Indian Economy-News & Updates

[Chinese-Dragon]

I don't know about China but in the US, public transport is crap. You need to have a car to get around. Do you really want that to happen in China?

Sure, but how come America has more than double the railway network of China, even though their population is so vastly smaller? In per capita terms the difference is ghastly.

Because they are developed. Development is a very hard business when it comes to a population of 1+ billion, we need to do what they did... but on a vastly bigger scale if we are ever to become developed.

I think our planet could barely sustain a developed US and China but not a developed US, China and India.

I agree.

Frankly, current levels of technology would not support both China and India becoming developed.

So there needs to be a big technological leap before such a thing could be sustainable. Some kind of renewable technology that can practically and efficiently replace oil, would be a good start.

 

[Vinod2070]

I don't think we need to necessarily be so pessimistic or think win-lose.

The current trends actually show that the renewable energy can go mainstream and solve the energy issues. The transportation sector can run on electricity in a matter of decades and most of that electricity can come from renewables.

Already more new generation capacity coming up every year is renewable worldwide than based on fossil fuels or nuclear. The trend is only accelerating.

The fossil fuel age has run for a couple of centuries but it is about to run its course.

 

[kbd-raaf]

Sure, but how come America has more than double the railway network of China, even though their population is so vastly smaller? In per capita terms the difference is ghastly.

Because they are developed. Development is a very hard business when it comes to a population of 1+ billion, we need to do what they did... but on a vastly bigger scale if we are ever to become developed.




I agree.

Frankly, current levels of technology would not support both China and India becoming developed.

So there needs to be a big technological leap before such a thing could be sustainable. Some kind of renewable technology that can practically and efficiently replace oil, would be a good start.

How come? 150+ years of technological and industrial domination.

Yeah and who knows where such a leap will come from.

 

[Chronos]

@kbd-raaf @Chinese-Dragon

You guys are on point about sustainanble development.

It is not a greenie buzzword anymore. Think about it realistically.

You have vast, dumping grounds in Kenya that has used computer parts that form hills of garbage transported from Britain.

 

[cirr]

28 January 2014 Last updated at 07:00 GMT

India raises interest rates rise to stem inflation

India's central bank has unexpectedly raised interest rates in an attempt to rein in stubbornly high consumer prices in a crucial election year.

The Reserve Bank of India (RBI) raised the benchmark repo rate - the amount at which it charges to lend to commercial banks - to 8% from 7.75%.

Economists had expected no change after its meeting in Mumbai on Tuesday.

The RBI said that another near-term hike was unlikely if inflation eased to a more comfortable level.

India's main gauge of inflation, the wholesale price index (WPI), rose 6.16% in December, from a year earlier. While that was a slight fall on from the previous month, the rate continues to remain an issue with the central bank.

'Weakens growth'

Inflation is also a tax that is grossly inequitable, falling hardest on the very poor”

Meanwhile, the country's consumer prices index (CPI) - which is seen as the key gauge of inflation across most other countries - rose at an annual rate of 9.87% in December.

"Inflation excluding food and fuel has also been high, especially in respect of services, indicative of wage pressures and other second-round effects," the central bank said in a statement.

"Elevated levels of inflation erode household budgets and constrict the purchasing power of consumers. This, in turn, discourages investment and weakens growth."

The RBI last week had proposed setting a target of 4% consumer inflation by 2016.

It said that the increase in the policy rate "will set the economy securely on the recommended disinflationary path".

RBI chief Raghuram Rajan had left rates unchanged at the bank's last policy meeting in December, after raising the benchmark rate in September and October.

India's main share index fell following the announcement, with lenders such as ICICI Bank leading the decline.

Price problem

India's central bank has been trying to control rising prices

India has been struggling to control what is Asia's highest inflation level, which was running at about 10% last year.

Rising prices have impeded economic growth in the country, which has also been under pressure from a weakened currency.

The Indian rupee has lost about 14% of its value over the past 12 months, which has made the cost of imported products more expensive.

Higher inflation causes consumers to spend less, and its impact is felt most by India's poor. According to the World Bank, nearly two-thirds of India's population live on less than $2 a day.

The central bank said in its statement that "inflation is also a tax that is grossly inequitable, falling hardest on the very poor".

Companies higher input costs have prompted some to raise prices.

Authorities have been trying to bring down prices, as inflation is also a politically sensitive issue in India.

The country is due to hold general elections in May.

BBC News - India raises interest rates rise to stem inflation

 

[SpArK]

India, Netherlands Sign MoU in Health Sector Partnership

 

[Abhishek_]

TN govt. to carry out study for Chennai Metro phase-II project

Giving a fillip to the Chennai Metro Rail Project, the State government will take up a detailed project report for Phase II of the project in newly identified corridors.

