Echo_419
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Echo_419
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India's economy growth rate will be 8.2% in 2016-17 and 7.2% in 2015-16- ADB (Asian devolpment Bank)
Link- www.adb.com
Link- www.adb.com
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India Raises Record $18 Billion in Wireless Airwaves Auction
(Bloomberg) -- India said it raised a record 1.1 trillion rupees ($18 billion) in an auction of mobile phone airwaves, as the nation’s carriers bid to protect their businesses from Mukesh Ambani’s upstart operator.
The sale concluded after eight wireless carriers sought spectrum in a process that took 19 days, the government said in an e-mailed statement Wednesday. The proceeds surpassed analyst estimates and the government’s target.
Bharti Airtel Ltd. and Vodafone Group Plc, the nation’s biggest mobile phone operators, were competing to keep airwaves they already use as billionaire Ambani’s Reliance Jio Infocomm Ltd. builds a network to start services. Almost 40 percent of the spectrum at the sale was in the 900 megahertz band, one of the most coveted for voice calls because signals travel farther and require fewer towers to be built.
“The high prices were driven in part by Reliance Jio trying to increase the auction bidding for incumbents, and the incumbents doing the same for Reliance Jio,” said Pankaj Agrawal, a director at Capitel Partners LLP in New Delhi. “There’s no other way the price would have gone up this much.”
The names of the winning bidders and how much they agreed to pay haven’t been disclosed. India’s Supreme Court, which is considering challenges to the auction procedures, will rule on the final results. The next hearing on the matter is scheduled for Thursday, March 26.
Reported Bids
CNBC-TV18 reported Wednesday that Vodafone bid about 345 billion rupees in the auction, citing people it didn’t identify. According to CNBC-TV18, Bharti Airtel committed about 275 billion rupees; Idea Cellular spent about 280 billion rupees; and Reliance Jio bid about 110 billion rupees. Spokespeople for Vodafone, Bharti Airtel, Idea Cellular and Reliance Jio would not comment on the report.
Depending on the band, carriers will have to pay as much as 33 percent of their final bid within 10 days of the auction’s conclusion, according to the government’s guidelines. Operators can then pay the rest in 10 annual installments starting in 2017. The permits will be valid for 20 years.
India uses a staggered approach to allocating spectrum, selling 22 regional “circles” of coverage with different expiry dates.
The government had targeted generating 648.4 billion rupees from three of the four bands that were up for sale in this auction. Standard & Poor’s domestic unit Crisil Ltd. in February projected bidders would spend more than $14 billion.
Bharti would have had to spend as much as 161 billion rupees in the auction if it renewed all of its existing spectrum, analysts at Credit Suisse Group AG wrote in a March 9 report. Idea Cellular Ltd., which has the most airwaves up for auction, would probably have to pay about 293 billion rupees, they wrote.
“No one likes to pay 2.5 times the reserve price for spectrum they already had,” said Rohan Dhamija, head of India and South Asia for Analysys Mason. “I can understand why the operators would be upset about that, but they absolutely have a business case to pay that amount.”
Bharti and Vodafone, which both already operate 900 Mhz spectrum, had been prohibited from using those airwaves for anything other than voice calls. The new 20-year licenses will allow the winners to use the band for third-generation technology such as data.
Bidders were required to lodge deposits on their bids before the auction began, with Ambani’s Reliance Jio submitting the largest bank guarantee of 45 billion rupees, according to data from Mjunction Services Ltd., which ran the sale. Bharti was second with 43 billion rupees, and Vodafone gave a guarantee of 37 billion rupees.
Last year, the government raised 612 billion rupees from airwaves in cities including Mumbai and New Delhi.
India’s previous record for a single spectrum sale was in May 2010 when airwaves used for third-generation services raised 677 billion rupees. An auction the following month for broadband Internet services raised 257 billion rupees.
India Raises Record $18 Billion in Wireless Airwaves Auction - Bloomberg Business
(Bloomberg) -- India said it raised a record 1.1 trillion rupees ($18 billion) in an auction of mobile phone airwaves, as the nation’s carriers bid to protect their businesses from Mukesh Ambani’s upstart operator.
The sale concluded after eight wireless carriers sought spectrum in a process that took 19 days, the government said in an e-mailed statement Wednesday. The proceeds surpassed analyst estimates and the government’s target.
Bharti Airtel Ltd. and Vodafone Group Plc, the nation’s biggest mobile phone operators, were competing to keep airwaves they already use as billionaire Ambani’s Reliance Jio Infocomm Ltd. builds a network to start services. Almost 40 percent of the spectrum at the sale was in the 900 megahertz band, one of the most coveted for voice calls because signals travel farther and require fewer towers to be built.
