The World Opinion

Category: Economy

  • Telcos To Ensure Service Quality Despite Regulatory Challenges: COAI | Technology News

    New Delhi: Telecom services providers (TSPs) remain committed to engaging constructively with the Telecom Regulatory Authority of India (TRAI) on quality of service (QoS)-related matters, the Cellular Operators Association of India (COAI) said on Sunday. 

    TSPs have consistently invested in enhancing QoS through significant improvements in network infrastructure, resulting in greater stability and reliability. Moreover, said the COAI, major initiatives are underway to fiberise towers across India, which is a crucial step for the efficient deployment of 5G services.

    “While TRAI has tightened the QoS benchmarks over the years, the ground realities remain unchanged. TSPs still grapple with Right of Way (RoW) issues when acquiring permissions for infrastructure deployment in public and private land for the installation of cell towers and fiber-optic cables,” said Lt. Gen. Dr S.P. Kochhar, Director General, COAI.

    According to the leading industry body, the situation is further aggravated due to the additional requirement of street furniture for the 5G networks. Moreover, interference from various sources, such as other wireless devices and electromagnetic interference, degrade signal quality and network performance, the COAI informed.

    “Further, illegal boosters and repeaters used by unauthorised agents, as well as the cases of theft of equipment are also external factors which, nevertheless, impact the QoS,” Kochhar noted, adding that TSPs have limited control over these external sources which adversely impact the Quality of Services.

    There has been a substantial rise in theft of active telecommunications equipment in the country, which is being sold on various websites. Despite these challenges, TSPs have consistently met TRAI’s QoS benchmarks. “The industry expresses concern over the proposed regulations, which not only tighten benchmarks but also shift from quarterly to monthly reporting and site to cell level reporting in many cases,” said the COAI.

    According to Kochhar, the QoS parameters prescribed in the new regulations have not been introduced by any other regulator in other similar economies. “Our member organisations will continue to strive for excellence in service quality while advocating for regulations that recognise the practical challenges faced by our industry,” Kochhar added.

  • Zomato collected Rs 83 crore In Platform Fee From Customers Till March: Details Here | Companies News

    New Delhi: Food delivery aggregator Zomato, which began charging platform fee on orders from last August, collected Rs 83 crore through the new levy till March, the company’s annual report has revealed. Platform fee has been cited as one of the three key factors driving Zomato’s Adjusted Revenue, which grew 27 per cent year-on-year to Rs 7,792 crore in FY24.

    “Adjusted Revenue as a percentage of GOV (gross order value), continued to increase primarily due to increase in restaurant commission take-rates, improvement in ad monetization and introduction of platform fee from Q2FY24 onwards,” the report stated.

    All of these factors more than compensated for the reduction in customer delivery charge per order due to the free delivery benefit available on Gold orders, it added. Interestingly, most late night orders in the last fiscal year came from Delhi NCR, while most breakfast orders came from Bengaluru, Zomato shared in the report.

    The food delivery aggregator began levying platform fee at Rs 2 per order last August, which has gradually been increased to Rs 6 now in key markets. Its main rival Swiggy also charges platform fee on its orders. The introduction and increase in platform fee is seen as one of the means to increase profitability by food delivery aggregators.

  • Meet World’s Richest Beggar: Lives In Duplex, Owns Flats Worth Rs 1.4 Crore – Know All About His Net Worth | Personal Finance News

    New Delhi: When we think of beggars, we usually picture someone living in extreme poverty, struggling to get by each day. However, did you know that there is a beggar who has become surprisingly wealthy? Yes, the world’s richest beggar has managed to turn begging into a source of significant income. 

    Meet Bharat Jain, the richest beggar not only in India but in the world, as per Economic Times. Bharat Jain is from Mumbai and owns properties worth crores of rupees, out-earning many well-educated corporate professionals. 

    Bharat Jain faced financial difficulties which prevented him from getting an education. However, despite all these challenges he married and has two sons, both of whom have completed their education all because of his dedication and hard work. Bharat Jain’s net worth is reported to be around 7.5 crore and his monthly income ranges between around Rs 60,000 and Rs 75,000 which is much higher than many salaried professionals in India.

