World Bank says India beat France to become sixth largest economy: Report

India is expected to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019, leaving its nearest rival China behind

 

India Growth Rate : Updated World Bank figures for 2017 show that India is now the world’s sixth-biggest economy, having muscled past France, which was pushed to the seventh spot, news agency AFP reported on Wednesday. India’s gross domestic product (GDP) stood at $2.597 trillion at the end of 2017, compared to $2.582 trillion for France.

The US continued to be the world’s biggest economy, followed by China, Japan and Germany. Britain remained the world’s fifth-biggest economy with a GDP of $2.622 trillion at the end of 2017.

 

Backed by government spending and investment, India’s economy grew at a seven-quarter high of 7.7 per cent in the January-March quarter of the financial year 2018. But this did not prevent GDP growth, at 6.7 per cent in 2017-18, from falling to its lowest rate in four years of the Narendra Modi government.

 

The finance ministry said India’s economy would clock 7.5 per cent growth in 2018-19, the upper range of growth projected by the Economic Survey.

 

India is expected to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019, leaving its nearest rival China behind respectively at 6.6 and 6.4 per cent in the two years, the International Monetary Fund (IMF) said in April this year.

 

Last year in December, the World Economic League Table (WELT) 2018 released by the Centre for Economics and Business Research forecast that India would “leapfrog” Britain and France to become the world’s fifth largest economy in 2018, ahead of an oncoming major global economic shift towards Asia.

Article Source : BS

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Reliance Jio postpaid users can get JioFi 4G router for Rs 499: Here is how

The JioFi cashback offer is valid only for new Jio postpaid subscribers on the purchase of JioFi 4G router. The cashback offer is applicable from today onwards i.e. July 3

Reliance Jio , a Mukesh Ambani-owned telecommunication service provider, on July 2 announced Rs 500 cashback offer on its JioFi 4G wireless portable dongle, which brings down the effective cost of ownership from Rs 999 to Rs 499. However, the JioFi cashback offer is valid only for new Jio postpaid subscribers on the purchase of JioFi 4G router. The cashback offer is applicable from today onwards i.e. July 3.

Here are the steps to avail JioFi cashback offer:

Step 1: Purchase JioFi 4G router and Jio postpaid connection by paying the device’s full amount and refundable deposit for the connection

Step 2: Use the device with Jio postpaid connection for 12 months

Step 3: After successful completion of 12 months billing cycles, the cashback of Rs 500 would be credited to user’s account that can then be adjusted in future bills

Currently, Jio only has Rs 199 postpaid plan in which the company offers 25GB of 4G data, along with free voice calls, SMS, national roaming and free access to Jio app suite, which includes Jio music, Jio movies, JioTV, Jio newspaper, etc.

ALSO READ: Reliance Jio double dhamaka offer: Know new plans, data offers, discounts

The Rs 199 postpaid plan also offers international roaming in select countries at Rs 2 per minute for voice, Rs 2 per megabyte (MB) for data and Rs 2 per SMS. It also comes with an add-on roaming pack of Rs 500 a day for unlimited voice, data and SMS.

Xiaomi prices Hong Kong IPO at bottom of range, raises $4.72 bn: Report

Xiaomi had been expected to raise up to $10 billion, split between Hong Kong and mainland China, but last week shelved the mainland offering until after listing in Hong Kong

China’s Xiaomi Corp priced its Hong Kong initial public offering (IPO) at the bottom of an indicative range, raising $4.72 billion in the world’s biggest tech float in four years, people close to the transaction said on Friday.

Xiaomi priced its share offering at HK$17 per share ($2.17), the bottom of a price range of HK$17 to HK$22, the people said. It is selling about 2.18 billion shares, one of the people said, making the IPO the largest in the technology sector since Alibaba Group Holding Ltd raised $25 billion in New York in 2014.

Xiaomi declined to comment on the IPO pricing. The people declined to be identified as the information was not public.