“The high prices were driven in part by Reliance Jio trying to increase the auction bidding for incumbents, and the incumbents doing the same for Reliance Jio,” said Pankaj Agrawal, a director at Capitel Partners LLP in New Delhi. “There’s no other way the price would have gone up this much.”
The names of the winning bidders and how much they agreed to pay haven’t been disclosed. India’s Supreme Court, which is considering challenges to the auction procedures, will rule on the final results. The next hearing on the matter is scheduled for Thursday, March 26.
Reported Bids
CNBC-TV18 reported Wednesday that Vodafone bid about 345 billion rupees in the auction, citing people it didn’t identify. According to CNBC-TV18, Bharti Airtel committed about 275 billion rupees; Idea Cellular spent about 280 billion rupees; and Reliance Jio bid about 110 billion rupees. Spokespeople for Vodafone, Bharti Airtel, Idea Cellular and Reliance Jio would not comment on the report.
Depending on the band, carriers will have to pay as much as 33 percent of their final bid within 10 days of the auction’s conclusion, according to the government’s guidelines. Operators can then pay the rest in 10 annual installments starting in 2017. The permits will be valid for 20 years.
India uses a staggered approach to allocating spectrum, selling 22 regional “circles” of coverage with different expiry dates.
The government had targeted generating 648.4 billion rupees from three of the four bands that were up for sale in this auction. Standard & Poor’s domestic unit Crisil Ltd. in February projected bidders would spend more than $14 billion.
Bharti would have had to spend as much as 161 billion rupees in the auction if it renewed all of its existing spectrum, analysts at Credit Suisse Group AG wrote in a March 9 report. Idea Cellular Ltd., which has the most airwaves up for auction, would probably have to pay about 293 billion rupees, they wrote.
“No one likes to pay 2.5 times the reserve price for spectrum they already had,” said Rohan Dhamija, head of India and South Asia for Analysys Mason. “I can understand why the operators would be upset about that, but they absolutely have a business case to pay that amount.”
Bharti and Vodafone, which both already operate 900 Mhz spectrum, had been prohibited from using those airwaves for anything other than voice calls. The new 20-year licenses will allow the winners to use the band for third-generation technology such as data.
Bidders were required to lodge deposits on their bids before the auction began, with Ambani’s Reliance Jio submitting the largest bank guarantee of 45 billion rupees, according to data from Mjunction Services Ltd., which ran the sale. Bharti was second with 43 billion rupees, and Vodafone gave a guarantee of 37 billion rupees.
Last year, the government raised 612 billion rupees from airwaves in cities including Mumbai and New Delhi.
India’s previous record for a single spectrum sale was in May 2010 when airwaves used for third-generation services raised 677 billion rupees. An auction the following month for broadband Internet services raised 257 billion rupees.
India Raises Record $18 Billion in Wireless Airwaves Auction - Bloomberg Business
Hindustani78
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Ford aims to triple exports from India with $1 bn plant - The Hindu
SANAND, Gujarat, March 26, 2015
Ford Motor has invested $1 billion in a new plant in India which will help the automaker triple exports from the country, chief executive Mark Fields told reporters on Thursday.
Ford plans to make India an export hub for compact cars such as the EcoSport, a sub-four meter sports utility vehicle, and the newly launched compact sedan, Ford Figo Aspire, the first car to be produced at the new facility.
The new manufacturing facility in the western state of Gujarat will nearly double the company's installed production capacity in the country to 6,10,000 engines and 4,40,000 vehicles a year, Mr. Fields said at the launch of the new facility.
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Updated: March 26, 2015 01:49 IST
“China’s dairy model not suitable for India” - The Hindu
While India faces challenges on bridging the demand-supply gap in milk production, China’s approach to dairy development on large tracts of pastoral land would not suit our sustainable development goals, T. Nanda Kumar, Chairman, National Dairy Development Board (NDDB), said here on Wednesday.
The Indian dairy sector, largest milk producer in the world, is sustained by smallholder dairy producers.
“I don’t think India will move in that [China’s] direction as we have the economic philosophy of poverty alleviation, employment generation and sustainable development. We want to continue on our path,” Mr. Kumar said on the sidelines of meeting of experts to discuss sustainable dairy development in Asia.
The meet discussed strategies for enhancing milk production in the Asian region where the demand for milk and milk products is set to reach almost 320 million tonnes by the year 2021, as per the estimates of the Organisation for Economic Cooperation and Development (OECD) and Food and Agriculture Organisation (FAO). The region needs to increase its milk availability by another 50 million tonnes in the coming decade to meet the demand.
India’s milk production in 2012 was 177.5 million tonnes and it is set to add an estimated six million tonnes every year. However, regional imbalances and fodder and water availability remain the major challenges in India’s goal of bridging the demand-supply gap in milk production. “Water management is critical for agriculture and dairy. We also have to manage the wastage of feed and fodder. We are also looking at ways to bring genetic improvement in our cattle,” Mr. Kumar said.
