Mumbai, August 24
Top industrialists have expressed concern over the impact that worsening corruption has on their businesses and said there is no short-cut to becoming a billion-dollar company other than doing things the right way.

"I think corruption has become worse and if you choose not to participate in this, you leave behind a fair amount of business," Tata Sons Chairman Ratan Tata said at an event on 'Higher Ambition/How Great Leaders Create Economic and Social Value', organised by Harvard Business School.

"You have a non-level playing field and those who do not participate in this (paying bribes) live at a disadvantage," Tata said.

"You often have young employees who ask me, 'Why don't you just do it (give bribe)', but my reply to that is I would rather like to hold my head high," Tata remarked.

"What's happening at the Ramlila Ground signals a great shift of people wanting accountability and not just from politicians, but also from businesses," said Mahindra & Mahindra Vice Chairman and MD Anand Mahindra.

"One can bribe their way to make a $10 million company, but for a $1 bn company, there is no other way but to do business the right way," Infosys founder , N R Narayana Murthy, said.— PTI

Mumbai, August 24
When Nita Ambani went shopping for 25,000 pieces of high-end Japanese crockery, she did not go to the Noritake store in her posh neighbourhood of southern Mumbai.

Instead, the wife of richest man in India called a Noritake store in Sri Lanka, where the upscale dinnerware for her new $1 billion home would be far cheaper.

Ambani's decision illustrates why India's growing number of wealthy consumers has not translated into riches for luxury retailers such as LVMH or Prada despite what, on the face of it, looks like a no-brainer.

An economy growing at nearly 9 percent has spurred more than 200,000 millionaires, trailing only the United States and China.

The total net worth of "ultra" high net worth individuals -- defined by net worth of more than $5 million -- is $1 trillion .

India accounts for only half a per cent of the global luxury market at $846 million. Greater China, on the other hand, accounts for 10 percent of the global market at $17 billion.

Trying to sell expensive chic in India faces several challenges: steep import duties of up to 30 per cent, inadequate luxury retail infrastructure, real estate regulations and a clientele that prefers to buy its luxury overseas for reasons of cash and cachet.

"India is a tough market, the system is laborious," Gayatri Ruia, Development Director of Palladium in Mumbai, a mall that houses several brands, including luxury and premium.

INFRASTRUCTURE

Part of the problem is providing the Indian consumer with a luxury shopping experience in a country where streets are strewn with garbage and squalid slums sit across posh mansions.

Luxury retailers are attempting to get around this by selling their wares out of five-star hotels, international airports and malls.

The luxury jewellery market is dominated by local names in India, where a prosperous business community prefers gold and ethnic designs to platinum and diamonds.— Reuters

Seoul/Helsinki, Augus 24
The world’s two largest cellphone vendors, Nokia and Samsung Electronics, unveiled new cheaper smartphone models on Wednesday hoping to defend their stronghold from Apple.

The US firm — which has conquered the high-end of the phone market — is set to launch a lower-cost version of the iPhone 4 soon, sources said.

Samsung unveiled four new smartphone models under its Galaxy line on Wednesday, expanding its flagship product line to cheaper phones to tap growth in emerging markets.

"Smartphone makers are increasingly moving down the value chain to target the low-end segment and attract mass customers, especially those in China and India," said Lee Seung-woo, an analyst at Shinyoung Securities.

Nokia, whose weak smartphone offering has put its survival into question, unveiled three new mass-market smartphone models which will use a new version of its Symbian software which the Finnish firm has decided to dump in favour of Microsoft software.

Market for cheaper smartphones — which are given away for free by many operators in exchange — is led by Nokia and Samsung.— Reuters

New Delhi, August 24
Japanese consumer electronics Sony today said it plans to introduce tablets in India in line with its competitors such as Samsung who have entered into the segment.

"We are launching Sony tablets in India this year. It will happen simultaneously with the global launch," Sony India Managing Director Masaru Tamagawa told reporters here.

He, however, did not give further details on the new product but said it will be Android based. The company also declined to give at what price points the firm plans to launch and how it plans to position the tablet in the Indian market.

Last month, Sony Corporation had announced that it is "developing two tablets, including S1 (codename), which is optimised for media entertainment and S2 (codename), which is ideal for mobile communication and entertainment".

The parent company had said it plans to introduce in the global market towards the end of 2011.

As part of its initiative to bring the product, the company along with Adobe System is also running a campaign 'Adobe® AIR® App Challenge Sponsored by Sony' to drive the creation of Android applications for 'Sony Tablet' devices.

"Sony Tablet will deliver the perfect combination of hardware, content and network with seamless usability for a high-quality, engaging entertainment experience," Sony Corp said.

