HACKED!!

There is a saying that even the best technical marvels failed due to lack of maintenance. Maintenance is a an integral part of an website. You may have the best codes and the highest security but one fine morning you may find that your website has been hacked.

Also like keeping your website updated with the latest Technological developments they say. Today's customer want new and updated technologies. In Bengal they say " You have to be ahead or else you have to be behind"

Choosing the proper guy for your web maintenance is another thing, where you have to decide on the right product, the world is round and there are the cheapest solutionz available but does every cheap solution suit t what you need. A cheaper solution will be HACKED, I told my customer one day as a marketing guy. He told me I am over confident and I could not compete in the market with high prices. I was quiet. A month later he called me, and gave me the order. He once told me my price was high but now he is happy with my service.

To cut the story short.
Without maintenance and updates the competitors will eat your business.


Call: anindya@pixelsolutionz.com/ +91-9836521057 (Watsapp)
HEAD-BUSINESS DEVELOPMENT
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Dubai billionares

Gold smugglers switching over to cigarettes, currencies

In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore

With the channel set three years ago to import gold illegally into the country not giving enough returns to cover the risk involved, operators of these channels - the smugglers, in simple words - are now increasingly switching over to illegal import of cigarettes. This is because of the "much higher RoI (return on investment)", according to intelligence officials.

The cost of a Rs 10 cigarette typically goes up to Rs 220 if imported legally. That is the margin the smugglers can corner, since they don't pay import duty. Even if they pass on some of the benefit from the evaded duty, they still make a good amount of profit.

Among other items these dealers are focusing on for unofficial imports are foreign currencies, especially those of West Asian countries.

Operators keenly look at the economic viability of a business. In gold, for example, the earlier 10 per cent duty was a major benefit. Among expenses, they had to count out an average three-four per cent hawala cost for procuring dollars from the illegal market to pay the carriers bringing gold bars, and for cost of seizures.

An average 6-10 per cent premium in 2013 and 2014 made the business very lucrative. But now, gold smuggling is becoming increasingly difficult, with the premium for physical delivery vanishing, and the risk increasing because of revenue agencies' tighter vigilance.

In 2014, the World Gold Council had estimated that unofficial imports into the country could be worth around 200 tonnes. Now, GFMS Thomson Reuters has pegged unofficial imports in 2015 at a little over 100 tonnes.

The operators, however, want to use the channel set for gold more profitably. And cigarettes, especially with a significant increase in duties, present a lucrative option.

Through seizure of imported cigarette consignments sought to be brought into the country clandestinely, without paying duties and other taxes, has increased significantly over the past year, smugglers are bringing products of top global brands more frequently.

These include the costlier ones like Davidoff, Gudang Garam, Djarum Black Slimz, Moods, Esse Lights, Dunhill Switch and Mond.

A reliable source in the know of intelligence agencies says: "Department of revenue intelligence (DRI) has seized more than 50 containers of various brands of imported cigarettes like Gudang Garam, Esse, Dunhill, etc, valued at Rs 200 crore in the past 18 months. These seizures have taken place across India. Cigarettes are usually shipped from Dubai."

"Such a huge haul was not seen previously. The reason for this are the steep import duty and local taxes on this product," said the source, adding, "what we see is that the same groups that were involved in gold smuggling earlier are now active in cigarettes now".

Syed Mahmood Ahmad, director, The Tobacco Institute of India, said: "The reported seizures reflect only the tip of the iceberg. For every seizure by enforcement agencies, there are dozens of consignments of contraband cigarettes that slip through surveillance and find their way into the market."

Euromonitor International, a global research organisation, estimated illegal cigarette imports into India in 2014 at 22.8 billion sticks, making the country the fourth-largest market globally for illegal cigarettes. In fact, industry body Ficci recently estimated that the overall market for illegal cigarettes in India now was 20.2 per cent of the cigarette industry's total size, up from 15.7 per cent in 2010, resulting in a revenue loss of Rs 9,139 crore to the national exchequer.

Ahmad said: "Over the past three-and-a-half years, on a per-unit level, excise duty and VAT on cigarettes have cumulatively gone up by 98 per cent and 124 per cent, respectively. This is exerting a pressure on the legal cigarette industry's volumes, even as illegal trade grows unabated."

Besides, with a tightening of regulations to curb the flow of unaccounted money, as well as anti-money laundering provisions, bringing West Asian currencies illegally and selling those to travellers and businessmen planning to visit those countries is also gaining ground.