SANAND, Gujarat, March 26, 2015
Ford Motor has invested $1 billion in a new plant in India which will help the automaker triple exports from the country, chief executive Mark Fields told reporters on Thursday.
Ford plans to make India an export hub for compact cars such as the EcoSport, a sub-four meter sports utility vehicle, and the newly launched compact sedan, Ford Figo Aspire, the first car to be produced at the new facility.
The new manufacturing facility in the western state of Gujarat will nearly double the company's installed production capacity in the country to 6,10,000 engines and 4,40,000 vehicles a year, Mr. Fields said at the launch of the new facility.
*****************
Updated: March 26, 2015 01:49 IST
“China’s dairy model not suitable for India” - The Hindu
While India faces challenges on bridging the demand-supply gap in milk production, China’s approach to dairy development on large tracts of pastoral land would not suit our sustainable development goals, T. Nanda Kumar, Chairman, National Dairy Development Board (NDDB), said here on Wednesday.
The Indian dairy sector, largest milk producer in the world, is sustained by smallholder dairy producers.
“I don’t think India will move in that [China’s] direction as we have the economic philosophy of poverty alleviation, employment generation and sustainable development. We want to continue on our path,” Mr. Kumar said on the sidelines of meeting of experts to discuss sustainable dairy development in Asia.
The meet discussed strategies for enhancing milk production in the Asian region where the demand for milk and milk products is set to reach almost 320 million tonnes by the year 2021, as per the estimates of the Organisation for Economic Cooperation and Development (OECD) and Food and Agriculture Organisation (FAO). The region needs to increase its milk availability by another 50 million tonnes in the coming decade to meet the demand.
India’s milk production in 2012 was 177.5 million tonnes and it is set to add an estimated six million tonnes every year. However, regional imbalances and fodder and water availability remain the major challenges in India’s goal of bridging the demand-supply gap in milk production. “Water management is critical for agriculture and dairy. We also have to manage the wastage of feed and fodder. We are also looking at ways to bring genetic improvement in our cattle,” Mr. Kumar said.
Hindustani78
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Ministry of Communications & Information Technology
27-March, 2015 11:37 IST
Government to Invest 10 Billion US $ in the Chip Manufacturing Facilities Coming up in Gujarat and Uttar Pradesh
Infrastructure for chip manufacturing and designing will be considerably strengthened in India to cater to the growing domestic demand and to cut down the imports in the next few years. Addressing the first Indian Electronics Expo organized by Electronics and Computer Software Export Promotion Council (ESC) in New Delhi yesterday, Secretary, Department of Electronics and Information Technology, Government of India Shri RS Sharma, revealed that the government would be investing US$ 10 billion in the chip manufacturing facilities coming up in Gujarat and UP, where a consortium of manufacturing firms have come up to set up the production bases. India would also be investing US$ 400 million in developing an Indian version of micro-processor. These are part of the initiatives that are under way to create an eco-system that lays focus on high ended innovation. A dedicated fund, known as Electronics Development Fund had been created to leverage the use of venture capital funds to promote more start-ups in the country, he added.
Mentioning about the advantages that India is endowed with in the production of electronics goods in the country, Shri Sharma said that the frugal technologies that it has evolved has a higher value quotient and are suitable for many countries which are at the same level of development. The Secretary said that India provided an exciting hub for electronics investment mainly on account of the surging domestic market and infrastructure, logistics and financial support being provided to the investors, be they from India or abroad. China undoubtedly is the major producer of electronic goods in the world. Of late, many of the electronics giants are embarking on a China plus strategy, mostly focusing on India. Coupled with Make in India and Digital India program initiated recently by the government, the renewed interest in electronics production in the country can help India achieve the target set for zero import of electronics into the country by 2020.
Chairman, ESC Shri Vinod Sharma, observed that India’s electronics hardware production should increase at least by 10 fold to catch up with the demand and to meet the target of achieving zero import by 2020 as envisioned by the Prime Minister. India, he said, produces many frugally designed products that would be relevant to countries in Africa, Latin America and CIS. He referred to the example of mosquito repellent, which has frugal designing and cheaply priced but highly suitable to these countries.
The expo is attended by over 125 delegates from 26 countries. More than 30 Indian companies are displaying their electronics hardware products at the two-day expo.
************
27-March, 2015 11:37 IST
Government to Invest 10 Billion US $ in the Chip Manufacturing Facilities Coming up in Gujarat and Uttar Pradesh
Infrastructure for chip manufacturing and designing will be considerably strengthened in India to cater to the growing domestic demand and to cut down the imports in the next few years. Addressing the first Indian Electronics Expo organized by Electronics and Computer Software Export Promotion Council (ESC) in New Delhi yesterday, Secretary, Department of Electronics and Information Technology, Government of India Shri RS Sharma, revealed that the government would be investing US$ 10 billion in the chip manufacturing facilities coming up in Gujarat and UP, where a consortium of manufacturing firms have come up to set up the production bases. India would also be investing US$ 400 million in developing an Indian version of micro-processor. These are part of the initiatives that are under way to create an eco-system that lays focus on high ended innovation. A dedicated fund, known as Electronics Development Fund had been created to leverage the use of venture capital funds to promote more start-ups in the country, he added.