In India, several companies have entered into the tablet space. Some of its competitors would include Samsung's Galaxy Tab, Blackberry Playbook etc.— Reuters

Chandigarh, August 24
Buying fruit and vegetables at the retail outlet near your home will become a lot easier now.

The Food Safety and Standards Authority of India will soon formalise the Good Agriculture Practices Standards. Farmers certified under the standards will be able to sell their produce directly to retail chains and reap profits. The consumer will also get fresher produce.

The standards have been finalised by the Quality Council of India, and have been submitted to the Food Safety and Standards Authority for its final nod.

The process to accredit certification bodies is on, and one agency - Food Cert has been given accredition, while three more agencies are expected to get their accredition soon.

Hari Prakash, joint advisor, Quality Council of India, said that with retail food chains spreading their operations all over the country, farmers who go in for the India GAP Standards certification will be able to sell their produce at a premium price to these chains.

As part of getting this certification, the farmers’ produce will be tested for pesticide residue, pest infestation and bacterial disease (if any). Based on the permissible limits for these (as laid down in the standards) for different crops, farmers will be given the certification by the accredited certification bodies. The cost of certification would vary between Rs 200- Rs 500 per acre, depending on the geographical size of the land for which certification is sought.

“Initially, this certification will be valid only for the produce sold in the domestic market. We are aiming at having these Indian GAP Standards accepted globally, on the lines of the Global GAP Certification. This will ensure that this certification is accepted globally and thus farmers can export their produce based on this certification,” said Dr Prakash.

He added that basmati and non basmati growers and kinnow growers in Punjab and Haryana could apply for this certification. “Though potato growers in Punjab have already got the Global GAP certification, they too can get the Indian GAP standards certificate for selling their produce at a premium in the domestic market,” he added.

New Delhi, August 24
Bharti Airtel has emerged the highest licence fee payer to the government in the April-June quarter.

According to telecom sector regulator Telecom Regulatory Authority of India (TRAI), Bharti paid Rs 1,177.5 crore to the government in the quarter towards licence fee and spectrum usage charges.

Bharti was followed by Vodafone Essar, which paid a combined amount of Rs 702 crore. The two state-run firms BSNL and MTNL paid a total of Rs 612 crore in spectrum charges and licence fees during the quarter.

Other private operators that paid a fee to the govt include Tata Teleservices (Rs 308 crore), Idea Cellular (Rs 498 crore) and Reliance Communications (Rs 263 cr).— TNS

New Delhi, August 24
State-owned Indian Oil Corp (IOC) has introduced the nation's first petrol pump with self service refuelling facility as is prevalent in several developed nations.

The first self-refuelling petrol pump opened in the national capital today. It was inaugurated by Amresh Kapoor, General Manager in-charge of IOC Delhi State Office.

"Under the concept, the customer shall be provided the option of refuelling his vehicle either through the pre loaded automation tags or the manual option by feeding the quantity to be dispensed by the dispensing unit," a company press brief said.

However, an attendant will be available at the bay for assistance.— PTI

BRIEFLY

Rupee at 11-month low of 45.99
Mumbai: The rupee today lost 36 paise to close at an 11-month low of 45.99 against the dollar as importers, mainly oil refiners, rushed to buy the US currency amid continuing weak signs of fund outflows. Dealers said heavy month-end dollar demand from importers to meet their monthly requirements put pressure on the rupee.— PTI

CIL at 3rd slot in market capitalisation
Mumbai: Coal India on Thursday slipped to the third position after Reliance Industries and ONGC on market valuation charts, as it lost further ground after losing the top slot to Mukesh Ambani-led corporate giant yesterday. Shares of Coal India today slumped by 4.6 per cent at the Bombay Stock Exchange (BSE) to close at Rs 373.85, giving the company a market valuation of Rs 2,36,137 crore.— PTI

Mah Satyam to move court IT notice
New Delhi: IT firm Mahindra Satyam is likely to approach the Andhra Pradesh High Court challenging the Rs 2,114 crore income tax demand raised by the I-T Department. "We will definitely move to court that is for sure. The tax was levied on fictitious income. It is not justified. Even the government is aware that the income was fictitious during that period," a senior official said.— PTI

Tata Power seeks projects outside India
Mumbai: Tata Power, part of India's diversified Tata group, is looking for power projects outside the country to sustain its growth, Chairman Ratan Tata said on Wednesday. “We are also tendering quite actively on power projects outside India, where there is great demand, for growth,” Tata told an annual meeting of shareholders.The utility posted 35 per cent higher net profit in the June quarter at Rs 419 crore.— Reuters