    Bharat has not only earned money through begging but also made wise investments. He owns two flats in Mumbai worth Rs 1.4 crore and has invested in two shops in Thane. These shops bring in a monthly rental income of Rs 30,000 which helps him with a steady income in addition to his earnings from begging.

    Even with his considerable wealth, Bharat Jain continues to beg at locations like Chhatrapati Shivaji Terminus and Azad Maidan in Mumbai. He lives in the Parel area and his children went to a convent school. His family runs a stationery store which provides another source of income for them.

    Bharat Jain’s story is a testament to extraordinary hard work and resilience. Despite facing financial hardships early in life, he has not only achieved significant wealth but also ensured a better future for his family.

  • Amazon Loses $134 Billion In Market Value; Bezos’ Net Worth Drops $15.2 Billion | Companies News

    New Delhi: Jeff Bezos, Amazon’s founder and the second richest person in the world recently saw his net worth drop by 15.2 billion dollars, leaving him with 191.5 billion dollars, according to the Bloomberg Billionaire Index. This notable decrease highlights the wider instability currently affecting the tech sector.

    Nasdaq 100 Decline Impacts Tech Billionaires

    The Nasdaq 100 Index dropped by 2.4 percent which led to the significant losses for several tech billionaires. Elon Musk’s wealth fell by 6.6 billion dollars and Larry Ellison, co-founder of Oracle Corp saw his fortune decrease by 4.4 billion dollars.

    Tech Titans Lose Billions as Meta and Alphabet Shares Crash

    Technology billionaires Larry Page, Sergey Brin and Mark Zuckerberg each saw their net worths drop by over 3 billion dollars as shares of Meta Platforms Inc. and Alphabet crashed in New York trading. Together, their combined losses totaled 68 billion dollars, according to Bloomberg’s wealth index.

    Amazon Shares Fall, Bezos Sees Third-Largest Decline

    Amazon.com Inc shares fell by 8.8 percent in a wider market downturn,  dropping Jeff Bezos’ net worth to 191.5 billion dollars, according to the Bloomberg Billionaires Index.  This loss is Bezos’ third-largest single-day decline, following a 36 billion dollars drop on April 4, 2019 due to his divorce settlement, and a 14% drop in Amazon shares on April 29, 2022.

    Bezos Sells Amazon Shares as Market Hits Record Highs

    Bezos, at 60 years old, has been actively selling Amazon shares this year. In February, he sold 8.5 billion dollars worth of shares and had planned to sell another 5 billion dollars worth of 25 million shares last month, when Amazon hit a new record high.

  • How Is Jio TV Streaming Cricket On Its OTT Platform Without Permission? Cable Operators Write To TRAI | Companies News

    The All Local Cable Operator Association Delhi (ALCOA India) has raised objections to Jio TV broadcasting India-Sri Lanka ODI and T20 matches on its OTT platform without the necessary permissions. The association has labeled this action as illegal and has called on the government to take corrective measures. In a letter addressed to the Chairman of TRAI, ALCOA India’s President, Narendra Bagdi, has sought resolution for these grievances.

    In the letter, the association stated, “We All Local Cable Operator Association Delhi (ALCOA INDIA) are representative body of Local Cable Operators (LCOs / LMOs). This is to bring to your kind attention that how JIO TV is providing Linear & Live content (which is regularised by TRAI) on its OTT Platform and due to this the Cable TV Industry of INDIA is suffering very huge losses in terms of business and jobs.”

    The letter further detailed that according to data from the Broadcast Audience Research Council, the number of television households in India increased from 197 million in 2018 to 210 million in 2020. However, those using cable television services dropped from 120 million to 90 million during the same period, and this number continues to decline.