The pricing comes at a delicate time for Hong Kong’s stock market, with the benchmark Hang Seng index falling 6.5 per cent this month and 4.8 per cent this year amid escalating trade tension between the US and Chinese governments.

The share sale is widely seen as a test of market sentiment for what is expected to be a packed second-half of the year in terms of IPOs in Hong Kong including offerings by China Tower, the world’s largest mobile mast operator, and Meituan Dianping, a massive online food delivery-to-ticketing services platform.

ALSO READ: Alibaba’s Jack Ma among three billionaires to grab a slice of Xiaomi’s IPO

Several Chinese IPO candidates preparing to float in Hong Kong and New York could be met with cautious investors if tension persists between the world’s two biggest economies, potentially dragging on capital raising amounts after a stellar first half.

China Tower has won approval in Hong Kong for an IPO that could raise up to $10 billion. Its listing timing will, however, depend somewhat on how well Xiaomi’s deal is received, sources have told Reuters.

Xiaomi’s IPO adds to the $6 billion of new listings so far in 2018 in Hong Kong and is set to be the first under the city’s new exchange rules permitting dual-class shares common in the tech industry in an attempt to attract tech floats.

The firm lined up $548 million from seven cornerstone investors for its share sale including US chipmaker Qualcomm Inc and telecom service provider China Mobile Ltd.

Set up in 2010, Xiaomi doubled its smartphone shipments in 2017 to become the world’s fourth-largest maker, according to Counterpoint Research, defying a global slowdown in handset sales. It also makes dozens of internet-connected home appliances and gadgets, including scooters, air purifiers and rice cookers.

Flipkart’s PhonePe ties up with Ola, bets on micro-apps for growth

Through the AutoPay feature, users can link their credit or debit card for an Ola ride in the PhonePe app once, and the ride-fare would automatically be paid at the end of every ride

Flipkart-owned digital payments firm PhonePe has tied up with homegrown cab aggregator Ola, where users can book a cab or an auto using a micro-app built on its payments platform.

The company has gone live with three such micro-apps, including that of redBus and Metro services, and plans to go live with 5 to 10 more in the ongoing quarter.

“Ola’s scale and reach, topped with our AutoPay feature will enable greater convenience and control to our users while making payments seamless,” said Rahul Chari, co-founder and chief technology officer, PhonePe.

The company, which has built its payments platform primarily on top of the National Payments Corp of India’s Unified Payments Interface (UPI), crossed the 100-million user milestone last month.

Through the AutoPay feature, users can link their credit or debit card for an Ola ride in the PhonePe app once, and the ride-fare would automatically be paid at the end of every ride.

The company has already integrated mobile wallets such as FreeCharge and Jio Money on its platform to give more options to users.

GST collection misses the Rs 1-trillion mark in May, stands at Rs 940 bn

It is higher compared to the average monthly collection of Rs 898.85 billion in 2017-18

GST collections in May declined to Rs 940.16 billion from over Rs 1.03 trillion in April, the Finance Ministry said on Friday.

As many as 6.247 million businesses filed their summary sales return GSTR-3B in the month of May.

The total gross GST revenue collected in May 2018 is Rs 940.16 billion, of which CGST is Rs 158.66 billion, SGST Rs 216.91 billion, IGST Rs 491.20 billion and cess Rs 73.39 billion, the ministry said.

“Though current month’s revenue collection is less compared to last month’s revenue, still the gross revenue collection in the month of May (Rs 940.16 billion) is much higher than the monthly average of GST collection in the last Financial Year (Rs 898.85 billion). The April revenue figure was higher because of year-end effect,” the ministry said.

Also Read : India retains tag of fastest growing economy; GDP rises 7.7% in Jan-Mar

As much as Rs 66.96 billion has been released to the states as GST compensation for the month of March 2018, as on May 29.

Therefore, the total GST compensation released to the states for the FY 2017-18 (July 2017 to March 2018) has been Rs 478.44 billion, the ministry said.

