Hyderabad: The pent-up demand for information technology products and solutions, geographical diversification, focus on niche service offerings will help drive the industry growth, Sanjay Dhawan, Leader Technology, PwC India, has said.
The increased technology adoption by the Indian Government would also boost prospects of domestic revenue growth. The industry is most likely to grow at around 11-12 per cent in the coming financial year, he said, commenting on the prospects for the industry in the New Year.
"Crossing the $100-billion revenue mark, with a growth rate of 4 per cent in 2011-12 was a milestone for the Indian IT-IT-enabled services industry. However, this year (2012-13) has been a contrast with the sector going through a challenging phase,” he commented.
This is due to the macro-economic scenario, turmoil in key markets (the US and the UK), currency volatility, domestic policy paralysis, lower spend on IT and long sales cycle impacted by slow decision-making at customer end, he observed.
“As a result, projects have slowed down in the last couple of quarters and have impacted the growth prospects of the sector. The industry is expected to close this financial year with about 9-10 per cent growth,” he said.
The industry is still expected to demonstrate resilience and present a positive outlook for the next year (2013-14). New technologies such as social media, cloud, mobility and analytics would drive the growth, he said.
Success in my Habit
Monday, December 31, 2012
India, Malaysia to jointly develop projects in third countries
New Delhi: India and Malaysia have reached an understanding to jointly work on infrastructure and housing projects in countries such as Sri Lanka, Bangladesh and Indonesia.
Indian Railway Construction Company Limited has already signed a memorandum of understanding with Malaysia’s Scomi Rail to undertake the proposed Colombo monorail project. A formal announcement on the tie-up is expected soon.
Scomi Rail has been shortlisted for developing the monorail project in Chennai. It would also bid for tenders recently floated for monorail projects in Delhi and Kerala.
In 2010, India’s GMR Group and Malaysia Airports Holdings Berhad had won a joint contract to operate the Ibrahim Nassir International Airport in Male for 25 years. Recently, the Maldives government had terminated the contract, citing irregularities in the selection procedure.
Malvinder Singh, co-chair, India-Malaysia CEO Forum, said, “The India-Malaysia CEO Forum was constituted about two years back to increase trade and investment between the two countries. We have identified six core areas of collaboration in sectors such as construction and infrastructure, education, healthcare, pharmaceuticals, biotechnology and information technology. We have also decided to jointly engage in such projects in third countries.”
The two countries were scouting for joint business opportunities in Association of Southeast Asian Nations countries and planned to explore the possibilities of developing infrastructure projects in Africa, Singh said.
Malaysian investment in India is estimated at about $7.8 billion, while Indian investment in the country stands at about $3 billion. In India, Malaysia has invested in the power, oil refineries, telecom and electrical equipment industries. Notable among its private sector alliances in India are Maxis Communications’ tie-up with Aircel, TM International’s with Spice Communications, Axiata’s with IDEA Cellular and Khazanah’s with IDFC. Malaysian companies have completed 52 construction projects worth about $2.34 billion in India. Currently, they are implementing another 35 projects.
Indian companies that have made major investments in Malaysia include Reliance Industries Limited, Ballarpur Industries, Larsen & Toubro and Wipro. Biocon India, Manipal University and Strides Arcolabs have announced fresh investments in Malaysia in the past six months.
In the January-September period, trade between India and Malaysia increased about seven per cent to $9.81 billion. Last financial year, it stood at $13.5 billion. However, while India’s exports to Malaysia rose from $2.58 billion in 2007-08 to $3.98 billion in 2011-12, imports from that country rose about 60 per cent to $9.56 billion. Consequently, India’s trade deficit with Malaysia widened to $ 5.58 billion last financial year.
Indian Railway Construction Company Limited has already signed a memorandum of understanding with Malaysia’s Scomi Rail to undertake the proposed Colombo monorail project. A formal announcement on the tie-up is expected soon.
Scomi Rail has been shortlisted for developing the monorail project in Chennai. It would also bid for tenders recently floated for monorail projects in Delhi and Kerala.
