Success in my Habit
Friday, March 23, 2012
FDI inflows up 92% in January
New Delhi: India received $2 billion foreign direct investment in January 2012, registering a 92 per cent rise, compared to $1.04 billion a year ago. The cumulative inflows for the April 2011-January 2012 period stood at $26.19 billion, according to an official release. Sectors which received FDI inflows during the 10-month period this fiscal are: services ($4.83 billion), pharmaceuticals ($3.20 billion), telecommunication ($1.99 billion), construction ($2.23 billion), power ($1.56 billion) and metallurgical industries ($1.65 billion). Mauritius remain the top source of inflows ($8.91 billion), followed by Singapore ($4.30 billion), Japan ($2.75 billion), UK ($2.75 billion), Germany ($1.46 billion), the Netherlands ($1.16 billion) and Cyprus ($1.31 billion). FDI inflows into India totalled $19.42 billion in 2010-11 financial year, down from $25.83 billion in 2009-10.
Tuesday, March 20, 2012
Gujarat plans LNG terminal at Pipavav port
New Delhi: Gujarat plans to set up its fourth liquefied natural gas (LNG) terminal at the Pipavav port soon besides commissioning the 5-MT capacity greenfield LNG terminal at Mundra by 2015-16, the state's principal secretary for energy, DJ Pandian, said.
"We want one more LNG terminal at Pipavav port, which will have 2.5 MT to 5 MT capacity. Many companies have expressed interest in the project," Pandian told ET. The state already has terminals at Dahej and Hazira and a third one is coming up in Mundra.
"Companies like Torrent, BPCL and HPCL are interested in Pipavav project. The project would be launched soon," Pandian said.
He said many companies were interested in picking up 25% equity stake in Rs 3,500 crore Mundra LNG terminal project. "A strategic partner would be inducted by 2013," he said.
GSPC, owned by Gujarat government, wants to develop the project before inducting a new partner, a company official said. "We will invest Rs 60-100 crore in next 6-12 months before inducting a new partner," said the official who did not wish to be named. GSPC has 50% equity stake in the terminal and Adani group holds 25%. Essar group, which initially held 25% stake in the project, exited the venture.
The company plans to source gas from Australia and Egypt for the Mundra terminal. Pandian said Gujarat had emerged as LNG hub of the country and has appetite for new capacities.
Hazira and Dahej terminals have combine capacity of over 13 MT and there is a scope for two more terminals, he said.
The Saumitra Chaudhuri committee report estimates that the domestic gas output would reach to 199 million metric standard cubic meters per day (mmscmd) by 2016-17, but demand would outstrip supply.
"We want one more LNG terminal at Pipavav port, which will have 2.5 MT to 5 MT capacity. Many companies have expressed interest in the project," Pandian told ET. The state already has terminals at Dahej and Hazira and a third one is coming up in Mundra.
"Companies like Torrent, BPCL and HPCL are interested in Pipavav project. The project would be launched soon," Pandian said.
He said many companies were interested in picking up 25% equity stake in Rs 3,500 crore Mundra LNG terminal project. "A strategic partner would be inducted by 2013," he said.
GSPC, owned by Gujarat government, wants to develop the project before inducting a new partner, a company official said. "We will invest Rs 60-100 crore in next 6-12 months before inducting a new partner," said the official who did not wish to be named. GSPC has 50% equity stake in the terminal and Adani group holds 25%. Essar group, which initially held 25% stake in the project, exited the venture.
The company plans to source gas from Australia and Egypt for the Mundra terminal. Pandian said Gujarat had emerged as LNG hub of the country and has appetite for new capacities.
Hazira and Dahej terminals have combine capacity of over 13 MT and there is a scope for two more terminals, he said.
The Saumitra Chaudhuri committee report estimates that the domestic gas output would reach to 199 million metric standard cubic meters per day (mmscmd) by 2016-17, but demand would outstrip supply.
