Indian Economy-News & Updates

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Coming soon: 6-lane road under IGI runway


7 Jan 2010, 0842 hrs IST, Saurabh

NEW DELHI: By October, you could be driving through an underground tunnel below IGI Airport's main runway -- with planes landing and taking off on speed away to the new domestic-cum-international terminal (T3) that will start opening in three months from now.

Worried that the existing single approach to the T3 site, next to the existing international terminal, will become a traffic nightmare once almost all domestic and entire foreign passengers drive to and from there, the government wants the new link ready in time for the Commonwealth Games that start from October 3.

The plan is to have the new road from Dwarka roundabout's lane towards Mehramnagar turn (near the existing domestic airport), take it under the main runway and then connect it to a link road that will lead to T3. Currently, this one-way link road is used by people coming from the international airport to drive to Vasant Kunj from under the Radisson flyover.

"The six-lane new link will be about 1.5km long with the tunnel portion under the runway being 343 metres. The total cost will be about Rs 65 crore. The plan is that Delhi government will fund the project that would be implemented by Airports Authority of India (AAI) and maintained by the Delhi International Airport Pvt Ltd (DIAL)," a source said.

This proposal is learnt to have been taken up at a recent joint meeting of all stakeholders like aviation ministry, Delhi government, AAI, DGCA and DDA and chaired by the cabinet secretary. "All security issues related to a road running under an operational runway and airport have been taken care of," said a highly placed source.

As per the plan, work on the tunnel portion should start and be completed when the main runway is closed for recarpeting from March to September. That time only the newest airstrip (Shiv Murti side) and shortest one (near Dwarka) will be used. "The tunnel is proposed to pass almost at the end of the runway near the jumbo point," the source added.

Source : Coming soon: 6-lane road under IGI runway- Infrastructure-Economy-News-The Economic Times

 

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Indian companies buy land abroad for agricultural products


2 Jan 2010, 0047 hrs IST, MV Ramsurya, ET Bureau

MUMBAI: Indian companies are buying land overseas, mainly in Africa, to grow agricultural products that can be exported to large markets, including
India.

Companies and investment houses prefer the African route to agriculture as direct investment in this sector in India is fraught with bureaucratic hurdles. Also, land is relatively cheaper in Africa and fertile. Contiguous nature of land — a company can get large tracts contiguous land — are the other main drivers.

According to statistics provided by governments of various countries in east Africa, more than 80 Indian companies have invested about £1.5 billion (about Rs 11,300 crore ) in buying huge plantations in countries in eastern Africa, such as Ethiopia, Kenya, Madagascar, Senegal and Mozambique that will be used to grow foodgrain for the domestic market.

The list of companies that have purchased land in Africa is quite long and includes companies in businesses ranging from agriculture and horticulture to engineering and metals. They include the Kolkata-based Kankaria group (manufacturing and textiles), Kommuri Agrotech (floriculture and horticulture), Surya Electrical (electrical products), Karuturi Agro Processing, AVR Engineering (construction), Nelvo International (minerals), Allied Chemicals, BP Jewellery, KSR Earthmovers.

The land purchase has been done in places like Oromia, Addis Ababa in Ethiopia, Port Sudan, Khartoum and Suwakin in Sudan, and in Nairobi in Kenya.

Rising food prices is one of the main reasons for the rush. Food price inflation rose 19.95% for the week ended December 2 from the previous year, with prices of food products and vegetables reaching record levels due to a combination of hoarding and slow production after the country saw its worst monsoon since 1972.

“The cheap cost of land is the main driver for such a trend,” says Dileep Choksi, a leading tax and accounting consultant, who has been part of several business initiaves in Africa. “While the firm food prices in India and elsewhere are also a reason, the availability of arable land (in Africa) is a major advantage,” he added.

Fullstory : Indian companies buy land abroad for agricultural products- Agriculture-Economy-News-The Economic Times

 

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From India to world: GM, Nissan to export small cars


7 Jan 2010, 1142 hrs IST, REUTERS

NEW DELHI: As global automakers boost their presence in the thriving Indian market, they will turn the country into a stage for novel experiments production costs to levels not seen before. Indian customers' unmatched sensitivity to pricing has meant the market has been dominated for nearly 30 years by Maruti Suzuki India Ltd.

