The pressing questions about crypto regulation that India needs to answer

With the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 set to be introduced in Parliament - and despite a hacked message from the prime minister's Twitter account about the government having 'officially bought 500 BTC and is distributing them to all residents of the country' on Sunday - there is much speculation about GoI ready to impose a blanket ban on all private cryptocurrencies. 

This comes in the wake of several unsuccessful attempts of regulating cryptocurrency, such as the unpassed draft Bill in 2019, and Reserve Bank of India (RBI) circular in 2018 that was struck down by the Supreme Court in 2020. 

 GoI officials have stated that only 'private cryptocurrency' would be banned. But clarity is awaited on the definition of the term. Industry experts believe that this could mean cryptocurrencies such as Monero and Dash, which even as they are based on 'public' blockchain technology, provide user privacy by obscuring the transaction information, unlike bitcoin and ethereum that are traceable. 

It could also mean all cryptocurrencies other than central bank CBDC, or all cryptocurrencies other than those issued by a private issuer with a value-equivalent asset backing. The Bill is eagerly awaited so as to understand the GoI's position on blockchain products. They differ from cryptocurrencies by being intangible assets backed by blockchain technology. 

Crypto-backed technology is essential for the future and how the government intends to regulate its products is something we must know. Questions also arise on whether crypto-assets can be purchased outside India under the Liberalised Remittance Scheme (LRS) route, or whether this will be restricted. 

There also has to be clarity on whether crypto exchanges will be treated as intermediaries and an ecommerce marketplace under FDI laws and ancillary regulations. There has been considerable development internationally on taxation of digital currencies under value-added tax (VAT) and goods and services tax (GST). 

Many countries initially considered digital currencies as services, and, consequently, transactions involving purchase of goods or services in exchange for digital currencies were treated as barter transactions, which led to the issue of double taxation. The recent trend, however, is to treat digital currencies at par with fiat currencies, as far as indirect taxes are concerned. For instance, Australia amended its GST law from July 2017 to provide that transactions involving digital currencies shall not be considered as barter transaction. Further, exchange of fiat currencies with digital currencies is treated as exempted financial services. 

Similar treatment has been adopted by Singapore in January 2020. India's GST law does not have specific provisions for digital currency. However, the definition of goods is not restricted to tangible properties, and that of services is very broad, and includes everything other than goods within its ambit. Thus, digital currencies will fall under the GST net either as goods or as services. Replenishment (REP) licence, the Duty Entitlement Passbook Scheme (DEPB) and intangible assets like canned software have been held by the court to be goods. 

Classification of digital currencies will need to be examined in light of these precedents. The GST rate notification for goods is based on the Customs Tariff Act. Even if one assumes that digital currency is a good, the appropriate classification of digital currencies under the Act itself is unresolved. The rate notification provided for services also does not have any specific entry to encompass digital currency if one classifies the latter as services. Further, considering the dynamic nature of digital currencies, valuation and determination of the place of supply of the cryptocurrency also poses a challenge. 

 There is also the question of whether crypto exchanges qualify as ecommerce platforms or not. If they do, there may be additional FDI and tax deducted at source (TDS)/tax collected at sale (TCS) compliances under income-tax. Purchase of bitcoins may be subject to tax under the 'income from business' category or capital gains tax depending on the purpose and intent of such purchase or sale. 

 With the ban of certain cryptocurrencies on its way, we wait to see if GoI plans to regulate crypto exchanges, provides clarity on non-fungible tokens (NFTs) and blockchain technology, not to mention the transition time for banned crypto in India and holding of cryptos outside India. We also need clarity on GST treatment of permitted cryptos so as to avoid double taxation. ",

War may not be probable, but geopolitical clouds threaten the world economy

Some point to rising interest rates, since central banks across the world can no longer ignore inflationary trends and will have to raise interest rates. Others fear that the Omicron strain of Covid-19 will pull the world economy down, and an even more virulent strain might strike.

Agencies

History rarely repeats, and new crashes often have completely unanticipated causes.

Stock markets have soared to absurd heights this year, and the current correction is no surprise. Fears remain that the downtrend will gather momentum and become a crash. Which factors will most likely produce a crash?

Some point to rising interest rates, since central banks across the world can no longer ignore inflationary trends and will have to raise interest rates. Others fear that the Omicron strain of Covid-19 will pull the world economy down, and an even more virulent strain might strike.

History rarely repeats, and new crashes often have completely unanticipated causes. The taper tantrum of 2013 warned everybody about the dangers of interest rate increases, and those risks are already baked into economic expectations. So are the risks of a more virulent Covid strain.

Hot Action in Cold War

The big new risks are geopolitical. A Coldish War between the US and China began some time ago, slowing world growth. But the problem now threatens to escalate into hot war.

The two major danger spots are Ukraine and Taiwan. US intelligence experts have warned of a Russian invasion of Ukraine 'as soon as early 2022'. Meanwhile, US Defence Secretary Lloyd Austin says that China's recent military manoeuvres near Taiwan look like rehearsals for an actual invasion. Neither war may ultimately come about. But the probability is no longer negligible.

A US intelligence official says Russia is planning to deploy 175,000 troops in its new Ukraine offensive, of whom half are already in position. Russia has increased its calls on Joe Biden to not allow either Ukraine or Georgia to become members of Nato, and not allow any Nato weapons to be stationed in those two countries. US officials say that Russia plans to move 100 battalion tactical groups along the Ukraine border with armour, artillery and equipment. They have also seen an uptick in Russian propaganda efforts using proxies and media outlets to denigrate Ukraine and Nato ahead of a potential invasion. Russia says it seeks nothing more than security for ethnic Russian citizens of eastern Ukraine.

Biden is against entanglement in foreign wars, and will be very reluctant to send troops to either of the two potential war zones. But he will unquestionably impose extremely stiff economic sanctions on any invader, including the freezing of dollar accounts and bans on trade and investment. That will be a huge shock to the world economy and could plunge it into recession.

The European Parliament has already approved a non-binding resolution to cut off Russia from the international payments system called SWIFT (Society for Worldwide Interbank Financial Telecommunication) if Russian troops enter Ukraine. This goes well beyond the much milder sanctions imposed after Russia took over Crimea and occupied significant chunks of eastern Ukraine in 2014. The US could go further and apply the sort of sanctions it has applied to Iran, virtually banning any trade and investment by third parties (including Indian parties) with the targeted country.

US law already empowers the president to impose sanctions on countries that buy sensitive arms from Russia. India views Russia as an important valued arms supplier and has taken the risk of shrugging off American pressure on this. India is buying S-400 Triumf missile systems from Russia, and plans to buy S-500 Prometey missiles when those become available. Till now, the US has accommodated India's breach of its rules. But no such latitude can be expected if the Ukraine situation escalates into hot war. All countries and companies buying Russian arms may suffer sanctions.

China Raises the Stakes
Meanwhile, Beijing has never made any secret of its determination to take over Taiwan, which it views as an inalienable part of China. Beijing's military rhetoric has risen alarmingly in recent months as it seeks to assert its muscle in its sphere of influence. It views Biden's 'Summit for Democracy' as aimed squarely at Russia and China, but is determined to ensure that the 21st century is China's century.

Taiwan accuses China of already starting 'grey zone aggressions'. These include frequent incursions by the People's Liberation Army (PLA) into Taiwanese airspace, shows of force by Chinese warships around Taiwan, cyberattacks and disinformation campaigns. If the Ukraine conflict escalates into hot war, Taiwan fears that US attention will get diverted to that zone, and China may seize the opportunity to seek military gains across the Formosa Straits.

China has long enjoyed good economic and investment ties with Taiwan. Thousands of joint ventures between the two are parts of major global supply chains. The whole world, including China, depends hugely on microchips from Taiwan Semiconductor Manufacturing Co, the largest producer by far in the world. This supply could dry up in the event of hostilities. That would badly hit downstream users of chips, especially the auto sector, the world over. It would be a global economic disaster, deepened if the US cuts China off from SWIFT or imposes Iran-style sanctions.

Let nobody think war is probable. The major actors do not want it. But in the current brinkmanship, the best made calculations can go awry. The risk is significant.

Shanghai Data Exchange: Can it create history like Amsterdam Stock Exchange in 1602?

The real value of data will be determined by such data exchanges.

Agencies

Is data worth enough to be traded like stocks in exchanges?