Booming black market

• In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore
• Euromonitor International estimates illegal cigarette imports at 22.8 billion sticks in 2014, making India the 4th-largest illegal cigarette market in the world
• Industry body Ficci recently estimated the overall market for illegal cigarettes in India at 20.2% of the industry size, up from 15.7% in 2010
• Illegal cigarette imports have led to a revenue loss of Rs 9,139 crore (Rs 91.39 billion) to the exchequer
• Bringing West Asian currencies illegally is also gaining ground

Market crash? 5 ways to make a good fortune

Buying stocks during bad times can lead to good returns.

When investment gurus such as George Soros and Jim Rogers start saying things are looking really bad, investors need to worry.

But, then, these are also times to remember the famous saying of another investment guru, Warren Buffett: be greedy when others are fearful.

But, it isn’t easy to be greedy because investors tend to follow the herd.

The current market seems to be testing the patience of investors again. Just when things seemed to be changing after a good five-six years, global unrest can come back to plague Indian stock markets.

There are a few things that you can/should do in this market.

Don’t exit at a loss: Experts say long-term investors don’t really need to panic.

When the Sensex crashed to 8,160 in March 2009 due to global economic crisis, it was back to 14,300-level two months later in May - a recovery of 75 per cent. Within seven months, it touched 17,300-level, or 112 per cent.

In stock market, the longer the correction, bigger is the upside, says Gautam Sinha Roy, vice-president and fund manager at Motilal Oswal AMC.

Sitting out after losing money is the biggest mistake an investor can do, even for a short period.

Between October 27, 2009 and November 4, 2009, the market went up 24.93 per cent.

More recently, in September 2013, the market rose 9.67 per cent within eight trading sessions.

Buy more: A correcting market is a great opportunity to buy or even start a systematic investment plan.

Individuals can use the spare cash to invest in the market in a staggered manner. Those already in the market for three years would be sitting on a profit.

The market is still up 22 per cent since January 2013. These investors should continue their investments as usual, especially if they are investing via systematic investment plans.

You can also raise the SIP amount slightly depending on your cash flows.

If you are investing in equities directly, go for companies that you are comfortable with and whose business you understand. 

According to investment experts, amid global bad news, there are still many positives for the Indian economy.

G Chokkalingam, founder of Equinomics Research & Advisory, believes like European Union, other countries would continue with quantitative easing and postpone the current problems for another three to five years.

Changes to portfolio: In a recent report of Morgan Stanley, Chetan Ahya, its co-head of global economics and chief Asia economist, and Ridham Desai, managing director and head of India research, say investors should be positioned in long dollar trades, consumption plays and government policy beneficiaries.

Roy of Motilal Oswal prefers sectors such as retail-oriented banks and pharma. But, he says investors need to be selective while picking stocks directly.

He also advises that investors can avoid small- and mid-cap stocks unless they find one that has high competitive advantage in its sector and also a healthy balance sheet.

Roy, who manages a multi-cap fund, has moved most of his holdings to large caps.

Asset allocation: Financial planners say the best thing to do in a falling market is follow the asset allocation strategy.

Say, your portfolio comprises 70 per cent equity and 30 per cent debt. Keep a margin of five to 10 per cent for each asset.

So, if equity allocation goes below 60 per cent, replenish your asset allocation to maintain the balance.

This will automatically tell you when to book profits and when to pour more money into an asset.

Keep cash: Chokkalingam has been telling his clients to keep around 30 per cent of portfolio in cash or liquid funds.

He says cash gives you the flexibility to invest on dips or can be used for investment opportunity that is open for a very short period. It also lowers the risk in your portfolio.

Even mutual funds sit on some cash when markets undergo correction for an extended period and deploy them slowly over time.

Whatever changes you make, do keep tax in mind.

'India best poised among emerging markets'

Despite good fundamentals, capital flows to India can dry up if investor sentiment towards emerging markets (EM) turns adverse, believes Nischal Maheshwari, head, institutional equities, Edelweiss Securities. 

Image: Domestic inflows were indeed very buoyant last year. Photograph, courtesy: BSE

 

 

In an interview with Ashley Coutinho, he says EM asset classes could rally if the pace of US Federal Reserve rate increases moderates.

Edited excerpts:

Equity markets have seen a sustained fall since March last year. What is your outlook for the year ahead?

Emerging markets (EMs) have fallen at least 25 per cent since March in dollar terms.

This is one of the steepest corrections after the Lehman crises (starting 2008).

While the China slowdown did have a role in this sell-off, I think the role of the US Fed lift-off is understated.

Last year, while the US was gearing for a lift-off, the growth of EMs was slowing, with a lot of central banks (including China's) trying to ease monetary policy.

This divergence accentuated the outflows from EMs. 

If the pace moderates of Fed rate hikes, the trend of outflows from EMs would subside and asset classes there could rally, given the sharp corrections in most of their prices.

However, the yuan devaluation poses a risk to the outlook.

