Coimbatore: The Indian economy would grow at a higher rate of 6.7% in 2013-14 compared to the estimated growth of 5.5% for the current financial year (2012-13) due to a revival in consumption, ratings agency Crisil has said.
"A pick-up in agriculture, predicated on a normal monsoon, lower interest rates and higher government spending will support private consumption demand," Crisil said. "The improved agricultural output, along with a stronger rupee and lower crude oil prices will also help in reducing Wholesale Price Inflation (WPI) to around 7% from 7.7% projected for 2012-13," it said.
"India's GDP growth in 2013-14 will be supported by the revival of private sector consumption growth aided by higher growth in agriculture, high government spending and lower interest rates," said Roopa Kudva, Managing Director and CEO, Crisil.
A normal monsoon will boost agricultural GDP growth to an above-trend rate of 3.5% in 2013-14, albeit on a lower base of 2012-13. "With the easing of inflation, RBI is expected to cut interest rates by 75-100 basis points (0.75%-1%) starting January 2013, thereby lowering retail lending rates and boosting demand in interest (rate) sensitive segments," Crisil said.
The likely increase in government spending in the form of higher expenditure on social sector schemes and rural development will be driven by the upcoming general elections in 2014. Increased welfare expenditure by the government, lower interest rates, moderation in inflation and high farm incomes (assuming a normal monsoon) will boost household spending and thereby, benefit sectors such as consumer durables, hotels and restaurants and financial services, Crisil said.
Further, improved external demand, as a result of marginal recovery of global growth, could raise India's exports, especially in the IT/ITes sector. "We, therefore, expect the services sector to remain healthy at 8% in the next fiscal," Crisil said.
"An improvement in private consumption will create demand for goods and services, which in turn will raise industrial growth to 5.4%. Although this is an improvement over the current fiscal, industrial growth will still lag its last ten-year average of 7.9%," said Dharmakirti Joshi, chief economist, Crisil.
Despite higher consumption growth, average WPI inflation is projected to be lower at 7% in 2013-14, as against 7.7% forecast for 2012-13 on back of normal monsoon, a stronger rupee, and lower crude oil prices. However, the likely upward revision of fuel prices and persistent excess demand for food articles are likely to limit the further decline in WPI inflation.
Success in my Habit
Thursday, January 10, 2013
Oil Ministers of India and Kazakhstan Sign Inter-Government Protocol for enhancing Mutual Corporation
New Delhi: The 10th meeting of the India-Kazakhstan Inter-Governmental Commission (IGC) on Trade, Economic, Scientific, Technological, Industrial and Cultural was held during 8-9 January 2013 in New Delhi.
Dr. M. Veerappa Moily, Minister of Petroleum and Natural Gas, led the delegation from India. The Kazakh side at the IGC meeting was led by Mr. Bulat Akchulakov, Vice Minister of Oil and Gas, Republic of Kazakhstan. The two Ministers signed IGC Protocol here today after conclusion of the India-Kazakhstan IGC meeting. Smt P. Lakshmi, MoS (P&NG) and senior officers from both sides were also present.
The two sides reviewed progress with regard to various decisions taken at the 9th Inter-Governmental Commission meeting held in Astana on 12th October 2011.
The deliberations of the Inter-Governmental Commission were marked by cordiality and warmth, which are characteristic of the traditionally close and friendly ties prevailing between the two countries. This discussions took place in 20 sectors of cooperation like Energy, Trade, Agriculture, IT, Science & Technology, Mines etc.
Both the sides agreed that the current level of bilateral trade is not commensurate with the potential existing between the two countries and called for conscious efforts to increase Indo-Kazakh trade through the Joint Working Group on Trade and Economic Cooperation and the India Kazakh Joint Business Council.
The meeting of the Joint Working Group on cooperation in hydrocarbon sector was held along with the IGC meeting. The next meeting of the Joint Working Group will be held in Kazakhstan. The dates will be agreed through diplomatic channel.
Both sides noted with satisfaction the decisions of the second meeting of the India-Kazakhstan Joint Working Group on Trade and Economic Cooperation held in Astana on 19-20 July, 2012.
Both sides also agreed that tourism provides the opportunity to strengthen the links between the two countries at human and cultural level.
Both sides agreed that the 11th meeting of the IGC will be held in Astana, Kazakhstan. The exact dates and agenda of the meeting will be worked out through diplomatic channels.
Dr. M. Veerappa Moily, Minister of Petroleum and Natural Gas, led the delegation from India. The Kazakh side at the IGC meeting was led by Mr. Bulat Akchulakov, Vice Minister of Oil and Gas, Republic of Kazakhstan. The two Ministers signed IGC Protocol here today after conclusion of the India-Kazakhstan IGC meeting. Smt P. Lakshmi, MoS (P&NG) and senior officers from both sides were also present.