Mentioning about the advantages that India is endowed with in the production of electronics goods in the country, Shri Sharma said that the frugal technologies that it has evolved has a higher value quotient and are suitable for many countries which are at the same level of development. The Secretary said that India provided an exciting hub for electronics investment mainly on account of the surging domestic market and infrastructure, logistics and financial support being provided to the investors, be they from India or abroad. China undoubtedly is the major producer of electronic goods in the world. Of late, many of the electronics giants are embarking on a China plus strategy, mostly focusing on India. Coupled with Make in India and Digital India program initiated recently by the government, the renewed interest in electronics production in the country can help India achieve the target set for zero import of electronics into the country by 2020.
Chairman, ESC Shri Vinod Sharma, observed that India’s electronics hardware production should increase at least by 10 fold to catch up with the demand and to meet the target of achieving zero import by 2020 as envisioned by the Prime Minister. India, he said, produces many frugally designed products that would be relevant to countries in Africa, Latin America and CIS. He referred to the example of mosquito repellent, which has frugal designing and cheaply priced but highly suitable to these countries.
The expo is attended by over 125 delegates from 26 countries. More than 30 Indian companies are displaying their electronics hardware products at the two-day expo.
************
Hindustani78
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'90 per cent of Delhi Metro coaches are manufactured in India' - The Economic Times
By PTI | 27 Mar, 2015, 10.40PM IST
NEW DELHI: Sustained indigenisation efforts have led to DMRC achieving the milestone of manufacturing 90 per cent of Delhi Metro coaches in the country and it is now looking to export rakes to Queensland and Sydney Metros in Australia.
"Sustained indigenisation initiatives taken by Delhi Metro Rail Corporation (DMRC) have resulted in 90 per cent of Metro trains being manufactured in India," according to a DMRC statement here today.
The initiatives have also boost establishment of ancillary units and helped generate employment.
"Delhi Metro's initiatives to indigenise manufacturing is in consonance with the 'Make in India' initiative of the central government and the establishment of three Metro coach manufacturing units in India to cater to the requirements of Metro market is a very positive development," DMRC MD Mangu Singh said at a seminar here.
DMRC officials said contract conditions mandating indigenisation have resulted in major coach manufacturing companies setting up production facilities in the country.
The contract conditions of DMRC mandate a cap on upper limit of 25 per cent for production abroad while the balance is to be necessarily manufactured in India either through tie-ups or a wholly-owned subsidiary.
Manufacturing units set up to supply coaches to DMRC are now engaged in manufacturing of rakes that will be exported to Australia for Queensland and Sydney Metros, it said.
Three Metro coach manufacturing units have already been established in India. While Bombardier Transportation has a unit in Savli (Gujarat), state-owned Bharat Earth Movers Limited (BEML) has a unit in Bengaluru and AlstomBSE 0.48 % has established a new facility at Sricity near Chennai.
Besides manufacturing coaches, eighteen major sub systems of these coaches have also been indigenised. This has led to establishment of ancillary industry and skilled man power development in house.
Window glasses, battery boxes, brake blocks, bogie frames, vacuum circuit breakers, propulsion among others are also being manufactured in India.
By PTI | 27 Mar, 2015, 10.40PM IST
NEW DELHI: Sustained indigenisation efforts have led to DMRC achieving the milestone of manufacturing 90 per cent of Delhi Metro coaches in the country and it is now looking to export rakes to Queensland and Sydney Metros in Australia.
"Sustained indigenisation initiatives taken by Delhi Metro Rail Corporation (DMRC) have resulted in 90 per cent of Metro trains being manufactured in India," according to a DMRC statement here today.
The initiatives have also boost establishment of ancillary units and helped generate employment.
"Delhi Metro's initiatives to indigenise manufacturing is in consonance with the 'Make in India' initiative of the central government and the establishment of three Metro coach manufacturing units in India to cater to the requirements of Metro market is a very positive development," DMRC MD Mangu Singh said at a seminar here.
DMRC officials said contract conditions mandating indigenisation have resulted in major coach manufacturing companies setting up production facilities in the country.
The contract conditions of DMRC mandate a cap on upper limit of 25 per cent for production abroad while the balance is to be necessarily manufactured in India either through tie-ups or a wholly-owned subsidiary.
Manufacturing units set up to supply coaches to DMRC are now engaged in manufacturing of rakes that will be exported to Australia for Queensland and Sydney Metros, it said.
