Economy to grow more than 7% next fiscal:

Stepping up the growth pitch, Economic Affairs Secretary expressed confidence that the economy will grow upwards of 7 per cent next fiscal. |Stepping up the growth pitch, Economic Affairs Secretary  expressed confidence that the economy will grow upwards of 7 percent next fiscal. "For this year's GDP growth, we have to wait till March-end. But next year, it will be upwards of 7 per cent," he said. 

 Drawing on Finance Minister Arun Jaitley's statements, the secretary said there will be transient impact of demonetisation on the economy, but it will not spill over to the next fiscal. A large part of economy is moving towards digital transactions, he noted. Despite the global headwinds, Das said India's growth remains much stronger. "It has stayed afloat. Not only stayed afloat, but also doing well. Our commitment is to push growth momentum," he explained. Listing various reforms measures as announced in the Budget, Das spoke of gains for farmers from integration of spot and derivative market in commodity. He also dubbed announcement on contract farming and UGC as very big reforms

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Indian police bust $550-m internet scam that duped thousands

Indian police have busted an internet scam in which around 650,000 people lost a combined 37 billion rupees ($549 million) after sending money to a company that promised they would earn cash by clicking on web links,  Indian police have busted an internet scam in which around 650,000 people lost a combined 37 billion rupees (USD 549 million) after sending money to a company that promised they would earn cash by clicking on web links, police said on Friday. Police, who described the pyramid-style scheme as one of India's biggest ever, said they had arrested three ringleaders on the outskirts of New Delhi, the capital, and seized more than 5 billion rupees (USD 74 million) from bank accounts. 

They learned that if you give some money back to members, the investments would go up exponentially,"  head of a police cyber crime unit in India's populous northern state of Uttar Pradesh, told Reuters. The men ran a series of websites that promised would-be subscribers a chance to earn five rupees (USD 0.07) each time they clicked or liked web links sent to their mobile phones, police said. The unsuspecting investors each paid thousands of rupees into the company's bank accounts to join the scheme, but the web links they received were fake. The company running the alleged scam had operated for years, but earned almost all the money over a few months from last August, after it began to distribute some of the proceeds, using the beneficiaries to draw in more investors. 

Police said the ringleaders had not yet appointed lawyers as the charge sheet was still being prepared. When police raided the company's head office in the city of Noida they found 250 passports of employees and members who had been rewarded with a holiday to Australia. The scammers planned to film the holiday and then post it online as promotional material to lure more subscribers. The alleged mastermind spent some of the proceeds on houses, cars and celebrity parties. Pathak said it would take time to trace most of the money, and several bank employees were believed to be involved. "It's a very big task for us. We have brought in the income-tax department, and other government agencies, to trace the money," Pathak said. Cyber crime in India, home to the world's second largest number of internet users, jumped 350 percent in the three years to 2014 as criminals exploited booming smartphone use, a study by auditing services firm PwC and industry lobby group Assocham showed last year

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Indian police bust $550-m internet scam that duped thousands

Indian police have busted an internet scam in which around 650,000 people lost a combined 37 billion rupees ($549 million) after sending money to a company that promised they would earn cash by clicking on web links, police said  Indian police have busted an internet scam in which around 650,000 people lost a combined 37 billion rupees (USD 549 million) after sending money to a company that promised they would earn cash by clicking on web links, police said on Friday. Police, who described the pyramid-style scheme as one of India's biggest ever, said they had arrested three ringleaders on the outskirts of New Delhi, the capital, and seized more than 5 billion rupees (USD 74 million) from bank accounts. "They learned that if you give some money back to members, the investments would go up exponentially," Amit Pathak, head of a police cyber crime unit in India's populous northern state of Uttar Pradesh, told Reuters. The men ran a series of websites that promised would-be subscribers a chance to earn five rupees (USD 0.07) each time they clicked or liked web links sent to their mobile phones, police said.

