majesticpankaj
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Indian Economy-News & Updates
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Nakki Nair
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1362 billion
Dont break your head over this. Just a typo.
I can tell it is 1.362 billion because of my high IQ like Chinese Dragon and Fair and Unbiased.
Yeti
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Yeti
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Japan's development loans to India top Rs2,13,601 crore news
29 March 2012
Japan has committed Rs8,303.01 crore (Yen134.288 billion) for two projects in India under the first batch of FY'11 Japan International Cooperation Agency (JICA) overseas development assistance (ODA) loan package, taking the total commitment of ODA from Japan to this country to Rs2,13,601.44 crore (Yen 3454.657 billion).
The two countries exchanged notes for the first batch of FY'11 JICA ODA loan package in New Delhi today.
Prabodh Saxena, joint secretary in the department of economic affairs and the Japanese ambassador to India Akitaka Saiki exchanged the notes
The two projects covered by the ODA loans include Delhi Mass Rapid Transport System Project Phase III (Rs7909.10 crore) and the West Bengal forest and biodiversity conservation project (forestry sector) Rs393.91 crore.
India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. In the last few years, relations between India and Japan have steadily progressed based on India-Japan Global Partnership.
The visits of the Indian prime minister to Japan in 2006, 2008 and 2010 and the visit of Japanese prime minister to India in 2007, 2009 and 2011 have further strengthened the India-Japan Global Partnership by adding greater substance to the bilateral relations.
domain-b.com : Japan's development loans to India top Rs2,13,601 crore
29 March 2012
Japan has committed Rs8,303.01 crore (Yen134.288 billion) for two projects in India under the first batch of FY'11 Japan International Cooperation Agency (JICA) overseas development assistance (ODA) loan package, taking the total commitment of ODA from Japan to this country to Rs2,13,601.44 crore (Yen 3454.657 billion).
The two countries exchanged notes for the first batch of FY'11 JICA ODA loan package in New Delhi today.
Prabodh Saxena, joint secretary in the department of economic affairs and the Japanese ambassador to India Akitaka Saiki exchanged the notes
The two projects covered by the ODA loans include Delhi Mass Rapid Transport System Project Phase III (Rs7909.10 crore) and the West Bengal forest and biodiversity conservation project (forestry sector) Rs393.91 crore.
India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. In the last few years, relations between India and Japan have steadily progressed based on India-Japan Global Partnership.
The visits of the Indian prime minister to Japan in 2006, 2008 and 2010 and the visit of Japanese prime minister to India in 2007, 2009 and 2011 have further strengthened the India-Japan Global Partnership by adding greater substance to the bilateral relations.
domain-b.com : Japan's development loans to India top Rs2,13,601 crore
cloud_9
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Core industries growth hits 7-month high in Feb
NEW DELHI, MARCH 29:
Eight key infrastructure industries posted a seven-month high growth of 6.8 per cent in February, largely driven by robust performance in cement, electricity and coal. This output growth performance was much higher than the dismal growth of 0.5 per cent in January and 6.4 per cent in February last year.
Coal output grew a robust 17.8 per cent in February, partly aided by the base effect. Coal production had contracted 5.8 per cent in same month last year. On cumulative basis, coal production grew a modest 0.4 per cent in April-February compared with the negative growth of 0.1 per cent during the same period last fiscal.
Electricity generation grew 8 per cent for the month under review, higher than the 7.2 per cent growth in same month last year. The cumulative growth for the April-February 2012 period stood at 8.6 per cent (5.4 per cent).
Cement output continued to post double-digit growth for the fourth consecutive month at 10.8 per cent. This is much higher than the 6.5 per cent growth seen in the same month last year. Cumulative cement output growth during April-February 2012 stood at 6.4 per cent (4.3 per cent).
Crude oil production grew a modest 0.4 per cent (12.2 per cent). Cumulatively, crude oil production registered a growth of 1.4 per cent during April-February this fiscal, significantly lower than 11.9 per cent in the same period in the previous fiscal.
