Indian Economy-News & Updates
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MilSpec
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Tata Motors opens flagship showroom, service centre in Riyadh - The Economic Times
Big trucks like Volvo Eicher Commercial Vehicles sales up, smaller ones' lag - The Economic Times
ONGC to invest Rs 41,678 crore on new fields - The Economic Times
Anil Ambani led Reliance Power to invest $3 billion in setting up Bangladesh power plant - The Economic Times
Reliance Power, Adani to invest $5 billion in Bangladesh power plants during PM Modi's trip - The Economic Times
Jindal Steel and Power's Africa unit says to build $400 million Mozambique power plant - The Economic Times
India, Russia to explore feasibility of crude, gas pipelines - The Economic Times
Big trucks like Volvo Eicher Commercial Vehicles sales up, smaller ones' lag - The Economic Times
ONGC to invest Rs 41,678 crore on new fields - The Economic Times
Anil Ambani led Reliance Power to invest $3 billion in setting up Bangladesh power plant - The Economic Times
Reliance Power, Adani to invest $5 billion in Bangladesh power plants during PM Modi's trip - The Economic Times
Jindal Steel and Power's Africa unit says to build $400 million Mozambique power plant - The Economic Times
India, Russia to explore feasibility of crude, gas pipelines - The Economic Times
kurup
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what folly , they should put all their weight behind GST and things that don't require Parliament ,this is another Land Bill in the making
Echo_419
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I agree but Labor & land reforms ate critical & need to be passed ASAP
Sky lord
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They have to do this to get manufacturing on the ground. Unfortunately Pappu also understands this, so he will do his best to stop it in parliament.
This time I hope the communication to the public is done better and much in advance, so that the public actually understands and supports these measures.
India's April industrial output growth accelerates to 4.1% - The Times of India
Could be but its necessary for our mfg sector.
Could be but its necessary for our mfg sector.
Bang Galore
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Bengaluru becomes a magnet for MNCs, startups again
Shilpa Phadnis & Anand J, TNN | Jun 21, 2015
Traffic can be a nightmare at peak hours. Many roads are pot-holed. Experts warn of an inevitable water crisis. But still companies and people are moving to Bengaluru like never before. Some estimate that an investment of over $1 billion has been proposed in the past 18 months.
The availability of a young, technologically skilled population is driving not just many of the world's biggest brands but many of India's tech-based startups to move or expand into Bengaluru. The trend is accelerating as the world gets redefined by new technological phenomena such as smartphones, social media, artificial intelligence, et al.
Bengaluru accounts for more than a third of the over 1,000 global inhouse centres (GICs) - facilities that combine technology development with back-office functions - of MNCs in India. But the spate of new announcements of GICs over the past 18 months suggests a fresh urgency. Some of the proposed investments are massive.
US oil and gas major Exxon Mobil, one of the world's biggest companies, is making a $400-500 million (Rs 2,500 crore-Rs 3,150 crore) investment in Bengaluru to establish a technical and business support services centre. Derivatives marketplace CME Group, which handles 3 billion contracts worth approximately $1 quadrillion (that's 1 followed by 15 zeros) annually, is said to be setting up a GIC in Bengaluru.
JCPenny, the leading American apparel and home furnishing retailer, L Brands, makers of lingerie brand Victoria's Secret, and Lowe's, the US-based home improvement and appliance store chain, have established technology captive centres here recently. Payments technology company Visa is establishing an inhouse R&D centre in Bengaluru that will hire 1,000 people over the next three years. Payments solutions major Network International, wholly owned by Emirates NBD Bank, is looking to hire 300 people in the city to set up a GIC.
British Telecom is leasing out 1.2 lakh sqft of office space in the city and is expected to hire 600 engineers over the next 18 months. Wells Fargo, the largest US bank by market cap, is said to be expanding its technology back office in Bengaluru with a fresh lease deal for 1 million sqft.
