650 mn Indians to have internet access by 2020, high-speed for 85%: BCG. As many as 650 million Indians will have a digital footprint (internet access) by 2020, with more than 85 per cent having access to high-speed internet as per an estimate by the Boston Consulting Group (BCG). A report ‘ Digital Lending - A USD one trillion opportunity over the next five years’ by BCG estimated that over 40 per cent of mobile phone users in India would be using a smart phone, with 250 million new users in this space being added every year. “The ‘Jio’ phenomenon has had a remarkable, two-fold impact in enabling internet access for Indians on the small screen. Firstly, high speed and reliable internet access has become almost become ubiquitous across the country. Secondly, the price of data has dropped by a staggering 97 per cent from Rs 200 per GB in April 2016 to about Rs six per GB now,” the report added. ALSO READ: Rising seas could significantly affect the global internet infra: Study.
With coal stock running out, Delhi may be staring at a power crisis. Apple's iPhones trail Samsung, Google devices in internet speeds. If you paid top dollar for the iPhone X and Apple Inc.’s other flagship smartphones expecting the fastest mobile internet speeds around, you won’t like these results. Apple’s iPhone 8, iPhone 8 Plus and $1,000 iPhone X trail the latest smartphones from Samsung Electronics Co. and Alphabet Inc.’s Google in download speeds, according to data from Ookla LLC, a company that provides the most popular online service for measuring the speed of an internet connection with its Speedtest app and website. Faster internet data means that users can load websites and start watching movies more quickly, make crisper video calls and get higher-quality video. As smartphones start to look more like each other, handset makers are trying to tout under-the-cover hardware features. Samsung has marketed the issue against Apple with commercials highlighting the faster mobile internet speeds in its recent TV ad push.
ALSO READ: Apple vs Amazon in race to surpass $1 trillion market capitalisation. Will Chandrababu Naidu's food card gamble in poll-bound Andhra pay off? Business Standard | Add Blocker. BRICS may unite against Trump's protectionist trade policies on July 25. Prime Minister Narendra Modi’s visit to South Africa for the 10th Brazil, Russia, India, China, South Africa (BRICS) summit on July 25 is expected to see the five nations hit out against US president Donald Trump's protectionist trade policies, while norms on greater financial integration and investment facilitation may be discussed. A move in this direction was decided at the recently-concluded G20 finance ministers’ meet in Buenos Aires, a senior government official said.
The joint declaration of the summit, to end on July 27, may include a condemnation of growing protectionism as well as a pitch for greater financial market integration, he added. The 8th BRICS Trade Ministers’ meet, held earlier this month in South Africa, had also expressed concern at the growing global protectionism. Most of this originated in the United States, which is the largest trade partner of China and the largest export destination for India.
Norms on financial integration, investment facilitation. Vodafone, Idea Cellular pay up Rs 72 billion to govt, nod for merger soon. Putting an end to the speculation on whether or not the Vodafone-Idea Cellular merger would be delayed over the spectrum charge demand made by the Department of Telecommunications (DoT), the two companies have deposited a total of Rs 72 billion in cash and bank guarantee. With the financial dues out of the way, the merger of Vodafone and Idea Cellular is likely to be approved in the next few days, a DoT source said. The companies have deposited a bank guarantee of Rs 33.22 billion for one-time spectrum charges and Rs 39.26 billion cash for spectrum liberalisation. Having made the payment, the merged entity, to be called Vodafone Idea, could still challenge the dues, the DoT source said.
The companies have deposited the amount under protest, the source said. ALSO READ: Vodafone-Idea Cellular merger: New entity to be competitive, says Nick Read The firms have sought a recalculation of dues, but the DoT is yet to respond, it is learnt. Customise your car: Tata Motors to let buyers configure their Harrier SUVs. Tata Motors will soon shift gears to “Do it Yourself” (DIY) mode as a business strategy with the launch of Harrier, a five-seater sports utility vehicle.
As part of the plan, a digital configurator comprising a three-dimensional graphics-based front-end application (app) will allow customers to choose the power train, brakes, suspension types, seating configuration, add-on kits and align the output generated by the tool to company’s back-end manufacturing and supply chain, to churn out the specific order. The DIY will also straddle to its core truck business empowering buyers to configure the vehicle of their choice. Given the high number of variants and multiple needs of the trucking industry, the technology can be of immense value in reduction in time-to-market, enhance efficiency and create a differentiation, Rajendra Petkar, chief technology officer, Tata Motors, told Business Standard in an interview. Configure your vehicle. Mass Shooting in Toronto: 9, including minor girl, shot in Toronto's Greektown, gunman dead. Kalanithi Maran, KAL Airways to move Delhi HC for control of SpiceJet. Business Standard | Add Blocker.
