All India Coordinated Research Project on Post-harvest Technology (ICAR) conducted a study at National level and printed the report in September, 2012. As per the study, estimated monetary value of harvest, post-harvest losses of horticultural, agricultural and livestock produce, in the country was Rs. 44143 crore at price and production value for the year 2007 - 08.
In order to increase Foreign Direct Investment (FDI) in cold storage sector, Government has permitted 100% FDI under automatic route as per the extant FDI policy. This policy mandates minimum investment of US$ 100 million with at least 50% of total FDI being invested in 'back-end infrastructure' within three years of the first tranche of FDI, where 'back-end infrastructure' will include capital expenditure on all activities, excluding that on front-end units.
The Government is implementing following schemes which have components for increasing cold storage capacity aimed at checking wastage of horticulture and agriculture produce:
National Horticulture Mission.
Horticulture Mission for North East and Himalayan States.
National Horticulture Board.
Scheme of Ministry of Food Processing Industries.
Scheme of Agricultural Processed Food Products Export Development Authority.
National Cooperative Development Corporation.
Further, Government has included capital investment in creation of modern storage capacity including cold chains and post-harvest storage as an eligible sector for viability gap funding under "support to public private partnership in Infrastructure scheme".
This information was given by Shri Tariq Anwar, Minister of State for Agriculture and Food Processing Industries in written reply to a question in the Lok Sabha today.
Success in my Habit
Thursday, November 29, 2012
Tuesday, November 27, 2012
Dubai-based Jumeirah inks maiden India luxury hotel management deal
Mumbai: Jumeirah Group, the global hospitality company and a member of Dubai Holding, has forayed into India with its maiden management agreement to operate a luxury hotel at Lower Parel in central Mumbai. The hotel is part of a major new development in the Lower Parel district of the city and is expected to open in 2017, the Dubai-based company said in a release.
The agreement represents the first phase of Jumeirah Group's expansion into India. It is currently in advanced negotiations on potential projects for hotels and resorts in other key destinations in India, Jumeirah said.
The first property will consist of 470 spacious rooms, suites and serviced apartments, along with wide range of restaurants and bars. "We will unveil the name of the hotel and further details about the Mumbai project at the next stage of the property's development in mid-2013," said a company spokesperson.
"The demand for five-star hotels in the Indian market has been robust and we are delighted to have initiated the first phase of our expansion into India with this landmark project in Mumbai," said Gerald Lawless, president and group CEO of Jumeirah Group.
The group currently operates 20 luxury hotels and serviced apartments, including 10 in the UAE, seven in Europe, two in the Maldives and one in China. A further 15 hotels are also under development.
The agreement represents the first phase of Jumeirah Group's expansion into India. It is currently in advanced negotiations on potential projects for hotels and resorts in other key destinations in India, Jumeirah said.
The first property will consist of 470 spacious rooms, suites and serviced apartments, along with wide range of restaurants and bars. "We will unveil the name of the hotel and further details about the Mumbai project at the next stage of the property's development in mid-2013," said a company spokesperson.
"The demand for five-star hotels in the Indian market has been robust and we are delighted to have initiated the first phase of our expansion into India with this landmark project in Mumbai," said Gerald Lawless, president and group CEO of Jumeirah Group.
The group currently operates 20 luxury hotels and serviced apartments, including 10 in the UAE, seven in Europe, two in the Maldives and one in China. A further 15 hotels are also under development.
GlaxoSmithKline to invest Rs 5,215cr in Indian arm
Mumbai: British drug giant GlaxoSmithKline (GSK) will invest around Rs 5,215 crore ($941 million) to increase stake in its Indian consumer healthcare subsidiary, GlaxoSmithKline Consumer Healthcare (GSKCH), to 75% through a voluntary open offer.
This is among the largest MNC share buybacks in the recent past, and also signals GSK's bullish sentiments in a key growth market. Swiss engineering giant ABB had showed up with a $965-million buyback offer two years ago in another instance of an MNC parent boosting its economic interest in the India unit.
