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From Cash to Cashless: Prime Minister Narendra Modi’s Sudden Move To Promote Digital Payment

28Nov By PriyankaNo Comments

INDIA, News

From Cash to Cashless: Prime Minister Narendra Modi’s Sudden Move To Promote Digital Payment

As calls for going cashless grow louder in India, a key challenge being faced globally is to check the continuing rise in the total value of currency in circulation and their share in the overall GDP -- a trend particularly visible in the US, Switzerland and Euro area. With Prime Minister Narendra Modi's sudden move to cancel the legal character of old Rs 500 and Rs 1,000 currency notes in the fight against black money and corruption, the focus is all the more high on digital payments as the way forward. However, experts feel that continuing rise in the circulation of currencies in economic activities could well be a key impediment in the transformation to a cashless and digital economy. India's cash to GDP ratio, an indicator of the amount of cash used in the economy is around 12 to...

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...

Facebook Report or Agenda? $1 trillion Extra GDP By 2020 if All Indians Get Online

30May By NitishNo Comments

News

Facebook Report or Agenda? $1 trillion Extra GDP By 2020 if All Indians Get Online

IANS- Four of five Indians could afford the internet if data costs fell by 66 percent, according to a Facebook-commissioned report on Internet access. But Indian telecom operators already run data services at a 11 percent loss, making cost-cutting difficult. The statistics mean that a data plan currently priced at Rs.100 should not cost more than Rs.34 if India has to make the internet affordable for 80 percent of its population. But the adverse economics imply this cannot happen without intervention from the government - whose Rs.20,000 crore ($2.9 billion) plan to connect each of India's 250,000 panchayats with broadband by 2018 is three years behind schedule. The internet reached 29 per cent of Indians - 354 million users - in September 2015, IndiaSpend reported. It could rise ...

Global economy depends on more than India in 2016

20Dec By AnkitaNo Comments

Story

Global economy depends on more than India in 2016

By Peter Thal Larsen and Robyn Mak (Reuters)- India will not rescue the global economy in 2016. The subcontinent’s expanding GDP is one of next year’s few economic bright spots. But Indian output is still too small. Any negative shocks from the sluggish United States and decelerating China will reverberate more widely. India is finally emerging from China’s shadow in the global growth stakes. Helped by a controversial overhaul of its GDP statistics, the Indian economy probably expanded by 7.5 percent in 2015 and is set to swell by a further 7.8 percent in 2016. Contrast that with the People’s Republic, which is struggling to maintain the near-7 percent pace promised by its leaders. The prospect of sustained rapid growth has drawn the attention of prominent central bankers. India’s ec...