Mumbai: Following last month’s Budget announcement, market regulator Sebi today allowed foreign institutional investors (FIIs) to offer government securities and corporate bonds as collateral for their transactions in both cash and futures and options (F&O) segments.
Sebi has said such bonds will need a minimum rating of AA by recognised credit rating agencies. Also, these bonds will have to be in dematerialised form. The regulator has directed clearing corporations to have an enabling framework for acceptance of such bonds as collateral.
“The bonds shall be treated as part of the non-cash component of the liquid assets of the clearing member and shall not exceed 10 per cent of the total liquid assets of the clearing member,” Sebi said in a circular.
“The bonds shall have a fixed percentage based or VaR (value at risk) based haircut. A higher haircut may be considered to cover the expected time frame for liquidation. To begin with, the haircut shall be a minimum of 10 per cent,” it added.
Earlier, FIIs were allowed to offer cash and foreign sovereign securities with AAA rating as collateral in the F&O segment, while cash, foreign sovereign securities with AAA rating and government securities were allowed in the cash segment.
Success in my Habit
Friday, March 22, 2013
Cabinet panel approves five oil, gas blocks operations
New Delhi: Reliance Industries Ltd, Cairn India and ONGC, contractors of five oil and gas blocks in the East Coast, can continue with their exploration and development activity following the Cabinet Committee on Investment (CCI) nod on Thursday.
Work on these blocks, where investment close to $10.7 billion has already been made, was stuck because of inter-ministerial differences, particularly relating to Defence issues.
Work on these blocks was affected due to issues raised by the Navy, DRDO and the Air Force.
The blocks include the Krishna-Godavari Basin D6 block operated by Reliance.
Though no official communication was available, sources said CCI had approved five blocks, two with conditions.
The Petroleum and Natural Gas Ministry had sought approval for eight blocks, of which one was already relinquished by the contractor, Reliance Industries Ltd.
Out of the remaining seven, conditional clearance for four blocks – two of Reliance Industries, one each of ONGC consortium and Cairn India – were sought.
The Ministry had also sought CCI approval to declare three blocks as ‘no go’ areas.
Two blocks belonged to the ONGC-led consortium and one to the Oil India Ltd-led consortium.
The CCI, headed by Prime Minister Manmohan Singh, was set up to fast-track clearances to infrastructure projects involving investments of over Rs 1,000 crore.
In addition, Jayanthi Natarajan, Minister of State (Independent Charge) for Environment and Forests, apprised the high-level panel on the steps taken by her Ministry to streamline the processes relating to seeking various clearances.
Work on these blocks, where investment close to $10.7 billion has already been made, was stuck because of inter-ministerial differences, particularly relating to Defence issues.
Work on these blocks was affected due to issues raised by the Navy, DRDO and the Air Force.
The blocks include the Krishna-Godavari Basin D6 block operated by Reliance.
Though no official communication was available, sources said CCI had approved five blocks, two with conditions.
The Petroleum and Natural Gas Ministry had sought approval for eight blocks, of which one was already relinquished by the contractor, Reliance Industries Ltd.
Out of the remaining seven, conditional clearance for four blocks – two of Reliance Industries, one each of ONGC consortium and Cairn India – were sought.
The Ministry had also sought CCI approval to declare three blocks as ‘no go’ areas.
Two blocks belonged to the ONGC-led consortium and one to the Oil India Ltd-led consortium.
The CCI, headed by Prime Minister Manmohan Singh, was set up to fast-track clearances to infrastructure projects involving investments of over Rs 1,000 crore.
In addition, Jayanthi Natarajan, Minister of State (Independent Charge) for Environment and Forests, apprised the high-level panel on the steps taken by her Ministry to streamline the processes relating to seeking various clearances.
Wednesday, March 20, 2013
Tata Consulting Engineers bags Nigerian contract for fertiliser plant
Mumbai: Tata Consulting Engineers, a unit of Tata Sons, has been appointed as the management consultant for a $1.9-billion fertiliser plant being constructed by pan-African conglomerate Dangote Group in Nigeria.
TCE will assist the Dangote Group with review engineering, construction management, quality management, health and safety management and other project management services, as per details on the Dangote website.
