DIGITAL APPLICATIONS
Thirst Trap: Water sustainability issues loom over India's booming data centre industry
India's data centre industry is booming, driven by significant investments from companies like Adani Enterprises. However, this growth raises concerns about the substantial water consumption needed for cooling in water-scarce cities. Operators are adopting alternative cooling technologies like air-cooled chillers to reduce water use. Despite these efforts, India lacks a national policy on data centre water usage. Experts call for sustainable practices to balance industry growth with water conservation.
Tier I cities dominate in blue-collar gig job opportunities: Report
A recent report by WorkIndia highlights the growing impact of the gig economy in India's urban landscape. Tier-I cities dominated short-term blue-collar job opportunities, accounting for 67.1% of openings from June 2023 to June 2024, with Delhi leading at 17.7% and Mumbai at 16.57%. Tier-II cities followed with 26% of job openings, while tier-III cities faced higher competition despite 11% of applications. Back-office roles were most in demand, comprising 34.5% of jobs, reflecting a shift towards digital skills in roles like online marketing, marking a significant trend in workforce dynamics.
P2P lenders adapt to regulatory pressures; GenAI deals in IT
Happy Thursday! Peer-to-peer lending firms are scrambling to comply with the central bank’s rules by tweaking their products. This and more in today’s ETtech Morning Dispatch.
P2P lenders like BharatPe, LenDenClub rework products, business to follow RBI diktat
India's P2P lending startups, including BharatPe, Cred, and LenDenClub, adjust products amid regulatory scrutiny. Lendbox introduces Per Annum, aiming for an OBPP license. Liquiloans expands offline. Bhuvan Rustagi seeks stable returns. RBI targets asset liability mismatch. Cred Mint’s minimum investment is Rs 2 lakh. LenDenClub’s assets under management dropped to Rs 908 crore since March 2023.
Understanding Smart Contracts: The backbone of secure transactions in DeFi
This article explores DeFi and Ethereum-based smart contracts introduced by Nick Szabo, streamlining lending platforms, DEXs like Uniswap, and tokenized assets. Key features include atomic settlements and composability. Despite efficiencies, risks like the Poly Network hack necessitate security audits. Future advancements involve self-custody, AI integration, and interoperability in structured products.
Flipkart expands bill payment suite in partnership with BillDesk
Users now have access to services like Fastag and DTH recharge, landline, broadband bill payments and mobile phone bill payments on the Flipkart platform, the company said on Wednesday. Flipkart has partnered with BillDesk to bring bill payment services for its users.
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The impact of India's 1% TDS on Virtual Digital Assets: A call for reform
India's 1% TDS and 30% tax on VDAs led to a 97% trading volume drop, 81% user decline, and migration to offshore exchanges. NALSAR and Meyappan Nagappan report tax losses and suggest reducing TDS to 0.01%, allowing loss offset, and revising the 30% tax rate. Current tax policy hampers India's digital economy and causes brain drain.
The road to a $1 trillion digital economy: A tech lawyer’s wish-list for Budget 2024-25
The post-election budget is expected to support digital public infra (Aadhaar, UPI, DigiLocker), UPI and RuPay incentives, tech manufacturing, cybersecurity, AI, deep tech in healthcare and agriculture, and skilling initiatives under the Skill India Mission. Expanding the PLI scheme, AI research, R&D, the National Quantum Mission, and extending optical fibre to all villages will be crucial.
The underlying bias is changing after three years of painful readjustment: These IT stocks can 16 to 38% returns in one year
While it might still not be making it to the headline, there has been a clear change in the stance for IT stocks post election results. After a long phase of underperformance the stocks are making a comeback. Because at this point of time, no one is able to assign any reason why this is happening, so there is no narrative on the street. The fact is that price action precedes the narrative. One bit of positive commentary on Q1 results and there will be no dearth of narratives. Check out Stock Reports Plus, powered by Refinitiv, for price targets of over 4,000 listed stocks along with detailed company analysis focusing on five key components - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores. SR+ Reports is a complimentary offering to ETPrime members.
How hybrid cloud can help SMBs with digital transformation and security
As SMB needs in digital transformation evolve rapidly, hybrid cloud presents itself as an effective tool for workplace efficiency.
Regulations have an important role to play in the realm of digital assets: Propine’s Tuhina Singh
As digital assets increasingly integrate into our daily lives and professional environments, it is imperative to establish infrastructure that ensures secure and compliant transactions. Propine aims to do just that.