How is India placed among EMs?

Given, the sharp correction in commodities and oil prices, and a lower inflation and current account deficit, India is best poised among the EMs.

However, if the Fed goes aggressive on rate hikes, it is likely to dampen the overall EM investor sentiment.

And, as we observed in 2015, despite having good fundamentals, capital flows dry up if investor sentiment towards EMs turns adverse.

What risks does a slowing China pose?

China saw unprecedented growth for the past 20 years. This has resulted in a large number of people being lifted out of poverty.

It is now a middle income economy and its demographics are deteriorating.

Hence, it is due for a structural slowdown. This could be actually good for global growth, as it reduces imbalances and keeps commodity prices in check. However, a sharp slowing does pose a risk, as it will make deleveraging difficult and cause a further slide in commodities.

What is your assessment of the December quarter results?

We expect this to be another soft quarter. In our coverage universe (excluding oil marketing companies), the (growth in) top line and profit after tax are forecast to be flat, year-on-year.

Domestic consumer discretionary and private sector banks are expected to post decent growth.

However, defensives such as consumer staples and information technology might see a fresh down-leg, with decadal low profit growth, owing to the impact of rural stress on the former and the one-off impact of the Chennai floods on the latter.

Commodities, automobile exports (Tata Motors) and public sector banks are likely to clock a soft quarter, with profits continuing to contract in teens.

It's largely the domestic institutional players that supported the market last year. Will this continue in 2016?

Domestic inflows were indeed very buoyant last year. This is perhaps due to the improvement in urban real incomes.

The subdued prospects of property markets and gold also seem to have played a part in the equity inflows.

Going into 2016, we expect these trends to continue and domestic institutional investors to continue to support the markets.

However, if the Nifty corrects by another 10 per cent from here, there could be redemptions and domestic flows could moderate.

Could last year's rally in mid-caps and small-caps sustain?

Last year, mid-caps and small-caps outperformed the Nifty (benchmark index), despite negative returns in the latter.

This is a historical anomaly. A possible reason is that mid-cap and small-cap companies are less globalised than the Nifty.

Two-thirds of Nifty revenues and half of profits come from either commodities or exports.

The poor external backdrop, accompanied by a collapse in commodity prices, resulted in a Nifty correction.

Mid-cap and small-cap companies are more domestic focused and had better earnings and performance.

This trend of small-caps outperforming large-caps is also observed in Europe, where the former have outperformed the latter by about 15 per cent.

Which sectors are you bullish on? 

For 2016, we expect urban consumption to deliver good returns.

This is because the 7th pay commission recommendations are likely to ensure demand remains intact and most of these companies also benefit from a commodity correction in the form of lower oil prices.

Companies leveraged to government capital expenditure should also deliver good returns in 2016. One should avoid commodity companies.

Manufacturing rises to four-month high in January

Firms hired additional hands to keep up with the production demand

After contracting in the previous month, manufacturing registered a four-month high growth in January following inflows of new business from both domestic and export sources, showed a widely tracked Nikkei purchasing managers'index (PMI) survey. However, investment goods output and new orders fell which may have impact on future growth of manufacturing.

However, inflationary pressures remained on upside because of which a commentator associated with PMI does not expect the Reserve Bank of India to cut the policy rate on Tuesday.

Firms hired additional hands to keep up with the production demand.

PMI rose  to 51.1 points  in January from 49.1 in December. A reading below  50 denotes contraction and one above  that is expansion.

"Alongside a resumption of output at some firms impacted by December’s flooding, manufacturers also benefited from rising inflows of new business from domestic and export clients," said Markit Economics, a compiler of PMI data.

Although the rate of expansion was only moderate, it was the sharpest signalled for four months, it added.

Both levels of production and total new business registered mild increases following contractions in December.

The consumer goods sub-sector remained the principal growth engine at the start of the year, seeing substantial expansions of both output and new orders. In contract, producers of investment goods saw output and new orders  fall, while production volumes  stagnated in the intermediate goods category.

The trend in new export order inflows strengthened during January, amid reports from companies of improved sales demand. "The level of income new export business has now risen in each of the past 28 months," Markit said.

It is here that official figures show just opposite picture. Merchandise exports contracted for 13 months  in a row till December, 2015.

Also, while PMI declined to 50.7 points in October from 51.2 points in the previous month, official figures showed that manufacturing was up almost 10 per cent in October. As such, the PMI numbers should be cautiously interpreted.

According to Markit, January saw further mild job creation in the Indian manufacturing sector with headcounts added to across the consumer, intermediate and investment goods categories.

However, January's increase in employment was insufficient to reduce the pressure on manufacturers'capacity.