The unit of Japan's Suzuki Motor Corp has been able to build $5,000 cars such as the Maruti800 hatchback by using old, fully depreciated equipment provided by its parent in the 1980s. Tata Motors took the low-cost theme to the next level with the release last year of the $2,000 Nano, which has achieved only modest success so far.

While the 10 new compact cars launched at the Delhi auto show this week will not be matching that level of pricing, rivals are seeking to inch closer. Japanese automakers, for one, will enter uncharted territory by expanding parts procurement to Indian suppliers for goods such as sheet steel normally imported from Japan.

"The key to lowering costs was to look for locally available materials," said Yoshinori Noritake, chief engineer of Toyota Motor's Etios family car, one of the highlights of the Auto Expo this week. The Etios is expected to be the cheapest offering in Toyota's global line-up when it goes on sale in late 2010 in India, with parts sourced from suppliers aligned with Maruti Suzuki and Tata Motors, such as Tata Steel, Noritake said.

Toyota said it has not set a price for the Etios. But most expect it to compete head-on with Honda Motor's hatchback based on the New Small Concept also unveiled at the auto show and which Honda said would cost less than Rs 500,000 ($10,990).

FROM INDIA TO WORLD

The need for big volumes to lower per-unit costs means that some, including General Motors and Nissan Motor, will use India as an export base for their tiny cars, joining market leaders Maruti Suzuki and Hyundai Motor. GM, which generated buzz at the Delhi show with an aggressive sticker price of Rs 343,000 ($7,111) for the Chevrolet Beat, is earmarking one-fifth of the car's production for exports.

"The Beat can be a real game changer in the Indian mini-car segment," Karl Slym, chief of General Motors India said at the launch. GM India expects a 50 percent rise in sales this year, with production of the Beat due to start at the end of 2010.

Fullstory : From India to world: GM, Nissan to export small cars- Automobiles-Auto-News By Industry-News-The Economic Times

 

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Renault-Nissan plans to inaugurate Oragadam plant in March


7 Jan 2010, 2224 hrs IST, PTI

CHENNAI: Renault Nissan Automotive India Private Ltd (RNAIPL) plans to inaugurate its Rs 4,500 crore passenger vehicle joint venture plant at
Oragadam on March 18, a state Government official said on Thursday.

Renault Nissan Automotive India MD Akirai Sakurai met Tamil Nadu Deputy Chief Minister M K Stalin here and asked him to inaugurate the plant, the official said.

"They have asked for Deputy Chief Minister's date for the inauguration and tentatively it is on March 18," he told.

However, company officials when contacted described the meeting as a 'courtesy call'.

Renault Nissan plant would have have a capacity to manufacture four lakh vehicles annually and is expected to go on stream in May this year.

Source : Renault-Nissan plans to inaugurate Oragadam plant in March- Automobiles-Auto-News By Industry-News-The Economic Times

 

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SBI to install 7,000 talking ATMs for visually challenged


7 Jan 2010, 2007 hrs IST, PTI

MUMBAI: India's largest lender, State Bank of India (SBI) plans to introduce 7,000 voice enabled ATMs across the country for visually challenged
customers beginning next month, a senior SBI official said here.

"Out of our 18,500 ATMs, 7,000 will be made voice enabled for visually challenged people. We expect to launch these talking ATMs starting next month," SBI's General Manager (Alternate Channels) Amitabh Kumar said at a CII-seminar.

These voice enabled ATMs, customised with headphones and braille key pads, will offer services like funds transfer and downloading of account statements, Kumar said.

Presently, SBI is testing voice enabled ATMs with its partners NCR and Diebold and expects to make these operational in a month's time, he said.

SBI plans to install these ATMs in metro, urban and semi urban towns across the country.

"The country has 10.6 million visually challenged people and it is the duty of the banks to help these people to meet their banking needs," ICICI Bank's CEO and Managing Director, Chanda Kochhar, speaking at the seminar, said.

ICICI Bank has installed its first talking ATM in 2003. Over the years, the bank has also ensured that the basic banking facilities can be used by physically handicapped people, Kochhar said.

Source : SBI to install 7,000 talking ATMs for visually challenged- Banking-Banking/Finance-News By Industry-News-The Economic Times

 

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RIL to set up varied varsity

TIMES NEWS NETWORK

Mumbai: Reliance Foundation, the recently set up philanthropic arm of Reliance Industries Limited, plans to set up a multi-disciplinary university in the country.The university, modelled on the lines of US varsities like the University of Pennsylvania, will offer courses in science, technology and liberal arts.

