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$943 Million – the Loss to Indian Economy From Internet Shutdowns

8Oct By NitishNo Comments

Story

$943 Million – the Loss to Indian Economy From Internet Shutdowns

22 internet shutdowns that occurred in India between 2015 to 2016 cost the country’s economy an astonishing $968 million, contributing to a total global cost of $2.4 billion, says Darrell West in a study published by Centre for Technology Innovation, Brookings Institution. Citing the example of one such instance West says India disrupted Internet services in response to concerns over students cheating on exams. An Indian official said, "considering the sensitive nature of the exam for recruitment of talents, internet service providers have been asked to shut down all internet-based social media services from 9am to 1 pm to prevent the mobile misuse during exams. " In many other instances, Regional Indian officials also ordered disruptions in response to public security concerns. ...

28Aug By Press Trust of IndiaNo Comments

CHINA

Top 500 Firms of China Report First Revenue Decline in 15 Yrs

Chinas top 500 enterprises reported their first annual decline in combined revenues in 15 years, with a 0.07 per cent drop last year, as the economy continued to slow down amid falling oil prices and overcapacity issues. Among the top 500 firms, 155 reported declines in revenues in 2015, 61 more than a year ago, with many of them representing the overcapacity-plagued coal, steel, oil and chemicals industries. Meanwhile, 72 firms reported losses, 15 more than a year ago. The data was contained in 2016 edition of the top 500 Chinese Enterprises released China Enterprise Confederation and China Enterprise Directors Association. The list is based on revenues from 2015, state-run Xinhua news agency reported. The State Grid grabbed the top spot with 2.07 trillion yuan (USD 310 bil...

We Are Far, Far Away From Smart Cities: Narayana Murthy

12Aug By Press Trust of IndiaNo Comments

Entrepreneurs Talk

We Are Far, Far Away From Smart Cities: Narayana Murthy

Infosys co-founder NR Narayana Murthy today said the country was "far, far away" from realising the ambition of developing smart cities, a flagship programme of the Narendra Modi government. "Since we are far, far away from smart cities, I did not talk about it," Murthy said, when asked why he did not mention the smart city project during his one-hour lecture on 'City Systems' here this evening. "I am a doer, I am not just a talker," he said and asked the audience to visit Infosys's campus in Mysore to have a taste of what a smart city can be. Earlier in the lecture, organised by JSW Literature Live, Murthy also came down heavily on the lack of infrastructure in cities. "Poor infrastructure can drive away investments and talent," he said, and pointed out how Mumbai has ...

Logistics Company’s Could Save $200 Bn Annually Post GST

8Aug By AnkitaNo Comments

News

Logistics Company’s Could Save $200 Bn Annually Post GST

Logistics sector, which accounts for nearly 14 per cent of the GDP, could see savings to the tune of USD 200 billion annually on implementation of GST, which will ensure faster movement of goods and less idle hours, say experts. With the introduction of Goods and Services Tax, many taxation procedures will come down, nearly halving the cost of inventory as customers will not need to pile up stocks in different warehouses, say experts. "For a USD 2-3 trillion dollar economy, this could mean a potential of USD 200 billion wasteful inventory spent being available to deploy in productive value creation and further propelling the economy's growth," said Deepak Garg, founder of logistics firm Rivigo. Describing the passage of the GST bill in Rajya Sabha as a "positive reform", apex transpor...

4Aug By Press Trust of IndiaNo Comments

INDIA

GST Bill a Game-Changer For Indias Economic Growth

The US India Business Council has termed the passage of GST bill by the Indian Parliament as a "game-changer", saying it is a significant milestone in efforts to improve the countrys ranking in World Banks ease of doing business index. The council congratulates Indian Government and members of Parliament for approving the Constitution (122nd Amendment) Goods and Services Tax (GST) Bill, 2014, an official statement by the US India Business Council (USIBC) said. This is a significant milestone in Indias ongoing efforts to improve its ranking in the World Banks ease of doing business index, it said. USIBC believes that the GST is a game-changer that will boost economic growth by streamlining domestic supply chains and removing the compliance burden of contradictory state tax regimes,...

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 ...

23Dec By AdityaNo Comments

CHINA

China’s Economy In “New Normal” Continues To Power Global Growth

BEIJING, Dec. 22 (Xinhua) -- Against the backdrop of the global struggling for economic recovery and the worsening situation in some emerging markets in 2015, China's economy has remained a strong engine for the world economy. Though the Chinese economy has changed to a "new normal" of more sound and slower growth, it continues to create development opportunities for the world. At the G20 summit held in the Turkish resort city of Antalya, Chinese President Xi Jinping said that despite a recent slowdown, China has still contributed 30 percent of world economic growth, which means China is still a major world economic powerhouse. It is predicted that the world's second-largest economy will grow around 7 percent this year, and will continue contributing as high as about one-third of th...