Ahmedabad: Ahmedabad-based Cluster Pulse has successfully developed an information and communication technology (ICT) cluster of 23 IT start-ups in Switzerland. Known for its cluster development expertise, Cluster Pulse – an international trade consulting firm which is a group company of the city-based Global Network – had been working with start-ups for a year to set up an ICT cluster in Switzerland.
“We were contacted by Switzerland’s IT industry representatives to help them in developing an ICT cluster. We recently completed the cluster development project, which we believe will help these start-ups generate better business,” said Jagat Shah, chief executive officer of Global Network and Cluster Pulse.
The company has been working on similar projects in China, Uganda, Ghana and Canada. Under an agreement signed with these countries, Cluster Pulse will assist small and medium enterprises (SMEs) in these countries to develop fan, ICT, telecom and agricultural clusters, respectively. Representatives from these countries approached it after observing the company’s cluster development work.
Meanwhile, Cluster Pulse is also part of a $120 million (over Rs 500 crore) World Bank-led multi-agency project for financing and developing SMEs in India. Under the project, Cluster Pulse is in the process of offering business development services (BDS) by developing clusters of the engineering and machine tools industries of Rajkot in Gujarat.
Success in my Habit
Monday, February 21, 2011
Indian IT firms go to US campuses to hire local US talent
Bangalore: After years of hiring experienced professionals to serve top customers in the US, Indian tech firms are now seeking to hire fresh engineering graduates from American universities, as stricter immigration norms and high unemployment rate make local hiring attractive in the country.
In a year when India’s top outsourcing firms are under pressure to position themselves as more global companies not necessarily responsible for America’s ‘jobless economic recovery’, experts and company officials say a war for local US talent is set to become a priority.
Apart from stricter and costlier visa permits in the US, outsourcing customers such as GE are also asking Indian vendors to play a role in addressing high unemployment rates.
India-based tech firms including Wipro, Tata Consultancy Services , Infosys and Cognizant are now battling it out to hire hundreds of fresh engineering graduates from campuses of Pennsylvania State University , Rutgers, University of Massachusetts , University of Connecticut , North Carolina State University and University of Michigan , among many others.
Companies such as Infosys, which counts JP Morgan among its top customers, say they have started hiring from US campuses.
“We have a target of hiring 250 local employees every quarter in the US for the next four quarters,” said S Gopalakrishnan,
CEO of Infosys. “As we develop our consulting and systems integration services, we need to hire more at all levels in the United States. Brand recall for companies like ours is improving every year, we are slowly getting there,” he said.
US talent pool much smaller
“There is no big cost difference because we have to pay American salaries even to our Indian employees going there,” he added.
However, unlike India, which produces nearly 600,000 engineering graduates every year, the US pool is much smaller, ensuring a much more intense fight for whatever talent is available.
“Though IT is a popular choice, compared to Indian colleges, the pool of students looking out for a career in IT is smaller and all tech firms are tapping into this pool; so definitely, the war for talent is there,” said Priti Rajora , global head, talent acquisition, Wipro Technologies .
On their part, India’s top outsourcing companies TCS, Infosys, Wipro and HCL have already started setting up development centres in locations such as Atlanta and Michigan. While TCS aims to double its foreign workforce from 10,000 currently to 20,000 over the next five years, Infosys and Wipro could see non-Indians account for 10-15% of their total employee base in next 3-5 years, from around 5% currently.
In a year when India’s top outsourcing firms are under pressure to position themselves as more global companies not necessarily responsible for America’s ‘jobless economic recovery’, experts and company officials say a war for local US talent is set to become a priority.
Apart from stricter and costlier visa permits in the US, outsourcing customers such as GE are also asking Indian vendors to play a role in addressing high unemployment rates.
India-based tech firms including Wipro, Tata Consultancy Services , Infosys and Cognizant are now battling it out to hire hundreds of fresh engineering graduates from campuses of Pennsylvania State University , Rutgers, University of Massachusetts , University of Connecticut , North Carolina State University and University of Michigan , among many others.
Companies such as Infosys, which counts JP Morgan among its top customers, say they have started hiring from US campuses.
“We have a target of hiring 250 local employees every quarter in the US for the next four quarters,” said S Gopalakrishnan,
CEO of Infosys. “As we develop our consulting and systems integration services, we need to hire more at all levels in the United States. Brand recall for companies like ours is improving every year, we are slowly getting there,” he said.