Whenever I think about ‘Data’, the anatomically fully functional android of Star Trek crops up in my head. Data is self-aware, sapient, sentient, and had striven for his own humanity. Be that the case or not, the ever-expanding universe of data in today’s world is already big, and people aspire to use data in every bit of human life and lifestyle.

History was created this November 26, when the Shanghai branch of the Industrial and Commercial Bank of China struck a deal to use data from the State Grid’s Shanghai Municipal Electric Power Company to help improve its financial products. A new Shanghai Express has started its journey with the newly inaugurated Shanghai Data Exchange. So, is data worth enough to be traded like stocks in exchanges? Does the emergence of an efficient market in data have as profound implications as the establishment of the Amsterdam Stock Exchange in 1602?

The Shanghai Data Exchange is a part of China’s ‘fintech infrastructure’ that will focus on the cultivation of a data transactions market to unleash the value of data as a ‘factor of production’, an idea now embraced by the Chinese Communist Party (CCP) and included in China’s 14th Five-Year Plan (2021-25). The term ‘data factors’ now refers to data with economic values.

In 2006, mathematician and entrepreneur Clive Humby coined the phrase, ‘Data is the new oil.’ The domain of data, however, kept on expanding. In 2009, European Consumer Commissioner Meglena Kuneva termed personal data as ‘the new oil of the internet and the new currency of the digital world’. As the January 2011 World Economic Forum (WEF) report, ‘ Personal Data: The Emergence of a New Asset Class’, states: ‘[Personal data] will emerge as a new asset class, touching all aspects of society.’

While the world has been mostly concentrating on data protection, data safety and data localisation, China is also mulling over the idea of treating data as an asset class in the true sense of the term. A proposal of implementing a ‘data tax’ recently emerged. And data marketplaces, counter to traditional siloed data-sharing and coupled with emerging technologies such as blockchain and privacy-enhancing techniques, also are now constructed.

The new Shanghai Data Exchange focuses on common problems such as data rights, pricing, mutual trust, admission and supervision. Like a hypermarket, data exchanges aim to sell raw data like fresh food, classified data products like processed food, and also tailored data services to satisfy a variety of trading demands from different customers. For any data transaction, the purchaser needs to explain the exact scenario in which the data will be used.

On the very day of its establishment, the Shanghai Data Exchange accepted and listed about 100 data products. These comprised eight categories including companies such as China Eastern Airlines, Co-Effort Law Firm, Zhong Lun, PricewaterhouseCoopers (PwC), Deloitte, Transwarp Technology, UCloud and Dongguan Fushu.

A January 2021 paper, ‘ Data as Asset? The Measurement, Governance and Valuation of Digital Personal Data by Big Tech’ published in Big Data & Society, showed that big tech firms turn ‘users’ and ‘user engagement’ into assets through the performative measurement, governance and valuation of user metrics (e.g., user numbers, user engagement), rather than extending ownership and control rights over personal data per se.

Well, China’s initiative is the world’s first attempt to trade data under established regulations with transparent transactions. This, however, isn’t China’s first attempt towards this direction. The Guiyang Big Data Exchange, the first data exchange that was established in 2015, failed to garner sufficient trade. About 30 big data trading platforms, including one in Beijing, were established in China thereafter.

It’s widely perceived that if artificial intelligence (AI) is the engine of the Fourth Industrial Revolution, data is its fuel. In fact, our every footstep is generating tonnes of data. We really don’t understand that until and unless some massive event such as Cambridge Analytica breaks. However, big-data analytics is still in its infancy, and we are incapable of leveraging most of the data that we collect. But when you need to pay for data, you would judge its usefulness more carefully.

The real value of data will, thus, be determined by such data exchanges. While personal data represents untold opportunities for economic growth and societal good, according to the 2011 WEF report, it’s ‘an ecosystem of unprecedented complexity, velocity and global scale… it demands a new way of thinking about the central importance of the individual’. Star Trek’s Data tends to be more human-like with an ‘emotion chip’ attached to him. Even as data’s journey to find human value and worth continues.

Can new ‘UP Model’ do what ‘Gujarat model’ did in 2014

Can new ‘UP Model’ do what ‘Gujarat model’ did in 2014

The ‘UP model’ is, of course, riding on the back of the classic ‘Gujarat model’ — expressways, FDIs, MoUs — with Sidharth Nath Singh in his MSME minister avatar this time trotting up numbers in investments and employment to impress both prospective voters in UP and stakeholders beyond the state.

The Adityanath-Modi ‘double engine’ is as much about what this ‘synced’ model and its example holds for 2024-bound India going to choose a national government.

In October 2017, marking six months of the freshly anointed chief ministership of Adityanath, the state tourism ministry had released a brochure of must-see tourist destinations in Uttar Pradesh. One omission that raised many eyebrows was that of the Taj Mahal. Coming a few months after Adityanath had publicly stated that the Taj ‘did not reflect Indian values’, there was understandable concern, especially from those in Agra who depended on tourism for a living. It was left to Allahabad West MLA Sidharth Nath Singh — then health minister before being shifted as MSME minister in the 2019 state cabinet reshuffle — to come out and state that there had been ‘some miscommunication which has undermined the Taj Mahal’ and that there were even ‘plans to construct an international airport in Agra’. One argument for the exclusion was that the Taj was an Indian tourist attraction, not ‘just’ an UP one, so didn’t need ‘special treatment’.

It seems that nearly five years later, as another round of assembly elections approaches UP, the ‘Taj is Indian, not UP’s alone’ rationale is being hitched on to a bigger framework. In 2017, the BJP-Narendra Modi’s ‘Gujarat model’ sales pitch was still a palpable USP. Replicating the development and economic model ostensibly humming under the Gujarat chief minister Modi from 2001 to 2014 across India under the post-2014 prime minister Modi was, indeed, a bankable project. But while that vikas model has certainly not expired, the theory of diminishing returns may have kicked in since 2017.

The UP vikas project may not yet be up and running as a stage show, it is, however, certainly the blueprint being advertised not just by the state government, but also by the central BJP leadership as well as the Modi government. Inaugurating the Rs 339 crore first phase of the Kashi Vishwanath Dham earlier this week, Varanasi MP Modi was keen to recontextualise the Kashi Vishwanath Temple — not ‘just’ as a site for pilgrimage tourism in UP, but as one in India. Along with Ayodhya — where J P Nadda and chief ministers of BJP states went on a pilgrimage package tour — Kashi is set to be the 2021 version of ‘Taj is in UP, but is India’s’ calling card.

The ‘UP model’ is, of course, riding on the back of the classic ‘Gujarat model’ — expressways, FDIs, MoUs — with Sidharth Nath Singh in his MSME minister avatar this time trotting up numbers in investments and employment to impress both prospective voters in UP and stakeholders beyond the state. The efficacy of the BJP ‘double engine’ of governance is being pushed hard through another double engine — vikas and (revenue-generating) sanskriti. While the posse of BJP CMs extolled their Ayodhya visit as ‘spiritually exhilarating’ on Wednesday appreciating the development work done by their UP colleague, the prime minister, a day earlier at the Swarved Mahamandir —‘the world’s largest meditation centre where no gods are worshipped’ that is set to be inaugurated in 2024 — underlined how ‘su raj’ (good governance) is as important as ‘swaraj’ (self-governance), urging people to focus on education and skill development, especially of young women.

The Adityanath-Modi ‘double engine’ literally visible and humming in perfect unison in press release photos may be more obviously about Modi lending his arm for 2022-bound Adityanath. But it is as much about what this ‘synced’ model and its example holds for 2024-bound India going to choose a national government.

Today, Modi will be virtually addressing the last day of the three-day pre-10th Vibrant Gujarat Global Summit 2022 that is scheduled for January 10-12, 2022. Despite the Bhupendra Patel government trotting out the figure of Rs 2,359 crore for investment in MoUs in the agriculture sector in Gujarat, and the theme of the 2022 summit, ‘From Aatmanirbhar Gujarat to Aatmanirbhar India’, mirroring the ‘Gujarat model’ yet again for pan-Indian ‘customers’, its efficacy as a national template seems to have reached its natural limits in the fag end of 2021. Instead, there seems to be a freshness in the ‘UP model’ being worked out and showcased in real time by the BJP central leadership with the state leadership in tow.

Whether this new model will do what the ‘Gujarat model’ did in 2014 and in subsequent years is too early to know. But it is this dependence on ‘New UP’ clicking, rather than the recycled sparkle of ‘New India’, that the BJP is investing in. In this UP government’s success now lies this Indian government’s success. Which, in BJP-speak, would be: UP will show India the way. This is as much a carefully planned project as it is a leap of faith.