GSK, which currently holds 43.2% in GlaxoSmithKline Consumer Healthcare (GSKCH), will pick up 31.8% of the total outstanding shares of the publicly listed Indian company at a price of Rs 3,900 per share. This represents a premium of approximately 28% to the NSE closing share price on Friday and 22% to the 12-month high on the Bombay Stock Exchange.
The announcement sent the GSKCH stock to a record high of Rs 3,652 on the BSE on Monday, up 20% or Rs 609 over the previous close of Rs 3,043.
"GSK Consumer Healthcare is a well established business in India and its leading product, Horlicks, is an iconic household brand. This transaction represents a further step in GSK's strategy to invest in the world's fastest growing markets and, we believe, offers a liquidity opportunity at an attractive premium for existing shareholders," David Redfern, chief strategy officer, GSK, said in a media release.
GSK's consumer healthcare business in India generated over Rs 2,800 crore (approximately £380 million at 2011 average exchange rates) turnover with 19% compound annual growth rate over the past five years. GSK had committed more than $2.5 billion earlier this year to buy back shares in its emerging market units.
"It reflects the confidence that the parent company has in emerging markets as well as in GSKCH, which is growing at a healthy rate. There is no doubt the parent would be looking at further entrenching itself in this market and could even launch more products from its stable going forward," said an analyst from an Indian brokerage.
Besides Horlicks and Boost, which are growing at a healthy pace, the company also manufactures and markets Viva and Maltova apart from other brands in diverse categories, such as Eno, Crocin, Iodex, BreatheRight and Sensodyne. GSKCH has a strong marketing and distribution network in India comprising over 600 distributors and a direct coverage of over 7.5 lakh retail outlets.
Among other multinationals operating in India, GSKCH was the only one where the parent holding was below 51%. Post the offer, GSKCH would change from being an associate company to a subsidiary of GSK.
This is among the largest MNC share buybacks in the recent past, and also signals GSK's bullish sentiments in a key growth market. Swiss engineering giant ABB had showed up with a $965-million buyback offer two years ago in another instance of an MNC parent boosting its economic interest in the India unit.
GSK, which currently holds 43.2% in GlaxoSmithKline Consumer Healthcare (GSKCH), will pick up 31.8% of the total outstanding shares of the publicly listed Indian company at a price of Rs 3,900 per share. This represents a premium of approximately 28% to the NSE closing share price on Friday and 22% to the 12-month high on the Bombay Stock Exchange.
The announcement sent the GSKCH stock to a record high of Rs 3,652 on the BSE on Monday, up 20% or Rs 609 over the previous close of Rs 3,043.
"GSK Consumer Healthcare is a well established business in India and its leading product, Horlicks, is an iconic household brand. This transaction represents a further step in GSK's strategy to invest in the world's fastest growing markets and, we believe, offers a liquidity opportunity at an attractive premium for existing shareholders," David Redfern, chief strategy officer, GSK, said in a media release.
GSK's consumer healthcare business in India generated over Rs 2,800 crore (approximately £380 million at 2011 average exchange rates) turnover with 19% compound annual growth rate over the past five years. GSK had committed more than $2.5 billion earlier this year to buy back shares in its emerging market units.
"It reflects the confidence that the parent company has in emerging markets as well as in GSKCH, which is growing at a healthy rate. There is no doubt the parent would be looking at further entrenching itself in this market and could even launch more products from its stable going forward," said an analyst from an Indian brokerage.
Besides Horlicks and Boost, which are growing at a healthy pace, the company also manufactures and markets Viva and Maltova apart from other brands in diverse categories, such as Eno, Crocin, Iodex, BreatheRight and Sensodyne. GSKCH has a strong marketing and distribution network in India comprising over 600 distributors and a direct coverage of over 7.5 lakh retail outlets.
Among other multinationals operating in India, GSKCH was the only one where the parent holding was below 51%. Post the offer, GSKCH would change from being an associate company to a subsidiary of GSK.