It's been no different with many domestic startups. Entrepreneurs who started their ventures elsewhere in the country, are making Bengaluru their new home. Others, like Snapdeal, may not have shifted their base, but their big new R&D expansions are in Bengaluru. As Snapdeal says, for the scale of hi-tech talent they now need, there's no option but to come to Bengaluru.
Lalit Ahuja, co-founder of ANSR Consulting, a firm that's helping Fortune 500 companies establish strategic offshore captive centres in India, says Bengaluru has the right mix of talent, and contextual business expertise.
Sejal Shah Gulati's tryst with Bengaluru has turned out to be longer than she expected. The managing director of Time Inc India - publisher of over 90 magazine titles including Time, People, Sports Illustrated, InStyle, and Real Simple - moved to Bengaluru from New York to set up a wholly owned subsidiary of Time that would do circulation, web and tablet analytics, among other things. It has 550 employees, and Gulati says the plan now is to more than double the headcount to 1,000-1,200 in the next 12-18 months. The focus is on technology and analytics talent. Despite the broken infrastructure and traffic snarls, Gulati felt welcomed in this city of immigrants. "I didn't expect to stay so long. It was a very soft-landing for me. And how can I not mention the ideal weather," she says.
Nasscom Product Council chairman Ravi Gururaj says: "E-commerce and consumer internet firms, technology back-office and R&D centres of MNCs, apart from the IT services firms and the plethora of startups, make the city very unique."
Aditya Rao of Localoye says he faced problems in hiring when he was in Mumbai, and he found it difficult to get Bengaluru folk to shift to Mumbai. So, when the startup secured funding from PE firm Tiger Global, he shifted his base to Bengaluru.
Harshvardhan Lunia, cofounder and CEO of Lendingkart, an NBFC that lends short term working capital to sellers on e-commerce platforms, says there is no good pool of big data talent outside of Bengaluru. Hence his shift from Ahmedabad, though he continues to spend time in that city too.
Bengaluru has talent gaps, in areas like product management, software architecture, and user design. And this is pushing some companies to import talent from Silicon Valley. But Sharad Sharma, cofounder of software product think-tank iSpirt, says Bengaluru will be the first city to close the demand-supply gap in these areas. "The Institute of Product Leadership and IPMA (India Product Management Association) are attacking the product management gap.
Hasgeek and Zinnov are addressing the architect gap. And a number of players, including Shristi, are addressing the user design expert gap. MNC R&D captives are rapidly building technical career tracks for these specialists," he says.
There are also signs that road infrastructure - the bane of Bengaluru - is improving. Chief minister Siddaramaiah on Saturday launched the first of the new high-quality TenderSure roads, built in collaboration with external expertise. If this governmental spirit sustains, Bengaluru could look forward to a remarkable hi-tech future.
Bengaluru becomes a magnet for MNCs, startups again - The Times of India
Shilpa Phadnis & Anand J, TNN | Jun 21, 2015
Traffic can be a nightmare at peak hours. Many roads are pot-holed. Experts warn of an inevitable water crisis. But still companies and people are moving to Bengaluru like never before. Some estimate that an investment of over $1 billion has been proposed in the past 18 months.
The availability of a young, technologically skilled population is driving not just many of the world's biggest brands but many of India's tech-based startups to move or expand into Bengaluru. The trend is accelerating as the world gets redefined by new technological phenomena such as smartphones, social media, artificial intelligence, et al.
Bengaluru accounts for more than a third of the over 1,000 global inhouse centres (GICs) - facilities that combine technology development with back-office functions - of MNCs in India. But the spate of new announcements of GICs over the past 18 months suggests a fresh urgency. Some of the proposed investments are massive.
US oil and gas major Exxon Mobil, one of the world's biggest companies, is making a $400-500 million (Rs 2,500 crore-Rs 3,150 crore) investment in Bengaluru to establish a technical and business support services centre. Derivatives marketplace CME Group, which handles 3 billion contracts worth approximately $1 quadrillion (that's 1 followed by 15 zeros) annually, is said to be setting up a GIC in Bengaluru.
