Indian Economy-News & Updates
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OK,now l know what you want:Its hard to get more offtopic than this....
Your intention to troll is obvious....
OMG,11 BILLION,A PIECE OF CAKE,INDIA A 4TH WORLD COUNTRY FOREVER!
what is my intention now in your opinion?
Japan to grant India $2.32 bln aid
India and Japan have agreed to promote their bilateral strategic and global partnership especially in economic and security areas, with Tokyo granting a $2.32 billion aid for infrastructure building.
“We hope to deepen and develop a strategic and global partnership (with India) by building a close cooperative relationship,” Japanese Foreign Minister Fumio Kishida said after meeting External Affairs Minister Salman Khurshid in Tokyo.
During the meeting on Tuesday, Mr. Kishida unveiled a 220 billion yen ($2.32 billion) aid to India for infrastructure building and a 71-billion-yen loan ($753.17 million) for the subway project in India’s financial capital Mumbai, the Japanese news agency Kyodo reported.
Mr. Khurshid appreciated the aid, saying, “Such assistance has been utilised in upgrading our infrastructure. The iconic Delhi Metro project has positively impacted the lives of millions of Indian citizens in the National Capital Region of Delhi.”
The loan package consists of four projects, including a freight railway project connecting New Delhi and Mumbai, and a subway construction project in southern India.
Kyodo said the two leaders also agreed to further advance cooperation on a future high-speed railway project.
“Our security cooperation is proceeding well. Earlier this year, we received the Chief of the Japanese Maritime Self Defence Force in India and your Defence Minister is expected to visit us later this year. The 1st Maritime Affairs Dialogue between India and Japan was held in January this year,” Mr. Khurshid said, noting that bilateral security cooperation is proceeding well.
“As the two largest democracies of Asia, we agreed to expand our cooperation in the Asia-Pacific region. Foreign Minister Kishida and I agreed that India and Japan will coordinate their actions more closely within the East Asia Summit process,” Mr. Khurshid said.
On his part, Mr. Kishida said, “We agreed to promote cooperation in ensuring maritime safety and security through joint exercises, while enhancing a bilateral political dialogue and a trilateral one involving Japan, the US and India.”
They also agreed to promote negotiations on a bilateral nuclear energy pact as part of civilian nuclear energy cooperation between the two countries, Kyodo said.
The two leaders also discussed a visit to Japan by Prime Minister Manmohan Singh, which has been postponed since November but that could take place “shortly,” it said.
“We will coordinate our actions and efforts more closely within the East Asia Summit process,” Mr. Khurshid said.
“My ambition is to take our relationship a little bit higher” than the 634-meter Skytree communications tower, one of the newest landmarks in Tokyo, he added.
Japan to grant India $2.32 bln aid - The Hindu
India and Japan have agreed to promote their bilateral strategic and global partnership especially in economic and security areas, with Tokyo granting a $2.32 billion aid for infrastructure building.
“We hope to deepen and develop a strategic and global partnership (with India) by building a close cooperative relationship,” Japanese Foreign Minister Fumio Kishida said after meeting External Affairs Minister Salman Khurshid in Tokyo.
During the meeting on Tuesday, Mr. Kishida unveiled a 220 billion yen ($2.32 billion) aid to India for infrastructure building and a 71-billion-yen loan ($753.17 million) for the subway project in India’s financial capital Mumbai, the Japanese news agency Kyodo reported.
Mr. Khurshid appreciated the aid, saying, “Such assistance has been utilised in upgrading our infrastructure. The iconic Delhi Metro project has positively impacted the lives of millions of Indian citizens in the National Capital Region of Delhi.”
The loan package consists of four projects, including a freight railway project connecting New Delhi and Mumbai, and a subway construction project in southern India.
Kyodo said the two leaders also agreed to further advance cooperation on a future high-speed railway project.
“Our security cooperation is proceeding well. Earlier this year, we received the Chief of the Japanese Maritime Self Defence Force in India and your Defence Minister is expected to visit us later this year. The 1st Maritime Affairs Dialogue between India and Japan was held in January this year,” Mr. Khurshid said, noting that bilateral security cooperation is proceeding well.