US talent pool much smaller
“There is no big cost difference because we have to pay American salaries even to our Indian employees going there,” he added.
However, unlike India, which produces nearly 600,000 engineering graduates every year, the US pool is much smaller, ensuring a much more intense fight for whatever talent is available.
“Though IT is a popular choice, compared to Indian colleges, the pool of students looking out for a career in IT is smaller and all tech firms are tapping into this pool; so definitely, the war for talent is there,” said Priti Rajora , global head, talent acquisition, Wipro Technologies .
On their part, India’s top outsourcing companies TCS, Infosys, Wipro and HCL have already started setting up development centres in locations such as Atlanta and Michigan. While TCS aims to double its foreign workforce from 10,000 currently to 20,000 over the next five years, Infosys and Wipro could see non-Indians account for 10-15% of their total employee base in next 3-5 years, from around 5% currently.
Domestic car sales grow by 26% in January 2011
New Delhi: The domestic passenger car sales witnessed an increase of 26.28 per cent to 184,332 units in January 2011 from 145,971 units in January 2010, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
The motorcycle sales registered a growth of 14.94 per cent during the month, increasing from 650,633 units in January 2010 to 747,818 units in the first month of 2011. The total two-wheeler sales in January increased by 17.55 per cent to 980,752 units from 834,343 units in January 2010.
Sales of commercial vehicles also saw an upsurge by 12.58 per cent to 60,753 units in January 2011 from 53,963 units in the same month last year.
Total sales of vehicles across categories registered a growth of 18.69 per cent to 13,22,979 units in January as against 11,14,692 units in the year-ago period.
The motorcycle sales registered a growth of 14.94 per cent during the month, increasing from 650,633 units in January 2010 to 747,818 units in the first month of 2011. The total two-wheeler sales in January increased by 17.55 per cent to 980,752 units from 834,343 units in January 2010.
Sales of commercial vehicles also saw an upsurge by 12.58 per cent to 60,753 units in January 2011 from 53,963 units in the same month last year.
Total sales of vehicles across categories registered a growth of 18.69 per cent to 13,22,979 units in January as against 11,14,692 units in the year-ago period.
'Computer market grew 30% in 2010'
New Delhi: India's personal computer market grew 30% in 2010 — the highest since 2007, research firm IDC revealed. Hewlett Packard emerged the top company in India, leading in both notebook and desktop categories. HP regained market leadership after two quarters with a 17.3% market share, taking the pole position from Dell Inc that got 14.2% of the market.
Taiwan’s Acer followed the two with 11.5% market share. Notebooks were the hottest selling category with sales growing by 49% between October and December 2010 compared to the previous year. More than 10 lakh notebooks were sold in the 2010 fourth quarter. HP grabbed the largest market share of 26.2% while Dell and Acer secured second and third places.
Nearly 25 lakh personal computers were shipped to Indian consumers, pushing up the overall sales by 26%. IDC India’s lead PC analyst Sumanta Mukherjee noted sales in 2010 to be far better than ‘dismal’ 2009. “Consumers are the main architects of this recovery, supported by renewed buying sentiments displayed by the SMB and government segments,” he said. But warned that sales of Atom processor-based mini notebooks could come under increasing pressure, as competitive offerings of rivals start becoming available in March 2011.
“Emergence of media tablets will also impact this category in the long run,” he said. Around 14.5 lakh desktop PC units were sold in the fourth quarter last calender year, a 14% increase over 2009. HP held the lead in desktop PC sales with 10.86% of the market, followed by HCL with 10.78% and Acer at the third spot.
Taiwan’s Acer followed the two with 11.5% market share. Notebooks were the hottest selling category with sales growing by 49% between October and December 2010 compared to the previous year. More than 10 lakh notebooks were sold in the 2010 fourth quarter. HP grabbed the largest market share of 26.2% while Dell and Acer secured second and third places.
Nearly 25 lakh personal computers were shipped to Indian consumers, pushing up the overall sales by 26%. IDC India’s lead PC analyst Sumanta Mukherjee noted sales in 2010 to be far better than ‘dismal’ 2009. “Consumers are the main architects of this recovery, supported by renewed buying sentiments displayed by the SMB and government segments,” he said. But warned that sales of Atom processor-based mini notebooks could come under increasing pressure, as competitive offerings of rivals start becoming available in March 2011.