JCPenny, the leading American apparel and home furnishing retailer, L Brands, makers of lingerie brand Victoria's Secret, and Lowe's, the US-based home improvement and appliance store chain, have established technology captive centres here recently. Payments technology company Visa is establishing an inhouse R&D centre in Bengaluru that will hire 1,000 people over the next three years. Payments solutions major Network International, wholly owned by Emirates NBD Bank, is looking to hire 300 people in the city to set up a GIC.
British Telecom is leasing out 1.2 lakh sqft of office space in the city and is expected to hire 600 engineers over the next 18 months. Wells Fargo, the largest US bank by market cap, is said to be expanding its technology back office in Bengaluru with a fresh lease deal for 1 million sqft.
It's been no different with many domestic startups. Entrepreneurs who started their ventures elsewhere in the country, are making Bengaluru their new home. Others, like Snapdeal, may not have shifted their base, but their big new R&D expansions are in Bengaluru. As Snapdeal says, for the scale of hi-tech talent they now need, there's no option but to come to Bengaluru.
Lalit Ahuja, co-founder of ANSR Consulting, a firm that's helping Fortune 500 companies establish strategic offshore captive centres in India, says Bengaluru has the right mix of talent, and contextual business expertise.
Sejal Shah Gulati's tryst with Bengaluru has turned out to be longer than she expected. The managing director of Time Inc India - publisher of over 90 magazine titles including Time, People, Sports Illustrated, InStyle, and Real Simple - moved to Bengaluru from New York to set up a wholly owned subsidiary of Time that would do circulation, web and tablet analytics, among other things. It has 550 employees, and Gulati says the plan now is to more than double the headcount to 1,000-1,200 in the next 12-18 months. The focus is on technology and analytics talent. Despite the broken infrastructure and traffic snarls, Gulati felt welcomed in this city of immigrants. "I didn't expect to stay so long. It was a very soft-landing for me. And how can I not mention the ideal weather," she says.
Nasscom Product Council chairman Ravi Gururaj says: "E-commerce and consumer internet firms, technology back-office and R&D centres of MNCs, apart from the IT services firms and the plethora of startups, make the city very unique."
Aditya Rao of Localoye says he faced problems in hiring when he was in Mumbai, and he found it difficult to get Bengaluru folk to shift to Mumbai. So, when the startup secured funding from PE firm Tiger Global, he shifted his base to Bengaluru.
Harshvardhan Lunia, cofounder and CEO of Lendingkart, an NBFC that lends short term working capital to sellers on e-commerce platforms, says there is no good pool of big data talent outside of Bengaluru. Hence his shift from Ahmedabad, though he continues to spend time in that city too.
Bengaluru has talent gaps, in areas like product management, software architecture, and user design. And this is pushing some companies to import talent from Silicon Valley. But Sharad Sharma, cofounder of software product think-tank iSpirt, says Bengaluru will be the first city to close the demand-supply gap in these areas. "The Institute of Product Leadership and IPMA (India Product Management Association) are attacking the product management gap.
Hasgeek and Zinnov are addressing the architect gap. And a number of players, including Shristi, are addressing the user design expert gap. MNC R&D captives are rapidly building technical career tracks for these specialists," he says.
There are also signs that road infrastructure - the bane of Bengaluru - is improving. Chief minister Siddaramaiah on Saturday launched the first of the new high-quality TenderSure roads, built in collaboration with external expertise. If this governmental spirit sustains, Bengaluru could look forward to a remarkable hi-tech future.
Bengaluru becomes a magnet for MNCs, startups again - The Times of India
Echo_419
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Bengaluru becomes a magnet for MNCs, startups again
Shilpa Phadnis & Anand J, TNN | Jun 21, 2015
Traffic can be a nightmare at peak hours. Many roads are pot-holed. Experts warn of an inevitable water crisis. But still companies and people are moving to Bengaluru like never before. Some estimate that an investment of over $1 billion has been proposed in the past 18 months.
