India's 7.5 per cent growth rate may be overstated: US

July 6, 2016

Washington, Jul 6: Underlining that India's 7.5 per cent growth rate may be "overstated", the US has said the Narendra Modi government has been "slow" to match its rhetoric in economic reforms even as it appreciated measures taken by it in areas like bureaucracy and easing FDI restrictions.

IndiaHighly appreciative of the series of economic reforms, in particular streamlining bureaucratic decision making and raising FDI limits in certain sectors, US State Department in a report said yesterday, the Modi government has been slow to propose other economic reforms that would match its rhetoric.

Noting that many of the reforms it did propose have struggled to pass through Parliament, the report "Investment Climate Statements for 2016" said that this has resulted in many investors retreating slightly from their once forward-leaning support of the BJP-led government.

For example, the government failed to muster sufficient political support on a land acquisition bill in Parliament—all but ending its chance of passage in the near term—and is still negotiating with opposition parties the details of a Goods and Services Tax Bill, which if not watered down in negotiations, could streamline India's convoluted tax structure and provide an immediate boost to GDP.

"Ostensibly, India is one of the fastest growing countries in the world, but this depressed investor sentiment suggests the approximately 7.5 per cent growth rate may be overstated,” said the report produced by the Bureau of Economic and Business Affairs of the State Department.

There are few quick fixes to the structural impediments, poor regulatory environment, tax and policy uncertainty, infrastructure bottlenecks, localization requirements, restrictions in many services sectors, and massive shortages of electricity that hinder India's economic growth potential, it said.

Recognizing that the gains from a massive, positive terms-of-trade shock due to lower oil prices that India has benefited from may not be repeated in the current global economic environment, the Finance Ministry has slightly reduced the official growth outlook for next year, it said.

The State Department said the 2014 election marked a turning point in investor sentiment, as a fractured minority government, seemingly unable to advance essential economic reforms, was displaced in favor of a government that had won on a platform of economic growth.

"Additionally, the monetary stewardship of Raghuram Rajan, the respected Governor General of the Reserve Bank of India, further boosted investor sentiment," the report said.

The State Department said despite the challenges, the opportunities are immense for foreign companies operating in India, although many highlight that success requires a long-term planning horizon and a state-by-state strategy to adapt to the complexity and diversity of India's markets.

India's infrastructure needs are estimated at USD1.5-USD2 trillion over the next 5-7 years, offering excellent opportunities for US companies to participate in India's development, provided appropriate mechanisms for financing are developed.

For example, in June last year, PM Modi launched a program to build 100 Smart Cities. Indian conglomerates and high technology companies are generally equal in sophistication and capability to their international counterparts, while certain industrial sectors, such as information technology, telecommunications, and engineering are globally recognized for their innovation and competitiveness, the State Department said.

"India's image as an investment destination was tarnished in 2010 and 2011 by high-profile graft cases in the construction and telecom sectors, exacerbating existing private sector concerns about the government's uneven application of its policies," the report said, adding there is now more clarity on the regulatory front. The State Department said the current government has made some progress in fulfilling its mandate to build a cleaner, more market-oriented, and more competitive India. The government has made changes to some of its policies, including on Foreign Direct Investment, tariffs, and customs procedures, and improving access for the US trade and investment to the Indian market, it said.

"Prime Minister Modi's courtship of multinationals to invest and 'Make in India' has not yet addressed longstanding hesitations over India's lack of effective IPR enforcement," the State Department said in its report.

At the same time, it said the Modi government has been very willing to engage in discussions with the US government and US industry on IPR in 2015. India has made efforts to streamline its IP framework through administrative actions and capacity building, it added.

Despite progress, the Indian economy is still constrained by conflicting rules and a complex bureaucratic system that has broad discretionary powers, the report said.

"India has a decentralized federal system of government in which states possess extensive regulatory powers. Regulatory decisions governing important issues such as zoning, land-use, and the environment vary between states. Opposition from labor unions and political constituencies slows the pace of land acquisition, environmental clearances, and investment policy," it said.