The unsuspecting investors each paid thousands of rupees into the company's bank accounts to join the scheme, but the web links they received were fake. The company running the alleged scam had operated for years, but earned almost all the money over a few months from last August, after it began to distribute some of the proceeds, using the beneficiaries to draw in more investors. Police said the ringleaders had not yet appointed lawyers as the chargesheet was still being prepared. When police raided the company's head office in the city of Noida they found 250 passports of employees and members who had been rewarded with a holiday to Australia. The scammers planned to film the holiday and then post it online as promotional material to lure more subscribers. The alleged mastermind spent some of the proceeds on houses, cars and celebrity parties. Pathak said it would take time to trace most of the money, and several bank employees were believed to be involved. "It's a very big task for us. We have brought in the income-tax department, and other government agencies, to trace the money," Pathak said. Cyber crime in India, home to the world's second largest number of internet users, jumped 350 percent in the three years to 2014 as criminals exploited booming smartphone use, a study by auditing services firm PwC and industry lobby group Assocham showed last year

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30 cabs impounded, Karnataka gives Ola & Uber 15-days breather 

"Representation was made by officials of both the companies, seeking 15 days time. We have given them the time to comply," state transport commissioner.He however added that the department understands the benefits of sharing rides and is looking into the matter Over 30 vehicles of ride hailing firms Ola and Uber were impounded by the Karnataka transport department within an hour of violation of ban even as both companies were given a fortnight's deadline to comply, thereafter. "Representation was made by officials of both the companies, seeking 15 days time. We have given them the time to comply," state transport commissioner. He however added that the department understands the benefits of sharing rides and is looking into the matter accordingly. The Karnataka transport department had asked both the companies to withdraw ride-sharing service in the state citing that to be illegal, earlier this week. The companies were given time till Thursday, however since no representation came till then, the Karnataka state transport officials started impounding the vehicles on Friday morning, It was only after the companies sent their officials with written requests, were the orders withdrawn, Aiyappa said.

 As per the contract carriage permits, that these companies have, they are not allowed to pick or drop passengers in the middle of a trip. It only allows for point to point pick up and drop. In an email response, Uber's spokesperson said, "We will continue to engage with the transport department and Karnataka government as ride sharing products like Uber pool are the future of urban mobility, helping decongest cities by getting more people into fewer cars and letting riders move around their city more affordably." "In fact, the recent expert committee report on urban mobility which has been accepted by the Ministry of Road Transport and Highways expressly recommends and recognizes seat sharing in taxis as eco friendly and being a cheap transportation option. Nevertheless, we have taken into account the concern expressed by the transport department and will be seeking to address them," he added.

 However the company did not respond on their strategy post the completion of 15 days deadline. Ola did not respond to an email. Even as the vehicles were impounded, the orders received flak by the media which calls it a regressive move. Sharing a ride is not just economically better for drivers as well as passengers, it also leads to reduced carbon footprint. Both the companies offer reduced fare to passengers opting for pooled rides. The discounts on a pooled ride versus a shared trip can range between 20-50 percent. Over 25 percent of the total trips in Bangalore are pool trips for Uber. The company claims that Uber pool drivers have prevented 93,64,772 kilometres of unnecessary driving in the last one year which equals to 4,40,623 litres of fuel saved. 

According to some media reports, Chennai has also ordered a ban on the ride sharing services. Uber however said that the company is "yet to receive any indication from the concerned authorities regarding intent to pause Uber pool services in Chennai." This however is not for the first time that the cab aggregators have been in confrontation with the state government. In November, the Karnataka government had directed the taxi operators and drivers of Ola and Uber to acquire either a state or city taxi permit. In March, Uber and Ola had to suspend their motorcycle taxi service following a ban by the Karnataka state government 

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Smartphone buyers beware: GST may lead to 25% hike in prices 

 Cyber Media Research estimates that with imposition of goods and services tax (GST), the price of smartphone handsets would increase by around 25 percent. In a bid to encourage local manufacturing and boost Make in India initiative, the government has hiked two percent special additional duty on of printed circuit boards (PCBs) from April 1. This would lead to hike in prices of smartphone handsets by around two percent. However, according to a Business Standard repor.

