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India Inc backs PM’s ‘Make in India’ campaign
India home to 100 billionaires: Forbes
IKEA to open first Indian retail outlet in Hyderabad
ADB revises India’s growth forecast to 6.3% in 2015
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India Inc backs PM’s ‘Make in India’ campaign
New Delhi, September 25 Industry leaders said job creation and high growth would be possible only if the manufacturing sector gets into a high growth trajectory. They sought stable tax structure, labour law reforms and expeditious decision-making to boost manufacturing. “Our aspirations on the global manufacturing arena will be fulfilled if we address certain challenges on priority,” Tata Group chief Cyrus Mistry said. “These factors will include the build-up of critical infrastructure across the country supported by stable policies, transparent and competitive tax and duty structure, efficient and time-bound administration through the use of e-governance, cost-effective and reliable energy coupled with logistics, critical for the competitiveness of industry,” Mistry added. Pledging his support to the initiative, Ambani said in order to succeed in this campaign, it was important to be open to capital and expertise from all over the globe, and implementation of GST will make India one market and strengthen overall Make in India programme. Ambani, who announced that Reliance Industries would create 1.25 lakh jobs in the next 12-15 months, said it was also important for villages to stay connected to be a part of growth story. “It is important to connect village clusters with international markets and not only domestic markets by building physical infrastructure and virtual infrastructure so that all our goods and services are connected to all markets,” he said. CII president Ajay S Shriram welcomed the launch of Make in India campaign by calling it a new deal for India’s manufacturing sector. He said the initiative to ease procedures and welcome investment into the sector had been taken at the right time. “It is the only way to generate employment for the large pool of young people joining the labour force every year. As mentioned by the Prime Minister, the purchasing power of the people can be enhanced and demand created only if they have employment opportunities,” Shriram said. Assocham chief Rana Kapoor said: “With the promise of effective and easy governance, enabled by IT, this campaign will be a game changer to facilitate true convergence of innovative ideas – both from within India and from overseas.”
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India home to 100 billionaires: Forbes
Singapore, September 25
Wipro’s Azim Premji moved up one notch to the number three position as his net wealth increased to $16.4 billion from $13.8 billion previously. Pallonji Mistry, patriarch of construction giant Shapoorji Pallonji Group which is the biggest shareholder in Tata Sons with a new worth of $15.9 billion, was placed in the fourth place. Forbes said “good days are here” for the India’s 100 richest, as the top 100 richest Indians are all billionaires with combined wealth of $346 billion, up more than a third from $259 billion in 2013. The biggest dollar gainer is ports magnate Gautam Adani, who jumped 11 spots to 11th rank in the list, adding nearly $4.5 billion to his wealth which reached $7.1 billion. Others in the top 10 include NRI businessmen Hinduja Brothers who were at the sixth position with a net worth of $13.3 billion, followed by Shiv Nadar (7th, $12.5 billion), Godrej family (8th, $11.6 billion), Kumar Birla (9th, $9.2 billion) and Sunil Mittal & family (10th, $7.8 billion). — PTI
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IKEA to open first Indian retail outlet in Hyderabad
Hyderabad, September 25 Sweden-based IKEA is one of the world’s largest retailers in furniture, household goods and textiles. It was one of the first companies in the country to be allowed 100% foreign direct investment (FDI) in retail. IKEA retail outlets have a standard design and each location entails an investment of Rs 500 crore to Rs 600 crore. In addition, the backward integration of supplier linkages will have tremendous economic impact on Telangana, the officials said. Speaking on the occasion, the Chief Minister said during his recent visit to Singapore, he saw IKEA stores and was impressed by them. He suggested to the IKEA representatives that they should tie up with artisans in Telangana like Nirmal, Silver Filigri, Pembarti and others for their furniture as add-on features. The pearls of Hyderabad, which were once very famous, should also be made use of, he said, adding that IKEA should also endeavour to create employment opportunities for the local artisans. The Chief Minister said whatever IKEA wants to sell should be sourced from Telangana. Responding to a request made by IKEA CEO, Rao agreed to accommodate their stores near one of the Metro retail terminals which are coming up in various parts of the city. The representatives of IKEA presented the Chief Minister with a copy of their catalogue titled “Where the wonderful every day starts.” The Telangana government would support IKEA’s investment by appointing the Commissioner of Industries as a single contact point to ensure a speedy and transparent process for all applications, permissions and licences. Irrigation and Industries Minister T Harish Rao, IKEA India chief finance officer Preet Dhupar and IKEA country manager Neetu Kapasi were also present on the occasion. About IKEA
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Sweden-based IKEA is one of the world’s largest retailers in furniture, household goods and textiles
n It was one of the first companies in the country to be allowed 100% FDI in retail
n IKEA retail outlets have a standard design and each location entails an investment of Rs 500 crore to Rs 600 crore
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ADB revises India’s growth forecast to 6.3% in 2015
New Delhi, September 25 “India shows new promise of a turnaround. After winning a decisive parliamentary election victory, the new (Modi-led) government is better positioned than the old to pursue the reform necessary to unlock the economy’s growth potential. “This Update maintains the 5.5% growth forecast for 2014 but upgrades....to 6.3%, the forecast for 2015, when reform can begin to bear fruit,” ADB said in its Outlook 2014 Update released today. The reform to stimulate investment, the timely award of environmental clearances and measures to control inflation are expected to augment firming export demand from the major industrial economies, to boost economic growth, it said. The new single-party government in India with the strongest mandate in three decades has outlined wide-ranging reforms, which will gradually overcome the difficult structural problems that have beset the economy and caused two years of slow growth and stagnant investment, it said. — PTI |
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SpiceJet offer
New Delhi, September 25 |
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With a net worth of $23.6 billion, up $2.6 billion from last year, RIL chief Mukesh Ambani topped the list for the eighth consecutive year. He is followed by Dilip Shanghvi, who got richer this year by $4.1 billion. Shanghvi is the new No. 2, after he displaced steel baron Lakshmi Mittal ($15.8 billion), who slipped to the fifth place.