The new initiative would be launched under the chairmanship of Nita Ambani, chairman of Reliance Industries Mukesh Ambani said in his acceptance speech after being honoured with the Dean’s Medal by the University of Pennsylvania School of Engineering and Applied Science on Friday. The medal was given for his leadership in the application of engineering and technology for the betterment of mankind. The Reliance Group is looking at establishing the educational institute outside Mumbai or Delhi. The move comes seven years after it established the Dhirubhai Ambani International School in Mumbai.

“Just like I woke up one day and decided to set up a school, a couple of months ago, I decided to start a university,’’ Nita Ambani told TOI. At the RIL AGM in November, Mukesh had said the company had endowed Rs 500 crore to the foundation and it would be scaled up to Rs 1,000 crore. Edu system needs to be overhauled: Mukesh
Mumbai: The multi-disciplinary university being planned by Reliance Foundation will forge partnerships with foreign universities, chairman of Reliance Industries Mukesh Ambani said.

“Education in India is at the doorsteps of transformation. There is a need for overhauling the methodology of education,’’ he said at the ceremony to honour him with the Dean’s Medal by the University of Pennsylvania School of Engineering and Applied Science. The function was attended by the who’s who of India Inc, politicians and socialites.Corporates, including Vedanta, Aditya Birla Group, Jaypee group, Nirma and Tatas, have all either set up or are increasing their stake in the education sector. Education is said to be a $80 billion opportunity.

He also highlighted that science, engineering, technology and entrepreneurship will continue to create value for society. The award was presented by the dean of University of Pensylvania Eduardo D Glandt, who recalled the many achievements of the Reliance group top boss.

Eduardo Glandt, dean of the University of Pennsylvania School of Engineering and Applied Science, honours RIL CMD Mukesh Ambani in Mumbai on Friday

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Harley-Davidson joins India market

Just a day stands between America's most successful motorcycle-maker from gracing the Indian shores. Yes, we are talking about the iconic and cult brand Harley Davidson, which has enticed and charmed over a million bikers around the world and it continues to do so with the same enthusiasm and energy that it had 108 years back when William S. Harley made his first blueprint drawing of an engine designed to fit into a bicycle.

Harley Davidson has officially announced on its website that the company will make its foray in the fast-emerging and promising Indian market with its range of elite cruiser motorcycles. The model-range and its pricing are still under wraps as the product is yet to be launched. However this is a clear indication of the impact the recent economic showdown has had on the American economy. The US auto giants are now focusing on developing markets such as ours in order to reap the maximum possible benefits they can, to cover up on the lost ground and tap the potential of an emerging economy.

The import route for bikes above 800cc was opened in mid-2007 when the Indian government traded mangoes for Harley Davidson motorcycles. Yes, you read it right. For last 18 years, the Indian mangoes were banned in the US since the American government believed that the Indian farmers were using too many pesticides. In April 2007, the US government lifted the ban on Indian mangoes which meant that the Indian farmers could now be entitled to farm subsidies. In return, the Indian government revised the rule of importing high-capacity powered two-wheelers to India allowing bikes above 800cc to be imported legally in the Indian market.

However, the excise duties charged by the Indian government on 800cc and above capacity imported motorcycles are extremely difficult to overcome in order to gain a manageable profit margin. Hence Harley Davidson, which was the key factor in opening up the import route, held back its foray into India in 2007. The Japanese bike-maker Yamaha was the first one to make use of the import trade policy to launch its flagship model the YZF-R1 and its street-fighter model, the MT-01. Suzuki and Honda have followed suit by bringing in their international flagships to India and now Harley Davidson is all geared up and ready to roll into the country with its extensive range of life-style cruiser motorcycles.

Harley launches 12 bikes in auto expo 2010 Delhi, which also includes a special edition tri-colored (symbolizing Indian Flag) in India, booking will start from April onwards

Latest Car & Bike Pictures -Zigwheels.com

 

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Industrial output at 2-year high

13 Jan 2010, 0014 hrs IST, ET Bureau

NEW DELHI: Industrial production grew at a two-year high 11.7% in November 2009, putting India on track to achieve 8% economic growth in the current
financial year and strengthening calls for a hike in interest rates to tame rising prices.

