India's GDP projected to grow at 7.6% in FY16
India is all set to become the world's fastest-expanding major economy despite a slight moderation in the third quarter, with FY16 GDP projected to grow at 7.6% compared with 7.2% last year.
This will help the Modi regime deflect criticism that it's not doing enough to accelerate recovery.
The faster growth is largely because of an upward revision in first-quarter growth that showed the economy lost steam in the third quarter to 7.3%. First-quarter growth was revised to 7.6% from 7% while that for the second quarter was restated to 7.7% compared with 7.4% estimated earlier.
Hiring to increase 14.5% in 2016: Study from India Skills Report
According to a new study, Indian companies are expected to create 14.5% more new jobs in 2016 than the previous year with the pharmaceuticals and healthcare industry leading the trend by creating 1.34 lakh new jobs, which translates into a 20% jump year on year.
The study was from India Skills Report - a joint initiative of PeopleStrong, Wheebox, Confederation of Indian Industry, LinkedIn and Association of Indian University (AIU) - attributed the projected increase in healthcare sector hiring to the government initiatives as well as private investments in pharma, life science and healthcare sectors.
Indians would rather spend on services than smartphones: Accenture survey
India considered to be one of the fastest growing markets for smartphones may be reaching a saturation point as most of the people are not looking to upgrade their phones in next 12 months, according to a digital consumer survey by Accenture. On the other hand many people are looking to increase their expenses on services.
"Only 48 per cent of consumers plan to purchase a smartphone in the next 12 months; this is a six-point drop from the purchase intent rate last year and a more than nine-point drop from the 2014 peak," Accenture said in the survey.
Three years after its launch, Firefox smartphone OS is being shut down
The Firefox smartphone operating system is being shut down, three years after a launch aimed at challenging the dominant platforms powered by Apple and Google, developers said.
The operating system created by the Mozilla developer community as an open-source system failed to gain traction in mobile devices, according to a statement from Mozilla developer George Roter.
Roter said Mozilla made the decision as part of a push "to pivot from 'Firefox OS' to 'connected devices'" and would be focusing on developing open-source software for the Internet of Things - the a category which includes everything from connected cars to lightbulbs.
Rupee breaches 68-mark against US dollar
Rupee depreciated by 28 paise to trade at 68.26 against the US dollar in early trade at the Interbank Foreign Exchange. This is mostly because of increased demand for the American unit from importers and banks amid a lower opening in the domestic equity market.
Sustained capital outflows also weighed on the domestic unit but dollar's weakness against some currencies overseas limited the rupee's fall, dealers said.