UPDATED 05.28PM IST

Share This
  • UK |
  • India |
  • USA |
  • Canada |
  • Mauritius
  •    info@mayatoday.com
Deepak Dogra
  • ad
  • ad
  • ad
  • ad
  • ad
  • ad
  • ad
  • ad
  • ad
  • ad

Top Stories

  • Aadhaar helped disburse Rs 83,000 cr via DBT: Assocham

    27.08.2017 |  Biometric cards have facilitated disbursement of as much as Rs 83,184 crore to beneficiaries of Direct Benefit Transfer (DBT) schemes without the notorious leakages of the past, industry body Assocham said on Sunday, citing its report on the matter."Real benefit of Jan Dhan and Aadhaar is finally reflected in the number of beneficiaries of government DBT schemes. The amount of funds transferred under DBT schemes between 1st January 2013 and 31st March 2017 is Rs 83,183.79 crore," an Assocham-Thought Arbitrage report said on completion of three years of the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme for financial inclusion."The real achievement lies not in the amount disbursed, rather in the fact that these amounts were disbursed with minimum leakages or malpractices and that is important in terms of good governance," the study said.DBT schemes have resulted in weeding out of 3.34 crore duplicate consumers under PaHAL and a further 2.33 crore ration cards being deleted, Assocham said. Total savings under DBT have been Rs 49,500 crore till December 2016.Total subsidy paid under DBT in 2016-17 is Rs 74,502 crore. Cash subsidy paid under DBT is expected to increase to Rs 1 lakh crore subsequently, the industry chamber added. The report's publication follows the Supreme Court ruling earlier this week pronouncing privacy as fundamental right."The landmark verdict by the 9-judge Constitution Bench does provide a window for the Aadhaar-related government schemes. The judgement clearly stated that 'the legitimate aim of the state would include, for instance, protecting national security... and preventing the dissipation of social welfare benefits," Assocham Secretary General D.S. Rawat said in a statement here. "When the apex court talks about prevention of 'dissipation of social welfare benefits', therein lies a window for Aadhaar cards, in so far as its applicability on the DBT and other welfare measures is concerned," he added. 

  • Samsung's Q2 profit hits record high

    07.07.2017 | Samsung Electronics, the world's largest maker of semiconductors, smartphones and TVs, on Friday posted a record quarterly high of operating profit in the second quarter -- thanks to brisk chip sales and recovering smartphone sales.Preliminary figure for operating profit was 14 trillion won ($12.1 billion) in the April-June quarter -- up 72 per cent from a year earlier, The company surpassed the previous record high of 10.16 trillion won tallied in the third quarter of 2013. The figure also topped market expectations of about 13.2 trillion won.Revenue increased to 60 trillion won in the second quarter from 50.94 trillion won registered a year ago.Net income and detailed earnings of each business unit will be disclosed later this month after external audits and the board of governor's approval.Samsung's operating profit tumbled to 5.2 trillion won in the third quarter of last year as the discontinuation of the Galaxy Note 7 smartphone over its faulty battery dealt a blow to the tech behemoth of South Korea.The profit, however, rebounded to 9.2 trillion won in the fourth quarter of last year and 9.9 trillion won in the first quarter of this year thanks to robust demand for Samsung-produced semiconductors.Operating profit in the chip-making division was estimated at around 7 trillion won in the second quarter, topping the record quarterly high of 6.31 trillion won tallied in the first quarter.Helped by the solid chip sales, Samsung's operating margin, which is the ratio of operating profit to revenue, posted 23.3 per cent in the second quarter, up 7.3 percentage points from a year earlier. It was also the record high in the company's history.Samsung's smartphone-making unit was estimated to have logged about 3.5 trillion won in operating profit thanks to recovering sales of Galaxy S8 devices. The unit's first-quarter profit was 2.07 trillion won.About 5 million Galaxy S8 smartphones were sold across the globe less than one month after its release in April. Almost 20 million Galaxy S8 devices were estimated to have been sold until recently.Despite the rosy earnings outlook, Samsung shares declined in the domestic stock market on worry about vacuum of the company's leadership.Samsung Chairman Lee Kun-hee has been hospitalised for over three years following a heart attack.Lee Jae-yong, his only son and heir apparent to South Korea's biggest family-controlled conglomerate, has been in custody for suspicions of his involvement in corruption scandal that led to the impeachment of former President Park Geun-hye.The current positive earnings came from active investment decision made by the leadership a couple of years ago, but the leadership vacuum made it almost impossible to make such investment decision.