GoI should have announced a minimum support price and a new stocking policy to tackle inflation

India's wholesale price index (WPI) rate rose to 14.23%, a 12-year high, in November 2021, remaining above double digits for the past eight months. Such rise has been reflected in the ordinary Indian's life and affected consumer choice, from what to eat, wear, purchase or where to travel. For many, it has been a push back into a brutish life, from which they had emerged only recently. 

 For the ordinary farmer, it makes an untenable situation even worse. If he wishes to farm, he is faced with a significant shortage of fertilisers, with black market prices for a 45 kg pack of di-ammonium phosphate (DAP) reaching about ₹1,500 (vs the maximum retail price of ₹1,200) in late November. A simple choice of utilising fertilisers to improve his yield has become a challenge for him. Should he consider branching into animal husbandry, the challenge is worse. 

Chicken feed itself now costs as much as premium branded atta, making the economics of chicken farming untenable. Meanwhile, what to cook has become an act of self-limitation. On groceries, inflation has been significant. For wheat, the WPI inflation rate was 10.14% between November 2020 and November 2021, while for fruit it was about 15.50%. The act of buying staple vegetables can now stretch a kitchen budget. In Thiruvananthapuram, Kerala, the wholesale market rate for tomatoes was ₹60 per kg, reaching about ₹90-120 a kg in retail shops. 

 In other states, retail prices for tomatoes have shot up over ₹100 per kg. Even ordinary restaurants are now swerving away from tomato-specific items on their menu. Meanwhile, prices for vegetables as varied as bhindi, beetroot, cucumber and beans have hovered above the ₹100 a kg mark. Making sambhar has never been more expensive for the ordinary Indian. 

 In an ideal world, GoI would have announced a minimum support price (MSP) and a new public stocking policy, focused on vegetables, pulses and edible oils, to help manage unseasonal price hikes. Instead, citizens find it cheaper to buy a pint of beer in Goa than buy a kilo of tomatoes. There are harder choices, when one consider kitchen staples. 

Cooking oil prices continue to be elevated, rising above ₹200 a litre for the most of 2021, given a sharp increase in international rates. India continues to pay significantly for such imports (which rose above 63% to ₹1.17 lakh crore in 2020-21, with palm oil imports rising to 63% of total tonnage), despite frequent changes in import duties. 

 Oil's Hot-Pressed Prices It is often forgotten that India was one of the major exporters of edible oil till the 1970s. In the near term, as some states such as Uttar Pradesh have done, vegetable oils can be distributed free of cost to those below the poverty line. Over the long term, India needs to tweak its incentives like MSP for growing edible oil crops (vs staple crops like wheat and rice). India can increase its domestic production of edible oil by an estimated 3.6 million tonnes - about 27% of current imports by volume - by simply improving existing yields through better agricultural inputs, quality seeds and better management. Meanwhile, the current acreage under oilseeds can also be increased further, while pursuing alternatives like rice bran oil (about 2 million tonnes potential, about 15% of imports by volume), cotton seed oil (about 1.4 million tonnes can be produced using the current cotton acreage itself) and palm oil (for which there is a potential 1.9 million hectares of acreage available). Meanwhile, most Indians continue to buy smaller bottles of edible oil, substituting the standard 1 litre bottle, for an affordable 500 ml pack. 

 Even discretionary purchases have been hard hit. Paint companies raised prices by about 18% year-on-year this year, while FMCG firms raised their prices by 710% year-on-year. Even sarees are more expensive now. Saree price inflation was about 8% in November 2021, the highest since 2015, while footwear inflation was at 7.9% in the same period. 

An act of buying an extra piece of cloth is difficult now. For the typical entrepreneur, it is difficult to turn a profit or even pay salaries now. Over the past year, fuel and power prices have risen by about 39.81% between November 2020 and November 2021, along with manufactured items prices rising 11.92% during the same period. 

Such a rise in raw inflation has come as a shock for most small and micro-sized firms, leading to higher input costs. Raw material prices for firms in the paint or FMCG industry are at a 40-year high, while being hit by rupee depreciation. The near-term also looks grim. Forecasts for WPI inflation till March 2022 are about 11.5-12% for the current fiscal year. As a consequence, many small firms are simply shutting shop, with about 14% of all small consumer goods brands exiting the market by September 2021. 

 Big Help for Small Business Such firms need more support. About 50% of around 150 MSMEs surveyed recently highlighted that government schemes and incentives were insufficient to sustain them through the Covid pandemic. About 43% of MSMEs surveyed have had to change their business model to survive. In the near term, the Emergency Credit Line Guarantee Scheme (ECLGS) can be extended till 2022-23, with a potential increase in the corpus fund and a relaxation in the qualification criteria to enhance coverage to ancillary vendors. All this does not bode well for Indians and the Indian economy. For the average Indian, this is a time of discontentment. Policymakers must take heed. ",

Work-from-home technology: Remote is close at hand

Work from home (WFH) is a reality today, and is the norm rather than the exception, with a large section of India Inc thinking beyond the short-term of a hybrid working model that is a mix of remote and on-site work. While IT teams have quickly marshalled to provide remote workers the tools and solutions to access corporate applications, it is still a challenge to manage the physical IT infrastructure at the data centre. 

With Covid protocols and restrictions likely to be in place into the new year, data centre operators (DCOs) are minimising risk by reducing site access not just to overcome challenges, but to take advantage of this paradigm shift in working culture. DCOs are now increasingly turning to remote management solutions to monitor their data centres. This includes troubleshooting and resolving issues involving routers, switches and other devices. 

With power densities going up and operating temperatures rising, DCOs are challenged to monitor the equipment with fewer personnel. As these challenges increase with the rise in complexities and increased demand, there is a need to improve the efficiency of managing and monitoring data centre infrastructure. This can be achieved with a connected data centre solution. A connected data centre system provides insights, data and actionable information. 

Connected data centres and racks support the evolving digital demands for users and the business. Using a remote management solution in a connected data centre, enterprises can get answers to common data centre-related questions like: Is the rack environmentally safe for IT equipment? Are we overcooling the data centre? How much power is available, and how much are we using? What equipment is in each rack? 

Where should we add new equipment? Are there any hotspots? Connected data centre solutions also offer web-based and application programming interface (API) access to configuration and deployment tools, which significantly reduce the requirement for data centre technicians to physically visit the data centre. For example, if a threshold on a particular equipment is breached, an enterprise can look at how this can be mitigated by shifting the load to other equipment or servers, without physically entering the data centre. Connected data centre solutions are vital in a world where IT equipment has to be managed remotely. 

Fortunately, today, there are a number of tools and solutions that help in remote management. For example, serial console servers - terminal servers - can provide IT and network administrators secure access and control of serial devices from anywhere. Using these tools, it is possible for IT and network administrators to remotely access, monitor and manage data centre equipment with serial ports, such as routers, switches, servers, storage hardware, firewalls, power distribution units (PDUs) and uninterruptible power supplies. 

From a remote location, administrators can troubleshoot, configure and reboot data centre devices. Similarly, KVM (keyboard, video, mouse) switches can be used to improve the capability to monitor data centres. Besides centralising access and control for servers, desktops and devices, a KVM switch can allow an IT staff to instantly reach the BIOS (basic input-output system) of an affected machine, even if they are miles away from the physical machine. 

This is not possible with software-based remote access solutions, which do not offer the type of 'out-of-band access' function needed here. For example, even if the corporate network is down, IT personnel can still access, control and manage an organisation's servers in an emergency situation. 

The data transmitted through KVM-over-IP (internet protocol) switches, in particular, is also encrypted using advanced techniques like AES (advanced encryption standard), FIPS ( Federal Information Processing Standard) 140-2 and smart card authentication, which makes administrators confident of their security posture. 

 A connected data centre can help enterprises remotely monitor their data centre for real-time power consumption, with real-time visibility into infrastructure and resources. This also helps enterprises be proactive and be alert to potential issues, which helps in using resources optimally and improving data centre performance. ",

Where will India's economic growth settle in the next 2-3 years?

a reasonable bet for India's growth would be about 7% or higher in the next few years. The baseline growth draws upon the average growth rate of about 6.75% in five pre-Covid years. In the near term, monetary and fiscal policies are unlikely to be able to contribute to this growth estimate any more than they have in the past five years.

