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Ground breaking for 10 electronics companies in Tirupati today
Tirupati: In the bid to make Tirupati as Silicon city, ground breaking ceremonies for 10 companies will be held in Tirupati on Sunday. The Minister for IT and Panchayat Raj N Lokesh and Minister for Industries N Amaranatha Reddy will participate in the programmes and perform Bhumi Puja for these companies.
The details of some of the companies are: Exatron Servers Manufacturing Pvt. Ltd, an organization focused on manufacturing servers and storage products in India, announced that it is setting up a state-of-the-art manufacturing and assembling plant at the Industrial Park Electronic Manufacturing Cluster (EMG) - II, Tirupati.
The facility spreading across more than two lakh square feet., will be the assembling and manufacturing centre for some of the High-end Servers and Storage Products. Exatron plans to invest INR 360 crores over the next five years. It will commence construction of the facility by early March 2019.
Voltas Limited is a premier air conditioning and engineering solutions provider. It will invest Rs.653 crores and provide employment opportunities to 1680 persons at EMC-2.
Electronics and IT Enable Services, Precision Engineering Products, SPM’s and Sheet Metal Fabrication Industry Teja is also coming up with Rs.7.01 crores investment and to employ 275 persons.
Another company RR Tech Path has developed IT based services for Real Estate services and was operational in AP and Hyderabad.
It will manufacture Solar LED Lanterns at Tirupati unit with an investment of Rs.2.57 crores and 50 persons are to get job opportunities.
Arete IT Services Pvt Ltd is going to invest Rs.6.2 crore and to provide jobs to 100 persons. Sri Kamakshi Systems Pvt Ltd will invest Rs.8.81 crore and offer 150 jobs.
Ground breaking for 10 electronics companies in Tirupati today
Tirupati: In the bid to make Tirupati as Silicon city, ground breaking ceremonies for 10 companies will be held in Tirupati on Sunday. The Minister for IT and Panchayat Raj N Lokesh and Minister for Industries N Amaranatha Reddy will participate in the programmes and perform Bhumi Puja for these companies.
The details of some of the companies are: Exatron Servers Manufacturing Pvt. Ltd, an organization focused on manufacturing servers and storage products in India, announced that it is setting up a state-of-the-art manufacturing and assembling plant at the Industrial Park Electronic Manufacturing Cluster (EMG) - II, Tirupati.
The facility spreading across more than two lakh square feet., will be the assembling and manufacturing centre for some of the High-end Servers and Storage Products. Exatron plans to invest INR 360 crores over the next five years. It will commence construction of the facility by early March 2019.
Voltas Limited is a premier air conditioning and engineering solutions provider. It will invest Rs.653 crores and provide employment opportunities to 1680 persons at EMC-2.
Electronics and IT Enable Services, Precision Engineering Products, SPM’s and Sheet Metal Fabrication Industry Teja is also coming up with Rs.7.01 crores investment and to employ 275 persons.
Another company RR Tech Path has developed IT based services for Real Estate services and was operational in AP and Hyderabad.
It will manufacture Solar LED Lanterns at Tirupati unit with an investment of Rs.2.57 crores and 50 persons are to get job opportunities.
Arete IT Services Pvt Ltd is going to invest Rs.6.2 crore and to provide jobs to 100 persons. Sri Kamakshi Systems Pvt Ltd will invest Rs.8.81 crore and offer 150 jobs.
Ground breaking for 10 electronics companies in Tirupati today
Donald Trump: View: Why on earth is the US batting with China against India? - The Economic Times @MIUI| View: Why on earth is the US batting with China against India?
India's factory output at 2.4% in December
India's factory output growth grew 2.4 percent in December after hitting a 17-month low of 0.5 percent in November, data released by the statistics office on February 12 showed.
Factory output, measured by the Index of Industrial Production (IIP), is the closest approximation for measuring economic activity in the country's business landscape.
Factory output had grown by 7.3 percent in December 2017.
Manufacturing sector output, which accounts for more than three-fourths of the entire index, grew 2.7 percent in December from a deceleration of (-) 0.4 percent in November.
Electricity production growth stood at 4.4 percent in December from 5.1 percent in November. Mining activity, which accounts for over 14 percent of the entire index, stood at -1 percent as compared with 2.7 percent in November.
Consumer durables output grew 2.9 percent in December after falling (-) 0.9 percent a month ago while consumer non-durables came in at 5.3 percent from (-) 0.6 percent in November.
