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India Investment Agency Clears Ikea Proposal to Set Up Stores
NEW DELHI--Sweden's Ikea Group Tuesday took a key step closer to setting up wholly owned stores in India--one of its largest untapped markets--with the country's foreign investment board deciding to forward its proposal to the federal cabinet.
India Investment Agency Clears Ikea Proposal - WSJ.com
NEW DELHI--Sweden's Ikea Group Tuesday took a key step closer to setting up wholly owned stores in India--one of its largest untapped markets--with the country's foreign investment board deciding to forward its proposal to the federal cabinet.
India Investment Agency Clears Ikea Proposal - WSJ.com
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Jaguar Land Rover: Indian-owned British cars, now Made-in-China
Jaguar Land Rover (JLR) and Chery Automobile Company (CAC), the British and Chinese carmakers, today announced in a media statement that the two have formally laid the foundation stone for their new manufacturing facility in the People’s Republic of China.
The two companies recently received formal approval from the Chinese Government for their joint venture and now have a licence to manufacture Jaguar Land Rover vehicles and new models for a partnership brand in China.
Jaguar Land Rover: Indian-owned British cars, now Made-in-China - Emirates 24/7
Jaguar Land Rover (JLR) and Chery Automobile Company (CAC), the British and Chinese carmakers, today announced in a media statement that the two have formally laid the foundation stone for their new manufacturing facility in the People’s Republic of China.
The two companies recently received formal approval from the Chinese Government for their joint venture and now have a licence to manufacture Jaguar Land Rover vehicles and new models for a partnership brand in China.
Jaguar Land Rover: Indian-owned British cars, now Made-in-China - Emirates 24/7
NEW DELHI—Ikea Group took a significant step Tuesday toward setting up wholly owned stores in one of the furniture retailer's largest untapped markets, as India's foreign investment board forwarded the Swedish company's proposal to the federal cabinet.
Economic Affairs Secretary Arvind Mayaram said the Foreign Investment Promotion Board has cleared Ikea's proposal to invest €1.5 billion ($1.9 billion) to set up 25 stores in India.
The Cabinet Committee on Economic Affairs, which will now study the plan, is widely expected to give the go-ahead, especially because it has already received the foreign investment board's recommendation. The board is required to send all investment proposals of more than 12 billion rupees, or $218 million, to the cabinet.
Ikea is only the second foreign retailer, after U.K. footwear company Pavers England, to get the board's approval to set up wholly owned stores in India. The Swedish company sought permission for its plan from India in June.
If implemented, Ikea's investment would be the largest in India by a global company since New Delhi last year allowed 100% foreign ownership in single-brand retail ventures, where a company sells only its own brand of goods.
Previously, foreign companies could own a maximum 51% stake in such retail operations.
Ikea, which is known globally for its furniture and household goods, plans to invest in India through a group company called Ingka Holding Overseas BV.
Ikea currently sources products from India for its global operations.
Foreign retailers are looking to set up operations in India at a time when the country's growing middle class is increasingly adopting Western trends and tastes.
Ikea and other foreign retailers were initially concerned about a rule that required them to source products worth at least 30% of the value of their sales in India from small and midsize companies. This September, the government relaxed that rule to allow them to also source from big Indian companies.
In September, the Indian government also revived a plan to let foreign retailers such as Wal-Mart Stores Inc. WMT -0.03% of the U.S. and Carrefour SA CA.FR +2.87% of France own as much as 51% of local multibrand ventures.
Wal-Mart has said it expects to apply by the end of November for permission to set up a full supermarket joint venture.
Japan to fund multi-billion dollar CBIC project soon
Japan has said it will soon announce funding for the multi-billion dollar Chennai-Bangalore Industrial Corridor (CBIC), the third mega project that will be quarter-backed by Tokyo. The other two projects that Japan is backing are the Delhi-Mumbai Industrial Corridor (DMIC) and the Dedicated Freight Corridor (DFC).
The announcement of the CBIC project has led to considerable enthusiasm among most south Indian states with Andhra Pradesh wanting its extension to Krishnapatnam port and Karnataka asking for the inclusion of Chitradurga with the State government planning to set up a manufacturing hub between Chitradurga and Tumkur. Kerala is the only south Indian State which has so far not expressed a desire to be included in the project, according to government sources.
The feasibility study for the CBIC is likely to be financed from a 184 billion yen Official Development Assistance (ODA) from Japan which will also fund the second phase of the DFC.
This was conveyed by Japanese Prime Minister Yosihiko Noda during his second meeting in as many days with Prime Minister Manmohan Singh on the sidelines of the Association of South East Asian Nations (ASEAN) summit and related meetings with its dialogue partners, including India.
New Delhi is putting immense faith in CBIC, heralding a renewed round of industrialisation in the south, with T. K. A. Nair, Adviser to Dr. Singh, regularly reviewing its progress.
The project was first made public during the India-Japan annual summit in 2010.
The project will initially focus on Phase-II of the Chennai Outer Ring Road, Chennai-Bangalore Expressway, modernisation of airports in Chennai, Bangalore and Sriperumbudur and ports in Chennai and Ennore, in addition to a high-speed rail link between Chennai, Bangalore and the Avadi rail link.
Simultaneously, State governments and the Centre will deliberate on easing customs procedures and enhanced use of IT and automation.
According to official sources, the Prime Minister welcomed the ongoing projects under the ODA but emphasised that India’s priority was investment by Japanese business in infrastructure projects such as the Delhi Metro which other cities wanted to emulate. This is the same message he gave to Chinese Prime Minister Wen Jiabao on Monday.
Rare earths
After Dr. Singh’s visit was put off, the two countries on November 16 signed an MoU on rare earths and inked a pact on social security. The pact of rare earths too was first publicly aired during the 2010 summit.