Stating this in his customary address to the Assembly, Governor K. Rosaiah on Thursday told the House that the State government would ensure “faster clearance” from the Union government for the Washermenpet-Thiruvottriyur corridor.

The address, which provided an account of the status of implementation of various projects and schemes of the State government, referred to the move to launch a “state portal on employment” as an integrated platform for job seekers and employers. The proposed portal would offer a single window of information on job counseling, training and placement facilitation.

Mr. Rosaiah, who informed the Assembly that the government had substantially increased the Plan expenditure target to Rs. 37,128 crore this year, said the Plan size would be further enhanced to Rs. 42,185 crore during 2014-2015.

He reiterated the State government’s position that the National Food Security Act would not achieve the goal of food security effectively.

Even as the Governor began his address, Dravida Munnetra Kazhagam floor leader, M.K. Stalin, led a walkout of his party members. He was followed by M.H. Jawahirullah of the Manithaneya Makkal Katchi and K. Krishnasamy of the Puthiya Tamizhagam.

TN govt. to carry out study for Chennai Metro phase-II project - The Hindu

 

[cloud_9]

Queensland Government sign $4.4 billion deal with Bombardier NGR Consortium for 75 new six-car trains

A FLEET of new trains ordered by the Queensland Government will be made in India, the Treasurer has confirmed.

Tim Nicholls and Transport Minister Scott Emerson on Wednesday announced they had struck a deal with the Bombardier NGR Consortium to build 75 new six-car trains for a bargain price.

Mr Nicholls said the $4.4 billion deal ensured the government would get "twice the train for the same amount of money" earmarked for the project by the previous Labor administration.

"For the same price Labor was paying, we're getting an extra three cars per train set so this is a value for money outcome," he said.

"It will also involve the creation of approximately 500 new jobs, 150 of those in maintenance at the new facility that will be constructed at Wulkuraka near Ipswich."

He denied the price tag was due to the fact the trains were being built in India, rather than by local manufacturers.

"The contract and consortia initially involved an Australian component of it but Downer withdrew from the consortia as a result of their own decision-making," Mr Nicholls said.

Mr Emerson said Downer had the contract for the new $200 million Spirit of Queensland tourist train.

"They were initially part of the consortium with Bombardier but for their own reasons they decided to withdraw from that," he said.

"We would've loved to have had them there as part of the tendering process."

The first of the new trains would be on the tracks late next year, Mr Nicholls said.

"We'll have new state of the art facilities providing enhanced comfort and services, things like wifi on board, wider corridors and those sorts of facilities as well as the latest equipment running on our rail network here in Qld," he said.

Passengers will be able to walk all the way through the new six-car trains, which will also feature toilets.

Each train will cost approximately $13.7 million to build - down from an estimated $25 million each.

 

[kurup]

Research on new materials is the need of the hour to give necessary impetus to new developments, and the perceptible gap between educational system and industry in the country should be reduced to boost research, said DRDO (Project Monitoring) Director V. Varadharajan.

Delivering graduation day address at Anna University College (Dindigul centre) here on Saturday, he said the country needed trained human resources. “We need smarter products in our day-to-day life. Academicians and researchers in higher educational institutes should interact more with the industry to make innovative products and to provide innovative services,” he added.

While software industry had taken the country to new heights, the country had still been lacking in world-class manufacturing standards in electronics sector.

Semiconductor industry could not boast of a world-class Silicon foundry producing the latest processors.

Dependency on import of critical electronic devices exposed systems to malware content that could help adversaries attain their objectives through devious means, he added. “Innovation in manufacturing sector is necessary,” he added.

Now, Hardware Technology Parks with an aim of promoting Electronic System Design and Manufacturing (ESDM) were being set up across the country. With 52 laboratories and 7,000 scientists and nearly 25,000 technical and administrative personnel, the DRDO had been providing the vital link between its laboratories and educational institutions to carry out directed research.

Educational institutions could enter into contract with its laboratories for acquiring research services. It had also set up a Research and Innovation Centre at IIT-Madras and a Bio-Technology Research Park at Bharathiar University, Coimbatore.

Defence News - Innovation in manufacturing sector is necessary

 

[jarves]

Angad Daryani, a 15-year-old Mumbai resident, found it tough to convince his dad to part with the Rs one lakh required for buying a ready-to-use 3D printer. So he decided to make one himself. "Eventually, I could do it in half the amount," says Daryani, who is now planning to sell his assembled printers, which can make a physical object from a three-dimensional digital model, at under Rs 20,000 - a price he claims is the cheapest in the country.

The youngest Indian to build a 3D printer at home, Daryani represents a growing breed of Do-It-Yourself (DIY) enthusiasts who are assembling their own machines. Many of them are hobbyists and creators who can't sit still unless they are making something.

