Kolkata: Portugal is keen on investing in the Indian infrastructure, water management, waste management and alternative energy sectors.
According to Jorge Roza de Oliveira, Portugal’s Ambassador in India , the country was looking for opportunities to invest in emerging economies such as India, China and some of the Gulf nations.
“Ideally, we should look at investments in emerging economies like India. There is a huge prospect for bilateral trade but it is yet to be explored to its full potential,” de Oliveira said during an interactive session organised by the Confederation of Indian Industry (CII) here on Thursday.
India’s imports from Portugal stood at nearly $310 million in 2011-12 while exports stood at $525 million.
“I would be happy if the bilateral trade move up to $ 1 billion,” de Oliveira said.
Some Portugal-based companies, he said, already have a presence in electrical products, tools, solar energy and cements.
Trade Delegation
According to de Oliveira, a trade delegation headed by the Foreign Minister of Portugal is expected to arrive here in the first week of March. The trade delegation will comprise representatives from 50-odd companies.
The country, he said, was also planning to promote tourism through films. Tourism accounts for nearly 15 per cent of Portuagal’s gross domestic product.
Success in my Habit
Friday, February 8, 2013
India-Uruguay to explore opportunities in iron ore mining and steel
Kolkata: India and Uruguay have signed a letter of intent (LoI) to explore investment opportunities in iron ore and steel sector. The alliance will also encourage exchange of technical know how in iron ore and steel related raw materials.The LoI was signed between D R S Chaudhary, union steel secretary steel and Mr Roberto Kreimerman, Uruguay's minister for industry, energy & mining during a visit by union steel minister Beni Prasad Verma.
The steel minister met Uruguay president, Mr. Jose Mujica in Montevideo on February 6, 2013. The two leaders discussed steps to improve co-operation in the mining sector between the two countries and increase bilateral trade turnover in the coming years.
The minister later met Mr. Roberto Kreimerman and discussed various aspects of joint exploration and production of minerals in the Latin American country. Speaking on the occasion Mr Verma said, "There is a huge potential for mining of iron ore, granite, gold and diamond, which can be explored by Indian companies in Uruguay. I believe the two countries can collaborate to utilise each others strength in areas of mineral exploration."
The steel minister invited the Uruguayan trade and industry to participate in the Indian Trade Exhibitions and conduct roadshows for more joint ventures, transfer of technology and inviting Indian investment for setting up production facilities in Uruguay for exports to other Latin American countries.
The visit of the Indian delegation was successful in establishing a firm base for mineral exploration and production by Indian firms in Uruguay. Apart from the minister and steel secretary, other delegation members included U P Singh, joint secretary, C S Verma, chairman and managing director, NMDC and other senior steel ministry officials.
The steel minister met Uruguay president, Mr. Jose Mujica in Montevideo on February 6, 2013. The two leaders discussed steps to improve co-operation in the mining sector between the two countries and increase bilateral trade turnover in the coming years.
The minister later met Mr. Roberto Kreimerman and discussed various aspects of joint exploration and production of minerals in the Latin American country. Speaking on the occasion Mr Verma said, "There is a huge potential for mining of iron ore, granite, gold and diamond, which can be explored by Indian companies in Uruguay. I believe the two countries can collaborate to utilise each others strength in areas of mineral exploration."
The steel minister invited the Uruguayan trade and industry to participate in the Indian Trade Exhibitions and conduct roadshows for more joint ventures, transfer of technology and inviting Indian investment for setting up production facilities in Uruguay for exports to other Latin American countries.
The visit of the Indian delegation was successful in establishing a firm base for mineral exploration and production by Indian firms in Uruguay. Apart from the minister and steel secretary, other delegation members included U P Singh, joint secretary, C S Verma, chairman and managing director, NMDC and other senior steel ministry officials.
India Inc's investment abroad jumps 179% in January
Mumbai: Overseas direct investment by India Inc soared by 179 per cent in the month of January to $3.303 billion against $1.184 billion in the year-ago period.
This investment comes even as Indian companies are holding back investments in the country due to adverse demand conditions, both in the domestic and overseas markets.
Overseas investment by Indian companies is in the form of equity, debt, and guarantees issued.
The Big Ones
Among the big overseas investments made by Indian companies in January 2013 include: Bharat Petroresources Ltd ($439 million), Cox & Kings India ($249 million), Essar Steel ($155 million), Tata International ($128 million), and Videocon Oil Ventures ($127 million).