“As the two largest democracies of Asia, we agreed to expand our cooperation in the Asia-Pacific region. Foreign Minister Kishida and I agreed that India and Japan will coordinate their actions more closely within the East Asia Summit process,” Mr. Khurshid said.
On his part, Mr. Kishida said, “We agreed to promote cooperation in ensuring maritime safety and security through joint exercises, while enhancing a bilateral political dialogue and a trilateral one involving Japan, the US and India.”
They also agreed to promote negotiations on a bilateral nuclear energy pact as part of civilian nuclear energy cooperation between the two countries, Kyodo said.
The two leaders also discussed a visit to Japan by Prime Minister Manmohan Singh, which has been postponed since November but that could take place “shortly,” it said.
“We will coordinate our actions and efforts more closely within the East Asia Summit process,” Mr. Khurshid said.
“My ambition is to take our relationship a little bit higher” than the 634-meter Skytree communications tower, one of the newest landmarks in Tokyo, he added.
Japan to grant India $2.32 bln aid - The Hindu
India to set up Food Testing Labs, processing units in African countries
R. AVADHANI
Grabbing the opportunity in extending a helping hand for developing nations in the African Union, Ministry of Food Processing Industries has decided to establish Food Testing Labs (FTL) and Food Processing Business Incubation Centres (FPBIC) in the member countries. Each FTL will be established at an estimated cost of Rs. 10 crore. These will come up in Zimbabwe, Gambia, The Republic of Congo, Rwanda and Nigeria.
Similarly, the FPBICs would be established in Uganda, Cameroon, Ghana, Mali and Angola at an estimated cost of Rs. 7.3 crore. Medak-based International Crops Research Institute for Semi-Arid Tropics (ICRISAT) has already initiated the feasibility study and preparation of business plans towards the establishment of FTLs. ICRISAT has also been selected by the Government of India as the implementation agency for FPBICs.
Food processing cluster
A food processing cluster can process about 2.5 lakh tonnes of raw material per year will come up in one of the AU nations at an estimated cost of Rs. 117 crore. The project would be completed in three years after selection of location.
Disclosing these details after formally inaugurating training programme on ‘Knowledge and skill development of food testing laboratory personnel from African countries,’ held at ICRISAT on Sunday, U. Venkateswarlu, Joint Secretary, Ministry of Food Processing, said that the programme was taken up under India Africa Forum Summit –II.
Stating that FTLs would play key role in maintaining the quality of food, Dr. Venkateswarlu said: “Food standards are expected to acquire greater importance given the increasing concerns on food safety on one hand and growing consumer demand for products which are healthy on the other. There is an urgent need to sensitise food processing industries to meet the increasing stringent food safety measures.” He also suggested going for accreditation in food products so that they could be exported without any problem.
Dr. Kiran K. Sharma, CEO, Agri-Business Innovation Platform (AIP), said that the training programme would be helpful in addressing poverty, hunger, malnutrition and environmental degradation in dry land tropics. About 25 representatives from eight countries are attending the 14-day training programme.
India to set up Food Testing Labs, processing units in African countries - The Hindu
R. AVADHANI
Grabbing the opportunity in extending a helping hand for developing nations in the African Union, Ministry of Food Processing Industries has decided to establish Food Testing Labs (FTL) and Food Processing Business Incubation Centres (FPBIC) in the member countries. Each FTL will be established at an estimated cost of Rs. 10 crore. These will come up in Zimbabwe, Gambia, The Republic of Congo, Rwanda and Nigeria.
Similarly, the FPBICs would be established in Uganda, Cameroon, Ghana, Mali and Angola at an estimated cost of Rs. 7.3 crore. Medak-based International Crops Research Institute for Semi-Arid Tropics (ICRISAT) has already initiated the feasibility study and preparation of business plans towards the establishment of FTLs. ICRISAT has also been selected by the Government of India as the implementation agency for FPBICs.
Food processing cluster
A food processing cluster can process about 2.5 lakh tonnes of raw material per year will come up in one of the AU nations at an estimated cost of Rs. 117 crore. The project would be completed in three years after selection of location.