“Emergence of media tablets will also impact this category in the long run,” he said. Around 14.5 lakh desktop PC units were sold in the fourth quarter last calender year, a 14% increase over 2009. HP held the lead in desktop PC sales with 10.86% of the market, followed by HCL with 10.78% and Acer at the third spot.
London partners with Indian banks for rural development
New Delhi/ Chandigarh: With the focus on enterprise development activities and to make the rural masses self-sustainable, the Commonwealth Secretariat, London, has partnered with public sector banks Corporation Bank and Central Bank of India to provide credit to young people, women and differently-abled youth living in rural areas of India.
While the Commonwealth Secretariat will provide mentoring, capacity building, monitoring and evaluation to the rural young entrepreneurs, the Banks will fund the projects. The Commonwealth-Central Bank of India-Corporation Bank-Youth Enterprise financing programme will create 1,500 jobs in the first phase.
Speaking to Business Standard, Commonwealth Secretariat (London) Advisor Ram Venuprasad said, “We partnered with Central Bank of India and Corporation Bank aimed at helping young people establish and develop their small businesses. The Bank would offer concessional loan rates to youth for enterprise development activities. We will support the bank’s funding through providing technical assistance to ensure entrepreneurs develop sufficient capacity in running sustainable businesses”.
He added, “This programme will act as a model for other Commonwealth countries in demonstrating a sustainable method of ensuring young people have access to finance. Under this programme, Corporation Bank has sanctioned Rs 14 crore and Central Bank of India has offered Rs 5 crore for the first project”.
He added, “Our focus is youth and converting them from job seekers to job creators. Basically, we would be imparting training to rural youth and women in agro-processing, tourism, services sector and others”. He was in the city along with 75 delegates representing 35 nations to attend ‘Eleventh Commonwealth-India Small Business Competitiveness Development Program. We are going to work with Corporation Bank in six districts namely Uddipi and Chickmagalur in Karnataka, Madurai (Tamil Nadu), Hyderabad, Sirmour (Himachal Pradesh) and Sahu ji Maharaj Nagar in Uttar Pradesh. Further, Central Bank is working in four districts with Commonwealth Secretariat namely Sawai Madhopur in Rajasthan, Ernakulum in Kerala, Musheerdabad in West Bengal and Shahu ji Maharaj Nagar in Uttar Pradesh.
Earlier, Central Bank of India CMD S Sridhar told Business Standard, “For the developing countries, I think micro, small and medium enterprise (MSME) development is the most important sector. For one, it provides employment and is also very important for inclusive socio-economic growth. Under the programme (youth enterprise development programme). we would sanction 80 projects”.
While the Commonwealth Secretariat will provide mentoring, capacity building, monitoring and evaluation to the rural young entrepreneurs, the Banks will fund the projects. The Commonwealth-Central Bank of India-Corporation Bank-Youth Enterprise financing programme will create 1,500 jobs in the first phase.
Speaking to Business Standard, Commonwealth Secretariat (London) Advisor Ram Venuprasad said, “We partnered with Central Bank of India and Corporation Bank aimed at helping young people establish and develop their small businesses. The Bank would offer concessional loan rates to youth for enterprise development activities. We will support the bank’s funding through providing technical assistance to ensure entrepreneurs develop sufficient capacity in running sustainable businesses”.
He added, “This programme will act as a model for other Commonwealth countries in demonstrating a sustainable method of ensuring young people have access to finance. Under this programme, Corporation Bank has sanctioned Rs 14 crore and Central Bank of India has offered Rs 5 crore for the first project”.
He added, “Our focus is youth and converting them from job seekers to job creators. Basically, we would be imparting training to rural youth and women in agro-processing, tourism, services sector and others”. He was in the city along with 75 delegates representing 35 nations to attend ‘Eleventh Commonwealth-India Small Business Competitiveness Development Program. We are going to work with Corporation Bank in six districts namely Uddipi and Chickmagalur in Karnataka, Madurai (Tamil Nadu), Hyderabad, Sirmour (Himachal Pradesh) and Sahu ji Maharaj Nagar in Uttar Pradesh. Further, Central Bank is working in four districts with Commonwealth Secretariat namely Sawai Madhopur in Rajasthan, Ernakulum in Kerala, Musheerdabad in West Bengal and Shahu ji Maharaj Nagar in Uttar Pradesh.
