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Indian Economy-News & Updates
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Echo_419
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Happening due to oil prices
ni8mare
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itachiii
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Rural India’s Changing Habits Make It Less Vulnerable to Bad Monsoons - India Real Time - WSJ
Uber to Invest $50 Million in India’s Technology-Friendly City of Hyderabad
The investment includes the firm's largest office outside the U.S.
Ride-sharing app Uber has enhanced links with India despite months of controversy and legal hassles in the country, declaring on Monday that it would invest over $50 million over the next five years to set up a new office in the southern Indian tech hub of Hyderabad.
The new office — reportedly its largest outside the U.S. — will house hundreds of employees, the San Francisco–based company said in a statement. A memorandum of understanding has also been signed with the government of the state of Telangana, where Hyderabad is located, to “create thousands of jobs and entrepreneurship opportunities, foster technical innovation and research into smart city initiatives and a commitment to make significant investments,” according to the statement.
The mobile service will also partner with the Telangana Academy for Skills and Knowledge to train more than 2,000 new Uber drivers by 2016.
Uber has been under fire in India since the beginning of the year, when one of its drivers in the capital city, New Delhi, was accused of sexually assaulting a passenger. This was followed by a ban across the city, with the New Delhi government alleging that the company had flouted rules governing the operation of taxis.
The taxi aggregator faces similar troubles in Hyderabad and is currently not authorized to operate in the city. Its operations “didn’t fit the regulatory framework,” B. Venkateswarlu, a joint commissioner at Telangana’s transportation department, told the Wall Street Journal. Uber’s response on Monday was that it is working with the government to come up with a “new regulatory framework” within the next four weeks.
Uber continues to expand in the South Asian nation despite its various regulatory roadblocks and currently operates in 18 different cities, making India its second largest market outside the U.S.
Uber Will Invest $50 Million in India's Tech-Friendly City Hyderabad
Uber to Invest $50 Million in India’s Technology-Friendly City of Hyderabad
The investment includes the firm's largest office outside the U.S.
Ride-sharing app Uber has enhanced links with India despite months of controversy and legal hassles in the country, declaring on Monday that it would invest over $50 million over the next five years to set up a new office in the southern Indian tech hub of Hyderabad.
The new office — reportedly its largest outside the U.S. — will house hundreds of employees, the San Francisco–based company said in a statement. A memorandum of understanding has also been signed with the government of the state of Telangana, where Hyderabad is located, to “create thousands of jobs and entrepreneurship opportunities, foster technical innovation and research into smart city initiatives and a commitment to make significant investments,” according to the statement.
The mobile service will also partner with the Telangana Academy for Skills and Knowledge to train more than 2,000 new Uber drivers by 2016.
Uber has been under fire in India since the beginning of the year, when one of its drivers in the capital city, New Delhi, was accused of sexually assaulting a passenger. This was followed by a ban across the city, with the New Delhi government alleging that the company had flouted rules governing the operation of taxis.
The taxi aggregator faces similar troubles in Hyderabad and is currently not authorized to operate in the city. Its operations “didn’t fit the regulatory framework,” B. Venkateswarlu, a joint commissioner at Telangana’s transportation department, told the Wall Street Journal. Uber’s response on Monday was that it is working with the government to come up with a “new regulatory framework” within the next four weeks.
Uber continues to expand in the South Asian nation despite its various regulatory roadblocks and currently operates in 18 different cities, making India its second largest market outside the U.S.
Uber Will Invest $50 Million in India's Tech-Friendly City Hyderabad
itachiii
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Government aims high, wants to be among top 30 countries in ease of doing business index - The Economic Times
NEW DELHI: India has set itself the ambitious task of climbing into the top 30 of the World Bank's ease of doing business rankings in three years and is confident of breaking into the top 100 in this year's list, which is to be released soon.
The Department of Industrial Policy & Promotion has sought help from the World Bank to achieve this target and held a meeting on Monday to discuss this.
"We have started preparing the road map to push India further up the rankings next year," a senior government official said. "The session was conducted to identify what India needs to do more and with timelines after interaction with the stakeholders. The target is to break into the top 30 in the next three years."
India was ranked 142nd out of 189 countries - below Sri Lanka and Pakistan- in the World Bank's ease of doing business rankings benchmarked to June 2014. The list is based on 10 parameters such as starting a business, dealing with construction permits, getting electricity, paying taxes, enforcing contracts and resolving insolvency.
An eight-member World Bank team that met central and state government officials on Monday signaled that enforcing contracts is a key area of concern for India. Onno Ruhl, the World Bank's country director for India, also participated in the session, which deliberated issues such as making it easier to start a business, getting construction permits and enforcing contracts.
The government and World Bank took stock of progress on reforms related construction permits in Mumbai and New Delhi, getting an electricity connection and doing business. The government looked at global best practices in key areas that could be adopted in India.
