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18Jun By Press Trust of IndiaNo Comments

INDIA

India’s RBI Chief Raghuram Rajan Resigns, Industry Terms it Nations Loss

Buffeted by political attacks coupled with unending speculation over his continuance, RBI Governor Raghuram Rajan today said no to a second term in the post, a surprise decision the industry and opposition parties termed as nations loss. Ruling that his work on containing inflation and cleaning up books of the banks was "yet to be completed", Rajan said, "While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016." Speculation has been rife over whether Rajan, former IMF Chief Economist known to have predicted the 2008 global financial crisis, would get a second term after BJP leader Subramanian Swamy launched a no...

18Jun By Press Trust of IndiaNo Comments

INDIA

Indian Govt Plans to Launch Postal Payments Bank By September

Union Minister Ravi Shankar Prasad today said the Centre plans to launch Postal Payments Bank in September with the aim to make it the world's largest bank. "I had plans to launch the proposed Postal Payments Bank, which can be described as moving ATM, in next three years but when the proposal was taken up in the cabinet, I was asked to introduce it by September 17," the Union Telecommunication and IT Minister said at a Vikas Parv function here. The minister said the officials of the department have been directed to initiate necessary steps to launch it by September 16/17. The proposed bank will be introduced in 650 districts across the country, he said, "we have plans to introduce in 1.30 lakh post offices in the rural belts". The Postal Payments Bank will provide banking services...

Delhi’s Connaught Place is World’s 7th Costliest Office Destination

15Jun By AnkitaNo Comments

INDIA

Delhi’s Connaught Place is World’s 7th Costliest Office Destination

Delhi's Connaught Place has slipped one notch to become the world's seventh most costliest office destination, according to property consultant CBRE. Mumbai's BandraKurla Complex (BKC) is at the 19th position and Nariman Point at 34th, according to CBRE Research Global Prime Office Occupancy Costs bi-annual survey. "With annual occupancy cost of USD 149.71 per sq ft, New Delhi's Central Business District (CBD) of Connaught Place ranks as the seventh most expensive prime office market in the world," CBRE said in a statement. Hong Kong (Central) became the highest-priced office market with an overall prime occupancy cost of USD 290 per sq ft per annum, followed by London-Central (West End) with an annual occupancy cost of USD 262.29. Beijing (Finance Street), Beijing (Central Busines...

14Jun By AdityaNo Comments

INDIA

Indian Telecom Operators Mobile Data Revenue May Hit Rs 95.5K cr in 5yrs

Indian telecom operators are expected to rake in Rs 95,500 crore in revenues from mobile data services over the next five years, says a report by ICRA. Mobile data revenues are expected to grow at a compounded annual growth rate (CAGR) of 21 per cent by financial year 2021 and are expected to contribute 34 per cent to the total mobile service earnings, the ratings agency said. At present, mobile data accounts for about 20 percent of the telecom operators revenues, the report said. "Over the last five years, data revenues for the ICRA Sample of telcos traced a strong CAGR of 54 per cent from Rs 3,200 crore in FY 2011-12 to Rs 27,450 crore in FY 2015-16," ICRA AVP Corporate Sector ratings Harsh Jagnani said. Nevertheless, when compared to international levels, the data revenues as pr...

14Jun By Press Trust of IndiaNo Comments

INDIA

Indian Govt. Banned 240 Websites Offering Escort Services

Government has banned 240 websites offering escort services on the recommendation of an expert committee under the Ministry of Home Affairs. "The order to block 240 escorts websites was issued to internet service providers on Monday on recommendations made by an expert committee under the Ministry of Home Affairs," an IT Ministry official said. He said that as per the process, complaints or representations are made by aggrieved persons or party before the expert committee, which then takes a call on it. However, industry sources criticised the move, calling it directionless. "Content of all the websites cannot be blocked. The order has been issued without going into technical nitty gritty around it. If a website changes the name or link slightly, it will again start working," said an e...

Telangana May Set Up T-Hub Incubator Outpost in Silicon Valley

1Jun By NitishNo Comments

INDIA

Telangana May Set Up T-Hub Incubator Outpost in Silicon Valley

Telangana government today said it may set up an outpost of T-Hub, its technological incubator, in Silicon Valley, United States. According to an official release, state IT Minister K T Rama Rao, who is currently touring the North American country along with some of the senior officials, today addressed a convention of investors and IT professionals. "We are going to set up T-Hub outpost (extension centre) in Silicon Valley. We need support and cooperation from TiE ( a Global net work of entrepreneurs) and investors from Silicon Valley," the minister said. T-Hub is a unique public/private partnership between the Telangana government, three of country's premier academic institutes (IIIT-H, ISB and NALSAR) and key private sector leaders. KTR further said besides IT, India provides ab...