OVL to buy ConocoPhillips’ 8.4% in Kazakh field for $5 bn
New Delhi: In its biggest acquisition ever, ONGC Videsh Ltd (OVL) has agreed to invest around $5 billion to acquire ConocoPhillips’ 8.4 per cent stake in the Kashagan field off North Caspian Sea. The deal is expected to be closed during the first half of next calendar year.
Among OVL’s other large deals, it had acquired Imperial Energy in 2009 for $2.1 billion. The latest acquisition will help it offset the drop in production from Sudan and Syria which pulled its output down by more than seven per cent in 2011-12.
In a statement, the company said: “ONGC Videsh has finalised definitive agreements for acquisition of the 8.4 per cent participating interest (PI) of ConocoPhillips in the North Caspian Sea production-sharing agreement that includes Kashagan Field in Kazakhstan. The acquisition is subject to relevant government, regulatory approvals, priority rights and consortium pre-emption rights.”
NYSE-listed ConocoPhillips is the third-largest energy company in the US and the fifth-largest refiner in the world. In a statement on its website, it said “expected proceeds are approximately $5 billion, representing the purchase price plus expected working capital and customary adjustments at closing”.
“The proposed sale of its Kashagan interest is part of ConocoPhillips’ plan to increase value for shareholders through focused capital investments and a commitment to deliver growth in production and cash margins, improved returns on capital, and sector-leading shareholder distributions,” it added.
“The sale of this quality asset is an important component of our ongoing strategic asset disposition programme,” said Don Wallette, executive vice-president (commercial, business development and corporate planning), ConocoPhillips.
The acquisition would mark OVL’s entry into the largest oil-proven North Caspian Sea of Kazakhstan. The Kashagan field, located in the shallow waters of the Kazakh North Caspian Sea, is the world’s largest current development project. Kashagan’s consortium partners are Eni, Total, Shell, ExxonMobil and KazMunaiGaz — each with 16.81 per cent PI, while ConocoPhillips has 8.40 per cent and Inpex 7.56 per cent PI.
Among OVL’s other large deals, it had acquired Imperial Energy in 2009 for $2.1 billion. The latest acquisition will help it offset the drop in production from Sudan and Syria which pulled its output down by more than seven per cent in 2011-12.
In a statement, the company said: “ONGC Videsh has finalised definitive agreements for acquisition of the 8.4 per cent participating interest (PI) of ConocoPhillips in the North Caspian Sea production-sharing agreement that includes Kashagan Field in Kazakhstan. The acquisition is subject to relevant government, regulatory approvals, priority rights and consortium pre-emption rights.”
NYSE-listed ConocoPhillips is the third-largest energy company in the US and the fifth-largest refiner in the world. In a statement on its website, it said “expected proceeds are approximately $5 billion, representing the purchase price plus expected working capital and customary adjustments at closing”.
“The proposed sale of its Kashagan interest is part of ConocoPhillips’ plan to increase value for shareholders through focused capital investments and a commitment to deliver growth in production and cash margins, improved returns on capital, and sector-leading shareholder distributions,” it added.
“The sale of this quality asset is an important component of our ongoing strategic asset disposition programme,” said Don Wallette, executive vice-president (commercial, business development and corporate planning), ConocoPhillips.
The acquisition would mark OVL’s entry into the largest oil-proven North Caspian Sea of Kazakhstan. The Kashagan field, located in the shallow waters of the Kazakh North Caspian Sea, is the world’s largest current development project. Kashagan’s consortium partners are Eni, Total, Shell, ExxonMobil and KazMunaiGaz — each with 16.81 per cent PI, while ConocoPhillips has 8.40 per cent and Inpex 7.56 per cent PI.
$6-billion pacts: Reliance Energy, Lanco, NIIT and Ramky group ink agreements with Chinese companies
New Delhi: Indian firms, including Reliance Energy, Lanco Group, NIIT and Ramky group, on Monday inked agreements with Chinese firms for investment worth nearly $6 billion in India and China.