“It (industrial growth) is very good. I expect the trend to continue,” said Kaushik Basu, chief economic advisor to the finance ministry.

The better-than-expected industrial output growth, boosted by a massive 37.3% jump in consumer durables and 12.2% increase in capital goods, however, failed to lift the market that ended in the negative due to selling pressure on frontline stocks.

Industrial growth in November 2008 was a lowly 2.5%, exaggerating the rate of expansion in November 2009. Output grew by 10.3% in October 2009. The stellar output growth figure for November, however, is dwarfed by the 19.2% growth reported by China for the same month.

Industrial output grew at its fastest pace since October 2007, as the economy began to consume and invest more, suggesting that it may no longer need the stimulus offered in the form of low interest rates and high government spending.

Favourable economic data and high inflation rates may prompt RBI to absorb excess liquidity in the system through a hike in cash reserve ratio (CRR), the interest-free reserve banks keep with the central bank, and even raise interest rates when it undertakes the quarterly review of the monetary policy later this month. Bond yields rallied to a near 15-month high after industrial production data was released in anticipation of a rate hike.

The pickup in investments highlighted by higher capital goods output has also been validated by a marginal increase in Customs collections for December 2009, suggesting higher non-oil imports.

“We will have to revise our GDP estimates for the year. It is currently 7%, but we will revise it to 7.3-7.4%,” said Abheek Barua, chief economist at HDFC Bank.

Indian economy grew at 7.9% in the July-September 2009 quarter, taking the overall growth for first half of the current fiscal year to 7.1%, prompting the government to say that it could meet or even exceed the 7.75% forecast for the year.

Finance minister Pranab Mukherjee last week said he expected economic growth to be close to 8% in 2009-10.

“It is time for exiting the fiscal and monetary expansion. RBI may probably consider an increase in CRR and rate hike later. Indirect taxes cut need to be reversed, as revenue buoyancy needs to return,” Mr Barua said.

Though food inflation has moderated in recent weeks, the overall inflation has now touched 4.78% for November 2009, partly because of the follow-on effect of high food prices and high commodity and fuel prices that have increased input costs.

A hike in CRR is the quickest way of removing liquidity from the system. The RBI had aggressively cut rates and lowered CRR when the economy slowed down due to the global economic crisis.

“Given the low base and signs of demand revival, we expect these trends to continue and maintain our view of 125 bps of policy tightening in 2010 with a token hike later this month,” wrote Rohini Malkani of Citi in a research note.

For the first eight months of this fiscal, industrial growth stood at 7.6% against 4.1 % in the year-ago period. The government had cut excise duty and service tax by six and two percentage points and had stepped up expenditure sharply through higher borrowings. In the process, the fiscal deficit for the current year is budgeted to deteriorate to a 16-year high of 6.8%. The strong growth will give the government room to bring down the deficit.

The second instalment of the Sixth Pay Commission arrears to central government workers in October also helped shore up consumers’ purchasing power.

Consumer goods output continued to surge, growing at an annual rate of 11.1% in November. Mining output was up 10% as crude from Cairn India and RIL’s KG gas basin continued to push up growth, but power generation rose only 3.3%.

“Buying sentiment was on a high in November and growth was largely led by premium products,” said Samsung India deputy managing director Ravinder Zutshi.

Industry, however, continued to argue against the withdrawal of stimulus measures. “The pattern of growth seen in the sub-sectors of industry indicate the positive response of the entire industrial sector to stimulus measures and a sudden withdrawal of stimulus will surely break this growth spell and should certainly be avoided,” said Harsh Pati Singhania, president of industry association FICCI.

Source : Industrial output at 2-year high- Indicators-Economy-News-The Economic Times

 

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Area under wheat crop dips by 1.48 pc so far in Rabi season


10 Jan 2010, 1533 hrs

NEW DELHI: Wheat acreage has dropped by 1.48 per cent to 268.54 lakh hectares so far this season from 272.54 lakh hectares (LH) in the year-ago
period, as per government data.

As sowing of wheat, a major Rabi crop, comes close to completion by next week, lower acreage indicates that the total area sown under wheat in the current season is unlikely to cross last year's level of 278.4 LT.