Three Metro coach manufacturing units have already been established in India. While Bombardier Transportation has a unit in Savli (Gujarat), state-owned Bharat Earth Movers Limited (BEML) has a unit in Bengaluru and AlstomBSE 0.48 % has established a new facility at Sricity near Chennai.
Besides manufacturing coaches, eighteen major sub systems of these coaches have also been indigenised. This has led to establishment of ancillary industry and skilled man power development in house.
Window glasses, battery boxes, brake blocks, bogie frames, vacuum circuit breakers, propulsion among others are also being manufactured in India.
Hindustani78
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Ministry of Textiles27-March, 2015 21:24 IST
Textiles Minister inaugurates 29th India Carpet Expo
The 29th Edition of India Carpet Expo was inaugurated at 11.00 AM today, by Honourable Minister of State for Textiles (I/C), Shri Santosh Kumar Gangwar.
The Expo is being held from 27th to 30th March 2015 in Hall No. 8 to 11, at Pragati Maidan, New Delhi.
262 exhibitors are displaying their products from all over India. On the first day, around 200 overseas carpet buyers from Australia, Brazil, Canada, China, Chile, Germany, Mexico, Russia, Singapore, South Africa, Turkey, U.K. and USA registered their presence, besides 120 buying representatives.
Shri Virender Singh, Hon’ble Member of Parliament from the carpet city Bhadohi; Shri Ajit Seth, Cabinet Secretary, Govt. of India; Shri J. S. Deepak, Addl. Secretary, Ministry of Commerce & CMD, ITPO; Shri Arvind Mehta, Joint Secretary, Ministry of Commerce; and H.E. Ambassador of Slovak Republic, Charge d’Affairs from Embassy of Panama visited the fair today. They appreciated the display of carpets as well as the cultural heritage and versatility of Indian carpets.
The Carpet Export Promotion Council is giving a subsidy of US $800 to buyers from USA, Canada, Australia, New Zealand, South Africa, Brazil, Chile and all other Latin American Countries; and US $550 to buyers from other countries towards air travel expenses. The Council is also providing complimentary hotel stay for the participants.
Briefing the media, Shri Kuldeep R. Wattal, Chairman, CEPC, expressed confidence that the Expo will generate good business and has requested the media to extend their full support for promotion of the event, in order to facilitate handsome business for the participants. He added that the newly elected Committee of Administration is taking all possible efforts for success of India Carpet Expo.
Dr. Sanjay Kumar Panda, Secretary (Textiles) & Mr. Samir Kumar Biswas, Development Commissioner (Handicrafts), other senior Government officials from Central and State Governments, and representatives from trade and media were also present on the occasion.
India Carpet Expo: A Brief
The India Carpet Expo is being organized by Carpet Export Promotion Council (CEPC), set up by Ministry of Textiles, Government of India.
The Expo aims to promote the cultural heritage and weaving skills of Indian hand-made carpets and other floor coverings amongst the visiting overseas carpet buyers. It is an ideal platform for international carpet buyers, buying houses, buying agents, architects and Indian carpet manufacturers & exporters to meet each other and establish long-term business relationships. The Expo is one of the largest Handmade Carpet Fairs in Asia, which provides a unique platform under one roof, for buyers to source the best handmade carpets, rugs and floor coverings. It has become a popular destination worldwide for handmade carpets. India’s unique capability in adapting to any type of design, colour, quality & size as per the specifications of carpet buyers has made it a household name in the international market.
Related:
·29th India Carpet Expo starts on 27th March, 2015
Textiles Minister inaugurates 29th India Carpet Expo
The 29th Edition of India Carpet Expo was inaugurated at 11.00 AM today, by Honourable Minister of State for Textiles (I/C), Shri Santosh Kumar Gangwar.
The Expo is being held from 27th to 30th March 2015 in Hall No. 8 to 11, at Pragati Maidan, New Delhi.
262 exhibitors are displaying their products from all over India. On the first day, around 200 overseas carpet buyers from Australia, Brazil, Canada, China, Chile, Germany, Mexico, Russia, Singapore, South Africa, Turkey, U.K. and USA registered their presence, besides 120 buying representatives.
Shri Virender Singh, Hon’ble Member of Parliament from the carpet city Bhadohi; Shri Ajit Seth, Cabinet Secretary, Govt. of India; Shri J. S. Deepak, Addl. Secretary, Ministry of Commerce & CMD, ITPO; Shri Arvind Mehta, Joint Secretary, Ministry of Commerce; and H.E. Ambassador of Slovak Republic, Charge d’Affairs from Embassy of Panama visited the fair today. They appreciated the display of carpets as well as the cultural heritage and versatility of Indian carpets.