Trai Issues Pre-Consultation Paper on Net Neutrality

31May By Press Trust of IndiaNo Comments

INDIA

Trai Issues Pre-Consultation Paper on Net Neutrality

Telecom regulator Trai today issued pre-consultation paper on net neutrality, a topic that had kicked up dust earlier this year over platforms like Facebooks Free Basics and Airtel Zero as well as attempts to charge certain Internet services, including calls. Seeking to put in place an overall framework for Internet usage in the country, Telecom Regulatory Authority of India said: "This pre-consultation paper is an attempt to identify the relevant issues in these areas, which will help Trai in formulating its views on the way forward for policy or regulatory intervention." There has been a conflict between telecom operators, Internet companies and consumers interest on the issue of net neutrality. While all the three major stakeholders - telecom operators, Internet compani...

31May By Press Trust of IndiaNo Comments

INDIA

Indian Government New Mobile App Give Access to over 1,000 Government Services

Government is working on a mobile app which will give access to over 1,000 services from Centre and state governments and would be launched by December 2016, Telecom Minister Ravi Shankar Prasad said today. "We are going to launch a common mobile. In this app we will give services of central government, state government and local bodies. On a click of button people will be able scan 1000 services of government. We will start it in December with National student scholarships, women safety and health care," Prasad said. Umang (Unified Mobile App for New Age Governance) will be available in 12 Indian languages in addition to English. Prasad said that with help of technology the government is improving governance in the country. "A former prime minister of India has said that...

Extend Tax Holiday For Startups From 3 yrs to 7 yrs: Nirmala Sitharaman to FinMin

30May By Press Trust of IndiaNo Comments

INDIA

Extend Tax Holiday For Startups From 3 yrs to 7 yrs: Nirmala Sitharaman to FinMin

The Finance Ministry should consider raising tax holiday for startups to 7 years from the current 3 years to encourage budding entrepreneurs, Commerce and Industry Minister Nirmala Sitharaman today said. Nirmala Sitharaman said lots of inputs from startups have been received and "recommendations have gone to the Finance Ministry for extending the 3-year tax holiday to 7 years". "We shall pursue it and there shall now be lots more interactions with them," she told reporters while briefing them on the initiatives taken by her ministry during the last two years. The minister said she would visit different co-work spaces of these new age companies to see the ground picture and infuse fresh energy. Several startups have pitched for increasing the tax holiday period from the ...

29May By Press Trust of IndiaNo Comments

INDIA

Want to Meet Indian PM? Answer Online Governance Quiz

What was the amount of tax refunds paid in 2015-16 -- Rs 1,22,325 cr, Rs 1,23,425 cr, Rs 1,23,325 cr or Rs 1,22,425 cr? If you answer 20 randomly selected questions like this in five minutes, you can meet Prime Minister Narendra Modi. As the NDA government completes its two years in office, it has asked citizens to participate in an online quiz competition. The winners will get a certificate signed by the Prime Minister himself and an opportunity to meet him in person. "This is a timed quiz with 20 questions to be answered in five minutes. These twenty questions will be randomly picked from the question bank. Winners will be adjudged on the basis of the maximum-number of correct answers," reads the conditions of the contest. Citizens can access the quiz through website -- www.m...

Rajans Reappointment Should Not be of Medias Interest: PM Modi

27May By Press Trust of IndiaNo Comments

INDIA

Rajans Reappointment Should Not be of Medias Interest: PM Modi

Prime Minister Narendra Modi has said the issue of reappointment of RBI Governor Raghuram Rajan was an administrative subject and it should not be an issue of interest of the media, in his first comments in the wake of continuing attack on the top economist in recent months. "I dont think this administrative subject should be an issue of interest to the media," Modi said. "Besides, it will come up only in September," he told The Wall Street Journal, referring to the three-year term of Rajan which ends in September. "Do you support the reappointment of Mr Rajan, the central bank governor?" the Prime Minister was asked. As an outspoken RBI Governor, Rajan has expressed his views on host of issues, including intolerance and has even described India as one-eyed king in the land of ...

24May By Press Trust of IndiaNo Comments

INDIA

India Aims to Be Among Top 30 in Ease of Doing Biz: Amitabh Kant

The government is focussed on improving infrastructure and driving innovation to ensure that India ranks among the top 30 countries in terms of ease of doing business in the next 3-4 years, Niti Aayog CEO Amitabh Kant said today. Speaking at an IAMAI event here, Kant said the ecosystem of innovation is just "beginning to blossom" and one is seeing a resurgence of young Indians starting new businesses. "Our objective is that India must become a very easy and a very simple place to do business in. This is one government that is focussed on innovation and trying to make India an easy simple place to do business," he added. Stating that India has jumped up 12 positions in the ease of doing business, Kant said the government has taken various steps in this regard including bringing in ...