The availability of a young, technologically skilled population is driving not just many of the world's biggest brands but many of India's tech-based startups to move or expand into Bengaluru. The trend is accelerating as the world gets redefined by new technological phenomena such as smartphones, social media, artificial intelligence, et al.
Bengaluru accounts for more than a third of the over 1,000 global inhouse centres (GICs) - facilities that combine technology development with back-office functions - of MNCs in India. But the spate of new announcements of GICs over the past 18 months suggests a fresh urgency. Some of the proposed investments are massive.
US oil and gas major Exxon Mobil, one of the world's biggest companies, is making a $400-500 million (Rs 2,500 crore-Rs 3,150 crore) investment in Bengaluru to establish a technical and business support services centre. Derivatives marketplace CME Group, which handles 3 billion contracts worth approximately $1 quadrillion (that's 1 followed by 15 zeros) annually, is said to be setting up a GIC in Bengaluru.
JCPenny, the leading American apparel and home furnishing retailer, L Brands, makers of lingerie brand Victoria's Secret, and Lowe's, the US-based home improvement and appliance store chain, have established technology captive centres here recently. Payments technology company Visa is establishing an inhouse R&D centre in Bengaluru that will hire 1,000 people over the next three years. Payments solutions major Network International, wholly owned by Emirates NBD Bank, is looking to hire 300 people in the city to set up a GIC.
British Telecom is leasing out 1.2 lakh sqft of office space in the city and is expected to hire 600 engineers over the next 18 months. Wells Fargo, the largest US bank by market cap, is said to be expanding its technology back office in Bengaluru with a fresh lease deal for 1 million sqft.
It's been no different with many domestic startups. Entrepreneurs who started their ventures elsewhere in the country, are making Bengaluru their new home. Others, like Snapdeal, may not have shifted their base, but their big new R&D expansions are in Bengaluru. As Snapdeal says, for the scale of hi-tech talent they now need, there's no option but to come to Bengaluru.
Lalit Ahuja, co-founder of ANSR Consulting, a firm that's helping Fortune 500 companies establish strategic offshore captive centres in India, says Bengaluru has the right mix of talent, and contextual business expertise.
Sejal Shah Gulati's tryst with Bengaluru has turned out to be longer than she expected. The managing director of Time Inc India - publisher of over 90 magazine titles including Time, People, Sports Illustrated, InStyle, and Real Simple - moved to Bengaluru from New York to set up a wholly owned subsidiary of Time that would do circulation, web and tablet analytics, among other things. It has 550 employees, and Gulati says the plan now is to more than double the headcount to 1,000-1,200 in the next 12-18 months. The focus is on technology and analytics talent. Despite the broken infrastructure and traffic snarls, Gulati felt welcomed in this city of immigrants. "I didn't expect to stay so long. It was a very soft-landing for me. And how can I not mention the ideal weather," she says.
Nasscom Product Council chairman Ravi Gururaj says: "E-commerce and consumer internet firms, technology back-office and R&D centres of MNCs, apart from the IT services firms and the plethora of startups, make the city very unique."
Aditya Rao of Localoye says he faced problems in hiring when he was in Mumbai, and he found it difficult to get Bengaluru folk to shift to Mumbai. So, when the startup secured funding from PE firm Tiger Global, he shifted his base to Bengaluru.
Harshvardhan Lunia, cofounder and CEO of Lendingkart, an NBFC that lends short term working capital to sellers on e-commerce platforms, says there is no good pool of big data talent outside of Bengaluru. Hence his shift from Ahmedabad, though he continues to spend time in that city too.
Bengaluru has talent gaps, in areas like product management, software architecture, and user design. And this is pushing some companies to import talent from Silicon Valley. But Sharad Sharma, cofounder of software product think-tank iSpirt, says Bengaluru will be the first city to close the demand-supply gap in these areas. "The Institute of Product Leadership and IPMA (India Product Management Association) are attacking the product management gap.
