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Basel III, risk and compliance management trainingBasel iii Compliance Professionals Association (BiiiCPA)The Basel iii Compliance Professionals Association (BiiiCPA) develops and maintains four certification programs and many tailor-made training programs for directors, executive managers, professionals, consultants, vendors, service providers, auditors and legal counsels around the world. Subject matter experts review and update this body of knowledge.1. Course TitleCertified Basel iii Professional (CBiiiPro)Objectives:The seminar has been designed to provide with the knowledge and skills needed to understand the new Basel III framework and to work in Basel III Projects.The course provides with the skills needed to pass the exam and become a Certified Basel iii Professional (CBiiiPro).Target Audience:This course is intended for managers, professionals, consultants, service providers and vendors working for Banks, Financial Organizations, Financial Groups and Financial Conglomerates. They need to understand not only the new Basel III requirements, challenges and opportunities, but also the regulatory differences for branches and subsidiaries or their bank around the world.This course is highly recommended for:- Managers and Professionals involved in Basel III (decision making and implementation)- Risk and Compliance Officers- Auditors- IT Professionals- Strategic Planners- Analysts- Legal Counsels- Process OwnersCourse Synopsis:What is Basel III?•The Basel III papers•Was Basel II responsible for the market crisis?•Introduction to the Basel III Amendments•The Financial Stability Board (FSB), the G20 and the Basel III framework1. The New Basel III Principles for risk management and corporate governanceThe key areas where the Basel Committee believes the greatest focus is necessary1.Board practices2.Senior management3.Risk management and internal controls4.Compensation5.Complex or opaque corporate structures6.Disclosure and transparencySound Practices for the Management of Operational Risk•The 9 principles2. The Quality of Capital•The numerator: A strict definition of capital•Limits and Minima•Common Equity Tier 1•Common shares issued by the bank•Additional Tier 1 capital•Tier 2 capital•Investments held by banks in capital instruments of other banks and financial and insurance entities•The corresponding deduction approach and the changes in the business model•Double Gearing and Basel III•Securitisation and Resecuritisation3. The Risk Weighted Assets•The denominator: Enhanced risk coverage•Understanding securitization4. The Capital Ratio•In addition to the quality of capital and risk coverage•Calibration•Transition period5. Global Liquidity Standards•Introduction of global minimum liquidity standards•The Liquidity Coverage Ratio (LCR) that makes banks more resilient to potential short-term disruptions•Stock of high-quality liquid assets•Total net cash outflows•The Net Stable Funding Ratio (NSFR) that addresses longer-term structural liquidity mismatches•Available stable funding (ASF)•Required stable funding (RSF)•Contractual maturity mismatch•Concentration of funding•Available unencumbered assets•LCR by significant currency•Market-related monitoring tools•Transitional arrangements6. Capital Conservation•Distribution policies that are inconsistent with sound capital conservation principles•Supervisors enforce capital conservation discipline7. Leverage Ratio•Strong Tier 1 risk based ratios with high levels of on and off balance sheet leverage•Simple, non-risk-based leverage ratio•Introducing additional safeguards against model risk and measurement error•Calculation of the leverage ratio. The January 2014 amendment.8. Countercyclical Capital Buffer•Procyclical or Countercyclical?•The new countercyclical capital buffer•Home / Host Challenges•Guidance for national authorities operating the countercyclical capital buffer•Principles underpinning the role of judgement•Principle 1: (Objectives)•Principle 2: (Common reference guide)•Principle 3: (Risk of misleading signals)•Principle 4: (Prompt release)•Principle 5: (Other macroprudential tools)•Jurisdictional reciprocity•Frequency of buffer decisions and communications•Treatment of surplus when buffer returns to zero•Interaction with Pillar 1 and 29. Systemically Important Financial Institutions (SIFIs)•SIFIs and G-SIFIs•Improvements to resolution regimes•Additional loss absorption capacity•More intensive supervisory oversight•Stronger robustness standards•Peer review•Developments at the national and regional level•The Financial Stability Oversight Council (FSOC)•The European Systemic Risk Board (ESRB)•Strengthening SIFI supervision10. Systemically Important Markets and Infrastructures (SIMIs)•The Basel Committee and Financial Stability Board endorse central clearing and trade reporting on OTC derivatives•Derivative counterparty credit exposures to central counterparty clearing houses (CCPs)11. Risk Modelling, Stress Testing and Scenario Analysis•Capture of systemic risk/tail events in stress testing and risk modelling•VaR shortcomings: the normality assumption•Need for a strong stress testing programme•Systemic risk capture in banks’ risk models12. Stressed Value-at-Risk (S-VaR), Counterparty Credit Risk (CCR), Credit Valuation Adjustment (CVA), Wrong-Way Risk•Overview of the new requirements•Stressed Value-at-Risk (S-VaR)•Counterparty Credit Risk (CCR)•Credit Valuation Adjustment (CVA)•Wrong-Way RiskPillar 2 Amendments: Stress testing•Principles for sound stress testing practices and supervision•Use of stress testing and integration in risk governance•Stress testing methodologies•Scenario selection•Principles for sound stress testing practices and supervision•Firm-wide stress testing•15 stress testing principles for banks•6 stress testing principles for supervisorsRecognising the risk-mitigating impact of insurance in operational risk modelling•Insurance industry supervision•Banking supervisors’ assessment processes•Approval of insurance contracts•Revoking approval for recognising insurance mitigation in capital•Maximum 20% operational risk capital charge reduction•Modelling methodology•Traditional and proposed insurance policies•Criteria for recognising insurance mitigation•Partial insurance modelingUnderstanding Supervisory Colleges•Good practice principles on supervisory colleges•Principles for both home and host supervisors•Principle 1: College objectives•Principle 2: College structures•Home supervisors, Host supervisors•Principle 3: Information sharing•Principle 4: Communication channels•Principle 5: Collaborative work•Principle 6: Interaction with the institution•Principle 7: Crisis management•Principle 8: Macroprudential work•Case Study: Committee of European Banking Supervisors, Joint decision on model validationBasel III for international financial organizations•The Dodd-Frank Act in the USA and the Basel III framework•The Capital Requirements Directives (II, III, IV) of the European Union and the Basel III frameworkThe Impact of Basel III•Investment Banking, Corporate Banking, Retail Banking•Investment banks are primarily affected, particularly in trading and securitization businesses•The new capital rules have a substantial impact on profitability•Banks with insurance subsidiaries•Minority investments after Basel III•Interaction between Solvency II and Basel III•Regulatory Arbitrage after Basel III•Examples and Case Studies•Closing remarksReference - Islamic Banking and Basel IIIMany Basel iii professionals need to have a good understanding of the Basel iii equivalent rules in Islamic BankingThis presentation is not necessary for the examThere are no questions based on these slides•Islamic Banking and Basel ii / Basel iii•Islamic finance has continued to expand its potential as a sustainable and stable form of financial intermediation•Basel iii is designed for conventional banks•Profit Sharing Investment Accounts (PSIA)•The Basel II / Basel III equivalent rules developed by the Islamic Financial Standards Board (IFSB) and the Islamic Development Bank (IDB)•The liquidity risk management and liquidity ratios challenge•The setting up of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Stability Forum (IFSF)•IFSB-13: Stress Testing principles•IFSB-12: Liquidity Risk•IFSB-10: Governance•Closing Remarks2. Course TitleCertified Pillar 2 Expert - Basel 3 (CP2E-B3)Objectives:The seminar has been designed to provide with the knowledge and skills needed to understand better the Second Pillar of the Basel III framework and to work in Basel III Pillar 2 Projects.The course provides with the skills needed to pass the exam and become a Certified Pillar 2 Expert - Basel 3 (CP2E-B3).Target Audience:This course is intended for managers, professionals, consultants, service providers and vendors working for Banks, Financial Organizations, Financial Groups and Financial Conglomerates. They need to understand not only the new Basel III requirements, challenges and opportunities, but also the regulatory differences for branches and subsidiaries or their bank around the world.This course is highly recommended for:- Managers and Professionals involved in the Second Pillar of Basel III (decision making and implementation)- Risk and Compliance Officers- Auditors- IT Professionals- Strategic Planners- Analysts- Legal Counsels- Process OwnersCourse Synopsis:•The Second Pillar of Basel 2•Revised Core Principles for Effective Banking Supervision•From the Second Pillar of Basel 2 to the Second Pillar of Basel 3•The new ICAAP•Basel III Pillar 2 Guidelines•Basel III Pillar 2 Guidelines and Case Studies in the USA•Basel III Pillar 2 Guidelines and Case Studies in the EU•Basel III Pillar 2 Guidelines and Case Studies in the G20 