From the Editor's Desk Nobel laureate Joseph Stiglitz, economist and professor at Columbia University, suggests that American inequality didn't just happen; it was created (and is getting worse). In this excerpt from his book, he says that those at the top have learned how to suck out money from the rest in ways that the rest are hardly aware of - that is their true innovation. Many of the individuals at the top of the wealth distribution are, in one way or another, geniuses at business (rather than science or technology, which are what truly drive human progress). Steve Jobs was number 110 on the Forbes list of the world's wealthiest billionaires before his death, and Mark Zuckerberg was 52. But many of these "geniuses" built their business empires on the shoulders of giants, such as Tim Berners- Lee, the inventor of the World Wide Web, who has never appeared on the Forbes list. Berners-Lee could have become a billionaire but chose not to - he made his idea available freely, which greatly speeded up the development of the Internet. Indian inequality is even worse and has additional dimensions such as crony capitalism and caste/class based discrimination, where the powerful reinforce the inequality to stay wealthy at the expense of the poor - Comment
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Amazon applies for e-wallet licence, Takes on Paytm, Flipkart Money In a move aimed at building its presence in the payments space, Amazon’s India arm has applied for a semi-closed wallet licence with the RBI. A central bank committee is expected to review new applications next month. Amazon is looking to open up the wallet for third-party platforms as well.
Indian telcos accused of under-reporting revenue The Comptroller and Auditor General of India (CAG) has accused six of the nation's operators of under-reporting revenue over a five year period, costing the exchequer 124.89 billion rupees ($1.89 billion).
Notice to government, Reliance Jio over 4G tower Rajasthan High Court on Monday issued notices to the state government and Reliance Jio over the illegal installation of a 4G tower at Pushpanjali colony near Mahesh Nagar area on Monday. The court gave the next date of hearing on April 5.
No new jobs created in 10 years The Sixth Economic Census released by Delhi government on Monday shows a worrisome employment scenario. It has now become evident that with no new jobs created in over a decade, joblessness is on the rise.
Perform and prosper: Indian companies to employees Perform and prosper: That's the message India Inc is sending out to employees this appraisal season with many corporates readying to pay their top performers up to 200% higher increments and bonuses than average performers.
India Hyperlocal Market is expected to reach INR 2,306 Crore by 2020 : Report The market leaders, Grofers (Groceries), Pepper Tap (Groceries), Roadrunnr (Logistics), Shadowfax (Logistics), Foody’s (Food), Swiggy (Food), 1mg (Health) and Local Oye (Horizontal) are expected to enhance their customer expectations by better customer services and on-time delivery in order to attract rapid investments.
Trinamool struck by bribery sting, Opposition guns for Mamata Poll-bound West Bengal's ruling Trinamool Congress on Monday faced an embarrassment after several of its leaders were allegedly caught on camera accepting bribes. With the opposition coming out all gun blazing, the Trinamool rubbished the claims calling the videos "doctored" and part of a "smear campaign" against it.