Tata Power is largest private power producer
Mumbai: Tata Power on Monday synchronised the second unit of its Maithon power project in Jharkhand. With this 525 megawatt (Mw) unit, the company has a total power generation capacity of 5,297 Mw, making it the country’s largest private sector power generating firm.
The Maithon project's first unit was commissioned in September 2011. It is a 74:26 joint venture between Tata Power and Damodar Valley Corporation. “The synchronisation of Maithon unit-2 today is a significant milestone. This development reaffirmed Tata Power's contribution as the largest integrated power company in India,” said Anil Sardana, managing director, Tata Power in a statement.
Ten days earlier, the company commissioned the first unit of India’s first ultra mega power project in Mundra, Gujarat.
The 800-Mw unit was synchronised in mid-January and achieved full load in late February. With Mundra and Maithon, Tata Power has a gross thermal power generating capacity of 4,447 Mw, and a clean generation capacity of 850 Mw from renewable sources. The company’s stock went down by three per cent in Monday’s trade, to close at around Rs 102 per share.
The company added 1,300 Mw in gross capacity this quarter. Lanco Infratech comes second in terms of capacity with private power sector companies, and has an operational capacity of 4,388 Mw and Adani Power has 3,330 Mw of capacity. Reliance Power which has plans to add 24,000 Mw of capacity, plans to bring their capacity to 5,000 Mw, by December this year.
The Maithon project's first unit was commissioned in September 2011. It is a 74:26 joint venture between Tata Power and Damodar Valley Corporation. “The synchronisation of Maithon unit-2 today is a significant milestone. This development reaffirmed Tata Power's contribution as the largest integrated power company in India,” said Anil Sardana, managing director, Tata Power in a statement.
Ten days earlier, the company commissioned the first unit of India’s first ultra mega power project in Mundra, Gujarat.
The 800-Mw unit was synchronised in mid-January and achieved full load in late February. With Mundra and Maithon, Tata Power has a gross thermal power generating capacity of 4,447 Mw, and a clean generation capacity of 850 Mw from renewable sources. The company’s stock went down by three per cent in Monday’s trade, to close at around Rs 102 per share.
The company added 1,300 Mw in gross capacity this quarter. Lanco Infratech comes second in terms of capacity with private power sector companies, and has an operational capacity of 4,388 Mw and Adani Power has 3,330 Mw of capacity. Reliance Power which has plans to add 24,000 Mw of capacity, plans to bring their capacity to 5,000 Mw, by December this year.
India's web economy to touch Rs 11L cr by 2016: Study
Mumbai: The Indian internet economy is projected to touch Rs 10.8 trillion by 2016, according to a report in the The Boston Consulting Group’s Connected World Series study.
Indian internet economy that contributed Rs 3.2 trillion to the overall economy in 2010 represents 4.1 per cent of the gross domestic product.
The report ‘The $4.2 trillion Opportunity: The Internet Economy in G-20’, further notes that if the internet were a sector, it would be the eighth largest in India.
It is driven especially by exports of information technology services — net exports make up 59 per cent of the Indian Internet economy, while consumption is only 20 per cent.
“Consumption is the principal driver of internet GDP in most countries, typically representing more than 50 per cent of the total in 2010. It will remain the largest single driver through 2016. China and India stand out for their enormous internet related exports — China in goods, India in services — which propel their internet-economy rankings toward the top of the chart,” said Arvind Subramanian, a Mumbai-based BCG partner.
He said, “In emerging countries like India, social media is fast becoming the internet medium and mobile the access medium of choice.
India’s internet economy growth rate of 23 per cent makes it the second fastest across the G-20 countries and ahead of many other developing nations in the G-20, which are growing at an average of 17.8 per cent. Projected growth rates elsewhere are: 24.3 per cent in Argentina, 18.3 per cent in Russia and 15.6 per cent in Mexico. In 2010, developed markets contributed 76 per cent of the G-20's internet economy; by 2016 that will fall to 66 per cent.
