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US Cos eye tie-ups with Indian firms
Govt to speed up reforms
Rupee stronger by 64 paise
Govt working out Rs 2,300-cr bailout package for AI
Boeing bullish on India
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Punjab to come up with new IT policy
Industry aware of climate change; indecisive on action
Banks asked to hold mobile payment services
India softens stand on US offer on subsidy cut
Mahindra to drive ‘Logan’ overseas
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US Cos eye tie-ups with Indian firms
New Delhi, July 23
It is reported that the IAEA Board of Governors will consider approving its safeguards agreement with India on July 25, setting the stage for consideration by the 45-nation Nuclear Suppliers Group (NSG) to waive conditions relative to India, ending India’s nuclear isolation, and enabling civilian nuclear trade in technology and fuel by the entire 45-nation body. “This marks an historic victory for India and for the globe,” said Ron Somers, president of the USIBC, the industry group that earlier spearheaded legislation in the US in 2006 to change the US Atomic Energy Act of 1954, enabling civilian nuclear cooperation with India. India’s responsible record in developing its existing civilian nuclear power programme would bring much-needed talent and innovation to the nuclear renaissance underway, necessary to stem global warming, Somers added. At present, India generates approximately 3,500 MW using atomic power. Some of these facilities are already under the IAEA safeguards. Following IAEA approval, the 45-nation NSG must reach consensus to exempt India from certain conditions, which will enable the NSG to begin civilian nuclear trade with India. The US, Britain, France, Russia, Japan, China, and most recently Australia — all key members of the NSG — have already echoed their support for ending the embargo against civilian nuclear trade with India. India has a total installed capacity of 1,35,000 MW, mostly comprising of thermal power, which is carbon-emitting, causing global warming. India’s Nuclear Power Corporation has a goal of augmenting this capacity by as much as 30,000 MW to 60,000 MW over the next 20 years, requiring investment in excess of $100 billion. The US companies look forward to cooperating with Indian companies to achieve this important energy security infrastructure build-out, Somers said. Of the world’s existing nuclear power reactors, which number 400, India’s reactors total 22, while the US reactors exceed 100, more than any other country. The USIBC, formed in 1975 under the aegis of the US Chamber of Commerce, is the premier business advocacy organisation representing 280 of the largest US companies investing in India, joined by two dozen of India's largest global companies.
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Govt to speed up reforms
Jaipur, July 23 "We will try to take the reform process forward... The insurance Bill is one of many Bills which is pending," he told reporters here after inaugurating the Sriram General Insurance scheme in Rajasthan. He said the government, which won the trust vote in Parliament yesterday, would "reach out to other parties... try to build on the majority that we have demonstrated... and pass these bills." The government scored a comfortable victory in the confidence vote by garnering the support of 275 lawmakers against the 271 needed to stay in power. "I am confident that we can secure a comfortable majority for many of these Bills if we talk to the other parties and that is what I intend to do," Chidambaram said, while adding that the insurance Bill as a very important Bill and it was necessary to find ways by which these Bills can be taken forward. The insurance Bill would enable the government to raise FDI in insurance sector from 26 per cent to 49 per cent, he said. The Left parties, which withdrew support to the UPA early this month over the civil nuclear deal with the US, were fiercely opposed to raising FDI cap in insurance sector as also allowing foreign investment in multi-brand retail. Others Bills that are due for passage relate to ministry of finance, ministry of labour, women and child development, and social sector, he added. Alluding to the hurdles to reforms put up by the Left, Chidambaram told Parliament yesterday that "there are some people in the country who do not want India to catch up with China...They do not want India to be ahead of China." — PTI
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Mumbai, July 23 At the Interbank Foreign Exchange (forex) market, the domestic unit moved widely in a range of 42.08 and 42.53 after resuming firm at 42.49/51 a dollar. The rupee premiums on forward dollar remained bearish and ended further lower on sustained receiving by exporters. The benchmark six-month forward dollar premium payable in December ended at 90-92 paise, down from 100-1/2 - 102-1/2 paise on Tuesday and the far-forward maturing in June also closed lower at 161-163 paise from 175-1/2 - 177-1/2 paise previously. Forex dealers said the rupee rose sharply because the government winning a confidence vote in Parliament on Tuesday has triggered a collective anticipation of key reforms, which have been on the back burner in the last four year, would be looked afresh as the Left parties are no more with the government. They said exporters heavily sold dollars anticipating further surge in the rupee on political stability. The local currency also drew support from easing global crude oil prices and surging equity markets. The Reserve Bank of India, however, fixed the reference rate for the American dollar at Rs 42.33 and for the Single European currency at Rs 66.75.— PTI