It means the country's wheat production may either fall or remain at the same level at 80.58 million tonnes achieved in the 2008-09 season. Sowing in Rabi season starts from October and harvesting of the winter crop takes place during March-April.

The government is targeting to produce additional 2 million tonnes of wheat in the 2009-10 season by increasing acreage. It, therefore, raised the minimum support price (MSP) of wheat by Rs 20 to Rs 1,100 a quintal for 2010-11 marketing season starting April 2010.

The official data shows a decline in area under jowar and oilseeds as well. Jowar acreage has come down marginally to 44.27 LH till January 7, from 48.90 LH in the same period last year. Similarly, oilseeds acreage declined to 84.23 LH from 90.01 LH in the review period.

However there is a breather, the acreage of pulses and rice, whose prices have risen sharply in the recent period, showed an increase so far in this season.

According to official data, the total area under pulses rose to 133.04 LH till January 7, from 124.79 LH in the year- ago period, while that under rice jumped to 6.38 LH from 5.23 LH.

As of now, gram has been sown over 84.38 LH, lentil over 15.57 LH, urad over 6.76 LH and moong over 4.68 LH, it said. Maize acreage also rose to 9.46 LH from 8.98 LH, while barley acreage moved up to 7.63 LH from 7.15 LH in the review period.

The government has set a target of surpassing last year's Rabi foodgrain production by 8.5 million tonnes to partly offset losses in output of summer-sown crops. India produced about 116 million tonnes of foodgrain during last Rabi season.

Drought in almost half of the country and floods in South India had affected the Kharif production. Foodgrain output is estimated to slump by 21 million tonnes in Kharif season this year, mainly contributed by rice.

Source : Area under wheat crop dips by 1.48 pc so far in Rabi season- Agriculture-Economy-News-The Economic Times

 

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India may join a WTO pact on govt purchases


12 Jan 2010, 2040 hrs IST,

NEW DELHI: India could soon join as an 'observer' of a WTO agreement that subjects government procurement to multilateral rules, with a Cabinet
committee discussing the issue threadbare on Tuesday.

India is not a member of the WTO agreement on government procurement and has so far resisted the attempts by the developed countries like the US and European Union to subject Indian state purchases to the multilateral bidding rules.

While the observer status will not mean India immediately coming on the board, it could signal that the country would eventually play the ball, a source said.

The WTO agreement on government purchases is an accord among 30 select countries and is voluntary in nature.

The central government alone has an expenditure budget of Rs 10 lakh crore (approx $125 billion) of which at least more than one third is spent on state purchases. The multinational companies see it as a huge opportunity but find the procurement procedures falling short of global guidelines.

Source : India may join a WTO pact on govt purchases- Foreign Trade-Economy-News-The Economic Times

 

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Riverfront project to attract investments worth Rs 10,000 cr


11 Jan 2010, 1009 hrs IST, Himanshu Darji, ET Bureau

AHMEDABAD: Country's first-of-its-kind Sabarmati riverfront project will soon see commercial construction. Riverfront is the ambitious project of
Ahmedabad Municipal Corporation (AMC) and it has decided to allot 13% land for commercial purpose, which will attract investments of more than 10,000 crore. AMC has started procedure to allot land for the purpose.

"Basic infrastructure for the project is ready. In coming days, we will see progress in construction of commercial property. Commercial set ups will be spread over 13.66% of land of the total project. We expect investment of more than Rs 10,000 crore," AMC commissioner IP Gautam told ET.

He added that the Rs 1,200-crore project will be completed in 6 months. "We are preparing by-laws for commercial buildings to be set up on the river front. We will submit by-laws to the government soon and we hope that we will get approval within 2-3 months. After that, we will start the procedure. Apart from hotels, we are also looking at entertainment zones and retail malls," he said.

It is proposed that a total of 26.40 hectares of the reclaimed land be sold for commercial development. The land will be allocated in five patches. "Existing land use patterns and the potential for development were considered in locating these patches. Development in these plots will be controlled by Urban Design Guidelines to ensure that renewed waterfront of Ahmedabad will be harmoniously and aesthetically built. We will also ensure that the proposed new developments are in keeping with the desired structural form of the city," the official added. AMC has decided to sell 14.86 hectares for residential development. Sabarmati River Front Development Company (SRFDCL) will construct a barrage near Kotarpur and Dudheshwar to keep water flow intact.