In 2010, India’s GMR Group and Malaysia Airports Holdings Berhad had won a joint contract to operate the Ibrahim Nassir International Airport in Male for 25 years. Recently, the Maldives government had terminated the contract, citing irregularities in the selection procedure.
Malvinder Singh, co-chair, India-Malaysia CEO Forum, said, “The India-Malaysia CEO Forum was constituted about two years back to increase trade and investment between the two countries. We have identified six core areas of collaboration in sectors such as construction and infrastructure, education, healthcare, pharmaceuticals, biotechnology and information technology. We have also decided to jointly engage in such projects in third countries.”
The two countries were scouting for joint business opportunities in Association of Southeast Asian Nations countries and planned to explore the possibilities of developing infrastructure projects in Africa, Singh said.
Malaysian investment in India is estimated at about $7.8 billion, while Indian investment in the country stands at about $3 billion. In India, Malaysia has invested in the power, oil refineries, telecom and electrical equipment industries. Notable among its private sector alliances in India are Maxis Communications’ tie-up with Aircel, TM International’s with Spice Communications, Axiata’s with IDEA Cellular and Khazanah’s with IDFC. Malaysian companies have completed 52 construction projects worth about $2.34 billion in India. Currently, they are implementing another 35 projects.
Indian companies that have made major investments in Malaysia include Reliance Industries Limited, Ballarpur Industries, Larsen & Toubro and Wipro. Biocon India, Manipal University and Strides Arcolabs have announced fresh investments in Malaysia in the past six months.
In the January-September period, trade between India and Malaysia increased about seven per cent to $9.81 billion. Last financial year, it stood at $13.5 billion. However, while India’s exports to Malaysia rose from $2.58 billion in 2007-08 to $3.98 billion in 2011-12, imports from that country rose about 60 per cent to $9.56 billion. Consequently, India’s trade deficit with Malaysia widened to $ 5.58 billion last financial year.
Uno Minda, Korean firm tie up to make automotive lamps
New Delhi: Auto components manufacturer Uno Minda of NK Minda Group and AMS Corporation of Korea on Wednesday said the companies are entering into a technical licence agreement for design, manufacture and sale of automotive lamps in India.
With this agreement, AMS would provide technical support for automotive lamps through conventional light sources and new technologies such as light-emitting diode sources, for four-wheeler manufacturers in India and Indonesia.
“Though a young company, AMS has exceptional in-house technologies. The expertise their engineers have gained in designing and manufacture of lamps for some of the major original equipment manufacturers (OEMs) in Korea is outstanding,” said N.K. Minda, Chairman and Managing Director.
AMS also has footprints in China, Uzbekistan, North America and South America.
With this partnership, Minda is also venturing into a new product line, in keeping with its diversification and consolidation approach to the Indian market, he said.
“India is a growing market for us and we are pleased to partner with Uno Minda to bring best practices to Indian OEMs and to explore and expand the markets within Asia,” said S.M. Park, President, AMS.
This is the second such agreement by Uno Minda.
The company earlier this month had entered into a joint venture with Japan based Nabtesco Automotive Corporation for designing, manufacture and sale of air brake products for commercial vehicles and clutch products for passenger vehicles.
With this agreement, AMS would provide technical support for automotive lamps through conventional light sources and new technologies such as light-emitting diode sources, for four-wheeler manufacturers in India and Indonesia.
“Though a young company, AMS has exceptional in-house technologies. The expertise their engineers have gained in designing and manufacture of lamps for some of the major original equipment manufacturers (OEMs) in Korea is outstanding,” said N.K. Minda, Chairman and Managing Director.
AMS also has footprints in China, Uzbekistan, North America and South America.
With this partnership, Minda is also venturing into a new product line, in keeping with its diversification and consolidation approach to the Indian market, he said.
“India is a growing market for us and we are pleased to partner with Uno Minda to bring best practices to Indian OEMs and to explore and expand the markets within Asia,” said S.M. Park, President, AMS.
This is the second such agreement by Uno Minda.