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Govt working out Rs 2,300-cr bailout package for AI
New Delhi, July 23 "Broadly the package has been approved by the Prime Minister (Manmohan Singh). We hope that it will come up in very near future," a highly-placed civil aviation ministry source said. The package includes Rs 1,300 crore as equity and Rs 1,000 crore soft loan. The National Aviation Company, which runs the Air India, is preparing the package that will be produced before the Cabinet for approval. The national carrier has also set a target to reduce the loss by Rs 1,000 crore during this fiscal by taking various measures, including rationalisation of capacity and pruning of non-profitable routes. "The Air India thought enough is enough, we have to do something. The measures will start from next month and the carrier is expected to save Rs 500 to Rs 600 crore by end of current fiscal," the source said. Civil aviation minister Praful Patel, during his meeting with the Prime Minister last month, had asked for the bailout package. The national carrier has cited innumerable operational and industry-induced problems to bolster its case in a meeting chaired by Patel some time back. Its net loss for 2007-08 is being pegged at Rs 2,144 crore and indications are that this figure could be more than double in the current fiscal if things do not improve quickly. — PTI
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Boeing bullish on India
New Delhi, July 23 In its 2008 current market outlook (CMO) for India released on Tuesday, Boeing projected the country’s need for 1,001 new commercial planes, both passenger and freighter, worth more than $105 billion at current list prices between 2008 and 2027. This is an increase from its 2007 CMO for India (2007-2026) of 911 commercial airplanes, valued at around $86 billion. Boeing’s 20-year forecast takes into account the industry’s near-term challenges, including a slowing worldwide economy, surging fuel prices, slowing traffic growth and concerted action by airlines to balance costs and revenues. While acknowledging and near term challenges, the company’s market outlook has taken a longer-view in which basic factors underlying the need for new airplanes are strong. According to Boeing’s senior vice-president (sales) Dinesh Keskar, the company’s market outlook is rooted not only in these near-term realities but also recognises the nature of the long-term forecast. “Based on this perspective, we have developed the forecast in a manner that considers today’s market environment but, more importantly, takes a long-term of this dynamic industry and fundamentals that drive commercial aviation. These drivers include economic growth, world trade, aviation market liberalisation and new aircraft capabilities,” Keskar said. The 2008 CMO for India includes 59 regional, 728 single-aisle, 203 twin-aisle and 11(eleven) 747 and larger airplanes. The primary increase from Boeing’s previous forecast has been in the single-aisle category.
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VW to bring ‘Beetle’ into India
New Delhi, July 23 "It (Beetle) has a positive hallow effect on other brands," he added. Asked by when the Beetle could be launched in India, Dhalivaal declined to give a definite timeframe but said: "It could be in the medium term." Beetle is now manufactured in Mexico for VW's worldwide supplies and could come to India through the completely built unit import route. Buoyed by the overwhelming response to the newly launched sedan Jetta, Dhalivaal said the company expects order of about 1,200 units by the end of this year.— PTI
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Punjab to come up with new IT policy
Chandigarh, July 23 Talking to TNS here today, S.S. Channy, principal secretary, industries, said the consultants have been asked to study different pockets in the state and assess the strengths and weaknesses for development of IT in different cities. “The consultants have already made presentations to the finance minister and the chief secretary. They will now make a presentation to the industries minister, following which broad guidelines will be worked out for framing the IT policy,” he said. Though the IT industry had first set base in Punjab with Infosys setting up its centre at Mohali, it gradually lost out to Chandigarh as the Rajiv Gandhi Chandigarh Technology Park came up in a big way. “Based on the manpower available in each city, IT industry would be invited. Where there are good IT education institutes, we would like to attract software industry and in places where good educational institutes are there, possibilities of starting call centres will be examined. We want the top-end IT industry to set base in Punjab. Though a number of call centres have come up in Mohali, we would like to attract more of the software development units to come to Punjab,” he added.