Porn Passport: Spain launches new mobile application to access online pornography. Here's what it is and how it works
Spain porn passport: Spain is launching a new mobile app to combat underage access to online pornography. The app, known as Cartera Digital Beta or "pajaporte," verifies age and limits access with digital credits. Prime Minister Pedro Sanchez calls the issue "devastating," prompting this pioneering move across Europe. The initiative aligns with upcoming EU laws and aims to protect minors from explicit content online.
Govt websites, apps set to get an accessibility reboot soon
The ministry of electronics and information technology will anchor this project and suggest ways to improve page and website loading times, have better user interfaces on websites and apps, and make them more accessible for people with disabilities, an official said.
Hyperscalers host EkStep digital public goods, build AI bot
Tech giants Amazon Web Services (AWS) and Google Cloud are providing cloud storage and services to make the digital public goods (DPGs) created by non-profit EkStep Foundation available online. They are also collaborating to develop an AI-based virtual assistant for the foundation.
SOPs for faster sanction of loans, insurance in works
The Centre is collaborating with financial institutions to create a common application form and SOPs for faster sanction of financial services like loan disbursals and insurance under key schemes.
Get ready to renew your US passport online, though there is a catch
Eligible individuals will be permitted to renew their US passports online. This service is available only in the US and not available to those applying through US missions abroad.
ED searches offices linked to Fairplay app over 'financial fraud'
The Enforcement Directorate (ED) Thursday said it conducted searches on multiple locations in connection with its probe on an offshore illegal betting application, Fairplay. The said app was allegedly involved in illegal broadcasting of cricket matches, including the Indian Premier League (IPL) and various online betting activities including results of recently concluded Lok Sabha polls.
Oracle gains as cloud infrastructure business gets AI boost
Oracle shares surged 9% on Wednesday due to high demand for its cost-effective cloud services for AI applications, potentially adding $28 billion to its $340 billion market value. The company's cloud unit aims to grow by offering affordable cloud computing and storage, competing with Google and Microsoft.
Jobs that vanish: Stay away from ghost jobs to save time and money
Online job platforms have simplified job searches, but fake or ghost jobs persist, wasting time and effort. Applicants must spot and avoid phantom job postings to prevent demotivation and financial loss.
DoT to undertake MSME survey to push industry 4.0 applications
The Department of Telecommunications (DoT) plans a 60-day survey of MSMEs to aid their adoption of 5G and 6G technologies. The survey aims to understand the challenges MSMEs face in adapting to Industry 4.0 technologies, targeting at least 10 sectors to foster innovation. Proposals are due by June 11, 2024.
7 top cryptos to buy in 2024 for the next bull run
The 2024 Bitcoin halving occurred in April, impacting the crypto market. Altcoins present diversification opportunities by combining VR experiences. Research is crucial for successful crypto investing to navigate market trends and regulations.
Why does India have the first mover advantage in Web3 technology?
While regulatory clarity remains a work in progress, India's embrace of the Financial Intelligence Unit (FIU) registration requirement is a positive step, creating a safer trading environment for all.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
SBI, ICICI Bank, Axis Bank, PNB, AU Small Finance Bank warn customers about banking frauds; different scams, ways to safeguard yourself
Bank frauds: SBI recently issued a warning about a scam involving the distribution of an Android Application Package (APK) to users under the guise of redeeming SBI reward points and the precautions to take. Let us take a look at some of the frauds that big banks in India have been warning customers about and how one can stay safe.
More than 350 people become Indian nationals under CAA
Over 350 individuals were granted Indian citizenship through CAA, 2019, with Amit Shah acknowledging 25,000+ applications. The process involved the Election Commission of India (ECI) and district-level committees (DLC) chaired by senior superintendents.
As part of 100-day plan, Govt to launch app to target deceptive methods used by cos to trick consumers: Sources
Within the upcoming two months, the government is set to unveil a mobile application aimed at notifying consumers about deceptive techniques, commonly referred to as dark patterns, employed by online platforms. This initiative, disclosed by a senior official from the department of consumer affairs, forms a crucial component of the department's agenda within the initial 100 days following the formation of the forthcoming government.
‘Digitalisation of Schengen Visa application will be a game changer’
Teodora Marinska, COO and Head of Public Affairs at the European Travel Commission, highlighted the benefits of digitizing the Schengen visa application process, making it easier for foreigners to access the bloc. The move aims to address challenges such as limited appointment slots and visa applications due to ease of procedures in certain embassies. Digitalization promises a seamless process with automated appointment allocation.
Developers spending more time firefighting issues than delivering innovation: Cisco survey
The pressure on developers to rapidly deliver new features is compounded by the constant need to assist SREs and IT operations in ensuring application performance and availability.
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