 0.1%. Sterling has also lative to the rupee, with the pound falling 8% against the Indian currency this year.

EXPORTS

China's Covid Restrictions Hit India's Diamond Exports

Key Facts:

• China is the second largest market for Indian Diamonds after the U.S.

• Exports for the precious stones fell by 13.5%, making its valuation $1933.32Million in July

• Jewelry and Gem world show has been shifted to Singapore from Hong Kong.

• Exports of plain gold and studded jewelry increased by 6.54%, making it $740.04million.

• Middle East is the biggest market for Gold and Studded Jewelry.

The Story

The China lockdown and Beijing’s Zero Covid Policy has impacted India’s Diamond market for the first time in this fiscal year. The Chinese government put millions of people back in Lockdown due to a hike in covid cases which is further deteriorating the economic condition of China reducing its chances to regain its prime.

Vipul Shah, Chairman of Gem and Jewelry Export Promotion Council, said “Unless normalcy returns in China, the exports of cut and polished diamonds from India to China will not see an uptick. The same trend has continued in August too.”

Jewelry and Gem world show has been shifted to Singapore from Hong Kong, as overseas buyers and exhibiters are not willing for a seven-day compulsory quarantine. However, the positive aspect of this situation is that the exports of plain gold and studded jewelry increased.

AUTOMOTIVE

India; Make Way for the New Limited Edition Toyota Innova Crysta.

Key Facts:

• In 2021 Toyota was the world's largest car brand with a market share of 10.5 percent, Surpassing the 2020 market leader Volkswagen(6.4%).

• Innova Crysta was the best selling Model by Toyota Last Year.

The Story:

By the end of October 2022, the Japanese automaker anticipates that its new limited-edition Innova Crysta model will hit the road. The model is an upgrade over the fuel version of the Innova Crysta. As an MPV, it would cost a person a good dime than alternatives like the XUV700, Harrier, etc. For a manual vehicle, the ex-showroom price is INR 17.45 lakh, while an automated model will cost INR 19.02 lakh. Three new features—a Head-up display, Wireless phone charging, and a Tyre pressure monitoring system—have been added by the Japanese manufacturers for the special edition. The price of these extras would be INR 55,000. Due to the high demand for MPVs and resulting longer waiting times, Toyota is presently not selling its diesel version.

TECH

Apple may get rid of passwords completely after September 7, here's how login process will change

The Story:

Apple's iOS 16 update will make passwords a thing of the past. The Cupertino-giant has introduced "passkeys", a biometric sign-in system that will remove passwords completely. The passkeys will be available with the iOS 16 update, which Apple is expected to roll out at its Far Out event, scheduled to take place on September 7.

Apple in its keynote during the WWDC noted that passkeys will completely eliminate the need for passwords and will be less susceptible to getting stolen. So, basically, users will have to use their iPhone, iPad, Mac, or Apple TV to authorize their logins using biometrics such as Face ID or Touch ID, instead of passwords.

As per Apple, Passkeys are stored on the device and are never shared with a web server, which invariably makes them less prone to getting hacked.

Want More Bits?

Webb telescope finds planet bigger than Jupiter outside Solar System

The Story:

In a new milestone, the James Webb Space Telescope has taken a direct image of a planet outside the Solar System. The newly discovered planet adds to the growing catalogue of exoplanets found outside the Solar System, which has already crossed the mark of 5000.

The observed planet is a gas giant, meaning it has no rocky surface and could not be habitable. Dubbed HIP 65426 b, the planet is about 12 times the mass of Jupiter and is about 15 to 20 million years old, compared to our 4.5-billion-year-old Earth.

The planet is about 100 times farther from its host star than Earth is from the Sun, making it easier to be spotted by Webb and the Near-Infrared Camera (NIRCam) and Mid-Infrared Instrument (MIRI) are capable of picking it up from the distance. While the planet is 10,000 times fainter than its host star, the two equipment on Webb block out starlight, enabling it to take direct images of certain exoplanets like this one.