The two sides reviewed progress with regard to various decisions taken at the 9th Inter-Governmental Commission meeting held in Astana on 12th October 2011.
The deliberations of the Inter-Governmental Commission were marked by cordiality and warmth, which are characteristic of the traditionally close and friendly ties prevailing between the two countries. This discussions took place in 20 sectors of cooperation like Energy, Trade, Agriculture, IT, Science & Technology, Mines etc.
Both the sides agreed that the current level of bilateral trade is not commensurate with the potential existing between the two countries and called for conscious efforts to increase Indo-Kazakh trade through the Joint Working Group on Trade and Economic Cooperation and the India Kazakh Joint Business Council.
The meeting of the Joint Working Group on cooperation in hydrocarbon sector was held along with the IGC meeting. The next meeting of the Joint Working Group will be held in Kazakhstan. The dates will be agreed through diplomatic channel.
Both sides noted with satisfaction the decisions of the second meeting of the India-Kazakhstan Joint Working Group on Trade and Economic Cooperation held in Astana on 19-20 July, 2012.
Both sides also agreed that tourism provides the opportunity to strengthen the links between the two countries at human and cultural level.
Both sides agreed that the 11th meeting of the IGC will be held in Astana, Kazakhstan. The exact dates and agenda of the meeting will be worked out through diplomatic channels.
Wednesday, January 9, 2013
Parker Hannifin India sets up Rs 100-cr factory near Chennai
Chennai: Parker Hannifin India, a part of the Rs 71,500-crore Parker Hannifin Corporation of the US, has set up a Rs 100-crore factory near Chennai to manufacture components for a wide range of industries.
Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road and off-road, and telecom, oil and gas, mining and primary metals sector.
Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the filtration, pneumatics and drives, and shielding businesses.
The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to 60,000.
Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences and renewable energy industry.
In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for wave energy and solar energy, he said.
Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road and off-road, and telecom, oil and gas, mining and primary metals sector.
Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the filtration, pneumatics and drives, and shielding businesses.
The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to 60,000.
Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences and renewable energy industry.
In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for wave energy and solar energy, he said.
Parker Hannifin India sets up Rs 100-cr factory near Chennai
Chennai: Parker Hannifin India, a part of the Rs 71,500-crore Parker Hannifin Corporation of the US, has set up a Rs 100-crore factory near Chennai to manufacture components for a wide range of industries.
Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road and off-road, and telecom, oil and gas, mining and primary metals sector.
Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the filtration, pneumatics and drives, and shielding businesses.
The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to 60,000.
Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences and renewable energy industry.
In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for wave energy and solar energy, he said.
Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road and off-road, and telecom, oil and gas, mining and primary metals sector.
Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the filtration, pneumatics and drives, and shielding businesses.
The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to 60,000.
Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences and renewable energy industry.
In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for wave energy and solar energy, he said.
Versace 19.69 ties up with Majgenta for India foray
New Delhi: Italian luxury clothing and accessories brand Versace 19.69 announced its entry in India on Tuesday in partnership with fashion apparels and leather exporter Majgenta Fashions. The company, which plans to open close to 70 stores in the country, is likely to make an investment of $25 million over the next three years. Despite the government permitting 100% FDI in single brand retail, it is opting a licence-based model for its operations.
"India is a very important luxury market for us that is growing at a rapid pace...we are here to bridge the luxury and affordability gap," Versace 19.69 CEO Theofanis Papadas said. The brand, which will initially introduce eyewear and jewellery, will retail its entire range of apparels, footwear, accessories and home furnishings by the end of the current year.
"India is a very important luxury market for us that is growing at a rapid pace...we are here to bridge the luxury and affordability gap," Versace 19.69 CEO Theofanis Papadas said. The brand, which will initially introduce eyewear and jewellery, will retail its entire range of apparels, footwear, accessories and home furnishings by the end of the current year.
Wockhardt receives US FDA nod for epilepsy drug Lamictal
Pune: Pharma and biotech major Wockhardt has received US FDA nod to launch 25 mg, 50 mg, 100 mg, 200 mg and 300 mg extended release tablets of Lamotrigine, a drug used in the treatment of epilepsy. This is the generic name for the brand Lamictal XR.
The company will be launching the product immediately. The US market for the drug is pegged at $250 million.
Wockhardt will manufacture the extended release tablets at its Aurangabad facility. The technology for extended release tablets was developed in-house, the company said.
The company will be launching the product immediately. The US market for the drug is pegged at $250 million.
Wockhardt will manufacture the extended release tablets at its Aurangabad facility. The technology for extended release tablets was developed in-house, the company said.
Ministry targets awarding 42 port projects this year
Mumbai: The shipping ministry has decided to aggressively pursue port development in the country and has set a target to award 42 such projects in the current year.
