Economy
India jumps 16 places in Global Competitiveness Index
On the back of improved monetary policy and recent reforms towards opening up the economy, India has jumped 16 places in the Global Competitiveness Index (GCI) to 39th spot, the World Economic Forum (WEF) has said.
 
"India climbs, for the second year in a row, to 39th. Its 16-place improvement is the largest this year, thanks to improved monetary and fiscal policies as well as lower oil prices," the WEF said in its Global Competitiveness Report 2016-17 published on Wednesday.
 
The Indian economy has stabilised and now boasts of the highest growth among the G-20 countries, the report underlined.
 
"Recent reform efforts have concentrated on improving public institutions, opening the economy to foreign investors and international trade, and increasing transparency in the financial system," it stated. 
 
The report also highlighted that India happens to be the second-most competitive economy among the BRICS (Brazil, Russia, India, China and South Africa) countries, with China ahead at 28th spot.
 
Switzerland, Singapore and the United States remained the world's most competitive economies in the report that assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity. 
 
The report emphasised that updated business practices and investment in innovation are now as important as infrastructure, skills and efficient markets.
 
Crediting Prime Minister Narendra Modi's government for undertaking reforms, the report said, "India's competitiveness score stagnated between 2007 and 2014, and the economy slipped down the GCI rankings. Since the new government took office in 2014, India climbed up the rankings to 39th in this edition of the report."
 
Improvement in infrastructure was small and faltering, but picked up after 2014, when the government increased public investment and sped up approval procedures to attract private resources, it said. 
 
"The institutional environment deteriorated until 2014, as mounting governance scandals and seemingly unmanageable inefficiencies saw businesses lose trust in government and public administration, but this trend was also reversed after 2014," it added. 
 
But still a lot needs to be done in the manufacturing sector, which has millions of unprotected and informal workers, the report stated.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Lodha panel moves SC against BCCI over non-compliance
The Justice Lodha Committee on Wednesday sought the removal of Board of Control for Cricket in India (BCCI) office-bearers, telling the Supreme Court that the country's apex cricketing body was not complying with its recommendations on organisational reforms.
 
As the Lodha Committee's counsel Gopal Shankarnarayan handed over the panel's report to the apex court, the bench headed by Chief Justice Tirath Singh Thakur observed, "If the BCCI thinks that they can defy the court's order and take the law into their own hands, they are mistaken."
 
Having observed this, the bench said it will hold a hearing on October 6 regarding the Lodha panel's report and the suggestion that the BCCI office-bearers should be removed en bloc.
 
The report by the Lodha panel had accused the BCCI of stalling reforms at every stage and violating the directions issued by the apex court. 
 
Complaining that the BCCI had ignored orders of the court and its recommendations on several issues, the Lodha panel sought action against the board's top brass, including BCCI President Anurag Thakur, for violating the apex court's orders. 
 
"The BCCI thinks it is law unto itself. We know how to get our orders implemented. BCCI thinks it is the lord. You (BCCI) better fall in line or we will make you fall in line. The conduct of the BCCI is in poor taste," Chief Justice Thakur asserted.
 
The Lodha Committee, which was appointed by the Supreme Court to clean up cricket administration in India following corruption and match-fixing scandals, had earlier submitted its report advising far-reaching changes in the way the game is run in the country.
 
The recommendations by the panel sought to define stringent eligibility criteria for BCCI office-bearers and set limits to their tenure. Ministers and bureaucrats currently holding office will not to be allowed to hold BCCI positions, neither would those officials holding office in their state associations or those above 70 years of age.
 
The Lodha Committee also advised that there should be five elected office-bearers -- president, secretary and one vice-president instead of the current five, treasurer and joint-secretary. The panel also proposed that these officials should serve no more than three three-year terms and that there must be a "cooling-off" period between terms to prevent them from holding office for several years at a stretch.
 
The Lodha panels report had also recommended that the BCCI Working Committee must be replaced with a nine-member apex council which will include representatives from the players' community, including one woman. 
 
There was also a proposal that a nominee of the Comptroller and Auditor General should be included in the apex council to keep an eye on how the BCCI was utilising its financial resources.
 
The Supreme Court had accepted all these recommendations and had asked the BCCI to implement them.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Over 50% Indian online daters face security issues
With the growing trend of online dating services and apps, three in five (59%) Indian online daters are now facing security issues as these platforms have become hotbeds for cybercriminals, a new study revealed on Wednesday.
 
"In India, about 38% of consumers admitted to have used online dating apps at some point in their lives. In fact, currently, eight per cent of women and 13% of men in India have dating apps on their mobile devices," said the results of a study by global security software firm Norton by Symantec.
 
Conducted among 1,005 Indian smartphone and tablet users aged 16 years and above, the "Norton Mobile Survey" said that of those who admitted to have used online dating, nearly 64% women had experienced security problems as opposed to 57% of men. 
 
"While there are many legitimate daters on these apps, considering the anonymity, online daters can run the risk of becoming a victim of stalking, harassment, catfishing, identity theft, and even phishing scams," said Ritesh Chopra, Country Manager, India, Norton by Symantec.
 
The most concerning security issues reported include virus/malware (23%), nuisance advertisements (13%), cyberstalking (9%), being tricked into using premium services (9%), identity theft (6%) and revenge porn (4%). 
 
The report said Delhi has the most users of online dating platforms. 
 
"Online dating apps were most likely to have been used at least once by people in Delhi (51%), followed by Chennai (39%), Kolkata (36%), Mumbai (35%) and Ahmedabad (35%)," the results showed.
 
Ironically, while consumers in Chennai (20%) and Hyderabad (21%) find online dating low risk, they have reported experiencing most security problems -- 68% and 69% respectively.
 
"The solution is not to panic, nor is it to stop using the apps. Online dating on mobile devices isn't going away but there are some simple, best practices Indians can adopt to keep themselves, their devices and mobile apps secure," Chopra added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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