Downturn in overseas markets may be prompting Indian companies to pick up overseas assets at a relatively cheaper valuation, said a banker.
Indian companies' overseas investment in the first 10 months of the current financial year have been about $3 billion lower, aggregating $23.325 billion ($26.468 billion).
The peak overseas investment in the current financial year was in the month of June when Indian corporates made investments aggregating $3.532 billion.
This investment comes even as Indian companies are holding back investments in the country due to adverse demand conditions, both in the domestic and overseas markets.
Overseas investment by Indian companies is in the form of equity, debt, and guarantees issued.
The Big Ones
Among the big overseas investments made by Indian companies in January 2013 include: Bharat Petroresources Ltd ($439 million), Cox & Kings India ($249 million), Essar Steel ($155 million), Tata International ($128 million), and Videocon Oil Ventures ($127 million).
Downturn in overseas markets may be prompting Indian companies to pick up overseas assets at a relatively cheaper valuation, said a banker.
Indian companies' overseas investment in the first 10 months of the current financial year have been about $3 billion lower, aggregating $23.325 billion ($26.468 billion).
The peak overseas investment in the current financial year was in the month of June when Indian corporates made investments aggregating $3.532 billion.
Foreign Exchange Earnings from Tourism Increases by Twenty Percent
New Delhi: The growth rate in Foreign Exchange Earnings(FEEs) from tourism in Rupee terms in January 2013 over January 2012 was 20.6%. Foreign Tourist Arrivals (FTAs) also showed a growth of 2.6% in January 2013 over January 2012.
The following are the important highlights regarding FTAs and FEEs from tourism during the month of January 2013.
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of January 2013 was 6.99 lakh as compared to FTAs of 6.81 lakh during the month of January 2012 and 6.23 lakh in January 2011.
There has been a growth of 2.6% in January 2013 over January 2012 as compared to a growth of 9.4% registered in January 2012 over January 2011.
Foreign Exchange Earnings (FEEs) from Tourism in Indian rupee terms and US$ terms
FEEs during the month of January 2013 were Rs.10,398 crore as compared to Rs.8,623 crore in January 2012 and Rs.5,777 crore in January 2011.
The growth rate in FEEs in rupee terms in January 2013 over January 2012 was 20.6% as compared to 49.3% in January 2012 over January 2011.
FEEs in US$ terms during the month of January 2013 were US$ 1.91 billion as compared to FEEs of US$ 1.68 billion during the month of January 2012 and US$ 1.27 billion in January 2011.
The growth rate in FEEs in US$ terms in January 2013 over January 2012 was 13.6% as compared to the growth of 32.1% in January 2012 over January 2011.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of data received from major ports and Foreign Exchange Earnings (FEEs) from tourism details available from Reserve Bank of India.
The following are the important highlights regarding FTAs and FEEs from tourism during the month of January 2013.
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of January 2013 was 6.99 lakh as compared to FTAs of 6.81 lakh during the month of January 2012 and 6.23 lakh in January 2011.
There has been a growth of 2.6% in January 2013 over January 2012 as compared to a growth of 9.4% registered in January 2012 over January 2011.
Foreign Exchange Earnings (FEEs) from Tourism in Indian rupee terms and US$ terms
FEEs during the month of January 2013 were Rs.10,398 crore as compared to Rs.8,623 crore in January 2012 and Rs.5,777 crore in January 2011.
The growth rate in FEEs in rupee terms in January 2013 over January 2012 was 20.6% as compared to 49.3% in January 2012 over January 2011.
FEEs in US$ terms during the month of January 2013 were US$ 1.91 billion as compared to FEEs of US$ 1.68 billion during the month of January 2012 and US$ 1.27 billion in January 2011.
The growth rate in FEEs in US$ terms in January 2013 over January 2012 was 13.6% as compared to the growth of 32.1% in January 2012 over January 2011.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of data received from major ports and Foreign Exchange Earnings (FEEs) from tourism details available from Reserve Bank of India.
Foreign Exchange Earnings from Tourism Increases by Twenty Percent
New Delhi: The growth rate in Foreign Exchange Earnings(FEEs) from tourism in Rupee terms in January 2013 over January 2012 was 20.6%. Foreign Tourist Arrivals (FTAs) also showed a growth of 2.6% in January 2013 over January 2012.