countries•Basel III Pillar 2 Guidelines and Case Studies in Other CountriesNOTES:1.The US, EU and UK rules implementing Basel III follow many aspects of Basel III closely, but there are so many differences in approach in several key areas. Many G20 countries choose options and national discretions that make them “materially non-compliant” or “largely compliant” with Basel III. We organize in-house instructor-led training in major financial organizations, where we tailor the program to meet specific requirements.2.It is highly recommended to study the Certified Basel iii Professional (CBiiiPro) Program before the Certified Pillar 2 Expert - Basel 3 (CP2E-B3) Program.3. Course TitleCertified Pillar 3 Expert - Basel 3 (CP3E-B3)Objectives:The seminar has been designed to provide with the knowledge and skills needed to understand the Third Pillar of the new Basel III framework and to work in Basel III Projects.The course provides with the skills needed to pass the exam and become a Certified Pillar 3 Expert - Basel 3 (CP3E-B3).Target Audience:This course is intended for managers, professionals, consultants, service providers and vendors working for Banks, Financial Organizations, Financial Groups and Financial Conglomerates. They need to understand not only the new Basel III requirements, challenges and opportunities, but also the regulatory differences for branches and subsidiaries or their bank around the world.This course is highly recommended for:- Managers and Professionals involved in the third Pillar of Basel III (decision making and implementation)- Risk and Compliance Officers- Auditors- IT Professionals- Strategic Planners- Analysts- Legal Counsels- Process OwnersCourse Synopsis:•Revised Pillar 3 disclosure requirements•Introduction•Guide for disclosure of Pillar 3 information•Scope of application•Implementation date•Reporting location•Frequency and timing of disclosures•Assurance of Pillar 3 data•Proprietary and confidential information•Guiding principles for banks’ Pillar 3 disclosures•Principle 1: Disclosures should be clear•Principle 2: Disclosures should be comprehensive•Principle 3: Disclosures should be meaningful to users•Principle 4: Disclosures should be consistent over time•Principle 5: Disclosures should be comparable across banks•Presentation of the disclosure requirements•Templates and tables•Templates with a fixed format•Templates/tables with a flexible format•Signposting•Qualitative narrative to accompany the disclosure requirements•Format and reporting frequency of each disclosure requirement•Overview of risk management and RWA•Linkages between financial statements and regulatory exposures•Credit risk•General information about credit risk•Credit risk mitigation•Credit risk under standardised approach•Credit risk under internal risk-based approaches•Counterparty credit risk•Securitisation•Quantitative disclosure - description of a bank’s securitisation exposures•Quantitative disclosure – calculation of capital requirements•Market risk•Operational risk•Interest rate risk in the banking book (unchanged)•Abbreviations•Pillar 3 disclosure requirements for remuneration•Background and objectives•Pillar 3 disclosure requirements•Scope of application•Method and frequency of disclosure•Key disclosures•Composition of capital disclosure requirements•Introduction•Post 1 January 2018 disclosure template•Reconciliation requirements•Main features template•Other disclosure requirements•Template during the transitional period•Global systemically important banks: updated assessment methodology and the higher loss absorbency requirement•Introduction•Methodology for assessing systemic importance of G-SIBs•A. Indicator-based measurement approach•B. Sample of banks•C. Bucketing approach•D. Supervisory judgment•E. Periodic review and refinement•F. Disclosure requirements•The magnitude of the higher loss absorbency requirement and its impact•Instruments to meet the higher loss absorbency requirement•Interaction with other elements of the Basel III framework•Liquidity coverage ratio disclosure standards•Introduction•Disclosure requirements•Guidance on additional disclosures•Basel III leverage ratio framework and disclosure requirements•Introduction•Disclosure requirements•Implementation date, frequency and location of disclosure•Disclosure templates•Summary comparison table•Common disclosure template and explanatory table, reconciliation and other requirements•Basel III Pillar 3 Guidelines in the USA•Basel III Pillar 3 Guidelines in the EU•Basel III Pillar 3 Case Studies4. Course TitleCertified Stress Testing Expert - Basel 3 (CSTE-B3)Objectives:The seminar has been designed to provide with the knowledge and skills needed to understand the new Financial Stress Testing requirements of the Basel III framework and to work in Basel III Projects.The course provides with the skills needed to pass the exam and become a Certified Stress Testing Expert - Basel 3 (CSTE-B3).Target Audience:This course is intended for managers, professionals, consultants, service providers and vendors working for Banks, Financial Organizations, Financial Groups and Financial Conglomerates. They need to understand not only the new Basel III requirements, challenges and opportunities, but also the regulatory differences for branches and subsidiaries or their bank around the world.This course is highly recommended for:- Managers and Professionals involved in Financial Stress Testing after Basel III (decision making and implementation)- Risk and Compliance Officers- Auditors- IT Professionals- Strategic Planners- Analysts- Legal Counsels- Process OwnersCourse Synopsis:•The Basel III papers•Stress Testing Before and After the Crisis•Basel III Stress Testing Guidelines•Basel III Stress Testing Guidelines and Case Studies in the USA•Basel III Stress Testing Guidelines and Case Studies in the EU•Basel III Stress Testing Guidelines and Case Studies in the G20 countries•Basel III Stress Testing Guidelines and Case Studies in Other CountriesNOTES:1.The US, EU and UK rules implementing Basel III follow many aspects of Basel III closely, but there are so many differences in approach in several key areas. Many G20 countries choose options and national discretions that make them “materially non-compliant” or “largely compliant” with Basel III. We organize in-house instructor-led training in major financial organizations, where we tailor the program to meet specific requirements.2.It is highly recommended to study the Certified Basel iii Professional (CBiiiPro) Program before the Certified Stress Testing Expert - Basel 3 (CSTE-B3) Program.you may contact them through email for further : [email protected]

Key Highlights of Economic Survey 2019-20The Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2019-20 in the Parliament today. The Key Highlights of the Economic Survey 2019-20 are as follows:Wealth Creation: The Invisible Hand Supported by the Hand of TrustIndia’s dominance as global economic power for three-fourths of economic history manifests by design.Kautilya’s Arthashastra postulates the role of prices in an economy (Spengler, 1971).Historically, Indian economy relied on the invisible hand of the market with the support of the hand of trust:o Invisible hand of the market reflected in openness in economic transactions.o Hand of trust appealed to ethical and philosophical dimensions.Post-liberalisation, Indian economy supports both pillars of the economic model advocated in our traditional thinking.Survey illustrates enormous benefits accruing from enabling the invisible hand of the market.Exponential rise in India’s GDP and GDP per capita post-liberalisation coincides with wealth generation.Survey shows that the liberalized sectors grew significantly faster than the closed ones.Need for the hand of trust to complement the invisible hand, illustrated by financial sector performance during 2011-13.Survey posits that India’s aspiration to become a $5 trillion economy depends critically on:o Strengthening the invisible hand of the market.o Supporting it with the hand of trust.Strengthening the invisible hand by promoting pro-business policies to:Provide equal opportunities for new entrants.Enable fair competition and ease doing business.Eliminate policies unnecessarily undermining markets through government intervention.Enable trade for job creation.Efficiently scale up the banking sector.Introducing the idea of trust as a public good, which gets enhanced with greater use.Survey suggests that policies must empower transparency and effective enforcement using data and technology.Entrepreneurship and Wealth Creation at the GrassrootsEntrepreneurship as a strategy to fuel productivity growth and wealth creation.India ranks third in number of new firms created, as per the World Bank.New firm creation in India increased dramatically since 2014:o 12.2 % cumulative annual growth rate of new firms in the formal sector during 2014-18, compared to 3.8 % during 2006-2014.o About 1.24 lakh new firms created in 2018, an increase of about 80 % from about 70,000 in 2014.Survey examines the content and drivers of entrepreneurial activity at the bottom of the administrative pyramid – over 500 districts in India.New firm creation in services is significantly higher than that in manufacturing, infrastructure or agriculture.Survey notes that grassroots entrepreneurship is not just driven by necessity.A 10 percent increase in registration of new firms in a district yields a 1.8 % increase in Gross Domestic District Product (GDDP).Entrepreneurship at district level has a significant impact on wealth creation at the grassroots.Birth of new firms in India is heterogeneous and dispersed across districts and sectors.Literacy and education in a district foster local