The company earlier this month had entered into a joint venture with Japan based Nabtesco Automotive Corporation for designing, manufacture and sale of air brake products for commercial vehicles and clutch products for passenger vehicles.
Tesco sets up sourcing arm to buy food from India
Mumbai: Tesco Plc has set up an Indian subsidiary to buy fresh and processed foods from the country for its global stores, in a move that could help the world's third largest retailer trim costs and develop local expertise before opening shops here.
"Fruits, marine, rice would be a few of the things we would be exploring," said a spokesperson at the UK retailer, which already buys around 7% of its international sourcing from India.
Tesco has been sourcing general merchandise and apparel from India since almost a decade through its international sourcing company's offices in Bengaluru and New Delhi that act like liaison centres.
This is the first instance of Tesco opening a sourcing arm in the country. The spokesperson said it will bring new opportunities for suppliers of food and other goods in India.
Tesco sets up sourcing arm to buy food from India
Industry experts say having a local company will help Tesco build back-end operations and negotiation clout among suppliers, which will be handy when it decides to enter the country's estimated $400-billion, or about Rs 22 lakh crore, retail market.
"The capabilities that they will develop on food will stand them on a good stead once they scale up their India operations," Abheek Singhi, partner and director at Boston Consulting Group, said.
BCG estimates that food is the largest consumption category in the country, accounting for 31% of total consumer spends.
Almost three weeks ago, Indian Parliament gave the goahead to foreign supermarkets to invest in India, paving the way for global companies such as Walmart, Carrefour and Tesco to operate retail stores in partnership with Indian companies.
Tesco in India has a franchisee agreement with Tata's retailing arm Trent Ltd to provide retail expertise and supplies for the latter's Star Bazaar hypermarket chain.
While India has for long allowed 100% overseas ownerships in wholesale companies that are only allowed to sell to retailers and businesses, Tesco hasn't opened any such store unlike its global rivals such as Walmart and Carrefour.
Tesco earlier this year said it plans to source products with a retail value of 370 million pounds (about .`3,270 crore) from India in the 12 months ending February 2013, up from 325 million pounds (about Rs 2,875 crore) in the previous year.
The new move comes at a time when Tesco is going slow on global expansion due to sluggish sales in the West, including its home market. Earlier this month, Tesco signalled it might exit its struggling supermarket in the United States, and that it had appointed advisors to "review" the future of its Fresh & Easy neighbourhood grocery store chain in that country.
The Indian market is one of its last bastions for growth. Earlier, this month ET had reported that Tesco chief executive Philip Clarke made a hushhush visit and met Tata Group chairman Ratan Tata and other Tata Group officials to set the ball rolling on the retailer's India plans.
International media reports suggest that Tesco has zeroed in on Mumbai and Bengaluru for its possible India debut.
"Fruits, marine, rice would be a few of the things we would be exploring," said a spokesperson at the UK retailer, which already buys around 7% of its international sourcing from India.
Tesco has been sourcing general merchandise and apparel from India since almost a decade through its international sourcing company's offices in Bengaluru and New Delhi that act like liaison centres.
This is the first instance of Tesco opening a sourcing arm in the country. The spokesperson said it will bring new opportunities for suppliers of food and other goods in India.
Tesco sets up sourcing arm to buy food from India
Industry experts say having a local company will help Tesco build back-end operations and negotiation clout among suppliers, which will be handy when it decides to enter the country's estimated $400-billion, or about Rs 22 lakh crore, retail market.
"The capabilities that they will develop on food will stand them on a good stead once they scale up their India operations," Abheek Singhi, partner and director at Boston Consulting Group, said.
BCG estimates that food is the largest consumption category in the country, accounting for 31% of total consumer spends.
Almost three weeks ago, Indian Parliament gave the goahead to foreign supermarkets to invest in India, paving the way for global companies such as Walmart, Carrefour and Tesco to operate retail stores in partnership with Indian companies.
Tesco in India has a franchisee agreement with Tata's retailing arm Trent Ltd to provide retail expertise and supplies for the latter's Star Bazaar hypermarket chain.
