The least count of a screw gauge is given by the formula:
\[
\text{Least Count} = \frac{\text{Pitch}}{\text{Number of divisions on the circular scale}}.
\]
Let the original pitch be \( P \) and the number of divisions on the circular scale be \( N \).
Thus, the original least count is:
\[
\text{Original Least Count} = \frac{P}{N}.
\]
Given that the original least count is \( 0.01 \, \text{mm} \), we have:
\[
\frac{P}{N} = 0.01.
\]
Step 1:
The pitch is increased by 75%, so the new pitch \( P' \) becomes:
\[
P' = P + 0.75P = 1.75P.
\]
Step 2:
The number of divisions on the circular scale is reduced by 50%, so the new number of divisions \( N' \) becomes:
\[
N' = \frac{N}{2}.
\]
Step 3:
The new least count will be:
\[
\text{New Least Count} = \frac{P'}{N'} = \frac{1.75P}{\frac{N}{2}} = \frac{1.75 \times 2P}{N} = \frac{3.5P}{N}.
\]
Step 4:
Since \( \frac{P}{N} = 0.01 \, \text{mm} \), the new least count becomes:
\[
\text{New Least Count} = 3.5 \times 0.01 = 0.035 \, \text{mm} = 35 \times 10^{-3} \, \text{mm}.
\]
Thus, the new least count is \( \boxed{35 \times 10^{-3} \, \text{mm}} \).