Agencies

The global growth and trade outlook, too, matters. Any decline in global demand has direct implications for India's exports and growth.

Economic growth is arguably the best antidote to poverty. Not only does it ensure the material well-being of those who directly participate in economic activity, but it also generates fiscal revenues that allow public policy to benefit those left behind in income and wealth creation. Hence, our policymakers' fixation with the pace of India's growth is well justified. So, where will growth settle in the next 2-3 years?

Forecasts are known to suffer from large errors, not because they tend to have an inherent systemic bias, but due to the inability of forecasters to foresee shocks. These shocks are more commonly seen, and are larger, in developing economies than in advanced economies.

Look Back to Look Forward

A credible forecast exercise is underpinned by three factors. One, the growth rate recorded in the past few years. Since economic structures, policy environment and initial conditions evolve rather slowly, the average growth rate in, say, the past five pre-Covid years should serve as a useful guide.

Two, a realistic assessment of the direction and pace of key policy decisions, including monetary, fiscal, regulatory and structural policies. This assessment should be done knowing that regulatory and structural policies impact growth with a 2-3 years' lag. The goods and services tax (GST), which was introduced in 2017, took about three years for its design and tax collections to stabilise. Thus, the growth forecast for the next few years should take into account the impact of both recent reforms and those likely to be introduced soon.

Third, domestic and external shocks. Domestic shocks emanate from factors associated with macroeconomic or financial sector stability. External factors are the outcome of sharp revisions in global growth, investment or trade outlook, tightening of global liquidity - as evidenced by Wednesday's announcement by the US Federal Reserve of doubling the pace on tapering - and elevated risk aversion.

Accounting for all these considerations, a reasonable bet for India's growth would be about 7% or higher in the next few years. The baseline growth draws upon the average growth rate of about 6.75% in five pre-Covid years. In the near term, monetary and fiscal policies are unlikely to be able to contribute to this growth estimate any more than they have in the past five years.

Having been exceptionally accommodative in the past two years, monetary and fiscal policies are unlikely to exhibit any additional room for supporting growth in the next couple of years. As normalisation gathers pace, they may impart a slight negative impulse to growth. In contrast, reforms undertaken in the past few years should yield a growth dividend. Additional contribution to growth may result if policy efforts continue to focus further on easing the regulatory burden, and as wider structural reforms are implemented.

There are unlikely to be any unforeseen domestic risks. The risk of macroeconomic instability - a combination of high inflation, high current account deficit (CAD) and high fiscal deficit - is low. Inflation remains range-bound under an inflation targeting framework and an independent central bank. CAD, too, is unlikely to bloat because of a runaway real exchange rate appreciation or a large terms-of-trade shock.

Fiscal deficit has breached past records during Covid, and will hopefully regain sounder footing by the restoration of high nominal GDP growth and a medium-term fiscal framework. The financial sector is also likely to remain healthy. When Covid struck India, this sector had already achieved a measure of stability through policy efforts over the last five years, even as they have not yet succeeded in yielding a growth-supportive rate for bank credit.

Caution, Tapered Road Ahead
The global tightening of liquidity is likely to have implications. But India has adequate policy room and a full toolkit - judicious use of foreign reserves, the exchange rate, monetary policy, communication, swap lines and the reforms narrative - to respond to these repercussions. Storms such as tapering have not lasted for more than 1-2 quarters in the past, and can be handled so that they pass without inflicting any significant real damage on the economy.

A large increase in oil prices has traditionally mattered for India. But the impact of this shock has declined over time because of three factors: a shift of the economy towards the less oil-intensive services sector, a shift toward renewables and greater energy-efficiency of economic activities.

The global growth and trade outlook, too, matters. Any decline in global demand has direct implications for India's exports and growth. Yet, with global trade having overcome challenges, the world trade outlook seems robust, especially if India can maintain a competitive exchange rate.

What, then, would be the preconditions to attain growth rates much higher than 7%? Whenever India has recorded rates higher than the trend growth rate, it has been due to the two engines of private investment and exports reviving faster than they did in the past. The investment cycle seems to have started to revive due to ample liquidity in the system and improved availability of financing, as well as the near completion of the decade-long deleveraging cycle.

As the global trade outlook improves, it would pay to leverage the situation by enhancing India's share in the global market for exports of both goods and services. Success in exports depends on competitiveness and the ability to penetrate new markets. Market access is determined by joint efforts of the private sector and the government.

There are lessons to be learnt from countries like Vietnam, Cambodia and Bangladesh, which did not just maintain but actually grew their export shares even in the middle of a slowing global market. Hence, the key for India would be to actively scout for new export markets, and continuously build the export potential of both goods and services.

Why India should stop looking at every Sri Lankan move through the China lens

During Sri Lankan Finance Minister Basil Rajapaksa's visit to India earlier this month, the two nations reportedly agreed to work out a cooperation package that involves broad-based engagement across sectors like food, energy and investments, and an offer of currency swap to address Sri Lanka's balance of payments crisis. 

 As global food prices have risen with a Covid-mitigated production slump, countries like Sri Lanka have borne the brunt given their reliance on imports. Tourism has been hit, a sector that generates maximum revenue for the country, which has resulted in a depreciation in the Sri Lankan rupee, thereby putting more pressure on the country's foreign exchange reserves. 

 Colombo has tried to tackle this with a set of policy measures that includes restricting imports and capping prices of food items. Food scarcity of the kind never seen before has led to widespread disaffection and questions about the ability of the government among Sri Lankans. 

President Gotabaya Rajapaksa admitted last month that his government was 'not delivering'. But accepting the challenge and delivering the results are two different things. Colombo has, in the last few months, shown a remarkable ability to repeatedly make wrong policy judgements. 

There was a sudden decision earlier this year to cease imports of chemical fertilisers and pesticides to give a push to the transition to organic farming. Despite the ban having been lifted now, it has had a devastating impact on local agriculture. The government's mismanagement of the economy during the pandemic is one part of the story. The other problem is one where China has played a big role. The attempt by the Rajapaksa government to get too close to Beijing has resulted in decisions where the only beneficiary has been China. 

Sri Lankan interests have been hurt and the challenge has only escalated. It was India that had to bail Sri Lanka out with fertilisers after Qingdao Seawin Biotech supplied contaminated organic fertilisers, which led to the cancellation of the order. 

While the Chinese company rejected the allegations, Colombo argued that the samples were infected with Erwinia, a bacteria that destroys crops, and refused to allow a ship carrying 20,000 tonnes of organic fertilisers from China to offload the consignment. New Delhi promptly sent two IAF C-17 Globemaster aircraft with 100,000 kg of nano nitrogen to expedite the availability of fertiliser to Lankan farmers. A furious Beijing responded by blacklisting the People's Bank of Sri Lanka for failing to make a payment due to a ban imposed by a local court. 

 More broadly, Sri Lanka's economic dependence on China has resulted in a peculiar debt-ridden relationship, where mounting debt due to heavy borrowing has made the future of a once-vibrant economy rather parlous. Most of the big projects supported by China have had a deleterious impact on Sri Lanka's future. Chinese investments in various infrastructure projects under the Belt and Road Initiative (BRI) have been a bane for the country. 

The much-touted Hambantota port had to be handed over to a state-run Chinese firm in 2017 for a 99-year lease as a debt swap amounting to $1.2 billion. Despite this experience, Colombo has gone ahead and given the state-run China Harbour Engineering Co the contract to develop Colombo Port's eastern container terminal. Not only was this done after the cancellation of the tripartite agreement with India and Japan to build this port, but also this project under China may end up having a similar outcome like Hambantota - too much debt for Sri Lanka and low probability of commercial success. 

 The challenge for Sri Lanka and India is to be realistic in their appraisal of this important bilateral partnership. Both New Delhi and Colombo are important for each other. But India will have to cease looking at every move of Sri Lanka through the China lens. For Beijing, Colombo may just be a strategic outpost to outmanoeuvre India. But for New Delhi, this is about a long-term sustainable engagement with a neighbour. 

For Colombo, it may be tempting to use the China card against India and get concessions. But it needs a strategic perspective in its engagement with New Delhi. Expecting India to bail Sri Lanka out every time there is a crisis may work for some time, but it's a recipe for disaster - both for ordinary Sri Lankans and for Delhi-Colombo ties. ",

Can India reclaim its status as the fastest-growing economy?