While India has for long allowed 100% overseas ownerships in wholesale companies that are only allowed to sell to retailers and businesses, Tesco hasn't opened any such store unlike its global rivals such as Walmart and Carrefour.
Tesco earlier this year said it plans to source products with a retail value of 370 million pounds (about .`3,270 crore) from India in the 12 months ending February 2013, up from 325 million pounds (about Rs 2,875 crore) in the previous year.
The new move comes at a time when Tesco is going slow on global expansion due to sluggish sales in the West, including its home market. Earlier this month, Tesco signalled it might exit its struggling supermarket in the United States, and that it had appointed advisors to "review" the future of its Fresh & Easy neighbourhood grocery store chain in that country.
The Indian market is one of its last bastions for growth. Earlier, this month ET had reported that Tesco chief executive Philip Clarke made a hushhush visit and met Tata Group chairman Ratan Tata and other Tata Group officials to set the ball rolling on the retailer's India plans.
International media reports suggest that Tesco has zeroed in on Mumbai and Bengaluru for its possible India debut.
Essar Power commissions 600 MW unit at Mahan project
Mumbai: Essar Power has commissioned the first phase of 600 MW, of its 1,200 MW Mahan power project. The plant was synchronised with the grid and has commenced generating power, said the company in a press release on Wednesday.
The Mahan unit in Madhya Pradesh will be Essar’s eighth operational power plant. It has 3,910 MW of generation capacity, compared to 1,220 MW at the time of the company’s IPO in May last year.
The second unit at Mahan is expected to begin commercial operations during the first quarter of the next fiscal.
The Mahan-I project entails a $1.2-billion (about Rs 6,600 crore) investment by Essar Power. It is the company’s third coal-fired power project to enter commercial operations taking its total capacity of 2,310 MW this year.
Coal Sourcing
So far, the 600 MW capacity is the single largest unit commissioned in Madhya Pradesh. The plant will use both imported and domestic coal sourced from Coal India’s e-auction.
Essar Power received stage-1 forest clearance for the Mahan coal block in October. In the interim, the company has made an application for tapering coal linkage allocation from Coal India.
Naresh Nayyar, Chief Executive Officer, said the company has tripled its generation capacity over the past couple of years.
“Our focus now, is to develop the Mahan coal block which will provide a low-cost fuel source for the power plant, placing it among the lowest cost power generators in India,” he said.
So Far, So Good
In June, Essar commissioned Salaya-I plant in Gujarat with 1,200 MW capacity, while the 510 MW Vadinar-P2 plant also in Gujarat went live in November. The plant provides power to Essar Oil’s Vadinar refinery. The coal-fired power generation is having a positive impact on the refining margins, the company said in a statement.
The Salaya and Mahan plant will sell the majority of their output to state electricity boards. The other six operational power plants are for captive use.
The captive plant of 2,110 MW are at Hazira (515 MW, gas fired) and Bhander (500 MW, gas fired) supplying the Essar Steel plant at Hazira, while Vadinar (120 MW, refinery residue, multifuel), Vadinar P1 (380 MW, gas fired) and Vadinar P2 (510 MW, coal fired) are captive to the Essar Oil refinery at Vadinar. The other, Algoma (85 MW, gas fired), is captive to the Essar Steel plant in Algoma, Canada.
The Mahan unit in Madhya Pradesh will be Essar’s eighth operational power plant. It has 3,910 MW of generation capacity, compared to 1,220 MW at the time of the company’s IPO in May last year.
The second unit at Mahan is expected to begin commercial operations during the first quarter of the next fiscal.
The Mahan-I project entails a $1.2-billion (about Rs 6,600 crore) investment by Essar Power. It is the company’s third coal-fired power project to enter commercial operations taking its total capacity of 2,310 MW this year.
Coal Sourcing
So far, the 600 MW capacity is the single largest unit commissioned in Madhya Pradesh. The plant will use both imported and domestic coal sourced from Coal India’s e-auction.
Essar Power received stage-1 forest clearance for the Mahan coal block in October. In the interim, the company has made an application for tapering coal linkage allocation from Coal India.