Disclosing these details after formally inaugurating training programme on ‘Knowledge and skill development of food testing laboratory personnel from African countries,’ held at ICRISAT on Sunday, U. Venkateswarlu, Joint Secretary, Ministry of Food Processing, said that the programme was taken up under India Africa Forum Summit –II.
Stating that FTLs would play key role in maintaining the quality of food, Dr. Venkateswarlu said: “Food standards are expected to acquire greater importance given the increasing concerns on food safety on one hand and growing consumer demand for products which are healthy on the other. There is an urgent need to sensitise food processing industries to meet the increasing stringent food safety measures.” He also suggested going for accreditation in food products so that they could be exported without any problem.
Dr. Kiran K. Sharma, CEO, Agri-Business Innovation Platform (AIP), said that the training programme would be helpful in addressing poverty, hunger, malnutrition and environmental degradation in dry land tropics. About 25 representatives from eight countries are attending the 14-day training programme.
India to set up Food Testing Labs, processing units in African countries - The Hindu
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Russia's Sistema plans up to $1 billion India investment
Russia's Sistema plans up to $1 billion India investment - The Times of India
Iran Demand Boosts India Basmati Rice Price
Iran Demand Boosts India Basmati Rice Price - WSJ.com
India's Tata Consultancy buys French IT provider Alti
India's Tata Consultancy buys French IT provider Alti
Russia's Sistema plans up to $1 billion India investment - The Times of India
Iran Demand Boosts India Basmati Rice Price
Iran Demand Boosts India Basmati Rice Price - WSJ.com
India's Tata Consultancy buys French IT provider Alti
India's Tata Consultancy buys French IT provider Alti
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NEW DELHI--India's wholesale inflation slowed to below 6% for the first time since November 2009, comforting authorities and brightening prospects for an interest-rate cut by the central bank next month.
The wholesale price index -- the country's main inflation gauge -- rose 5.96% from a year earlier in March compared with 6.84% in the previous month, government data showed Monday. The reading was significantly lower than the median estimate for a 6.30% increase in a poll of 13 economists.
The data would add to optimism that price pressures are easing steadily, likely providing the central bank the headroom to shift attention to reviving growth in an economy expanding at its weakest pace in a decade.
The reading is "likely to provide the green light" for the Reserve Bank of India to cut its policy lending rate by a quarter percentage point next month, said Robert Prior-Wandesforde, director of Asian Economics at Credit Suisse CSGN.VX +0.61% .
In March, the central bank cut its lending rate by a quarter percentage point, which was its second rate reduction in 2013.
But the RBI also cautioned that it had little room for further rate reductions as price pressures were still high. It wants to bring inflation down to about 5%.
The central bank's next policy meeting is on May 3.
Industry lobby groups have been clamoring for more cuts, arguing these would help encourage businesses revive their investment plans necessary to stimulate growth.
"The RBI needs to work in tandem with the government in boosting growth by easing interest rates by at least 100 basis points [one percentage point] in the current fiscal [year]," S. Gopalakrishnan, president of the Confederation of Indian Industry, said at a conference Monday.
Since September, the government has taken several measures such as reducing fuel subsidies, easing foreign investment restrictions and fast-tracking industrial projects to improve economic conditions. The government has also favored rate cuts, but the RBI hasn't always toed the line.
India's economy is projected to have grown 5% in the last fiscal year ended March 31, far slower than its 9% expansion just before the 2008 financial crisis. Data Friday showed industrial output grew a mere 0.6% from a year earlier in February, underscoring the economic slowdown.
Elevated consumer inflation has also constrained the RBI from making sharp rate moves. But, data Friday alleviated some of those concerns.
Consumer inflation slowed to 10.39% in March from 10.91% in February. That raised hopes retail prices, which have risen in recent months despite easing wholesale prices, may now be on their way down.
Also, Monday's data showed core inflation -- a closely tracked measure that strips out volatile food and fuel items -- eased to 3.48% from 3.78%. This would further comfort the central bank. The RBI has been battling high inflation for more than three years.
Economists say subdued demand, which reflects the weak state of the economy, has led to the fall in the core inflation rate. This has also helped cool headline inflation from above 8% levels as recently as in September.
However, concerns of intermittent spikes in inflation still remain due to regular increases in state-set fuel prices. Structural problems in India's farm distribution chain are also contributing to high food prices.