Price pressures remained on the upside at the start of 2016, with input costs and output charges both rising during January.

Pollyanna De Lima said," Although the RBI is likely to continue its monetary policy loosening cycle in 2016, February's meeting will probably see the repo rate remain unchanged at 6.75 per cent as the central bank will remain wary of inflationary pressures building in the country."

Navy's action-packed prep ahead of fleet review

Preparations for the International Fleet Review that begins in Visakhapatnam from February 4 to 8 are in full swing.

A detailed security apparatus is in place to ensure smooth sailing of the mega-event, which will be attended by President Pranab Mukherjee, Prime Minister Narendra Modi, Defence Minister Manohar Parrikar and Andhra Pradesh Chief Minister N Chandrababu Naidu and see participation of top naval officials across the globe.

Visakhapatnam is buzzing with excitement as residents have been thronging every available vantage point, parks and footpaths to witness the ongoing rehearsals.

Here's are few glimpses:

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Indian Navy Marine Commandos in an assault drill. Photograph: MoD Photo

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Naval P-8I patrol aircraft with MiG-29Ks. Photograph: MoD Photo

A MiG-29K deploys flares during a drill. Photograph: MoD Photo

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India's two aircraft carriers -- INS Vikramaditya and INS Viraat -- spotted together.Photograph: MoD Photo

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A Sea King helicopter executes a sea rescue. Photograph: MoD Photo

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This is how the Review Column (ships having the President Pranab Mukherjee, Prime Minister Narendra Modi and other dignitaries) shall look on the D-Day. Photograph: Captain DK Sharma/Twitter

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A Sea Harrier aircraft hovers over the RK beach. Photograph: MoD Photo

India's first aircraft carrier, INS Vikrant's new avatar!

Bajaj Auto used metal from Vikrant and processed it to be a part of 'V' motorcycle.

 

 

Bajaj Auto on Monday unveiled a 150 cc bike 'V', which contains metal from India's first aircraft carrier INS Vikrant.

The commuter segment bike is expected to be priced between Rs 60,000 to Rs 70,000 (ex-showroom Delhi).

Sales of the bike would commence from March and the final pricing would be announced at that time.

"The Bajaj V shall usher a new era in commuter motorcycling. We believe the Indian customer buying a commuter motorcycle deserves something that is substantial, solid, and which moves with a sense of purpose," Eric Vas, president (Motorcycle Business), Bajaj Auto said.

The V has been designed and built to be "invincible and will change the experience of commuter biking" much like the Pulsars changed sports biking, he added.

Bajaj Auto Managing Director Rajiv Bajaj said: "We will start with a capacity of 20,000 units month and should demand exceed that, there is no problem in enhancing the capacity further."

He added that the company would first like to focus on the domestic market for the sale of the new product.

"We would first like to focus on the domestic market. The commuter segment is very strong here with market of over five lakh units. Some time down the line we might start exporting it as well," Bajaj said.

On pricing of V, he said: "It would be between Rs 60,000 and Rs 70,000. We will announce the pricing details at the time when we start deliveries in March."

Bajaj Auto purchased the Vikrant metal and processed it to be a part of V motorcycle.

INS Vikrant was commissioned as the first aircraft carrier of Indian Navy in 1961. After years of distinguished service, it was decommissioned in January 1997 and served as a museum till 2012.

In November 2014, the aircraft carrier was dismantled and sold as scrap metal.

"We are proud that lakhs of Indian citizens can now touch the metal of the legendary INS Vikrant," Vas said. 

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The Filipino-made Salamander amphibious tricycle

If you're into car customization, the name Atoy Llave will certainly ring a bell. The man behind Atoy Bodykits and the company's aftermarket exterior designs is quite popular among Filipino car lovers. The curious thing you see here in this video--the Salamander amphibious trike--is Llave's latest creation.

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Meet the top 10 transgender models

It's beautiful to be a transgender and these models are proof!

Earlier this week we told you the story of how Rudrani Chettri is all set to launch India's first transgender modelling agency.

While we laud the 37-year-old for her courageous move, let's take a look at these 10 transgender models who are making waves abroad.

1. Andreja Pejic

Photograph: Courtesy Carlos Alvarez/Getty Images

Meet Andreja Pejic!

She is a mainstay on the ramp -– a supermodel, she has modelled both men's and women's wear.

Andreja reportedly told a magazine that as a kid she would look at her mother put make-up on and envy her. "I would be feeling that's what I want to do when I grow up," she'd added.

She made history in 2015 by becoming the first transgender model to feature in the American Vogue.

The supermodel gained fame as an androgynous model in the late 2000s and was also Jean Paul Gaultier's muse.