  • Government urges industry to pass on price cuts due to GST

    05.07.2017 |  The government on Tuesday appealed to industry to pass on the benefit of a reduction in taxes under GST to consumers and announced the setting up of a Central Monitoring Committee (CMC) of 15 Secretaries to monitor the prices and supply situation following the roll-out of the new indirect tax regime."Prices have not gone up," Revenue Secretary Hasmukh Adhia told reporters following the first meeting of the CMC here headed by the Cabinet Secretary."I appeal to industry to help bring down prices, wherever there is a reduction in tax under GST," he said. Adhia informed the media that the CMC formed by the Cabinet Secretary includes the Secretaries of 15 departments of the government which have been instructed to attend to the issues faced by their individual client groups on account of the Goods and Services Tax that came into effect pan-India from July 1. The CMC will meet once a week on every Tuesday, he added.In this connection, the Secretary said his department had received 2,20,000 applications for new registrations under GST of which around half were fully completed. "Of the completed applications, 39,000 have already been approved and the rest will be deemed approved in the next three working days, unless states raise objections on specific cases," Adhia said. He also said that the government is launching a GST monitoring exercise from Wednesday, which would involve assigning all districts of the country to senior officials for supervision. Four to five districts would be grouped together for monitoring by a Joint Secretary or Additional Secretary from here who would be linked to the field through a link official of the Central Board of Excise and Customs (CBEC). There would be 175 top officials assigned to this job who would report on GST to the Cabinet Secretary, Adhia said. Avinash Srivastava, Secretary in the Department of Consumer Affairs, said Consumer Affairs Minister Ram Bilas Paswan had allowed traders, manufacturers and packers three months till September 30 to dispose of old stocks by displaying the changed price according to a "methodology".According to this method, the particular business in question has to issue advertisements in two newspapers informing the new price for items. Besides, the item packaging has to display the new price on a sticker in a way that the old price is also visible.Items which undergo a price reduction due to GST do not need to issue newspaper advertisements, but the sticker display of the new price on packing is the same for products whose prices have increased, Srivastava said.As different from the GST implemented elsewhere, which generally have 'standard', 'merit' and 'demerit' rates, the new regime in India has a four-slab rate structure of 5, 12, 18 and 28 per cent, respectively. 

  • SAP appoints Scott Russell as President, APJ region

    03.07.2017 |  Leading enterprise application software provider SAP on Monday appointed Scott Russell as the company's new President of SAP Asia Pacific & Japan (APJ) region.Russell will be responsible for the company's business operations in the APJ region which includes Australia, New Zealand, Japan, Korea, the Indian subcontinent and Southeast Asia."In a region as diverse as APJ, the opportunity has never been bigger for SAP to continue to transform our customers' businesses and help them grow and thrive in the 21st century economy," said Jennifer Morgan, SAP Executive Board Member and President, America and APJ, in a statement."Scott's vision and commitment to the customer, together with his impressive technology background and leadership experience, make him the right leader to help write the next chapter of SAP APJ's growth and innovation story," he added.Russell was previously president and managing director for SAP Southeast Asia."I am honoured to lead the APJ business and to help create long-term value by addressing customers' current and future needs with our end-to-end industry solutions," Russell said.

All News

    
  • Aadhaar helped disburse Rs 83,000 cr via DBT: Assocham
    Aadhaar helped disburse Rs 83,000 cr via DBT: Assocham