    Questioning the broadcasters, the association asked, “How are they providing linear content on OTT platform. We have raised this issue with TRAI & MIB many times earlier also but there straight reply is that OTT is not regularised. But we are not much educated and aware of the cable act as they (TRAI & MIB) are. Now we can suggest a solution which they could have done much earlier. The solution is that, all the content on Linear TV is running after getting UP linking & Down linking permissions from MIB under cable act 1995. All this process is regulated by TRAI and approved by MIB. Now they can simply pass an order/regulation in which they can warn all the broadcasters {who are providing Linear content} to stop providing Linear Content (Which is regulated under Cable Act 1995) to OTT platforms.”

    The association emphasized, that according to the uplinking and downlinking permissions granted by the Indian government, broadcasters are authorized to provide linear content only to MSOs, HITS, DTH players, and IPTV through their IRD channels. Providing linear content to OTT platforms is illegal.

    Expressing frustration over the lack of action, the association questioned, “Why is TRAI not taking action against this illegal practice that is destroying the Indian cable TV industry? For the India vs Sri Lanka series, cable TV operators pay ?19 + GST for Ten Sports’ live content, while Jio TV offers it for free, leading to unfair competition that could devastate the industry.”

    The letter also addressed the unauthorized provision of linear live content for the India vs Sri Lanka series, asking if it was being done through IRD or another route. The association hopes TRAI officials can obtain this information from the broadcaster and provide a response.

    The letter highlighted that Star India Pvt. Ltd. streams linear content on its OTT platform Disney+ Hotstar, as well as on channels like Star Plus and Star Sports. Similarly, Indiacast provides linear content on Colors TV and MTV while also streaming it on Jio TV, which is not legal.

    Warning about the dangers of unregulated content, the association wrote, “The unregulated content have the negative social impact on society as all type of content are flowing freely through these OTT platforms without any check. Further the presence of all the major channels without any extra cost is luring the subscribers of cable TV specially house wives, students and young generations who are moving to the OTT platforms considering it as reasonable/better option than continuing with cable television. It may be noted that the major/big OTT platforms are in house products of the Broadcasters where the content of the linear channels are being shown even before the content being telecasted on the linear TV.”

    The association also noted that many broadcasters have their own OTT platforms, where they show linear content even before it airs on linear TV. They referenced a previous complaint from April 13, 2023, about the illegal streaming of Tata IPL on Jio Cinema, which received no response from TRAI, MIB, or CCI.

  • Tata Electronics Holds Groundbreaking Ceremony Of Rs 27,000 Crore Chip Plant In Assam | Companies News

    New Delhi: In a fillip to Prime Minister Narendra Modi’s vision to make India a global semiconductor manufacturing hub, Tata Electronics on Saturday held the ground-breaking ceremony of its chip assembly and testing unit at Jagiroad in Morigaon district, Assam.

    The groundbreaking ceremony was held in the presence of Assam Chief Minister Himanta Biswa Sarma and N. Chandrasekaran, Tata Sons’ Chairman.
    Touted as Northeast India’s largest investment project, the Rs 27,000 crore Tata semiconductor plant is likely to generate over 27,000 direct and indirect jobs in the region.

    The first phase of the plant is set to be operational by mid-2025. In March this year, PM Modi virtually laid the foundation stone of a state-of-the-art semiconductor fab in Dholera, Gujarat and a Semiconductor Assembly and Test (OSAT) facility in Jagiroad.

    The Rs 91,000 crore chip fabrication plant at Dholera will generate over 20,000 skilled jobs in the region. The Centre in February approved three semiconductor plants – two in Gujarat and one in Assam – for about Rs 1.26 lakh crore.

  • 7th Pay Commission DA Hike Update: Will DA Drop To Zero From July 1 Or Will There Be A Change? Here’s All You Want To Know | Personal Finance News

    New Delhi: There has been a long-standing discussion that at 50 percent the Dearness Allowance (DA) will drop to zero. This was scheduled to happen on July 1, 2024. The basis of this discussion was the previous parlance or practice, since there used to be automatic merger of DA and DR into basic salary as both the allowances reached 50 percent mark.

    A Business Line report had also confirmed a few months ago that there was no recommendation under the 7th Pay Commission to merge DA with basic pay at any stage. Business Line further wrote, consequent to the absence of any particular mentioning of auto merging of DA with basic pay, the next installment of DA/DR ‘will not start from ‘Zero’ but will continue after 50 say 52 or 53 or 54 percent.”