2. Carmen Carrera

Photograph: Courtesy Ben Gabbe/Getty Images

It was after Carmen Carrera's appearance in RuPaul's Drag Race in 2012 that she shot to instant fame.

There was also a petition called for to make her Victoria's Secret's first transgender angel.

An actress and model, Carmen has been actively working for trans rights and HIV awareness. She has walked the ramp at several fashion weeks and was a part of the New York Fashion Week 2016.

She has appeared in several high-end magazine covers and has also walked the LA Fashion Week ramp.

3. Lea T

Photograph: Courtesy Tullio M. Puglia/Getty Images

This Brazilian model is the face of American hair-care brand Redken.

The first transgender model to front a global cosmetics brand, she has also modelled for Givenchy.

She was pictured in a passionate locked embrace with Kate Moss on the cover of Love Magazine.

4. Arisce Wanzer

Photograph: Courtesy Courtesy Arisce Wanzer/Facebook

She is the face of Kenneth Cole.

An advocate of transgender rights, she has walked for plenty of Miami Fashion Weeks.

5. Geena Rocero

Photograph: Courtesy Michael Loccisano/Getty Images

Geena was a successful swimsuit model for 12 years before she came out as a transgender during a TED talk.

She underwent a sex reassignment surgery at the age of 19.

6. Ines Rau

Photograph: Courtesy Pascal Le Segretain/Getty Images

This French-born model has posed for Playboy's Art Issue.

In 2013, Ines Rau's nude photo-shoot with model Tyson Beckford for a luxury magazine grabbed eyeballs.

7. Isis King

Photograph: Courtesy Gary Gershoff/Getty Images

Isis was the first transgender model to feature in America's Next Top Model.

She has walked the ramp for various fashion shows and in 2012 she became the first transgender to model for American Apparel.

8. Hari Nef

Photograph: Courtesy Randy Shropshire/Getty Images

This 22-year-old model is the first trans woman to get signed by top modelling agency, IMG Worldwide.

With an edgy, androgynous fashion sense, she has walked the ramp for Gucci.

9. Valentijn De Hingh

Photographer: Courtesy Valentijn De Hingh/Instagram

Valentijn De Hingh has walked the runway for high-profile designers like Maison Martin Margiela and Comme de Garcons.

She also graced the covers of Love Magazine and Vogue Italia.

10. Jenna Talackova

Photograph: Courtesy Mark Blinch / Reuters

In 2012, Jenna Talackova was disqualified by the Miss Universe Organisation for not being a 'naturally-born women'.

She has modelled extensively in Canada and featured in the cover of Elle Canada. She has also modelled for a PETA campaign.

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India beat Australia in Sydney, complete 3-0 rout

Images from the third and final T20 International between Australia and India at the Sydney Cricket Ground.

IMAGE: Suresh Raina of India and Yuvraj Singh of India celebrate victory with teammates in the third T20 against Australia in Sydney. Photograph: Matt King/Getty Images

India beat Australia by seven wickets in the third and final Twenty20 match at the Sydney Cricket Ground to win the series 3-0.

Chasing a formidable 198 to complete a clean sweep, the visitors won with the final ball of their innings, Suresh Raina (49 not out) hitting the winning boundary.

- Scorecard

Besides recording their highest run-chase ever on Australian soil, the win also promoted Mahendra Singh Dhoni's boys to the
top of the ICC T20 rankings and they now lead the table in the shortest and the longest format.

This also happened to be India's second highest run-chase after they overhauled 202 against Sri Lanka at Rajkot back in 2010.

IMAGE: Shane Watson of Australia (right) celebrates with teammate Travis Head after scoring a century. Photograph: Matt King/Getty Images

Earlier, stand-in captain Shane Watson pulverised a mediocre Indian bowling to smash an unbeaten 124 as Australia scored a commendable 197 for five.

The seasoned all-rounder played only 71 balls hitting 10 fours and half a dozen of sixes carrying his bat through the innings after winning the toss. Such was Watson's dominance that the next best score was 26 from Travis Head. 

Indian bowlers who were impressive in the first two games were belted out of the park as Australian batsmen hit a total of 16 boundaries and seven sixes in their innings.

The hit pair of Ravichandran Ashwin (1-36) and Ravindra Jadeja (1-41) gave away 77 runs in their quota of eight overs together.

Watson proceeded to score his maiden T20I hundred, surpassing his previous best of 81. It was also the highest score by a captain, besting Faf du Plessis' 111.

IMAGE: Rohit Sharma of India celebrates and acknowledges the crowd after scoring a half century during the Sydney T20. Photograph: Mark Metcalfe/Getty Images

Chasing a seemingly improbable target, India began in an impressive manner, adding 46 runs off their first 20 ball, thanks largely to a 9-ball 26 by Shikhar Dhawan.