In a written response to Business Line, J. P. Haran, Managing Director, Tata Consulting Engineers, said the contract with Dangote is for a period of three years. However, Haran did not disclose the commercial terms of the engagement citing 'contractual agreements'.
The plant, to be erected in Nigeria’s Edo state, is set to be Africa’s largest fertiliser unit in terms of production capacity. It will be able to produce 2,200 tonnes per day (TPD) of ammonia and 7,700 TPD of granulated urea (two 3,850 TPD-capacity trains), according to a statement from the Dangote Group.
The privately held TCE is an integrated engineering consultancy solutions provider. It offers engineering services in industry segments such as power, nuclear energy, chemicals and infrastructure, among others. Globally, it has delivered over 7,000 projects. The company was established as Tata-Ebasco Consulting Engineering Services in 1962.
Headquartered in Lagos, Nigeria, the $2-billion Dangote Group is a diversified conglomerate, with interests in cement, sugar, flour, salt, pasta, beverages, chemicals, oil and gas and telecommunications.
TCE will assist the Dangote Group with review engineering, construction management, quality management, health and safety management and other project management services, as per details on the Dangote website.
In a written response to Business Line, J. P. Haran, Managing Director, Tata Consulting Engineers, said the contract with Dangote is for a period of three years. However, Haran did not disclose the commercial terms of the engagement citing 'contractual agreements'.
The plant, to be erected in Nigeria’s Edo state, is set to be Africa’s largest fertiliser unit in terms of production capacity. It will be able to produce 2,200 tonnes per day (TPD) of ammonia and 7,700 TPD of granulated urea (two 3,850 TPD-capacity trains), according to a statement from the Dangote Group.
The privately held TCE is an integrated engineering consultancy solutions provider. It offers engineering services in industry segments such as power, nuclear energy, chemicals and infrastructure, among others. Globally, it has delivered over 7,000 projects. The company was established as Tata-Ebasco Consulting Engineering Services in 1962.
Headquartered in Lagos, Nigeria, the $2-billion Dangote Group is a diversified conglomerate, with interests in cement, sugar, flour, salt, pasta, beverages, chemicals, oil and gas and telecommunications.
Omidyar Network invests $100-200 mn in Indian companies
Bengaluru: US-based philanthropic investment firm Omidyar Network is looking to invest $100-$200 million in for-profit and non-profit ventures in the country over the next 3-5 years.
Founded by eBay founder Pierre Omidyar and his wife Pam, the firm has invested $113 mn across 35 companies in India since 2010. Omidyar investments are focused around consumer internet and mobile, entrepreneurship, financial inclusion, government transparency and property rights. The firm invests in firms where social impact is the unifying criterion for investments.
A few months back, the company invested in Kolkata-based IT-enabled services firm iMerit Technology Services. The investment will help iMerit scale its operations, open additional project centres and expand its senior management team. Omidyar's portfolio of companies includes online classifieds Quickr, online pharmacy and medical store HealthKart and civic affair NGO Janaagraha.
Omidyar invests $1mn to$10 mn in for-profit companies and $500,000 to $5mn in non-profit companies. "Like a series A investor or an early-stage VC firm, our stake in for-profit companies varies between 10-15% and 25-40%. For non-profit,we will not support any organisation for more than 25%-33% of its funding. We want to make sure that there is a robust donor base supporting them," said Jayant Sinha, partner and managing director, Omidyar Network India Advisors.
Sinha said his portfolio companies are technology-oriented. "It's is a great way to scale and be non-linear. We look for companies that use technology innovatively," he said.
Last year, Omidyar has invested in companies like Bangalore-based enterprise financing firm Vistaar and Mumbai-based strategic philanthropy foundation Dasra. It has also granted $950,000 to Akshara Foundation and $1.5 million to Consortium for Affordable Medical Technologies (CamTech). Globally, the firm has committed about $608 mn since its inception with $277 mn as for-profit investments and $331 mn as non-profit grants.
Founded by eBay founder Pierre Omidyar and his wife Pam, the firm has invested $113 mn across 35 companies in India since 2010. Omidyar investments are focused around consumer internet and mobile, entrepreneurship, financial inclusion, government transparency and property rights. The firm invests in firms where social impact is the unifying criterion for investments.