The investments showcase the attempts by the governments of Asia's two largest economies to intensify economic cooperation.
"We must aim at a magnitude and intensity of (economic) engagement appropriate for the world's two most populous nations," said Planning Commission deputy chairman Montek Singh Ahluwalia giving details of the deliberations as part of India-China strategic dialogue.
The agreements include a plan to develop a 2,500 MW renewable energy project envisaging an investment of $3 billion by Reliance Power and China's Ming Yang Wind Power Group.
NIIT and Province of Hainan will together set up an IT technology park in Hainan with an investment of $800 million.
China Development Bank will syndicate a $2 billion (over Rs 11,000 crore) loan for Lanco Infratech's two power projects, which will help the cash-strapped group.
These agreements are part of the business-2-business exchange included in the India-China strategic economic dialogue spearheaded by the Planning Commission and its Chinese counterpart National Development Reform Commission (NDRC).
The development comes in the backdrop of fresh security concerns over Chinese investments in certain strategic sectors such as telecom as well as tension over China showing some parts of India as its own in its maps.
Ahluwalia, however, said both sides discussed deepening of bilateral economic cooperation and security related issues did not figure.
"Security issues are relevant not just with Chinese investment but with that of all other countries. No specific issue regarding security was raised," he said.
The Chinese delegation was headed by NDRC chairman Zhang Ping and the visit is being considered significant in New Delhi as it comes soon after the change in guard in Beijing.
Ahluwalia said there was immense scope for cooperation between the two countries in infrastructure sector. He also pointed at the wide trade imbalance, tilted in favour of China, and said the Five-Year Plan will help address market access challenges. Both sides also signed MoUs to extend technical cooperation in Railways, Planning Commission and NDRC and Nasscom and China Software Industry Association.
The investments showcase the attempts by the governments of Asia's two largest economies to intensify economic cooperation.
"We must aim at a magnitude and intensity of (economic) engagement appropriate for the world's two most populous nations," said Planning Commission deputy chairman Montek Singh Ahluwalia giving details of the deliberations as part of India-China strategic dialogue.
The agreements include a plan to develop a 2,500 MW renewable energy project envisaging an investment of $3 billion by Reliance Power and China's Ming Yang Wind Power Group.
NIIT and Province of Hainan will together set up an IT technology park in Hainan with an investment of $800 million.
China Development Bank will syndicate a $2 billion (over Rs 11,000 crore) loan for Lanco Infratech's two power projects, which will help the cash-strapped group.
These agreements are part of the business-2-business exchange included in the India-China strategic economic dialogue spearheaded by the Planning Commission and its Chinese counterpart National Development Reform Commission (NDRC).
The development comes in the backdrop of fresh security concerns over Chinese investments in certain strategic sectors such as telecom as well as tension over China showing some parts of India as its own in its maps.
Ahluwalia, however, said both sides discussed deepening of bilateral economic cooperation and security related issues did not figure.
"Security issues are relevant not just with Chinese investment but with that of all other countries. No specific issue regarding security was raised," he said.
The Chinese delegation was headed by NDRC chairman Zhang Ping and the visit is being considered significant in New Delhi as it comes soon after the change in guard in Beijing.
Ahluwalia said there was immense scope for cooperation between the two countries in infrastructure sector. He also pointed at the wide trade imbalance, tilted in favour of China, and said the Five-Year Plan will help address market access challenges. Both sides also signed MoUs to extend technical cooperation in Railways, Planning Commission and NDRC and Nasscom and China Software Industry Association.
India and Sweden Sign Social Security Agreement
A social security agreement between India and Sweden was signed here today. The agreement was signed by Shri Vayalar Ravi, Union Minister of Overseas Indian Affairs from the Indian side and Mr. Ulf Kristersson, Minister for Social Security of Sweden from Swedish side. Speaking on the occasion, Shri Ravi said this agreement will help both the countries in more investment and work opportunities for nationals of India and Sweden. The Minister said this agreement will encourage more and more Indians to go to Sweden for employment opportunities. Mr. Kristersson said that 156 Swedish companies are operating in India and expressed the hope that this agreement will encourage Swedish people to come in large numbers to India. He said, India is the first Asian countries with which Sweden has signed this type of agreement.