In 2010, the share of online retail out of the overall retail in India was only 0.9 per cent. It is projected to reach 4.5 per cent by 2016. What's more, the internet influences only an additional 0.8 per cent of total retail from connected consumers researching online and purchasing offline ('ROPO'). These numbers compare to 3.1 per cent for online sales and 4 per cent for ROPO in Brazil, 1.7 per cent and 4.8 per cent in Russia, and 5 per cent and 9.6 per cent in the US.
The report also highlights how internet has become an integral part of consumers’ everyday life. When the report asked the surveyed base how much they would have to be paid to live without internet access, Indian respondents said an average of Rs 21,436 per year, or 2.8 times what they pay for access and services. When asked whether they would forgo to take showers for a year in order to keep internet access, 36 per cent of Indian online consumers said they would; 64 per cent said they would forgo chocolate; 63 per cent coffee; and 70 per cent would give up alcohol.
The report further stated that the internet economy in developed markets of the G-20 will grow at an annual rate of 8 per cent over the next five years, far outpacing just about every traditional economic sector, producing both wealth and jobs. The contribution to GDP will rise to 5.7 per cent in the EU and 5.3 per cent for the G-20. Growth rates will be more than twice as fast — an average annual rate of 18 per cent — in developing markets, some of which are banking on digital future with big investments in broadband infrastructure. The economy by 2016 will also employ 32 million more people than it does today.
In 2010, the internet economy in the UK accounted for the highest percentage of national GDP, followed by South Korea (7.3 per cent) and China (5.5 per cent). In each of these three countries, the internet economy would rank among the top six industry sectors. At 4.7 per cent, the 2010 share of US GDP contributed by the internet was about the same as the share contributed by the federal government — and ranked slightly ahead of the developed markets' average share of 4.3 per cent.
Indian internet economy that contributed Rs 3.2 trillion to the overall economy in 2010 represents 4.1 per cent of the gross domestic product.
The report ‘The $4.2 trillion Opportunity: The Internet Economy in G-20’, further notes that if the internet were a sector, it would be the eighth largest in India.
It is driven especially by exports of information technology services — net exports make up 59 per cent of the Indian Internet economy, while consumption is only 20 per cent.
“Consumption is the principal driver of internet GDP in most countries, typically representing more than 50 per cent of the total in 2010. It will remain the largest single driver through 2016. China and India stand out for their enormous internet related exports — China in goods, India in services — which propel their internet-economy rankings toward the top of the chart,” said Arvind Subramanian, a Mumbai-based BCG partner.
He said, “In emerging countries like India, social media is fast becoming the internet medium and mobile the access medium of choice.
India’s internet economy growth rate of 23 per cent makes it the second fastest across the G-20 countries and ahead of many other developing nations in the G-20, which are growing at an average of 17.8 per cent. Projected growth rates elsewhere are: 24.3 per cent in Argentina, 18.3 per cent in Russia and 15.6 per cent in Mexico. In 2010, developed markets contributed 76 per cent of the G-20's internet economy; by 2016 that will fall to 66 per cent.
In 2010, the share of online retail out of the overall retail in India was only 0.9 per cent. It is projected to reach 4.5 per cent by 2016. What's more, the internet influences only an additional 0.8 per cent of total retail from connected consumers researching online and purchasing offline ('ROPO'). These numbers compare to 3.1 per cent for online sales and 4 per cent for ROPO in Brazil, 1.7 per cent and 4.8 per cent in Russia, and 5 per cent and 9.6 per cent in the US.
The report also highlights how internet has become an integral part of consumers’ everyday life. When the report asked the surveyed base how much they would have to be paid to live without internet access, Indian respondents said an average of Rs 21,436 per year, or 2.8 times what they pay for access and services. When asked whether they would forgo to take showers for a year in order to keep internet access, 36 per cent of Indian online consumers said they would; 64 per cent said they would forgo chocolate; 63 per cent coffee; and 70 per cent would give up alcohol.