“In the current year, the ministry of shipping has set an ambitious target of awarding 42 new port contracts for a total worth of Rs 15,000 crore. These new ports will add a capacity of 250 million tonnes,” G K Vasan, shipping minister, said at a conference. “The ministry has set a target to achieve a capacity of 3,200 million tonnes at Indian ports by 2020 and around 2,600 million tonnes of it all is planned by 2016-17.”
Of the 42 projects, 17 have already been awarded, and the rest will be undertaken by March 2013.
The minister termed the projects “ambitious”, as only four-five had been awarded in recent years.
Outlining the fund raising for the ports sector, P K Sinha, secretary, shipping ministry, said the the finance ministry had approved a total of Rs 3,000 crore of bond issues by the Jawaharlal Nehru Port Trust ( JNPT) at Navi Mumbai, Dredging Corporation of India and Ennore Port. JNPT will be raising Rs 2,000 crore and the other two will raise Rs 500 crore each by March, he said.
JNPT green signal for Trans Harbour Link: Deora
Milind Deora, minister of state, shipping, said JNPT had given a no-objection certificate to the Maharashtra government for the Mumbai trans-harbour link project and the work would now be taken up soon.
“The ministry of shipping has instructed both, JNPT Port and Mumbai Port, to extend the fullest cooperation to the project and all support will be given to ensure its expeditious implementation,” the minister said.
The project is about providing greater connectivity between Mumbai and the future new airport in Navi Mumbai. JNPT had cast apprehensions on the project, as it was proving to be a hindrance in the plan to build a fifth terminal.
L Radhakrishnan, chairman, JNPT, said the port would review its plans for the fifth terminal and change the project accordingly.
“In the current year, the ministry of shipping has set an ambitious target of awarding 42 new port contracts for a total worth of Rs 15,000 crore. These new ports will add a capacity of 250 million tonnes,” G K Vasan, shipping minister, said at a conference. “The ministry has set a target to achieve a capacity of 3,200 million tonnes at Indian ports by 2020 and around 2,600 million tonnes of it all is planned by 2016-17.”
Of the 42 projects, 17 have already been awarded, and the rest will be undertaken by March 2013.
The minister termed the projects “ambitious”, as only four-five had been awarded in recent years.
Outlining the fund raising for the ports sector, P K Sinha, secretary, shipping ministry, said the the finance ministry had approved a total of Rs 3,000 crore of bond issues by the Jawaharlal Nehru Port Trust ( JNPT) at Navi Mumbai, Dredging Corporation of India and Ennore Port. JNPT will be raising Rs 2,000 crore and the other two will raise Rs 500 crore each by March, he said.
JNPT green signal for Trans Harbour Link: Deora
Milind Deora, minister of state, shipping, said JNPT had given a no-objection certificate to the Maharashtra government for the Mumbai trans-harbour link project and the work would now be taken up soon.
“The ministry of shipping has instructed both, JNPT Port and Mumbai Port, to extend the fullest cooperation to the project and all support will be given to ensure its expeditious implementation,” the minister said.
The project is about providing greater connectivity between Mumbai and the future new airport in Navi Mumbai. JNPT had cast apprehensions on the project, as it was proving to be a hindrance in the plan to build a fifth terminal.
L Radhakrishnan, chairman, JNPT, said the port would review its plans for the fifth terminal and change the project accordingly.
Indian Economy is Growing says Anand Sharma
New Delhi: Shri. Anand Sharma, Minister of Commerce and Industry stated that Indian economy is growing and despite the economic crisis that engulfed the world. He was addressing a plenary session at 11th Pravasi Bharatiya Divas today in Kochi. He said that the country’s GDP will grow in the coming years, generating new job opportunities. The FDI policy is made more rational and friendly. The national investment rate is around 33-34%, and by the end of 12th Plan the aim is to increase to 36, he added.
Addressing the plenary, Shri.Kamal Nath, Minister of Urban Development and Parliamentary Affairs said that the India is facing challenges in infrastructure development, especially in urban sector. Today, around 430 million people are residing in cities and in the next decade, the number will increase to 600 million. Similarly, at present, there are 53 cities in India, and it will rise to 72 in the next decade years, each having a population of one million.
Shri. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, said that encouraging long term FDI flows would be more fruitful. Shri. P K Kunhalikutty, Minister of Industries and Information Technology of Kerala, Ms. Naina Lal Kidwai, President, FICCI also spoke on the occasion.
Addressing the plenary, Shri.Kamal Nath, Minister of Urban Development and Parliamentary Affairs said that the India is facing challenges in infrastructure development, especially in urban sector. Today, around 430 million people are residing in cities and in the next decade, the number will increase to 600 million. Similarly, at present, there are 53 cities in India, and it will rise to 72 in the next decade years, each having a population of one million.