Earlier, Central Bank of India CMD S Sridhar told Business Standard, “For the developing countries, I think micro, small and medium enterprise (MSME) development is the most important sector. For one, it provides employment and is also very important for inclusive socio-economic growth. Under the programme (youth enterprise development programme). we would sanction 80 projects”.
India, Malaysia ink trade pact
New Delhi: India and Malaysia signed a Comprehensive Economic Cooperation Agreement (CECA) today, aiming in the short term to boost bilateral trade to $15 billion by 2015 from $9 billion now. The trade agreement would result in tariff reduction for goods ranging from bananas to basmati rice and easier movement of software engineers and doctors.
The agreement, to take effect from July 1, was signed in Putrajaya city adjoining Kuala Lumpur between commerce and industry minister Anand Sharma and Malaysia’s minister for international trade & industry, Mustapa Mohamed. Malaysian prime minister Mohd Najib Razak was present during the event.
“The India-Malaysia CECA is a comprehensive and ambitious agreement that envisages liberal trade in goods and services and a stable and competitive investment regime to promote foreign investment between the two countries. The goods package under the CECA takes the tariff liberalisation beyond the India-Asean FTA commitments on items of mutual interest for both the countries,” stated an official statement by the ministry of commerce and industry.
This agreement covers trade in goods, services, investment and economic cooperation. Malaysia is a key member in the Association of South East Asian Nations (Asean) grouping, with which India signed a goods agreement in August 2009. A negotiation to have a deal in services with Asean is currently underway.
Asean comprises Malaysia, Indonesia, Singapore, Philippines, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.
“We expect the CECA with Malaysia will particularly benefit India’s services sector. As we have not seen much progress in services under the umbrella agreement with Asean, having bilateral deals with member-countries covering trade in services and investment simultaneously with trade in goods is a smart strategy,” said Amit Mitra, secretary general, Ficci.
India is to obtain greater access to Malaysian markets for mangoes, bananas guavas, basmati rice, two-wheelers and cotton garments. In services, professionals can look forward to easier visa norms from several sectors such as accounting and auditing, architecture, urban planning, engineering services, medical and dental, information technology and enabled services, and management consulting services.
Malaysia has also allowed 50 per cent foreign direct investment in construction companies in the deal, benefiting Indian real estate firms looking to venture there, besides enabling greater job opportunities for Indian architects and interior designers.
This is a significant achievement for India as Malaysia has a policy – Bumiputra - which mandates 30 per cent equity participation by local firms.
“Malaysia is one of the major investors in India. It can be a major source for tapping our investment need in infrastructure development projects,” said Ramu S. Deora, president, Federation of Indian Export Organisations.
The agreement, to take effect from July 1, was signed in Putrajaya city adjoining Kuala Lumpur between commerce and industry minister Anand Sharma and Malaysia’s minister for international trade & industry, Mustapa Mohamed. Malaysian prime minister Mohd Najib Razak was present during the event.
“The India-Malaysia CECA is a comprehensive and ambitious agreement that envisages liberal trade in goods and services and a stable and competitive investment regime to promote foreign investment between the two countries. The goods package under the CECA takes the tariff liberalisation beyond the India-Asean FTA commitments on items of mutual interest for both the countries,” stated an official statement by the ministry of commerce and industry.
This agreement covers trade in goods, services, investment and economic cooperation. Malaysia is a key member in the Association of South East Asian Nations (Asean) grouping, with which India signed a goods agreement in August 2009. A negotiation to have a deal in services with Asean is currently underway.
Asean comprises Malaysia, Indonesia, Singapore, Philippines, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.
“We expect the CECA with Malaysia will particularly benefit India’s services sector. As we have not seen much progress in services under the umbrella agreement with Asean, having bilateral deals with member-countries covering trade in services and investment simultaneously with trade in goods is a smart strategy,” said Amit Mitra, secretary general, Ficci.
India is to obtain greater access to Malaysian markets for mangoes, bananas guavas, basmati rice, two-wheelers and cotton garments. In services, professionals can look forward to easier visa norms from several sectors such as accounting and auditing, architecture, urban planning, engineering services, medical and dental, information technology and enabled services, and management consulting services.
Malaysia has also allowed 50 per cent foreign direct investment in construction companies in the deal, benefiting Indian real estate firms looking to venture there, besides enabling greater job opportunities for Indian architects and interior designers.