It is a fall-out of tensions between Japan and China which led to Beijing clamping down on rare earth exports to Tokyo.
http://www.thehindu.com/business/Economy/japan-to-fund-multibillion-dollar-cbic-project-soon/article4116235.ece
India to receive record $70 billion remittances in 2012: World Bank
India will receive record $70 billion remittances in the year 2012, topping the list of developing countries which are expected to receive a total of $406 billion this year, the World Bank has said.
After India, China will stand second with $66 billion, followed by Mexico and the Philippines with $24 billion each, a latest report by the bank said yesterday.
In all, worldwide remittances -- including those to high-income countries -- will reach $534 billion in 2012, according to a newly updated World Bank brief on global migration and remittances.
Other large recipients are Nigeria ($21 billion), Egypt ($18 billion), $14 billion each for Pakistan and Bangladesh, followed by Vietnam ($9 billion) and Lebanon ($7 billion).
Officially recorded remittance flows to developing countries are estimated to grow by 6.5 per cent over $351 billion in 2011, with India again topping the chart with $58 billion, followed by China ($57 billion), Mexico ($24 billion) and the Philippines ($23 billion).
Worldwide remittances, including those to high-income countries, are projected to grow to $685 billion in 2015.
According to the World Bank, remittances to developing countries are expected to rise eight per cent in 2013 and 10 per cent in 2014 to reach $534 billion in 2015.
In its report, the World Bank notes that the true size of remittance flows, including unrecorded flows through formal and informal channels, is believed to be significantly larger.
"Compared to private capital flows, remittance flows have shown remarkable resilience since the global financial crisis, registering only a modest fall in 2009, followed by a rapid recovery. The size of remittance flows to developing countries is now more than three times that of official development assistance," the Bank said.
Among the developing country regions, South Asia and Middle East and North African (MENA) saw the strongest growth, driven primarily by strong economic activity in the Gulf Cooperation Council (GCC) countries.
For South Asia, remittances in 2012 are expected to total $109 billion, an increase of 12.5 per cent over 2011.
East Asia and Pacific region, is estimated to attract $114 billion, an increase of 7.2 per cent over 2011; while MENA is expected to receive $47 billion, an increase of 8.4 per cent over the previous year.
Remittances to Egypt have surged since 2010, perhaps driven by increased support by migrants to their families in the face of political uncertainty or savings brought by returning migrants.
Remittances to Latin America and Caribbean (LAC) were supported by a recovering economy and moderately improving labour market in the US, but were moderated by a weak European economy.
As a percentage of GDP, the top recipients of remittances in 2011 were Tajikistan (47 per cent), Liberia (31 per cent), Kyrgyz Republic (29 per cent), Lesotho (27 per cent), Moldova (23 per cent), Nepal (22 per cent), and Samoa (21 per cent).
Remittances are expected to remain flat to Europe and Central Asia and Sub-Saharan Africa regions, mainly because of the economic contractions in high-income European countries.
Remittance flows to Europe and Central Asia are estimated at a virtually unchanged $41 billion and $31 billion to Sub-Saharan Africa this year, although both regions are projected to make a robust recovery in remittance flows in 2013.
India to receive record $70 billion remittances in 2012: World Bank - The Economic Times
India will receive record $70 billion remittances in the year 2012, topping the list of developing countries which are expected to receive a total of $406 billion this year, the World Bank has said.
After India, China will stand second with $66 billion, followed by Mexico and the Philippines with $24 billion each, a latest report by the bank said yesterday.
In all, worldwide remittances -- including those to high-income countries -- will reach $534 billion in 2012, according to a newly updated World Bank brief on global migration and remittances.
Other large recipients are Nigeria ($21 billion), Egypt ($18 billion), $14 billion each for Pakistan and Bangladesh, followed by Vietnam ($9 billion) and Lebanon ($7 billion).
Officially recorded remittance flows to developing countries are estimated to grow by 6.5 per cent over $351 billion in 2011, with India again topping the chart with $58 billion, followed by China ($57 billion), Mexico ($24 billion) and the Philippines ($23 billion).
Worldwide remittances, including those to high-income countries, are projected to grow to $685 billion in 2015.
According to the World Bank, remittances to developing countries are expected to rise eight per cent in 2013 and 10 per cent in 2014 to reach $534 billion in 2015.
In its report, the World Bank notes that the true size of remittance flows, including unrecorded flows through formal and informal channels, is believed to be significantly larger.
"Compared to private capital flows, remittance flows have shown remarkable resilience since the global financial crisis, registering only a modest fall in 2009, followed by a rapid recovery. The size of remittance flows to developing countries is now more than three times that of official development assistance," the Bank said.
Among the developing country regions, South Asia and Middle East and North African (MENA) saw the strongest growth, driven primarily by strong economic activity in the Gulf Cooperation Council (GCC) countries.
For South Asia, remittances in 2012 are expected to total $109 billion, an increase of 12.5 per cent over 2011.
East Asia and Pacific region, is estimated to attract $114 billion, an increase of 7.2 per cent over 2011; while MENA is expected to receive $47 billion, an increase of 8.4 per cent over the previous year.
Remittances to Egypt have surged since 2010, perhaps driven by increased support by migrants to their families in the face of political uncertainty or savings brought by returning migrants.
Remittances to Latin America and Caribbean (LAC) were supported by a recovering economy and moderately improving labour market in the US, but were moderated by a weak European economy.
As a percentage of GDP, the top recipients of remittances in 2011 were Tajikistan (47 per cent), Liberia (31 per cent), Kyrgyz Republic (29 per cent), Lesotho (27 per cent), Moldova (23 per cent), Nepal (22 per cent), and Samoa (21 per cent).
Remittances are expected to remain flat to Europe and Central Asia and Sub-Saharan Africa regions, mainly because of the economic contractions in high-income European countries.
Remittance flows to Europe and Central Asia are estimated at a virtually unchanged $41 billion and $31 billion to Sub-Saharan Africa this year, although both regions are projected to make a robust recovery in remittance flows in 2013.