The following are the important highlights regarding FTAs and FEEs from tourism during the month of January 2013.
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of January 2013 was 6.99 lakh as compared to FTAs of 6.81 lakh during the month of January 2012 and 6.23 lakh in January 2011.
There has been a growth of 2.6% in January 2013 over January 2012 as compared to a growth of 9.4% registered in January 2012 over January 2011.
Foreign Exchange Earnings (FEEs) from Tourism in Indian rupee terms and US$ terms
FEEs during the month of January 2013 were Rs.10,398 crore as compared to Rs.8,623 crore in January 2012 and Rs.5,777 crore in January 2011.
The growth rate in FEEs in rupee terms in January 2013 over January 2012 was 20.6% as compared to 49.3% in January 2012 over January 2011.
FEEs in US$ terms during the month of January 2013 were US$ 1.91 billion as compared to FEEs of US$ 1.68 billion during the month of January 2012 and US$ 1.27 billion in January 2011.
The growth rate in FEEs in US$ terms in January 2013 over January 2012 was 13.6% as compared to the growth of 32.1% in January 2012 over January 2011.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of data received from major ports and Foreign Exchange Earnings (FEEs) from tourism details available from Reserve Bank of India.
The following are the important highlights regarding FTAs and FEEs from tourism during the month of January 2013.
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of January 2013 was 6.99 lakh as compared to FTAs of 6.81 lakh during the month of January 2012 and 6.23 lakh in January 2011.
There has been a growth of 2.6% in January 2013 over January 2012 as compared to a growth of 9.4% registered in January 2012 over January 2011.
Foreign Exchange Earnings (FEEs) from Tourism in Indian rupee terms and US$ terms
FEEs during the month of January 2013 were Rs.10,398 crore as compared to Rs.8,623 crore in January 2012 and Rs.5,777 crore in January 2011.
The growth rate in FEEs in rupee terms in January 2013 over January 2012 was 20.6% as compared to 49.3% in January 2012 over January 2011.
FEEs in US$ terms during the month of January 2013 were US$ 1.91 billion as compared to FEEs of US$ 1.68 billion during the month of January 2012 and US$ 1.27 billion in January 2011.
The growth rate in FEEs in US$ terms in January 2013 over January 2012 was 13.6% as compared to the growth of 32.1% in January 2012 over January 2011.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of data received from major ports and Foreign Exchange Earnings (FEEs) from tourism details available from Reserve Bank of India.
Tata Advanced Materials in pact with Strongfield Technologies
Bengaluru: Tata Advanced Materials Ltd (TAML) has signed an MoU with UK-based Strongfield Technologies Ltd, manufacturer and supplier of high-tech components and equipment for defence and space applications.
The MoU also facilitates the design, manufacture and supply of composite products for aerospace, armour, defence, transportation and infrastructure sectors. Paul Rogers, Director of Outsourcing, STL, said: “STL is honoured to collaborate with TAML for indigenous composite production of components and structures for its defence projects. STL evaluated TAML facilities in 2012, and was happy to see the high standards of quality and capability showcased.”
Philip Dunne MP, Minister for Defence Equipment, Support and Technology with responsibility for defence procurement and defence exports said, “This important MoU between Tata Advanced Materials Ltd and Strongfield Technologies Ltd for the tender to supply to Indian defence aerial targets. This is a tangible example of the significance of Aero India in articulating successive collaborations between UK and India.”
The MoU also facilitates the design, manufacture and supply of composite products for aerospace, armour, defence, transportation and infrastructure sectors. Paul Rogers, Director of Outsourcing, STL, said: “STL is honoured to collaborate with TAML for indigenous composite production of components and structures for its defence projects. STL evaluated TAML facilities in 2012, and was happy to see the high standards of quality and capability showcased.”
Philip Dunne MP, Minister for Defence Equipment, Support and Technology with responsibility for defence procurement and defence exports said, “This important MoU between Tata Advanced Materials Ltd and Strongfield Technologies Ltd for the tender to supply to Indian defence aerial targets. This is a tangible example of the significance of Aero India in articulating successive collaborations between UK and India.”
Indian Potash in deal with Belarusian company
New Delhi: Indian Potash Ltd (IPL) has signed a contract with Belarusian Potash Company (BPC) to import 1 million tonne of muriate of potash (MOP) at $427 a tonne this calendar year.
The pricing of the new deal is about 15 per cent lower than the previous contract signed at $490.