entrepreneurship significantly:o Impact is most pronounced when literacy is above 70 per cent.o New firm formation is the lowest in eastern India with lowest literacy rate (59.6 % as per 2011 Census).Physical infrastructure quality in the district influences new firm creation significantly.Ease of Doing Business and flexible labour regulation enable new firm creation, especially in the manufacturing sector.Survey suggests enhancing ease of doing business and implementing flexible labour laws can create maximum jobs in districts and thereby in the states.Pro-business versus Pro-marketsSurvey says that India’s aspiration of becoming a $5 trillion economy depends critically on:o Promoting ‘pro-business’ policy that unleashes the power of competitive markets to generate wealth.o Weaning away from ‘pro-crony’ policy that may favour specific private interests, especially powerful incumbents.Viewed from the lens of the Stock market, creative destruction increased significantly post-liberalisation:o Before liberalisation, a Sensex firm expected to stay in it for 60 years, which decreased to only 12 years after liberalisation.o Every five years, one-third of Sensex firms are churned out, reflecting the continuous influx of new firms, products and technologies into the economy.Despite impressive progress in enabling competitive markets, pro-crony policies destroyed value in the economy:o An equity index of connected firms significantly outperformed market by 7 % a year from 2007 to 2010, reflecting abnormal profits extracted at common citizens’ expense.o In contrast, the index underperforms market by 7.5 % from 2011, reflecting inefficiency and value destruction inherent in such firms.Pro-crony policies such as discretionary allocation of natural resources till 2011 led to rent-seeking by beneficiaries while competitive allocation of the same post 2014 ended such rent extraction.Similarly crony lending that led to wilful default, wherein promoters collectively siphoned off wealth from banks, led to losses that dwarf subsidies for rural development.Undermining Markets: When Government Intervention Hurts More Than It HelpsGovernment intervention, though well intended, often ends up undermining the ability of the markets to support wealth creation and leads to outcomes opposite to those intended.Four examples of anachronistic government interventions:Essential Commodities Act (ECA), 1955:o Frequent and unpredictable imposition of blanket stock limits on commodities under ECA distorts:• The incentives for the creation of storage infrastructure by the private sector.• Movement up the agricultural value chain.• Development of national market for agricultural commodities.o Imposition of stock limits on dal in 2006-Q3, sugar in 2009-Q1 and onions in September, 2019 spiked up the volatility of the retail and wholesale prices of onions.o The Ministry of Consumer Affairs must examine whether the ECA is relevant in today’s India.o With raids having abysmally low conviction rate and no impact on prices, the ECA only seems to enable rent-seeking and harassment.o Survey suggests there is clear evidence for jettisoning this anachronistic legislation.Drug Price Control under ECA:o The regulation of prices of drugs, through the DPCO 2013, led to increase in the price of the regulated pharmaceutical drug vis-à-vis that of an unregulated but similar drug.o The increase in prices is greater for more expensive formulations than for cheaper ones and for those sold in hospitals rather than retail shops.o These findings reinforce that the outcome is opposite to what DPCO aims to do - making drugs affordable.o Government, being a huge buyer of drugs, can intervene more effectively to provide affordable drugs by combining all its purchases and exercising its bargaining power.o Ministry of Health and Family Welfare must evolve non-distortionary mechanisms that utilise Government’s bargaining power in a transparent manner.Government intervention in Grain markets:o Policies in the food-grain markets led to:• Emergence of Government as the largest procurer and hoarder of rice and wheat.• Crowding out of private trade.• Burgeoning food subsidy burden• Inefficiencies in the markets, affecting the long run growth of agricultural sector.o The food-grains policy needs to be dynamic and allow switching from physical handling and distribution of food-grains to cash transfers/food coupons/smart cards.Debt waivers:o Analysis of debt waivers given by States/Centre:• Full waiver beneficiaries consume less, save less, invest less and are less productive after the waiver, compared to the partial beneficiaries.• Debt waivers disrupt the credit culture.• They reduce formal credit flow to the very same farmers, thereby defeating the purpose.Survey suggests that:o Government must systematically examine areas of needless intervention and undermining of markets; but it does not argue that there should be no Government intervention.o Instead it suggests that the interventions that were apt in a different economic setting may have lost their relevance in a transformed economy.o Eliminating such instances will enable competitive markets spurring investments and economic growth.Creating Jobs and Growth by Specializing in Network ProductsSurvey says India has unprecedented opportunity to chart a China-like, labour-intensive, export trajectory.By integrating “Assemble in India for the world” into Make in India, India can:o Raise its export market share to about 3.5 % by 2025 and 6 % by 2030.o Create 4 crore well-paid jobs by 2025 and 8 crore by 2030.Exports of network products can provide one-quarter of the increase in value added required for making India a $5 trillion economy by 2025.Survey suggests a strategy similar to one used by China to grab this opportunity:o Specialization at large scale in labour-intensive sectors, especially network products.o Laser-like focus on enabling assembling operations at mammoth scale in network products.o Export primarily to markets in rich countries.o Trade policy must be an enabler.Survey analyses the impact of India’s trade agreements on overall trade balance:o India’s exports increased by 13.4 % for manufactured products and 10.9 % for total merchandiseo Imports increased by 12.7 % for manufactured products and 8.6 per cent for total merchandise.o India gained 0.7 % increase in trade surplus per year for manufactured products and 2.3 % per year for total merchandise.Targeting Ease of Doing Business in IndiaA jump of 79 positions to 63 in 2019 from 142 in 2014 in World Bank’s Doing Business rankings.India still trails in parameters such as Ease of Starting Business, Registering Property, Paying Taxes and Enforcing Contracts.Survey has numerous case studies:o For merchandise exports, the logistics process flow for imports is more efficient than that for exports.o Electronics exports and imports through Bengaluru airport illustrate how Indian logistical processes can be world class.The turnaround time of ships in India has almost halved to 2.48 days in 2018-19 from 4.67 days in 2010-11.Suggestions for further Ease of Doing Business:o Close coordination between the Logistics division of the Ministry of Commerce and Industry, the Central Board of Indirect Taxes and Customs, Ministry of Shipping and the different port authorities.o Individual sectors such as tourism or manufacturing require a more targeted approach that maps out the regulatory and process bottlenecks for each segment.Golden jubilee of bank nationalisation: Taking stockSurvey observes 2019 as the golden jubilee year of bank nationalizationAccomplishments of lakhs of Public Sector Banks (PSBs) employees cherished and an objective assessment of PSBs suggested by the Survey.Since 1969, India’s Banking sector has not developed proportionately to the growth in the size of the economy.India has only one bank in the global top 100 – same as countries that are a fraction of its size: Finland (about 1/11th), Denmark (1/8th), etc.A large economy needs an efficient banking sector to support its growth.The onus of supporting the economy falls on the PSBs accounting for 70 % of the market share in Indian banking:o PSBs are inefficient compared to their peer groups on every performance parameter.o In 2019, investment for every rupee in PSBs, on average, led to the loss of 23 paise, while in NPBs it led to the gain of 9.6 paise.o Credit growth in PSBs has been much lower than NPBs for the last several years.