The report further stated that the internet economy in developed markets of the G-20 will grow at an annual rate of 8 per cent over the next five years, far outpacing just about every traditional economic sector, producing both wealth and jobs. The contribution to GDP will rise to 5.7 per cent in the EU and 5.3 per cent for the G-20. Growth rates will be more than twice as fast — an average annual rate of 18 per cent — in developing markets, some of which are banking on digital future with big investments in broadband infrastructure. The economy by 2016 will also employ 32 million more people than it does today.
In 2010, the internet economy in the UK accounted for the highest percentage of national GDP, followed by South Korea (7.3 per cent) and China (5.5 per cent). In each of these three countries, the internet economy would rank among the top six industry sectors. At 4.7 per cent, the 2010 share of US GDP contributed by the internet was about the same as the share contributed by the federal government — and ranked slightly ahead of the developed markets' average share of 4.3 per cent.
Turkey to double flights from India
Hyderabad: Turkey seeks to double flights from India, besides opening four more connecting points. The other destinations it is looking at are Hyderabad, Chennai, Kolkata and Bangalore. At present, Turkish Airlines operates daily flights from Mumbai and New Delhi to Istanbul.
“We have sought permissions from the Indian Government to double this number and expand to other destinations,” Dr Burak Akcapar, Turkish Ambassador to India, said.
Free Trade Agreement
Referred to as the ‘sick man of Europe', Turkey has now emerged as the 16th largest economy in the world. After signing Free Trade Agreements (FTAs) with 21 countries, Turkey now wants to sign one with India.
“Last year, the bilateral trade volume was just about $7 billion. This is nowhere near the full potential. We expect it to grow to $20 billion in the next few years,” Dr Akcapar said.
India's share was put at $5.9 billion in the bilateral trade.
“The basket is very small,vis-à-visits potential. We can expand the scope to textile equipment, chemicals, electronics, electrical appliances and kitchenware. There is scope for increase in trade from both sides,” he said.
The Ambassador was here to attend a road show by TUSCON (Confederation of Businessmen and Industrialists of Turkey) to promote the upcoming Turkey World Trade Bridge in June.
“India and Turkey have completed a joint study on the FTA. We are yet to sign it. This will pave way for signing the FTA. We are awaiting the Indian side's time for signing the study. Businessmen from both sides are eagerly waiting to tap the potential,” he said.
Consulates
Turkey would open a Consulate in Hyderabad soon. “We have received permission to open consulates in Chennai and Hyderabad. But before establishing consulates, we will appoint honorary consuls,” the Ambassador said.
“We have sought permissions from the Indian Government to double this number and expand to other destinations,” Dr Burak Akcapar, Turkish Ambassador to India, said.
Free Trade Agreement
Referred to as the ‘sick man of Europe', Turkey has now emerged as the 16th largest economy in the world. After signing Free Trade Agreements (FTAs) with 21 countries, Turkey now wants to sign one with India.
“Last year, the bilateral trade volume was just about $7 billion. This is nowhere near the full potential. We expect it to grow to $20 billion in the next few years,” Dr Akcapar said.
India's share was put at $5.9 billion in the bilateral trade.
“The basket is very small,vis-à-visits potential. We can expand the scope to textile equipment, chemicals, electronics, electrical appliances and kitchenware. There is scope for increase in trade from both sides,” he said.
The Ambassador was here to attend a road show by TUSCON (Confederation of Businessmen and Industrialists of Turkey) to promote the upcoming Turkey World Trade Bridge in June.
“India and Turkey have completed a joint study on the FTA. We are yet to sign it. This will pave way for signing the FTA. We are awaiting the Indian side's time for signing the study. Businessmen from both sides are eagerly waiting to tap the potential,” he said.