Tax-filing websites are low cost, convenient; prices vary with complexity. Two steps back: Why govt's withdrawal of FRDI bill is a missed opportunity. India needs a strategy to get the government out of banking. Non-performing loans among state-owned banks -- a legacy of India’s socialist past which account for nearly 70 per cent of deposits -- have crossed 5 per cent of GDP. The central bank has restricted lending at 11 of them and forced one, IDBI Bank Ltd., to sell itself to the government-owned Life Insurance Corporation of India. State banks have repeatedly been a burden on the exchequer and will almost certainly continue to be so. The great need is to increase the number and size of private banks, which have performed better than their public-sector counterparts. Unfortunately, the government just abandoned the one policy that would have eased such a transition. Earlier this month, according to reports, the administration of Prime Minister Narendra Modi decided to withdraw the Financial Resolution and Deposit Insurance bill from parliament.
The current legal framework only allows struggling banks to be merged or liquidated. What happens if there is no Opec? It won't be a paradise for sure. Imagine a world without Opec. This is what the sponsors of legislation introduced in both houses of Congress seem to want. Versions of the “No Oil Producing and Exporting Cartels Act,” or the Nopec bill, are working their way through the Senate and the House of Representatives, and are likely to find much more support from the White House than they have in the past – Presidents George W Bush and Barack Obama both threatened to veto similar legislation. The bill would allow US anti-trust laws to be enforced against Opec members whom the sponsors say have "used production quotas to keep oil prices artificially high. " This is a popular argument in a country where the right to cheap gasoline might have been written into the constitution alongside the right to bear arms, had that document been drafted a couple of hundred years later than it was.
But we need to look a bit further than the gas station forecourt. What would have happened if Opec hadn't got together? Business Standard | Add Blocker. Business Standard | Add Blocker. India among ten Asian economies to see robust GDP growth by 2030: Report. The 10 major economies of Asia, including India, are expected to see robust growth and amount to over $28 trillion in real GDP terms on aggregate, more than the US by 2030, says a DBS report. According to DBS the Asia-10 economies are -- China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. By 2030, Asia-10 economies will grow so robustly that they will, on aggregate, amount to over $28.35 trillion in real GDP (2010 constant dollars) terms, while for the United States will amount to $22.33 trillion. "We expect Asia-10 to pull ahead of the US by 2030," DBS said, but added that this neither is a sufficient nor a necessary condition to invest in Asia, as investing cannot be based on a single indicator, especially when it comes to a long-term horizon.
The report further said the demographic dividend that many Asian countries benefited from in the past may not be as valuable now. How new is Congress' new CWC? Rahul may have missed a chance. Rahul Gandhi has reconstituted the Congress Working Committee (CWC) – the highest decision-making body of the party – seven months after taking over the reins of the grand old party. The 84th plenary of the All India Congress Committee held in March had authorised Gandhi to set up a new committee. The new CWC is on the lines of the 34-member Steering Committee, formed and functional since February after dissolving the previous CWC. With the new team taking charge with less than a year to go for the general elections, the long-pending demand of a generational change in the party hasn’t become a reality. The speculations of an “old-guard” (swearing allegiance to Sonia Gandhi) being daggers drawn with ‘Team Rahul’ has also come a cropper, as many among the “old-guard” are still very much part of the new CWC.
The new CWC has a total strength of 51 – 23 members, 18 ‘permanent invitees’ and ten ‘special invitees’ – compared to the 36 members in the previous committee. C. Business Standard | Add Blocker. India a bright spot in Unilever's book as sales growth slows globally. SIT on black money revises cap on cash holding from Rs 2 mn to Rs 10 mn. India might lose US trade dispute in WTO on export subsidy: Commerce secy.
Commerce Secretary Rita Teaotia on Thursday said there was a "real" possibility that India could lose the trade dispute that the US had filed in the WTO on export subsidies. This, she said, was because income levels in India had crossed the threshold for exports to be subsidised. "There is a real possibility that India will lose the trade dispute with the US at WTO over subsidising exports," she said at an ICC interaction here. However, India has been responding "very strongly" to the US allegations, Teaotia said. She said while direct subsidy to exports cannot be given, the government can legitimately support regulatory compliances required in other countries.
"Benefits to services exports will remain untouched, and GST refunds to exporters will continue as well," she said. Support for input subsidy is also legitimate, the commerce secretary said. Teaotia said that the existing export subsidy schemes were continuing, as the dispute was yet to be resolved. MARKET WRAP: Indices end higher as PM Modi likely to win no-trust vote. Trai notifies new rules to check pesky calls and spam messages. RBI gives in-principle nod to LIC for acquiring majority stake in IDBI Bank. Narendra Modi govt pushes anti-graft Bills ahead of trust vote. GST Council likely to cut rates on handlooms, sanitary napkins on Saturday.