A few months back, the company invested in Kolkata-based IT-enabled services firm iMerit Technology Services. The investment will help iMerit scale its operations, open additional project centres and expand its senior management team. Omidyar's portfolio of companies includes online classifieds Quickr, online pharmacy and medical store HealthKart and civic affair NGO Janaagraha.
Omidyar invests $1mn to$10 mn in for-profit companies and $500,000 to $5mn in non-profit companies. "Like a series A investor or an early-stage VC firm, our stake in for-profit companies varies between 10-15% and 25-40%. For non-profit,we will not support any organisation for more than 25%-33% of its funding. We want to make sure that there is a robust donor base supporting them," said Jayant Sinha, partner and managing director, Omidyar Network India Advisors.
Sinha said his portfolio companies are technology-oriented. "It's is a great way to scale and be non-linear. We look for companies that use technology innovatively," he said.
Last year, Omidyar has invested in companies like Bangalore-based enterprise financing firm Vistaar and Mumbai-based strategic philanthropy foundation Dasra. It has also granted $950,000 to Akshara Foundation and $1.5 million to Consortium for Affordable Medical Technologies (CamTech). Globally, the firm has committed about $608 mn since its inception with $277 mn as for-profit investments and $331 mn as non-profit grants.
Dairy research body produces world’s 2nd cloned male calf Swaran
Karnal: A male buffalo calf has been produced through at the Karnal-based National Dairy Research Institute (NDRI). This is the world’s second male cloned calf.
The calf, named Swaran, was born through the new and advanced ‘hand-guided cloning technique’.
The calf, born by normal parturition and weighs 55 kg, is reported to be normal and healthy.
“Swaran” is keeping good health and has started suckling milk, said A.K. Srivastava, Director, National Dairy Research Institute.
This cloned buffalo calf is unique and different from the earlier clones because, in this case, the donor somatic cell used was isolated from the seminal plasma of a bull which is currently being used for donating semen at the Animal Breeding Research Centre of NDRI, Karnal, said Srivastava.
Achievement
The scientists said that this achievement was of particular interest to them because, using the same approach, they expect to re-create highly valuable progeny tested bulls, which may have died long ago, using their frozen semen available at breeding centre.
Srivastava said that there is an acute shortage of bulls and that this amay enable scientists to shrink the gap between the demand and supply of the bulls in a short time.
Swaran is the second male cloned calf in the world. Before Swaran, Shreshth was born on August 26, 2010 at NDRI.
Shresth was the first male buffalo born through the “hand-guided cloning technique" developed at NDRI.
Earlier this year, on January 25, the cloned buffalo Garima II gave birth to a calf and she was named Mahima.
The calf, named Swaran, was born through the new and advanced ‘hand-guided cloning technique’.
The calf, born by normal parturition and weighs 55 kg, is reported to be normal and healthy.
“Swaran” is keeping good health and has started suckling milk, said A.K. Srivastava, Director, National Dairy Research Institute.
This cloned buffalo calf is unique and different from the earlier clones because, in this case, the donor somatic cell used was isolated from the seminal plasma of a bull which is currently being used for donating semen at the Animal Breeding Research Centre of NDRI, Karnal, said Srivastava.
Achievement
The scientists said that this achievement was of particular interest to them because, using the same approach, they expect to re-create highly valuable progeny tested bulls, which may have died long ago, using their frozen semen available at breeding centre.
Srivastava said that there is an acute shortage of bulls and that this amay enable scientists to shrink the gap between the demand and supply of the bulls in a short time.
Swaran is the second male cloned calf in the world. Before Swaran, Shreshth was born on August 26, 2010 at NDRI.
Shresth was the first male buffalo born through the “hand-guided cloning technique" developed at NDRI.
Earlier this year, on January 25, the cloned buffalo Garima II gave birth to a calf and she was named Mahima.
Karnataka clears 37 projects worth Rs 34,702 crore
Bangalore: The State high-level clearance committee (SHLCC) chaired by Chief Minister Jagadish Shettar has cleared 37 projects with an investment of over Rs 3,4702.09 crore.