Petroleum refinery products output grew 6.2 per cent (3.2 per cent). In cumulative terms, the production of petroleum refinery products was up 3.4 per cent during April-February 2012, higher than the 2.5 per cent growth last year.
However, natural gas output remained weak and contracted by 7.6 per cent (-7.3 per cent). For the April-February period, natural gas production contracted 8.8 per cent against a growth of 12.3 per cent.
Fertiliser and steel production grew 4.1 per cent (4.8 per cent) and 4.3 per cent (18.5 per cent), respectively, in February. Cumulatively, steel production grew 6.8 per cent during April-February 2012 against 9.2 per cent in the same period in the previous year.
For April-February 2011-12, the cumulative growth of the eight core industries, with 2004-05 as the base year, slowed down to 4.4 per cent (5.8 per cent).
HPCL-Mittal Energy Limited Announces Successful Commissioning of its Guru
Gobind Singh Refinery at Bathinda, Punjab
NEW DELHI, MARCH 29:
Eight key infrastructure industries posted a seven-month high growth of 6.8 per cent in February, largely driven by robust performance in cement, electricity and coal. This output growth performance was much higher than the dismal growth of 0.5 per cent in January and 6.4 per cent in February last year.
Coal output grew a robust 17.8 per cent in February, partly aided by the base effect. Coal production had contracted 5.8 per cent in same month last year. On cumulative basis, coal production grew a modest 0.4 per cent in April-February compared with the negative growth of 0.1 per cent during the same period last fiscal.
Electricity generation grew 8 per cent for the month under review, higher than the 7.2 per cent growth in same month last year. The cumulative growth for the April-February 2012 period stood at 8.6 per cent (5.4 per cent).
Cement output continued to post double-digit growth for the fourth consecutive month at 10.8 per cent. This is much higher than the 6.5 per cent growth seen in the same month last year. Cumulative cement output growth during April-February 2012 stood at 6.4 per cent (4.3 per cent).
Crude oil production grew a modest 0.4 per cent (12.2 per cent). Cumulatively, crude oil production registered a growth of 1.4 per cent during April-February this fiscal, significantly lower than 11.9 per cent in the same period in the previous fiscal.
Petroleum refinery products output grew 6.2 per cent (3.2 per cent). In cumulative terms, the production of petroleum refinery products was up 3.4 per cent during April-February 2012, higher than the 2.5 per cent growth last year.
However, natural gas output remained weak and contracted by 7.6 per cent (-7.3 per cent). For the April-February period, natural gas production contracted 8.8 per cent against a growth of 12.3 per cent.
Fertiliser and steel production grew 4.1 per cent (4.8 per cent) and 4.3 per cent (18.5 per cent), respectively, in February. Cumulatively, steel production grew 6.8 per cent during April-February 2012 against 9.2 per cent in the same period in the previous year.
For April-February 2011-12, the cumulative growth of the eight core industries, with 2004-05 as the base year, slowed down to 4.4 per cent (5.8 per cent).
HPCL-Mittal Energy Limited Announces Successful Commissioning of its Guru
Gobind Singh Refinery at Bathinda, Punjab
Cisco plans unit in Maharashtra
IT infrastructure giant Cisco is considering setting up a manufacturing and services unit in Maharashtra.
The San Francisco-headquartered company has initiated preliminary talks with the State Government for the new venture. A press statement issued by the Chief Minister's office said that the Government will extend all help to the company.
On Thursday, the Chairman and CEO of the company, Mr John Chambers, held discussions with the Chief Minister. Mr Prithviraj Chavan.
Among other issues, the role of IT in the development of the State was discussed by the two.
A senior Maharashtra Government official said the company, which is famed for its routers and switches, is expected to come up with a more concrete proposal by early July. Given the market demand and availability of quality manpower, the company is keen to invest in the State.
Mr Chambers also expressed his desire to invest in education, health and social security infrastructure in the country, the statement said.