The Carpet Export Promotion Council is giving a subsidy of US $800 to buyers from USA, Canada, Australia, New Zealand, South Africa, Brazil, Chile and all other Latin American Countries; and US $550 to buyers from other countries towards air travel expenses. The Council is also providing complimentary hotel stay for the participants.
Briefing the media, Shri Kuldeep R. Wattal, Chairman, CEPC, expressed confidence that the Expo will generate good business and has requested the media to extend their full support for promotion of the event, in order to facilitate handsome business for the participants. He added that the newly elected Committee of Administration is taking all possible efforts for success of India Carpet Expo.
Dr. Sanjay Kumar Panda, Secretary (Textiles) & Mr. Samir Kumar Biswas, Development Commissioner (Handicrafts), other senior Government officials from Central and State Governments, and representatives from trade and media were also present on the occasion.
India Carpet Expo: A Brief
The India Carpet Expo is being organized by Carpet Export Promotion Council (CEPC), set up by Ministry of Textiles, Government of India.
The Expo aims to promote the cultural heritage and weaving skills of Indian hand-made carpets and other floor coverings amongst the visiting overseas carpet buyers. It is an ideal platform for international carpet buyers, buying houses, buying agents, architects and Indian carpet manufacturers & exporters to meet each other and establish long-term business relationships. The Expo is one of the largest Handmade Carpet Fairs in Asia, which provides a unique platform under one roof, for buyers to source the best handmade carpets, rugs and floor coverings. It has become a popular destination worldwide for handmade carpets. India’s unique capability in adapting to any type of design, colour, quality & size as per the specifications of carpet buyers has made it a household name in the international market.
Related:
·29th India Carpet Expo starts on 27th March, 2015
Hindustani78
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Updated: March 28, 2015 18:52 IST
‘India can attract significant FDI if it sorts out tax issues’ - The Hindu
Japanese investors remain ‘very positive’ about India, saying there is a big opportunity for placing ‘significant’ FDI if the country can sort out some of its tax issues, a top official of Japan’s financial services major Nomura has said.
Alastair Newton, Managing Director for global market research and Senior Political Analyst at Nomura International Inc., also highlighted investors’ concerns about retrospective taxes such as the Vodafone case, and among other, the General Anti Avoidance Rule (GAAR), which has been postponed for now.
“I do think there is a big opportunity in India (but) if it can get some of the tax issues sorted out to attract significant Foreign Direct Investment (FDI) investment from Japan,” he said at a media briefing on Friday.
The Japanese also view India more positively as compared to other investment-seeking Asian markets, Mr.Newton said, citing the political instability in Thailand, economic growth slowing down in China and people’s reaction to some of the foreign-invested plant and factories in Vietnam as the reason.
“If you look at the offering of other nations in Asia, it is not any more attractive as it used to be. I think India has great opportunities to take on some of that investment if you can get it right,” he said.
Mr. Newton said the Japanese investors have confidence in the current dispensation
“Headline grabbing retrospective tax bills slammed on big companies is a big disincentive to investment in India,” Mr. Newton said. He also shared his observation and comments from other investors, including fund managers who said they would like to do more business in India but the bureaucracy is making it tough.
He, however, said he was hopeful that there would be legislations passed to settle these issues.
‘India can attract significant FDI if it sorts out tax issues’ - The Hindu
Japanese investors remain ‘very positive’ about India, saying there is a big opportunity for placing ‘significant’ FDI if the country can sort out some of its tax issues, a top official of Japan’s financial services major Nomura has said.
Alastair Newton, Managing Director for global market research and Senior Political Analyst at Nomura International Inc., also highlighted investors’ concerns about retrospective taxes such as the Vodafone case, and among other, the General Anti Avoidance Rule (GAAR), which has been postponed for now.
“I do think there is a big opportunity in India (but) if it can get some of the tax issues sorted out to attract significant Foreign Direct Investment (FDI) investment from Japan,” he said at a media briefing on Friday.
The Japanese also view India more positively as compared to other investment-seeking Asian markets, Mr.Newton said, citing the political instability in Thailand, economic growth slowing down in China and people’s reaction to some of the foreign-invested plant and factories in Vietnam as the reason.
“If you look at the offering of other nations in Asia, it is not any more attractive as it used to be. I think India has great opportunities to take on some of that investment if you can get it right,” he said.
Mr. Newton said the Japanese investors have confidence in the current dispensation
“Headline grabbing retrospective tax bills slammed on big companies is a big disincentive to investment in India,” Mr. Newton said. He also shared his observation and comments from other investors, including fund managers who said they would like to do more business in India but the bureaucracy is making it tough.
He, however, said he was hopeful that there would be legislations passed to settle these issues.
Top govt panel approves Rs 2.73 lakh crore to modernise cities
The Centre has set the stage for one of the biggest urban renewal programmes to modernise our cities in recent times, with a top government panel approving Rs 2.73 lakh crore to develop 100 smart cities and upgrade basic civic infrastructure in another 500 cities during the next 10 years.
