Indian Economy-News & Updates

[SpArK]

Tata Power commissions 3-MW solar power plant in Maharashtra news ​

27 April 2011

Mumbai: Pursuant to the company's objective of building a robust renewable energy portfolio that is 20-25 per cent of its total generation capacity,

India's largest integrated private power utility Tata Power today said that it had commenced the commercial operation of its 3-MW, photovoltaic-based, grid-connected solar power plant at Mulshi, Maharashtra.

According to the company, this is the first and largest solar PV power plant in Maharashtra and one of the largest in the country and is spread over 12 acres.

The technology for this project has been supplied by the Tata Group's renewable power arm, Tata BP Solar.

The project is Tata Power's and Tata BP Solar's novel experience in building, operating, and maintaining a megawatt-scale grid-connected solar power plant in India. Given the modular nature of the system, the project was executed in nine months.

Tata Power had set up its first solar power plant of 100 kW way back in 1996 at Walwan in Lonavla, where the company has a hydro power facility.

According to Anil Sardana, managing director, Tata Power, the commissioning of the grid-connected 3-MW solar power plant in Mulshi reinforced the company's sustainability agenda and commitment of setting up generation capabilities through renewable sources


domain-b.com : Tata Power commissions 3-MW solar power plant in Maharashtra

 

[SpArK]

http://www.postzambia.com/post-read_article.php?articleId=20150

 

[SpArK]

India sees 100,000 mw on tap in Saarc grid - The Times of India

 

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Sri Lanka gives nod for India's Axis Bank entry - LANKA BUSINESS ONLINE

 

[SpArK]

South Sudan assures India of honouring energy contracts, IBN Live News

 

[Abhishek_]

India to pay for Iranian crude oil in rupee

After having explored various options to make payments and having run out of them, India is understood to have decided to pay Iran for the crude oil supplied by it in rupee terms.

After discussions between the Finance Ministry and the Petroleum and Natural Gas Ministry, it has been decided that the Ministry will seek the note of the Union Cabinet to switch over to the rupee payment system for the Iranian crude, officials in the Petroleum Ministry said.

Under the newly floated but yet to be approved proposal, National Iranian Oil Co (NIOC) will open rupee account with Indian banks and could use the money to purchase non-strategic items such as railway imports and buy commodities. It will not be able to use the money to invest in India or for buying shares or companies. The Finance Ministry will prepare and submit a list of do's and don'ts for Iranian authorities from the money it gets as part of the crude oil payments.

The official said the Reserve Bank of India, which, in December last year, discontinued a long-standing mechanism of payment through central banks, previously opposed payments for Iranian oil in rupee but has now relented. In February, India started making euro payments through an Iranian bank based in Germany. But that had to be stopped soon after Germany came under pressure from the United States to put an end to this practice.

The government also explored the option of Indian oil firms opening accounts in Dubai-based Noor Islamic Bank for direct transfer of money to Iran. But the UAE is also learnt to have refused to route payments.

India imports 12 million barrels of crude oil every month from Iran, which is the nation's second-largest supplier, after Saudi Arabia. The problem began after the RBI, on December 23, did away with the Asian Clearing Union (ACU) mechanism for paying for Iranian crude oil imports, which make up for 12 per cent of the nation's oil needs.

In February, it began clearing past dues for Iranian oil imports by making euro payments through the German-based Europisch-Iranische Handelsbank AG (EIH Bank). But EIH, which is owned by Iran, is a banned entity in the U.S., and Washington persuaded Germany to stop payments.

This has resulted in outstanding payment of $2.8 billion as on March-end towards Iran.

The Hindu : News / National : India to pay for Iranian crude oil in rupee

 

[SpArK]

Govt May Hike Diesel Prices After Assembly Polls
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PTI | NEW DELHI | MAY 04, 2011

The government plans to hike diesel prices by up to Rs 3 a litre soon after the Assembly elections in five states are over next week, while an equivalent steep increase in petrol rates is also on card.

"An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is scheduled to meet on May 11 to mull on a hike in diesel prices," a top government official, refusing to be named, told reporters here.

A Rs 3-4 a litre hike in the price of petrol, which had been freed from government control last June, is also on the cards immediately after polling in the last phase of Assembly elections is completed on May 10.

"Petroleum Ministry officials yesterday discussed with the Election Commission the issue of raising prices before Assembly election results are announced on May 13. The Election Commission is believed to have cleared the move," he said.

Officially on the EGoM's agenda is ways of mitigating the over Rs 180,000 crore revenue loss state-owned oil firms have projected in 2011-12 on selling diesel, domestic LPG and kerosene at current rates.

An increase in domestic LPG prices may also be discussed at the EGoM meeting that will decide on how the oil firms will be compensated for their losses, he said.

State-owned Indian Oil, Bharat Petroleum and Hindustan Petroleum currently lose Rs 16.17 a litre on diesel and after adding local sales tax or VAT, the desired increase to make rates at par with international prices is Rs 18.19 a litre.