    27.08.2017 | Biometric cards have facilitated disbursement of as much as Rs 83,184 crore to beneficiaries of Direct Benefit Transfer (DBT) schemes without the notorious leakages of the past, industry body Assocham said on Sunday, citing its report on the matter."Real benefit of Jan Dhan and Aadhaar is finally reflected in the number of beneficiaries of government DBT schemes. The amount of funds transferred under DBT schemes between 1st January 2013 and 31st March 2017 is Rs 83,183.79 crore," an Assocham-Thought Arbitrage report said on completion of three years of the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme for financial inclusion."The real achievement lies not in the amount disbursed, rather in the fact that these amounts were disbursed with minimum leakages or malpractices and that is important in terms of good governance," the study said.DBT schemes have resulted in weeding out of 3.34 crore duplicate consumers under PaHAL and a further 2.33 crore ration cards being deleted, Assocham said. Total savings under DBT have been Rs 49,500 crore till December 2016.Total subsidy paid under DBT in 2016-17 is Rs 74,502 crore. Cash subsidy paid under DBT is expected to increase to Rs 1 lakh crore subsequently, the industry chamber added. The report's publication follows the Supreme Court ruling earlier this week pronouncing privacy as fundamental right."The landmark verdict by the 9-judge Constitution Bench does provide a window for the Aadhaar-related government schemes. The judgement clearly stated that 'the legitimate aim of the state would include, for instance, protecting national security... and preventing the dissipation of social welfare benefits," Assocham Secretary General D.S. Rawat said in a statement here. "When the apex court talks about prevention of 'dissipation of social welfare benefits', therein lies a window for Aadhaar cards, in so far as its applicability on the DBT and other welfare measures is concerned," he added. 

  • Samsung's Q2 profit hits record high
    Samsung's Q2 profit hits record high

    07.07.2017 |Samsung Electronics, the world's largest maker of semiconductors, smartphones and TVs, on Friday posted a record quarterly high of operating profit in the second quarter -- thanks to brisk chip sales and recovering smartphone sales.Preliminary figure for operating profit was 14 trillion won ($12.1 billion) in the April-June quarter -- up 72 per cent from a year earlier, The company surpassed the previous record high of 10.16 trillion won tallied in the third quarter of 2013. The figure also topped market expectations of about 13.2 trillion won.Revenue increased to 60 trillion won in the second quarter from 50.94 trillion won registered a year ago.Net income and detailed earnings of each business unit will be disclosed later this month after external audits and the board of governor's approval.Samsung's operating profit tumbled to 5.2 trillion won in the third quarter of last year as the discontinuation of the Galaxy Note 7 smartphone over its faulty battery dealt a blow to the tech behemoth of South Korea.The profit, however, rebounded to 9.2 trillion won in the fourth quarter of last year and 9.9 trillion won in the first quarter of this year thanks to robust demand for Samsung-produced semiconductors.Operating profit in the chip-making division was estimated at around 7 trillion won in the second quarter, topping the record quarterly high of 6.31 trillion won tallied in the first quarter.Helped by the solid chip sales, Samsung's operating margin, which is the ratio of operating profit to revenue, posted 23.3 per cent in the second quarter, up 7.3 percentage points from a year earlier. It was also the record high in the company's history.Samsung's smartphone-making unit was estimated to have logged about 3.5 trillion won in operating profit thanks to recovering sales of Galaxy S8 devices. The unit's first-quarter profit was 2.07 trillion won.About 5 million Galaxy S8 smartphones were sold across the globe less than one month after its release in April. Almost 20 million Galaxy S8 devices were estimated to have been sold until recently.Despite the rosy earnings outlook, Samsung shares declined in the domestic stock market on worry about vacuum of the company's leadership.Samsung Chairman Lee Kun-hee has been hospitalised for over three years following a heart attack.Lee Jae-yong, his only son and heir apparent to South Korea's biggest family-controlled conglomerate, has been in custody for suspicions of his involvement in corruption scandal that led to the impeachment of former President Park Geun-hye.The current positive earnings came from active investment decision made by the leadership a couple of years ago, but the leadership vacuum made it almost impossible to make such investment decision.

  • Government urges industry to pass on price cuts due to GST
    Government urges industry to pass on price cuts due to GST