This is a significant achievement for India as Malaysia has a policy – Bumiputra - which mandates 30 per cent equity participation by local firms.
“Malaysia is one of the major investors in India. It can be a major source for tapping our investment need in infrastructure development projects,” said Ramu S. Deora, president, Federation of Indian Export Organisations.
Bigger opportunity in India's smaller cities
Mumbai: Smaller cities are scoring over metros in terms of growing urbanisation, and cities such as Jalandhar, Aurangabad, Bhubhaneshwar, Agra and Raipur are believed to be the next ‘cities of opportunities’.
According to the latest Morgan Stanley research report, ‘AlphaWise City Vibrancy Index: A Guide to India’s Urbanization’, households in these cities earn more than India’s average urban household.
Centre for Monitoring Indian Economy (CMIE) pegs the quarterly average household income at about Rs 45,000 per urban household, whereas in cities such as Jalandhar, Bhubaneswar, Guwahati and Aurangabad have a quarterly average household income of above Rs 65,000.
The report measures the key drivers of urbanisation such as physical infrastructure, financial penetration, consumer services and job listings in the top 200 cities (by population) in India. The vibrancy index is aimed at helping investors evaluate companies’ strategic positioning in urban centers and monitor sector trends.
Urbanisation is important to the process of city formation and building India’s competitive strength in the global markets, feels Ridham Desai, head of India research and India strategist at Morgan Stanley. “The relative performance of components of the vibrancy index could give us insight into potential for urbanisation. For example, a city’s rate of urbanisation may be low but it may be (that) financial penetration may be high. This gives us potential for consumer services or job creation in that city,” says Desai.
According to the latest Morgan Stanley research report, ‘AlphaWise City Vibrancy Index: A Guide to India’s Urbanization’, households in these cities earn more than India’s average urban household.
Centre for Monitoring Indian Economy (CMIE) pegs the quarterly average household income at about Rs 45,000 per urban household, whereas in cities such as Jalandhar, Bhubaneswar, Guwahati and Aurangabad have a quarterly average household income of above Rs 65,000.
The report measures the key drivers of urbanisation such as physical infrastructure, financial penetration, consumer services and job listings in the top 200 cities (by population) in India. The vibrancy index is aimed at helping investors evaluate companies’ strategic positioning in urban centers and monitor sector trends.
Urbanisation is important to the process of city formation and building India’s competitive strength in the global markets, feels Ridham Desai, head of India research and India strategist at Morgan Stanley. “The relative performance of components of the vibrancy index could give us insight into potential for urbanisation. For example, a city’s rate of urbanisation may be low but it may be (that) financial penetration may be high. This gives us potential for consumer services or job creation in that city,” says Desai.
India, Japan target $25-bn trade by '14
New Delhi: India and Japan have set a target of achieving $25 billion worth of bilateral trade by 2014 from the present $10.3 billion even as both countries have signed the much-awaited Comprehensive Economic Partnership Agreement (Cepa) that will see about 94 per cent tariff reduction in goods ranging from cars to shrimps and easier movement of nurses and chefs.
The deal was signed between Commerce and Industry Minister Anand Sharma and Japanese Foreign Minister Seiji Maehara in Tokyo. It was formally agreed upon by Prime Minister Manmohan Singh and his Japanese counterpart Naoto Kan last year in October.
“India stands to gain significantly through this agreement and 90 per cent of tariff lines are covered while Japan has covered 5 per cent more lines than India. The agreement has ensured that the sensitive sectors for India are fully protected. These include agriculture, fruits, spices, wheat, basmati rice, edible oils, wines and spirits and also certain categories of industrial products such as auto and auto parts,” said an official statement by the ministry of commerce and industry.
On a trade value basis, while Japan has agreed to 97 per cent tariff reduction in trade in goods, India has consented for 90 per cent duty abolition, according to the Embassy of Japan’s communiqué. The number of Japanese firms in India has doubled in last three years taking the total investments from Japan to India to more than 800 billion Yen, according to Japanese official data.
However, as a result of this deal companies from both countries such as Mitsubishi Religare Enterprises Ltd, Heavy Industries, Toshiba, Dai-Ichi, JSW, Hitachi, L&T, NTPC, Panasonic, Sony and Marubeni India Pvt would stand to gain.