Consulates
Turkey would open a Consulate in Hyderabad soon. “We have received permission to open consulates in Chennai and Hyderabad. But before establishing consulates, we will appoint honorary consuls,” the Ambassador said.
Foreign venture capital investors get to dabble in securities via secondary market
Mumbai: Reserve Bank of India has allowed foreign venture capital investors to invest in securities through the secondary market and also through private arrangements or purchase from a third party.
The move is expected to bring several venture capital investors to India's debt and equities market, legal experts said.
"It has been decided to allow foreign venture capital investors (FVCI) to invest in eligible securities (equity, equity-linked instruments, debt and debt instruments, debentures of a domestic venture capital undertaking or VC funds, units of schemes/funds set up by a VC fund) by way of private arrangements or purchase from a third party also," a circular issued by the central bank said.
Till now, there was no clarity on whether registered foreign venture funds could buy securities from the secondary markets using the FVCI route.
While there was no specific restriction under the FVCI Regulations issued by capital markets regulator, the Securities Exchange Board of India, or Sebi, certain custodians did not permit their FVCI clients to purchase shares. The RBI notification has clarified that FVCIs can invest in securities of investee companies "by way of a private arrangement or purchase from a third party".
"FVCI registered entities now have a greater investment horizon as they will be able purchase shares of venture capital undertakings from existing investors, including angel investors, venture capital and private equity funds, under the FVCI route," said Vikram Shroff of law firm Nishith Desai Associates.
The move is expected to bring several venture capital investors to India's debt and equities market, legal experts said.
"It has been decided to allow foreign venture capital investors (FVCI) to invest in eligible securities (equity, equity-linked instruments, debt and debt instruments, debentures of a domestic venture capital undertaking or VC funds, units of schemes/funds set up by a VC fund) by way of private arrangements or purchase from a third party also," a circular issued by the central bank said.
Till now, there was no clarity on whether registered foreign venture funds could buy securities from the secondary markets using the FVCI route.
While there was no specific restriction under the FVCI Regulations issued by capital markets regulator, the Securities Exchange Board of India, or Sebi, certain custodians did not permit their FVCI clients to purchase shares. The RBI notification has clarified that FVCIs can invest in securities of investee companies "by way of a private arrangement or purchase from a third party".
"FVCI registered entities now have a greater investment horizon as they will be able purchase shares of venture capital undertakings from existing investors, including angel investors, venture capital and private equity funds, under the FVCI route," said Vikram Shroff of law firm Nishith Desai Associates.
Union Budget 2012-13
The Union Budget for 2012-13 has been announced by Mr Pranab Mukherjee, the Union Finance Minister, in Parliament on March 16, 2012.
Highlights of Union Budget 2012-13
Overview of the Economy
GDP is estimated to grow by 6.9 per cent in 2011-12
Indian economy is expected to grow at 9 per cent with an outside band of +/- 0.25 per cent in 2011-12
Developments in India's external trade in the first half of current year have been encouraging. Diversification in export and import market achieved
Investment Environment
Efforts to arrive at a broadbased consensus in consultation with the State Governments in respect of decision to allow FDI in multi-brand retail upto 51 per cent
Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 per cent to new retail investors, who invest upto Rs 50,000 (US$ 995.39) directly in equities and whose annual income is below Rs 1,000,000 (US$ 19,892) to be introduced. The scheme will have a lock-in period of 3 years
Various steps proposed to be taken for deepening the reforms in the Capital markets, including simplifying process of IPOs, allowing QFIs to access Indian Bond Market etc.