Earlier this month, Raghuram Rajan quipped that India's V-shaped economic recovery is no particular cause for celebration. If you create a bad enough downturn, the recovery will always be V-shaped. So, if the path going forward was always supposed to be V-shaped, what was all that speculation over the last 18 months about, whether it would be U, V, W, K or even L-shaped? 

The fact is that with an 8.4% growth in Q2 2021-22, India is among a select group of nations that have bettered pre-pandemic levels. The idea that the economy will automatically spring back to life as long as the downturn is bad enough is questionable. For starters, it's not historically accurate. The Great Depression began in 1929, economic output declining in the US by around 30%. 

It did not recover to 1929 levels for 10 years. So, while everything comes to an end at some point, the timeline matters. The nominal GDP of Russia in 2019 was roughly 20% below 2011 levels, and that of Brazil was nearly 30% below. If there is some kind of natural law about V-shaped recoveries, why are two of India's Brics peers still struggling? The latest World Economic Outlook report by the International Monetary Fund (IMF) projects that all advanced economies will reach pre-pandemic levels only by end-2022. Emerging and developing economies will have to wait. 

This makes India a clear frontrunner. For critics, the solution has been to shift goalposts. Some have pointed out that even the 8.4% expansion represents an annual growth of just 0.2% over the last two years. But that is just the opportunity cost of the pandemic. It is not just India, but the whole world that has lost two years. Another way to shift goalposts has been to give all the credit for India's high GDP numbers to the 'low base effect'. 

Before 2019, India had been the world's fastest-growing economy for four years. Does that mean that the economic slowdown of 2019 was entirely due to 'high base effect'? The least the critics can do is be consistent. In fact, if there was a statistical illusion in growth numbers, it would be more appropriate to say that India has been a victim, rather than a beneficiary. 

For 2020, the contraction in India's GDP was 7.3% - it was 10% in Britain, 8% in France, 9% in Italy and 11% in Spain. But India was just unlucky that the hit from the first wave was concentrated in April, May and June 2020. This resulted in a shocking 24% contraction in Q1 2020-21, with India stuck for a while with the misleading label of worst performer among major economies. When the pandemic struck in 2020, there were fundamentally two options. 

One was to go the US way, and to keep the economy open. India chose a full lockdown, along the lines of most European countries. Either way, there were no precedents and nobody knew what the impact would be, and at what cost. Now, the latest IMF projections say that the Indian economy is set to expand by 9.5% in 2021-22. Some organisations have projected even higher numbers. This means that India will reclaim its status as the fastest-growing economy. 

Agricultural GDP is up by 4.5% in Q2, over and above the 3.5% last year. This means that there is no base effect for anyone to 'hide behind'. Then, there is consumption. For two successive months now, GST collections have been over ₹1.3 lakh crore. 

This year, the Confederation of All India Traders (CAIT) estimated sales of ₹1.25 lakh crore during Diwali, more than double the sales of ₹60,000 crore in 2019. This is certainly not pent-up demand. The last two years have been difficult for India, as for the whole world. But let us celebrate the fact that it pulled things together and has come through. Let's give credit where it is due. ",

Ban or regulate? Here's how India can resolve its cryptocurrency dilemma

Even after the government is reportedly still considering changes to the cryptocurrency framework, and thereby is unlikely to table the Bill this winter session in Parliament as earlier planned, a debate continues to swirl about the role of cryptocurrencies in India. At over $2-3 trillion dollars of valuation, the global cryptocurrency market is nearly as big as the size of the entire Indian economy. $10 billion (₹76,161 crore) of new crypto investments have been made in India just in the last year. 

Barring a 2018 Reserve Bank of India (RBI) ban on financial services to customers who dealt in cryptocurrencies (subsequently reversed by the Supreme Court), GoI has largely left cryptocurrencies alone. 

Meanwhile, the volume of cryptocurrency transactions in India has increased steadily over last few years. However, the meteoric rise of cryptos over the last two years has forced GoI to act. The pending Bill should be seen in this light. 

Cryptos are viewed differently by different sections of Indian society. For the India versed with technology, flush with disposable income and an appetite for risk, cryptos represent a significant opportunity for speculative investment. On the other hand, for the India looking to invest its hard-earned income into assets that will help them beat inflation and allow them to save for the next major life event, they can be excessively volatile vehicles prone to loss and fraud. 

 GoI is caught in a bind between the two Indias, neither of which it can afford to ignore. On top of this, anonymous, peer-to-peer financial transactions with these non-fiat currencies challenge governmental monitoring and control on the economy, leading to worries about lost revenue, volatility, illegal asset transfer, money laundering, ineffective implementation of government programmes and mistargeted policies and planning. Unsurprisingly, many peer nations have determined that the social and political costs of cryptos are too high, and that the excessive volatility in investments can lead to erosion of public trust in government and investments, especially as lack of a sovereign guarantee makes it difficult to provide insurance against fraud. 

These countries - including China, the erstwhile cryptocurrency capital of the world - have either instituted outright bans on cryptos, or put significant curbs on their promotion and growth, through bans on initial coin offerings (ICOs), cryptocurrency exchanges and advertisements. Banwagon Crypto-Locked India must, however, have a more nuanced approach to deal with cryptos. First, India cannot ignore a potentially vast source of revenue that cryptos represent. 

For a country where public spending is still the primary driver of progress and infrastructure, an accepting approach to cryptos may help tap into this tantalising source. Second, heavy-handed approaches such as bans are largely ineffective for cryptos due to their decentralised nature. 

When China banned cryptocurrencies in 2017, the transactions simply moved to exchanges elsewhere (especially Hong Kong and Japan) and became more difficult to regulate. Similarly, when China imposed a ban on cryptocurrency mining in April 2021, mining simply moved elsewhere along with associated tax revenue. 

 Current bitcoin hashrates (measure of the computational power required per second when mining cryptocurrency) are higher than what they were before the China ban. There is no reason to believe that a ban would be more effective in India - participants will simply migrate elsewhere. Third, blockchain and smart contracts - the underlying technologies behind cryptocurrencies - have immense potential even beyond decentralised banking and financial services, with applications in insurance, real estate, health records, logistics and supply chain tracking, Internet of Things (IoT) and data storage. A thriving crypto ecosystem will promote investment into these technologies and applications. 

Accompanying investment into decentralised infrastructure, tools and applications may also spur innovation in other domains that require scale. The key, then, is to balance the genuine fear of excessive volatility and loss in oversight and control against the potential benefits in terms of revenue, innovation and digitisation. 

The first focus area should be public education about the volatility and non-insurance risks of cryptos. Ads about cryptos should be carefully regulated. To cover costs, cryptocurrency firms should be required to invest some fraction of their profit into educating potential users and investors about the risks. 

 Another fraction of profit should be required to be invested in detecting and preventing crypto-related crimes, fraud, collusion and cyberattacks. Investors must be required to complete some online training about risks before transactions are allowed. The second focus area should be careful and selective regulation to encourage structure, disclosure and tracking. 

Cryptos should be taxed as assets. A sale should trigger a capital gains tax. A service purchase should be taxed based on the instantaneous fair market value. Miners, traders and exchanges should pay corporate income-tax. 

 Let's All Open the Door Self-reporting and registration must be required for all involved. Institutions must be required to register within India and have clear KYC and record-keeping policies. Banks and financial institutions should not be allowed to hold or trade cryptos, considering their already stressed assets. 

New crypto tokens and ICOs should be disallowed for now. While such instruments have the potential to accelerate innovation, the associated risks may be too high for the public without better understanding. Cryptocurrencies are likely to stay. A pragmatic approach based on education and regulation may allow exploring their potential, while safeguarding interests of those involved. ",

CCI on Friday suspended Amazon's 2019 deal with Future Group

 CCI suspends Amazon's 2019 deal with Future Group citing suppression of information

In a 57-page order, the CCI said it considers "it necessary to examine the combination (deal) afresh," adding its approval from 2019 shall "shall remain in abeyance" until then.

NEW DELHI: The Competition Commission of India (CCI) on Friday suspended Amazon's 2019 deal with Future Group, potentially denting the US company's attempts to block the sale of Future's retail assets to an Indian peer.

The regulator ruled that the US e-commerce group had suppressed information while seeking regulatory approval on an investment into Indian retailer Future Group two years ago.

The ruling by the CCI could have far-reaching consequences for Amazon's legal battles with now estranged partner Future.