· Solutions to make PSBs more efficient:o Employee Stock Ownership Plan (ESOP) for PSBs’ employeeso Representation on boards proportionate to the blocks held by employees to incentivize employees and align their interests with that of all shareholders of banks.o Creation of a GSTN type entity that will aggregate data from all PSBs and use technologies like big data, artificial intelligence and machine learning in credit decisions for ensuring better screening and monitoring of borrowers, especially the large ones.Financial Fragility in the NBFC SectorSurvey investigates the key drivers of Rollover Risk of the shadow banking system in India in light of the current liquidity crunch in the sector.Key drivers of Rollover Risk:o Asset Liability Management (ALM) Risk.o Interconnectedness Risk.o Financial and Operating Resilience of an NBFC.o Over-dependence on short-term wholesale funding.Survey computes a diagnostic (Health Score) by quantifying the Rollover risk for a sample of HFCs and Retail-NBFCs (which are representative of their respective sectors).The analysis of the Health Score has the following findings:o The HFC sector exhibited a declining trend post 2014 and overall health of the sector worsened considerably by the end of FY2019.o The Score of the Retail-NBFC sector was consistently below par for the period 2014 -19.o Larger Retail-NBFCs had higher Health Scores but among medium and small Retail- NBFCs, the medium size ones had a lower score for the entire period of 2014-19.Survey suggests that the Health Score provides an early warning signal of impending liquidity problems.Equity markets react favourably to increase in Health Score of individual HFCs and Retail-NBFCs.The Survey prescribes this analysis to efficiently allocate liquidity enhancements across firms (with different Health Scores) in the NBFC sector, thereby arresting financial fragility in a capital-efficient manner.Privatization and Wealth CreationSurvey examines the realized efficiency gains from privatization in the Indian context and bolsters the case for aggressive disinvestment of CPSEs.Strategic disinvestment of Government’s shareholding of 53.29 per cent in HPCL led to an increase of around Rs. 33,000 crore in national wealth.Survey presents an analysis of the before-after performance of 11 CPSEs which underwent strategic disinvestment from 1999-2000 to 2003-04:o Financial indicators such as net worth, net profit, return on assets (ROA), return on equity (ROE) etc of the privatized CPSEs, on an average, have improved significantly.o Privatized CPSEs have been able to generate more wealth from the same resources.Survey suggests aggressive disinvestment of CPSEs to:o Bring in higher profitability.o Promote efficiency.o Increase competitiveness.o Promote professionalism.Is India’s GDP Growth Overstated? No!GDP growth is a critical variable for decision-making by investors and policymakers. Therefore, the recent debate about accuracy of India’s GDP estimation following the revised estimation methodology in 2011 is extremely significant.As countries differ in several observed and unobserved ways, cross-country comparisons have to be undertaken by separating the effect of other confounding factors and isolating effect of methodology revision alone on GDP growth estimates.Models that incorrectly over-estimate GDP growth by 2.7 % for India post-2011 also misestimate GDP growth over the same period for 51 out of 95 countries in the sample.Several advanced economies such as UK, Germany and Singapore have their GDPs misestimated with incompletely specified econometric model.Correctly specified models that account for all unobserved differences and differential trends in GDP growth across countries fail to find any misestimating of growth in India or other countries.Concerns of a misestimated Indian GDP are unsubstantiated by the data and are thus unfounded.Thalinomics: The Economics of a Plate of Food in IndiaAn attempt to quantify what a common person pays for a Thali across India.A shift in the dynamics of Thali prices since 2015-16.Absolute prices of a vegetarian Thali have decreased significantly since 2015-16 across India and the four regions; though the price has increased during 2019-20.Post 2015-16:Average household gained close to Rs. 11, 000 on average per year from the moderation in prices in the case of vegetarian Thali.Average household that consumes two non-vegetarian Thalis gained close to Rs. 12, 000 on average per year during the same period.From 2006-07 to 2019-20:Affordability of vegetarian Thalis improved 29 %.Affordability of non-vegetarian Thalis improved by 18 %.India’s Economic Performance in 2019-20India’s GDP growth moderated to 4.8 % in H1 of 2019-20, amidst a weak environment for global manufacturing, trade and demand.Real consumption growth has recovered in Q2 of 2019-20, cushioned by a significant growth in government final consumption.Growth for ‘Agriculture and allied activities’ and ‘Public administration, defense, and other services’ in H1 of 2019-20 was higher than in H2 of 2018-19.India’s external sector gained further stability in H1 of 2019-20:Current Account Deficit (CAD) narrowed to 1.5 % of GDP in H1 of 2019-20 from 2.1 % in 2018-19.Impressive Foreign Direct Investment (FDI).Rebounding of portfolio flows.Accretion of foreign exchange reserves.Sharper contraction of imports as compared to that of exports in H1 of 2019-20, with easing of crude prices.Headline inflation expected to decline by year end:Increased from 3.3 % in H1 of 2019-20 to 7.35 % in December 2019-20 due to temporary increase in food inflation.Rise in CPI-core and WPI in December 2019-20 suggests building of demand pressure.Deceleration in GDP growth can be understood within the framework of a slowing cycle of growth:Financial sector acted as a drag on the real sector (investment-growth-consumption).Reforms undertaken during 2019-20 to boost investment, consumption and exports:Speeding up the insolvency resolution process under Insolvency and Bankruptcy Code (IBC).Easing of credit, particularly for the stressed real estate and NBFC sectors.Announcing the National Infrastructure Pipeline 2019-2025.Survey expects an uptick in the GDP growth in H2 of 2019-20:5 % GDP growth for 2019-20 based on CSO’s first Advance Estimates.Expeditious delivery on reforms for enabling the economy to strongly rebound in 2020-21.Fiscal DevelopmentsRevenue Receipts registered a higher growth during the first eight months of 2019-20, compared to the same period last year, led by considerable growth in Non-Tax revenue.Gross GST monthly collections have crossed the mark of Rs. 1 lakh crore for a total of five times during 2019-20 (up to December 2019).Structural reforms undertaken in taxation during the current financial year:Change in corporate tax rate.Measures to ease the implementation of GST.Fiscal deficit of states within the targets set out by the FRBM Act.Survey notes that the General Government (Centre plus States) has been on the path of fiscal consolidation.External SectorBalance of Payments (BoP):India’s BoP position improved from US$ 412.9 bn of forex reserves in end March, 2019 to US$ 433.7 bn in end September, 2019.Current account deficit (CAD) narrowed from 2.1% in 2018-19 to 1.5% of GDP in H1 of 2019-20.Foreign reserves stood at US$ 461.2 bn as on 10th January, 2020.Global trade:In sync with an estimated 2.9% growth in global output in 2019, global trade is estimated to grow at 1.0% after having peaked in 2017 at 5.7%.However, it is projected to recover to 2.9% in 2020 with recovery in global economic activity.India’s merchandise trade balance improved from 2009-14 to 2014-19, although most of the improvement in the latter period was due to more than 50% decline in crude prices in 2016-17.India’s top five trading partners continue to be USA, China, UAE, Saudi Arabia and Hong Kong.Exports:Top export items: Petroleum products, precious stones, drug formulations & biologicals, gold and other precious metals.Largest export destinations in 2019-20 (April-November): United States of America (USA), followed by United Arab Emirates (UAE), China and Hong Kong.The merchandise exports to GDP ratio declined, entailing a negative impact on BoP position.Slowdown of world output had an impact on reducing the export to GDP ratio, particularly from 2018-19 to H1 of 2019-20.Growth in Non-POL exports dropped significantly from 2009-14 to 2014-19.Imports:Top import items: Crude petroleum, gold, petroleum products, coal, coke & briquittes.India’s imports continue to be largest from China, followed by USA, UAE and Saudi Arabia.Merchandise imports to GDP ratio declined for India, entailing a net positive impact on BoP.Large Crude oil imports in the import basket correlates India’s total imports with crude prices. As crude price raises so does the share of crude in total imports, increasing imports to GDP ratio.Significant Gold imports also correlate India’s total imports with gold prices. However, share of gold imports in total imports remained the same during 2018-19 and the first half of 2019-20, despite an increase in prices, possibly due to increase in import duty that reduced the import of gold.Non-POL-non-gold imports are positively correlated with GDP growth.Non-POL-non-oil imports fell as a proportion to GDP from 2009-14 to 2014-19 when GDP growth accelerated.This may be because of consumption driven growth while investment rate declined, lowering non-POL-non-gold imports.Continuous decline in investment rate decelerated GDP growth, weakened consumption, dampened the investment outlook, which further reduced GDP growth and along with it non-POL-non-gold imports as a proportion of GDP from 2018-19 to H1 of 2019-20.Under trade facilitation, India improved its ranking from 143 in 2016 to 68 in 2019 under the indicator, “Trading across Borders”, monitored by World Bank in its Ease of Doing Business Report.Logistics industry of India:Currently estimated to be around US$ 160 billion.Expected to touch US$ 215 billion by 2020.According to World Bank's Logistics Performance Index, India ranks 44th in 2018 globally, up from 54th rank in 2014.Net FDI inflows continued to be buoyant in 2019-20 attracting US$ 24.4 bn in the first eight months, higher than the corresponding period of 2018-19.Net FPI in the first eight months of 2019-20 stood at US$ 12.6 bn.Net remittances from Indians employed overseas continued to increase, receiving US$ 38.4 billion in H1 of 2019-20 which is more than 50% of the previous year level.External debt:Remains low at 20.1% of GDP as at end September, 2019.After significant decline since 2014-15, India’s external liabilities (debt and equity) to GDP increased at the end of June, 2019 primarily by increase in FDI, portfolio flows and external commercial borrowings (ECBs).Monetary Management and Financial IntermediationMonetary policy:Remained accommodative in 2019-20.Repo rate was cut by 110 basis points in four consecutive MPC meetings in the financial year due to slower growth and lower inflation.However, it