To protect the financial health of Public Sector Banks and Financial Institutions, Rs 15,888 crore (US$ 3.15 billion) proposed to be provided for capitalisation. Possibility of creating a financial holding company to raise resources to meet the capital requirements of PSU Banks under examination
A central "Know Your Customer" depository to be developed in 2012-13 to avoid multiplicity of registration and data upkeep
Agriculture
Plan Outlay for Department of Agriculture and Co-operation increased by 18 per cent
Outlay for Rashtriya Krishi Vikas Yojana (RKVY) increased to Rs 9,217 crore (US$ 1.83 billion) in 2012-13
Education
6,000 schools proposed to be set up at block level as model schools in Twelfth Plan
Rs 3,124 crore (US$ 622 million) provided for Rashtriya Madhyamik Shiksha Abhiyan (RMSA) representing an increase of 29 per cent over BE 2011-12
To ensure better flow of credit to students, a Credit Guarantee Fund proposed to be set up
Health
Allocation for NRHM proposed to be increased from Rs 18,115 crore (US$ 3.61 billion) in 2011-12 to Rs 20,822 crore (US$ 4.15 billion) in 2012-13
National Urban Health Mission is being launched
Housing Sector
Various proposals to address the shortage of housing for low income groups in major cities and towns including allowing ECB for low cost housing projects and setting up of a credit guarantee trust fund etc
Infrastructure and Industry
During Twelfth Plan period, investment in infrastructure to go up to Rs 5,000,000 crore (US$ 996.02 billion) with half of this, expected from private sector
More sectors added as eligible sectors for Viability Gap Funding under the scheme "Support to PPP in infrastructure"
Government has approved guidelines for establishing joint venture companies by defence PSUs in PPP mode
First Infrastructure Debt Fund with an initial size of Rs 8,000 crore (US$ 1.59 billion) launched earlier this month
National Manufacturing Policy
National Manufacturing Policy announced with the objective of raising, within a decade, the share of manufacturing in GDP to 25 per cent and creating of 100 million jobs
Skill Development
Projects approved by National Skill Development Corporation expected to train 62 million persons at the end of 10 years
Rs 1,000 crore (US$ 199.02 million) allocated for National Skill Development Fund in 2012-13
Budget Estimates
Gross Tax Receipts estimated at Rs 1,077,612 crore (US$ 214.66 billion)
Net Tax to Centre estimated at Rs 771,071 crore (US$ 153.60 billion)
Non-tax Revenue Receipts estimated at Rs 1,64,614 crore (US$ 32.79 billion)
Highlights of Union Budget 2012-13
Overview of the Economy
GDP is estimated to grow by 6.9 per cent in 2011-12
Indian economy is expected to grow at 9 per cent with an outside band of +/- 0.25 per cent in 2011-12
Developments in India's external trade in the first half of current year have been encouraging. Diversification in export and import market achieved
Investment Environment
Efforts to arrive at a broadbased consensus in consultation with the State Governments in respect of decision to allow FDI in multi-brand retail upto 51 per cent
Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 per cent to new retail investors, who invest upto Rs 50,000 (US$ 995.39) directly in equities and whose annual income is below Rs 1,000,000 (US$ 19,892) to be introduced. The scheme will have a lock-in period of 3 years
Various steps proposed to be taken for deepening the reforms in the Capital markets, including simplifying process of IPOs, allowing QFIs to access Indian Bond Market etc.