The SHLCC cleared projects are expected to create 1.58 lakh jobs spread across 18 districts. The clearance committee meet was attended by Industries Minister Murgesh Nirani, Principal Secretary (Industries and Commerce) M.N. Vidyashankar and officials from other allied departments.
Following are the sector-wise projects approved: agri-based three projects - investment Rs 704.79 crore - employment offered for 5,325 people; Cement two projects - investment Rs 1,848.14 crore - employment offered for 377 people; Chemicals two projects - investment Rs 2,798 crore - employment offered for 1,345 people; Power three projects - investment Rs 5,052.25 crore - employment offered for 2,875 people; Engineering five projects - investment Rs 6,912 crore - employment offered for 7,696 people; Infrastructure five projects - investment Rs 4,096.6 crore - employment offered for 1.03 lakh people; Iron and steel five projects - investment Rs 8,658.02 crore - employment offered for 4,917 people; IT Park four projects - investment Rs 3,008.83 crore - employment offered for 24,000 people; Others three project - investment Rs 321.72 crore - employment offered for 1,000 people; SEZ one projects - investment Rs 472 crore - employment offered for 1,000 people; Sugar three projects - investment Rs 580 crore - employment offered for 974 people; Textiles one projects - investment Rs 249.74 crore - employment offered for 835 people.
Bagalkot – one project - investments Rs 495.24 crore - employment for 145 people; Bangalore (rural) – four projects - investments Rs 1,593.22 crore - employment for 5,936 people; Bangalore (city) – four projects - investments Rs 4,063.83 crore - employment for 20,195 people; Belgaum – two projects - investments Rs 4,182 crore - employment 2,331 people; Bellary - two project - investment Rs 7,273 crore - employment for 3,291 people; Bijapur – five projects - investments Rs 3,695.78 crore - employment for 2,790 people; Chikkaballapur - two projects - investments Rs 2,654.5 crore - employment for one lakh people; Chitradurga – one project - investments Rs 247.6 crore - employment for 800 people; Dharwad – two projects - investments Rs 712 crore - employment for 2,580 people; Gulbarga – two projects - investments Rs 1,562.9 crore - employment for 569 people; Kolar – one project - investments Rs 63 crore, employment for 70 people; Koppal – two projects - investments Rs 892 crore, employment for 1,276 people; Mandya – one project - investments Rs 493.02 crore - employment for 350 people; Mysore – one project - investments Rs 2,650 crore employment for 1,000 people; Ramnagar – two projects - investments Rs 1,382 crore employment for 5,875 people; Tumkur – three projects - investments Rs 642 crore employment for 9,345 people; Yadgir - one project - investments Rs 210 crore - employment for 337 people.
The SHLCC cleared projects are expected to create 1.58 lakh jobs spread across 18 districts. The clearance committee meet was attended by Industries Minister Murgesh Nirani, Principal Secretary (Industries and Commerce) M.N. Vidyashankar and officials from other allied departments.
Following are the sector-wise projects approved: agri-based three projects - investment Rs 704.79 crore - employment offered for 5,325 people; Cement two projects - investment Rs 1,848.14 crore - employment offered for 377 people; Chemicals two projects - investment Rs 2,798 crore - employment offered for 1,345 people; Power three projects - investment Rs 5,052.25 crore - employment offered for 2,875 people; Engineering five projects - investment Rs 6,912 crore - employment offered for 7,696 people; Infrastructure five projects - investment Rs 4,096.6 crore - employment offered for 1.03 lakh people; Iron and steel five projects - investment Rs 8,658.02 crore - employment offered for 4,917 people; IT Park four projects - investment Rs 3,008.83 crore - employment offered for 24,000 people; Others three project - investment Rs 321.72 crore - employment offered for 1,000 people; SEZ one projects - investment Rs 472 crore - employment offered for 1,000 people; Sugar three projects - investment Rs 580 crore - employment offered for 974 people; Textiles one projects - investment Rs 249.74 crore - employment offered for 835 people.