Naresh Nayyar, Chief Executive Officer, said the company has tripled its generation capacity over the past couple of years.
“Our focus now, is to develop the Mahan coal block which will provide a low-cost fuel source for the power plant, placing it among the lowest cost power generators in India,” he said.
So Far, So Good
In June, Essar commissioned Salaya-I plant in Gujarat with 1,200 MW capacity, while the 510 MW Vadinar-P2 plant also in Gujarat went live in November. The plant provides power to Essar Oil’s Vadinar refinery. The coal-fired power generation is having a positive impact on the refining margins, the company said in a statement.
The Salaya and Mahan plant will sell the majority of their output to state electricity boards. The other six operational power plants are for captive use.
The captive plant of 2,110 MW are at Hazira (515 MW, gas fired) and Bhander (500 MW, gas fired) supplying the Essar Steel plant at Hazira, while Vadinar (120 MW, refinery residue, multifuel), Vadinar P1 (380 MW, gas fired) and Vadinar P2 (510 MW, coal fired) are captive to the Essar Oil refinery at Vadinar. The other, Algoma (85 MW, gas fired), is captive to the Essar Steel plant in Algoma, Canada.
Rs 205-cr scholarships disbursed to women scientists
New Delhi: Till date, the Government has dispensed Rs 205 crore as scholarships for women scientists. The maximum number of scholarships was given for life sciences at 820, followed by self-employment in intellectual property rights at 310, and for development of rural technology at 300, an official release said.
The scholarships were given under the Women Scientists Scholarship Scheme (WSSS), Ministry of Science and Technology.
Among the other subjects for which scholarships were given to women are biotechnology (60), earth & atmospheric sciences (92), engineering sciences (176), physical & mathematical sciences (199), and chemical sciences (221).
Out of all the women fellowship awardees, about 35 per cent were able to get positions in sectors such as R&D institutions, colleges, universities and the public sector, the S&T Ministry said.
The scholarships were given under the Women Scientists Scholarship Scheme (WSSS), Ministry of Science and Technology.
Among the other subjects for which scholarships were given to women are biotechnology (60), earth & atmospheric sciences (92), engineering sciences (176), physical & mathematical sciences (199), and chemical sciences (221).
Out of all the women fellowship awardees, about 35 per cent were able to get positions in sectors such as R&D institutions, colleges, universities and the public sector, the S&T Ministry said.
Nod for 12 foreign investment plans of Rs 800 cr
New Delhi: The Foreign Investment Promotion Board (FIPB) has rejected Mahindra and Mahindra’s proposal to form a defence joint venture with Israel’s Rafael Advanced Defence System even as it approved 12 other foreign direct investment proposals worth Rs 802 crore.
Among the key proposals that received the Government’s green signal is the Rs 300-crore bid by Ratnakar Bank for foreign equity infusion.
The proposal of Swedish furniture major IKEA has been recommended for consideration by the Cabinet Committee on Economic Affairs, an official release said. After the investment board’s clearance, FDI proposals of over Rs 1,200 crore still need clearance by the Cabinet committee.
Taqa Jyoti Energy Ventures has received the Government’s approval to bring in foreign investment of Rs 252 crore while Hyderabad-based Mylan Laboratories can also go ahead with its Rs 173-crore proposal to acquire an existing pharmaceutical manufacturing facility.
The statement said along with M&M, FDI proposals of Coimbatore-based Ampo Valves India and Mumbai-based Berggruen Real Estates have been rejected.
Commodity exchange MCX’s application for post facto approval of foreign investment was withdrawn from the investment board’s agenda. The exchange had sought approval of investment received before the issuance of Department of Industrial Policy and Promotion’s Press Note 2 of 2008 that gave guidelines for foreign investment in commodity exchanges
Among the key proposals that received the Government’s green signal is the Rs 300-crore bid by Ratnakar Bank for foreign equity infusion.
The proposal of Swedish furniture major IKEA has been recommended for consideration by the Cabinet Committee on Economic Affairs, an official release said. After the investment board’s clearance, FDI proposals of over Rs 1,200 crore still need clearance by the Cabinet committee.