"The challenges are on two issues essentially — one is enforcement of contracts, where the judiciary needs to take action, and the other is the insolvency law, which the TK Viswanathan committee is working on," the official said. "A lot of work has already been done on cutting paperwork and procedures." In enforcement of contracts, the World Bank follows the evolution of a sale of a goods dispute, tracking the time, cost and number of procedures involved from the moment the plaintiff files a lawsuit until actual payment. India requires 1,420 days and 46 procedures in enforcement of contracts and is ranked 186 on this count.
On the overall ranking in the current year, the official said, "We expect India to emerge as the biggest reformer with a substantial improvement in our rankings. We have done what best was possible in the last eight months. In fact, the work has already started for next year."
India is ranked 137 in resolving insolvencies. Last year, the government set up a committee on bankruptcy law reform chaired by former law secretary TK Viswanathan, which released its interim report earlier this year. The interim report will form the basis for a new law on bankruptcy and look at corporate insolvency in the country.
Foreign direct investment inflows into India more than doubled to $3.6 billion in April from $1.7 billion a year earlier and increased 71% from the previous month.
Among steps taken to improve ease of doing business in the country are the withdrawal of the requirement of minimum paid-up capital and common seal for companies, allowing single-step incorporation of companies and integration of 14 government services on an online single-window portal. Cross-border trade has been made easier by cutting the number of forms for export and import to three from seven and nine, respectively. The DIPP will come out with its own ease of doing business rankings for the states by August 15. It will assess states on seven parameters, including setting up of a business, allotment of land and obtaining construction permit, complying with labour regulations and environment procedures and obtaining infrastructure-related utilities.
Read more at:
Government aims high, wants to be among top 30 countries in ease of doing business index - The Economic Times
NEW DELHI: India has set itself the ambitious task of climbing into the top 30 of the World Bank's ease of doing business rankings in three years and is confident of breaking into the top 100 in this year's list, which is to be released soon.
The Department of Industrial Policy & Promotion has sought help from the World Bank to achieve this target and held a meeting on Monday to discuss this.
"We have started preparing the road map to push India further up the rankings next year," a senior government official said. "The session was conducted to identify what India needs to do more and with timelines after interaction with the stakeholders. The target is to break into the top 30 in the next three years."
India was ranked 142nd out of 189 countries - below Sri Lanka and Pakistan- in the World Bank's ease of doing business rankings benchmarked to June 2014. The list is based on 10 parameters such as starting a business, dealing with construction permits, getting electricity, paying taxes, enforcing contracts and resolving insolvency.
An eight-member World Bank team that met central and state government officials on Monday signaled that enforcing contracts is a key area of concern for India. Onno Ruhl, the World Bank's country director for India, also participated in the session, which deliberated issues such as making it easier to start a business, getting construction permits and enforcing contracts.
The government and World Bank took stock of progress on reforms related construction permits in Mumbai and New Delhi, getting an electricity connection and doing business. The government looked at global best practices in key areas that could be adopted in India.
"The challenges are on two issues essentially — one is enforcement of contracts, where the judiciary needs to take action, and the other is the insolvency law, which the TK Viswanathan committee is working on," the official said. "A lot of work has already been done on cutting paperwork and procedures." In enforcement of contracts, the World Bank follows the evolution of a sale of a goods dispute, tracking the time, cost and number of procedures involved from the moment the plaintiff files a lawsuit until actual payment. India requires 1,420 days and 46 procedures in enforcement of contracts and is ranked 186 on this count.
On the overall ranking in the current year, the official said, "We expect India to emerge as the biggest reformer with a substantial improvement in our rankings. We have done what best was possible in the last eight months. In fact, the work has already started for next year."
India is ranked 137 in resolving insolvencies. Last year, the government set up a committee on bankruptcy law reform chaired by former law secretary TK Viswanathan, which released its interim report earlier this year. The interim report will form the basis for a new law on bankruptcy and look at corporate insolvency in the country.
Foreign direct investment inflows into India more than doubled to $3.6 billion in April from $1.7 billion a year earlier and increased 71% from the previous month.
Among steps taken to improve ease of doing business in the country are the withdrawal of the requirement of minimum paid-up capital and common seal for companies, allowing single-step incorporation of companies and integration of 14 government services on an online single-window portal. Cross-border trade has been made easier by cutting the number of forms for export and import to three from seven and nine, respectively. The DIPP will come out with its own ease of doing business rankings for the states by August 15. It will assess states on seven parameters, including setting up of a business, allotment of land and obtaining construction permit, complying with labour regulations and environment procedures and obtaining infrastructure-related utilities.
Read more at:
Government aims high, wants to be among top 30 countries in ease of doing business index - The Economic Times
Last edited:
SRP
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Modi government is giving Make in India plan a big push with these 10 IPR steps
NEW DELHI: In a major fillip to the intellectual property regime in India, the Department of Industrial Policy has come up with a multi-pronged strategy to develop innovation and creativity. The Modi government, in its push for a more refined and developed intellectual property regime to boost its 'Make in India' campaign, has announced a slew of measures to promote homegrown talent. Here's what's on cards:
1) More posts: An additional 1033 plan posts have been created, including 666 posts for Patents & Designs and 367 posts for Trademarks and GI at various levels. Already, recruitment is underway. Patent and Trademarks examiners are also being taken on contract to deal with the backlog.