Big SUVs all set to displace smaller peers, to be new kings of road. LIC likely to get management control of debt-ridden IDBI Bank. By virtue of taking 51 per cent controlling stake In IDBI Bank, Life Insurance Corporation of India (LIC), may get management control including say in top management appointments in ailing public sector lender. Its directors took on board LIC’s proposal and decided to seek Government of India's decision in this regard. B Sriram, managing director and chief executive IDBI Bank said the intent is very clear today as they requested promoter status.
There will be controlling stake of 51 per cent so obviously the intent is to take managerial control as well. While it is not clear what specific management rights LIC will get, they may include inducting nominees on board and influence in shaping business strategies, senior IDBI Bank executives said. Asking about his stay at Bank beyond his current tenure, Sriram told media persons, “My tenure ends on 30th September and I intend to complete my tenure”.
Sriram remained noncommittal on whether he would be reappointed for another term. Dairy farmers' stir: Govt plans to introduce milk in mid-day meal scheme. With milk supply in several parts of Maharashtra affected by a stir of farmers demanding higher prices, a central government panel of ministers endorsed a 10 per cent export incentive on milk and milk products and a series of measures that included distribution of milk in railway stations and anganwadis. “We are planning to introduce milk in the mid-day meal scheme to increase its consumption,” road transport minister Nitin Gadkari told reporters after the meeting. Finance minister Piyush Goyal and external affairs minister Sushma Swaraj were also on the panel. By official estimates, the country has a surplus of 300,000 tonnes of milk powder. This has led dairies and other bulk buyers to cut liquid milk purchase, a reason why its price in several parts of Maharashtra is Rs 10-15 a litre less than last year.
After the news of the export incentivs, shares of dairy companies rose. The ministers also decided to send milk powder in the form of foreign aid, to Bangladesh, among others. Drought-like conditions? Rain deficit widens in east, North-East India. Countdown to the 'dirtiest, costliest election' in Pakistan's history. The general elections in Pakistan are going to be held one week from now on July 25. Besides the two largest political parties -– the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan People’s Party (PPP) -– most experts and commentators have already called these one of the worst elections in Pakistan’s history. I A Rehman from the Human Rights Commission of Pakistan (HRCP) has called these the “dirtiest, costliest election in Pakistan’s history”. Both the PML-N and the PPP have already alleged pre-poll rigging and arm-twisting by the military establishment.
While the army spokesman clarified in a recent press conference that the army is not siding with any political party, Mian Nawaz Sharif named a senior ISI official of arm-twisting PML-N candidates while the PPP’s Farhatullah Babar named two Colonels and one Major of pressurising party loyalists to change their loyalties. “The promise of power without legitimacy” is something the next likely government will face. Cheap oil from Iran or Trump's good books? PM Modi finds himself in a fix. Govt to pump Rs 113 bn into 5 PSBs to meet regulatory capital requirements. IMF trims India's economic growth forecast to 7.3% in 2018, 7.5% in 2019. The International Monetary Fund (IMF) has trimmed India’s growth projection by 0.1 percentage point for 2018-19 owing to high oil prices and a tight monetary policy regime. The effect of the twin headwinds on the IMF's projection for 2019-20 was much sharper — 0.3 percentage points.
Now, the IMF has forecast India will grow by 7.3 per cent in 2018-19 against the earlier estimate of 7.4 per cent. The economy was projected to grow 7.8 per cent by 2019-20 by the Fund earlier, but now the projection stood at 7.5 per cent, according to the World Economic Outlook (WEO) Update, released on Monday. Even then, the economy would be the fastest-growing one among large nations in 2018-19 and 2019-20. India's economy grew at a four-year-low of 6.7 per cent in 2017-18.
“India’s growth rate is expected to rise to 7.3 per cent in 2018 (2018-19) and 7.5 per cent in 2019 (2019-20). ALSO READ: Double whammy for Indian economy: Retail inflation up, growth slips. Few branches, ATMs: How India's banking revolution left villagers behind. A shortage of bank branches and ATMs across India’s hinterland is holding back Prime Minister Narendra Modi’s financial inclusion efforts and risks angering rural voters ahead of elections next year.