For fiscal 2011, global revenues of Cisco were $43.2 billion. It has been present in India since 1995 and has a pan-India network for sales and marketing of its products.
The company has a software development centre in Bangalore.
Business Line : Industry & Economy / Info-tech : Cisco plans unit in Maharashtra
IT infrastructure giant Cisco is considering setting up a manufacturing and services unit in Maharashtra.
The San Francisco-headquartered company has initiated preliminary talks with the State Government for the new venture. A press statement issued by the Chief Minister's office said that the Government will extend all help to the company.
On Thursday, the Chairman and CEO of the company, Mr John Chambers, held discussions with the Chief Minister. Mr Prithviraj Chavan.
Among other issues, the role of IT in the development of the State was discussed by the two.
A senior Maharashtra Government official said the company, which is famed for its routers and switches, is expected to come up with a more concrete proposal by early July. Given the market demand and availability of quality manpower, the company is keen to invest in the State.
Mr Chambers also expressed his desire to invest in education, health and social security infrastructure in the country, the statement said.
For fiscal 2011, global revenues of Cisco were $43.2 billion. It has been present in India since 1995 and has a pan-India network for sales and marketing of its products.
The company has a software development centre in Bangalore.
Business Line : Industry & Economy / Info-tech : Cisco plans unit in Maharashtra
Holmes
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Aviation India: Kerala annual budget proposes two new airports at Wayanad and Idukki
man looks like all the 14 districts will have an airport in future.
jha
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SinoChallenger
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Trade Groups: Foreign Firms Giving Up on India - India Real Time - WSJ
Foreigners are withdrawing their investments in india
Foreigners are withdrawing their investments in india
sexy gun
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Laggards Bihar, Jharkhand steal development march
NEW DELHI: Laggards like Bihar and Jharkhand are continuing their march on the government's development agenda, spending up to 20% of their Gross State Domestic Product (GSDP) even as some of the front-runner states, which boast of highest revenue generation, are falling behind.
The flag-bearer Bihar, for instance, had spent an average 15.5% of its GSDP between 2004 and 2008, and sustained the momentum by spending more than 16% in 2009-10, 18.3% in the next fiscal and 17.4% in 2011-12. Chhattisgarh had budgeted about 20% for its development expenditure in 2011-12. The analysis was part of a study on the fiscal position of states carried out by the Reserve Bank of India.
The RBI analysis points out that the development revenue expenditure ( DRE) accounted for 60% of the total revenue expenditure of non-special category (NSC) states during 2009-10. Bihar recorded the highest DRE-GSDP ratio, followed by Chhattisgarh, while Punjab brought out the rear.
According to the revised estimates for 2010-11, all NSC states, save Gujarat, posted an increase in development expenditure vis-a-vis GSDP, with Bihar continuing to record the highest ratio. In 2011-12, the DRE-GSDP ratio is budgeted to increase in 10 states.
Three states - Chhattisgarh, Goa and Rajasthan - recorded a steady increase in their DRE-GSDP ratios on an annual basis from 2009-10 to 2011-12 (budget estimates). On the other hand, though the DRE-GSDP ratio of consolidated special category states increased in 2009-10 and 2010-11(RE), it is budgeted to dip in 2011-12.
Laggards Bihar, Jharkhand steal development march - The Times of India
NEW DELHI: Laggards like Bihar and Jharkhand are continuing their march on the government's development agenda, spending up to 20% of their Gross State Domestic Product (GSDP) even as some of the front-runner states, which boast of highest revenue generation, are falling behind.
The flag-bearer Bihar, for instance, had spent an average 15.5% of its GSDP between 2004 and 2008, and sustained the momentum by spending more than 16% in 2009-10, 18.3% in the next fiscal and 17.4% in 2011-12. Chhattisgarh had budgeted about 20% for its development expenditure in 2011-12. The analysis was part of a study on the fiscal position of states carried out by the Reserve Bank of India.