Shaun Tait (0-46) and Scott Boland (0-34) were taken to the cleaners.

Watson had the Delhi batsman caught behind in his first over. However, the in-form Kohli then joined Rohit Sharma at the duo maintained the scoring rate, adding 78 runs (off just 55 balls) for the second wicket.

The duo was gathering runs at pace as the Indian 100-mark came up in only 9.4 overs. Rohit reached his ninth T20 fifty in the process.

An impressive Cameron Boyce (2-28) had Rohit (52) caught by Watson at midwicket. 

IMAGE: Virat Kohli of India bats during the Sydney T20 against Australia. Photograph: Matt King/Getty Images

Kohli completed yet another half century (50).

It was his 12th T20I half century.

In fact, Kohli's aggregate of 199, from the three matches, was impressive enough to win him the player of the series honour.

However, Boyce did manage to get him out immediately after, the batsman deflecting the ball onto his stumps.  

IMAGE: Suresh Raina of India (left) celebrates hitting the winning runs on the last ball of the match with Yuvraj Singh during the Sydney T20. Photograph: Matt King/Getty Images

Raina and Yuvraj Singh (15 not out) kept their cool as they blasted the required 17 runs off the final over to chase down a mammoth target.

Rookie Andrew Tye was given the final over by Watson with 17 runs to get with a shaky Yuvraj batting for the first time in the series on strike. He had scratched his way to five off nine balls before whipping a delivery on the pads over fine leg for a boundary.

With 13 needed from five balls, it was vintage Yuvraj as he rocked back and smashed Tye over deep mid-wicket for a six to bring the equation down to 7 from four balls. Yuvraj and Raina - his 25-ball effort had half a dozen fours and a six - then scampered home for a single to make it six from three balls. 

A couple of doubles from Raina made it two from the last ball as all the fielders were brought inside the circle. The UP left-hander kept his cool as he slashed it over point and the Indian dug-out erupted in wild celebrations as the players rushed to the ground to congratulate the duo. 

'GST is the Brahmastra for the Indian economy'

'2017-2018 will be one of the best years for the country.'

'The wheel has finally started moving in the right direction. It should pick up momentum in the next 8 to 9 months to have a positive impact on the economy'

IMAGE: 'India's poor infrastructure is the biggest challenge for 'Make in India' to succeed,' says ASSOCHAM President Sunil Kanoria.

Sunil Kanoria, the president of The Associated Chambers of Commerce & Industry of India, tells Shobha Warrier/Rediff.com in in an exclusive interview that the Modi government needs to address a few issues to ensure that India grows at 8% consistently.

Kanoria, bottom, left, the co-founder and vice-chairman, Srei Infrastrcture Finance Ltd, wants the Goods and Sales Tax to be introduced in the pure form and not diluted to give leverage to some states that are into manufacturing.

From the industry's perspective, do you see the Indian economy in a positive note now?

I would say it is getting positive slowly. From 2010 onwards, because of poor administration, the judiciary had to intervene in every aspect like the 2G verdict and the coal scam.

With so many scams getting exposed every day, and the retrospective tax issue, the entire atmosphere was so negative that many international investors lost huge amounts of money.

The five years of policy paralysis, poor governance and wrong activism had a massive impact on India's economy and businesses.

The damage done during the period was so huge that it is taking time to come out of it. Everyone around was frustrated and there were high hopes when this government came to power in 2014.

True, it is taking time for this government to correct all the wrongs, but they are taking the right steps by making some corrections in the regulatory framework and by ushering in transparency in governance.

We are starting to see some changes. For example, in the road sector, projects were stuck, but now they are getting released and work has started once again.

The damage was huge and people were badly bruised in terms of high debt and heavy leverage Industry, thus, needs a large amount of capital to kickstart everything. Capital has started coming in as Prime Minister Narendra Modi has been able to market India very well.

Global investors are looking at India with renewed interest and foreign funds have started flowing. The increase in foreign direct investment during the past 6 to 9 months is impressive.

How much did the intolerance debate affect business and India's image?

India is such a tolerant country that we tolerate intolerance. Are we not talking about it? Are there not debates on intolerance in the media and in Parliament?

The intolerance debate has not affected business at all. We may have witnessed a few stray incidents, but that does not give anyone the right to label the country as intolerant.

As a country, we have tolerated everything. Our scriptures teach us tolerance.

I don't think these incidents have affected India's image. India's image is quite positive and strong internationally. Yes, India has its problems and challenges, and India cannot be what China is. It cannot suddenly grow at 10 per cent.

You said India couldn't be China. Is it because we are a democracy?