The companies have not even raised price of petrol, a commodity which was freed from government control in June last year, in view of Assembly elections in five states like West Bengal and Kerala.

The hike need to take petrol prices to international parity is about Rs 8.50 per litre, but the entire burden will not be passed on to consumers in one go. "Oil companies will be asked to stagger the hike over a couple of months," the official said.

Besides petrol and diesel, the three state oil firms lose Rs 29.69 a litre on kerosene and Rs 329.73 per 14.2 kg domestic LPG cylinder.

Indian Oil, Bharat Petroleum and Hindustan Petroleum will "at current international crude oil prices lose Rs 180,208 crore in revenues on selling diesel, domestic LPG and kerosene below their imported cost in the 2011-12 fiscal", the official said.

The revenue loss, termed as under-recovery by oil firms, will be the highest ever, even more than what they lost in 2008-09 when crude touched a record high of USD 147 a barrel.

In addition, they lose about Rs 8.50 per litre on petrol, whose rates have not moved in tandem with the imported cost despite its pricing being freed from government control in June last year.

"Losses on petrol are not included in the under-recovery figures for 2011-12 as it is a decontrolled commodity," the official said.

The basket of crude oil India buys had averaged USD 83.57 per barrel in 2008-09 and calculations for the current fiscal have been done at the prevailing rates of around USD 110 a barrel.

"The average price of the Indian basket of crude oil last fiscal was USD 85.09 per barrel, higher than the 2008-09 average when the government had cut customs and excise duty on crude oil and products to check the impact of rising international rates on domestic markets," the official said.

Finance Minister Pranab Mukherjee has refused to cut customs and excise duty on crude this time to protect his projected fiscal deficit.

"The situation in the current fiscal will be worse, the three PSU oil marketing companies are losing Rs 540 crore per day on diesel, domestic LPG and kerosene sales," he said.

In 2008-09, the government had issues oil bonds worth Rs 71,292 crore to the three firms to make up for more than two- thirds of the Rs 103,292 crore revenue loss. Upstream oil firms like ONGC provided another Rs 32,000 crore.

In the 2010-11 fiscal, the three firms lost Rs 78,202 crore, but so far, the government has provided only Rs 20,911 crore in compensation. The oil marketing firms lost Rs 2,227 crore on selling petrol below the imported cost during April and June before its price was freed from government control.

They lost Rs 34,384 crore on the sale of diesel, Rs 19,566 crore on PDS kerosene and Rs 22,025 crore on the sale of domestic LPG.

 

[SpArK]

India's to grow 6.5% to 7.5% this fiscal: Baring Asset Management - The Economic Times

 

[SpArK]

India, Hungary to double bilateral trade in three years
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India and Hungary have agreed to double their bilateral trade to USD 1.2
billion within the next three years, with the European nation also reiterating its support to India's claim for permanent membership in an expanded United Nations Security Council.

This was decided during the ongoing visit of Minister of State for Planning, Parliamentary Affairs, Science & Technology and Earth Sciences Ashwani Kumar to the European Union member nation, a government statement said.

Kumar is currently in Hungary with a seven-member parliamentary delegation as part of the dialogue process between the two countries.

During his meetings, Kumar stated that India needs over USD 1 trillion of investment during the next 5-6 years in the infrastructure sector alone.

"He invited Hungarian companies to participate in development of infrastructure in India. The two sides also agreed to double the level of existing trade at USD 640 million to 1.2 billion in the next three years," the statement added.

Kumar has held a series of high-level meetings with senior Hungarian leaders, including the country's Minister for Foreign Affairs Janos Martonyi, Minister for National Economy Gyorgy Matolcsy, Deputy Speaker of the Hungarian National Assembly Sandor Lezsak and the Chairman of the Hungarian-Indian Inter-Parliamentary Friendship Group, Zsolt Horvath.

"Both sides agreed to further strengthen the relationship through parliamentary exchanges on a regular basis... The Hungarian Foreign Minister reiterated his government's support to India's claim for permanent membership in an expanded UN Security Council," the statement said.

Kumar expressed appreciation for Hungary's support for the India-US civil nuclear agreement at the Nuclear Suppliers Group and for expressing solidarity with India in the wake of 26/11 Mumbai terror attack.

"The two countries agreed to work closely for the reform of the United Nations to reflect contemporary global realities," the statement said.

The central European nation has also invited more investment from Indian companies. Indian investments in Hungary are estimated in the range of USD 1 billion and Indian firms employ over 7,000 people there.

The two sides also identified various areas of cooperation, including collaboration on research and development, electronics, water and solid waste management, defence, IT and higher education.