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Agencies
June 9,2020

Soon, you may be able to withdraw cash from an ATM without touching any part of the machine. AGS Transact Technologies, a provider of cash and digital payment solutions and automation technology, on Monday said it has successfully developed and tested a touchless ATM solution in light of the COVID-19 pandemic.

The ‘contactless' solution, currently under demo at interested banks, enables a customer to perform all the steps required to withdraw cash from an ATM using the mobile app itself. 

The customer simply has to scan the QR code displayed on the ATM screen and follow the directions on their respective bank's mobile application. 

This includes entering the amount and mPIN required to dispense the cash from the ATM machine. 

According to the company, the QR code feature makes cash withdrawals quicker and more secure, and negates the chances of compromising the ATM Pin or card skimming.

"The new Touchless ATM solution is an extension of the flagship QR Cash solution which ensures safety of the users and will provide a seamless cash withdrawal experience with enhanced security," said Ravi B. Goyal, Chairman and MD, AGS Transact Technologies Ltd.

With minimum investment, the banks can enable this solution for their ATM networks by upgrading the existing software.

AGSTTL has so far installed, maintained and managed a network of over 72,000 ATMs across the country and also provides customised solutions to leading banks. 

The company earlier introduced UPI-QR based Cash withdrawal solution in partnership with Bank of India. 

This is how the solution works.

Open the Bank mobile application on your smartphone and select QR Cash Withdrawal. Enter the amount you wish to withdraw on the mobile app and scan the QR code on the ATM screen.

Next, confirm the amount by clicking on ‘proceed' in the app and enter the mPin to authenticate the transaction. Now collect the cash and receipt and you are done.

"The seamless, cardless and touchless withdrawal method is designed to provide easy transaction flow, without the need to touch the ATM screen or enter the pin," said Mahesh Patel, President and Group Chief Technology Officer, AGS Transact Technologies.

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Agencies
May 22,2020

Kochi, May 22: During the nationwide COVID-19 lockdown, Kerala recorded the highest number of cyber attacks followed by Punjab and Tamil Nadu, a study by anti-virus software firm K7 Computing said on Thursday.

In a statement issued in Chennai, the company said its K7 Computing's Cyber Threat Report, a comprehensive analysis of cyber attacks during the lockdown has found that Kerala recorded the highest number of cyber attacks during this period. The report analyses various cyber attacks within India during the pandemic and reveals that threat actors targeted the state with COVID-themed attacks aimed at exploiting user trust.

In Kerala, regions like Kottayam, Kannur, Kollam, and Kochi saw the highest hits with 462, 374, 236, and 147 attacks respectively, while the state as a whole saw around 2,000 attacks during the period - the highest thus far in the country.

This was followed by Punjab with 207 attacks and Tamil Nadu with 184 attacks, the company said.

The sudden surge in the frequency of attacks witnessed from February 2020 to mid-April 2020 indicates that scamsters across the world were exploiting the widespread panic around coronavirus at both the individual and corporate level.

These attacks aimed to compromise computers and mobile devices to gain access to users' confidential data, banking details, and cryptocurrency accounts.

The key threats seen during this period ranged from phishing attacks to rogue apps disguised as COVID-19 information apps that targeted users' sensitive data. Phishing attacks were noticed more in Tier-II and Tier-III cities while the metros fared better. Smaller cities saw over 250 attacks being blocked per 10,000 users.

Users from Ghaziabad and Lucknow seem to have faced almost 6 and 4 times the number of attacks as Bengaluru users.

According to the statement, a majority of the recorded attacks were phishing attacks with sophisticated campaigns that could easily snare even the most educated users. These attacks were aimed at heightening users' fears and creating a sense of urgency to take action.

K7 Labs noticed phishing attacks where scamsters posed as representatives of the United States Department of Treasury, the World Health Organization (WHO), and the Centres for Disease Control and Prevention (CDC), the company said.

Users were encouraged to visit links that would automatically download malware on the host computer such as the Agent Tesla keylogger or Lokibot information-stealing malware, infamous banking Trojans such as Trickbot or Zeus Sphinx, and even disastrous ransomware.