 Cyber Media Research estimates that with the imposition of goods and services tax (GST), the price of smartphone handsets would increase by around 25 percent. PCBs constitute half the cost of a mobile that is around 54 percent. PCBs are mostly imported from China and Taiwan as of now. Last year around Rs 40,000 crore of PCBs had been imported. “Over time, we can expect smartphone manufacturing in the country by major players in India,” said Vevek Zhang, Chief Marketing Officer, Vivo India in an interview to Business Standard. Meanwhile, industry experts say brining down cost of manufacturing of smartphones is not going to be easy because most of the features like camera, PCBs and display panel etc are imported. 

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Uber CEO Travis Kalanick quits Trump advisory group after uproar 

Travis Kalanick yesterday said in an email to Uber employees that he spoke briefly with Trump about the president's recent executive order restricting immigration, saying he told him he would not be able to participate on his economic council. Uber CEO Travis Kalanick quits Trump advisory group after uproar Uber chief executive Travis Kalanick has quit US President Donald Trump's business advisory group, as a movement grew to dump the ride-sharing service because of his connection to the new administration. Kalanick yesterday said in an email to Uber employees that he spoke briefly with Trump about the president's recent executive order restricting immigration, saying he told him he would not be able to participate on his economic council. "Joining the group was not meant to be an endorsement of the president or his agenda, but unfortunately it has been misinterpreted to be exactly that," Kalanick said in the email, a copy of which was obtained by AFP. Trump's advisory group was established last year and includes Tesla and SpaceX chief Elon Musk, as well as IBM chief executive Ginni Rometty. Its first meeting was reportedly scheduled for. "There are many ways we will continue to advocate for just change on immigration but staying on the council was going to get in the way of that,"

 Kalanick said in the message to Uber workers. "Immigration and openness to refugees is an important part of our country's success and quite honestly to Uber's." Uber riders and drivers have raged against Kalanick and his service for what they see as him teaming with Trump, whose orders and appointments have triggered protests here and abroad. A #DeleteUber campaign picked up speed on social media, urging people to drop the service and switch to rival Lyft -- a company that saw its popularity soar after it said it would donate USD one million to the American Civil Liberties Union, which has issued lawsuits against Trump's measures. Trump's executive order issued last week targets people from seven Muslim-majority countries, temporarily banning nationals from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen for 90 days. "This is an important show of solidarity with the immigrant drivers who helped build Uber," said Jim Conigliaro, founder of an Independent Drivers Guild that claims to represent more than 40,000 Uber drivers in New York City. "We are heartened that Uber has listened to the drivers and the community on this important issue that is so integral to the promise of the American dream. 

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Budget allocation to Water Resources Ministry hiked by 11% 

The Finance Ministry has increased allocation for its ambitious Namami Gange programme from Rs 2150 crore for the on-going fiscal to Rs 2250 crore for next financial year, according to the Water Resources Ministry. |  Budget allocation to Water Resources Ministry hiked by 11% The budgetary allocation for the Union Water Resources Ministry has been increased by 11 per cent to Rs 6887.00 crore from Rs 6201.21 crore for the on-going fiscal. The rise translates to Rs 685.79 crore. Of the total allocation, Rs 4204 crore is marked for central sector schemes/project.

The Finance Ministry has increased allocation for its ambitious Namami Gange programme from Rs 2150 crore for the on-going fiscal to Rs 2250 crore for next financial year, according to the Water Resources Ministry. The corpus of Long Term Irrigation Fund (LTIF), instituted in NABARD as part of Pradhan Mantri Krishi Sinchai Yojana (PMKSY), has been doubled from Rs 20,000 crore to 40,000 crore, a ministry statement said. The government had made a budgetary provision of Rs 12,517 crore for the fund in the Union budget of 2016-17

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