The Centre’s Expenditure Finance Committee, which does the financial appraisal of projects before they go to cabinet cleared Rs 1,00,000 crore for developing smart cities and Rs 1.73 lakh crore for the National Urban Rejuvenation Mission (NURM), that aims at improving water supply, sewerage, drainage and transport infrastructure in 500 cities.
“Both projects, piloted by the urban development ministry, are likely to get cabinet’s approval shortly,” a government official told HT.
Sources said the two projects would take off simultaneously and complement each other. “For instance under NURM, projects to improve basic amenities like providing water to households would be taken up while under the smart cities program initiatives like introducing 24x7 water supply and smart meters could be taken up,” said an official.
To start with, the ministry plans to develop 20 smart cities by upgrading their physical, social and economic infrastructure during 2015-16. “The idea is to bring about an overall improvement in the quality of life of our city residents,” said an official.
The cities would be selected through a “city challenge” competition. Cities which have a clear road map and meet the benchmark set for urban reforms like implementing e-governance and municipal reforms would be selected. The government will spend Rs 100 crore on each city while rest of the investment would have to come from the private sector.
Prior to this, the only other comprehensive urban modernisation program was undertaken by the previous UPA government when they launched the Rs 66,000 crore Jawaharlal Nehru National Urban Renewal Mission in 2007. However, poor planning and implementation resulted in only 50% of the urban infrastructure projects, undertaken in 65 cities, being completed.
The Centre has set the stage for one of the biggest urban renewal programmes to modernise our cities in recent times, with a top government panel approving Rs 2.73 lakh crore to develop 100 smart cities and upgrade basic civic infrastructure in another 500 cities during the next 10 years.
The Centre’s Expenditure Finance Committee, which does the financial appraisal of projects before they go to cabinet cleared Rs 1,00,000 crore for developing smart cities and Rs 1.73 lakh crore for the National Urban Rejuvenation Mission (NURM), that aims at improving water supply, sewerage, drainage and transport infrastructure in 500 cities.
“Both projects, piloted by the urban development ministry, are likely to get cabinet’s approval shortly,” a government official told HT.
Sources said the two projects would take off simultaneously and complement each other. “For instance under NURM, projects to improve basic amenities like providing water to households would be taken up while under the smart cities program initiatives like introducing 24x7 water supply and smart meters could be taken up,” said an official.
To start with, the ministry plans to develop 20 smart cities by upgrading their physical, social and economic infrastructure during 2015-16. “The idea is to bring about an overall improvement in the quality of life of our city residents,” said an official.
The cities would be selected through a “city challenge” competition. Cities which have a clear road map and meet the benchmark set for urban reforms like implementing e-governance and municipal reforms would be selected. The government will spend Rs 100 crore on each city while rest of the investment would have to come from the private sector.
Prior to this, the only other comprehensive urban modernisation program was undertaken by the previous UPA government when they launched the Rs 66,000 crore Jawaharlal Nehru National Urban Renewal Mission in 2007. However, poor planning and implementation resulted in only 50% of the urban infrastructure projects, undertaken in 65 cities, being completed.
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EU to end milk quota system: India's exports to take a hit as dairy supply to rise - timesofindia-economictimes
NEW DELHI: Exports of dairy products from India are set to fall, with the European Union abolishing its three-decade-old milk quota system from April 1. However, more dairy products available for domestic consumption could keep prices of milk, cheese and butter in check.
The milk quota system was introduced by the EU in 1984, to address the issue of overproduction. The EU allocated milk production quotas to member-nations, which distributed it further among farmers.
According to the system, a member has to pay a levy if it exceeds its quota.
The EU is of the view that the milk quota system has outlived its usefulness with globalisation of dairy markets and increased consumption of dairy items outside the EU.
The end of quotas is likely to lead to an increase in milk production in Germany, The Netherlands, Poland, Denmark and Ireland.
"With the lifting of the quotas, many lower-cost producers like Ireland and Poland will increase milk production and this can lead to a drop in global prices," said S Nagarajan, MD at Delhi-based dairy producer Mother Dairy. "A ripple-down impact on India will mean stable milk and milk product prices and a drop in exports."
However, increased availability of dairy items could also mean lower remuneration for dairy farmers in India, said RS Sodhi, MD at Gujarat Cooperative Milk Marketing Federation, the maker of Amul milk and butter. "We are watching the evolving global development. In India, the demand for milk products is increasing and we might not see a huge impact."
India Ratings & Research said in a recent study that the demand for milk and milk-based products remains high in India due to changing dietary habits and rising purchasing power. The study expects the Indian dairy sector to grow at 15.6% in 2015-16 from 12.6% in 2012-13.
