July 1, 2015
What is Digital India?
- With the launch of Digital India programme, the government is taking a big step forward to transform the country into a digitally empowered knowledge economy.
- PM is expected to unveil various schemes worth over Rs 1 lakh crore like Digital Locker, e-eduction, e-health, e-sign and national scholarship portal.
- BharatNet in 11 states and Next Generation Network (NGN), are also a part of Digital India campaign.
- The programme includes projects that aim to ensure that government services are available to citizens electronically and people get benefit of the latest information and communication technology.
- The Ministry of Communications and IT is the nodal agency to implement the programme.
Apps for Digital India
- Digital India Portal, MyGov Mobile App, Swachh Bharat Mission App and Aadhaar Mobile Update App.
Vision Of Digital India
- Digital Infrastructure as a Utility to Every Citizen
- Governance & Services on Demand
- Digital Empowerment of Citizens
Pillars Of Digital India
- Broadband Highways
- Universal Access to Phones
- Public Internet Access Programme
- e-Governance – Reforming government through Technology
- e-Kranti – Electronic delivery of services
- Information for All
- Electronics Manufacturing – Target NET ZERO Imports
- IT for Jobs
- Early Harvest Programmes
Impact of Digital India by 2019
- Broadband in 2.5 lakh villages, universal phone connectivity
- Net Zero Imports by 2020
- 400,000 Public Internet Access Points
- Wi-fi in 2.5 lakh schools, all universities; Public wi-fi hotspots for citizens
- Digital Inclusion: 1.7 Cr trained for IT, Telecom and Electronics Jobs
- Job creation: Direct 1.7 Cr. and Indirect at least 8.5 Cr.
- e-Governance & eServices: Across government
- India to be leader in IT use in services – health, education, banking
- Digitally empowered citizens – public cloud, internet access
Benefits of Digital Locker
- Digital Locker facility will help citizens to digitally store their important documents like PAN card, passport, mark sheets and degree certificates.
- Digital Locker will provide secure access to Government issued documents. It uses authenticity services provided by Aadhaar.
- It is aimed at eliminating the use of physical documents and enables sharing of verified electronic documents across government agencies.
- Digital Locker provides a dedicated personal storage space in the cloud to citizens, linked to citizens Aadhaar number.
- Digital Locker will reduce the administrative overhead of government departments and agencies created due to paper work.
- It will also make it easy for the residents to receive services by saving time and effort as their documents will now be available anytime, anywhere and can be shared electronically.
- To sign-up for your Digital Locker, one need your Aadhaar number and a Mobile number that is linked to that Aadhaar Number.
What is National Optical Fibre Network (NOFN)?
- NOFN proposes seven lakh kilometers of optical fibre to be laid to connect 250 gram panchayats in three years.
- Public Wi-fi spots will be provided around the clusters after that and all villages will be provided with internet connectivity.
According to Communications and Information Technology Minister Ravi Shankar Prasad, “ten states including Maharashtra, Madhya Prasad, Rajasthan, West Bengal, Haryana and Chhattisgarh, are ready to roll out the NOFN to facilitate Digital India.
Read more at: http://www.oneindia.com/feature/what-is-digital-india-programme-explained-1792279.html
August 23, 2013
- Widening current account deficit:This is resulting in creating more actual as well as speculative demand for the dollar and other convertible currencies.
- Policy inaction: Perception of lack of clarity on the policy front is also fanning speculative demand wherein the Reserve Bank of India (RBI) on one day said it will tighten liquidity and on yet another said it will inject $1 billion in the market.
- Low forex reserves: India’s foreign exchange reserves are enough to cover imports of only seven months. The forex reserves have declined in the recent months. Due to low reserves, the RBI can’t intervene aggressively in the currency markets.
- Growth slowdown: India’s gross domestic product (GDP) growth fell to a decade low of 5 per cent in 2012-13. The situation is unlikely to improve much this year. Foreign investors are pulling money out of the Indian markets due to slow growth.
- Dependence on foreign money: India’s current account deficit was financed by foreign money for the last many years. Withdrawal of money by overseas investors is leading to the weakness in the rupee.
- Recovery in the US: The slow but steady recovery in the US is making the greenback stronger against other currencies.
- Stimulus withdrawal: Indications that the US may withdraw or ease the fiscal stimulus package could potentially put the brakes on funds for developing economies.
- Capital controls: The decision by the Reserve Bank and the government to impose temporary restrictions on capital flows has not gone down well with the markets, as it will not only discourage Indian companies from investing abroad, but also foreign firms from pumping money into India.
- Trends in other markets: The rupee is also following the trend seen in the currencies of other emerging economies such as Brazil, Indonesia, Russia and South Africa.
- Speculative trading: Speculative trading in the currency markets is putting further pressure on the Indian rupee.
April 2, 2013
The Supreme Court’s rejection of Swiss drugmaker Novartis’ patent application for its blockbuster anti-cancer drug Glivec is poised to give a boost to domestic generic drug manufacturers by providing clarity on the extent of innovation required to retain patents in India.
The decision means Indian generic drugmakers can continue to sell copies of the drug at a lower price in India — and that is a blow for some multinationals banking on easy patent power.
Novartis shares plunged 6.8% to Rs.558 on the Bombay Stock Exchange, a 14-month low after the judgment, before recovering losses to end down 1.8% to Rs.588.
Domestic drug majors, however, registered gains with Cipla climbing 1.2% to Rs.384, Ranbaxy 2.7% to Rs.452 and Natco Pharma 5.4% to Rs.452.
Glivec, which is used to treat chronic myeloid leukaemia and other forms of cancer, costs Rs.1,20,000 a month.
The generic equivalent is currently available in India for about Rs.8500.
For Indian generic firms, especially Cipla, Ranbaxy and Natco, which have been selling similar versions of the drug, it is a welcome move.
Source: Hindustan Times
March 20, 2013
Purchasing a property in India ranks high in the list of priorities of a non-resident Indian (NRI). A home is a security and provides a shield to the buyer against factors like high prices and inflation. To begin with, the first thing that an NRI needs to be familiar with is the procedure of buying a property in the country.
The buying transaction is governed by the Reserve Bank of India (RBI) and the rules and regulations fall under the purview of the Foreign Exchange Management Act (FEMA). The forum called Open House on MagicBricks site where consumers post their property related queries has seen prospective NRI buyers ask about the lowdown on how to buy a property in India.
Legal Expert Asha Nayar Basu, Partner, S Jalan & Co. Advocates provided the fundamentals that need to be looked at before a purchase. Firstly, an NRI may acquire any immovable property other than agricultural land/farm house/ plantation property in India by purchase. Secondly, funding of the transaction can happen a) out of finances received in India by way of inward remittance from any place outside India or b) funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank under the Act.
According to the RBI website, no payment can be made either by traveller’s cheque or by foreign currency notes.
Thirdly, NRIs can take a home loan also for purchase of a property. RBI also allows NRIs to take a loan for repairs and renovations of their home. RBI states in its website that the buyer, however, has to adhere to the FEMA regulations at the time of taking the loan. “Banks cannot grant fresh loans or renew existing loans in excess of Rs 1 crore against NRE and FCNR deposits, either to the depositors or to third parties,” the site mentions.
Such loans can be repaid in the following manner:
a) By way of inward remittance through normal banking channel or
b) By debit to the NRE/FCNR/NRO account of the NRI/ PIO or
c) Out of rental income from such a property
d) Cheques from your local relative’s bank account
Source : – Times Property