    05.07.2017 | The government on Tuesday appealed to industry to pass on the benefit of a reduction in taxes under GST to consumers and announced the setting up of a Central Monitoring Committee (CMC) of 15 Secretaries to monitor the prices and supply situation following the roll-out of the new indirect tax regime."Prices have not gone up," Revenue Secretary Hasmukh Adhia told reporters following the first meeting of the CMC here headed by the Cabinet Secretary."I appeal to industry to help bring down prices, wherever there is a reduction in tax under GST," he said. Adhia informed the media that the CMC formed by the Cabinet Secretary includes the Secretaries of 15 departments of the government which have been instructed to attend to the issues faced by their individual client groups on account of the Goods and Services Tax that came into effect pan-India from July 1. The CMC will meet once a week on every Tuesday, he added.In this connection, the Secretary said his department had received 2,20,000 applications for new registrations under GST of which around half were fully completed. "Of the completed applications, 39,000 have already been approved and the rest will be deemed approved in the next three working days, unless states raise objections on specific cases," Adhia said. He also said that the government is launching a GST monitoring exercise from Wednesday, which would involve assigning all districts of the country to senior officials for supervision. Four to five districts would be grouped together for monitoring by a Joint Secretary or Additional Secretary from here who would be linked to the field through a link official of the Central Board of Excise and Customs (CBEC). There would be 175 top officials assigned to this job who would report on GST to the Cabinet Secretary, Adhia said. Avinash Srivastava, Secretary in the Department of Consumer Affairs, said Consumer Affairs Minister Ram Bilas Paswan had allowed traders, manufacturers and packers three months till September 30 to dispose of old stocks by displaying the changed price according to a "methodology".According to this method, the particular business in question has to issue advertisements in two newspapers informing the new price for items. Besides, the item packaging has to display the new price on a sticker in a way that the old price is also visible.Items which undergo a price reduction due to GST do not need to issue newspaper advertisements, but the sticker display of the new price on packing is the same for products whose prices have increased, Srivastava said.As different from the GST implemented elsewhere, which generally have 'standard', 'merit' and 'demerit' rates, the new regime in India has a four-slab rate structure of 5, 12, 18 and 28 per cent, respectively. 

  • SAP appoints Scott Russell as President, APJ region
    SAP appoints Scott Russell as President, APJ region

    03.07.2017 | Leading enterprise application software provider SAP on Monday appointed Scott Russell as the company's new President of SAP Asia Pacific & Japan (APJ) region.Russell will be responsible for the company's business operations in the APJ region which includes Australia, New Zealand, Japan, Korea, the Indian subcontinent and Southeast Asia."In a region as diverse as APJ, the opportunity has never been bigger for SAP to continue to transform our customers' businesses and help them grow and thrive in the 21st century economy," said Jennifer Morgan, SAP Executive Board Member and President, America and APJ, in a statement."Scott's vision and commitment to the customer, together with his impressive technology background and leadership experience, make him the right leader to help write the next chapter of SAP APJ's growth and innovation story," he added.Russell was previously president and managing director for SAP Southeast Asia."I am honoured to lead the APJ business and to help create long-term value by addressing customers' current and future needs with our end-to-end industry solutions," Russell said.

  • GST to impact micro, small and medium traders: Chidambaram
    GST to impact micro, small and medium traders: Chidambaram

    01.07.2017 |Former Union Finance Minister P. Chidambaram on Saturday said the Goods and Services Tax (GST) would severely affect micro, small and medium traders and the law that has been implemented is not the way it was originally planned.Speaking to reporters at Karaikudi, Chidambaram said the Congress party is not against the GST but it is opposed to the way it is being implemented.Chidambaram said micro, small and medium sized traders across the country would be impacted by the GST implementation.He said that traders wanted some more time for GST implementation but the government refused the give them the needed time.Chidambaram also said the GST will impact inflation.The Congress party had kept away from the midnight Parliament function to roll-out the GST.

  • Key Indian equity indices trade lower during early session
    Key Indian equity indices trade lower during early session

    30.06.2017 | Key Indian equity market indices opened in the red on Friday ahead of the Goods and Services Tax (GST) roll-out.The 30-scrip Sensitive Index (Sensex) was trading 141.80 points or 0.46 per cent lower during the early session.The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 30.40 points or 0.32 per cent lower at 9,473.70 points.The BSE Sensex, which opened at 30,824.97 points, was trading at 30,715.72 points (at 9.21 a.m.) in the early session, lower 141.80 points or 0.46 per cent from Thursday's close at 30,857.52 points.The Sensex touched a high of 30,824.97 points and a low of 30,703.29 points in the trade so far.