Economists are now watching for the June-September monsoon rainfall.
India receives about 70% of the annual rainfall during the four-month period. Monsoon rains are crucial for the farm sector as more than 60% of India's farmland is rainfed. According to preliminary government forecasts, the country is expected to receive normal rainfall this year and this could cool food prices.
Data Monday showed prices of primary articles rose 7.6% from a year earlier, slower than the previous month's 9.7% increase. Primary articles include food and minerals, and have a 20% weight in the index.
Food inflation eased to 8.7% in March from 11.4% in February.
The government meanwhile revised sharply January's inflation reading to 7.31% from the previously reported 6.62%, raising worries that the March print could also be changed later.
Source: WSJ : India Inflation Slows to Below 6% - WSJ.com
The wholesale price index -- the country's main inflation gauge -- rose 5.96% from a year earlier in March compared with 6.84% in the previous month, government data showed Monday. The reading was significantly lower than the median estimate for a 6.30% increase in a poll of 13 economists.
The data would add to optimism that price pressures are easing steadily, likely providing the central bank the headroom to shift attention to reviving growth in an economy expanding at its weakest pace in a decade.
The reading is "likely to provide the green light" for the Reserve Bank of India to cut its policy lending rate by a quarter percentage point next month, said Robert Prior-Wandesforde, director of Asian Economics at Credit Suisse CSGN.VX +0.61% .
In March, the central bank cut its lending rate by a quarter percentage point, which was its second rate reduction in 2013.
But the RBI also cautioned that it had little room for further rate reductions as price pressures were still high. It wants to bring inflation down to about 5%.
The central bank's next policy meeting is on May 3.
Industry lobby groups have been clamoring for more cuts, arguing these would help encourage businesses revive their investment plans necessary to stimulate growth.
"The RBI needs to work in tandem with the government in boosting growth by easing interest rates by at least 100 basis points [one percentage point] in the current fiscal [year]," S. Gopalakrishnan, president of the Confederation of Indian Industry, said at a conference Monday.
Since September, the government has taken several measures such as reducing fuel subsidies, easing foreign investment restrictions and fast-tracking industrial projects to improve economic conditions. The government has also favored rate cuts, but the RBI hasn't always toed the line.
India's economy is projected to have grown 5% in the last fiscal year ended March 31, far slower than its 9% expansion just before the 2008 financial crisis. Data Friday showed industrial output grew a mere 0.6% from a year earlier in February, underscoring the economic slowdown.
Elevated consumer inflation has also constrained the RBI from making sharp rate moves. But, data Friday alleviated some of those concerns.
Consumer inflation slowed to 10.39% in March from 10.91% in February. That raised hopes retail prices, which have risen in recent months despite easing wholesale prices, may now be on their way down.
Also, Monday's data showed core inflation -- a closely tracked measure that strips out volatile food and fuel items -- eased to 3.48% from 3.78%. This would further comfort the central bank. The RBI has been battling high inflation for more than three years.
Economists say subdued demand, which reflects the weak state of the economy, has led to the fall in the core inflation rate. This has also helped cool headline inflation from above 8% levels as recently as in September.
However, concerns of intermittent spikes in inflation still remain due to regular increases in state-set fuel prices. Structural problems in India's farm distribution chain are also contributing to high food prices.
Economists are now watching for the June-September monsoon rainfall.
India receives about 70% of the annual rainfall during the four-month period. Monsoon rains are crucial for the farm sector as more than 60% of India's farmland is rainfed. According to preliminary government forecasts, the country is expected to receive normal rainfall this year and this could cool food prices.
Data Monday showed prices of primary articles rose 7.6% from a year earlier, slower than the previous month's 9.7% increase. Primary articles include food and minerals, and have a 20% weight in the index.
Food inflation eased to 8.7% in March from 11.4% in February.
The government meanwhile revised sharply January's inflation reading to 7.31% from the previously reported 6.62%, raising worries that the March print could also be changed later.