Amazon has for months successfully used the terms of its toehold $200 million investment in Future in 2019 to block the Indian retailer's attempt to sell retail assets to Reliance Industries for $3.4 billion.

The regulator's 57-page order said it considers "it necessary to examine the combination (deal) afresh," adding its approval from 2019 "shall remain in abeyance" until then.

The CCI's order said Amazon had "suppressed the actual scope" of the deal and had made "false and incorrect statements" while seeking approvals. The CCI order imposed a penalty of around 2 billion rupees ($27 million) on the US company.

"The approval is suspended. This is absolutely unprecedented," said Shweta Dubey, a partner at Indian law firm SD Partners, who was formerly a CCI official.

"The order seems to have found new power for CCI to keep the combination approval in abeyance," she added.

Amazon will be given time to submit information again to seek approvals, the CCI added.

Future and Reliance did not respond to a request for comment. Amazon said it is reviewing the order "and will decide on next steps in due course."

The 2019 Future deal approval being put on hold could dent Amazon's legal position and retail ambitions, while making it easier for Reliance - the country's largest retailer - to acquire number two player Future, people familiar with the dispute said.

Amazon has argued that terms agreed in its 2019 deal to pay $200 million for a 49% stake in Future's gift voucher unit prevent parent, Future Group, from selling its Future Retail Ltd business to certain rivals, including Reliance.

But after Future complained to the CCI that Amazon had concealed facts, the CCI in June sought explanation from Amazon saying it hid factual aspects of the transaction by not revealing its strategic interest in Future Retail while seeking approvals.

Amazon, in responses to CCI reported by Reuters this week, said it never concealed material information, warning the watchdog that the deal's revocation would send a negative signal to foreign investors.

The Future-Reliance deal has been on hold for months as Amazon got favourable interim rulings from a Singapore arbitrator and Indian courts.

Future denies any wrongdoing.

Make $20 Over and Over Again on Full Autopilot

 

I'm going to show you how you can earn hundred dollars per day following this strategy as you can see I earned six hundred and thirty-two dollars in just one week doing nothing this was basically on autopilot and I'm going to show you how to do it what will we basically do is we are promoting a service of subscribers and views for YouTube I'm going to show you where you will list your service and where you can procure your service for a lot cheaper also I will show you how to find that correct buyers who will pay you well so let's start first you have to come to fiber if you don't know what

fiber is fiber is basically a freelance site where people like us promote the services and list gigs people come on these gigs and place the order

so our gig will be about YouTube views and YouTube subscribers you can come to fiber creating an account is very simple once you create an account you need to

create a gig I will show you step-by-step how to create a gig this will be the page that you open when you create a gig you can write a title

quickly filled out this form you will write a gig title that will be due youtube promotions and get you subscribers so basically you will get

the people subscribers for the channel you can write a category the service type and search tags you can write up to five such tags I have written only one

for this video then if you click Next you will go to the pricing page so this is the pricing page you don't need to get all fancy with the pricing just keep

it simple so filled out the form it's a very basic form you need to give you a package or title description in how many days you will

deliver and that's basically it and the pricing so will price it at $50 I will show you how you can get a thousand people to subscribe to a particular

channel for a lot less and you will make the rest of it just click and continue moving on you will have to briefly describe your team so I'll fill out

these requirements quickly and I'll get to the last page you can do this very easily so this will be the last page of your form you can upload a creative

photo that will describe your gig and attract the buyers now your gig is life furthermore you will have to find the buyers and find thousand people who will

subscribe to the channel I will show you step by step how to find the buyers and how to find thousand people who will subscribe to the channel so finding

buyers is simple fiber does that for us however the algorithm of fiber is such that the people who have more reviews get rank higher than us for obvious

reasons a person who has thousand reviews or hundred reviews will obviously get rank higher when we have zero reviews so our first priority is to

get just 10 reviews on a gig once we reach that 10 review mark then the ball will start rolling and fiber will automatically rank a gig higher and we

will get 4 to 5 to 6 orders per day without doing any promotions but the catch is we first need to go out there do promotions and get the initial 10

reviews so I will show you how to get that 10 reviews it's really simple you need to go onto Facebook and go onto engagement groups where people are

promoting the YouTube channel now the trick is not to spam your link but provide value to the people who are really wanting some help

according to my experience 90% of my buyers were music producers and the rest and were gaming channels it's common sense the people who are putting a lot

of effort in producing content and really love the content we'll take your office seriously and consider paying you money for example

take my example I have a laptop I have a camera I have a mic I have to edit the whole video then upload it and wait for results it's a lot of work and I really

care about my content similarly people who produce music videos or gaming videos really put effort in producing videos and people like us if we help

them and provide value to them they will pay us bucket loads of money to help them so the trick is common engagement groups find people who are promoting

specifically music videos and gaming videos and you can personally message them this message so this is a very basic message hey I saw your video your

music is out of this world obviously if you are promoting this to a gaming channel you can change the music for something gaming related you really

deserve more love than what you are getting right now I am a social media marketer and I really feel that your music has more people to inspire

allowing you to help you reach more people then you can provide the link to your gig this is where I will get you thousand real views and subscribers do

check it out so this is a very simple and basic message that you can forward to anyone and if a person really loves their content and has really put in the

effort in the content they will surely take this seriously and consider paying you money so the first step is complete you have published the gig the second

step is going out there and finding the ten initial buyers and ten reviews once you get that ten reviews the ball will start rolling and fiber will

automatically rank your gig higher and you will get five to six orders per day without doing anything now the final step is finding those thousand people

who will subscribe to a particular channel for that you can come on to a website called micro focus com here there are many people who are registered

for doing petty jobs like liking a post subscribing to YouTube channel that is what we need subscribing to an email list or etc so once you register this

tag will come up you can go onto my campaigns and start a campaign I have filled out a basic campaign for you this is what you can copy paste and seek

results so firstly you can choose a country I would recommend you to choose third world countries because the people over there will be more likely to do the

job at a lower rate we are offering so you can choose the you can choose the category that is video sharing and subscribing now now you need to fill out

the payment you will give to everyone so you need the thousand people so the available positions will be a thousand and will give one sent to a person

believe me people on microfiber comm are really willing to work at one cent so now the total estimated cost of a campaign will be twenty one dollars and

fifty cents and remember what we have offered the buyer fifty dollars so straight you are making almost thirty dollars per order doing nothing and this

is basically on autopilot however there is a catch and I will tell you how to get around it firstly you need to fill some more details like what is needed to be done so you can write this and copy/paste this now you also need some proof that the person has done the job so you can ask them for a screen shot of them subscribing and time they have watched you can check this button whether workers are required to fill a proof and the rest details are really simple you can submit your campaign and start your campaign instantly but the catch is thousand or more people will submit the applications for approval and you will have to personally approve each and every application for example if a person sends you an application that the order is done you need to personally check has he actually subscribed and has actually watched the video that will be done through the screenshot he or she sends now you can do that personally and not with anyone else to do that and you will straightaway make $30 however if you are too busy to do that job you outsource that then go on to a place like up work a book is a freelance marketplace where people offer their services so you need to go on up work and select a virtual assistant I would recommend you to select a virtual assistant from third-world countries because they will be willing to work at a lower rate so you can go on up work find a virtual assistant from a third-world country who is willing to do the job at five dollars per this job of saving through thousand applications will literally take just two hours because the person doesn't need to do anything he just needs to look at the screenshot and see if the person has subscribed or not so this will take maximum to ask and if you pay a person $5 per hour that is basically just $10 for outsourcing the virtual assistant work and if you're not calculated till now let me do the calculations for you you got $50 from the buyer subtract that 21.5 you will pay for the thousand people and subtract the $10 so this is what you will make doing nothing basically on autopilot per order you will just have to get the initial ten reviews and then the ball will start rolling and fiber will automatically rank your gig higher and you will get five to ten orders per day easily and you can make literally hundred dollars to two hundred dollars per day doing nothing and basically on autopilot.

If you want to be an online entrepreneur - How To Make Passive Income As A Beginner

We are starting right now if you want to be an online entrepreneur

Now talking about we are going to use this trend in order to make money right now and what is this?