Bagalkot – one project - investments Rs 495.24 crore - employment for 145 people; Bangalore (rural) – four projects - investments Rs 1,593.22 crore - employment for 5,936 people; Bangalore (city) – four projects - investments Rs 4,063.83 crore - employment for 20,195 people; Belgaum – two projects - investments Rs 4,182 crore - employment 2,331 people; Bellary - two project - investment Rs 7,273 crore - employment for 3,291 people; Bijapur – five projects - investments Rs 3,695.78 crore - employment for 2,790 people; Chikkaballapur - two projects - investments Rs 2,654.5 crore - employment for one lakh people; Chitradurga – one project - investments Rs 247.6 crore - employment for 800 people; Dharwad – two projects - investments Rs 712 crore - employment for 2,580 people; Gulbarga – two projects - investments Rs 1,562.9 crore - employment for 569 people; Kolar – one project - investments Rs 63 crore, employment for 70 people; Koppal – two projects - investments Rs 892 crore, employment for 1,276 people; Mandya – one project - investments Rs 493.02 crore - employment for 350 people; Mysore – one project - investments Rs 2,650 crore employment for 1,000 people; Ramnagar – two projects - investments Rs 1,382 crore employment for 5,875 people; Tumkur – three projects - investments Rs 642 crore employment for 9,345 people; Yadgir - one project - investments Rs 210 crore - employment for 337 people.
Bahrain announces big ticket investment plans for Kerala
Kochi: Bahrain is planning to invest in various sectors in Kerala in a big way.
Bahraini Minister for Transportation Kamal bin Ahmed Mohamed said here on Monday that his country had identified various sectors, including real estate, healthcare and infrastructure, in the State for investment.
Discussions on
“We had a series of discussions and B2B meetings with government and other private firms in this regard. Some of the projects are expected to be finalised in the next round of discussions,” the Minister told reporters here.
However, he refused to divulge the volume of investments. It is too early to give any figures, he said. The Minister was part of a business delegation to Kerala from Bahrain led by Prince Salman Bin Hamad Al-Khalifa, the first Deputy Prime Minister and Chairman of the Bahrain Economic Development Board.
The visit aims to strengthen bilateral, political and trade relations between the two countries.
The delegation visited Kochi and conducted a series of meetings with senior officials and members of the private sector in order to demonstrate Bahrain’s position as a gateway to the Gulf.
Bahrain also evinced interest in the Financial City project announced by the Kerala Government in the recent budget.
An MoU was also signed between the Kozhikode-based Baby Memorial Hospital and VKL Group, a member of Al Namal Group in Bahrain. Baby Memorial Hospital will manage two hospitals and one medical centre being promoted by VKL group in Bahrain.
The visit also provided an opportunity to boost links between the two countries who have always maintained a friendly and stable relationship, he said.
He pointed out that total trade between India and Bahrain in 2011 was $ 1.7 billion and is looking at a growth rate of 3-4 per cent in 2013.
Crisis impact
On the global economic crisis, especially its impact on the Gulf countries, he said Bahrain was one of the countries in the Gulf region not affected by the crisis. There was only a slowdown in the economy at the time of the crisis in 2008 with a growth rate of 3.9 per cent.
However, the country maintained a growth rate of 5 per cent in 2012 and would go up further in 2013, he said.
“We are not looking at an artificial growth rate but a sustainable one”, he said. The financial sector contributed more to the country’s economy followed by logistics and tourism.
Bahraini Minister for Transportation Kamal bin Ahmed Mohamed said here on Monday that his country had identified various sectors, including real estate, healthcare and infrastructure, in the State for investment.
Discussions on
“We had a series of discussions and B2B meetings with government and other private firms in this regard. Some of the projects are expected to be finalised in the next round of discussions,” the Minister told reporters here.
However, he refused to divulge the volume of investments. It is too early to give any figures, he said. The Minister was part of a business delegation to Kerala from Bahrain led by Prince Salman Bin Hamad Al-Khalifa, the first Deputy Prime Minister and Chairman of the Bahrain Economic Development Board.
The visit aims to strengthen bilateral, political and trade relations between the two countries.
The delegation visited Kochi and conducted a series of meetings with senior officials and members of the private sector in order to demonstrate Bahrain’s position as a gateway to the Gulf.
Bahrain also evinced interest in the Financial City project announced by the Kerala Government in the recent budget.