"Collaboration between Bollywood and Hungarian film makers would also be explored. It was agreed to activate the fund of 2 million euros for joint research projects in science and technology," the statement said.


http://www.google.co.in/url?sa=t&source=news&cd=11&ved=0CC0QqQIwADgK&url=http%3A%2F%2Fwww.mydigitalfc.com%2Feconomy%2Findia-hungary-double-bilateral-trade-three-years-764&ei=VifBTYb6EoKh8QOl0dTNBQ&usg=AFQjCNHVz4okfM-QP_O0i6oTczsJZygygg&sig2=PDITJqhzdhifQP1Lr5fdxg

 

[lepziboy]

http://www.pwc.com/en_GX/gx/world-2050/pdf/world-in-2050-jan-2011.pdf

A new analysis about the E7 and G7 economies most of it talk about Indian economy and some of china

 

[SpArK]

India, Japan trade pact to boost bilateral trade, investment - India - DNA

 

[jha]

India's middle class population to rise, key driver for Asia's rise by 2050

Nearly 70% of India's population could be middle class within 15 years if the country's economy posts sustained growth, a report by the Manila-based Asian Development has said.

"Today, India has a tiny middle class by global standards. But if it continues its growth, 70% of the Indian population could be middle class within 15 years," the ADB the report said.

The ADB report says that Asia rise will be led by China, India, Indonesia, Japan, South Korea, Malaysia, and Thailand.

India's middle class population to rise, key driver for Asia's rise by 2050 - The Times of India

 

[hembo]

Ex-Wipro veteran, Sridhar Mitta pushes information technology services to tier-II towns
Jayadevan PK, May 5, 2011, 10.30am IST

BANGALORE: Going to Tier II and Tier III cities has always been an iffy thing for technology firms. One who hasn't been shy of a small-town foray is veteran technopreneur Sridhar Mitta. Calling it social entrepreneurship, he is pushing information technology services into the second-rung cities by creating a different business model. While bigger corporations have been toying with the idea, they haven't done anything significant.

What Mitta is looking to do is to employ 10,000 graduates from non-metros over the next three years by setting up 40 development centres through his year-and-half venture. He simply calls it social entrepreneurship.
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Excellent move. Companies & GOI should move focus to Tier-2/3 cities, small towns and semi-rural areas if we are to achieve homogeneous and faster development. It's a win-win scenario for all parties.

 

[hembo]

Over 50% US green card holders plan to return home: Survey
May 5, 2011, 03.08am IST

NEW YORK: The United States may experience reverse brain drain as thousands of Indian IT professionals contemplate returning to India, according to a survey conducted by Corp-Corp.com, a US-based technology job portal.

The finding was based on a survey of more than 1,000 survey respondents of Indian origin, nearly half of which were IT professionals that plan to return to India.

About 50 per cent of the respondents have plans to return soon, while 6.4 per cent of them have already returned to their homeland.


Survey participants included permanent residents, US citizens and work visa holders.

Fifty-one per cent said their decision was based on wanting to rejoin family and 26 per cent cited better opportunities as the reason to return to their homeland.

Around 10 per cent are planning to return for they believe their kids will get a better education in India.

"The results are very important for American businesses because they may face challenges in filling the gap of these resources," said Prabakaran Murugaiah, CEO of Corp-Corp.com.

"Businesses cannot replace an experienced workforce overnight," he said.

The survey results show 69 per cent of visa holders and 57 per cent permanent residents or citizens intend to return.

These are some of the motivation to return to India: Nearly 51 per cent for the return is rejoining their family members in India; 26 per cent for better opportunities in India.

Only 3 per cent says they are returning due to job loss, which is consistent with low unemployment of around 6 per cent in the IT sector even though the generic unemployment is over 8 per cent.

Around 10 per cent are planning their return to provide better education to their kids in India.

There are about two million Indians living in US and many of them hold bachelor or higher degrees.

Indians share a large percentage in the numbers of PhD holders.

Among the Asian Indian population, around 60 per cent are in management or professional occupations.

Murugaiah says, "Many of the returning Indians have aged parents back home to take care. Also, recent economic growth in India with many good opportunities fueled their thought process of heading back."

"In addition to that, many US companies are opening their offices in India and hiring more to target the growing market in Asia. There may be some challenges in filling the gap created by these resources, because we cannot create a 10 years experienced resource the next day," he said.

"However, there are 6 million IT professionals working in the US and this may not pose a bigger impact for the US tech industry. This trend may very well be a win-win situation for both countries," he added.

 

[hembo]

RIL to invest $12 billion in chemicals business

RIL to invest $12 billion in chemicals business to tap growing market for healthcare products
Himangshu Watts, May 5, 2011, 06.43am IST

NEW DELHI: Reliance Industries is drawing ambitious plans to be a world leader in rubber, and is investing up to $12 billion in the chemicals business to tap the rapidly-growing market for hygiene and healthcare products, Chairman Mukesh Ambani told ET.

"We believe that hygiene will be a very big market in a rapidly prospering India where people's aspirations are rising. You look at diapers, female hygiene - most of the super absorbents come from our industry. So if we can integrate and really think about low-cost hygiene to improve the quality of life for the masses," he said.

Reliance has the advantage of massive plants such as the world's biggest refining complex at Jamnagar that can supply feedstock used in the chemical industry.