Taqa Jyoti Energy Ventures has received the Government’s approval to bring in foreign investment of Rs 252 crore while Hyderabad-based Mylan Laboratories can also go ahead with its Rs 173-crore proposal to acquire an existing pharmaceutical manufacturing facility.
The statement said along with M&M, FDI proposals of Coimbatore-based Ampo Valves India and Mumbai-based Berggruen Real Estates have been rejected.
Commodity exchange MCX’s application for post facto approval of foreign investment was withdrawn from the investment board’s agenda. The exchange had sought approval of investment received before the issuance of Department of Industrial Policy and Promotion’s Press Note 2 of 2008 that gave guidelines for foreign investment in commodity exchanges
Aurobindo gets US nod for cancer-related drug
Hyderabad: Aurobindo Pharma Ltd has received final approvals from the US Food and Drug Administration (USFDA) to manufacture and market Ondansetron Injection and Ondansetron Injection.
The approved products were the generic equivalent of GlaxoSmithKline’s Zofran injection and indicated for prevention of nausea and vomiting associated with initial and repeat course of emetogenic cancer chemotherapy or post-operative nausea, the Hyderabad-based company said in a release on Monday.
These were the first Abbreviated New Drug Applicatons to be approved out of Unit IV formulation facility in Hyderabad for manufacturing general liquid injectable and ophthalmic products.
They would be marketed and sold by Aurobindo's wholly owned subsidiary AuroMedics Pharma LLC, and were ready for launch, the release added.
The approved products were the generic equivalent of GlaxoSmithKline’s Zofran injection and indicated for prevention of nausea and vomiting associated with initial and repeat course of emetogenic cancer chemotherapy or post-operative nausea, the Hyderabad-based company said in a release on Monday.
These were the first Abbreviated New Drug Applicatons to be approved out of Unit IV formulation facility in Hyderabad for manufacturing general liquid injectable and ophthalmic products.
They would be marketed and sold by Aurobindo's wholly owned subsidiary AuroMedics Pharma LLC, and were ready for launch, the release added.
Railways to invest Rs 5 lakh cr during 12th five year plan
New Delhi: The railways plan to invest Rs 5 lakh crore in capacity addition during the 12 Five-Year Plan (2012-17), according to a senior official of the Indian Railway Finance Corp, the financing arm of the state-run enterprise.
About a fifth of this corpus, which is a substantial jump from the 11th Plan's expenditure target of 1.09 lakh crore, will be raised by IRFC through market borrowings while the rest will come through budgetary support, internal revenues and the public-private partnerships, the official said.
IRFC's market borrowing plan includes issuance of tax-free bonds worth about 10,000 crore by end of January, the official added.
"To financially boost its infrastructure development plans, the railways will have to raise money from the market, given the internal resources add a meager percent to its revenues," the official said. Cash-strapped Indian Railways, which manages the world's third largest rail network, is keen on attracting private investment as it does not generate enough funds to finance its development plans.
Revenue shortfall has already forced it to cut plan outlay for the current fiscal to Rs 55,881 crore from the Rs 60,100 crore targeted earlier.
"For capacity addition, railways can't depend solely on internal resources or market borrowings, it'll have to invite private partners," a railway official said.
To facilitate this, the Cabinet Committee on Infrastructure recently approved a policy on participative models for rail connectivity and capacity augmentation, in line with the railways' internal policy document.
"The ministry of railways wishes to attract private capital for accelerated construction of fixed rail infrastructure. For this, it has formulated participative investment models for its existing shelf of projects and also for new ones," the policy document said.
The modes suggested to route private investment in fixed rail infrastructure are non-government railway model, joint ventures, execution of projects through the build, operate, transfer mode, capacity augmentation, and state government projects.
"This kind of policy is welcome but a confidence building measure is required. Given the unsuccessful past experience with private partners, the private confidence in railways is not high," said Vinayak Chatterjee, chairman of Feedback Infra.
