India lifted 271 mn people out of poverty in 10 yrs: UN

Agencies
July 12, 2019

United Nations, Jul 12: India lifted 271 million people out of poverty between 2006 and 2016, recording the fastest reductions in the multidimensional poverty index values during the period with strong improvements in areas such as "assets, cooking fuel, sanitation and nutrition," a report by the United Nations said.

The 2019 global Multidimensional Poverty Index (MPI) from the UN Development Programme (UNDP), the Oxford Poverty and Human Development Initiative (OPHI) was released Thursday.

The report said that in the 101 countries studied – 31 low income, 68 middle income and 2 high income - 1.3 billion people are "multidimensionally poor", which means that poverty is defined not simply by income, but by a number of indicators, including poor health, poor quality of work and the threat of violence.

The report identifies 10 countries, with a combined population of around 2 billion people, to illustrate the level of poverty reduction, and all of them have shown statistically significant progress towards achieving Sustainable Development Goal 1, namely ending poverty "in all its forms, everywhere".

The 10 countries are Bangladesh, Cambodia, Democratic Republic of Congo, Ethiopia, Haiti, India, Nigeria, Pakistan, Peru and Vietnam.

The report said that within these 10 countries, data shows that 270 million people moved out of multidimensional poverty from one survey to the next.

"This progress was largely driven by South Asia. In India, there were 271 million fewer people in poverty in 2016 than in 2006, while in Bangladesh the number dropped by 19 million between 2004 and 2014," it said.

The report noted that of the 10 selected countries for which changes over time were analysed, India and Cambodia reduced their MPI values the fastest—and they did not leave the poorest groups behind.

India's MPI value reduced from 0.283 in 2005-06 to 0.123 in 2015-16.

Noting the examples of pro-poor reduction, where the poorest regions improved the fastest, the report said that Jharkhand in India reduced the incidence of multidimensional poverty from 74.9 per cent in 2005-06 to 46.5 per cent in 2015-16.

Mondol Kiri and Rattanak Kiri in Cambodia reduced it from 71.0 per cent to 55.9 per cent between 2010 and 2014.

Ethiopia, India and Peru significantly reduced deprivations in all 10 indicators, namely nutrition, sanitation, child mortality, drinking water, years of schooling, electricity, school attendance, housing, cooking fuel and assets.

In 2005-2006, the population in India living in multidimensional poverty stood at about 640 million people (55.1 per cent) and this reduced to 369 million people (27.9 per cent) living in poverty in 2015-16. India saw significant reductions in number of people who are multidimensionally poor and deprived in each of the 10 indicators over this time period.

India reduced deprivation in nutrition from 44.3 per cent in 2005-06 to 21.2 per cent in 2015-16, child mortality dropped from 4.5 per cent to 2.2 per cent, people deprived of cooking fuel reduced from 52.9 per cent to 26.2 per cent, deprivation in sanitation from 50.4 per cent to 24.6 per cent, those deprived of drinking water reduced from 16.6 per cent to 6.2 per cent.

Further more people gained access to electricity as deprivation was reduced from 29.1 per cent to 8.6 per cent, housing from 44.9 per cent to 23.6 per cent and assets deprivation from 37.6 per cent to 9.5 per cent.

The trends in these 10 countries also shine a light on where poverty reduction has been uneven, despite the good progress overall, it said.

"In all 10 countries rural areas are poorer than urban areas. In Cambodia, Haiti, India and Peru poverty reduction in rural areas outpaced that in urban areas–demonstrating pro-poor development–and in Bangladesh and Democratic Republic of the Congo poverty fell at the same speed in rural and urban areas,” it added.

The report also showed that children suffer poverty more intensely than adults and are more likely to be deprived in all 10 of the MPI indicators, lacking essentials such as clean water, sanitation, adequate nutrition or primary education.

Child poverty fell markedly faster than adult poverty in Bangladesh, Cambodia, Haiti, India and Peru. But children fell further behind in Ethiopia, and their progress—together with that of adults—stalled in Democratic Republic of the Congo and Pakistan.

Globally, of the 1.3 billion people who are multidimensionally poor, more than two-thirds of them—886 million— now live in middle-income countries. A further 440 million live in low-income countries.