The RBI analysis points out that the development revenue expenditure ( DRE) accounted for 60% of the total revenue expenditure of non-special category (NSC) states during 2009-10. Bihar recorded the highest DRE-GSDP ratio, followed by Chhattisgarh, while Punjab brought out the rear.
According to the revised estimates for 2010-11, all NSC states, save Gujarat, posted an increase in development expenditure vis-a-vis GSDP, with Bihar continuing to record the highest ratio. In 2011-12, the DRE-GSDP ratio is budgeted to increase in 10 states.
Three states - Chhattisgarh, Goa and Rajasthan - recorded a steady increase in their DRE-GSDP ratios on an annual basis from 2009-10 to 2011-12 (budget estimates). On the other hand, though the DRE-GSDP ratio of consolidated special category states increased in 2009-10 and 2010-11(RE), it is budgeted to dip in 2011-12.
Laggards Bihar, Jharkhand steal development march - The Times of India
cloud_9
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Global IT Report 2012
Global IT Report 2012
The Global Competitiveness Report 2011-2012
The Global Competitiveness Report 2011-2012
Looks like we did some progress in Education Sector (Skill Development) But Infrastructure,Corruption and Bureaucracy
Global IT Report 2012
The Global Competitiveness Report 2011-2012
The Global Competitiveness Report 2011-2012
Looks like we did some progress in Education Sector (Skill Development) But Infrastructure,Corruption and Bureaucracy
Yeti
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Biocon invests Rs.200 crore to open advanced R&D centre
Biocon Limited invested Rs.200 crore to open up its advanced integrated research and development centre located within the Biocon Park.
The company will now carry out all its in-house drug research activities focusing on chronic diseases like diabetes, cancer and auto immune. The company is now gearing up to hire an additional 300 scientists to deliver affordable innovation solutions.
“Our objective is to pursue world class research on biologics that will address the unmet medical needs, said Kiran Mazumdar-Shaw, chairman and managing director, Biocon Limited.
The research centre spread across 200,000 sq. ft houses a molecular lab, biologics process science labs, formulations development lab, molecular characterization lab, functional bioassay lab and pre-clinical and clinical development, is a first-of-its-kind in south India. It is equipped with cutting edge instrumentation for extensive molecular and functional characterization of biologics, she added.
The centre for research excellence will pursue an innovation-led effort to develop advanced yet affordable solutions for several debilitating diseases, said Shaw adding that it would help galvanize the best talent both in India and abroad. It would offer an intellectually stimulating environment combined with an enabling eco-system to conduct path breaking research for biopharmaceuticals. An independent quality group at BRC will ensure compliance to Good Laboratory Practices and international regulatory guidelines to develop ‘best in class’ biologics and biosimilars.
Now the company is emerging as a global biopharmaceutical major focused on innovation to develop affordable products and service for patients. Our strategic research and marketing partnerships will help deliver high value and licensable R&D assets. Present strength of the Biocon Research Centre (BRC) is 300 scientists but the facility has a total capacity for 600 researchers. Therefore massive hiring is on, she said.
According to Dr Abhijit Barve, president, R&D, Biocon, the facility will allow cross pollination of ideas across groups that will breed a new culture of innovation.
BRC will attract the outstanding scientists from the best research institutes and the leaders will participate in technical programmes as an effective way to enable innovation through knowledge sharing.
BRC has also a dedicated a research wing in honour of Prof. CNR Rao, Prof. C N R Rao, FRS, National Research Professor; Linus Pauling Research Professor; honorary president, JNCASR; chairman, Scientific Advisory Council to the Prime Minister of India.
The facility was inaugurated today by Nobel Laureate Prof. Kurt Wuthrich. Others present on the occasion where heads of the Indian Institute of Science, Prof. P Balaram, National Centre for Biological Sciences Prof. K Vijayraghavan and Prof. CNR Rao of JNCSAR.