India to receive record $70 billion remittances in 2012: World Bank - The Economic Times
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South Africa wants to change its India trade basket
New Delhi : South Africa would like to change the composition of its India trade basket, 85 percent of which is currently made up of raw materials, and manufacture more value−added products for export. "South African exports to India are dominated by basic commodities and raw materials. We would like to turn that around," Stefanus Botes, economic counsellor at the South Africa High Commission here told IANS.
"Basically, like you, we would like to manufacture more and export... not only things like gold, diamonds and other minerals, which are then polished, refined and sold back to South Africa. We would like to concentrate more on exporting items with value addition," Botes said. South Africa is the focus country at this year s India International Trade Fair. The change in its thinking in this direction is reflected in its pavilion at the trade fair.
Thirty−three micro businesses have set up stalls under the aegis of the South African Handmade Collection (SAHC), a craft brand that promotes South African handmade products nationally and internationally. Most of these have recorded unexpectedly high volumes of sales within the first week of IITF 2012, beginning right from the opening of the South African pavilion by its Deputy Minister of Trade and Industry Elizabeth Thabethe.
"The South African companies exhibiting here got more than what they had bargained for, with their products flying off the shelves," said Botes. Bags made from recycled plastic, exquisite handicrafts, jewellery and lamps are getting a great response from Indian visitors "owing to their love for handicrafts", according to South African crafter Jabulani Mhlabini.
Mhlabini, who had also participated in IITF 2008 and made a profit of Rs.80,000, was confident that he would "cross the Rs.one lakh−mark this time". South Africa s Department of Trade and Industry has a scheme aimed at developing export markets for South African products and services, and recruiting new foreign direct investment into the country.
"We are assisting these craft micro−firms to sell well here in India and make money so they can grow as businesses," said Qondani M. Rwigema, director in South Africa s Department of Trade and Industry, and part of the official delegation to IITF 2012.
"Our department is supporting small and emerging companies to find markets and also aims at promoting emerging craft enterprises, especially those residing in rural areas of South Africa," Rwigema told IANS. "India has a vibrant handicraft tradition and our aim for the crafters is to find long−term sustainable markets. South Africa is again coming back next year to IITF with these kind of companies," Rwigema added
Indian Defence News - South Africa wants to change its India trade basket
New Delhi : South Africa would like to change the composition of its India trade basket, 85 percent of which is currently made up of raw materials, and manufacture more value−added products for export. "South African exports to India are dominated by basic commodities and raw materials. We would like to turn that around," Stefanus Botes, economic counsellor at the South Africa High Commission here told IANS.
"Basically, like you, we would like to manufacture more and export... not only things like gold, diamonds and other minerals, which are then polished, refined and sold back to South Africa. We would like to concentrate more on exporting items with value addition," Botes said. South Africa is the focus country at this year s India International Trade Fair. The change in its thinking in this direction is reflected in its pavilion at the trade fair.
Thirty−three micro businesses have set up stalls under the aegis of the South African Handmade Collection (SAHC), a craft brand that promotes South African handmade products nationally and internationally. Most of these have recorded unexpectedly high volumes of sales within the first week of IITF 2012, beginning right from the opening of the South African pavilion by its Deputy Minister of Trade and Industry Elizabeth Thabethe.
"The South African companies exhibiting here got more than what they had bargained for, with their products flying off the shelves," said Botes. Bags made from recycled plastic, exquisite handicrafts, jewellery and lamps are getting a great response from Indian visitors "owing to their love for handicrafts", according to South African crafter Jabulani Mhlabini.
Mhlabini, who had also participated in IITF 2008 and made a profit of Rs.80,000, was confident that he would "cross the Rs.one lakh−mark this time". South Africa s Department of Trade and Industry has a scheme aimed at developing export markets for South African products and services, and recruiting new foreign direct investment into the country.
"We are assisting these craft micro−firms to sell well here in India and make money so they can grow as businesses," said Qondani M. Rwigema, director in South Africa s Department of Trade and Industry, and part of the official delegation to IITF 2012.
"Our department is supporting small and emerging companies to find markets and also aims at promoting emerging craft enterprises, especially those residing in rural areas of South Africa," Rwigema told IANS. "India has a vibrant handicraft tradition and our aim for the crafters is to find long−term sustainable markets. South Africa is again coming back next year to IITF with these kind of companies," Rwigema added
Indian Defence News - South Africa wants to change its India trade basket
kurup
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Inderjit Sial Appointed Textron India Head
US multi-business major Textron, which has a robust defence presence, has said it appointed Inderjit Sial as president and managing director for India from October 29, succeeding N.R. Mohanty, who retired after six years with the company.
"Inderjit brings with him 23 years of diverse industrial experience and his most recent position was managing director of Saab India Technologies, a position he held since 2010, after having joined Saab in 2008 as vice president industrial cooperation," the company announced in a media release.
At Saab, Inderjit was responsible for government relations as well as business development for a broad range of product lines covering defense and civil aerospace.
He was instrumental in establishing Saab's industrial partnerships and joint ventures with various Indian industries.
Prior to his role at Saab, Inderjit held a number of positions in the aerospace and defence trade arena, including country head of Sukab AB, from 1989 to 1993, as well managing his own entrepreneurial venture, Rollscon, involved in trade development, industrial cooperation and offset, from 1995 to 2008.
"Inderjit has broad industry experience and a strong track record of executing programs and building industrial partnerships,” Paul Mc Gartoll,Textron vice president strategy and business development, said.
"His experience will be a tremendous asset as Textron continues to grow and expand operations in India," Gartoll said.
At Textron, Inderjit will be responsible for advancing the company's globalisation strategy in the region and with supporting Textron's business units with their growth, business development, engineering and sourcing initiatives.
He is also responsible for managing Textron's overall relationship with the Indian government and Indian military services.
Inderjit Sial Appointed Textron India Head
US multi-business major Textron, which has a robust defence presence, has said it appointed Inderjit Sial as president and managing director for India from October 29, succeeding N.R. Mohanty, who retired after six years with the company.