Source: WSJ : India Inflation Slows to Below 6% - WSJ.com
Rs 500 crore investment for 4th JCB India manufacturing plant in Jaipur
This is the fourth world class manufacturing unit which is coming up at MWCJL in Jaipur at an investment of INR 500 crores and will be spread over an area of 115 acres. The new facility will play a major role in strengthening JCB’s manufacturing base in the state of Rajasthan while it will also aid the company to keep abreast with future economic developments besides ensuring its position as a leader where construction equipment is concerned.
Besides the Jaipur plant, JCB has three other world class facilities, one in Ballabgarh, Haryana and two in Pune, Maharashtra. At the Ballabgarh plant, JCB manufactures Blackhoe Loader besides JCB Liftall Cranes while at the two plants in Pune, one plant takes care of export oriented fabrications and components while at the second plant JCB undertakes manufacture of heavy equipment including Tracked Excavators, Wheeled Loaders and Compactors.
Ashok Gehlot, Chief Minister of Rajasthan said, “It’s a pleasure for me to lay the foundation stone of the manufacturing plant being set up by JCB India. I strongly believe that this premium development will contribute towards strengthening the manufacturing base of the state. I would like to wish great progress to JCB in Rajasthan.”
Rajendra Pareek, Minister of Industries said, “I am very happy that JCB has decided to have its fourth plant in Rajasthan and I assure the management of JCB that the Govt. of Rajasthan will extend its full support to their investment at all stages as per their requirements”
Alan Blake, CEO, JCB Group said, “India is a very important market for JCB and our investment in Jaipur is a vital next step we’re taking to further strengthen our position in this growing market. We look forward to providing products of the highest quality with the industry-leading service to our Indian customers from Rajasthan in the same way as we already do from our world-class factories in Haryana and Maharashtra.”
C. K. Mathew, Chief Secretary said,”Coming of JCB is a significant milestone in the sustained and ongoing efforts of the Govt .of Rajasthan to bring industries, specially manufacturing giants here”
Sunil Arora, Chairman RIICO & Additional Chief Secretary – Industries said, “ RIICO has been involved with JCB’s project for Jaipur since its inception. It is indeed extremely gratifying that they have reached the day of laying the foundation stone of JCB’s world class plant right here in Jaipur.”
“This is a memorable moment for us, as we begin this new chapter in the JCB India growth story. JCB has a very robust & growing business in India and we’re making investments to drive sustainable long-term growth.” said Vipin Sondhi, MD & CEO, JCB India. He added “After a decade of continued investment by the JCB Group in Ballabgarh and Pune, I’m thrilled that Jaipur will become home to the company’s next world-class manufacturing facility.”
Read more at Rs 500 crore investment for 4th JCB India manufacturing plant in Jaipur | Rush Lane
This is the fourth world class manufacturing unit which is coming up at MWCJL in Jaipur at an investment of INR 500 crores and will be spread over an area of 115 acres. The new facility will play a major role in strengthening JCB’s manufacturing base in the state of Rajasthan while it will also aid the company to keep abreast with future economic developments besides ensuring its position as a leader where construction equipment is concerned.
Besides the Jaipur plant, JCB has three other world class facilities, one in Ballabgarh, Haryana and two in Pune, Maharashtra. At the Ballabgarh plant, JCB manufactures Blackhoe Loader besides JCB Liftall Cranes while at the two plants in Pune, one plant takes care of export oriented fabrications and components while at the second plant JCB undertakes manufacture of heavy equipment including Tracked Excavators, Wheeled Loaders and Compactors.
Ashok Gehlot, Chief Minister of Rajasthan said, “It’s a pleasure for me to lay the foundation stone of the manufacturing plant being set up by JCB India. I strongly believe that this premium development will contribute towards strengthening the manufacturing base of the state. I would like to wish great progress to JCB in Rajasthan.”
Rajendra Pareek, Minister of Industries said, “I am very happy that JCB has decided to have its fourth plant in Rajasthan and I assure the management of JCB that the Govt. of Rajasthan will extend its full support to their investment at all stages as per their requirements”
Alan Blake, CEO, JCB Group said, “India is a very important market for JCB and our investment in Jaipur is a vital next step we’re taking to further strengthen our position in this growing market. We look forward to providing products of the highest quality with the industry-leading service to our Indian customers from Rajasthan in the same way as we already do from our world-class factories in Haryana and Maharashtra.”