  • Snapchat's new Snap Map feature raises privacy concerns
    Snapchat's new Snap Map feature raises privacy concerns

    27.06.2017 |A new update to the photo-sharing app Snapchat that allows certain users to track down your exact location is raising privacy concerns for parents and child safety advocates.With the new feature, you can choose to share your location with all your friends, a few friends you select, or you can disappear from the map at any time by going into "Ghost Mode".But experts have expressed concerns about the privacy implications of such a feature. "Think about where you're sharing your location. Location services such as Snap Maps can lead people to your house," Childnet International, a children's internet safety advocacy group, said in a blog post. Snapchat said that location sharing is off by default in "ghost mode" and that it is impossible to share your location with someone who is not your friend."We want to make sure that all 'Snapchatters', parents and educators have accurate information about how the snap map works," a Snapchat spokesperson told ABC News.Experts advise users to only share their location with people they know in person, and never with strangers."It is very easy to accidentally share everything that you've got with more people than you need too, and that's the scariest portion," cyber security expert Charles Tendell was quoted as saying.

  • 'Merger of 4 PSU general insurers will lead to growth, cut expenses'
    'Merger of 4 PSU general insurers will lead to growth, cut expenses'

    13.05.2017 | The All India Insurance Employees Association (AIIEA), one of the major unions in the government-owned general insurance companies, is demanding the merger of all four companies into one for faster growth, said a top leader on Friday."The central government is planning to merge three non-life insurance companies -- United India Insurance, Oriental Insurance and National Insurance -- barring New India Assurance," Sanjay Jha, Secretary Standing committee (General Insurance, AIIEA), told .He said the government is planning to merge the three companies mainly to list and divest its holdings.According to Jha, the union welcomes the merger idea but it should also include New India Assurance as well."The merger of all the four companies would prevent unhealthy competition amongst them, reduce marketing expenses. That apart, the risk retention capacity will increase for the merged entity thereby saving foreign exchange in terms of reinsurance premium outgo," Jha added.At a time when unions in the banking sector are against consolidation of government-owned banks, this is a diametrically opposite demand from the general insurance company union in the public sector.According to the business figures released by the insurance regulator, the four government-owned companies had earned a premium of Rs 59,357.92 crore last fiscal commanding a market share of 46.66 per cent.For 2015-16, the four companies had earned a total premium income of Rs 47,690.68 crore.As to the other financial numbers, Jha said that at the end of 2015-16 the total investments of the four companies stood at Rs 110,182.41 crore; total assets Rs 145,178 crore and reserves and surplus Rs 23,779 crore.Queried about the possible reduction in the number of branches and the staff post-merger, Jha said initially the number of branches may go down and the staff may be redeployed."But that will be for a short term. Post-merger, the business will grow necessitating opening new branches and adding staff strength. Look at the Life Insurance Corporation of India (LIC) which is opening new offices every year," Jha replied.At the end of 2015-16, the total number of branches of all the four companies stood at 8,331 and extension counters at 4,200 and the total number of staff stood at over 67,000, Jha added.

  • Special session of Tripura assembly to pass GST Bill
    Special session of Tripura assembly to pass GST Bill

    09.05.2017 | A special session of the Tripura Assembly would begin from May 23 to pass the Goods and Services Tax (GST) Bill, state Finance and Information Minister said here on Tuesday.Bhanulal Saha said that passing of the State GST Bill in the state assemblies was mandatory for the rollout of the new indirect tax regime in the country."The Business Advisory Committee would decide the number of days and other business of the upcoming session," Saha told .On April 6, the Parliament had passed four legislations thereby paving the way for the roll out of the GST from July.

  • Smartphone shipments in China grow 4% in Q1
    Smartphone shipments in China grow 4% in Q1

    05.05.2017 | Smartphone shipments in China grew a modest 4 per cent in the first quarter of 2017 and fell a whooping 20 per cent later, a report said on Friday.The report by market research firm Counterpoint indicated that smartphone brands like Oppo and Vivo saw the fastest growth followed by Huawei, extending their lead over Apple, Xiaomi and Samsung by a large margin."Demand has reduced during the first quarter as most of the brands exited fourth quarter with higher channel inventory ahead of the Chinese New Year season, but the overall sell-through was relatively healthy," said James Yan, Research Director, Counterpoint.In the first two months of the first quarter, Chinese smartphone market saw a healthy growth with sell-through slowing down in March as most of the effort was in re-building inventory."The mid-tier $100-$199 and $300-399 segments were fastest growing segments, mainly driven by Huawei, Oppo and Vivo with strong offline plays," added Neil Shah, Research Director at Counterpoint. "Apple has not been able to grow at the same pace in this segment which has capped its total-addressable-market to over $600 wholesale segment. This is one of the key reasons that has put the brakes on Apple's growth in China."This is in contrast to last year's first quarter where the first two months were weaker in terms of both consumer demand (sell-through) as well as supply (sell-in or shipments). It is estimated that the shipments will be healthy from May onward as the market comes back from inventory corrections.Huawei regained the top spot this quarter surpassing Oppo, shipping higher volumes into the channels."The competition between Huawei, Oppo and Vivo continues to be fierce with the race for the top spot always up for grabs, especially in the new models launch quarter," the report said.