"Inderjit brings with him 23 years of diverse industrial experience and his most recent position was managing director of Saab India Technologies, a position he held since 2010, after having joined Saab in 2008 as vice president industrial cooperation," the company announced in a media release.
At Saab, Inderjit was responsible for government relations as well as business development for a broad range of product lines covering defense and civil aerospace.
He was instrumental in establishing Saab's industrial partnerships and joint ventures with various Indian industries.
Prior to his role at Saab, Inderjit held a number of positions in the aerospace and defence trade arena, including country head of Sukab AB, from 1989 to 1993, as well managing his own entrepreneurial venture, Rollscon, involved in trade development, industrial cooperation and offset, from 1995 to 2008.
"Inderjit has broad industry experience and a strong track record of executing programs and building industrial partnerships,” Paul Mc Gartoll,Textron vice president strategy and business development, said.
"His experience will be a tremendous asset as Textron continues to grow and expand operations in India," Gartoll said.
At Textron, Inderjit will be responsible for advancing the company's globalisation strategy in the region and with supporting Textron's business units with their growth, business development, engineering and sourcing initiatives.
He is also responsible for managing Textron's overall relationship with the Indian government and Indian military services.
Inderjit Sial Appointed Textron India Head
Students from top US B-schools coming to India to learn about economy, business and markets
India is the new classroom for global business schools. Top management institutes, including MIT Sloan School of Management, Stanford Graduate School of Business, Harvard Business School and The Wharton School of the University of Pennsylvania have landed here to learn more about the economy, markets and the Indian way of doing business.
At a time India is a part of most conversations around emerging markets in the US, students in American universities see it as a unique opportunity to learn about the Indian economy, culture and business.
Catering to this curiosity among its students, in July, MIT launched its Accelerated Information Technology Initiative (AITI) in India. The programme, co-hosted by IIT Bombay and Shailesh J Mehta School of Management, saw the launch of MIT's mobile technology start-up incubator.
The programme offered an opportunity to bring together a multidisciplinary group from MIT to learn about the needs of local communities in the mobile technology space. It also gave the students a scope to teach development skills in India and in turn get to know about the demands of the Indian market through engagement with students of premier institutes.
"In recent years, I have witnessed a groundswell of interest among students from the US, in fact from all parts of the world, in India, her economy, commerce and culture," says Prof SP Kothari, deputy dean at MIT Sloan School of Management. The blossoming of interest is "testimony to people's expectations of all-round robust development taking place in India notwithstanding a few recent hiccups," he adds.
"The exchange of ideas, the flow of investment, and growth in trade presage benefits to all parties involved - an expansion in the size of the pie rather than a zero-sum scenario," he adds.
The MIT students gained through engagement on ground with some of the brightest students and future leaders in a fast-growing emerging market. "The conversations help us gain insights and perspectives, not always possible to observe sitting in a classroom in the US. The relationships and networks that are built through these initiatives are also valuable connections in an increasingly inter-connected world," says Sriram Emani, India Launch Lead, MIT AITI Program and a student from MBA Class of 2013 at MIT Sloan School of Management.
MIT last year launched its first-ever MIT India Conference prompted by strong demand from students and business community in Boston to engage with Indian industry leaders and discuss recent trends and challenges in India.
Stanford is planning to open a branch office in India in the next couple of years to enhance its understanding of business and government here, which it can incorporate in its course curriculum back at the institute. "We are interested in deepening our presence in India... It is important for us to be here so we can learn about the Indian businesses and economy, and teach our own students better," says Garth Saloner, Philip H Knight Professor and dean of Stanford Graduate School of Business.
Harvard Business School, on its part, is further enhancing its presence in India through its research centre in Mumbai from where it has come out with 90 case studies written by HBS faculty.
"Today, India is an integral part of the global economy and will play a vital role in the future of this region and the rest of the world," says Prof Das Narayandas, senior associate dean, HBS Publishing and Executive Education.
"Access to this knowledge and expertise (through different forms of association) is a benefit for both Wharton and India as we continue to explore the challenges and strengths of one of the most rapidly growing economies in the world," adds Harbir Singh, vice dean for global initiatives at Wharton.
It's a win-win for the local institutes too, which gain through learning from world-class global faculty and exposure to global technology know-how, innovation and teaching techniques.
The offerings include an increased number of executive education courses for local students, online courses and tie-ups with top domestic institutes in form of student exchange, faculty development and exchange, collaborative research, and joint development and delivery of courses.
"As the world economy becomes increasingly multi-polar and distributed, different markets will play different roles in the new economic order. You need to increase understanding of the markets for business to take place. Global schools are attempting to play here to increase understanding of the emerging economy," says Deepak Chandra, deputy dean, Indian School of Business. Adds Atish Chattopadhyay, deputy director, PGDM programme, SP Jain Institute of Management and Research: "With global businesses interested in the Indian market, there is an increased demand for research on the Indian context globally."
Also, some feel the financial crisis raised serious questions about the materialistic approach of conventional management education. "Pedagogic innovations like undertaking social projects during summers with voluntary organisations in rural areas, mentoring of underprivileged school children in Mumbai slums and courses like 'Gita in Management' resonated with the top global schools post financial crisis," says Chattopadhyay.
Students from top US B-schools coming to India to learn about economy, business and markets - Page2 - The Economic Times
India is the new classroom for global business schools. Top management institutes, including MIT Sloan School of Management, Stanford Graduate School of Business, Harvard Business School and The Wharton School of the University of Pennsylvania have landed here to learn more about the economy, markets and the Indian way of doing business.
At a time India is a part of most conversations around emerging markets in the US, students in American universities see it as a unique opportunity to learn about the Indian economy, culture and business.
Catering to this curiosity among its students, in July, MIT launched its Accelerated Information Technology Initiative (AITI) in India. The programme, co-hosted by IIT Bombay and Shailesh J Mehta School of Management, saw the launch of MIT's mobile technology start-up incubator.
The programme offered an opportunity to bring together a multidisciplinary group from MIT to learn about the needs of local communities in the mobile technology space. It also gave the students a scope to teach development skills in India and in turn get to know about the demands of the Indian market through engagement with students of premier institutes.