Biocon invests
Sudans assure India about safety of OVL's oil assets
New Delhi, Apr 4 (PTI) Sudan and South Sudan have assured India that its over USD 2.5 billion oil assets in those countries were safe and will not be affected by the ongoing "skirmishes" between the two over oil and territorial issues. This was conveyed by the leaderships of both in Khartoum, capital of Sudan and Juba, capital of South Sudan to Amarendra Khatua, India's Special Envoy and Additional Secretary in the Ministry of External Affairs, during his visit there last week, government sources said today. Terming the ongoing "skirmishes" as "matter of great concern", the sources said the move to send the special envoy was necessitated to seek assurance from the two Sudans for India's oil interests, communicate India's support for the peace initiative and strengthening the ties. The conflict between the two Sudans escalated last month when South Sudan, which came into existence last year, shut down its entire oil production to retaliate against Sudan which has most of the energy processing infrastructure. This also led to a loss of USD 0.4 million per day to the project, the Greater Nile Petroleum Operating Co., run jointly by ONGC Videsh Limited (OVL), the overseas arm of India's state-owned oil major. China and Malaysia are also parties to this project. South Sudan has the largest oil reserve in Africa after Angola and has got 85 per cent of the oil fields of the undivided country. However, in the absence of any processing facility, it is seeking help from India and others to build pipelines and refineries.
Biocon Limited invested Rs.200 crore to open up its advanced integrated research and development centre located within the Biocon Park.
The company will now carry out all its in-house drug research activities focusing on chronic diseases like diabetes, cancer and auto immune. The company is now gearing up to hire an additional 300 scientists to deliver affordable innovation solutions.
“Our objective is to pursue world class research on biologics that will address the unmet medical needs, said Kiran Mazumdar-Shaw, chairman and managing director, Biocon Limited.
The research centre spread across 200,000 sq. ft houses a molecular lab, biologics process science labs, formulations development lab, molecular characterization lab, functional bioassay lab and pre-clinical and clinical development, is a first-of-its-kind in south India. It is equipped with cutting edge instrumentation for extensive molecular and functional characterization of biologics, she added.
The centre for research excellence will pursue an innovation-led effort to develop advanced yet affordable solutions for several debilitating diseases, said Shaw adding that it would help galvanize the best talent both in India and abroad. It would offer an intellectually stimulating environment combined with an enabling eco-system to conduct path breaking research for biopharmaceuticals. An independent quality group at BRC will ensure compliance to Good Laboratory Practices and international regulatory guidelines to develop ‘best in class’ biologics and biosimilars.
Now the company is emerging as a global biopharmaceutical major focused on innovation to develop affordable products and service for patients. Our strategic research and marketing partnerships will help deliver high value and licensable R&D assets. Present strength of the Biocon Research Centre (BRC) is 300 scientists but the facility has a total capacity for 600 researchers. Therefore massive hiring is on, she said.
According to Dr Abhijit Barve, president, R&D, Biocon, the facility will allow cross pollination of ideas across groups that will breed a new culture of innovation.
BRC will attract the outstanding scientists from the best research institutes and the leaders will participate in technical programmes as an effective way to enable innovation through knowledge sharing.
BRC has also a dedicated a research wing in honour of Prof. CNR Rao, Prof. C N R Rao, FRS, National Research Professor; Linus Pauling Research Professor; honorary president, JNCASR; chairman, Scientific Advisory Council to the Prime Minister of India.
The facility was inaugurated today by Nobel Laureate Prof. Kurt Wuthrich. Others present on the occasion where heads of the Indian Institute of Science, Prof. P Balaram, National Centre for Biological Sciences Prof. K Vijayraghavan and Prof. CNR Rao of JNCSAR.