Primary goods production declined by 1.2 percent and intermediate goods by 1.5 percent.
India's factory output at 2.4% in December
India's factory output growth grew 2.4 percent in December after hitting a 17-month low of 0.5 percent in November, data released by the statistics office on February 12 showed.
Factory output, measured by the Index of Industrial Production (IIP), is the closest approximation for measuring economic activity in the country's business landscape.
Factory output had grown by 7.3 percent in December 2017.
Manufacturing sector output, which accounts for more than three-fourths of the entire index, grew 2.7 percent in December from a deceleration of (-) 0.4 percent in November.
Electricity production growth stood at 4.4 percent in December from 5.1 percent in November. Mining activity, which accounts for over 14 percent of the entire index, stood at -1 percent as compared with 2.7 percent in November.
Consumer durables output grew 2.9 percent in December after falling (-) 0.9 percent a month ago while consumer non-durables came in at 5.3 percent from (-) 0.6 percent in November.
Primary goods production declined by 1.2 percent and intermediate goods by 1.5 percent.
India's factory output at 2.4% in December
Effect of early diwali and Eid and also lack of auspicious dates for marriages
Mobile wallet transactions in India increased 40 times in five years, says Gulshan Rai
Mobile wallet transactions in India have increased 40 times in the past five years and every service provider in the world is eyeing Indian market for it, National Cyber Security Coordinator in the PMO Gulshan Rai said on Monday.
Delivering a lecture on "Digital Disruptions in India", Rai, a noted cybersecurity expert, said India was one the most advanced countries in the world in terms of expanding mobile wallet payment on a larger scale.
Rai said the digital economy in India was growing 1.5 times faster than the global average.
"Mobile wallet transactions have increased 40 times in the last five years. Every technology provider in the world is looking for the Indian market for the mobile wallet payment. We are one of those countries who are much advanced in terms of including mobile wallet payment on a larger scale," he said.
"Today the digital economy is around 15 per cent of the global GDP. In India, it is about 8 per cent of the GDP and is likely to increase up to 30 per cent of the GDP in 2025," he said.
Rai said as per projections, digital economy will be 60 per cent of the global GDP by 2030.
Noting that it was impossible to imagine any infrastructure today without the Information and Communications Technology (ICT), he said the growth in this sector has been "mindboggling".
Rai said the artificial intelligence (AI) has surprised in the way it has made its presence felt and asserted that it is hard to find an electronic device these days which does not have an AI built-in engine.
He said 60 per cent of organisations will have AI embedded in their work by 2025.
Rai also said that data will become a "strategic asset" in the future.
"We are in completely asymmetric cyberspace where every company is subsidising their services which is a unique feature of this digital innovation. Many of the services are provided free, resulting in different business models," Rai said.
"One of the famous business models is where the data is taken and created. Data is going to becoming a strategic asset in the time to come. And unlike oil which many people compare data with, the same data can be traded to different people at the same time," he said.
Rai said tech titans such as Apple and Google were leading the disruptions, which resulted in "followers" and "laggards".
Many big companies such as General Electric (GE) which were going strong not so long ago have fallen behind because of the disruptions caused by the tech giants, he said.
"Innovation is moving (at a) very fast rate and when we compare it with its secure use, there is a wide gap which is only going to increase. This gap in itself will be a cause for disruption," he said.
Rai said innovations were here to stay and it will be impossible to stop the use of technology.
"The challenges posed by the digital innovations and disruptions caused by them will need a completely new jurisprudence to tackle them," he said.
"A different kind of thinking without getting carried away by the emotions to address the challenges... We need to do much more. We have a long way to go to address these challenges," he added.
Mobile wallet transactions in India increased 40 times in five years, says Gulshan Rai
Mobile wallet transactions in India have increased 40 times in the past five years and every service provider in the world is eyeing Indian market for it, National Cyber Security Coordinator in the PMO Gulshan Rai said on Monday.
Delivering a lecture on "Digital Disruptions in India", Rai, a noted cybersecurity expert, said India was one the most advanced countries in the world in terms of expanding mobile wallet payment on a larger scale.
Rai said the digital economy in India was growing 1.5 times faster than the global average.
"Mobile wallet transactions have increased 40 times in the last five years. Every technology provider in the world is looking for the Indian market for the mobile wallet payment. We are one of those countries who are much advanced in terms of including mobile wallet payment on a larger scale," he said.