C. K. Mathew, Chief Secretary said,”Coming of JCB is a significant milestone in the sustained and ongoing efforts of the Govt .of Rajasthan to bring industries, specially manufacturing giants here”
Sunil Arora, Chairman RIICO & Additional Chief Secretary – Industries said, “ RIICO has been involved with JCB’s project for Jaipur since its inception. It is indeed extremely gratifying that they have reached the day of laying the foundation stone of JCB’s world class plant right here in Jaipur.”
“This is a memorable moment for us, as we begin this new chapter in the JCB India growth story. JCB has a very robust & growing business in India and we’re making investments to drive sustainable long-term growth.” said Vipin Sondhi, MD & CEO, JCB India. He added “After a decade of continued investment by the JCB Group in Ballabgarh and Pune, I’m thrilled that Jaipur will become home to the company’s next world-class manufacturing facility.”
Read more at Rs 500 crore investment for 4th JCB India manufacturing plant in Jaipur | Rush Lane
Koovie
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Thats very good news. But we need to improve the demand in this country again to achieve growth!
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Iran to source vehicles, medicines from India
NEW DELHI: Another door has opened for two of India's biggest exports, automobiles and pharmaceuticals, with Iran agreeing to source these from here to help New Delhi settle payment for oil imports in rupees.
The two countries had agreed to settle bilateral trade in rupees after it became difficult for India to route payments to Iran because of the sanctions. However, the mechanism failed to take off as the trade was heavily in favour of Iran - India exported goods worth $3.36 billion in 2012-13 while its imports were $ 11.6 billion -- prompting New Delhi to look for more items to sell to the country.
"We visited Iran and suggested sectors they could look at including engineering, power, steel, auto and pharma. They are keen on automobile and pharma for now," said a commerce ministry official, adding that the country did not appear keen on a larger trade agreement.
KMRL inks contract with DMRC
After months of intense wrangling, the Kochi Metro Rail Limited (KMRL) and the Delhi Metro Rail Corporation (DMRC) have signed on the dotted line. The two entered into a contractual agreement at New Delhi on Thursday, fixing four years as the time frame for completing Kochi Metro.
The work is scheduled to be flagged off on June 7 and the agreement comes just a fortnight ahead of it.
Earlier, DMRC’s Principal Advisor E. Sreedharan had said the metro rail work could be wrapped up in three years, and when asked about it, KMRL’s MD Elias George said the agencies would try to complete the project in a “shorter span”.
The agreement says that DMRC will get the work done while KMRL will “exercise appropriate financial and technical oversight over the project’s execution”. DMRC must also seek KMRL’s nod before deviating from the technical specifications and norms agreed upon.
Mr. George said the agreement took care of Kerala’s interests. It also ensured that there were no impediments to DMRC’s functioning either, he said. .
KMRL inks contract with DMRC | The Hindu
After months of intense wrangling, the Kochi Metro Rail Limited (KMRL) and the Delhi Metro Rail Corporation (DMRC) have signed on the dotted line. The two entered into a contractual agreement at New Delhi on Thursday, fixing four years as the time frame for completing Kochi Metro.
The work is scheduled to be flagged off on June 7 and the agreement comes just a fortnight ahead of it.
Earlier, DMRC’s Principal Advisor E. Sreedharan had said the metro rail work could be wrapped up in three years, and when asked about it, KMRL’s MD Elias George said the agencies would try to complete the project in a “shorter span”.
The agreement says that DMRC will get the work done while KMRL will “exercise appropriate financial and technical oversight over the project’s execution”. DMRC must also seek KMRL’s nod before deviating from the technical specifications and norms agreed upon.
Mr. George said the agreement took care of Kerala’s interests. It also ensured that there were no impediments to DMRC’s functioning either, he said. .
KMRL inks contract with DMRC | The Hindu
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UK eyeing doubling bilateral trade with India by 2015 - The Economic Times
KOCHI: The UK is aiming at doubling its bilateral trade with India by 2015 and very keen to take the relationship to the next level, British Cabinet Minister for Communities and Local Government Eric Pickles said today.
"Close relationships are already paying off. On the national level we collaborate closely on everything from energy security to climate change and healthcare. We are looking at doubling our trade by 2015," he said.