Biocon invests
Sudans assure India about safety of OVL's oil assets
New Delhi, Apr 4 (PTI) Sudan and South Sudan have assured India that its over USD 2.5 billion oil assets in those countries were safe and will not be affected by the ongoing "skirmishes" between the two over oil and territorial issues. This was conveyed by the leaderships of both in Khartoum, capital of Sudan and Juba, capital of South Sudan to Amarendra Khatua, India's Special Envoy and Additional Secretary in the Ministry of External Affairs, during his visit there last week, government sources said today. Terming the ongoing "skirmishes" as "matter of great concern", the sources said the move to send the special envoy was necessitated to seek assurance from the two Sudans for India's oil interests, communicate India's support for the peace initiative and strengthening the ties. The conflict between the two Sudans escalated last month when South Sudan, which came into existence last year, shut down its entire oil production to retaliate against Sudan which has most of the energy processing infrastructure. This also led to a loss of USD 0.4 million per day to the project, the Greater Nile Petroleum Operating Co., run jointly by ONGC Videsh Limited (OVL), the overseas arm of India's state-owned oil major. China and Malaysia are also parties to this project. South Sudan has the largest oil reserve in Africa after Angola and has got 85 per cent of the oil fields of the undivided country. However, in the absence of any processing facility, it is seeking help from India and others to build pipelines and refineries.
Bobby
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Yeti
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India and Qatar on Monday signed six agreements in diverse areas, including a pact on cooperation in oil and gas exploration.
Prime Minister Manmohan Singh held talks with Qatar’s Emir Sheikh Hamad bin Khalifa al-Thani on a range of issues, including boosting trade and investment as well as energy ties between the two countries.
Issues relating to the welfare of Indian workers in the Gulf country were also discussed.
After the talks, Petroleum Minister S. Jaipal Reddy and Qatar’s Energy Minister Mohammed Bin Saleh al-Sada signed a pact on establishing a cooperative framework to enhance bilateral cooperation in oil and gas.
The pact envisages cooperation in the areas of upstream and downstream oil and gas activities. It is expected to encourage and promote investment and cooperation between two ministries of oil and gas and through affiliated companies.
Qatar, which holds the world’s third-largest natural gas reserves after Russia and Iran, has an LNG (liquefied natural gas) export capacity of 77 million tonnes a year.
India buys 7.5 million tonnes of LNG from Qatar under a long-term contract. India imported 5.6 million tonnes of oil from Qatar in 2010-11 and is willing to increase the imports.
Three agreements were signed in the fields of educational exchanges, cultural contacts and promoting tourism.
A memorandum of agreement was signed between the Reserve Bank of India and Qatar Central Bank. The pact will establish an arrangement for sharing of supervisory information and enhancing cooperation in the area of banking supervision.
Another pact on exchange of experiences, information and expertise in the field of legal affairs was also signed.
The Hindu : News / National : India, Qatar sign oil and gas pact
Prime Minister Manmohan Singh held talks with Qatar’s Emir Sheikh Hamad bin Khalifa al-Thani on a range of issues, including boosting trade and investment as well as energy ties between the two countries.
Issues relating to the welfare of Indian workers in the Gulf country were also discussed.
After the talks, Petroleum Minister S. Jaipal Reddy and Qatar’s Energy Minister Mohammed Bin Saleh al-Sada signed a pact on establishing a cooperative framework to enhance bilateral cooperation in oil and gas.
The pact envisages cooperation in the areas of upstream and downstream oil and gas activities. It is expected to encourage and promote investment and cooperation between two ministries of oil and gas and through affiliated companies.
Qatar, which holds the world’s third-largest natural gas reserves after Russia and Iran, has an LNG (liquefied natural gas) export capacity of 77 million tonnes a year.
India buys 7.5 million tonnes of LNG from Qatar under a long-term contract. India imported 5.6 million tonnes of oil from Qatar in 2010-11 and is willing to increase the imports.
Three agreements were signed in the fields of educational exchanges, cultural contacts and promoting tourism.
A memorandum of agreement was signed between the Reserve Bank of India and Qatar Central Bank. The pact will establish an arrangement for sharing of supervisory information and enhancing cooperation in the area of banking supervision.
Another pact on exchange of experiences, information and expertise in the field of legal affairs was also signed.