The Social Security Agreement will enhance cooperation on social security between the two countries. The Agreement will provide following benefits to Indian nationals working in Sweden:
For short term contract up to two years, no social contribution would need to be paid under the Swedish law by the detached workers provided they continue to make social security payment in India.
The above benefits shall be available even when the Indian company sends its employees to Sweden from a third country.
Indian workers shall be entitled to the export of the social security benefit if they relocate to India after the completion of their service in Sweden.
The self-employed Indians in Sweden would also be entitled to export of social security benefit of their relocation to India.
The period of contribution in one contracting state will be added to the period of contribution in the second contracting state for determining the eligibility of social security benefits.
There are about 18,000 Overseas Indians in Sweden, most of whom are working as professional and self-employed. However, there is a huge potential for Indian workers to take employment in Sweden owing to the huge labour supply gap in the market. As such, a bilateral Social Security Agreement with Sweden is a significant requirement from the futuristic point of view to take advantage of the emerging employment opportunities and to strengthen the trade and investment between the two countries. India has singed similar agreements with Belgium, Germany, France, Switzerland, Netherlands, Luxembourg, Hungary, Denmark, Czech Republic, the Republic of Korea, Norway, Finland, Canada and Japan.
The Social Security Agreement will enhance cooperation on social security between the two countries. The Agreement will provide following benefits to Indian nationals working in Sweden:
For short term contract up to two years, no social contribution would need to be paid under the Swedish law by the detached workers provided they continue to make social security payment in India.
The above benefits shall be available even when the Indian company sends its employees to Sweden from a third country.
Indian workers shall be entitled to the export of the social security benefit if they relocate to India after the completion of their service in Sweden.
The self-employed Indians in Sweden would also be entitled to export of social security benefit of their relocation to India.
The period of contribution in one contracting state will be added to the period of contribution in the second contracting state for determining the eligibility of social security benefits.
There are about 18,000 Overseas Indians in Sweden, most of whom are working as professional and self-employed. However, there is a huge potential for Indian workers to take employment in Sweden owing to the huge labour supply gap in the market. As such, a bilateral Social Security Agreement with Sweden is a significant requirement from the futuristic point of view to take advantage of the emerging employment opportunities and to strengthen the trade and investment between the two countries. India has singed similar agreements with Belgium, Germany, France, Switzerland, Netherlands, Luxembourg, Hungary, Denmark, Czech Republic, the Republic of Korea, Norway, Finland, Canada and Japan.
Monday, November 26, 2012
UK’s CDC Group looks to invest $500 mn through private equity route in India
Bengaluru: The CDC Group , a wholly-owned development finance institution of the UK government’s Department for International Development, is looking to invest around $500 million in India through the private equity route.
The fund, which has had good exposure in India through the fund-of-funds ((FoF) route, would now be parallelly looking to invest directly in Indian businesses.
A spokesperson for the CDC Group said that they were looking to invest $1 billion over the next four-five years in India and the split would be more or less equally distributed between the FoF route and direct investments in Indian companies.
“We have hired a senior private equity professional, Srinivasan Nagarajan , as our regional director in India, who will come on board next year. He will be involved in direct investments into Indian companies and also continue the relationship with the investment community in India,” the spokesperson told Business Standard.
The move to hire Nagarajan comes a few months after CDC’s Asia Managing director Anubha Shrivastava quit the company during early August. Nagarajan, however, is not a replacement for Anubha Shrivastava and CDC is expected to fill that position at the earliest.
CDC’s direct thrust in the Indian private equity sector is part of its recently-announced strategy through which it would provide debt and direct investment to businesses as well as acting as an FoF investor. CDC has net assets of £2.6 billion and invests in developing countries in South Asia and Africa.