Even more staggering, worldwide, one in three children is multidimensionally poor, compared to one in six adults. That means that nearly half of the people living in multidimensional poverty—663 million— are children, with the youngest children bearing the greatest burden. The vast majority of these children, around 85 per cent, live in South Asia and Sub-Saharan Africa, split roughly equally between the two regions.

The report underscored that the traditional concept of poverty is outdated, demonstrating more clearly than ever that labelling countries - or even households - as rich and poor is an oversimplification.

"To fight poverty, one needs to know where poor people live. They are not evenly spread across a country, not even within a household," UNDP Administrator Achim Steiner said.

The report also highlighted a positive trend that those furthest behind are moving up the fastest.

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coastaldigest.com web desk
August 1,2020

New Delhi, July 1: In a terrific incident with chilling echoes of the 2015 Dadri mob lynching, a Muslim man, who was carrying meat, was savagely attacked by a mob belonging to a saffron outfit in the presence of in BJP ruled Haryana on the eve of Eid al-Adha. 

The incident occurred at around 9 a.m. on Friday, July 31 at Badshahpur village in Haryana’s Gurgaon, when Lukman was transporting meat in a pic-kup truck. 

The attack was captured on mobile phones by onlookers and the video clips of the incident are now spreading on social media. 

A group of saffronite cow vigilantes chased the truck for about 8 km managed waylay it. Lukman, who was driving the truck was pulled out and brutally assaulted on the suspicion that he was transporting cow meat.

Just like Dadri, the police were faster at sending the meat to a lab for testing than catching any one of the suspects. One of the assailants - Pradeep Yadav- has been arrested. 

After being beating to an inch of his life, Lukman was bundled into the pick-up truck and taken back to Gurgaon's Badshahpur village where the goons started thrashing him again.

This is when the police stepped in and stopped them - only to find the assailants fearless enough to even take on them.

Lukman was taken to a hospital and the police filed a case against "unidentified individuals" even though the video of the incident recorded by witnesses shows the faces of the assailants.

The owner of the vehicles said that the meat was buffalo and he has been in the business for 50 years.

The police have so far refused to give a statement on record on the incident and explain their inaction as seen on video.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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Agencies
May 26,2020

In a startling revelation, cybersecurity researchers have claimed that a hacker has posted personal details of nearly 2.9 crore Indian job seekers at one of the hacking forums on the Dark Web for free.

As part of the regular sweep over the Deep Web and Dark Web, researchers from cybersecurity firm Cyble came across an interesting item, where a threat actor posted 2.3GB (zipped) file on one of the hacking forums.

"The leak actually has a lot of personal details of millions of Indians Job seekers from different states," Cyble said in its blog on Friday.

This breach includes sensitive information such as email, phone, home address, qualification and work experience etc from job seekers spanning across states, from New Delhi to Mumbai and Bengaluru. 

Cybercriminals are always on the lookout for such personal information to conduct various nefarious activities such as identity thefts, scams, and corporate espionage.

"It appears to have originated from a resume aggregator service given the sheer volume and detailed information," it added.

Cyble indexed this information at ‘AmIbreached.com; – Cyble's data breach monitoring and notification platform.

Cyble researchers have identified a sensitive data breach on the dark web where an actor has leaked personal details of nearly 29 million Indian job seekers from various states. 

"Cyble's team is still investigating this further and will be updating their article as they bring more facts to the surface,” it said in a statement.

Cyble said it has acquired the leaked data. 

The same cyber security firm earlier exposed that Bengaluru-based edtech firm Unacademy was hacked.

According to Cyble researchers, nearly 22 million Unacademy user accounts were affected and the data was dumped and sold on Dark Web.

'We would like to assure our users that no sensitive information such as financial data or location has been breached," said Hemesh Singh, Co- Founder and CTO, Unacademy, in a statement.

In April, hackers sold personal data of a whopping 267 million Facebook users for just Rs 41,500 (approximately 500 Euros) that includes email addresses, names, Facebook IDs, dates of birth and phone numbers.

No passwords of the 267 million Facebook users were exposed by the hacker, according to Cyble.

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