Karan Chaphekar, another Mumbaikar, built his first 3D printer almost three years ago after he had built his first robot. "I was looking for something exciting to make and stumbled upon the world of 3D printers," says the 24-year-old ardent Star Wars fan. Not surprisingly, one of the first things that came out of his printer was a bust of Yoda, complete with trademark pointed ears and worry-lines, finely etched in white plastic.

Watching a 3D model slowly 'come to life' as the printer spews rings of moulded plastic, can be exciting. But how tough is it to assemble a 3D printer? "Most of the popular DIY desktop 3D printers are based on open source designs like RepRap which are easy to use. In fact, the technology is such that any class 12 student can assemble it and make it work within 48 hours." says Rakesh Shishodia of 3D Printonics that regularly organizes workshops to introduce home users to 3D printing.

The presence of a vibrant '3D makers' community on the web also helps. "The internet is full of resources - from websites featuring 3D models of objects to open source developer forums - where information and updates are regularly exchanged," says Chaphekar. As for the printer components, some are imported while quite a few are now available locally. "The beauty of an open source 3D printer is that it can also print its own parts. It's a self-replicating machine. We can, in a sense, print a new printer from an existing printer in a few hours," says Asil Rohit, another ardent DIYer, who won a competition to make affordable 3D printers at his college Manipal Institute of Technology. The 19-year-old now runs a start-up that has sold almost 10 assembled printers in the two months since it launched.

Observers say that the growing tribe of DIYers has the potential to start what is being termed as a desktop 3D printer revolution. "The situation is quite similar to the one a few decades ago when enthusiasts would assemble desktop personal computers. Just like computers revolutionized the way we work, this, too, has the potential to change how we create products in the future," says Zalak Shah, research associate at technology research firm Gartner India. However, it's early days yet. While industrial 3D printers have started pushing limits on the kind of products they can create - from aircraft parts to human tissues - the field is still evolving for desktop DIY printers. The products being churned out by DIYers are currently limited to stuff like toys, mementos, personalized smartphone cases, artificial jewellery etc with occasional experiments in printing gummy, barely edible food. On the horizon, though, are newer areas where they can play a more utilitarian role.

An interesting application is in waste management. "Home 3D printers have the potential to start a recycling revolution in the country," says Rohit. "We are looking at a scenario a few years down the line when instead of throwing a used Coke can into the dustbin, you throw it into your printer and voila, it gets converted into something useful like cutlery."

Another obvious area is education. Nikhil Velpanur, who runs a Bangalore-based technology incubator, says that prints of 3D models may soon become an integral part of teaching. "Imagine how easy it would be for a child to relate to a subject like chemistry if she is able to hold a 3D print of a molecule and see how it is formed."

As 3D printing becomes more utilitarian and finds application in everyday life - possibilities of printing regular medicines and exquisite food from a 3D printer at home are being touted as a reality in a few years' time - the cost of desktop 3D printers is expected to go down. This might impact the DIYers in the long run. "Currently, it is much cheaper to make your own 3D printer than buy an off-the shelf one," says Shishodia. "But as new players enter the market and the price point goes down, the DIY segment will diminish. However, this will take a few years at least..till then, the DIYers will continue to grow the market."


Making 3D printers now child's play - Times Of India

 

[jarves]

Centre mulls giving modernised boats to fishermen: Natchiappan - The Hindu

Updated: February 3, 2014 16:31 IST

The Centre was examining the prospects of giving modernised boats and fishing equipment to Tamil Nadu fishermen to enable them go for deep sea fishing in the wake of alleged attacks on them by Sri Lankan Navy, Minister of State for Commerce and Industries Sudarsana Natchiappan said on Monday.

“We are looking for presenting modernised boats and other equipment to fishermen so that they can go into deep sea for fishing. This will help to root out the problems faced by them”, he told reporters in Chennai.

He said the modalities in this regard would be decided after discussions with fishermen.

“After the announcement based on the talks (held in Chennai last month), we will hold a meeting with fishermen on how it can be taken forward”, he said.

Representatives of India and Sri Lankan officials and fishermen’s associations participated in a meeting on January 27 here aimed to find a solution to the dispute over fishing in Palk Straits, which had seen Tamil Nadu fishermen frequently coming under alleged attacks and detentions by Lankan Navy frequently.

Sri Lanka accuses Tamil Nadu fishermen of straying into their territorial waters, while the latter maintain they are only fishing in their traditional areas, especially around Katchatheevu, an islet ceded by India to Colombo in 1974.

The two countries had decided to release over 400 fishermen in the custody of each other, prior to the meeting.