"In recent years, I have witnessed a groundswell of interest among students from the US, in fact from all parts of the world, in India, her economy, commerce and culture," says Prof SP Kothari, deputy dean at MIT Sloan School of Management. The blossoming of interest is "testimony to people's expectations of all-round robust development taking place in India notwithstanding a few recent hiccups," he adds.
"The exchange of ideas, the flow of investment, and growth in trade presage benefits to all parties involved - an expansion in the size of the pie rather than a zero-sum scenario," he adds.
The MIT students gained through engagement on ground with some of the brightest students and future leaders in a fast-growing emerging market. "The conversations help us gain insights and perspectives, not always possible to observe sitting in a classroom in the US. The relationships and networks that are built through these initiatives are also valuable connections in an increasingly inter-connected world," says Sriram Emani, India Launch Lead, MIT AITI Program and a student from MBA Class of 2013 at MIT Sloan School of Management.
MIT last year launched its first-ever MIT India Conference prompted by strong demand from students and business community in Boston to engage with Indian industry leaders and discuss recent trends and challenges in India.
Stanford is planning to open a branch office in India in the next couple of years to enhance its understanding of business and government here, which it can incorporate in its course curriculum back at the institute. "We are interested in deepening our presence in India... It is important for us to be here so we can learn about the Indian businesses and economy, and teach our own students better," says Garth Saloner, Philip H Knight Professor and dean of Stanford Graduate School of Business.
Harvard Business School, on its part, is further enhancing its presence in India through its research centre in Mumbai from where it has come out with 90 case studies written by HBS faculty.
"Today, India is an integral part of the global economy and will play a vital role in the future of this region and the rest of the world," says Prof Das Narayandas, senior associate dean, HBS Publishing and Executive Education.
"Access to this knowledge and expertise (through different forms of association) is a benefit for both Wharton and India as we continue to explore the challenges and strengths of one of the most rapidly growing economies in the world," adds Harbir Singh, vice dean for global initiatives at Wharton.
It's a win-win for the local institutes too, which gain through learning from world-class global faculty and exposure to global technology know-how, innovation and teaching techniques.
The offerings include an increased number of executive education courses for local students, online courses and tie-ups with top domestic institutes in form of student exchange, faculty development and exchange, collaborative research, and joint development and delivery of courses.
"As the world economy becomes increasingly multi-polar and distributed, different markets will play different roles in the new economic order. You need to increase understanding of the markets for business to take place. Global schools are attempting to play here to increase understanding of the emerging economy," says Deepak Chandra, deputy dean, Indian School of Business. Adds Atish Chattopadhyay, deputy director, PGDM programme, SP Jain Institute of Management and Research: "With global businesses interested in the Indian market, there is an increased demand for research on the Indian context globally."
Also, some feel the financial crisis raised serious questions about the materialistic approach of conventional management education. "Pedagogic innovations like undertaking social projects during summers with voluntary organisations in rural areas, mentoring of underprivileged school children in Mumbai slums and courses like 'Gita in Management' resonated with the top global schools post financial crisis," says Chattopadhyay.
Students from top US B-schools coming to India to learn about economy, business and markets - Page2 - The Economic Times
GE to roll out 30 made-in-India products; to scale up sourcing
GE plans to roll out over the next three years in India 30 new products in the energy and healthcare space to be developed in this country, where it is also looking to significantly enhance sourcing, a key company official said today.
Gopichand Katragadda, who leads GE's India technology team of about 6,000 engineers and scientists, said the company has launched 30 products in India in the last two years and is looking to introduce a similar number by 2015.
He said 20 per cent of this 6,000 workforce would be engaged in India-specific programmes.
"We have about 30 products which we have developed for the India market", he told reporters here, adding that 30 more would be launched in the next three years.
GE is doing "more and more" localisation in India, and "We would like to do that much more", Katragadda said. The company is looking to source large castings and forgings for which it sees "big need".
While new products would be launched in India, "effort is also to buy things here (in India) for the globe (GE's global operations)", he said. GE's approach to emerging markets like India is "buy as much as you sell".
Katragadda said GE is keen to participate in the (anticipated) tender for delivering diesel locomotives to Indian Railways and is looking forward for the announcement of expression of interest.
He said GE India technology team designed the locomotives for the UK market, and also meant for Indonesia to be delivered in January. The team has also developed "right kind of processes and efforts" to reduce development time.
The expectation is that India needs 1,000 locomotives (long-distance freight and passenger) over the next 10 years.
On the healthcare side, GE would like to get into developing large equipment such as CT (computed tomography), he said.
Over the last decade, the work done by inventors at the GE India Technology Centre has resulted in over 1,850 patents being filed by the parent General Electric company, Katragadda said.
In addition to work in the area of fundamental research, the GE India technology team develops technologies for GE Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare and Transportation, officials said.
GE to roll out 30 made-in-India products; to scale up sourcing - The Economic Times
GE plans to roll out over the next three years in India 30 new products in the energy and healthcare space to be developed in this country, where it is also looking to significantly enhance sourcing, a key company official said today.
Gopichand Katragadda, who leads GE's India technology team of about 6,000 engineers and scientists, said the company has launched 30 products in India in the last two years and is looking to introduce a similar number by 2015.
He said 20 per cent of this 6,000 workforce would be engaged in India-specific programmes.
"We have about 30 products which we have developed for the India market", he told reporters here, adding that 30 more would be launched in the next three years.
GE is doing "more and more" localisation in India, and "We would like to do that much more", Katragadda said. The company is looking to source large castings and forgings for which it sees "big need".
While new products would be launched in India, "effort is also to buy things here (in India) for the globe (GE's global operations)", he said. GE's approach to emerging markets like India is "buy as much as you sell".
Katragadda said GE is keen to participate in the (anticipated) tender for delivering diesel locomotives to Indian Railways and is looking forward for the announcement of expression of interest.
