Citizens' Issues
Smaller cities to spearhead smartphone growth in India: IDC
New Delhi : With the growing appeal and penetration of smartphones, tier 2 and 3 cities will spearhead the next wave of growth for the Indian smartphone market, the latest report from the International Data Corporation (IDC) has predicted.
 
According to the “Monthly City Level Smartphone Tracker” report released on Thursday, the leading 30 cities of India make up approximately 51 percent of the smartphone market in the fourth quarter of 2015.
 
While New Delhi generated the maximum demand, Mumbai followed it closely in that period. 
 
Twenty five major tier 2 and 3 cities currently make up around 21.3 percent of the Indian smartphone market, said the report, adding that most of the demand in smaller cities is for 3G models but with increasing 4G smartphone portfolio across all brands, the demand for 4G smartphones is expected to grow exponentially.
 
“The smartphone consumers in tier 2 and 3 cities are becoming more aware and demanding. The 4G revolution is promising to trigger the next wave of smartphone growth with 4G enabled devices already overtaking 3G devices as the largest smartphone category,” said Jaideep Mehta, managing director, IDC South Asia.
 
There is a clear trend of migration from feature phones to low-end smartphones in smaller cities and towns, making these markets the next growth engine for the smartphone industry.
 
“With the first time mobile phone users coming on a smartphone, it will be their only connected device which meets all of their internet and entertainment needs” added Swapnil Bhatnagar, research director, IDC India.
 
Chinese vendors like Lenovo, Motorola and Xiaomi are gaining market share in these cities “due to their superior positioning as quality brands, with a value for money proposition,” Swapnil noted.
 
The top five cities of India make up nearly 60 percent of the online smartphone sales in India, the report 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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January service sector index hits 3-month low
New Delhi : India's services sector activity fell to a three-month low amidst subdued growth in new orders, a key macro-economic data showed on Thursday.
 
The Nikkei Business Activity index fell to a three-month low of 51.4 in February, from 54.3 in January, adding to expectations of a rate cut by the Reserve Bank of India following the union budget for 2016-17 maintaining the fiscal deficit targets for this fiscal and the next, earlier this week.
 
An index reading of above 50 indicates an overall increase in the economic activity, below 50 an overall decrease.
 
The survey said although new services orders continued to rise in February, the rate of expansion eased to the weakest since November 2015, as firms faced strong competition for new work during the month.
 
Instead, the Nikkei India Composite PMI Output index, which tracks both manufacturing and services sectors, fell to 51.2 in February, from January's 11-month high of 53.3.
 
"India's economic growth softened during February, with slowdown evident across both manufacturing and service sectors," said Pollyanna De Lima, economist at Markit, which compiles the survey.
 
"Demand conditions in the country appear to be weak, as indicated by lacklustre increase in new orders," De Lima said.
 
"Although PMI data still signal expansion in output and incoming new work, recent figures are considerably low by historical standards," she added.
 
Survey respondents' confidence on the 12-month outlook for business activity remained positive, although sentiment waned since January.
 
On the possibility of a Reserve Bank rate cut, De Lima said falling price pressures and global economic challenges may open up room for a dovish policy.
 
"One centrepiece of the latest survey result is evidence of fading inflationary pressures which combined with a stuttering recovery and an increasingly challenging global backdrop open up room for a rate cut," De Lima said.
 
At its sixth and the fiscal's final bi-monthly monetary policy review last month, the RBI kept its key lending rate unchanged at 6.75 percent.
 
"The Reserve Bank continues to be accommodative even as it leaves the policy rate unchanged in this review, while awaiting further data on inflation," RBI Governor Raghuram Rajan said in his policy statement.
 
India's consumer price indexed (CPI), or retail, inflation has been rising. As per data released last month, annual retail inflation moved up further to 5.69 percent in January, from 5.61 percent in the month before.
 
A seasonal softening in food prices and a sharp drop in fuel costs caused India's annual wholesale rate of inflation to decline marginally to (-)0.90 percent for January from (-)0.73 percent for the month before, official data showed last month.
 
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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Mallya objects to SBI's plea for arrest in debt case
Bengaluru : Liquor baron Vijay Mallya will on Thursday file objections to the State Bank of India's (SBI) interlocutory application (IA) before the debt recovery tribunal seeking his arrest in the defunct Kingfisher Airline's multi-crore-rupee loan default case.
 
"We are filing our objections today (Thursday) against the IA on the merit that the tribunal was not the right forum to seek a defaulter's arrest or impound his passport," Mallya's counsel told IANS here.
 
The bank's IA on Wednesday also sought a direction from the tribunal, headed by judge R. Benkanahalli, to the authority for impounding Mallya's passport, seize his assets and claim on the $75 million (Rs.516 crore) severance package British liquor major Diageo signed with him on February 25.
 
After arguments by the bank's advocate, the judge posted the IA for next hearing on Friday and gave notice to Mallya for filing objections, if any.
 
"The quasi-judicial tribunal is meant to facilitate banks and financial institutions recover outstanding loans speedily and avoid the inordinate procedural delays in civil courts," Mallya's counsel said.
 
Bank's advocate also admitted that he had filed four IAs before the tribunal for Mallya's arrest, impounding his passport, seizing his assets and seeking rights to the Diageo's sweetheart deal in exchange for his resignation as chairman and non-executive director of United Spirits Ltd (USL).
 
Mallya, an independent lawmaker from Karnataka in the Rajya Sabha, is reportedly in New Delhi for attending the budget session of Parliament.
 
A consortium of 17 state-run and private banks led by SBI moved an application a day after the February 25 Diageo deal in the tribunal seeking a directive to Mallya for paying the amount Diageo agreed to pay him over the next five years, including $40 million this year and balance $35 million by 2020.
 
Kingfisher Ltd. owes the consortium Rs.7,800 crore as outstanding loans, including Rs.1,600 crore from SBI as a lead bank over a decade from 2004-12.
 
The debt-ridden airline suspended operations in October 2012 due to staff strike and termination of its licence by the civil aviation regulator DGCA subsequently.
 
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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COMMENTS

manoharlalsharma

1 year ago

Angered to negative publicity Mallya gone to court otherwise other businessman r doing their business as usual under 5/25 model and now gone in profit mode.the lose of opportunity and lock of about 2.33 lac investors, it is not good development.

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