2) Ease of access: To cater to the immense flow of the papers filed, a single central server at IPO Delhi is in place. The system is unique in itself since there is automatic generation of application numbers as also automatic allotment of the request for examination which is sequential and thus transparent and user-friendly.
3) Online e-filing facilities: Comprehensive online e-filing facilities for patent and trademark application. This will give applicants two advantages. First, an applicant can file an application virtually 24x7 and secondly, applications can be filed from the comfort of their workplace/ homes.
4) Comprehensive payment gateway: E-filers given facility of using debit cards, credit cards and internet banking of over 70 banks for making payment of fees for all forms.
5) 10% rebate on online filing.
6) Fee Concession for MSME: To encourage inventors to innovate and seek protection for their inventions, a 50 % fee reduction has been provided for MSMEs.
7) Madrid Protocol: The operationalization of the Madrid protocol for international protection of trademarks provides the user the facility of protecting an inventor's trademark in 90 countries by filing a single application in one language with one set of fees filed at the Trademarks Registry.
8) International Search Authority and International Preliminary Examining Authority: This will help come up with quality reports at the lowest cost among the international players like USPTO, EPO, JPO.
9) IPR awareness programmes: To educate stakeholders about the benefits of registration of their rights as also educate the general public, particularly the business community, on perils of infringement of IPRs held by others/ dealing in pirated and counterfeit products. This also includes educating public via the internet media, a portal on the website of office of the CGPDTM has presentations uploaded on various aspects of IPR.
10) Catching them young: A corner to educate and inculcate the culture of respecting and protecting IPR's among the next generation has been undertaken via uploaded comics which are based on basics of IPRs.
Modi government is giving Make in India plan a big push with these 10 IPR steps - The Economic Times
NEW DELHI: In a major fillip to the intellectual property regime in India, the Department of Industrial Policy has come up with a multi-pronged strategy to develop innovation and creativity. The Modi government, in its push for a more refined and developed intellectual property regime to boost its 'Make in India' campaign, has announced a slew of measures to promote homegrown talent. Here's what's on cards:
1) More posts: An additional 1033 plan posts have been created, including 666 posts for Patents & Designs and 367 posts for Trademarks and GI at various levels. Already, recruitment is underway. Patent and Trademarks examiners are also being taken on contract to deal with the backlog.
2) Ease of access: To cater to the immense flow of the papers filed, a single central server at IPO Delhi is in place. The system is unique in itself since there is automatic generation of application numbers as also automatic allotment of the request for examination which is sequential and thus transparent and user-friendly.
3) Online e-filing facilities: Comprehensive online e-filing facilities for patent and trademark application. This will give applicants two advantages. First, an applicant can file an application virtually 24x7 and secondly, applications can be filed from the comfort of their workplace/ homes.
4) Comprehensive payment gateway: E-filers given facility of using debit cards, credit cards and internet banking of over 70 banks for making payment of fees for all forms.
5) 10% rebate on online filing.
6) Fee Concession for MSME: To encourage inventors to innovate and seek protection for their inventions, a 50 % fee reduction has been provided for MSMEs.
7) Madrid Protocol: The operationalization of the Madrid protocol for international protection of trademarks provides the user the facility of protecting an inventor's trademark in 90 countries by filing a single application in one language with one set of fees filed at the Trademarks Registry.
8) International Search Authority and International Preliminary Examining Authority: This will help come up with quality reports at the lowest cost among the international players like USPTO, EPO, JPO.
9) IPR awareness programmes: To educate stakeholders about the benefits of registration of their rights as also educate the general public, particularly the business community, on perils of infringement of IPRs held by others/ dealing in pirated and counterfeit products. This also includes educating public via the internet media, a portal on the website of office of the CGPDTM has presentations uploaded on various aspects of IPR.
10) Catching them young: A corner to educate and inculcate the culture of respecting and protecting IPR's among the next generation has been undertaken via uploaded comics which are based on basics of IPRs.
Modi government is giving Make in India plan a big push with these 10 IPR steps - The Economic Times
SRP
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Yes all due to oil prices. Prince Owl asked OPEC to give special incentives during the reign of Darinder Moodi. Such a big fart Owl Gandu is.
ni8mare
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Exactly everything is happening becuz of oil prices even if you wet your chaddi its becuz of Oil prices
Echo_419
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More good news due to oil prices
More of Samsung, Micromax smartphones are assembled in India now | ET Telecom
@magudi @Star Wars
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Micromax Ambani Adani sab mile hue h ji
itachiii
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Semi-knocked down devices’ imports rise 64 per cent in June quarter - The Economic Times
bhai, my user name is itachiii it has 3 i's in the end.. while the one you tagged itachi is a pakistani..
bhai, my user name is itachiii it has 3 i's in the end.. while the one you tagged itachi is a pakistani..
Echo_419
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Ohh.sorry bhai BTW this is a great news its the 1st step to establish a ecosystem for electronics manufacturing in this country
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