Petrol Costs Just Rs 23/Litre

Petrol Costs Just Rs 23/Litre. But You Pay Rs 60

 

Petrol prices in India have fallen by 20 per cent from Rs 75 per litre in June 2014 to Rs 60 per litre in December 2015. During the same time, Brent crude prices have crashed over 60 per cent from $110 per barrel to around $42 per barrel. (Read)

Brent prices are currently trading at a seven-year low, but the same is not true for petrol and diesel prices. Petrol prices have not fallen below Rs 60/litre for a sustained period of time since May 2011.

There are two big reasons why the drop in petrol and diesel prices has not kept pace with the crash in global crude prices.

1) Rupee: India imports nearly 80 per cent of its energy needs, so the exchange rate plays a huge role in determining the landed cost of fuel. In June 2014, the rupee traded around 60 per dollar, but the currency has steadily depreciated to a two-year low of around 67 per dollar over the last 18 months. The weakness in the rupee increases the landing cost of crude in India.

2) Taxes: The Modi government has steadily raised taxes on petrol and diesel to increase revenue collection. Excise duty on petrol and diesel has more than doubled since the government came to power in May 2014. Excise duty on petrol was Rs 9.48 per litre in April, 2014, which after five rounds of hikes has risen to Rs 19.06. Similarly, the excise duty on diesel was Rs 3.65 per litre in April, 2014 which after five rounds of excise duty hikes has risen to Rs 10.66. (Read the full story here)

Third World IOU

 

Mobile banking systems empower people in the developing world to transfer funds, pay off loans and save for the future

Thinking back to the first mobile phones, it’s hard to imagine people being excited about being able to make phone calls to anyone at any time. Especially now that smartphones give users the ability to surf the Internet, communicate in many ways and share cat videos.

The advent of mobile banking systems promises to be another technological game-changer. In the developing world, these systems have the potential to improve the lives of 2.5 billion adults by allowing them to transfer funds, pay off loans and save for the future. 

“In a country like Kenya, absolutely everyone has a cell phone nowadays,” said David Wolman, author of The End of Money: Counterfeiters, Preachers, Techies, Dreamers — and the Coming Cashless Society. “And most people are using them to send and receive money.”
Barely more than 40 percent of people in the developing world have traditional financial accounts. Often, these accounts are expensive and require some kind of credit history, not to mention significant banking infrastructure already in place.

Will 5G Bring New Dimensions to Our Wireless World?

 

The hottest topic at Mobile World Congress 2015 will connect billions of people and things to the internet and one another without wires.

While much of the world is connecting their personal devices to fast data sharing 4G mobile networks, industry pioneers are shaping next generation networks to feed the world’s increasing appetite for the internet.

Gaming Plays Role in Designing Interactive Wearables

Finding the intersection of wearables, fashion, robots, video games and maybe your most playfully provocative nightmares.

So much for a pincushion and a pair of dressmaker’s shears. The Dutch fashionista Anouk Wipprecht designs robotic evening wear that gives a technophilic twist to the world of catwalks and haute couture.

18 village councils in PM Modi's constituency blame Coca Cola for water scarcity, say it must go back

18 village councils in PM Modi's constituency blame Coca Cola for water scarcity, say it must go back

 Eighteen village councils in Uttar Pradesh are demanding a local Coca-Cola bottling plant be prohibited from extracting water from the ground, claiming its over usage has led to water scarcity in the area, said an environmental campaign group.
The villages, which are located in Mehdiganj area of Varanasi district -- the constituency of Prime Minister Narendra Modi -- claim they have been facing water shortages since 1999 when the plant began operations.
"Elected village council heads represent the voice of the people, and they are clear that Coca-Cola is not welcome in Mehdiganj. It is time for Coca-Cola to pack up and leave," said Amit Srivastava of the California-based India Resource Center, which is supporting the village councils.
"Coca-Cola paints a pretty picture of itself internationally as a responsible user of water, but the reality in India is that it exploits groundwater at the expense of the poor, the women, children, farmers and livestock who have to live with less water because Coca-Cola mines groundwater in a water scarce area for profit."
Mehdiganj is largely agrarian and communities here rely on groundwater to meet most of their needs, including for personal drinking and washing, irrigation and for livestock.