“The total GST collection for May 2018 is Rs 940.16 billion, which is higher compared to the average monthly collection of Rs 898.85 billion of 2017-18. This reflects better compliance after the introduction of e-way bills,” Finance Secretary Hasmukh Adhia tweeted.

Vivo X21 India launch at 12:30 PM: Watch live stream, know specs, features

The Vivo X21 in-display fingerprint sensor smartphone will be Flipkart-exclusive and will go on sale starting May 23

 

Vivo, a Chinese mobile phone brand, was one of the first smartphone manufacturers to launch consumer-ready notch screen-based smartphone the Vivo V9 in India. Now, in another first, the company is gearing up to launch an in-screen fingerprint sensor-based device the Vivo X21. The smartphone will be Flipkart-exclusive and will go on sale starting May 29.

The Vivo X21 is a flagship smartphone with top of the line specifications. The phone sports a vivid fullHD+ super AMOLED 6.28-inch notch-based screen, which has an embedded fingerprint sensor at the lower bottom. The phone boasts premium glass-metal-glass sandwich design, which is in-line with other premium offerings.

Powering the smartphone is a rather modest Qualcomm Snapdragon 660 system-on-chip (SoC), paired with mammoth 6GB of RAM and 128GB of internal storage, expandable up to 256GB using microSD card.

The dual-SIM smartphone boots Android Oreo out of the box covered under company’s customised skin called as the Funtouch OS 4.0. The phone takes its power from 3,200 mAh battery, which supports quick charging. However, instead of USB type-C, the phone uses a microUSB port for charging and data transfers.

In terms of imaging, the Vivo X21 sports a dual camera set-up on the back that featuring a 12-megapixel primary sensor, paired with a 5MP secondary lens. On the front, there is a 12MP selfie camera. Both the front and back camera boasts dual pixel technology for enhanced colour reproduction and low noise in low light conditions.

NTPC blast shows how health safety, environment standards are lacking

So far, the explosion at NTPC’s Unchahar plant has claimed over 29 lives

The explosion in a boiler at NTPC’s Unchahar plant in Rae Bareli district has to this point claimed more than 29 lives.

For a rustic like India, which has commercial disasters like the Bhopal fuel leak, this incident another time shows how health

Ntpc boiler blast : safety and surroundings requirements are lacking. Incidents just like the chlorine gasoline leak at Jamshedpur (2008), a toluene fireplace at a Ranbaxy manufacturing facility in Mohali (2003) and a chlorine fuel leak in Vadodara (2002) are a number of the black spots in India’s business records.

according to the countrywide Crime information Bureau, 831 have been killed during 2014-15 in industrial explosions on my own.

INDUSTRIAL BLACK SPOTS

June 27, 2014: A fire after a blast at a GAIL (India) underground gas pipeline in Nagaram, Andhra Pradesh, kills 18 and injures 40

October 29, 2009: Fire at IndianOil’s oil depot tank holding 8,000 kilolitre in Jaipur kills 12 lives and injures 200

September 23, 2009: Collapse of a 275-metre chimney being constructed at Vedanta’s Bharat Aluminium plant kills at least 45

July 27, 2005: An offshore platform of Oil and Natural Gas Corporation in Bombay High gutted, killing at least 4

December 3, 1984: A methyl isocyanate leakage from a Union Carbide India plant claims more than 2,500 lives and affected more than 100,000

December 27, 1975: A blast at Chasnala Colliery in Dhanbad kills 372 miners

May 28, 1965: Explosion at Dhori colliery near Dhanbad kills close to 300 miners

December 10, 1954: One of the first major industrial disasters of Independent India; flooding at Newton Chikli Colliery in Chhindwara, Madhya Pradesh, kills 63

April 14, 1944 (Bombay Explosion): Fire after an explosion on a freighter carrying gold, ammonium and 1,400 tonnes of explosives kills around 800