BPC, a joint venture distributor of Belaruskali and Uralkali, will begin MOP supplies to IPL from this month till January 2014.
“The delivery price of potash fertiliser for India has been set at $427 a tonne on CFR basis. BPC deliveries under the contract with IPL will total 1 million tonnes,” BPC said in a statement.
“We strongly believe that the agreement bringing us one step forward in restoring potash demand will influence positively both the domestic and global potash market,” said Valery Ivanov, CEO of BPC.
India, which is dependent on imports to meet its potash demand, imported about 5.5 million tonnes of the nutrient in the past 18 months.
The IPL-BPC deal is probably the first of its kind to be announced by the Indian fertiliser makers, who are going slow in signing new contracts this year as the country still has huge unsold stocks of the nutrients.
Erratic monsoon and high prices had impacted the fertiliser offtake last year, resulting in stock build-up.
Besides, the Government had recently told the fertiliser companies not to bring in any nutrients till the end of current fiscal.
IPL, the largest importer of potash in the country, expects to negotiate with other suppliers for another million tonnes in the current year, said Managing Director P.S. Gehlaut.
“We expect to bring in the MOP shipments from BPC into the country from April onward,” Gehlaut said.
The pricing of the new deal is about 15 per cent lower than the previous contract signed at $490.
BPC, a joint venture distributor of Belaruskali and Uralkali, will begin MOP supplies to IPL from this month till January 2014.
“The delivery price of potash fertiliser for India has been set at $427 a tonne on CFR basis. BPC deliveries under the contract with IPL will total 1 million tonnes,” BPC said in a statement.
“We strongly believe that the agreement bringing us one step forward in restoring potash demand will influence positively both the domestic and global potash market,” said Valery Ivanov, CEO of BPC.
India, which is dependent on imports to meet its potash demand, imported about 5.5 million tonnes of the nutrient in the past 18 months.
The IPL-BPC deal is probably the first of its kind to be announced by the Indian fertiliser makers, who are going slow in signing new contracts this year as the country still has huge unsold stocks of the nutrients.
Erratic monsoon and high prices had impacted the fertiliser offtake last year, resulting in stock build-up.
Besides, the Government had recently told the fertiliser companies not to bring in any nutrients till the end of current fiscal.
IPL, the largest importer of potash in the country, expects to negotiate with other suppliers for another million tonnes in the current year, said Managing Director P.S. Gehlaut.
“We expect to bring in the MOP shipments from BPC into the country from April onward,” Gehlaut said.
Starbucks expects India to be among top 5 global markets in long term
New Delhi: US coffee chain Starbucks, which opened its seventh store in the country on Wednesday, expects India to be among the top five global markets for the company in the long term.
John Culver, President, Starbucks Coffee China and Asia Pacific, said, “We are committed to the Indian market for the long term and we are looking to grow our business aggressively, expand stores, make investments and offer locally relevant innovations.”
He did not specify the company’s expansion plans or investment figures but said that India is expected to be among the top five global markets of the company in the long term.
This is the company’s flagship store in New Delhi. It already has presence in the NCR region through two stores at the Delhi International Airport, besides four stores in Mumbai.
Starbucks entered the Indian market in October 2012, and its stores operate under a 50:50 joint venture partnership between Starbucks Coffee Co and Tata Global Beverages called Tata Starbucks Ltd.
He also said that the company was committed to ethically sourcing and roasting coffee through its partnership with Tata Coffee to elevate the story of the Indian coffee farmer, a unique initiative being undertaken in India.
The store at Delhi reflected examples of Indian craft of weaving and sported handicrafts made by local artists. The company has kept the Indian palette in mind as the menu includes Indian cuisine like Murg Makhani Pie, Mutton Seek in Roomali Roti, besides also offering Tata Tazo tea which is a co-branded product under its partnership with Tata Global Beverages.
On future locations that have been identified for opening new stores, Avani Saglani Davda, CEO, Tata Starbucks, said India offers diverse growth opportunities and the company will thoughtfully open stores in locations, “where customers want and expect us to be.”
John Culver, President, Starbucks Coffee China and Asia Pacific, said, “We are committed to the Indian market for the long term and we are looking to grow our business aggressively, expand stores, make investments and offer locally relevant innovations.”
He did not specify the company’s expansion plans or investment figures but said that India is expected to be among the top five global markets of the company in the long term.