The Hindu : News / National : India, Qatar sign oil and gas pact
Splurgenxs
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Manoj Bhargava, richest Indian in US commits 90% earnings to charity
NEW DELHI: Manoj Bhargava, probably the wealthiest Indian in the US ahead of venture capitalist Vinod Khosla, doesn't believe in governments and formal education and was virtually unknown till about a month ago.
"I only had training in common sense," the 58-year-old Princeton University dropout, who came into the limelight after debuting in the Forbes list of billionnaires this year, told ET in an exclusive interview at Taj Mansingh hotel in Delhi.
Meet the founder of '5-Hour Energy'-a 2-ounce energy drink in a red and yellow bottle, which controls 90% of the US energy-shot market with retail sales estimated at $1 billion. This in just eight years after 5-Hour's launch in 2003.
Ask him about his biggest challenge and Bhargava says, "The biggest challenge is always the governments - they try to stop all good things. I try to stay away from them as much as I can, as I know if someone can destroy something good, it's the government!" He sounds like a rebel, but Bhargava is closer to a monk.
In fact, he says he spent 12 years of his life shuffling between monasteries in India and learning to still his mind. He still spends an hour everyday in contemplative silence.
And he is known for his frugal lifestyle and humble behaviour. Dressed in a simple kurta-pajama, Bhargava lives up to this reputation.
He thinks businesses in India give too much importance to education and mostly hire from top institutions. "It's like hiring theoretical plumbers! None of us are too impressed by MBAs," he says.
Bhargava says he abides by Mark Twain's quote: "I never let my schooling get in the way of my education."
He says 90% of what he earns will go into doing charity in India. "I have made a lot of money in the West...(and) I do not believe in much of personal consumption," he says. He has set up a non-profit organisation, Hans Foundation, for charity work.
May spend Rs 5k crore on charity in 10 years
He says the foundation funded more than 400 charity projects including some big ones like Kamala Nehru Memorial Hospital for cancer treatment to the poor
Manoj Bhargava, richest Indian in US commits 90% earnings to charity - The Economic Times
NEW DELHI: Manoj Bhargava, probably the wealthiest Indian in the US ahead of venture capitalist Vinod Khosla, doesn't believe in governments and formal education and was virtually unknown till about a month ago.
"I only had training in common sense," the 58-year-old Princeton University dropout, who came into the limelight after debuting in the Forbes list of billionnaires this year, told ET in an exclusive interview at Taj Mansingh hotel in Delhi.
Meet the founder of '5-Hour Energy'-a 2-ounce energy drink in a red and yellow bottle, which controls 90% of the US energy-shot market with retail sales estimated at $1 billion. This in just eight years after 5-Hour's launch in 2003.
Ask him about his biggest challenge and Bhargava says, "The biggest challenge is always the governments - they try to stop all good things. I try to stay away from them as much as I can, as I know if someone can destroy something good, it's the government!" He sounds like a rebel, but Bhargava is closer to a monk.
In fact, he says he spent 12 years of his life shuffling between monasteries in India and learning to still his mind. He still spends an hour everyday in contemplative silence.
And he is known for his frugal lifestyle and humble behaviour. Dressed in a simple kurta-pajama, Bhargava lives up to this reputation.
He thinks businesses in India give too much importance to education and mostly hire from top institutions. "It's like hiring theoretical plumbers! None of us are too impressed by MBAs," he says.
Bhargava says he abides by Mark Twain's quote: "I never let my schooling get in the way of my education."
He says 90% of what he earns will go into doing charity in India. "I have made a lot of money in the West...(and) I do not believe in much of personal consumption," he says. He has set up a non-profit organisation, Hans Foundation, for charity work.
May spend Rs 5k crore on charity in 10 years
He says the foundation funded more than 400 charity projects including some big ones like Kamala Nehru Memorial Hospital for cancer treatment to the poor
Manoj Bhargava, richest Indian in US commits 90% earnings to charity - The Economic Times
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