CDC currently has capital at work in 152 funds managed by 80 fund managers. Some of the prominent PE funds which are active in India are Actis, New Silk Route, Ascent Capital, Baring Private Equity Partners, India Value Fund Advisors and Multiples Investment Advisors, among others. The spokesperson added that they would continue to work with various private equity funds and would not be competing with them, with CDC possibly be co-investing in some cases as well.
The push into India’s private equity industry by CDC comes at a time when many Indian and global PE funds are struggling to find investments and even if they have found some, it is proving to be difficult to find good exits.
Sanjeev Krishan, leader, private equity, at Pricewaterhouse-Coopers India said the third quarter of 2012 was an important period in which the investor community felt both despair and hope. “Some positive-sounding policy announcements towards the end of the quarter hopefully lifted investor confidence. While that may not result in heightened deal activity in the near term, it may bring the focus back on growth and create enough opportunities for equity investors in the future.
The Shome Committee recommendations have also been positively received by the investor community, and should the government continue to walk the talk, investor interest in India is bound to revive," he said.
The fund, which has had good exposure in India through the fund-of-funds ((FoF) route, would now be parallelly looking to invest directly in Indian businesses.
A spokesperson for the CDC Group said that they were looking to invest $1 billion over the next four-five years in India and the split would be more or less equally distributed between the FoF route and direct investments in Indian companies.
“We have hired a senior private equity professional, Srinivasan Nagarajan , as our regional director in India, who will come on board next year. He will be involved in direct investments into Indian companies and also continue the relationship with the investment community in India,” the spokesperson told Business Standard.
The move to hire Nagarajan comes a few months after CDC’s Asia Managing director Anubha Shrivastava quit the company during early August. Nagarajan, however, is not a replacement for Anubha Shrivastava and CDC is expected to fill that position at the earliest.
CDC’s direct thrust in the Indian private equity sector is part of its recently-announced strategy through which it would provide debt and direct investment to businesses as well as acting as an FoF investor. CDC has net assets of £2.6 billion and invests in developing countries in South Asia and Africa.
CDC currently has capital at work in 152 funds managed by 80 fund managers. Some of the prominent PE funds which are active in India are Actis, New Silk Route, Ascent Capital, Baring Private Equity Partners, India Value Fund Advisors and Multiples Investment Advisors, among others. The spokesperson added that they would continue to work with various private equity funds and would not be competing with them, with CDC possibly be co-investing in some cases as well.
The push into India’s private equity industry by CDC comes at a time when many Indian and global PE funds are struggling to find investments and even if they have found some, it is proving to be difficult to find good exits.
Sanjeev Krishan, leader, private equity, at Pricewaterhouse-Coopers India said the third quarter of 2012 was an important period in which the investor community felt both despair and hope. “Some positive-sounding policy announcements towards the end of the quarter hopefully lifted investor confidence. While that may not result in heightened deal activity in the near term, it may bring the focus back on growth and create enough opportunities for equity investors in the future.
The Shome Committee recommendations have also been positively received by the investor community, and should the government continue to walk the talk, investor interest in India is bound to revive," he said.
ISRO Designing GEO Imaging Satellite
New Delhi: Indian Space Research Organisation (ISRO) is designing a satellite – GEO Imaging Satellite (GISAT), which will be placed in geostationary orbit of 36,000 km. GISAT will provide near real time pictures of large areas of the country, under cloud free conditions, at frequent intervals. That is, selected sector-wise imaging every 5 minutes and entire Indian landmass every 30 minutes at 50m spatial resolution.
GISAT will carry a GEO Imager with multi-spectral (visible, near infra-red and thermal), multi-resolution (50m to 1.5 km) imaging instruments. It will provide pictures of the area of interest on near real time basis including border areas.
The above information was given by the Minister of State in the Ministry Personnel, Public Grievances & Pensions and in the Prime Minister’s Office, Shri V. Narayanasamy to the Parliament.