After taking office in 2014, Modi set an ambitious target to open a bank account for every household to ensure welfare funds flow directly to India’s poor, while improving access to credit and insurance programs. He pushed policies that helped bring 310 million people into the formal banking system in just four years, according to the World Bank. But many of India’s villages still lack bank branches or ATMs to help service these new customers, while the pace of building new financial infrastructure has actually slowed. Because Modi’s government effectively forced poor citizens into the banking system by linking some welfare benefits to bank accounts, villagers have ended up stuck in long queues and struggling with ATMs that often run out of cash or break down. Banking Blues Banking Barometer. People should have right to their data, firms are mere custodians: Trai. Infosys Q1FY19 earnings today: Nandan Nilekani may have longer stint at Infosys. GST ministerial panel against sugar cess to compensate cane farmers.
Monsoon to revive over East and North India in next 2-3 days: IMD. India's rich turning Porsche's flagship 911s into a collector's item. Available online: This website exposes data stored by Indian firms. Poor stock market debut fails to dampen Xiaomi's appetite for India. Government starts process of selling Air India Mumbai headquarters. Telecom Commission approves new telecom policy, backs net neutrality. Start reducing oil prices or expect demand to sink, India warns OPEC. In lead up to Prime Day, Amazon ramps up room for 2-hour delivery service.
Is Gaokao world's toughest exam? 10 questions from China's school test. IT Sector Preview: Cross currency to affect reported dollar revenue. Platts sees crude oil prices in $75 - $80 a barrel range for next 18 months. After Pranab Mukherjee, Ratan Tata to share dais with RSS' Mohan Bhagwat. Wanted: A nurse for 'patient' Fortis Healthcare who won't kill it. Reliance-BP JV seeks licence to retail gas in 15 cities, IGL bids for 13.
Institution of Eminence tag for Jio Institute conditional: HRD Ministry. TCS starts FY19 with better than expected numbers, net profit rises 23.5% Andhra Pradesh tops the 'ease of doing business' ranking among states. Congress state units disagree with central leadership over alliances. Sectoral outlook for Q1FY19: Which are the five sectors to watch out for? South Korea's Moon, Modi to open world's largest cellphone factory in Noida. I-T sells Cairn's $216-mn shares in Vedanta over retrospective tax dues. Business Standard | Add Blocker. Tata Sons welcomes NCLT verdict in boardroom feud, Mistry to appeal ruling. Mumbai-Pune Expressway contract to end August next year. Statsguru: Sharp hike in minimum support prices likely to up CPI. Telcos oppose Trai, claim public WiFi model-a threat to national security. Why are major players not interested in selling baby diapers any longer?
CM Adityanath announces plastic ban in Uttar Pradesh from July 15: Report. It'll happen in phases: Hasmukh Adhia on bringing petro products under GST | Business Standard News. Business Standard | Add Blocker. Business Standard | Add Blocker. Railways to have disposal towels in AC class; no reuse to help save costs | Business Standard News. Business Standard | Add Blocker. Business Standard | Add Blocker. Business Standard | Add Blocker. Energy ministers' meet: Hydro power revival back on discussion table | Business Standard News. Business Standard | Add Blocker. Business Standard | Add Blocker. Trade war: China urges European Union to join anti-US alliance | Business Standard News. Essel Infra bags India's first Railway project on annuity mode | Business Standard News. Business Standard | Add Blocker. Vedanta delisting not related to Tuticorin incident: Anil Agarwal | Business Standard News. Saudi Arabia says ready to pump more oil to balance global market | Business Standard News.
GST trails annual tax target; Budget deficit could top 3.5% if trend holds | Business Standard News. Major crackdown on shell firms? BSE to delist 222 companies from Wednesday | Business Standard News. Business Standard | Add Blocker. Lynching deaths: Govt warns WhatsApp over fake news triggering violence | Business Standard News. India has 'Plan D' ready for Iran oil as Trump adds sanction pressure | Business Standard News.
Infrastructure sector growth dips to 10-month low of 3.6% in May | Business Standard News. Anil Agarwal to delist Vedanta Resources from LSE, offers $1-bn buyout | Business Standard News. Reliance Jio cries foul over tender rules of govt-funded telecom projects | Business Standard News. No 'bad bank', govt has a 5-point strategy to deal with NPAs: Piyush Goyal | Business Standard News. Not talking about pulling US out of WTO: Trump denies media reports | Business Standard News. Business Standard | Add Blocker. Women commandos to deal with women stone-pelters: CRPF readies J&K plan | Business Standard News. Business Standard | Add Blocker. Asian teams put up a fight at World Cup, but what ails Indian football? | Business Standard News.
RIL to acquire Radisys for $74 mn to accelerate Jio's 5G, IoT push | Business Standard News. Business Standard | Add Blocker. Mallya summoned by PMLA court on Aug 27 under fugitive offenders ordinance | Business Standard News. Business Standard | Add Blocker.