    For the central government employees, however, there seems to be no good news. Beginning January 2024, a 50 percent dearness allowance is being provided and it has not been reduced to zero. It seems that the calculations will continue to increase in size without ever coming close to zero.

    The discussion on DA dropping to zero was started because of the revision in HRA. The 7th Pay Commission consolidated the dearness allowance. There isn’t a rule that says this will still be followed, though. There was a provision that HRA had to be evaluated when DA reached 50 percent. At that moment, it was also indicated that the dearness allowance would be removed. But, there is no official statement on this from the government.


    Will the DA be zero or not?

    Employees’ dearness allowance won’t be zero and the DA hike calculation will continue, since there is no rule regarding this. The last time this was done was when the base year was changed. Changing the base year is no longer necessary, as a result of which, central employees’ DA will rise at a rate of 50 percent.

    DA will increase less this year?

    The amount of dearness allowance that employees will receive starting July 2024 is determined by the AICPI-IW index figures between January and June 2024. The figures for January, February, March, April, and May have been received thus far. With the index value of 138.9 points in January, the dearness allowance went up to 50.84 percent. The index had values of 139.2 in February, 138.9 in March, 139.4 in April, and 139.9 in May. According to this trend, the dearness allowance has increased to 51.44 percent in February, 51.95 percent in March, 52.43 percent in April, and 52.91 percent by May.

    How much of the DA can be raised?

    Experts estimate that the DA can only rise by 3%. If this occurs, the employees’ DA will rise to 53 percent. There is no way for zero to exist. The dearness allowance is calculated using the AICPI index. The index’s inflation data, gathered from various industries, indicates the rate at which the employees’ allowance needs to rise with inflation.

    When will DA be announced?

    The central government employees receive notice of their DA by September or October. It will, however, only be put into effect from July 2024. Payment for the intervening months will come as arrears. The DA will be determined by AICPI data from January to June 2024 under the 7th Pay Commission.

  • PNB Customers Alert! Your Saving, Current Account May Get Frozen; Do This By Aug 12 To Avoid Trouble | Personal Finance News

    New Delhi: Punjab National Bank, a leading public sector lender in India has urged its customers to update their KYC (Know Your Customer) details by August 12 to avoid their accounts from getting suspended. This directive, which affects accounts that were due for KYC updates as of March 31, aligns with the guidelines set by the Reserve Bank of India (RBI).

    “As part of the KYC compliance exercise, PNB customers are requested to provide their updated information like identity proof, address proof, recent photo, PAN, income proof, mobile number (if not available) or any other KYC information to their base branch. It can be done through PNB ONE App/Internet Banking Services (IBS)/registered e-mail/post or in person visit to any branch by 12.08.2024. Failure to update KYC details within the stipulated time may result in restrictions on account operations,”the bank stated in a notification.

    What documents do customers need to provide to complete the KYC update?

    To complete the KYC update, customers need to provide the following information: updated identity proof, current address proof, recent photograph, PAN details (Permanent Account Number), income proof, mobile number, and any other relevant details.

    What are the consequences of missing the deadline?

    Punjab National Bank also announced that customers can update their KYC details through the PNB ONE App, Internet Banking Services (IBS), registered email, post, or by visiting any branch in person by August 12, 2024. “Failure to update KYC details within the stipulated time may result in restrictions on account operations.” the bank warned.

    Can PNB customers update their KYC details online?

    PNB customers can update their KYC details online without having to visit a branch. The Reserve Bank has established guidelines to make sure the online KYC process is smooth and secure.

    As per an RBI circular, “Banks have been advised to provide the facility of such a declaration to the individual customers through various non-face-to-face channels such as registered email ID, registered mobile number, ATMs, digital channels (such as online banking/internet banking, mobile application), letter, etc., without need for a visit to a bank branch.” 