GISAT will carry a GEO Imager with multi-spectral (visible, near infra-red and thermal), multi-resolution (50m to 1.5 km) imaging instruments. It will provide pictures of the area of interest on near real time basis including border areas.
The above information was given by the Minister of State in the Ministry Personnel, Public Grievances & Pensions and in the Prime Minister’s Office, Shri V. Narayanasamy to the Parliament.
'India to have 54,000 MW renewable energy capacity by end of 12th Plan'
New Delhi: India would take its new and renewable capacities to 54000 MW by 2017, the terminal year of the 12th Five-Year Plan, Gireesh B. Pardhan, Secretary of the Ministry of New and Renewable Energy, said on Saturday. Currently, the country has around 27,000 MW of renewable energy capacity.
India produced solar energy at an average tariff of Rs 18 a unit in 2009, which now stands at Rs 7.40 per unit, Pardhan said at an industry event organised by FICCI.
“This fall in tariff for solar energy witnessed in such a short period has encouraged policy makers to explore greater possibilities to harness solar energy at a faster pace,” he added.
At the same time, India is not in favour of a proposal for setting up of a SAARC Regional Grid to cement energy co-operation among the member nations.
The Secretary said these countries should strive to build blocs for bilateral cooperation with the adoption of a bottom-up approach rather than seeking to establish a SAARC regional grid which seemed impractical.
In July 2004, the SAARC endorsed the concept of an ‘Energy Ring’ of interconnected energy systems in the region.
Vikramjit Singh Sahney, President of the SAARC Chamber of Commerce and Industry, said the member nations should identify commodities of common interest and begin to enhance their trade for mutual benefit.
According to Sahney, the ongoing move on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline could be a model for public-private partnerships in mega infrastructure projects in the SAARC region.
India produced solar energy at an average tariff of Rs 18 a unit in 2009, which now stands at Rs 7.40 per unit, Pardhan said at an industry event organised by FICCI.
“This fall in tariff for solar energy witnessed in such a short period has encouraged policy makers to explore greater possibilities to harness solar energy at a faster pace,” he added.
At the same time, India is not in favour of a proposal for setting up of a SAARC Regional Grid to cement energy co-operation among the member nations.
The Secretary said these countries should strive to build blocs for bilateral cooperation with the adoption of a bottom-up approach rather than seeking to establish a SAARC regional grid which seemed impractical.
In July 2004, the SAARC endorsed the concept of an ‘Energy Ring’ of interconnected energy systems in the region.
Vikramjit Singh Sahney, President of the SAARC Chamber of Commerce and Industry, said the member nations should identify commodities of common interest and begin to enhance their trade for mutual benefit.
According to Sahney, the ongoing move on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline could be a model for public-private partnerships in mega infrastructure projects in the SAARC region.
'India to be 2nd largest manufacturing country'
New Delhi: India is expected to be the second largest economy in manufacturing in next five years, followed by Brazil as the third ranked country, consulting major Deloitte Touche Tohmatsu (Deloitte) has said. China will retain the numero uno position. “The competitiveness of each nation’s manufacturing innovation ecosystem will continue to be a focus area for policymakers, business leaders and much of society,” the 2013 Global Manufacturing Competitiveness Index report done by Deloitte said. It said the main reason will be the recent restrained growth in China, changes in the US, a dark cloud over much of the Euro Zone, trade wars in South America, an ongoing malaise in Japan and the percolating but elusive rise of India. “Brazil’s jump from eighth to third is the largest jump expected over the next five years. And, Vietnam moves into the top 10 as the tenth most competitive nation,” it said. According to the Deloitte’s report, five developed economy nations that were ranked in the top 10 as of this year were Germany (second), the US (third), South Korea (fifth), Canada (seventh) and Japan (tenth). Five emerging economy nations were also ranked in the top 10 including China (first), India (fourth), Taiwan (sixth), Brazil (eighth) and Singapore (ninth). The report included over 550 survey responses from Chief Executive Officers around the world collected throughout 2012.
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