Besides getting a liberal access to Japan’s $5 trillion economy, India would also now be able to access the Japanese pharmaceutical sector while imports of petrochemicals, chemicals, textile, readymade garments, cement and jewellery would be cheaper.
Japan has also agreed to give same treatment to the Indian generics in line with its domestic pharmaceutical industry.
On several farm products, forest items and marine products such as lumbers, shrimps and prawns, durian and asparagus, there would 3-6 per cent tariff reduction immediately after the agreement comes into force by April 1.
In other agriculture and marine commodities such as black tea, frozen octopus, capsicum, curry and sweet corn, Chinese yam, peach and strawberries, tariffs would be gradually reduced in the next 7-10 years.
In industrial goods, elimination of duties in auto parts such as diesel engines and gear boxes would be done over a period of 10 years. Similarly, duties would be reduced by about 94 per cent in DVD players, video cameras and steel sheets, plates and alloys within the next 5-10 years.
“As the majority of Japan’s non-agricultural tariff lines will see immediate duty elimination for exports from India, with a strategic approach, India can significantly improve its share in Japan’s total imports from the existing low level of 0.7 per cent. India also stands to benefit in services,” highlighted Secretary General, Federation of Indian Chambers of Commerce and Industry (FICCI), Amit Mitra. As part of the trade in services, both countries would soon be establishing a social-security agreement, specifically for Indian qualified nurses and Japanese certified care-workers. This agreement is expected to be signed by 2014, the consultations for which have already begun this year in January.
Under Cepa, Japan has also agreed to provide liberalised access for Indian professionals and service providers such as chefs, nurses, English language teachers, accountants, advertisers and tourist guides.
“The trade relationship between our two countries has been far below its true potential. We are certain that Cepa will lead to a quantum increase in bilateral trade and investment flows, by relaxing barriers to trade in goods, services and movement of natural persons, besides enhanced cooperation on protection of intellectual property,” said President, Confederation of Indian Industry (CII), Hari S Bhartia from Tokyo.
Both countries would be creating a sub-committee that would explore the feasibility of a Mutual Recognition Arrangement (MRAs) for certain specific sectors such as electrical products, telecommunications and radio equipment among others. The sub-committee would be meeting within three months from the implementation of Cepa.
India and Japan have also agreed to the creation of a joint revolving fund of $9 billion for kick-starting the ambitious 1483-km-long Delhi-Mumbai Industrial Corridor Project running through six states of Delhi, Uttar Pradesh, Haryana, Rajasthan, Gujarat and Maharashtra.
The India-Japan global partnership summit would also take place in Tokyo from September 5-7 to promote collaboration and increase investments between both the countries.
The deal was signed between Commerce and Industry Minister Anand Sharma and Japanese Foreign Minister Seiji Maehara in Tokyo. It was formally agreed upon by Prime Minister Manmohan Singh and his Japanese counterpart Naoto Kan last year in October.
“India stands to gain significantly through this agreement and 90 per cent of tariff lines are covered while Japan has covered 5 per cent more lines than India. The agreement has ensured that the sensitive sectors for India are fully protected. These include agriculture, fruits, spices, wheat, basmati rice, edible oils, wines and spirits and also certain categories of industrial products such as auto and auto parts,” said an official statement by the ministry of commerce and industry.
On a trade value basis, while Japan has agreed to 97 per cent tariff reduction in trade in goods, India has consented for 90 per cent duty abolition, according to the Embassy of Japan’s communiqué. The number of Japanese firms in India has doubled in last three years taking the total investments from Japan to India to more than 800 billion Yen, according to Japanese official data.
However, as a result of this deal companies from both countries such as Mitsubishi Religare Enterprises Ltd, Heavy Industries, Toshiba, Dai-Ichi, JSW, Hitachi, L&T, NTPC, Panasonic, Sony and Marubeni India Pvt would stand to gain.
Besides getting a liberal access to Japan’s $5 trillion economy, India would also now be able to access the Japanese pharmaceutical sector while imports of petrochemicals, chemicals, textile, readymade garments, cement and jewellery would be cheaper.
Japan has also agreed to give same treatment to the Indian generics in line with its domestic pharmaceutical industry.
On several farm products, forest items and marine products such as lumbers, shrimps and prawns, durian and asparagus, there would 3-6 per cent tariff reduction immediately after the agreement comes into force by April 1.