  • Government proposes national no-fly list for unruly passengers
    Government proposes national no-fly list for unruly passengers

    05.05.2017 | The central government on Friday proposed a national no-fly list for unruly passengers and has called for the views of all stakeholders on this.According to the Ministry of Civil Aviation, the proposal for public consultation envisages a flying ban in the time range of three months to two years or beyond depending upon different levels of misdemeanour.The new rules were announced here at a press conference addressed by the Civil Aviation Minster Ashok Gajapathi Raju and Civil Aviation Ministry Secretary R.N. Choubey."We have put instances of unruly behaviour into three categories," said Choubey."Level one represents unruly behaviours such as verbal harassment, physical gestures etc, while level two includes physically unruly behaviour such as pushing, kicking, inappropriately touching," he said.Level third will be life threatening behaviour of passengers such as damage to aircraft operating system, physical violence such as choking or murderous attempt or assault to flight compartment, he said.The sanctions for level one would be suspension proposed to be three months, for level two suspension would be proposed for six months and for level it would be for two years, the official said.

  • Ordinance on bad loans gets Presidential nod
    Ordinance on bad loans gets Presidential nod

    05.05.2017 |An ordinance empowering the Reserve Bank of India (RBI) to tackle bad loans of banks got the Presidential nod on Friday.President Pranab Mukherjee signed the ordinance that will amend the Banking Regulation Act to tackle the burgeoning non-performing assets of banks.The ordinance was sent to the President after it was cleared by the Union Cabinet on Wednesday."This ordinance will enhance the power of RBI to manage bad loans," Minister of State for Finance Santosh Kumar Gangwar said.

  • Railways targeting enhanced non-fare revenue
    Railways targeting enhanced non-fare revenue

    04.05.2017 |Railway Minister Suresh Prabhu on Thursday said the national carrier is targeting to earn USD 6-7 billion in none-fare revenue in the next few years.Speaking at the 25th Annual General Meeting (AGM) of the American Chamber of Commerce here, Prabhu also said the railway network was expected to be fully electrified in the next five years. "As opposed to over 1,700 per cent increase in traffic over the years, the infrastructure has grown by just 30-40 per cent. That is why we have been stressing on building up infrastructure like doubling and tripling of tracks," he said. "Only 40 per cent of our tracks are electrified, so we have decided to electrify all tracks and also convert all the meter-gauge tracks into broad gauge. So, in the next five years, the railways will have only one track that is broad gauge that too almost fully electrified," he said. Prabhu said the railways was adopting new measures, both to cut down the cost of operation and enhance its revenue sources."We are taking measures to enhance our non-fare revenue. We are targeting at least USD 6-7 billion of non-fare revenue in the next few years. We get more than eight billion footfalls annually and if we can monetise it, one can only imagine the immense value the railways can earn," he said.The railways has launched various policy initiatives to increase non-fare revenue including out-of-home advertisement, content on demand, branding of trains and ATM policy, among others.He said the railways was expecting to save over USD 6.5 billion in next 10 years by cutting down its energy expenditure."The second-biggest expenditure of the railways is energy. We are taking energy-efficient measures, using more renewable energy, buying power through open bidding process, etc. We hope to save USD 6.5 billion in the next 10 years," he said. He also said that the railways freight revenue had increased through various reforms, including lowering of rates. 