The bilateral trade between the two countries was 12 billion pounds in 2012.
About 40,000 Indian students are studying in the UK and the British Council had trained nearly one million English language teachers covering over 17 million aspirational Indians, he said.
Pointing that this was a relationship with "room to grow" and was of "mutual benefit", he said it was time the two countries further boost the bilateral ties.
Britain was in the midst of an infrastructure boom, rolling out surefast broadband and laying down a national high-speed rail network to give the country the "backbone to compete on the global stage", the Minister said.
Pickles, who is leading a 20-member delegation from diverse fields, was speaking at a seminar titled 'UK built Environment Expertise' here.
The UK would also make use of opportunities in India, which was one of the largest markets, he said.
Promising a fair trading and one of the most friendly business environements in the world, the lowest level of Corporation Tax in the G7, the visiting Minister said he was delighted to be here 'cementing our bonds', drawing on British experience to help revitalise and regenerate Indian cities and help galvanise big transport projects.
Pickles said Kerala had a host of impressive major projects coming down the track from the Vizhinam International container terminal to the Palakkad National Investment and Manufacturing zone, which would give the state's manufacturing base a much needed stimulus.
"In Kerala, we find new UK-India partnerships blossoming. The special purpose vessels built at the Cochin Shipyard, which ensures safe marine navigation along the Indian coast, was designed and powered by Rolls Royce Marine. The shipyard is the first worldwide to deliver this specialist Rolls Royce series of Platform Supply vessel, he said.
The LNG terminal here will meet demand from the power, fertilisers and petrochemicals industries in the region.
The UK is looking at opportunities in Public Private Partnerships (PPP), transportation and infrastructure sectors among others in Kerala, he said.
"There are no limits... We are looking at PPP. We are also looking at transport and infrastructure," Pickles told reporters on the sidelines of the seminar.
Monorail and Metro rail projects are some of the other projects we are interested in, he added.
KOCHI: The UK is aiming at doubling its bilateral trade with India by 2015 and very keen to take the relationship to the next level, British Cabinet Minister for Communities and Local Government Eric Pickles said today.
"Close relationships are already paying off. On the national level we collaborate closely on everything from energy security to climate change and healthcare. We are looking at doubling our trade by 2015," he said.
The bilateral trade between the two countries was 12 billion pounds in 2012.
About 40,000 Indian students are studying in the UK and the British Council had trained nearly one million English language teachers covering over 17 million aspirational Indians, he said.
Pointing that this was a relationship with "room to grow" and was of "mutual benefit", he said it was time the two countries further boost the bilateral ties.
Britain was in the midst of an infrastructure boom, rolling out surefast broadband and laying down a national high-speed rail network to give the country the "backbone to compete on the global stage", the Minister said.
Pickles, who is leading a 20-member delegation from diverse fields, was speaking at a seminar titled 'UK built Environment Expertise' here.
The UK would also make use of opportunities in India, which was one of the largest markets, he said.
Promising a fair trading and one of the most friendly business environements in the world, the lowest level of Corporation Tax in the G7, the visiting Minister said he was delighted to be here 'cementing our bonds', drawing on British experience to help revitalise and regenerate Indian cities and help galvanise big transport projects.
Pickles said Kerala had a host of impressive major projects coming down the track from the Vizhinam International container terminal to the Palakkad National Investment and Manufacturing zone, which would give the state's manufacturing base a much needed stimulus.
"In Kerala, we find new UK-India partnerships blossoming. The special purpose vessels built at the Cochin Shipyard, which ensures safe marine navigation along the Indian coast, was designed and powered by Rolls Royce Marine. The shipyard is the first worldwide to deliver this specialist Rolls Royce series of Platform Supply vessel, he said.
The LNG terminal here will meet demand from the power, fertilisers and petrochemicals industries in the region.
The UK is looking at opportunities in Public Private Partnerships (PPP), transportation and infrastructure sectors among others in Kerala, he said.
"There are no limits... We are looking at PPP. We are also looking at transport and infrastructure," Pickles told reporters on the sidelines of the seminar.
Monorail and Metro rail projects are some of the other projects we are interested in, he added.
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