SRFDCL is planning to complete the work during the golden jubilee celebrations of the state. The mega project is spread over 162 hectares between Subhash Bridge and Vasna barrage (inside the city) and about 292 hectares outside the city areas (Narmada main canal to Subhash bridge), aggregating 455 hectares.

The main proposal regarding road network is creation of the East River Drive (six lane, 30m width) and the West River Drive (four lane, 24m width). Other features of the network are junction improvements, access roads and connection with bridges. Nearly 42.8 hectares of parks and gardens have been envisaged along the river edge by the AMC to cater to recreational needs.

These include nine gardens/parks on both sides. Further, the project envisages a continuous corridor along the river edge in the form of a promenade of width varying between 5-17 m which would be a pedestrian tree-lined walkway. It would be possible to access the river directly from this zone. Shifting the Sunday informal market and flower market is also proposed.

Source : Riverfront project to attract investments worth Rs 10,000 cr- Infrastructure-Economy-News-The Economic Times

 

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Trend Micro launches new anti virus solution for Windows 7, mobile phones


12 Jan 2010, 2326 hrs IST, ET Bureau

NEW DELHI: Internet content security major Trend Micro on Tuesday unveiled the latest version of its flagship consumer products optimised for
Microsoft’s Windows 7. The new anti virus products are lighter and faster with a 20% reduction in installed file size and scan time than the previous versions.

As a part of the Trend Micro Internet Security Pro package, customers get a license for mobile security. Trend Micro Mobile security protects smartphones against viruses, SMS text message spam and other malware attacks on Microsoft Windows Mobile and Symbian OS based devices.

In addition, the security solution automatically prevent suspicious software on USB drives from opening and installing itself on the computer. It helps analyse suspicious domain names and block attempts to open potentially dangerous web sites.

“Simplicity joins speed in our latest consumer line. With cybercriminals moving at unprecedented speed, consumers need their security to be a step ahead. Trend Micro Internet Security 2010 offers peace of mind through its fast and smart protection services for consumers who are tired of complicated, cumbersome security packages”, said Amit Nath, country manager, India & SAARC, Trend Micro.

“Our Internet Security 2010 suite provides easy, fast and smart security solutions for our consumers. It has anti-malware and Web threat protection that protect against Internet crime and identity theft. It also prevents customers from unknowingly installing dangerous software on their systems.

In addition, through our multi-device “security blanket” strategy for the home, we have also extended our protection to Netbooks, USB drives, Sony PlayStation and Sony Portable, Linksys by Cisco routers, and Apple iPhone,” says Joyce Loh, Marketing Manager, Consumer/ SOHO Segment – ASEAN, Trend Micro.

According to a new report by NSS Labs published in September 2009, Endpoint Security: Socially Engineered Malware Protection, Trend Micro solutions offers the best download and execution protection with an overall score and accuracy of 96.4%, making it over 9% more secure than its closest competitors.

The new software can switch languages automatically based on the operating system. Home Network Security Management allows customers to see and remotely manage computers in their home network as well as monitor activities in their home computers through streamlined easy to understand graphs and charts.

Parents can also remotely monitor websites that their children access and the time in which these are accessed. This also gives greater control (by blocking inappropriate website content) and outbound traffic (such as home address, phone numbers and passwords) which they do not want to be sent out from the computer.

Source : Trend Micro launches new anti virus solution for Windows 7, mobile phones- Software-Infotech-The Economic Times

 

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Wipro and Oracle launch Process Integration Pack


12 Jan 2010, 2255 hrs IST, PTI

BANGALORE: Wipro Technologies, the global IT services division of Wipro Limited, and Oracle on Tuesday announced the launch of the co-developed
Oracle Application Integration Architecture (AIA) Process Integration Pack (PIP) for the retail industry.

The Oracle AIA PIP integrates Oracle Retail Merchandise Operations Management and the Oracle E-Business Suite Financials using Oracle Application Integration Architecture (AIA) to offer customers a pre-configured, supportable and upgradeable integration of the retail merchandising execution applications with the financial operation control applications, a Wipro statement said.

"This Oracle AIA PIP addresses some of these key financial operation control processes for retail merchandising system including - Inventory Valuation, Revenue Recognition and Merchandising Procure to Pay", it said.