Shri. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, said that encouraging long term FDI flows would be more fruitful. Shri. P K Kunhalikutty, Minister of Industries and Information Technology of Kerala, Ms. Naina Lal Kidwai, President, FICCI also spoke on the occasion.
Tuesday, January 8, 2013
Nalco commissions first wind power project
Kolkata: National Aluminium Co Ltd (Nalco) has commissioned its first wind power project at Gandikota in Kadapa district of Andhra Pradesh. The Government-owned company invested Rs 275 crore for the 50-MW Suzlon-erected project.
Nalco signed a power purchase agreement with the State’s power transmission utility Transco last week and has begun injection of power to the State grid, B.L. Bagra, Nalco’s Finance Director, told Business Line. The windmill project has received clearance from the Ministry of Forests and Environment.
Nalco is setting up its second wind power project, also of 50 MW, in Jaisalmer district of Rajasthan. “The cost of this project, would be around Rs 190 crore,” Bagra added. The company has placed an order for the Rajasthan project to Gamesha, selected to tender. It is expected to be in operation in the next seven months.
Nalco, a large thermal power consumer for its aluminium smelting in Odisha, is obliged to generate renewable energy under electricity regulations. According to the Ministry of New and Renewable Energy, the Indian Wind Turbine Manufactures Association (WTMA) has reported that public sector units have so far established around 1135 MW of wind power projects in the country, besides solar power projects of 27 MW.
Nalco signed a power purchase agreement with the State’s power transmission utility Transco last week and has begun injection of power to the State grid, B.L. Bagra, Nalco’s Finance Director, told Business Line. The windmill project has received clearance from the Ministry of Forests and Environment.
Nalco is setting up its second wind power project, also of 50 MW, in Jaisalmer district of Rajasthan. “The cost of this project, would be around Rs 190 crore,” Bagra added. The company has placed an order for the Rajasthan project to Gamesha, selected to tender. It is expected to be in operation in the next seven months.
Nalco, a large thermal power consumer for its aluminium smelting in Odisha, is obliged to generate renewable energy under electricity regulations. According to the Ministry of New and Renewable Energy, the Indian Wind Turbine Manufactures Association (WTMA) has reported that public sector units have so far established around 1135 MW of wind power projects in the country, besides solar power projects of 27 MW.
NASSCOM partners with NIIT to enhance IT-ITeS skills of graduates
New Delhi: The NASSCOM Sector Skills Council (SSC), has signed a Memorandum of Understanding (MoU) with NIIT for three years to offer enhanced training programmes to students through its training campuses all across the country, NIIT said in a statement.
The alliance is aimed at training over 1 lakh students over three years and will offer training programmess designed, developed and endorsed by the industry through two initiatives- FSIT (Foundation Skills in IT) - for engineering graduates and Global Business Foundation Skills (GBFS) - for graduates of all streams.
While FSIT aims to develop foundation skills in IT, GBFS has been specifically designed to meet the needs of the BPO/KPO and the LPO industry. NIIT will also leverage its on-campus delivery model - NIIT Careers@Campus, to enhance employability skills of all graduates.
The training programme has been designed by IT-ITeS Sector Skills Council at NASSCOM and the programmes will be certified through the NAC and NAC-Tech assessments. The collaboration between NASSCOM's IT-ITeS Sector Skills Council (SSC) and NIIT will start by training 30,000 students in the first year.
"While diverse efforts and initiatives have been taken by the industry and academia at various levels, there is a lot that can and needs to be done. This initiative of NASSCOM with NIIT is a step-forward in the same direction and is aimed to scale quality of our graduates. We believe our initiative will go a long way in contributing towards achieving the scale that is required by the industry," NASSCOM president Som Mittal said in a statement.
The alliance is aimed at training over 1 lakh students over three years and will offer training programmess designed, developed and endorsed by the industry through two initiatives- FSIT (Foundation Skills in IT) - for engineering graduates and Global Business Foundation Skills (GBFS) - for graduates of all streams.
While FSIT aims to develop foundation skills in IT, GBFS has been specifically designed to meet the needs of the BPO/KPO and the LPO industry. NIIT will also leverage its on-campus delivery model - NIIT Careers@Campus, to enhance employability skills of all graduates.
The training programme has been designed by IT-ITeS Sector Skills Council at NASSCOM and the programmes will be certified through the NAC and NAC-Tech assessments. The collaboration between NASSCOM's IT-ITeS Sector Skills Council (SSC) and NIIT will start by training 30,000 students in the first year.
"While diverse efforts and initiatives have been taken by the industry and academia at various levels, there is a lot that can and needs to be done. This initiative of NASSCOM with NIIT is a step-forward in the same direction and is aimed to scale quality of our graduates. We believe our initiative will go a long way in contributing towards achieving the scale that is required by the industry," NASSCOM president Som Mittal said in a statement.
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