Yes. We are a strong democracy and the country has its own pulls and pushes. It is not an easy task to govern India. But even if we are able to grow at 8 per cent consistently over a long period of time, it will be very good.

Is 8 per cent consistent growth possible?

I think it is possible.

Which sector must India concentrate on to attain 8 per cent overall growth? Where do you see the growth happening?

The key sector is infrastructure. India's poor infrastructure is the biggest challenge for 'Make in India' to succeed. The rebuilding process will happen through government expenditure as many suffered losses through public-private partnerships.

When you start building infrastructure, it has a multiplier effect. It will have 15 to 20 per cent effect on the economy as you are creating an asset and distributing wealth. It is the core driver and the onus is on the government.

Of course, public-private partnership will also work, but it is the government who has to kick-start the process, and thankfully that has happened.

IMAGE: 'Let the central government concentrate on infrastructure asset creation. Let them build roads for the benefit of the nation,' says ASSOCHAM President Sunil Kanoria.

Nitin Gadkari says the government is building 14 kms of road per day, and by March, they hope to take it up to 30 kms. Are you happy with this?

The road sector alone cannot kick-start the economy. The Railways also is quite proactive and the ground effects will soon be evident. Many other projects are also off the ground in terms of regulatory framework, which is a good sign.

New projects are being awarded now. Most of the contractors do not have capacity because of past problems. But that problem is now being overcome and new sponsors and new contractors are joining the fray.

Though slowly, the wheel has finally started moving in the right direction and it should pick up momentum in the next 8 to 9 months to have a positive impact on the economy.

China is described as the manufacturing capital of the world. Will Modi's 'Make in India' campaign work?

It will take time for the world to accept it. There are plenty of bottlenecks, which need to be corrected -- like the ease in doing business, the tax regime, and, of course, the GST Bill. The GST Bill is particularly critical.

You are saying the GST Bill is critical while some others say GST is not the Nirvana of the Indian economy.

I would say GST is the Brahmastra that is needed for the economy. The Indian tax system has divided India into different states. Doing business between different states in the country is a nightmare.

Comparatively, it is easier to do business in different countries. Engaging in export and import is easier than doing business within the country.

The GST, is thus, the key thread that will link all the states and conducting business will be easier.

It is very important that the GST is introduced in pure form and not diluted to give leverage to some states that are into manufacturing.

There is a proposal to give different rates to the states that manufacture. Such a proposal will kill the bill. It must be reasonable in terms of rates but not a distorted one.

You mean a GST Bill in the right form can transform the Indian economy?

Yes, it can. I feel the country can have at least 1-1 ½ per cent more growth because of this. For 'Make in India' to happen and international investors to come in, such a bill is absolutely essential. For them, the market is the entire country and not different states.

You may have production in one place and consumption in some other place, so it is essential to ensure easy movement of goods across the country.

Are you hopeful of the GST Bill getting passed?

All parliamentarians should understand that for India to grow, the GST is very important. We appeal to all of them to realise this and rise above their political differences and think about the country.

There were talks about the Land Acquisition Bill in the last session of Parliament, but now you don't hear a whisper. Is it not important for economic growth?

According to me, the Land Acquisition Bill should have been looked at in a different manner. As land is a local subject, you should allow state governments to take a decision on this.

If a state does not create a good policy, industries won't go there. Industry will go to a place where the state is interested in development and welcomes businesses.

Let the central government concentrate on infrastructure asset creation. Let them build roads for the benefit of the nation.

The criticism against the Modi government is that it is selling India to the capitalists and multinationals. How do you respond to this?

It is a wrong thing to say. It is also a very old, wrong, thinking. Nobody is selling the country and it is not feasible to sell the country.

You are attracting capital and bringing in resources and not selling or becoming slaves to multinationals.

Unless you bring in enterprise, how do you create jobs?

You must understand good capitalism is beneficial for the development of the poor.

Those who expected Modi to provide jobs are now getting restless...

After the economic tsunami of the past, most of the people were either in the ICU or on ventilator and they were in pain.

When you are in pain, you expect the doctor to give you an injection and hope for an immediate cure. But it doesn't happen that way. If the disease is too advanced, it takes time to cure.

I am sure when this government occupied the hot seat, they didn't know what kind of mess they were going to face. To correct the mess, you have to take the entire system together.

People expected Narendra Modi to clear all the mess at one go. One thing is clear: The actions taken so far and the guidance given by the Modi government is in the right direction in terms of ease of doing business with transparency as the key driver.

What this government is doing today will result in a stronger foundation tomorrow.

Wherever he goes, Modi talks about no corruption in his government. As a business person, from the industry's point of view, has corruption come down and is there more transparency today?

I would say corruption has come down from what it was in the past.

How long do you think it will take India to see some results?