  • India's frugal development model can drive global growth: Minister
    India's frugal development model can drive global growth: Minister

    04.05.2017 |Pointing to the Indian economy's ability to generate more growth while consuming fewer resources, Union Minister of State for Civil Aviation Jayant Sinha on Thursday said India's frugal development model can drive sustainable global economic growth.Addressing the 25th Annual General Meeting here of the American Chamber of Commerce in India, Sinha advocated increased India-America partnership in various fields, and said India's contribution to the global economy will be twice that of the US in the next 10 years."Unlike China and the US, which use far more resources, India achieves the fast growth rate while consuming lesser resources."China uses over 52 per cent more energy per unit of purchasing power parity (PPP)-GDP of India. It used four times more cement and steel than India for each unit of PPP-GDP," said Sinha adding that China's carbon emissions were far higher compared with India.He said the frugal and sustainable economic development model was not just enabling India to grow at a faster rate but also will contribute towards global growth.Sinha said India will contribute almost as much as China and more than twice as much as the USA in terms of absolute economic growth in the next decade.India produces a wide range of inexpensive items and services ranging from mobile phones, ice creams, shampoos, and motorcycles, he said.Citing example of electric two-wheelers, Sinha said India and America can work on developing new technologies and innovative products to power the world economy."We can apply American technology, American ingenuity to India's manufacturing and designs. Once we develop a solution of electric two-wheelers, that platform can be used around the world. India and America must work together to build upon the frugal development model which will power not just sustainable economic growth for India but for the world," he said.Just as the United States is the entrepreneurial engine for the most affluent one billion people on this planet, India can now become the entrepreneurial engine for the next six billion people, he said.

  • India's IT infra spend to reach $2.2 bn in 2017: Gartner
    India's IT infra spend to reach $2.2 bn in 2017: Gartner

    04.05.2017 | IT infrastructure spending that includes servers, storage and enterprise networking equipment will total $2.2 billion in 2017 in India, a 1.5 per cent increase from 2016, market research firm Gartner said on Thursday.Enterprise networking is the biggest segment within the Indian IT infrastructure market with revenue expected to reach $1.1 billion this year."Digital transformation is bringing in new sets of challenges and opportunities for Indian infrastructure leaders. They have the unique opportunity of being at the helm of this shift within their organisation, provided they align with the imperatives of the digital world," said Naveen Mishra, Research Director at Gartner. Digital workplace is the new mantra for enterprises as more digital natives join the workforce. Business and IT leaders are focused on building an agile infrastructure that can address the needs of the changing workforce demographics. Cloud computing is expected to become pervasive as an infrastructure layer, given its elasticity, and it creates a need for IT leaders to plan for managing various cloud options."With a revenue projection of $352 million in 2017, storage investment will witness a small increase primarily driven by technology alternatives such as software-defined storage(SDS), and flash based storage coupled with continued focus on SAN based storage," added Mishra.

  • US Fed leaves rates unchanged amid slower economic growth
    US Fed leaves rates unchanged amid slower economic growth

    04.05.2017 | The US Federal Reserve left its benchmark interest rates unchanged as the central bank waited on more data to assess the US economic outlook."The Committee views the slowing in growth during the first quarter as likely to be transitory and continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace,"  cited a the Fed statement on Wednesday.The US economy grew at an annual rate of 0.7 per cent in the first quarter of this year, lower than the 2.1 per cent growth in the previous quarter and the weakest performance in three years, the Commerce Department said last week.Consumer spending, which accounts for about 70 per cent of the US economy, increased only 0.3 per cent in the first quarter, the smallest increase since the fourth quarter of 2009, according to the department.But Fed played down the significance of weak consumer spending, saying "the fundamentals underpinning the continued growth of consumption remain solid". The Fed also said the inflation measured on a 12-month basis "has been running close to" the central bank's target of 2 per cent, as the unemployment rate has fallen to a level Fed officials see as consistent with full employment."Near-term risks to the economic outlook appear roughly balanced. The Committee continues to closely monitor inflation indicators and global economic and financial developments," the central bank said in the statement.

  • NSE, BSE gives `No Objection' to listing of Reliance Home Finance
    NSE, BSE gives `No Objection' to listing of Reliance Home Finance

    03.05.2017 |The country's two bourses National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have given their consent for the independent listing of Reliance Home Finance, Reliance Capital Ltd, part of Anil Ambani-led Reliance Group, said on Wednesday.In a statement here, Reliance Capital said it has received the requisite "No-Objection" from both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to the scheme filed, facilitating the independent listing of Reliance Home Finance on the bourses."The company is proceeding with filing the scheme of demerger with the National Company Law Tribunal for approval, and Reliance Home Finance is on track to be independently listed on stock exchanges during the next few months," the statement said.As part of the listing proposal, nearly one million shareholders of Reliance Capital will be allotted one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.Reliance Home Finance has already announced strong financial results for the year ended March 31, 2017.For the year ended March 31, Reliance Home Finance posted a total income of Rs 1,145 crore and a net profit of Rs 173 crore.The company closed last year with assets under management of Rs 11,174 crore.Total disbursements were at Rs 7,333 crore -- including Rs 1,102 crore disbursed towards affordable housing with an average ticket size of Rs 11 lakh -- and gross non-performing assets (on 90 days past due-dpd basis) improved to 0.8 per cent from 1.1 per cent (as on December 2016).

