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Government revises GDP growth for 2014-15 downwards to 7.2 percent

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New Delhi: The government on Friday slightly revised downwards India’s gross domestic product (GDP) growth for 2014-15 to 7.2 percent from the 7.3 percent estimated earlier, according to an official statement here.

Central Statistics Office’s (CSO) revised estimates of national accounts released here today.

The real GDP or GDP at constant (2011-12) prices for the years 2014-15 and 2013-14 stands at Rs.105.52 lakh crore and Rs.98.39 lakh crore, respectively, showing growth of 7.2 percent during 2014-15, and 6.6 percent during 2013-14,

The GDP growth rate for 2013-14 has also been revised downwards to 6.6 percent from the earlier 6.9 percent.

The CSO said estimates of GDP and other figures for the years 2011-12 to 2013-14 have also undergone revision, as a result of latest available data on agricultural and industrial production.

In terms of real gross value added (GVA) at 2011-12 basic prices, there has been a growth of 7.1 percent in 2014-15 as compared to a growth of 6.3 percent in 2013-14. GVA for 2014-15 was earlier estimated at 7.2 percent.

The downward revision in GVA for 2014-15 is owing to a subdued performance of the secondary sector comprising manufacturing, electricity, gas, water supply & other utility services, and construction, the government said.

The per capita net national income at current prices has been estimated as Rs.79,412 for 2013-14 and at Rs.86,879 in 2014-15.

The per capita private final consumption expenditure at current prices, for the years 2013-14 and 2014-15 is estimated at Rs.52,022 and Rs.56,772, respectively.

Gross savings during 2014-15 is estimated at Rs.41.17 lakh crore as compared to Rs.37.25 lakh crore during 2013-14.

The rate of gross saving to gross national disposable income (GNDI) for the year 2014-15 is estimated at 32.3 percent, which was the same as in 2013-14.

Household sector contribution to gross saving declined from 63.4 percent in 2013-14 to 57.8 percent in 2014-15 which the government attributed to a decline in household savings in physical assets, which has declined from Rs.14.61 lakh crore in 2013-14 to Rs.13.79 lakh crore in 2014-15.

Dis-saving of the central government has decreased from 4 percent in 2013-14 to 3.2 percent in 2014-15, the CSO added in this regard.

In gross capital formation (GCF), while the highest contributor – non-financial corporations’ – share has been rising steadily from 45.7 percent in 2011-12 to 52 percent in 2014-15, the share of the household sector has declined from 43.4 percent in 2011-12 to 33.9 percent in 2014-15.

Gross fixed capital formation (GFCF) amounted to Rs.38.44 lakh crore in 2014-15 as against Rs 35.64 lakh crore in 2013-14, the government said.(Inputs from IANS)(Picture Courtesy: m.indiatvnews.com)

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Cybercrimes cost businesses $600 billion globally: McAfee report

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted.

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Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage.
Hackers are usig new techniques to rob users' data and money. Wikimedia Commons

Cybercrimes have cost businesses close to $600 billion globally — or 0.8% the global GDP — which is up from $445 billion reported three years back, a report said on Thursday.

The report by the global cybersecurity firm McAfee, prepared along with the Centre for Strategic and International Studies (CSIS), said that over the last three years, cybercriminals have quickly adopted new technologies to ease the process of engaging in cybercrimes.

“Ransomware-as-a-Service Cloud providers efficiently scale attacks to target millions of systems, and attacks are automated to require minimal human involvement,” Steve Grobman, Chief Technology Officer for McAfee, said in a statement.

Also Read: Indian companies more prone to cyber attacks

“Add to these factors cryptocurrencies that ease rapid monetisation, while minimising the risk of arrest, and you must conclude that the $600 billion cybercrime figure reflects the extent to which our technological accomplishments have transformed the criminal economy as dramatically as they have every other portion of our economy,” he added.
The report, titled “Economic Impact of Cybercrime — No Slowing Down”, said that banks remain the favourite target for cybercriminals.

McAfee, Inc. is an American global computer security software company.
McAfee, Inc. is an American global computer security software company. Wikimedia Commons

Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage.

“Our research bore out the fact that Russia is the leader in cybercrime, reflecting the skill of its hacker community and its disdain for Western law enforcement,” said James Lewis, Senior Vice President at CSIS.

“North Korea is second in line, as the nation uses cryptocurrency theft to help fund its regime, and we’re now seeing an expanding number of cybercrime centres, including not only North Korea but also Brazil, India and Vietnam,” Lewis added.

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted. (IANS)

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