Other attacks included infected COVID-19 Android apps like CoronaSafetyMask that scam users with promises of masks for an upfront payment; the spyware app Project Spy; and seemingly genuine apps that are infected with dangerous malware like banking Trojans such as Ginp, Anubis and Cerberus.

"Covid-19 has created an ideal situation for various threat actors to target individuals and enterprises alike. The panic caused by the stringent lockdown measures and rapid spread of this virus has left many people looking for more information on the situation," J. Kesavardhanan, Founder and CEO of K7 Computing was quoted as saying in the statement.

"Threat actors exploit this fear to their advantage and scam users into downloading malicious software and divulging sensitive information like banking codes. The need to be cyber cautious has never been greater. This is more so in the case of corporates who have adopted a work from home policy hurriedly without adequate cyber hygiene. We have seen an increase in attacks on enterprises and SME employees as well," he added.

Such attacks are expected to continue till normalcy returns. Social engineering attacks targeted at winning users' trust will gain momentum.

Healthcare institutions, well-known government offices, and international organisations will continue to be a prime target throughout the pandemic, the statement said.

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Agencies
June 8,2020

Washington DC, Jun 8: Astronomers acting on a hunch have likely resolved a mystery about young, still-forming stars and regions rich in organic molecules closely surrounding some of them.

They used the National Science Foundation's Karl G Jansky Very Large Array (VLA) to reveal one such region that previously had eluded detection and that revelation answered a longstanding question.

The regions around the young protostars contain complex organic molecules which can further combine into prebiotic molecules that are the first steps on the road to life.

The regions, dubbed "hot corinos" by astronomers, are typically about the size of our solar system and are much warmer than their surroundings, though still quite cold by terrestrial standards.

The first hot corino was discovered in 2003 and only about a dozen have been found so far. Most of these are in binary systems, with two protostars forming simultaneously.

Astronomers have been puzzled by the fact that, in some of these binary systems, they found evidence for a hot corino around one of the protostars but not the other.

"Since the two stars are forming from the same molecular cloud and at the same time, it seemed strange that one would be surrounded by a dense region of complex organic molecules and the other wouldn't," said Cecilia Ceccarelli, of the Institute for Planetary Sciences and Astrophysics at the University of Grenoble (IPAG) in France.

The complex organic molecules were found by detecting specific radio frequencies, called spectral lines, emitted by the molecules. Those characteristic radio frequencies serve as "fingerprints" to identify the chemicals.

The astronomers noted that all the chemicals found in hot corinos had been found by detecting these "fingerprints" at radio frequencies corresponding to wavelengths of only a few millimetres.

"We know that dust blocks those wavelengths, so we decided to look for evidence of these chemicals at longer wavelengths that can easily pass through dust," said Claire Chandler of the National Radio Astronomy Observatory, and principal investigator on the project.

"It struck us that dust might be what was preventing us from detecting the molecules in one of the twin protostars," added Chandler.

The astronomers used the VLA to observe a pair of protostars called IRAS 4A, in a star-forming region about 1,000 light-years from Earth. They observed the pair at wavelengths of centimetres.

At those wavelengths, they sought radio emissions from methanol, CH3OH (wood alcohol, not for drinking). This was a pair in which one protostar clearly had a hot corino and the other did not, as seen using the much shorter wavelengths.

The result confirmed their hunch. "With the VLA, both protostars showed strong evidence of methanol surrounding them. This means that both protostars have hot corinos. The reason we did not see the one at shorter wavelengths was because of dust," said Marta de Simone, a graduate student at IPAG who led the data analysis for this object.

The astronomers cautioned that while both hot corinos now are known to contain methanol, there still may be some chemical differences between them. That, they said, can be settled by looking for other molecules at wavelengths not obscured by dust.

"This result tells us that using centimetre radio wavelengths is necessary to properly study hot corinos," Claudio Codella of Arcetri Astrophysical Observatory in Florence, Italy, said.

"In the future, planned new telescopes such as the next-generation VLA and SKA, will be very important to understanding these objects," added Codella.

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