Inflation in rural areas fell marginally, to 8.35% in August 2014, from 8.37% in July 2014. Combined inflation for urban and rural areas eased to 7.80% in August, from 7.96% in July. Food inflation in rural areas reduced marginally to 9.55% in August from 9.56% in July. Inflation for vegetables in rural areas remained high at 18.95% in August compared with 19.52% in July. Inflation for milk products increased to 11.18% in August from 10.54% in July. Inflation related to fuel & power declined marginally to 5.02% in August from 5.18% in July. Inflation for clothing and miscellaneous items remained steady at around 9% and 6%, respectively.
According to Nomura, assembly elections in Maharashtra and Haryana would help BJP to consolidate its position in Rajya Sabha and underline the Modi wave. In case there is hung assembly, there would be re-elections, increased uncertainty and this will raise doubts about BJP’s ability to carry forward legislative reforms
Maharashtra and Haryana will go to the polls for their respective state legislative assemblies on Wednesday, 15th October with the results likely to be announced on 19th October. "If the opinion polls are correct, then the Bharatiya Janata Party (BJP) will need a coalition partner to form the government, which is marginally better for reforms like more seats in the Rajya Sabha and more BJP-ruled states, but there is much uncertainty, especially surrounding Maharashtra, says Nomura in a research note.
Nomura said, according to opinion polls, BJP, the incumbent party at the Centre is likely to get a plurality in both the states, but will fall short of an outright majority (Figure 1). Indian National Congress (INC), the incumbent party in both the states, is projected to lose.
According to Nomura, there are three reasons about BJP making a strong effort to fight and win elections in Maharashtra and Haryana. The party even roped in services of its 'star' campaigner Prime Minister Narendra Modi to gain mileage from its performance from the Lok Sabha elections due to the ‘Modi Wave’. BJP got a single party majority during the general elections.
Importance of the state elections
Consolidation of the BJP’s position in the Rajya Sabha (upper house): Any legislative reform needs to be passed by both the houses of parliament. While the BJP has an outright majority in the Lok Sabha (lower house), it does not in the Rajya Sabha (upper house), making it dependent on regional parties. Maharashtra and Haryana together account for 19 and 5 seats respectively in the Rajya Sabha, so a good performance by the BJP in these state elections will incrementally make legislative reforms less restrictive, although the BJP still will not have an outright majority in the Rajya Sabha (see below).
Prime Minister’s (PM) political capital at stake: In the run up to these state elections, the BJP has broken ties with its erstwhile partners – Shiv Sena in Maharashtra and HJC in Haryana. PM Modi has been campaigning across these states and the BJP is hoping to cash in on the ‘Modi wave’ seen during the national elections. Hence, the PM’s political capital is at stake.
Maharashtra is important for overall economic growth: It is the largest state in terms of share in national GDP (about 15% of total). Hence, economic performance in the state will have a national impact.
The best case in these state elections is for the BJP to get an outright majority, which will improve centre-state co-ordination and consolidate the BJP’s position in the Rajya Sabha, the research report said. "The worst case is a hung assembly, which would result in re-elections, increased uncertainty and raise doubts about the BJP’s ability to carry forward legislative reforms," it added.
The Bangalore Police are investigating Adooye.com, which was selling a ‘package' that promised money for watching online advertisements and enrolling new members, in a classic money circulation scheme. The MLM, which reportedly collected over Rs600 crore has quietly shut shop and left over two lakh registered customers in the lurch
Adooye.com, (ADooye) a supposedly US based website, that was selling 'packages' with a promise to pay for watching online advertisements and adding more members to the network, has gone burst, say media reports. Some victims, who 'invested' crores of rupees have filed a complaint against the multi-level marketing (MLM) company at Bengaluru.
In June 2014, Moneylife had warned about the risky 'business model' of ADooye similar to other strings of MLMs like Speak Asia, Fanbox, Empower Network, QNet and other pyramid and Ponzi schemes.
According to Times of India report, Kreetam Associates, the litigation firm fighting on behalf of the victims, had filed a first information report (FIR) against ADooye and Bangalore police are investigating the case. "The company stopped paying returns in August around the time it was changing the website layout. The site closed down early September and the company doesn't exist anymore and there is no one to contact," Vasanth Aditya, managing director of Kreetam Associates, told the newspaper.
Quoting Vasanth, the report says, ADooye.com has collected over Rs600 crore.
Moneylife investigated this company when a worried reader wrote to asking to look into their credentials. Their website states that ADooye is founded by Australian Mathew Reichgruber and Alessandro Sen, and marketed by Delhi based AD Marketing. This affiliated marketing company, which operates like an MLM sold various 'packages' containing online advertisements, on viewing which the member was rewarded.
Apart from this, ADooye earned more income from selling various expensive 'packages', which were nothing but login access to view 10 advertisements daily for 140 days, to its registered members. They have had a built network with the help of paid members who generate web traffic, when even for showcasing advertisement they charge money from its members.
Here are comments from some of our readers on earlier article...
"Dear Friends, before joining in Adooye I had lots of query and discussion with the Leader at Bhubaneswar, Odisha and finally I was agreed when received a PDC cheque and put Rs2.5 lakh. After received only Rs20,000 now it is vanished. For that I communicated with Local police, Cyber crime and also send information thru mail to our Prime minister Narendra Modi by describing the MLM. We need to raise our strong voice which will put impact to this type of ****ards."
"My friends have lost almost 4 lakhs rupees investing on Adooye. We are still waiting for the payment don’t know when will we receive the money back."
"Again a company arise to loot innocent people’s money. Beware friends do not get involved in this MLM company and waste your money. Do not become greedy and invest your hard earned money in any MLM Companies. They will show you dreams and take away your cash and vanishes like SpeakAsiaOnline, Qnet India and many more to name...........BEWARE. Remember My Words. Control your Greed. Don't Become a Pray."
"Once again Hat's Off to Moneylife for bringing into the open another MLM which will only milk the late comers to pay off the earlier members."
Moneylife has written several articles on frauds that lure people by floating various MLMs and frequently warned investors that “If it looks too good to be true, it usually is.”