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Industry aware of climate change; indecisive on action
New Delhi, July 23 The KPMG report has tried to assess preparedness of India Inc towards the global phenomenon of climate change. The study attempts to understand the Indian business leaders' appreciation of the climate change context, its implications for the economy and businesses, and their readiness to respond to impending change. KPMG national industry director, energy, infrastructure Arvind Mahajan says “Developing countries like India and China are under increasing international pressure to undertake measures to limit their aggregate emission levels. While the government has recently announced the National Action Plan on Climate Change, the onus is now on private businesses to do their bit”. However, merely having good intentions are not enough and what is needed is a structured and measurable plan. According to Mahajan, the first step to the process is measuring current carbon footprint. Secondly, companies should seek to benefit from opportunities brought by climate change. For instance, the global market for low carbon energy efficient technologies is estimated to be $3 trillion by 2050. The global awareness on climate change is far greater. Most companies in developed world have measured and announced their baseline carbon footprint and also their reduction targets over five to 10-year period. However, the case with Indian businesses is rather dismal. Forty-one per cent respondents in the study indicate having some quantified goals for carbon reduction to be achieved by 2010. But a significant 38 per cent respondents have no goals whatsoever. The report also brings to light the lack of appreciation of the tools and capabilities required to contain climate change. The most widespread measure that businesses engage in, or plan to engage in, to tackle climate change is the usage of energy efficient appliances (94%). This is followed by educating and training employees on environment friendly practices (77%). Around 70 business leaders at the CEO level were interviewed for this study.
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Banks asked to hold mobile payment services
Mumbai, July 23 "Banks are advised to keep on hold their mobile payment services till issuance of the final guidelines," the RBI said in a notification to all scheduled commercial banks. The apex bank had earlier placed draft guidelines for payment and other services through mobiles and had sought comment. Pointing out that many banks have already started offering mobile payment services to their customers without waiting for final guidelines, the regulator said the lenders must dissociate themselves from any such mobile-based money transfer service. The regulator said though it has no objection to use of mobile channel for providing basic services such as alerts for credit or debit entry, balance enquiry, which are in the nature of providing information, care needs to be taken for permitting the channel for customers to initiate payment instructions. It further said there are a number of attendant issues and in the view of them banks will have to stop their payment services through mobile till the guidelines are finalised. — PTI
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India softens stand on US offer on subsidy cut
Gen eva, July 23 "I was really optimistic when I heard about this $15 billion. The fact the movement has started is a good sign," commerce and industry minister Kamal Nath told reporters. Nath, who rejoined the key trade ministers for resolving the contentious issues of tariff reduction and a cut in farm subsidy, said the other developed countries should also move forward. "I am looking forward to a similar move by developed countries in other areas also." While Nath commended the American offer later in the day stating he was "optimistic" on the outcome of the five-day meet, India had earlier expressed its displeasure over the cuts proposed by US Trade Representative Susan Schwab. |
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Mahindra to drive ‘Logan’ overseas
New Delhi, July 23 The company is also on the verge of launching CNG version of Logan within next 2-3 months, which could come at about Rs 5 lakh. "There are opportunities for exports (of Logan) to markets such as the neighboring countries and South Africa," Mahindra Renault COO Nalin Mehta said.
— PTI |
ICL to invest Rs 2,100 cr Vodafone to buy back shares Infotech Enterprises net up Nu Tek IPO price band Samona Hygiene Products Crompton Greaves net up 36%
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Softening its stand on the US offer, India today described the American proposal to reduce its farm aid as a "good sign" and hoped developed nations will make similar moves in other areas for reaching a breakthrough in WTO talks.