This is the company’s flagship store in New Delhi. It already has presence in the NCR region through two stores at the Delhi International Airport, besides four stores in Mumbai.
Starbucks entered the Indian market in October 2012, and its stores operate under a 50:50 joint venture partnership between Starbucks Coffee Co and Tata Global Beverages called Tata Starbucks Ltd.
He also said that the company was committed to ethically sourcing and roasting coffee through its partnership with Tata Coffee to elevate the story of the Indian coffee farmer, a unique initiative being undertaken in India.
The store at Delhi reflected examples of Indian craft of weaving and sported handicrafts made by local artists. The company has kept the Indian palette in mind as the menu includes Indian cuisine like Murg Makhani Pie, Mutton Seek in Roomali Roti, besides also offering Tata Tazo tea which is a co-branded product under its partnership with Tata Global Beverages.
On future locations that have been identified for opening new stores, Avani Saglani Davda, CEO, Tata Starbucks, said India offers diverse growth opportunities and the company will thoughtfully open stores in locations, “where customers want and expect us to be.”
Indian manufacturing & natural resources industry to spend Rs 40,800 on IT in 2013
Chennai: Indian manufacturers and natural resources companies will spend Rs 40,800 crore on IT products and services in 2013, an increase of 9.1% over 2012 revenue of Rs 37,400 crore, according to Gartner, Inc. This forecast includes spending by manufacturers and natural resource companies on internal IT (including personnel), hardware, software, external IT services and telecommunications.
The telecommunications category remains the biggest spending category overall in the manufacturing and natural resources industry, and it is forecast to reach Rs 13,200 crore in 2013. Meanwhile, software is achieving the highest growth rate amongst the top level IT spending categories - forecast to exceed 15% in 2013, with especially strong growth forecast for enterprise resource planning (ERP)/supply chain management (SCM)/customer relationship management (CRM), desktop software, and manufacturing-specific applications. Gartner anticipates very high demand for consulting services as manufacturers plan for these implementations, forecasting growth of over 22% in 2013 alone.
"Despite India's slowing economic growth, manufacturing and natural resources remain large and important sectors in the Indian economy, and they are attracting increased IT spending to improve productivity and competitiveness," said Ken Brant, research director for manufacturing at Gartner. "Indian manufacturers are seeking to use IT to make process improvements and information from across manufacturing operations more transparent and actionable."
The telecommunications category remains the biggest spending category overall in the manufacturing and natural resources industry, and it is forecast to reach Rs 13,200 crore in 2013. Meanwhile, software is achieving the highest growth rate amongst the top level IT spending categories - forecast to exceed 15% in 2013, with especially strong growth forecast for enterprise resource planning (ERP)/supply chain management (SCM)/customer relationship management (CRM), desktop software, and manufacturing-specific applications. Gartner anticipates very high demand for consulting services as manufacturers plan for these implementations, forecasting growth of over 22% in 2013 alone.
"Despite India's slowing economic growth, manufacturing and natural resources remain large and important sectors in the Indian economy, and they are attracting increased IT spending to improve productivity and competitiveness," said Ken Brant, research director for manufacturing at Gartner. "Indian manufacturers are seeking to use IT to make process improvements and information from across manufacturing operations more transparent and actionable."
Net direct tax collections figures for April-January 2012-13 up by 12.49 per cent
New Delhi: Gross Direct Tax collection during April-January of the current fiscal (F.Y. 2012-13) was up by 7.02 percent at Rs. 4,55,125 crore as against Rs. 4,25,274 crore in the same period last fiscal. While gross collection of Corporate Taxes was up 3.71 percent (Rs. 2,96,451 crore against Rs. 2,85,837 crore last year), gross collection of Personal Income Tax was up by 13.81 percent (Rs. 1,57,913 crore against Rs. 1,38,746 crore last year). Net Direct Tax collections stood at Rs.3,90,310 crore, up from Rs. 3,46,959 crore in the same period last fiscal, registering a growth of 12.49 percent.
Growth in Wealth Tax was 2.85 percent (Rs. 685 crore against Rs. 666 crore), while growth in Securities Transaction Tax (STT) -9.99 percent (Rs. 3,731 crore against Rs. 4,145 crore).
Growth in Wealth Tax was 2.85 percent (Rs. 685 crore against Rs. 666 crore), while growth in Securities Transaction Tax (STT) -9.99 percent (Rs. 3,731 crore against Rs. 4,145 crore).
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