He said GE India technology team designed the locomotives for the UK market, and also meant for Indonesia to be delivered in January. The team has also developed "right kind of processes and efforts" to reduce development time.
The expectation is that India needs 1,000 locomotives (long-distance freight and passenger) over the next 10 years.
On the healthcare side, GE would like to get into developing large equipment such as CT (computed tomography), he said.
Over the last decade, the work done by inventors at the GE India Technology Centre has resulted in over 1,850 patents being filed by the parent General Electric company, Katragadda said.
In addition to work in the area of fundamental research, the GE India technology team develops technologies for GE Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare and Transportation, officials said.
GE to roll out 30 made-in-India products; to scale up sourcing - The Economic Times
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India's ONGC to pay $5bn for Conoco's Kashagan stake
India's biggest oil explorer, Oil and Natural Gas Corporation (ONGC), said it will buy ConocoPhillips's 8.4% stake in Kazakhstan's Kashagan project.
It will be the state-controlled producer's biggest overseas acquisition, worth $5bn (£3.1bn) if given various approvals.
However, analysts said major delays and mounting costs at the field in central Asia could prove a challenge.
ONGC is aiming to increase production to fuel India's growing economy.
Crucial supply
India imports nearly 80% of the oil it needs because its refining capacity has now outgrown the oil output locally.
Kashagan, under the Caspian Sea, is the biggest oil field discovered since 1968 and holds about 30 billion barrels of oil, of which analysts estimate 8-12 billion can be extracted.
ONGC Videsh, the overseas arm of ONGC, said the deal would likely add about 1 million tonnes (20,000 barrels per day) to its annual production for 25 years.
The company added that the acquisition "bears a significant strategic importance to India in terms of contributing towards India's energy security".
The field is expected to start production in 2013. However, its development has been postponed by eight years and analysts project costs have doubled to $46bn.
Positive move
Texas-based ConocoPhillips has been cutting its non-core assets in an attempt to reduce debts. It said the book value of its Kashagan stake was about $5.5bn as of 30 September.
Analysts said the deal was good for ConocoPhillips as the paid price was higher then expected.
"This is a positive for ConocoPhillips as it marks important progress on their asset divestiture programme, which is needed to support the capital program and dividend," said analysts at Simmons & Co in a note to clients.
"(The) purchase price of $5bn is at the high end of our prior expectation of $4-$5bn," they added.
The deal still needs government approval, and is dependent on other participants in the Kashagan field who have the first right to increase their stake.
The field is jointly controlled by state-run KazMunaiGas and six other international oil companies including ExxonMobil, Royal Dutch Shell and Total.
BBC News - India's ONGC to pay $5bn for Conoco's Kashagan stake
India's biggest oil explorer, Oil and Natural Gas Corporation (ONGC), said it will buy ConocoPhillips's 8.4% stake in Kazakhstan's Kashagan project.
It will be the state-controlled producer's biggest overseas acquisition, worth $5bn (£3.1bn) if given various approvals.
However, analysts said major delays and mounting costs at the field in central Asia could prove a challenge.
ONGC is aiming to increase production to fuel India's growing economy.
Crucial supply
India imports nearly 80% of the oil it needs because its refining capacity has now outgrown the oil output locally.
Kashagan, under the Caspian Sea, is the biggest oil field discovered since 1968 and holds about 30 billion barrels of oil, of which analysts estimate 8-12 billion can be extracted.
ONGC Videsh, the overseas arm of ONGC, said the deal would likely add about 1 million tonnes (20,000 barrels per day) to its annual production for 25 years.
The company added that the acquisition "bears a significant strategic importance to India in terms of contributing towards India's energy security".
The field is expected to start production in 2013. However, its development has been postponed by eight years and analysts project costs have doubled to $46bn.
Positive move
Texas-based ConocoPhillips has been cutting its non-core assets in an attempt to reduce debts. It said the book value of its Kashagan stake was about $5.5bn as of 30 September.
Analysts said the deal was good for ConocoPhillips as the paid price was higher then expected.
"This is a positive for ConocoPhillips as it marks important progress on their asset divestiture programme, which is needed to support the capital program and dividend," said analysts at Simmons & Co in a note to clients.
"(The) purchase price of $5bn is at the high end of our prior expectation of $4-$5bn," they added.
The deal still needs government approval, and is dependent on other participants in the Kashagan field who have the first right to increase their stake.
The field is jointly controlled by state-run KazMunaiGas and six other international oil companies including ExxonMobil, Royal Dutch Shell and Total.
BBC News - India's ONGC to pay $5bn for Conoco's Kashagan stake
India's deficit-cutting plan faltering as clock ticks
By Ross Colvin and Rajesh Kumar Singh
NEW DELHI | Sun Nov 25, 2012 4:39pm EST
(Reuters) - India's finance minister has banned government officials from holding conferences at five-star hotels, restricted travel and ordered a freeze on hiring to fill vacant posts.
A single-minded political veteran who commands both fear and respect in Indian officialdom, P. Chidambaram is squeezing government ministries hard to cut spending wherever they can, and quickly, to help rein in a widening fiscal deficit.
He is a man under pressure and with an eye on the clock.
Four weeks ago to the day, he set himself an ambitious target: to hold the government's fiscal deficit for 2012/2013 to 5.3 percent of gross domestic product, even as skeptical private economists forecast a deficit closer to 6 percent.
But a series of revenue-raising setbacks since October 29 now means it will be almost impossible for the government to meet that target, economists say, and some finance ministry officials privately agree. That increases the risk that credit rating agencies could downgrade India to junk in the coming months.
"This has taken on a very great sense of urgency," said Rajiv Biswas, chief Asia economist at market information and analytics company IHS, as he called on Chidambaram to draw up a credible medium-term road-map for cutting the deficit.
The deficit reduction plan unveiled by Chidambaram last month was panned by economists for being short on specifics and putting a firewall around fuel subsidies and expensive social welfare programs for the country's millions of poor.