  • Global smartphone shipment grow 11%: Report
    Global smartphone shipment grow 11%: Report

    03.05.2017 |In a stark contrast to the previous year, global smartphone shipments have grown 11 per cent in first quarter of 2017, logging 375 million units, a new report said on Wednesday.There was a two per cent decline in global smartphone shipment during the same quarter in 2016.According to market research firm Counterpoint Research, the major factors driving growth this year will be the proliferation of LTE networks in emerging markets and the roll-out of Gigabit LTE networks in established markets. "The industry recorded its slowest smartphone growth in 2016, however, we estimate the smartphone segment will bounce back registering 6-8 per cent volume growth during 2017," said Jeff Fieldhack, research Director at Counterpoint Research, in a statement.The top 10 brands contributed to almost 73 per cent of the smartphone volumes in first quarter.The 'affordable premium' segment $300-$399 was the fastest growing smartphone segment during the quarter mainly driven by OPPO, vivo and Samsung A series smartphones."The $100-$199 segment is mainly driven by Samsung's J series, Huawei's Honor series, OPPO's A series and Xiaomi's Redmi series smartphones. Together these brands accounted for almost half of the volumes of the price segment," the report noted.The $100-$199 price segment has quickly become the sweet spot across the prepaid developed and emerging markets, it said.This segment accounts for one in three smartphones shipped globally, registering a healthy 28.8 per cent growth in the first quarter."Only three brands out of the top 10 clearly outgrew the overall market -- Huawei, OPPO and Vivo. These brands have reached dominant positions in their home market putting immense pressure on Samsung and Apple," said Shobhit Srivastava, Research Analyst.

  • Illegal tobacco sales cost Australia $1.2 bn
    Illegal tobacco sales cost Australia $1.2 bn

    03.05.2017 |The illegal tobacco trade is costing Australian government more than 1.6 billion Australian dollars ($1.2 billion) in tax, according to a Wednesday report.Illegal tobacco sales comprise 13.9 per cent of all tobacco consumption, which have cost the government more than a billion dollars loss in tax revenue,  cited the "Illicit Tobacco in Australia 2016" report released by auditing firm KPMG as saying.The report said 2.3 million kg of illegal tobacco was consumed by Austral last year in the form of illicit cigarettes or loose leaf tobacco commonly known as "chop chop".It also recommended a national strategy to combat the issue, which was also backed by representatives from the local tobacco industry.The Australian government in 2016 announced a grant of 7.7 million Australian dollars ($5.8 million) for the Australian Border Force (ABF) to combat organised illegal tobacco crime syndicates.

  • Hyundai posts double-digit fall in global car sales
    Hyundai posts double-digit fall in global car sales

    02.05.2017 |Global car sales of South Korean automakers posted a double-digit fall in April due to weak demand from China, the world's largest automobile market, industry data showed on Tuesday.The country's biggest carmaker Hyundai Motor and its affiliate Kia Motors logged 364,225 units and 209,832 units respectively in global auto sales in April, down 11.7 per cent and 13.2 per cent from a year earlier,Hyundai's car sales in the domestic market rose 1.5 per cent, but overseas sales tumbled 13.9 per cent. As for Kia, both local and overseas sales declined last month.Weak demand for South Korean cars in China was attributable to the slump. In March, the combined car sales by Hyundai and Kia plunged 52.2 per cent in China on a yearly basis.China is the biggest market for the South Korean companies. About a quarter of total auto sales of Hyundai and Kia in 2016 were in China.GM Korea's global sales reduced 2.8 per cent, while those for Ssangyong Motor dropped 17.8 per cent.Only Renault Samsung posted a growth by selling 22,444 vehicles globally in April, that was up 2.1 per cent from a year ago.

Advertisement
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner
  • banner