"Today the digital economy is around 15 per cent of the global GDP. In India, it is about 8 per cent of the GDP and is likely to increase up to 30 per cent of the GDP in 2025," he said.
Rai said as per projections, digital economy will be 60 per cent of the global GDP by 2030.
Noting that it was impossible to imagine any infrastructure today without the Information and Communications Technology (ICT), he said the growth in this sector has been "mindboggling".
Rai said the artificial intelligence (AI) has surprised in the way it has made its presence felt and asserted that it is hard to find an electronic device these days which does not have an AI built-in engine.
He said 60 per cent of organisations will have AI embedded in their work by 2025.
Rai also said that data will become a "strategic asset" in the future.
"We are in completely asymmetric cyberspace where every company is subsidising their services which is a unique feature of this digital innovation. Many of the services are provided free, resulting in different business models," Rai said.
"One of the famous business models is where the data is taken and created. Data is going to becoming a strategic asset in the time to come. And unlike oil which many people compare data with, the same data can be traded to different people at the same time," he said.
Rai said tech titans such as Apple and Google were leading the disruptions, which resulted in "followers" and "laggards".
Many big companies such as General Electric (GE) which were going strong not so long ago have fallen behind because of the disruptions caused by the tech giants, he said.
"Innovation is moving (at a) very fast rate and when we compare it with its secure use, there is a wide gap which is only going to increase. This gap in itself will be a cause for disruption," he said.
Rai said innovations were here to stay and it will be impossible to stop the use of technology.
"The challenges posed by the digital innovations and disruptions caused by them will need a completely new jurisprudence to tackle them," he said.
"A different kind of thinking without getting carried away by the emotions to address the challenges... We need to do much more. We have a long way to go to address these challenges," he added.
Mobile wallet transactions in India increased 40 times in five years, says Gulshan Rai
India jumps 8 places to 36th on International IP Index
Recognition of international standards of copyright protection and incentives for intellectual property have helped India jump eight places to 36th position on the International Intellectual Property (IP) Index, the highest gain for any country this year.
The index, which analyses the IP climate in 50 global economies, is brought out by the US Chamber of Commerce's Global Innovation Policy Center (GIPC). “The improvement reflects important reforms implemented by Indian policymakers towards building and sustaining an innovation ecosystem for domestic entrepreneurs and foreign investors alike,” it said in a statement. The index ranks countries based on 45 indicators.
India's overall score has also increased substantially from 30.07% (12.03 out of 40) in the previous edition to 36.04% (16.22 out of 45) in the present edition.
“For the second year in a row, India's score represents the largest gain of any country measured on the Index, which covers over 90 % of global gross domestic product,” said Patrick Kilbride, senior vice president of GIPC.
Among the weaknesses, the index has cited barriers to licensing and technology transfer, including strict registration norms, limited framework for the protection of biopharmaceutical IP rights, patentability ruless outside international standards, lengthy pre-grant opposition proceedings and previously used compulsory licensing for commercial and non-emergency situations as key hurdles.
India jumps 8 places to 36th on International IP Index
Recognition of international standards of copyright protection and incentives for intellectual property have helped India jump eight places to 36th position on the International Intellectual Property (IP) Index, the highest gain for any country this year.
The index, which analyses the IP climate in 50 global economies, is brought out by the US Chamber of Commerce's Global Innovation Policy Center (GIPC). “The improvement reflects important reforms implemented by Indian policymakers towards building and sustaining an innovation ecosystem for domestic entrepreneurs and foreign investors alike,” it said in a statement. The index ranks countries based on 45 indicators.
India's overall score has also increased substantially from 30.07% (12.03 out of 40) in the previous edition to 36.04% (16.22 out of 45) in the present edition.
“For the second year in a row, India's score represents the largest gain of any country measured on the Index, which covers over 90 % of global gross domestic product,” said Patrick Kilbride, senior vice president of GIPC.
Among the weaknesses, the index has cited barriers to licensing and technology transfer, including strict registration norms, limited framework for the protection of biopharmaceutical IP rights, patentability ruless outside international standards, lengthy pre-grant opposition proceedings and previously used compulsory licensing for commercial and non-emergency situations as key hurdles.