This is crypto currency as you may have heard the news that bitcoin is shooting through the roof bitcoin is uh reaching new heights bitcoin is breaking all the records now there is a lot of debate will bitcoin rise will bitcoin fall and all of that if you don't know what bitcoin is bitcoin is basically a virtual currency that people can trade like shares or like stocks so as you can see over here on the 27th of january bitcoin was trading at 30 000 and in a couple of weeks three weeks this has shot up to almost 50 000 along with that tesla a huge popular company has invested 1.5 billion us dollars into bitcoins so there is a whole lot of talks about will bitcoin crash will bitcoin rise will bitcoin do this will bitcoin do that cryptocurrency the future of cryptocurrency and all of these things.

So there is a lot a lot of hype around cryptocurrency and don't worry i'm not going to tell you how to make money by trading cryptocurrency but we internet marketers are going to use this hype are going to use this trend right now in order to make a lot of money for free month after month on passive recurring basis so just read this full article so before showing anything else let me talk about the money making potential so what we are going to do is we are going to promote different platforms that allow people to buy and sell cryptocurrency because right now everyone wants to jump into trading cryptocurrency and start making money because they have seen people make insane amounts of money.

And we are going to make money because we will be affiliated with this platform so don't worry i will show you each and every step how we are going to find the people how to make money and all of those things so this is a website called coinbase just come down below and just click over here on affiliates it has a very very easy and very very good affiliate system you can see over here

you will receive 50 of the referees trading fees for the first three months so for the first three months you will be given 50 of whatever the

fees charged by this uh platform is so this is a very very good affiliate system in order to

make passive recurring income over and over again because you only have to get the people

once and you can make money for the next three months another better software is this one that

is coin spot you can make even more money for even longer so just come to coin spot

just scroll down below and just click over here on where it is written affiliate program just click over here and you can see

that the commission rate will begin at 30 for the first 12 months for each and every affiliate after that also you can see over here

for the second year you can make 15 for the third year five percent and this is a very very useful platform

in order to make money over and over again each and every month and the best part is that you only have to do the work once

you only have to get the people once and you can make money for the next three years so all you need to do is

just click over here and request them to become a member of their affiliate program over here also if you just click over

here on become an affiliate they will ask you some details and if they approve you you can become an affiliate for them but

now let's say that some people weren't able to pass the affiliate process of these particular websites don't worry

i got you covered you can just come to clickbank the world's largest affiliate platform just come to the marketplace of

clickbank and just search over here crypto and you can start promoting these crypto vaults crypto courses crypto

offers in order to start making money with this trend if i show you another way to get other

affiliate offers you can come to another affiliate network called digistro 24 and just search over here for crypto and

you can see that you can find different crypto products in order to promote so there are no excuses that i wasn't able to get into this i

wasn't able to get into this how to promote what to promote how to make money there is a solution and an alternative to each and

everything the only thing is how willing are you to make money online so i have shown you multiple platforms

that you can promote and start making money now once you get into any of these platforms you will receive your affiliate link for

digi store you can just click over here in order to get your affiliate link for clickbank you can just click over here on promote

after that just write your nickname that you will create while creating your account after that just click over here on

generate hop link and this has become your affiliate link so once you get your affiliate link

for any site or software that you are promoting the next step is start promoting and start driving traffic to that

affiliate link now in today's time a majority of the website block direct affiliate links so don't worry

we need to create a very very simple and free middle page or bridge page that i am just going to show you

one way can be using google docs just click over here on the first link of google docs then just click over here on blank

document and over here you can create a very very super simple single page landing page in order to redirect your audience

to this google docs link and after that over here you can then redirect your audience to your affiliate link there is nothing

much to explain or there are no tips or tricks it is super simple just try it out another method can be

using google sites if you just click over here on the first link just click over here on blank google sites

and you can create your own website for free you can use different text boxes you can use different images

and you can make this landing page as beautiful as possible according to your creativity and all of those different things

another way of creating a landing page can be link tree i have talked about link tree in

many of my previous videos so it is super super simple there is no rocket science in any of these landing page methods

just try it out or just go to youtube and you can watch different tutorials if i show you another way that i would

highly recommend to use is create a free account on aweber aweber is basically an email marketing platform

and you can create very very high quality landing pages for free on aweber using the free account

so as you can see over here a weber is absolutely free for the first 500 subscribers you can start doing email marketing as well

i have made a dedicated video on email marketing over here so you can check that out from the i button above in that i have told you

step by step on how you can set up a weber for email marketing but talking about this video you can just use aweber in

order to create super super simple landing pages just click over here on landing page after that just click over here on

create a landing page and you can use all of these different high quality templates in order to create a single page simple

and effective landing page in order to redirect your audience so once you have got the affiliate link you have created the

landing page now comes the part of how we are going to drive traffic and how we are going to promote this

particular offer i am going to show you three methods of promoting cryptocurrency offers some of them will be paid and some of

them will be free but all of those three methods will be super super effective so talking about the

paid methods first you can come to a website called buy sell ads and this is the cheapest form

of advertisement that you can get that is high quality as well so just come over here just scroll down below and you will see that

all of these different types of ad you can get native ads content ads podcast ads display ads there are n

number of ads that you can get very very cheaply from this website what you can do is just come over here on the marketplace

this will be the page that you will come on and what you can do is from this category over here you can select different

advertisers from different categories and your campaign your advertisement your promotion

can be highly highly targeted so if you just see over here cryptocurrency they have a specific topic for cryptocurrency

and you can get really really high quality advertisers from this website like over here if i just click over here on the first

website you can see that there are three type of ads that you can get and as you can see you will be charged

one dollar cpm that means for a thousand impressions you will be charged just one dollar it

is a super super cheap source of paid traffic because just for one dollar you can get 1000

impressions that means just for 10 dollars you will be able to get 10 000 impressions

on this high quality targeted site and you can start making a lot a lot of money then if i just take you to another

platform where you can advertise you can see that you will be charged 2.5 dollars just 2.5 dollars for a thousand

impressions then one dollar for this ad placement one dollar for this ad placement as i said different websites will be

charged differently and different ad placements will be charged differently now you must be thinking what is this

number over here that is 728 by 90 this is the dimension of the image of the graphic that you will upload over here

as your advertisement now you must be wondering well where can i get this dimension and how can i create that advertisement

don't worry everything is already done for you once you can get into any of these affiliate networks into

any of these affiliate programs they will themselves provide a lot a lot of free stuff like if i just take you to clickbank

you can see over here affiliate support page if i just take you to digi store you can see affiliate support page

affiliate support page so over here you will be able to get all the necessary banners images content headlines means everything that

you can think of they themselves provide us free resources so that you can easily start promoting their offer so

don't worry everything will be super super simple then once you have decided which platform or where you are going to paste your

advertisement after that just click over here on next step after that they will ask for a few

details like your first name last name email address if you have a company then over here

they will just confirm the placement of the ad that you have selected uh over here you can just uh schedule

your ad if you want a particular time or any of those things then over here you can just enter your

budget what is your budget how much do you want to spend as you can see over here there is a minimum limit of 100 so

if i just type over here 100 for just 100 you will be able to get 100 000 impressions

and this is the cheapest source of paid traffic that you can get that is highly highly targeted after that you can just upload your picture

over here because this will be the ad that will be shown on that particular website you can add one picture or if you want

multiple pictures you can just click over here on add additional creatives after that you can just submit this and

then enter your payment details and that is basically it your ad will be uploaded just within a few hours and you

can start seeing the results within a few hours as well now let's say that each and

every one will not have a hundred dollars to start with don't worry i have the solution for that let's say you have

10 20 30 and you want to start with paid advertisements don't worry i got you covered the best way on a low budget to use paid

advertisements will be instagram shout outs just come to instagram and just search for different

cryptocurrency pages so over here on the search box just search over here for cryptocurrency pages and you will

see all of these different options what you need to do is just contact them and just ask them for their 24 hour

promotion rates now some high quality advice is that you can do a lot of bargaining they will ask 50 60 100

but what you are going to say that i can only do twenty dollars oh i only have thirty dollars please do it they will say oh no i can't do it

then what you need to do you just need to say to them okay if you change your mind contact me again and i can give this to you in writing

that they will for sure contact you the next day because no one leaves money making opportunity even if it is

30 so all you will have to do is once you have got a deal what you are going to do is you are just going to send them

a post that you want to upload and you will just send them your link so they will just paste your link over here in the description

in the bio and they will just upload your particular post and this will be your paid promotion that is very

very cheap now let's say that you don't have any money to spend on any paid promotions don't worry i have a free method for you

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How to Start Bitcoin Trade? Bitcoin is Legal in India or Not?