A month earlier a deficit reduction panel appointed by Chidambaram had urged the government to cut such spending. Their language was dramatic: India was on the edge of a "fiscal precipice" and the economy was "flashing red lights", they said.
"BAND-AID APPROACH"
The government is pursuing a "band-aid approach" to deficit reduction, favoring quick fixes instead of implementing structural reforms to slash the deficit, said economist Rajeev Malik of CLSA in Singapore, who is sticking to a deficit forecast of 6 percent of GDP.
Financial markets are already expecting the Indian government to overshoot its target and hit around 5.6 percent of GDP, which helped push benchmark 10-year bond yields to the highest in nearly three months late last week.
But the big unknown is the response of the rating agencies, which have repeatedly warned India to get its finances in order.
The agencies are unlikely to reveal their thinking until after Chidambaram unveils his budget in February, analysts said.
But in October, Standard & Poor's said India still faced a one-in-three chance of a downgrade within the next 24 months. Such an outcome would hurt investor sentiment and push up overseas borrowing costs for Indian companies.
Chidambaram, 67, a lanky politician with a disarming smile that belies a sharp tongue and an intolerance for time-wasting, charmed financial markets with his can-do attitude and burst of economic reforms in September, after years of policy inaction by Prime Minister Manmohan Singh's weak coalition government.
India's benchmark BSE index .BSESN rallied more than 6 percent after the reforms were announced in mid-September. But concerns over implementation, the fiscal deficit and falling foreign fund inflows have since pushed it down 3.3 percent.
"We believe that this is the beginning of the realization that a sustainable turnaround in India's growth prospects would require considerable effort, well beyond the burst of measures seen in September," Deutsche Bank said last week in an analyst note headlined "Reality Check".
MAN ON A MISSION
Chidambaram's deficit reduction plan banks heavily on raising billions of dollars by auctioning off cellphone airwaves and selling shares in state companies.
Neither effort is going particularly well.
The government raised less than a quarter of its 400 billion rupee ($7.3 billion) target in a 2G spectrum auction in mid-November. A second auction is planned before March, but a senior government official told Reuters there would likely be at least a 200 billion rupee shortfall.
India succeeded in raising 8.1 billion rupees ($147 million) by selling shares of state-run Hindustan Copper Ltd on (HCPR.NS) Friday, although the deal was supported by buying from state institutions.
To put the deal in context: New Delhi aims to raise 300 billion rupees by selling shares in state companies this fiscal year, which ends in March. Excluding the latest sale, it has managed just 1.25 billion rupees so far.
The government is staring at an overall shortfall of nearly 500 billion rupees in revenues this year, the government official said, speaking on condition of anonymity because of the sensitivity of the subject. This may require additional borrowing from the market.
Chidambaram's battle to tame the deficit takes place against the backdrop of a continued economic slowdown, and a fractious parliament where the government has lost its majority after its biggest coalition ally withdrew support to oppose its reforms.
Manufacturing is contracting and exports are falling. India's October trade deficit of nearly $21 billion was its worst on record.
And a second round of reforms aimed at liberalising the pension and insurance sectors has fallen victim to gridlock in parliament. It is not clear if the measures, long sought by investors, will be passed in the current winter session.
But Chidambaram, who began his second stint as finance minister in August, gives no appearance of being disheartened and as recently as Saturday was confidently predicting he would be able to contain the deficit to 5.3 percent of GDP.
Inside his ministry, officials said the target looks daunting but they have had no word of a revision from the minister. Instead, he has intensified pressure on them to find ways of meeting the target, they said.
Chidambaram's credibility is not yet on the line, said analysts. In fact, perhaps the opposite. His credentials as an economic reformer during two previous stints as finance minister are buying him time to pull India back from the fiscal precipice.
Analysis: India's deficit-cutting plan faltering as clock ticks | Reuters
By Ross Colvin and Rajesh Kumar Singh
NEW DELHI | Sun Nov 25, 2012 4:39pm EST
(Reuters) - India's finance minister has banned government officials from holding conferences at five-star hotels, restricted travel and ordered a freeze on hiring to fill vacant posts.
A single-minded political veteran who commands both fear and respect in Indian officialdom, P. Chidambaram is squeezing government ministries hard to cut spending wherever they can, and quickly, to help rein in a widening fiscal deficit.
He is a man under pressure and with an eye on the clock.
Four weeks ago to the day, he set himself an ambitious target: to hold the government's fiscal deficit for 2012/2013 to 5.3 percent of gross domestic product, even as skeptical private economists forecast a deficit closer to 6 percent.
But a series of revenue-raising setbacks since October 29 now means it will be almost impossible for the government to meet that target, economists say, and some finance ministry officials privately agree. That increases the risk that credit rating agencies could downgrade India to junk in the coming months.
"This has taken on a very great sense of urgency," said Rajiv Biswas, chief Asia economist at market information and analytics company IHS, as he called on Chidambaram to draw up a credible medium-term road-map for cutting the deficit.
The deficit reduction plan unveiled by Chidambaram last month was panned by economists for being short on specifics and putting a firewall around fuel subsidies and expensive social welfare programs for the country's millions of poor.
A month earlier a deficit reduction panel appointed by Chidambaram had urged the government to cut such spending. Their language was dramatic: India was on the edge of a "fiscal precipice" and the economy was "flashing red lights", they said.
"BAND-AID APPROACH"
The government is pursuing a "band-aid approach" to deficit reduction, favoring quick fixes instead of implementing structural reforms to slash the deficit, said economist Rajeev Malik of CLSA in Singapore, who is sticking to a deficit forecast of 6 percent of GDP.
Financial markets are already expecting the Indian government to overshoot its target and hit around 5.6 percent of GDP, which helped push benchmark 10-year bond yields to the highest in nearly three months late last week.
But the big unknown is the response of the rating agencies, which have repeatedly warned India to get its finances in order.
The agencies are unlikely to reveal their thinking until after Chidambaram unveils his budget in February, analysts said.