was kept unchanged in the fifth meeting held in December 2019.In 2019-20, liquidity conditions were tight for initial two months; but subsequently it remained comfortable.The Gross Non Performing Advances ratio:Remained unchanged for Scheduled Commercial banks at 9.3% between March and September 2019Increased slightly for the Non-Banking Financial Corporations (NBFCs) from 6.1% in March 2019 to 6.3% in September 2019.Credit growth:The financial flows to the economy remained constrained as credit growth declined for both banks and NBFCs.Bank Credit growth (YoY) moderated from 12.9% in April 2019 to 7.1% as on December 20, 2019.Capital to Risk-weighted Asset Ratio of SCBs increased from 14.3% to 15.1% between March 2019 and September 2019.Prices and InflationInflation Trends:Inflation witnessing moderation since 2014Consumer Price Index (CPI) inflation increased from 3.7 per cent in 2018-19 (April to December, 2018) to 4.1 per cent in 2019-20 (April to December, 2019).WPI inflation fell from 4.7 per cent in 2018-19 (April to December, 2018) to 1.5 per cent during 2019-20 (April to December, 2019).Drivers of CPI - Combined (C) inflation:During 2018-19, the major driver was the miscellaneous groupDuring 2019-20 (April-December), food and beverages was the main contributor.Among food and beverages, inflation in vegetables and pulses was particularly high due to low base effect and production side disruptions like untimely rain.Cob-web Phenomenon for Pulses:Farmers base their sowing decisions on prices witnessed in the previous marketing period.Measures to safeguard farmers like procurement under Price Stabilisation Fund (PSF), Minimum Support Price (MSP) need to be made more effective.Divergence Between Retail and Wholesale price:Observed for essential agricultural commodities in four metropolitan cities of the country from 2014 to 2019.Divergence particularly high for vegetables like onion and tomato. This may be due to the presence of intermediaries and high transaction costs.Volatility of Prices:o Volatility of prices for most of the essential food commodities with the exception of some of the pulses has actually come down in the period 2014-19 as compared to the period 2009-14.o Lower volatility might indicate the presence of better marketing channels, storage facilities and effective MSP system.Regional variations:o CPI-C inflation has been highly variable across States ranging between (-)0.04 per cent to 8.1 per cent across States/UTs in financial year (FY) 2019-20 (April-December).o In most states, CPI-C inflation in rural areas is lower than the CPI-C inflation in urban areaso Rural inflation has been more variable across states than urban inflation.Inflation dynamics:o Convergence of headline inflation towards core inflation as per the CPI-C data from 2012 onwards.Sustainable Development and Climate ChangeIndia moving forward on the path of SDG implementation through well-designed initiativesSDG India Index:o Himachal Pradesh, Kerala, Tamil Nadu, Chandigarh are front runners.o Assam, Bihar and Uttar Pradesh come under the category of Aspirants.India hosted COP-14 to UNCCD which adopted the Delhi Declaration: Investing in Land and Unlocking Opportunities.COP-25 of UNFCCC at Mandrid:o India reiterated its commitment to implement Paris Agreement.o COP-25 decisions include efforts for climate change mitigation, adaptation and means of implementation from developed country parties to developing country parties.Forest and tree cover:o Increasing and has reached 80.73 million hectare.o 24.56 % of the geographical area of the country.Burning of agricultural residues, leading to rise in pollutant levels and deterioration of air quality, is still a major concern though the total number of burning events recorded reduced due to various efforts taken.International Solar Alliance (ISA)o ‘Enabler’ by institutionalizing 30 Fellowships from the Member countries.o ‘Facilitator’ by getting the lines of credit worth US$ 2 Billion from EXIM Bank of India and 1.5 Billion from AfD, France.o ‘Incubator’ by nurturing initiatives like the Solar Risk Mitigation Initiative.o ‘Accelerator’ by developing tools to aggregate demand for 1000 MW solar and 2.7 lakh solar water pumps.Agriculture and Food ManagementLargest Proportion of Indian population depends directly or indirectly on agriculture for employment opportunities as compared to any other sector.The share of agriculture and allied sectors in the total Gross Value Added (GVA) of the country has been continuously declining on account of relatively higher growth performance of non-agricultural sectors, a natural outcome of development process.GVA at Basic Prices for 2019-20 from ‘Agriculture, Forestry and Fishing’ sector is estimated to grow by 2.8 %.· Agricultural productivity is also constrained by lower level of mechanization in agriculture which is about 40 % in India, much lower than China (59.5 %) and Brazil (75 %).· Skewed pattern of regional distribution of agricultural credit in India:o Low credit in Hilly, Eastern and North Eastern states (less than 1 % of total agricultural credit disbursement).· Livestock income has become an important secondary source of income for millions of rural families:o An important role in achieving the goal of doubling farmers’ income.o Livestock sector has been growing at a CAGR of 7.9 % during last five years.· During the last 6 years ending 2017-18, Food Processing Industries sector has been growing:o Average Annual Growth Rate (AAGR) of around 5.06 %o Constitutes as much as 8.83 % and 10.66 % of GVA in Manufacturing and Agriculture sector respectively in 2017-18 at 2011-12 prices.· While interests of the vulnerable sections of the population need to be safeguarded, Survey emphasizes on sustainability of food security operations by:o Addressing the burgeoning food subsidy bill.o Revisiting the rates and coverage under NFSA.Industry and InfrastructureThe industrial sector as per Index of Industrial Production (IIP) registered a growth of 0.6 per cent in 2019-20 (April-November) as compared to 5.0 % during 2018-19 (April-November).Fertilizer sector achieved a growth of 4.0 % during 2019-20 (April-November) as compared to (-) 1.3 per cent during 2018-19 (April-November).Steel sector achieved a growth of 5.2 % during 2019-20 (April-November) as compared to 3.6 % during 2018-19 (April-November).Total telephone connections in India touched 119.43 crore as on September 30, 2019.The installed capacity of power generation has increased to 3, 64,960 MW as on October 31, 2019 from 3, 56,100 MW as on March 31, 2019.Report of the Task Force on National Infrastructure Pipeline released on 31.12.2019 has projected total infrastructure investment of Rs. 102 lakh crore during the period FY 2020 to 2025 in India.Services Sector· Increasing significance of services sector in the Indian economy:About 55 % of the total size of the economy and GVA growth.Two-thirds of total FDI inflows into India.About 38 per cent of total exports.More than 50 % of GVA in 15 out of the 33 states and UTs.· Gross Value Added growth of the services sector moderated in 2019-20 as suggested by various high-frequency indicators and sectoral data such as air passenger traffic, port and shipping freight traffic, bank credit etc.· On the bright side, FDI into services sector has witnessed a recovery in early 2019-20.Social Infrastructure, Employment and Human DevelopmentThe expenditure on social services (health, education and others) by the Centre and States as a proportion of GDP increased from 6.2 % in 2014-15 to 7.7 % in 2019-20 (BE).India’s ranking in Human Development Index improved to 129 in 2018 from 130 in 2017:o With 1.34 % average annual HDI growth, India is among the fastest improving countriesGross Enrolment Ratio at secondary, higher secondary and higher education level needs to be improved.The share of regular wage/salaried employees has increased by 5 percentage points from 18 % in 2011-12 to 23 % in 2017-18.A significant jump of around 2.62 crore new jobs with 1.21 crore in rural areas and 1.39 crore in urban areas in this category.Total formal employment in the economy increased from 8 % in 2011-12 to 9.98 % in 2017-18.Gender disparity in India’s labour market widened due to decline in female labour force participation especially in rural areas:o Around 60 % of productive age (15-59) group engaged in full time domestic duties.Access to health services inter-alia through Ayushman Bharat and Mission Indradhanush across the country has improved.Mission Indradhanush has vaccinated 3.39 crore children and 87.18 lakh pregnant women of 680 districts across the country.About 76.7 % of the households in the rural and about 96 % in the urban areas had houses of pucca structure.A 10 Year Rural Sanitation Strategy (2019-2029) launched to focus on sustaining the sanitation behavior change and increasing access to solid and liquid waste management.Source : PIB