Dairy companies said negotiating better terms for duties on Indian dairy products was a way forward. "Pakistan has reduced import duty on Indian dairy products by 5% to 20%. Other Saarc countries like Bangladesh and Sri Lanka that are big importers of dairy products, could also do so," said Kuldeep Saluja, MD, Sterling Agro Industries, the maker of Nova dairy products.
Saluja said he expects a 40% drop in annual exports of milk powder, butter oil and butter.
Prices of skimmed milk powder (SMP) fell to $2,700 (Rs 162,000) a tonne in the global market on March 17 from over $4,100 (Rs 246,000) in April 2014. Mirroring the trend, SMP prices in India have fallen to Rs 160-180 a kg at present from their 2014 peak of Rs 290.
This led to an about 25% on-year fall in raw milk prices for farmers to Rs 28-29 per litre for buffalo milk and Rs 19 per litre for cow milk, said Shirish Upadhyay, senior vicepresident, strategic planning, at Parag Milk Foods.
"We are unable to export commodities like SMP since last one year. The government should pressurise the EU, the US, South Africa, China and Russia to open up their markets for Indian dairy products. Also, a buffer stocking mechanism should be established in the country to take care of excess inventories produced during the peak season," he said.
Global and domestic milk prices have been falling post June 2014 due to lower purchases by big importers such as China, Russia, Venezuela and Algeria.
Upadhyay said the problem will compound as milk production in India is set to grow 7% in the 2014-15 season due to favourable raw milk prices realised by farmers.
The Indian Dairy Association has written to the commerce ministry demanding subsidies for Indian dairy companies and cooperatives in the light of the crash in global prices.
NEW DELHI: Exports of dairy products from India are set to fall, with the European Union abolishing its three-decade-old milk quota system from April 1. However, more dairy products available for domestic consumption could keep prices of milk, cheese and butter in check.
The milk quota system was introduced by the EU in 1984, to address the issue of overproduction. The EU allocated milk production quotas to member-nations, which distributed it further among farmers.
According to the system, a member has to pay a levy if it exceeds its quota.
The EU is of the view that the milk quota system has outlived its usefulness with globalisation of dairy markets and increased consumption of dairy items outside the EU.
The end of quotas is likely to lead to an increase in milk production in Germany, The Netherlands, Poland, Denmark and Ireland.
"With the lifting of the quotas, many lower-cost producers like Ireland and Poland will increase milk production and this can lead to a drop in global prices," said S Nagarajan, MD at Delhi-based dairy producer Mother Dairy. "A ripple-down impact on India will mean stable milk and milk product prices and a drop in exports."
However, increased availability of dairy items could also mean lower remuneration for dairy farmers in India, said RS Sodhi, MD at Gujarat Cooperative Milk Marketing Federation, the maker of Amul milk and butter. "We are watching the evolving global development. In India, the demand for milk products is increasing and we might not see a huge impact."
India Ratings & Research said in a recent study that the demand for milk and milk-based products remains high in India due to changing dietary habits and rising purchasing power. The study expects the Indian dairy sector to grow at 15.6% in 2015-16 from 12.6% in 2012-13.
Dairy companies said negotiating better terms for duties on Indian dairy products was a way forward. "Pakistan has reduced import duty on Indian dairy products by 5% to 20%. Other Saarc countries like Bangladesh and Sri Lanka that are big importers of dairy products, could also do so," said Kuldeep Saluja, MD, Sterling Agro Industries, the maker of Nova dairy products.
Saluja said he expects a 40% drop in annual exports of milk powder, butter oil and butter.
Prices of skimmed milk powder (SMP) fell to $2,700 (Rs 162,000) a tonne in the global market on March 17 from over $4,100 (Rs 246,000) in April 2014. Mirroring the trend, SMP prices in India have fallen to Rs 160-180 a kg at present from their 2014 peak of Rs 290.
This led to an about 25% on-year fall in raw milk prices for farmers to Rs 28-29 per litre for buffalo milk and Rs 19 per litre for cow milk, said Shirish Upadhyay, senior vicepresident, strategic planning, at Parag Milk Foods.
"We are unable to export commodities like SMP since last one year. The government should pressurise the EU, the US, South Africa, China and Russia to open up their markets for Indian dairy products. Also, a buffer stocking mechanism should be established in the country to take care of excess inventories produced during the peak season," he said.
Global and domestic milk prices have been falling post June 2014 due to lower purchases by big importers such as China, Russia, Venezuela and Algeria.
Upadhyay said the problem will compound as milk production in India is set to grow 7% in the 2014-15 season due to favourable raw milk prices realised by farmers.
The Indian Dairy Association has written to the commerce ministry demanding subsidies for Indian dairy companies and cooperatives in the light of the crash in global prices.
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A bad news meanwhile....Someone start a thread please.
Pakistan officially printing fake Indian currency notes : North, News - India Today
Pakistan officially printing fake Indian currency notes : North, News - India Today
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