Hasgeek and Zinnov are addressing the architect gap. And a number of players, including Shristi, are addressing the user design expert gap. MNC R&D captives are rapidly building technical career tracks for these specialists," he says.
There are also signs that road infrastructure - the bane of Bengaluru - is improving. Chief minister Siddaramaiah on Saturday launched the first of the new high-quality TenderSure roads, built in collaboration with external expertise. If this governmental spirit sustains, Bengaluru could look forward to a remarkable hi-tech future.
Bengaluru becomes a magnet for MNCs, startups again - The Times of India
Brilliant news
Echo_419
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Happening due to oil prices
Hindustani78
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The Prime Minister, Shri Narendra Modi addressing at the release ceremony of the book "Red Tape to Red Carpet... and then some", written by Mrs. Gina Rinehart, the Chairperson of the Australian mining company Hancock Prospecting Group, in New Delhi on June 23, 2015.
The Prime Minister, Shri Narendra Modi addressing at the release ceremony of the book "Red Tape to Red Carpet... and then some", written by Mrs. Gina Rinehart, the Chairperson of the Australian mining company Hancock Prospecting Group, in New Delhi on June 23, 2015.
The Prime Minister, Shri Narendra Modi releasing the book "Red Tape to Red Carpet... and then some", written by Mrs. Gina Rinehart, the Chairperson of the Australian mining company Hancock Prospecting Group, in New Delhi on June 23, 2015.
The Australian Minister for Trade and Investment, Mr. Andrew Robb calls on the Prime Minister, Shri Narendra Modi, in New Delhi on June 23, 2015.
The Australian Minister for Trade and Investment, Mr. Andrew Robb calls on the Prime Minister, Shri Narendra Modi, in New Delhi on June 23, 2015.
The former Australian Prime Minister, Mr. Paul Keating meeting the Prime Minister, Shri Narendra Modi, in New Delhi on June 23, 2015.
The former Australian Prime Minister, Mr. Paul Keating meeting the Prime Minister, Shri Narendra Modi, in New Delhi on June 23, 2015.
Hindustani78
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Cabinet
24-June, 2015 15:48 IST
Supply of iron ore to Japan and South Korea through MMTC Limited
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to renew Long Term Agreement with Japanese and South Korean Steel Mills for supply of high grade Indian iron ore, during the three year period from April, 2015 to March, 2018. The quantities covered under the agreement will be in the range of 3.8 million tonnes to 5.5 million tonnes per year, and will be supplied primarily from the mines of the National Mineral Development Corporation (NMDC). The contract will be executed by the Metals and Minerals Trading Corporation of India Limited (MMTC) under the Department of Commerce.
Background:
Iron ore of higher grade have been supplied by India to Japan and South Korea under Long Term Agreements during the last four to five decades. These agreements will help continue this relationship and strengthen Indo-Japanese collaboration in several areas of mutual interest, including technology transfer, joint venture, investment, etc. The agreement will also help utilize surplus production of iron ore currently available in India.
*****
24-June, 2015 15:48 IST
Supply of iron ore to Japan and South Korea through MMTC Limited
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to renew Long Term Agreement with Japanese and South Korean Steel Mills for supply of high grade Indian iron ore, during the three year period from April, 2015 to March, 2018. The quantities covered under the agreement will be in the range of 3.8 million tonnes to 5.5 million tonnes per year, and will be supplied primarily from the mines of the National Mineral Development Corporation (NMDC). The contract will be executed by the Metals and Minerals Trading Corporation of India Limited (MMTC) under the Department of Commerce.
Background:
Iron ore of higher grade have been supplied by India to Japan and South Korea under Long Term Agreements during the last four to five decades. These agreements will help continue this relationship and strengthen Indo-Japanese collaboration in several areas of mutual interest, including technology transfer, joint venture, investment, etc. The agreement will also help utilize surplus production of iron ore currently available in India.
*****
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