 So we'll come back friends. You guys are trading  in the stock markets. You guys are trading in  the futures market. You guys are trading in the  currency market or you guys are trading on the  MCX Exchange. That means you are trading  on the commodity's market. 

But now guys,  there are other opportunities of earning money,  there are other exchanges. So in this video,  I'll discuss about new openings on how you can  earn money by trading in the cryptocurrencies.  

Now guys, why I have not discussed this  cryptocurrency trading with you previously?  

This is because previously cryptocurrency  trading in India was illegal and  

few months back, the government has come up with  that circular that nowadays the cryptocurrency  

trading in India is not illegal. So guys, in this  video, I'll show you how you can make extra money  

and really extra money. Because Bitcoin trading,  trading in the cryptocurrencies is really  

a profitable business. So I'll show you how you  can also start trading in the cryptocurrencies?  

What are the pros? And what are the cons? And  I'll show you how to start trading in the Bitcoin  

in India. So guys, let me take you to a  Moneycontrol write up where I'll show you  

how Bitcoin trading is nowadays legal, whether  Bitcoin trading is illegal in India, not, and  

if it is legal, how much legal is it? So guys, let  me take you over to the Moneycontrol write up.  

So guys, this is the write up from Moneycontrol  and you can see the headline is cryptocurrencies.  

Even if legal invest only what  you can afford to lose. That means  

this is once again, very true in the stock market.  So invest only what you can afford to lose.  

So never invest something that you cannot  afford to lose, never invest such money  

that you require every now and then. So only  invest your sub plus capital for some extra income  

and this extra income can really be extra because  if you can learn the cryptocurrency trading, well,  

there are chances that you  can make a hell lot of money.  

So guys, I'll just show you the  main points here. You can see  

cryptocurrency is legal in India, not. So here,  This is not an easy question to answer, to be  

honest, the Indian government still, isn't very  sure about how to deal with this new phenomena.  

But you can see the Supreme Court of  India reversed RBI's ban of 2018.  

So nowadays cryptocurrency trading  is not banned in India. So this is  

legal. You can say this is semi legal, but the  problem is that, that cryptocurrency trading  

is not regulated. So that is the thing.  You can see here. It is written that  

cryptocurrency trading are not  illegal in India, but are unregulated  

as you guys know that if you are trading on the  stock market, you are trading with some broker.  

Suppose you are trading with Zerodha. You was  trading with Upstox or something like that.  

But these brokers are regulated. They're  regulated by SEBI. But here in cryptocurrencies,  

There are exchanges, I'll show you what are the  exchanges. But the problem is that these exchanges  

are not yet regulated. So you can start trading on  Bitcoin, but only invest the amount that you can  

afford to lose. Because as these exchanges are  unregulated, if you lose money, if the broker  

simply goes away with your money, you cannot  go someone and you can make a complaint.  

So that is the problem. You can make a complaint  against a stock broker with SEBI. But here,  

all the exchanges are unregulated and you cannot  make a complaint. So that is the issue. But still  

you can start trading on Bitcoin and why you'll  start trading in Bitcoin? I'll show you that.  

Now guys, let me show you the Bitcoin price now.  So Bitcoin is the most traded cryptocurrency all  

over the world. So that's why I'll just tell  you about how to start trading in Bitcoin and  

you can see guys the price of one Bitcoin equall  to 32,76112.70 Indian rupees. So that is huge.  

So guys, you can understand that Bitcoin is highly  priced, but historically it was not highly priced.  

So let me show you the maximum chart of  Bitcoin. You can see on 2015, Bitcoin was  

even below rupees 25,000 in India. On 27th November, 2015, it was coating at  

23,899 rupees, and now it is 32,76112.70  rupee. So you can understand the power  

at which the Bitcoin has multiplied. So you  can see the chart, the Bitcoin is rising,  

and this is the new era where you can start  investing in cryptocurrencies. It is not yet still  

late. So now Bitcoin is from 25,000 rupees. It is  more than 32 lakhs, but still it is not late. You  

can start trading on Bitcoin and you can make hell  lot of money. So now how will you start trading  

in the Bitcoins? So for that, I have written  a blog post on my website, StockManiacs.net,  

you can see, which are the best Bitcoin exchanges  in India. So this is the title of the blog post  

and don't worry, I'll give you the link of  this blog post on this video description.  

So from there, you can check how you can start  trading on Bitcoin. Simply you need to open  

account with a Bitcoin Exchange as in the stock  market you need to open an account here also,  

you need to open an account. So here you can  see, I have given some faq on Bitcoin trading.  

We have given frequently asked questions. Then we  have given the definition of the Bitcoin Exchanges  

and some famous Bitcoin Exchanges in India and we  have actually jotted down four exchanges. Number  

one is WazirX.in, If you are seeing the cricket  on Sony live, you have seen the advertisement  

of WazirX. So WazirX.in Is the number one Bitcoin  Exchange. Then we have given other exchanges also.  

So here you can see there is the link to visit  the WazirX.in? And I'll also give you these links  

in the video description. So from there also, you can go to  

these exchanges, you can open an account  and you can start trading in Bitcoin.  

So after WazirX there are CoinDCX so you  can once again read about CoinDCX over here.  

So we have given some pros and cons.  There is the link to go to CoinDCX.  

So from here you can go to CoinDCX and you can  open an account. Then there is Bitbns, we have  

given details about Bitbns. We have given the link  to go to Bitbns. So then there is Coinbase. So  

I have written about Coinbase and also  I have given the link to go to Coinbase.  

So these four exchanges, all these four exchanges  are good, but my suggestion is that if you want  

to open an account really to start trading in  Bitcoin. You can start trading with WazirX.  

I don't worry, I'll give you link to all the  Bitcoin Exchanges in this video description.  

So from there you can go to these exchanges. You  can open an account and you can start trading  

in Bitcoin and guys, most of these exchanges are  giving free Bitcoin with account opening. So here,  

this is WazirX. Now I'll show you how to log  in there. I'll not show you the demo of Wazirx  

rather I'll show you how to log in there.  First, you need to sign up as I have already  

signed up. I'll just simply click on the log in  option and here by email and password is there  

and I'll click on login. So it will actually  send an OTP to my mobile. Let me check the OTP.  

Whether the OTP has come or not. Let  me check the OTP. I have got an OTP.  

So I have given the OTP. I'm clicking  on authenticate and you can see,  

I am logged to WazirX.in. You can see here,  the chart of BTC (INR). This is one hour chart.  

Let me make it one week. Let me once  again, show you the power of Bitcoin.  

So guys, you can see how the Bitcoin has  increased in price. So you can see Bitcoin  

was trading at around six lakhs rupees and now  it is trading at 35 lakhs. So this is the power  

of Bitcoin trading. So you can see it was went up  more than above 50 lakhs. So now as it corrected.  

It is now coating around 35 lakhs. Still,  there are chances that you can make money  

by investing on Bitcoin. You can trade in  Bitcoin and why I'm suggesting using WazirX.  

Because WazirX, the charts are very good. They  are giving Tradingview charts and you can actually  

trade just like you are trading on the stock  market, like Zerodha, Upstox. You are trading  

with the stock brokers. Similarly, you can start  trading on Bitcoin, you can invest in Bitcoin.  

But one thing you need to make sure that you know  the rule that these brokers are unregulated.  

So that is that the risk associated with Bitcoin  trading. So guys later in a next video, I'll give  

you more demo about the WazirX Exchange. Now in  this video, I have just shown you, how to start  

trading on Bitcoin and I have given you name of  four Bitcoin Exchanges where you can open account.  

So guys, if you have liked this video, just give  me a thumbs up and also do not forget to share  

this video with your friends and relatives and  you can open account with all these exchanges.  

Account opening is free. You just need to  fund your account after you open account  

and most of the exchanges are giving free  Bitcoin with account opening. Now, guys,  

I'll give you the link of this account opening  with all the exchanges in the video description.  

So from there you can go there and you  can open account with them and guys,  

if you are not yet subscribed to me in Youtube,  do not forget to click the subscribe button and  

also do not forget to hit the bell icon. Because  I do come up with this kind of videos every week,  

at least once or twice. So if you are subscribed  to me, if you are subject to my alarts, so you  

will get next video notifications immediately.  So guys, you need to wait for my next video  

till then happy trading in Bitcoin. Open an  account with Bitcoin Exchanges. Start trading,  

start earning money. I wish you lots of luck  till I come up with the new video. Bye bye.