I feel by the second half of 2016, we will start seeing results. 2017-2018 will be one of the best years for the country.

The pain of innovation

The power to cause societal pain, at least to some segments of society, is intrinsic to the nature of technological innovation, says Ajit Balakrishnan.

Whenever the talk about innovation bubbles up into a fever, as it is currently doing in India, I abandon my normal route to work from Colaba to Mahim through pretty Marine Drive and take the inner route, through Chinchpokli and Jacob's Circle.

I do this to catch a glimpse of what is now called Kasturba Hospital and bring myself back to the ground.

The Kasturba Hospital was built in 1892 as The City Fever Hospital.

In the late 19th Century, the city, then called Bombay, was struck by a series of epidemics: malaria, cholera, Spanish influenza, and, most of all, the bubonic plague.

Why Bombay? It was then, like today, India's most internationally connected city and ships carrying infected people from Hong Kong brought these diseases, and spread from Bombay city to the rest of western and northern India.

In Bombay city alone nearly 200,000 people died in that last decade of the 19th century.

The innovation called "vaccines" was still a decade away, so the British colonial government of that time started enforcing the only measure governments of that time knew against such epidemics -- isolating the infected people in hospitals such as The City Fever Hospital to limit the spread of these diseases.

Widespread protests erupted against this enforced segregation. In Poona, the British official in charge of enforcing this segregation, W C Rand, was assassinated to the applause of many nationalists.

What was an innovative measure to combat a deadly epidemic, in fact the only known measure at that time, was interpreted as yet another act against Indians by the colonial government.

The protests around this were a clear accelerator to the Indian Independence movement.

Everyone loves innovation, but, what is often not recognised is that innovations, particularly the really big ones, cause societal crises which can then be harnessed by astute politicians for their causes.

In a similar vein, in the early years of the 20th century, the synthesis of indigo from synthetic sources through innovations in chemistry caused hardships to the indigo growers of Champaran in Bihar -- whose protests Gandhiji went on to lead, gaining him prominence in India's nascent Independence movement.

The Congress party's flag, which was used to rally all Indians to the Independence movement to drive out the British colonial government, had for many decades a charkha, the hand spinning wheel, a symbol of indigenous technology that was made obsolete by the arrival of the Spinning Jenny and the use of machines that could multiply productivity manifold.

The power to cause societal pain, at least to some segments of society, is intrinsic to the nature of technological innovation.

For that reason, more often than not, it creates forces that push back and create not only new leaders, be it Tilak in Poona or Gandhi in Champaran, but also protests from novelists and poets.

The late 18th century innovations in yarn spinning and textile weaving that we now know of as the First Industrial Revolution, created immense changes in English society -- and the work of poets like William Wordsworth and novelists like Charles Dickens in novels such as Hard Times is the response of many at that time who yearned for an idealised, simpler past.

What is intrinsic to technological innovation that causes pain to some segments of society? This arises from the "disruptive" nature of genuine innovation.

Clayton Christensen of the Harvard Business School was the first to point out how this disruptive innovation process works.

When they first appear, disruptive innovations may be considered inferior by most; typically, the best customers are not willing to switch to the new offering even when its prices are substantially lower.

But there are other customers who value the low price and often lower features.

Thus, the arrival of machine-spun yarn at much lower prices was ignored by the spinners in 19th century India.

The arrival of relatively crude textiles which could not even remotely match the exquisite handloom sarees was ignored by handloom weavers.

The arrival of chemistry as science brought indigo from coal tar and much lower prices and was ignored by people who were thriving on growing the indigo plant.

When the lower price version spreads it does two things -- on the one hand it makes it affordable to vast new sections of the population; on the other hand, it impoverishes the incumbents who continue their high-price, high-quality product till it's too late.

What are the promises and threats of the current technologies of the internet and web that we see swirling all around us?

Many observers view this wrongly as "e-commerce", a way of locating, selecting, buying and getting delivery of heavily discounted products.

It is much more than that. It is essentially the promise of making all kinds of professional services ultra-cheap and of even higher quality than today.

These technologies will make, for instance, financial, legal, medical and educational services of very high quality available at a fraction of their current prices.

This is bound to make the lives of the average citizen much easier -- but it will also mean a drastic reduction in the numbers and incomes of bankers, lawyers, doctors and teachers.

This is not going to happen without massive societal pushback.

When I passed by Kasturba hospital, today, I paused and tried to imagine what it would take to hasten this era of affordable financial services, justice, medicine and education without succumbing to societal pushback.

Ajit Balakrishnan, founder and CEO of Rediff.com, is the author of The Wave Rider, A Chronicle of the Information Age. You can reach him at ajitb@rediffmail.com