In other agriculture and marine commodities such as black tea, frozen octopus, capsicum, curry and sweet corn, Chinese yam, peach and strawberries, tariffs would be gradually reduced in the next 7-10 years.
In industrial goods, elimination of duties in auto parts such as diesel engines and gear boxes would be done over a period of 10 years. Similarly, duties would be reduced by about 94 per cent in DVD players, video cameras and steel sheets, plates and alloys within the next 5-10 years.
“As the majority of Japan’s non-agricultural tariff lines will see immediate duty elimination for exports from India, with a strategic approach, India can significantly improve its share in Japan’s total imports from the existing low level of 0.7 per cent. India also stands to benefit in services,” highlighted Secretary General, Federation of Indian Chambers of Commerce and Industry (FICCI), Amit Mitra. As part of the trade in services, both countries would soon be establishing a social-security agreement, specifically for Indian qualified nurses and Japanese certified care-workers. This agreement is expected to be signed by 2014, the consultations for which have already begun this year in January.
Under Cepa, Japan has also agreed to provide liberalised access for Indian professionals and service providers such as chefs, nurses, English language teachers, accountants, advertisers and tourist guides.
“The trade relationship between our two countries has been far below its true potential. We are certain that Cepa will lead to a quantum increase in bilateral trade and investment flows, by relaxing barriers to trade in goods, services and movement of natural persons, besides enhanced cooperation on protection of intellectual property,” said President, Confederation of Indian Industry (CII), Hari S Bhartia from Tokyo.
Both countries would be creating a sub-committee that would explore the feasibility of a Mutual Recognition Arrangement (MRAs) for certain specific sectors such as electrical products, telecommunications and radio equipment among others. The sub-committee would be meeting within three months from the implementation of Cepa.
India and Japan have also agreed to the creation of a joint revolving fund of $9 billion for kick-starting the ambitious 1483-km-long Delhi-Mumbai Industrial Corridor Project running through six states of Delhi, Uttar Pradesh, Haryana, Rajasthan, Gujarat and Maharashtra.
The India-Japan global partnership summit would also take place in Tokyo from September 5-7 to promote collaboration and increase investments between both the countries.
Indian-origin doctor Srinivasan Madhusudan given UK honour
New Delhi: Srinivasan Madhusudan, a doctor of Indian-origin, has received the Goulstonian lectureship for 2011 by the Royal College of Physicians, London. The lecturership, which dates back to 1635, is one of the most prestigious ones, and considered as the highest honour that can be awarded for academic excellence.
Dr Madhusudan received his Bachelor of Medicine and Bachelor of Surgery (MBBS) from Dr MGR Medical University, Tamil Nadu, in 1994. He currently serves as the Clinical Associate Professor in Medical Oncology at the School of Molecular Medical Sciences and is a Consultant Medical Oncologist at Nottingham Cancer Centre .
Dr Madhusudan will deliver the lecture later in 2011. The lecture will be on his translational research targeting DNA base excision repair, an innovative approach for personalised cancer therapy.
Dr Madhusudan received his Bachelor of Medicine and Bachelor of Surgery (MBBS) from Dr MGR Medical University, Tamil Nadu, in 1994. He currently serves as the Clinical Associate Professor in Medical Oncology at the School of Molecular Medical Sciences and is a Consultant Medical Oncologist at Nottingham Cancer Centre .
Dr Madhusudan will deliver the lecture later in 2011. The lecture will be on his translational research targeting DNA base excision repair, an innovative approach for personalised cancer therapy.
Indian doctor awarded for community service
New York: Dr Shuvendu Sen, MD has recently received the 2011 Oscar Edwards E. Award from American College of Physicians (ACP) in North Carolina for outstanding contributions to Community. Presently, attending Physician of Internal Medicine at Betsy Johnson Hospital, North Carolina, Dr Sen has been instrumental in the implementation of a voluntary organization called Project Access in his County for the treatment of uninsured and low income population.
Sen was awarded at the Washington Inn, Duke University, North Carolina by the ACP Governor Byron Hoffman Jr, MD on Jan 28th,2011. He is currently serving as the Chief Editor of a medical text book titled Principles of Clinical Medicine, to be published in 2012.
Sen was awarded at the Washington Inn, Duke University, North Carolina by the ACP Governor Byron Hoffman Jr, MD on Jan 28th,2011. He is currently serving as the Chief Editor of a medical text book titled Principles of Clinical Medicine, to be published in 2012.
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