To protect the financial health of Public Sector Banks and Financial Institutions, Rs 15,888 crore (US$ 3.15 billion) proposed to be provided for capitalisation. Possibility of creating a financial holding company to raise resources to meet the capital requirements of PSU Banks under examination
A central "Know Your Customer" depository to be developed in 2012-13 to avoid multiplicity of registration and data upkeep
Agriculture
Plan Outlay for Department of Agriculture and Co-operation increased by 18 per cent
Outlay for Rashtriya Krishi Vikas Yojana (RKVY) increased to Rs 9,217 crore (US$ 1.83 billion) in 2012-13
Education
6,000 schools proposed to be set up at block level as model schools in Twelfth Plan
Rs 3,124 crore (US$ 622 million) provided for Rashtriya Madhyamik Shiksha Abhiyan (RMSA) representing an increase of 29 per cent over BE 2011-12
To ensure better flow of credit to students, a Credit Guarantee Fund proposed to be set up
Health
Allocation for NRHM proposed to be increased from Rs 18,115 crore (US$ 3.61 billion) in 2011-12 to Rs 20,822 crore (US$ 4.15 billion) in 2012-13
National Urban Health Mission is being launched
Housing Sector
Various proposals to address the shortage of housing for low income groups in major cities and towns including allowing ECB for low cost housing projects and setting up of a credit guarantee trust fund etc
Infrastructure and Industry
During Twelfth Plan period, investment in infrastructure to go up to Rs 5,000,000 crore (US$ 996.02 billion) with half of this, expected from private sector
More sectors added as eligible sectors for Viability Gap Funding under the scheme "Support to PPP in infrastructure"
Government has approved guidelines for establishing joint venture companies by defence PSUs in PPP mode
First Infrastructure Debt Fund with an initial size of Rs 8,000 crore (US$ 1.59 billion) launched earlier this month
National Manufacturing Policy
National Manufacturing Policy announced with the objective of raising, within a decade, the share of manufacturing in GDP to 25 per cent and creating of 100 million jobs
Skill Development
Projects approved by National Skill Development Corporation expected to train 62 million persons at the end of 10 years
Rs 1,000 crore (US$ 199.02 million) allocated for National Skill Development Fund in 2012-13
Budget Estimates
Gross Tax Receipts estimated at Rs 1,077,612 crore (US$ 214.66 billion)
Net Tax to Centre estimated at Rs 771,071 crore (US$ 153.60 billion)
Non-tax Revenue Receipts estimated at Rs 1,64,614 crore (US$ 32.79 billion)
Tata Steel, Wipro among world's most ethical firms
Mumbai: Tata Steel and Wipro have been named among the world's most ethical companies by an American think tank, Ethisphere Institute.
The Ethisphere Institute's annual World's Most Ethical Companies (WME) list revealed that 145 companies in countries including the US, Great Britain, Japan, Portugal and India stood out for setting high standards of employee behaviour and conduct.
Ethisphere evaluated about 5,000 global companies, including those in Standard & Poor's 500 index on reputation, corporate citizenship, culture and other qualities.
Ethisphere's annual list of the WME recognises companies that truly go beyond making statements and conduct business ethically by translating words into actions.
Mr H.M. Nerurkar, Managing Director, Tata Steel, said ethical business principles and practices have been the key differentiators of Tata Group and Tata Steel since inception.
In 1998, the Tata Group developed its first Code of Conduct, which was articulation of its values and business principles followed by its employees since the inception of the group and the company, Tata Steel said in a press release.
The process for implementation of Tata Code of Conduct in the company involves engagement with different global partners of the company including Corus, NatSteel and other companies. The revised version of the Code, Global Tata Code of Conduct, was launched by the Group's Chairman in 2008, it said.
The research-based Ethisphere Institute is a leading international think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability.
The Ethisphere Institute's annual World's Most Ethical Companies (WME) list revealed that 145 companies in countries including the US, Great Britain, Japan, Portugal and India stood out for setting high standards of employee behaviour and conduct.
Ethisphere evaluated about 5,000 global companies, including those in Standard & Poor's 500 index on reputation, corporate citizenship, culture and other qualities.
Ethisphere's annual list of the WME recognises companies that truly go beyond making statements and conduct business ethically by translating words into actions.
Mr H.M. Nerurkar, Managing Director, Tata Steel, said ethical business principles and practices have been the key differentiators of Tata Group and Tata Steel since inception.
In 1998, the Tata Group developed its first Code of Conduct, which was articulation of its values and business principles followed by its employees since the inception of the group and the company, Tata Steel said in a press release.
The process for implementation of Tata Code of Conduct in the company involves engagement with different global partners of the company including Corus, NatSteel and other companies. The revised version of the Code, Global Tata Code of Conduct, was launched by the Group's Chairman in 2008, it said.
The research-based Ethisphere Institute is a leading international think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability.
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