Many companies have used Haskell for a range of projects, including:ABN AMRO Amsterdam, The NetherlandsABN AMRO is an international bank headquartered in Amsterdam. For its investment banking activities it needs to measure the counterparty risk on portfolios of financial derivatives.ABN AMRO's CUFP talk.Aetion Technologies LLC, Columbus, OhioAetion was a defense contractor in operation from 1999 to 2011, whose applications use artificial intelligence. Rapidly changing priorities make it important to minimize the code impact of changes, which suits Haskell well. Aetion developed three main projects in Haskell, all successful. Haskell's concise code was perhaps most important for rewriting: it made it practicable to throw away old code occasionally. DSELs allowed the AI to be specified very declaratively.Aetion's CUFP talk.Alcatel-LucentA consortium of groups, including Alcatel-Lucent, have used Haskell to prototype narrowband software radio systems, running in (soft) real-time.Alcatel-Lucent's CUFP talkAllston TradingHeadquartered in Chicago, Illinois, Allston Trading, LLC is a premier high frequency market maker in over 40 financial exchanges, in 20 countries, and in nearly every conceivable product class. Allston makes some use of Haskell for their trading infrastructure.Alpha Heavy IndustriesAlpha Heavy Industries is an alternative asset manager dedicated to producing superior returns through quantitative methods. They use Haskell as their primary implementation language.Amgen Thousand Oaks, CaliforniaAmgen is a human therapeutics company in the biotechnology industry. Amgen pioneered the development of novel products based on advances in recombinant DNA and molecular biology and launched the biotechnology industry’s first blockbuster medicines. Amgen uses Haskell;To rapidly build software to implement mathematical models and other complex, mathematically oriented applicationsProvide a more mathematically rigorous validation of softwareTo break developers out of their software development rut by giving them a new way to think about software.Amgen's CUFP talk.Ansemond LLC"Find It! Keep It! is a Mac Web Browser that lets you keep the pages you visit in a database. A list of these pages is shown in the 'database view'. "Antiope Fair Haven, New JerseyAntiope Associates provides custom solutions for wireless communication and networking problems. Our team has expertise in all aspects of wireless system design, from the physical and protocol layers to complex networked applications. Antiope Associates relies on a number of advanced techniques to ensure that the communication systems we design are reliable and free from error. We use custom simulation tools developed in Haskell, to model our hardware designs..Antiope's CUFP talk.AT&THaskell is being used in the Network Security division to automate processing of internet abuse complaints. Haskell has allowed us to easily meet very tight deadlines with reliable results.Bank of America Merril LynchHaskell is being used for backend data transformation and loading.Barclays Capital Quantitative Analytics GroupBarclays Capital's Quantitative Analytics group is using Haskell to develop an embedded domain-specific functional language (called FPF) which is used to specify exotic equity derivatives. These derivatives, which are naturally best described in terms of mathematical functions, and constructed compositionally, map well to being expressed in an embedded functional language. This language is now regularly being used by people who had no previous functional language experience.Simon Frankau et al's JFP paper on their use of HaskellRead their 2013 job advertisementBAE SystemsAs part of the SAFE project, BAE has built a collection of compilers, interpreters, simulators, and EDSLs almost entirely in Haskell.CUFP 2013 talkBazQux ReaderBazQux Reader is a commercial RSS reader. Its feeds and comments crawler and a part of web-server are implemented in Haskell.BetterBetter, formerly known as Erudify, is a learning company built around the mission of making people better. We are an unusual mix of a software company, a consulting firm, and a creative agency. This tight integration enables us to deliver innovative, high-quality courses to our customers. Founded in 2012, Better is based in Zurich, Switzerland and New York, USA. Better is fully invested in Haskell; Most parts of our back-end system (web-servers and learning logic) are written in Haskell. Haskell is also used in most parts of our front-end system.bCODE Pty Ltd Sydney AustraliabCode Pty Ltd is a small venture capital-funded startup using Ocaml and a bit of Haskell in Sydney Australia.Bdellium Hawaii, United StatesBdellium develops software systems that enable companies in the financial industry to deliver new customer services that grow their business. Bdellium uses Haskell for heavy lifting analysis in back end infrastructure.Bluespec, Inc. Waltham, MassachusettsDeveloping a modern integrated circuit (ASIC or FPGA) is an enormously expensive process involving specification, modeling (to choose and fix the architecture), design (to describe what will become silicon) and verification (to ensure that it meets the specs), all before actually committing anything to silicon (where the cost of a failure can be tens of millions of dollars). Bluespec, Inc. is a three year-old company that provides language facilities, methodologies, and tools for this purpose, within the framework of the IEEE standard languages SystemVerilog and SystemC, but borrowing ideas heavily from Term Rewriting Systems and functional programming languages like Haskell. In this talk, after a brief technical overview to set the context, we will describe our tactics and strategies, and the challenges we face, in introducing declarative programming ideas into this field, both externally (convincing customers about the value of these ideas) and internally (using Haskell for our tool implementation).Bluespec's CUFP talk.BumpBump use a Haskell-based server, Angel, for process supervisor for all their backend systems, and for other infrastructure tasks.Haskell at BumpCapital IQWe have been using functional programming here at S&P Capital IQ in Scala, Haskell, and our homegrown reporting language Ermine, since 2008 for financial analytics.Capital IQ's CUFP 2013 talkChordifyChordify is a free online music service that transforms music, from YouTube, Deezer, SoundCloud or uploaded files, into chords. There's an ICFP experience report explaining how Haskell is used for this: José Pedro Magalhães and W. Bas de Haas. Functional Modelling of Musical Harmony: an Experience Report. In Proceedings of the 16th ACM SIGPLAN International Conference on Functional Programming (ICFP'11), pp. 156–162, ACM, 2011.Circos Brand Karma SingaporeBrand Karma provides services to brand owners to measure online sentiments towards their brands. Haskell is used in building parts of the product, specifically for back-end job scheduling and brand matching.CircuitHubCircuitHub aims to be the AWS for manufacturing, enabling hardware companies and makers to instantly quote designs and scale from prototype to production. We are also proud to host a large collection of open hardware designs. CircuitHub uses Haskell for our core services and algorithms.Credit Suisse Global Modeling and Analytics Group London, UK; New York City, New YorkGMAG, the quantitative modeling group at Credit Suisse, has been using Haskell for various projects since the beginning of 2006, with the twin aims of improving the productivity of modelers and making it easier for other people within the bank to use GMAG models. Current projects include: Further work on tools for checking, manipulating and transforming spreadsheets; a domain-specific language embedded in Haskell for implementing reusable components that can be compiled into various target forms (see the video presentation: Paradise, a DSEL for Derivatives Pricing).Credit Suisse's CUFP talk.DetexifyDetexify is an online handwriting recognition system, whose backend is written in Haskell.FynderFynder is an online booking platform. We use Haskell and clojurescript, all stitched together with nixosSee more in their original job posting.Deutsche Bank Equity Proprietary Trading, Directional Credit TradingThe Directional Credit Trading group uses Haskell as the primary implementation language for all its software infrastructure.Deutsche Bank's CUFP talk.Eaton Cleveland, OhioDesign and verification of hydraulic hybrid vehicle systemsEaton's CUFP talkEaton's experiences using a Haskell DSL[Ericsson AB]Ericsson uses Haskell for the implementation of Feldspar, an EDSL for digital signal processing algorithms.Ericsson's Feldspar compilerextensiblNew Zealand-based company. Provides a variety of software development, consulting, operational support services worldwide. Both Haskell and Ur/Web are actively used for commercial projects.FacebookFacebook uses some Haskell internally for tools. lex-pass is a tool for programmatically manipulating a PHP code base via Haskell.Facebook's CUFP talkFacebook's HaXL system is open sourceFactis ResearchFactis research, located in Freiburg, Germany, develops reliable and user-friendly mobile solutions. Our client software runs under J2ME, Symbian, iPhone OS, Android, and Blackberry. The server components are implemented in Python and Haskell. We are actively using Haskell for a number of projects, most of which are released under an open-source license.Factis' HCAR submissionfortytools gmbhLocated in Hamburg, Germany, we are developing web-based productivity tools for invoicing, customer management, resource scheduling and time tracking. While using Javascript for building rich frontend application in the browser, we use Haskell to implement the REST backends. Additionally, we do occasional project/client work as well.Oh, and of course we develop and maintain Hayoo! :)Functor AB, Stockholm, SwedenFunctor AB offers new tools for ground-breaking static analysis with pre-test case generation of programs to eliminate defects and bugs in software very early in development. Functor collaborates with the JET fusion reactor run by EFDA CCFE. JET is currently the largest reactor in the world of its kind. At Functor, almost all development is done in Haskell but also to some extent also C and Scala.See more in the Functor AB job advertisementFunktionale Programmierung Dr. Heinrich Hördegen, Munich, GermanyWe develop software prototypes according to the Pareto principle: After spending only 20 percent of budget, we aim to provide already 80 