Indian Railways transports 2.65 million tonne of freight and 23 million passengers every day.
About a fifth of this corpus, which is a substantial jump from the 11th Plan's expenditure target of 1.09 lakh crore, will be raised by IRFC through market borrowings while the rest will come through budgetary support, internal revenues and the public-private partnerships, the official said.
IRFC's market borrowing plan includes issuance of tax-free bonds worth about 10,000 crore by end of January, the official added.
"To financially boost its infrastructure development plans, the railways will have to raise money from the market, given the internal resources add a meager percent to its revenues," the official said. Cash-strapped Indian Railways, which manages the world's third largest rail network, is keen on attracting private investment as it does not generate enough funds to finance its development plans.
Revenue shortfall has already forced it to cut plan outlay for the current fiscal to Rs 55,881 crore from the Rs 60,100 crore targeted earlier.
"For capacity addition, railways can't depend solely on internal resources or market borrowings, it'll have to invite private partners," a railway official said.
To facilitate this, the Cabinet Committee on Infrastructure recently approved a policy on participative models for rail connectivity and capacity augmentation, in line with the railways' internal policy document.
"The ministry of railways wishes to attract private capital for accelerated construction of fixed rail infrastructure. For this, it has formulated participative investment models for its existing shelf of projects and also for new ones," the policy document said.
The modes suggested to route private investment in fixed rail infrastructure are non-government railway model, joint ventures, execution of projects through the build, operate, transfer mode, capacity augmentation, and state government projects.
"This kind of policy is welcome but a confidence building measure is required. Given the unsuccessful past experience with private partners, the private confidence in railways is not high," said Vinayak Chatterjee, chairman of Feedback Infra.
Indian Railways transports 2.65 million tonne of freight and 23 million passengers every day.
FDI in services sector registered 5 per cent growth in April-October 2012
New Delhi: Foreign direct investment (FDI) inflows into the services sector of India has registered an increase of 5 per cent to US$ 3.6 billion during April-October 2012.
The financial and non-financial services sector had attracted FDI worth US$ 3.42 billion during the same period last year.
Foreign investment in the services sector, which contributes over 50 per cent in India’s GDP, grew to US$ 5.21 billion in 2011-12 from US$ 3.29 billion in 2010-11.
Hotel and tourism (US$ 3.11 billion), metallurgy (US$ 1.21 billion), construction (US$ 691 million) and automobile (US$ 743 million) are the other sectors which received high level of FDI during the same period.
The high levels of FDI came during the same period from Mauritius (US$ 6.75 billion), Japan (US$ 1.52 billion), Singapore (US$ 1.24 billion), Netherlands (US$ 1.05 billion) and UK (US$ 611 million), as per the data released by the Department of Industrial Policy & Promotion (DIPP).
Foreign investments are considered vital for India. The Government of India is taking huge steps, including involving stakeholders in policy formation, to attract more investment and to make investment regime more friendly. It has already allowed FDI in multi-brand retail sector besides hiking the cap to 100 per cent in the single brand retail.
The financial and non-financial services sector had attracted FDI worth US$ 3.42 billion during the same period last year.
Foreign investment in the services sector, which contributes over 50 per cent in India’s GDP, grew to US$ 5.21 billion in 2011-12 from US$ 3.29 billion in 2010-11.
Hotel and tourism (US$ 3.11 billion), metallurgy (US$ 1.21 billion), construction (US$ 691 million) and automobile (US$ 743 million) are the other sectors which received high level of FDI during the same period.
The high levels of FDI came during the same period from Mauritius (US$ 6.75 billion), Japan (US$ 1.52 billion), Singapore (US$ 1.24 billion), Netherlands (US$ 1.05 billion) and UK (US$ 611 million), as per the data released by the Department of Industrial Policy & Promotion (DIPP).
Foreign investments are considered vital for India. The Government of India is taking huge steps, including involving stakeholders in policy formation, to attract more investment and to make investment regime more friendly. It has already allowed FDI in multi-brand retail sector besides hiking the cap to 100 per cent in the single brand retail.
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