But in October, Standard & Poor's said India still faced a one-in-three chance of a downgrade within the next 24 months. Such an outcome would hurt investor sentiment and push up overseas borrowing costs for Indian companies.
Chidambaram, 67, a lanky politician with a disarming smile that belies a sharp tongue and an intolerance for time-wasting, charmed financial markets with his can-do attitude and burst of economic reforms in September, after years of policy inaction by Prime Minister Manmohan Singh's weak coalition government.
India's benchmark BSE index .BSESN rallied more than 6 percent after the reforms were announced in mid-September. But concerns over implementation, the fiscal deficit and falling foreign fund inflows have since pushed it down 3.3 percent.
"We believe that this is the beginning of the realization that a sustainable turnaround in India's growth prospects would require considerable effort, well beyond the burst of measures seen in September," Deutsche Bank said last week in an analyst note headlined "Reality Check".
MAN ON A MISSION
Chidambaram's deficit reduction plan banks heavily on raising billions of dollars by auctioning off cellphone airwaves and selling shares in state companies.
Neither effort is going particularly well.
The government raised less than a quarter of its 400 billion rupee ($7.3 billion) target in a 2G spectrum auction in mid-November. A second auction is planned before March, but a senior government official told Reuters there would likely be at least a 200 billion rupee shortfall.
India succeeded in raising 8.1 billion rupees ($147 million) by selling shares of state-run Hindustan Copper Ltd on (HCPR.NS) Friday, although the deal was supported by buying from state institutions.
To put the deal in context: New Delhi aims to raise 300 billion rupees by selling shares in state companies this fiscal year, which ends in March. Excluding the latest sale, it has managed just 1.25 billion rupees so far.
The government is staring at an overall shortfall of nearly 500 billion rupees in revenues this year, the government official said, speaking on condition of anonymity because of the sensitivity of the subject. This may require additional borrowing from the market.
Chidambaram's battle to tame the deficit takes place against the backdrop of a continued economic slowdown, and a fractious parliament where the government has lost its majority after its biggest coalition ally withdrew support to oppose its reforms.
Manufacturing is contracting and exports are falling. India's October trade deficit of nearly $21 billion was its worst on record.
And a second round of reforms aimed at liberalising the pension and insurance sectors has fallen victim to gridlock in parliament. It is not clear if the measures, long sought by investors, will be passed in the current winter session.
But Chidambaram, who began his second stint as finance minister in August, gives no appearance of being disheartened and as recently as Saturday was confidently predicting he would be able to contain the deficit to 5.3 percent of GDP.
Inside his ministry, officials said the target looks daunting but they have had no word of a revision from the minister. Instead, he has intensified pressure on them to find ways of meeting the target, they said.
Chidambaram's credibility is not yet on the line, said analysts. In fact, perhaps the opposite. His credentials as an economic reformer during two previous stints as finance minister are buying him time to pull India back from the fiscal precipice.
Analysis: India's deficit-cutting plan faltering as clock ticks | Reuters
Sensex rallies by 222 points on all-round buying
Mumbai: All-round buying ahead of the expiry of the futures and options contract on coming Thursday coupled with persistent foreign capital inflows pushed up the BSE benchmark Sensex by 222 points in the late morning trade.
The market sentiment was also boosted after credit rating agency Moody's said that the outlook on its Baa3 rating for India is stable.
Shares of banking, realty, consumer durable, FMCG and refinery firmed up sharply on strong buying enquiries.
The BSE benchmark Sensex resumed higher at 18,615.55 and shot up further to a high of 18,767.12 before quoting at 18,759.26 at 1030 hrs, showing a net gain of 222.25 points or 1.20 per cent from its last close.
The NSE 50-share Nifty also rose by 64.70 points or 1.15 per cent to 5,700.60 at 1030 hrs.
Major gainers from the Sensex pack were HDFC (2.60 per cent), HDFC Bank (2.57 per cent), Bajaj Auto (1.79 per cent), Jindal Steel (1.62 per cent) and Sterlite Ind (1.57 per cent).
FIIs bought shares worth a net Rs 163.14 crore yesterday as per provisional data from the stock exchanges.
Most Asian stocks gained in the early trade after Greece's creditors reached a deal to release the next tranche of aid to the debt-struck country.
Key benchmark indices in Hong Kong, Japan, Singapore and South Korea rose by between 0.12 per cent and 0.9 per cent while Key indices in China and Taiwan fell by between 0.02 per cent to 0.95 per cent.
Sensex rallies by 222 points on all-round buying - The Times of India
Mumbai: All-round buying ahead of the expiry of the futures and options contract on coming Thursday coupled with persistent foreign capital inflows pushed up the BSE benchmark Sensex by 222 points in the late morning trade.
The market sentiment was also boosted after credit rating agency Moody's said that the outlook on its Baa3 rating for India is stable.
Shares of banking, realty, consumer durable, FMCG and refinery firmed up sharply on strong buying enquiries.
The BSE benchmark Sensex resumed higher at 18,615.55 and shot up further to a high of 18,767.12 before quoting at 18,759.26 at 1030 hrs, showing a net gain of 222.25 points or 1.20 per cent from its last close.
The NSE 50-share Nifty also rose by 64.70 points or 1.15 per cent to 5,700.60 at 1030 hrs.
Major gainers from the Sensex pack were HDFC (2.60 per cent), HDFC Bank (2.57 per cent), Bajaj Auto (1.79 per cent), Jindal Steel (1.62 per cent) and Sterlite Ind (1.57 per cent).
FIIs bought shares worth a net Rs 163.14 crore yesterday as per provisional data from the stock exchanges.
Most Asian stocks gained in the early trade after Greece's creditors reached a deal to release the next tranche of aid to the debt-struck country.
Key benchmark indices in Hong Kong, Japan, Singapore and South Korea rose by between 0.12 per cent and 0.9 per cent while Key indices in China and Taiwan fell by between 0.02 per cent to 0.95 per cent.
Sensex rallies by 222 points on all-round buying - The Times of India
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