percent of the software's functionality. We can realize this by constructing a 2080-software-prototype that we can further develop into a full-fledged solution...Galois, Inc Portland, OregonGalois designs and develops high confidence software for critical applications. Our innovative approach to software development provides high levels of assurance, yet its scalability enables us to address the most complex problems. We have successfully engineered projects under contract for corporations and government clients in the demanding application areas of security, information assurance and cryptography.Galois' 2007 CUFP talkGalois' 2011 CUFP talkGalois' retrospective on 10 years of industrial Haskell useGoogleHaskell is used on a small number of internal projects in Google, for internal IT infrastructure support, and the open-source Ganeti project. Ganeti is a tool for managing clusters of virtual servers built on top of Xen and KVM.Google's ICFP 2010 experience report on HaskellVideo from ICFP Project Ganeti at GoogleGlydeGlyde uses OCaml and Haskell for a few projects. Glyde uses Haskell for our client-side template source-to-source translator, which converts HAML-like view templates into JS code.Group CommerceGroup Commerce uses Haskell to drive the main component of their advertising infrastructure: a Snap Framework based web server. Haskell enabled quicker development, higher reliability, and better maintainability than other languages, without having to sacrifice performance.HasuraHasura is a BaaS/PaaS focussed on keeping things DRY and letting you write custom code with the tools you love. We're building a micro-service platform christened Instant APIs for web & mobile apps (alpha release scheduled in summer 2015), and we used Haskell as the core programming language to build it.Humane SoftwareWe develop enterprise systems with de-coupled, asynchronous Haskell backends and Javascript UIs.For our current customer, an Internet connectivity provider, we wrote a solution for monitoring multiple remote machines and analyzing gigabytes of traffic samples. Haskell proved an excellent tool for the job. We were able to replace legacy systems in a granular, piece-by-piece manner, while delivering new features.Hustler Turf Equipment Hesston, KansasDesigns, builds, and sells lawn mowers. We use quite a bit of Haskell, especially as a "glue language" for tying together data from different manufacturing-related systems. We also use it for some web apps that are deployed to our dealer network. There are also some uses for it doing sysadmin automation, such as adding/removing people from LDAP servers and the likeiba Consulting Gesellschaft - Intelligent business architecture for you. Leipzig, Germanyiba CG develops software for large companies:risk analysis and reporting solution for power supply company;contract management, assert management, booking and budgeting software for one of the worldwide leading accounting firm.IMVU, IncIMVU, Inc. is a social entertainment company connecting users through 3D avatar-based experiences. See the blog article What it's like to use HaskellInformatik Consulting Systems AGICS AG developed a simulation and testing tool which based on a DSL (Domain Specific Language). The DSL is used for the description of architecture and behavior of distributed system components (event/message based, reactive). The compiler was written in Haskell (with target language Ada). The test system is used in some industrial projects.IntelIntel has developed a Haskell compiler as part of their research on multicore parallelism at scale.Read the Intel Research paper on compilerIVU Traffic Technologies AGThe rostering group at IVU Traffic Technologies AG has been using Haskell to check rosters for compliance with EC regulations. Our implementation is based on an embedded DSL to combine the regulation’s single rules into a solver that not only decides on instances but, in the case of a faulty roster, finds an interpretation of the roster that is “favorable” in the sense that the error messages it entails are “helpful” in leading the dispatcher to the resolution of the issue at hand. The solver is both reliable (due to strong static typing and referential transparency — we have not experienced a failure in three years) and efficient (due to constraint propagation, a custom search strategy, and lazy evaluation). Our EC 561/2006 component is part of the IVU.crew software suite and as such is in wide-spread use all over Europe, both in planning and dispatch. So the next time you enter a regional bus, chances are that the driver’s roster was checked by Haskell.JanRainJanRain uses Haskell for network and web software. Read more about Haskell at JanRain and in theirtech talk at Galois. JanRain's "Capture" user API product is built on Haskell's Snap webframework.See Janrain's technical talk about their use of SnapJoyride LaboratoriesJoyride Laboratories is an independent game development studio, founded in 2009 by Florian Hofer and Sönke Hahn. Their first game, "Nikki and the Robots" was released in 2011.Keera StudiosKeera Studios Ltd is a European game development studio that develops mobile, desktop and web apps.Games: The Android game Magic Cookies! was written in Haskell and released in 2015. Other games include Haskanoid, now being developed for Android, and a multi-platform Graphic Adventure library and engine with Android support and an IDE.Reactive Programming and GUIs: Keera Studios is also the maintainer of Keera Hails, an Open-Source reactive rapid application development framework, which has been used in Gale IDE and other desktop applications. Backends exist for Gtk+, Qt, Wx, Android's native GUI toolkit and Web DOM via GHCJS. Keera Posture is an open-source posture monitor written in Haskell using Keera Hails and Gtk+.Web: Keera Studios also develops web applications in Yesod.See the Facebook page for details on Android games and ongoing development.LinkqloLinkqlo Inc is a Palo Alto-based technology startup that is building a pioneering mobile community to connect people with better fitting clothes. We’re solving an industry-wide pain point for both consumers and fashion brands in retail shopping, sizing and fitting, just like Paypal took on the online payment challenge in 1999. We started deploying Haskell as the backend language recently in August 2015, in an effort to eventually replace all PHP endpoint APIs with Haskell ones.Linkqlo's iOS app from App StoreLinspireLinspire, Inc. has used functional programming since its inception in 2001, beginning with extensive use of O'Caml, with a steady shift to Haskell as its implementations and libraries have matured. Hardware detection, software packaging and CGI web page generation are all areas where we have used functional programming extensively. Haskell's feature set lets us replace much of our use of little languages (e.g., bash or awk) and two-level languages (C or C++ bound to an interpreted language), allowing for faster development, better code sharing and ultimately faster implementations. Above all, we value static type checking for minimizing runtime errors in applications that run in unknown environments and for wrapping legacy programs in strongly typed functions to ensure that we pass valid arguments.Linspire's CUFP talkLinspire's experience report on using functional programming to manage a Linux distributionLumiGuideLumiGuide is an innovative software company which specialises in smart parking and guidance systems for both bicycles and cars. LumiGuide developed and installed the P-route Bicycle system for the City of Utrecht in 2015. This system guides cyclists via digital, street-level displays to available parking space in a number of parking facilities in the city centre. Utrecht is the first city in the world that has a system like this. The detection technology is based on optical sensors which are independent of the bicycle stands. The sensors are mounted to the ceiling in indoor facilities and mounted to poles in outdoor facilities. Every minute, one sensor detects 40 to 60 parking places at the same time in either single- or two-tier bicycle stands as well as (stand-less) free parking places. Bicycles that exceed the maximum parking duration ('orphaned' bicycles) are also detected and the system will automatically keep a log of pictures of the orphaned bicycle which can be used as evidence when the orphaned bicycle is removed by a facility operator. The usage of the facility can be monitored with web-based control software. LumiGuide also develops the indoor and outdoor digital displays which can be controlled using the web-based control software. We are extensively using Haskell and NixOS.MicrosoftMicrosoft uses Haskell for its production serialization system, Bond. Bond is broadly used at Microsoft in high scale services. Microsoft Research has, separately, been a key sponsor of Haskell development since the late 1990s.MITREMITRE uses Haskell for, amongst other things, the analysis of cryptographic protocols.The New York TimesA team at the New York Times used Haskell's parallel array library to process images from 2013 New York Fashion Week. Haskell was chosen based on its fast numerical arrays packages, and ease of parallelization.Model analysisHaskell in the NewsroomNICTANICTA has used Haskell as part of a project to verify the L4 microkernel.Read the Dr. Dobbs article on using Haskell and formal methods to verify a kernelNRAONRAO has used Haskell to implement the core science algorithms for the Robert C. Byrd Green Bank Telescope (GBT) Dynamic Scheduling System (DSS).Source code available on GitHub.NS Solutions(NSSOL) Tokyo, JapanNS Solutions has employed Haskell since 2008 to develop its software packages including "BancMeasure", a mark-to-market accounting software package for financial institutions, "BancMeasure for IFRS" and "Mamecif", a data analysis package. "BancMeasure" and "Mamecif" are registered trademarks of NS Solutions Corporation in JAPAN.NVIDIAAt NVIDIA, we have a handful of in-house tools that are written in HaskellOpenomyOpenomy's API v2.0 is developed in Haskell, using the HAppS web platform.OblomovOblomov Systems is a one-person software company based in Utrecht, The Netherlands. Founded in 2009, Oblomov has since then been working on a number of Haskell-related projects. The main focus lies on web-applications and (web-based) editors. Haskell has turned out to be extremely useful for implementing web servers that communicate with JavaScript clients or iPhone apps.Oblomov's HCAR submission.Patch-Tag: hosting for DarcsNeed somewhere to put your Darcs code? Try us. Patch-Tag is built with happstack, the continuation of the project formerly known as HAppS.Peerium, Inc Cambridge, MassachusettsAt Peerium, we're striving to bring a new level of quality and efficiency to online communication and collaboration within virtual communities, social networks, and business environments. We believe that a new environment that supports the effortless sharing of both information and software will enable a level of online cooperation far beyond current Web-based technologies -- modern programming techniques will enable the creation of more robust and more powerful programs within these environments. To this end, we're building a new software platform for direct, real-time communication and collaboration within graphically rich environments. Peerium is located in the heart of Harvard Square in Cambridge, Massachusetts.PlanIt9PlanIt9 is a Yesod-based web application for defining, planning, scheduling and tracking tasks. It's designed to be fast, simple, collaborative and cost effective. We're currently signing up users for our beta program.PlumlifePlum is replacing light switches with Lightpads; a capacitive touch dimmer that is internet connected, clusters with other Lightpads in the home for group control... Haskell composes our cloud services and Erlang is used for the embedded software in the Lightpads (hot-code reloading, easy node clustering, etc...). ... We use Haskell extensively for all of our cloud services software at Plumlife ... Amazing language and ecosystem.Qualcomm, IncQualcomm uses Haskell to generate Lua bindings to the BREW platformSQreamAt SQream, we use Haskell for a large part of our code. We use Haskell for the compiler, which takes SQL statements and turns them into low level instructions for the high performance CUDA runtime. We also use Haskell for rapid prototyping and for many auxiliary utilities.Parallel Scientific, Boulder, Colorado.We are using Haskell to develop an ultra-scalable high-availability resource management system for big clusters (millions of nodes). A key element of the design is to provide scalable and reliable mechanisms for communicating failures and coordinating recovery transitions.See Parallel Scientific's CUFP talkRenaissaince Computing Institute, Chapel Hill, North CarolinaThe Renaissance Computing Institute (RENCI), a multi-institutional organization, brings together multidisciplinary experts and advanced technological capabilities to address pressing research issues and to find solutions to complex problems that affect the quality of life in North Carolina, our nation and the world. Research scientists at RENCI have used Haskell for a number of projects, including The Big Board.RENCI's CUFP talk.SamplecountSamplecount develops mobile, location-aware sound and music applications. They are currently using Haskell for prototyping their server-side soundscape streaming components and as a cross-platform build tool for their mobile applications and frameworks.Sankel Software Albuquerque, New MexicoSankel Software has been using Haskell since 2002 for both prototyping and deployment for technologies ranging from CAD/CAM to gaming and computer animation. We specialize in the development of user-friendly, large, long-term applications that solve difficult and conceptually intricate problems.ScriveScrive is a service for e-signing tenders, contracts, and other documents. We help our clients close deals faster, decrease their administrative burden, and improve their customers’ experience.Siemens Convergence Creators GmbH AustriaSiemens CVC uses Haskell since a few years in the space domain. Starting with small tools like data conversion and automation of scripting tasks over installers we use Haskell currently for Space Protocol Proxies to allow connect different space systems (e.g. Cortex to NCTRS or SLE to NCTRS with COP-1 handling). The main use is currently a Simulator implemented in Haskell which handles parts of NCTRS (or SSB), the ground station and parts of the satellite to be able to make closed-loop tests for the SCOS-2000 based Mission Control System. It is in use for testing and debugging of the Mission Control System and for checking implementation of new features. It has served for various, currently active missions and also is in use for some missions to come.Signali Portland, OregonSignali Corp is a new custom hardware design company. Our chief products are custom IP cores targeted for embedded DSP and cryptographic applications. Our specialty is the design and implementation of computationally intensive, complex algorithms. The interfaces to each core are modular and can be very efficiently modified for your specific application. System-level integration and validation is crucial and is the majority of investment in a product.Soostone New York, NYSoostone is an advanced analytics technology provider specializing in algorithmic optimization opportunities in marketing, pricing, advertising, sales and product management. As the preferred language, Haskell is used intensively at Soostone in numerous applications including customized machine learning algorithms, models/simulations, real-time decision-making engines, DSL/EDSLs, web applications and high volume APIs.Standard CharteredStandard Chartered has a large group using Haskell for all aspects of its wholesale banking business.Starling Software Tokyo, JapanStarling Software are developing a commercial automated options trading system in Haskell, and are migrating other parts of their software suite to Haskell.Starling Software's experience building real time trading systems in HaskellSensor Sense Nijmegen, The NetherlandsSensor Sense is offering high technology systems for gas measurements in the ppbv down to pptvrange. We use Haskell for the embedded control software of our trace gas detectors.For more information see Senor Sense's position advertisementSilk Amsterdam, The NetherlandsSilk investigates and develops new ways of creating and consuming online content. Their Silkapplication makes it easy to filter and visualize large amounts of information.Silk's blog on why they use HaskellA review of SilkSkedge Meskedge.me is an online scheduling platform that allows businesses to completely automate the process of making appointments, such as customer visits, job interviews, and tutoring sessions.See more in their CUFP talkSee their 2014 job advertisementSuite SolutionsSuite Solutions provides products and solutions in support of large sets of technical documentation based on DITA for general technical documentation, and other more specialized XML and SGML formats for specific industries such as the aerospace industry. Many of Suite Solutions' products and solutions, such as the featured products SuiteHelp and SuiteShare, are written in Haskell.SumAll New York, New YorkSumAll aggregates various public streams of data such as various social network data into useful analytics, reports and insights. We are in process of rewriting our entire data-processing backend in Haskell. What attracted us to the language is its disciplined and uncompromising approach to solving hard problems and managing complexity. We truly believe that the language and ecosystem is ready for prime time and will give us competitive advantage in the industry.Tabula.comTabula is a privately held fabless semiconductor company developing 3-D Programmable Logic Devices. Haskell is used for internal compiler toolchains related to hardware design.Tsuru Capital Tokyo, JapanTsuru Capital is operating an automated options trading system written in Haskell.Tsuru Capital's HCAR submissionTupil Utrecht, The NetherlandsTupil is a Dutch company that built software for clients, written in Haskell. Tupil used Haskell for the speed in development and resulting software quality. The company is founded by Chris Eidhof and Eelco Lempsink. Currently they build iPhone/iPad applications in Objective-C.Tupil's experience building commercial web apps in HaskellWagon San Francisco, CaliforniaWagon is a modern SQL editor: a better way for analysts and engineers to write queries, visualize results, and share data & charts.We’re a team of functional programmers writing apps and services in Haskell (and Javascript). We love to teach and learn functional programming; our team is humble, hard working, and fun. Read our engineering blog to learn more about our stack, how we combine Haskell, React, and Electron, and what it’s like working at a Haskell-powered startup.We're hiring Haskell engineers based in San Francisco, learn more about the roles and our team!WeedreporterPage on weedreporter.com is a news site in the up and coming cannabis industry, featuring news stories from around the world and USA. This includes news stories about legalization and medical Marijuana. The site is built using Haskell and Postgres. Haskell has allowed us to build a site with fast load times.