 

[jarves]

India issues global tender for building Navi Mumbai airport

New Delhi: India has asked for interest from global companies to build and operate a new airport in Navi Mumbai, estimated to cost nearly $2 billion initially, in the outskirts of the financial capital to meet growing air traffic. The airport will be built in partnership with the government, and will be expanded over four phases. Air passenger traffic via Mumbai is expected to exceed 40 million by 2017 and more than 100 million by 2030, according to a state agency study. The government released on Wednesday the initial documents for the two-stage bidding process for the airport, which is planned to be operational by 2017. The first two phases are estimated to cost 95 billion rupees, while there will be a pre- development cost of 23.58 billion rupees, the City and Industrial Development Corp. of Maharashtra Ltd (CIDCO), state agency said. The airport, proposed to be developed over an area of 1160 hectares, will start with a capacity to handle 10 million passengers a year and will have an ultimate annual capacity for 60 million passengers a year, after expansion. Mumbai and New Delhi are the two major international air gateways in India. The existing Mumbai airport, run by a consortium of infrastructure firm GVK and the state-run airport operator, recently increased its passenger-handling capacity by opening a new terminal. The joint-venture company running the Mumbai airport has a right of first refusal for the new airport.

India issues global tender for building Navi Mumbai airport | NDTV.com

 

[fsayed]

Cabinet approves $1.6 billion Vodafone deal - The Times of India

 

[jarves]

Mahindra plans to invest Rs 5,000 crore in next 3 years - The Times of India

GREATER NOIDA: Auto major Mahindra & Mahindra (M&M) plans to invest Rs 5,000 crore over the next three years towards infrastructure upgradation, product development and capacity expansion.

The company is also planning to introduce 8-10 new variants and upgrades of its products this year.

"Adding new products is a continuous process...We have grown consistently over the last few years. We plan to invest Rs 5,000 crore over the next three years to continue this momentum," M&M chief executive - Automotive Division Pravin Shah said.

He added the investment will be made to enhance capacity and infrastructure as well as development of new products.

Talking about new manufacturing units, he said the company is exploring new locations for expanding capacity.

"We are introducing new vehicles, new models and so, expansion of capacity has to happen. We are in conversation with the Maharashtra government and if we get the things (incentives) we are looking for, then we will expand the capacity there itself," Shah said.

M&M is also aggressively and extensively looking at other locations, he added.

The firm has two manufacturing units at Zaheerabad and Haridwar and another four units in Maharashtra at Igatpuri (engine plant), Nasik, Chakan and Kandivali.

On the industry, Shah said the vehicle segments like SUVs, MPVs and UVs are growing at a higher pace than other categories.

"SIAM has predicted that the car sales would grow 5-7 per cent this year. On the other hand, the products like UVs, SUVs and MPVs are growing at a stronger pace," he said.

Last month, M&M reported 13.77 per cent decline in total sales at 42,685 units. The company had sold 49,503 units in the same month previous year.

Its sales of passenger vehicles, including Scorpio, XUV500, Xylo, Bolero and Verito, stood at 19,792 units during the month as against 26,555 in January 2013, down 25 per cent.

 

[jarves]

Monorail DPR for Trivandrum and Kozhikode to be submitted for nod - The Hindu
Projects in Thiruvananthapuram, Kozhikode

The revised Detailed Project Report (DPR) for the monorail projects, an elevated Mass Rapid Transit System (MRTS) in Thiruvananthapuram and Kozhikode, will be submitted soon to the Union Ministry of Urban Development for approval.

This was decided at the seventh board meeting of Kerala Monorail Corporation Limited (KMCL), SPV set up to execute the MRTS, chaired by KMCL chairman and Chief Minister Oommen Chandy at the legislature complex here on Wednesday.

The board was informed that five companies - Bombardier Transportation, Hitachi, Afcons, Scumi, and Larsen and Toubro - dealing with the MRTS had expressed interest after tender norms to select an exclusive developer-contractor were revised by the Delhi Metro Rail Corporation, the general consultant.

As per the revised norms, the rolling stock manufacturer need only be a technical partner. The supplier-credit norm had also been removed in the wake of a directive of the Urban Development Ministry.

The board had set up a committee comprising the Secretaries of Finance, Public Works, and Law, and managing directors of the KMCL and Kochi Metro Rail Limited to look into the amendments made in the DPR.

The board was told that global tenders had to be floated again treating the monorail projects as one as only a 36.4-km stretch would be covered in the first phase in both the cities.

A pre-bid meeting would be held in New Delhi on February 20 and April 15 had been fixed as the last date for submission of the global tenders. SBI Caps would carry out the financial appraisal of the project.

Minister for Public Works and vice-chairman of the KMCL V.K. Ebrahim Kunju said talks for making available funds for the ambitious project were on.
Nationalised banks - Central Bank, Federal Bank, SBI, SBT, Syndicate Bank- and HDFC had come forward to invest for the project, he added.

Industry Minister P.K. Kunhalikutty; Minister for Railways Aryadan Mohammed; Secretary, PWD, T.O. Sooraj; managing director of KMRL Elias George; and managing director of KMCL Harikesh P.C, attended the board meeting.