India jumps 8 places to 36th on International IP Index
US warns countries, including India, against buying Venezuelan oil
US warns countries, including India, against buying Venezuelan oil
US warns countries, including India, against buying Venezuelan oil
Cabinet clears next gen IT-filing system; Infosys to implement Rs 4,242-cr project
IT major Infosys has been selected to implement the next generation system for processing income tax return filings, with the Union Cabinet sanctioning an estimated Rs 4,241.97 crore for the project.
The move will help in bringing down the income tax return (ITR) processing time to one day and hence speed up refunds.
The Cabinet, chaired by Prime Minister Narendra Modi, gave its “approval to expenditure sanction of Rs 4,241.97 crore for Integrated E-filing and Centralised Processing Centre 2.0 Project of the Income Tax Department,” Union minister Piyush Goyal said.
Briefing media about the decision, he said the processing time at present for ITR is 63 days and it will come down to one day after implementation of the project.
Goyal said the project is expected to be completed in 18 months and will be launched after three months of testing.
Infosys, he said, has been selected to implement the project after the bidding process.
The current system, he said, has been a success and new project will be more tax friendly.
The e-filing and Centralised Processing Centre (CPC) projects have enabled end-to-end automation of all processes within the Income Tax Department using various innovative methods to provide taxpayer services and to promote voluntary compliance.
The Cabinet also sanctioned a consolidated cost of Rs 1,482.44 crore for the existing CPC-ITR 1.0 project up to 2018-19.
Goyal also informed that tax refunds worth Rs 1.83 lakh crore have been issued so far in the current fiscal.
The decision will ensure transparency and accountability besides faster processing of returns and issue of refunds to the taxpayers’ bank account directly without any interface with the Income Tax Department.
As per an official release, the broad objectives of the integration project include, faster and accurate outcomes for taxpayer, enhancing user experience at all stages, improving taxpayer awareness and education through continuous engagement.
Besides, it will also be promoting voluntary tax compliance and managing outstanding demand.
Cabinet clears next gen IT-filing system; Infosys to implement Rs 4,242-cr project
IT major Infosys has been selected to implement the next generation system for processing income tax return filings, with the Union Cabinet sanctioning an estimated Rs 4,241.97 crore for the project.
The move will help in bringing down the income tax return (ITR) processing time to one day and hence speed up refunds.
The Cabinet, chaired by Prime Minister Narendra Modi, gave its “approval to expenditure sanction of Rs 4,241.97 crore for Integrated E-filing and Centralised Processing Centre 2.0 Project of the Income Tax Department,” Union minister Piyush Goyal said.
Briefing media about the decision, he said the processing time at present for ITR is 63 days and it will come down to one day after implementation of the project.
Goyal said the project is expected to be completed in 18 months and will be launched after three months of testing.
Infosys, he said, has been selected to implement the project after the bidding process.
The current system, he said, has been a success and new project will be more tax friendly.
The e-filing and Centralised Processing Centre (CPC) projects have enabled end-to-end automation of all processes within the Income Tax Department using various innovative methods to provide taxpayer services and to promote voluntary compliance.
The Cabinet also sanctioned a consolidated cost of Rs 1,482.44 crore for the existing CPC-ITR 1.0 project up to 2018-19.
Goyal also informed that tax refunds worth Rs 1.83 lakh crore have been issued so far in the current fiscal.
The decision will ensure transparency and accountability besides faster processing of returns and issue of refunds to the taxpayers’ bank account directly without any interface with the Income Tax Department.
As per an official release, the broad objectives of the integration project include, faster and accurate outcomes for taxpayer, enhancing user experience at all stages, improving taxpayer awareness and education through continuous engagement.
Besides, it will also be promoting voluntary tax compliance and managing outstanding demand.
Cabinet clears next gen IT-filing system; Infosys to implement Rs 4,242-cr project
He is a man who has missed the forest for the woods. We offered him far more but he is being short sighted and working against his own vote bank of central US.
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This will increase our products cost by $190 million on a trade of $5.6 billion as per commerce secretary of India.
GSP status was used as a leverage to push for US illegitimate demands time and again without any tangible benefits to Indian exports. Now that's it's done there are not many leverages remaining for US to get anything they need without giving us what we need in return.
All because the MeLords ego was hurt. A good opportunity to raise awareness on reforms needed in the judicial system and making it answerable to elected body.
Good India is not a weak nation who will listen to US demands to kill our domestic market, we will increase tariffs too.