This Oracle AIA Process Integration Pack development is part of the larger co-innovation agenda between Oracle and Wipro and is driven by master services agreement signed earlier in 2009.

Wipro is one of the first partners to sign such an agreement with Oracle wherein end-to-end industry process solutions across five industries including communication, retail, consumer products, hi-tech, and industrial manufacturing would be developed.

Source : Wipro and Oracle launch Process Integration Pack- Software-Infotech-The Economic Times

 

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India Inc upbeat on recovery as business optimism rises: D&B


12 Jan 2010, 2133 hrs IST, PTI

NEW DELHI: Reflecting strong recovery, India Inc is upbeat on economic activities for the first quarter of this year, driven by improving domestic
demand, says leading global financial consultancy firm Dun and Bradstreet.

Composite Business Optimism Index, formulated by D&B, rose 43.4 per cent during January-March 2010, year-on-year compared to 3 per cent in the previous quarter, indicating that economic recovery is on a strong wicket.

D&B's statement came on a day when industrial production recorded 11.7 per cent growth in November, the fastest in 25 months.

"An increase in the Composite Business Optimism Index by as much as 43.4 per cent (y-o-y) corroborates the fact that the Indian economy is firmly on revival path...Improving domestic demand, surge in domestic stock markets...increased capital inflows and stabilising export demand are likely to have supported the optimism in the business sentiment," D&B said.

While this could be partly attributed to the low base effect, it also points towards improving corporate optimism, the report said.

The survey also points out an improving employment scenario in the country.

However, the Composite Business Optimism Index for Q1 2010 stands at 137.3, lower compared to 143.2 in Q4 2009 but it should not be seen as an indication of moderation in business optimism, given that on a quarter on quarter basis, the optimism for most parameters has improved barring selling prices and inventory levels, the report said.

Majority of the respondents in the survey expect demand conditions to improve in the forthcoming quarter.

While as many as 83 per cent of the respondents expect an increase in sales volume, as many as 79 per cent expect their net profits to increase.

Source : India Inc upbeat on recovery as business optimism rises: D&B- Indicators-Economy-News-The Economic Times

 

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At $14.6 bn, exports rise for 2nd month running


12 Jan 2010, 0732 hrs IST, ET

MUMBAI: India's exports rose for the second consecutive month with exports worth $14.6 billion in December , according to Union Commerce and
Industry minister, Anand Sharma. The government is expected to take a final decision on extending sops to exporters on Tuesday in New Delhi, Mr Sharma added.

The minister also said that food inflation may be reined in on back of good Rabi prospects for wheat and sugar, though pulses prices were a matter of concern.

Speaking at the sidelines of the Bancon 09-10 , Mr Sharma, said that exports amounted to $14.6 billion in December, a growth of 9.4% over November. `Although the country’s exports have moved to a positive terrain in the past two months, the economy is yet to recover from the losses resulted from 13-months of continuous fall in exports , Mr. Sharma said, adding that export growth could maintain momentum moving ahead.

Mr Sharma expressed concerns over soaring food price inflation and indicated that in some cases there have been speculative build-ups . He, however, ruled out the need for foodgrain (wheat and rice) imports. "We don’t have a situation of India needing to import wheat and rice. With good prospects of rabi, we are hopeful of food prices coming down," Mr Sharma said, attributing the current surge in food inflation to high sugar prices, and he also concede that there has been shortages in pulses. Mr Sharma said that the government has taken a number of steps to ease the inflationary situation. These measures are expected to yield results in the foreseeable future, he said.

The government also plans to come out with a single document for foreign direct investment (FDI) soon to simplify understanding of the rules. "We have put this document for discussions with all stakeholders to invite their comment which is expected to close by January 31. By March 31, we will have single FDI document to ensure simplification, easy comprehension and predictability," Mr Sharma said.

Mr Sharma also said that the economic stimulus will be rolled back only after the economy shows sustained growth.

Earlier delivering the keynote address Mr Sharma advised the bankers that they have to play a role in ensuring a balanced growth in the country. That growth has to be redistributed, otherwise it will be a zero-sum game. And banks have role to play in this process ’ He said. The govt will take a final decision on extending sops to exporters on Tuesday.

Source : At $14.6 bn, exports rise for 2nd month running- Foreign Trade-Economy-News-The Economic Times