  • Car Prices In Pakistan Vs India: Comparing Top Model Costs Will Blow Your Mind! | Auto News

    Car Prices In Pakistan Vs India: Cars are significantly more expensive in Pakistan compared to India. For instance, an Alto that costs around Rs 4 lakh to Rs 5 lakh in India requires a minimum expenditure of PKR (Pakistani Rupee) 23 lakh (approx INR 6.91 lakh), ex-showroom, in Pakistan. Additionally, road tax and other fees will add to the cost, further increasing the overall price. 

    This difference is not limited to just this one model; if you compare the prices of any car, you will find that cars are considerably more expensive in Pakistan than those in India. Let’s begin with some other popular Suzuki models. 

    The starting price of the Maruti Suzuki Wagon R in India is Rs 5.55 lakh, ex-showroom, Delhi, while the Suzuki Wagon R in Pakistan commands a starting price of PKR 32 lakh (approx INR 9.62 lakh), ex-showroom, which is more than five times that of the Indian model.

    Similarly, the Maruti Suzuki Swift, one of the best-selling cars in India, has a starting price of Rs 6.49 lakh, ex-showroom, Delhi. In Pakistan, this hatchback (Suzuki Swift) is available at a starting price of PKR 38 lakh (approx INR 11.42 lakh), ex-showroom, which is almost six times the price of the Indian model.

    Coming on to Toyota, let’s compare the price of the Toyota Fortuner, one of the most desired cars in India, to that of the model sold in Pakistan. While the Fortuner is sometimes considered overpriced in India, the price in Pakistan surpasses expectations even further.

    In Pakistan, the base model of the Toyota Fortuner is available at PKR 1.45 crore (approx INR 43.6 lakh), ex-showroom. In contrast, the base model of the Fortuner in India costs Rs 33.43 lakh, ex-showroom, which is approximately PKR 1.12 crore less compared to Pakistan. The same story continues with every car.

    It is also worth noting that the Pakistani rupee is weaker compared to the Indian rupee. One Indian rupee is approximately equivalent to 3.3 Pakistani rupees. This is one of the many reasons for the significant price gap compared to the Indian market. Here are some other factors as well:

    Behind The Scene!

    The prices of all vehicles are skyrocketing in Pakistan as the country is experiencing an economic crisis with almost no control over inflation. This has had a significant impact on the automobile industry. Vehicle prices have increased drastically in the past few years, and to make matters worse, Pakistan has recently introduced new tax rates on locally manufactured vehicles, shifting from a fixed tax rate to a value-based tax system.

    As outlined in Pakistan’s Finance Bill 2024, the tax on vehicles is no longer a fixed amount but varies according to the vehicle’s price. According to media reports published in several Pakistani publications, this could significantly impact the pricing of locally manufactured vehicles, potentially leading to higher costs for consumers.

    At a time when car sales in Pakistan are declining, further increases in car prices could have an even more detrimental impact on the country’s automobile industry. Currently, the situation is such that only a few thousand cars are sold in Pakistan each month.

    According to the Pakistan Automotive Manufacturers Association (PAMA), passenger car sales in May 2024 stood at 8,487 units, which was 4% lower compared to 8,873 units in April 2024.

  • Despite Withdrawal Call, Rs 2,000 Currency Notes Worth Rs 7,409 Crore Still In Circulation | Economy News

    NEW DELHI: About 2.08 per cent or Rs 7,409 crore of the withdrawn Rs 2,000 banknotes have not yet been returned to the RBI, about ten months after the deadline to deposit or exchange them at bank branches were over. This essentially means 97.92 per cent of the total value of the high-value Rs 2,000 banknotes are back in the banking system by the end of July 2024, the Reserve Bank of India said in an update on Thursday.

    The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote. The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was October 7, 2023. However, the window for depositing and/or exchanging the Rs 2,000 banknotes continues to be available at the 19 issue offices of the RBI.

    Those 19 RBI issue offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. People from within the country can send Rs 2,000 banknotes through India Post from any post office to any of RBI Issue Offices for credit to their bank accounts in India.

    The Rs 2000 banknotes continue to be legal tender. The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of the economy expeditiously after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.

    The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19.