An MoU was also signed between the Kozhikode-based Baby Memorial Hospital and VKL Group, a member of Al Namal Group in Bahrain. Baby Memorial Hospital will manage two hospitals and one medical centre being promoted by VKL group in Bahrain.
The visit also provided an opportunity to boost links between the two countries who have always maintained a friendly and stable relationship, he said.
He pointed out that total trade between India and Bahrain in 2011 was $ 1.7 billion and is looking at a growth rate of 3-4 per cent in 2013.
Crisis impact
On the global economic crisis, especially its impact on the Gulf countries, he said Bahrain was one of the countries in the Gulf region not affected by the crisis. There was only a slowdown in the economy at the time of the crisis in 2008 with a growth rate of 3.9 per cent.
However, the country maintained a growth rate of 5 per cent in 2012 and would go up further in 2013, he said.
“We are not looking at an artificial growth rate but a sustainable one”, he said. The financial sector contributed more to the country’s economy followed by logistics and tourism.
Tuesday, March 19, 2013
Eco Rent a Car, Estee Lauder join hands for Limousine launch in India
Kolkata: India's premium car rental company Eco Rent a Car has launched two co branded stretched limousines in Delhi and Mumbai respectively with leading American personal care and glamour brand Estee Lauder.
Eco Rent a Car director Rajesh Loomba feels that the premium car user segment is recession proof and is confident that the top end of the Indian retail market will spend on such experiential travel products as travelling in a Limousine.
With the wedding season just around the corner, Eco's alliance with Estee Lauder is significant. Chrysler Limousine and Estee Lauder is trying to find common consumers in the wedding segment. It has become an essential ingredient to add glamour and class to the wedding, making it a perfect choice for the bride & groom.
"Limousine is also a perfect gift to make someone feel special, it can be customised to offer a personalised service and clients can also order fine wine, flowers, cake or balloons, to be included with the Limo. The Limo is slated to replace the conventional doli," Mr Loomba added.
The wedding packages start at Rs 51,000 for four hours for a decorated Limousine.
Imported from USA and manufactured by Chrysler Corporation, USA, these limousines shall be parked in prominent locations in Delhi and Mumbai respectively and shall be available on hire for as less as Rs 30,000 for a four hours nightlife or corporate package and Rs 6000 for each extra hour and 10 kms.
Elaborating further, Mr Loomba said, "We are witnessing unprecedented response to our limousines in Delhi and NCR. The fact that it is an original American made Chrysler Stretch Limousine and not a country made copy-cat limo, has wedding organisers contacting us for bookings months in advance. Delhi's elite socialites and urban youth along with corporate, and hotels are those who have already made bookings with us and we expect this demand to multiply as we approach the festive season."
Eco Rent A Car has close to 1100 vehicles in its fleet and is one of the largest luxury car rental companies in India with office in all major metro cities providing services in 45 cities in India. The company plans to import several such super luxury vehicles for the automobile lovers and offer them through their outlets in Hyderabad, Bangalore, Pune, Chandigarh and Chennai.
Eco Rent a Car director Rajesh Loomba feels that the premium car user segment is recession proof and is confident that the top end of the Indian retail market will spend on such experiential travel products as travelling in a Limousine.
With the wedding season just around the corner, Eco's alliance with Estee Lauder is significant. Chrysler Limousine and Estee Lauder is trying to find common consumers in the wedding segment. It has become an essential ingredient to add glamour and class to the wedding, making it a perfect choice for the bride & groom.
"Limousine is also a perfect gift to make someone feel special, it can be customised to offer a personalised service and clients can also order fine wine, flowers, cake or balloons, to be included with the Limo. The Limo is slated to replace the conventional doli," Mr Loomba added.
The wedding packages start at Rs 51,000 for four hours for a decorated Limousine.
Imported from USA and manufactured by Chrysler Corporation, USA, these limousines shall be parked in prominent locations in Delhi and Mumbai respectively and shall be available on hire for as less as Rs 30,000 for a four hours nightlife or corporate package and Rs 6000 for each extra hour and 10 kms.
Elaborating further, Mr Loomba said, "We are witnessing unprecedented response to our limousines in Delhi and NCR. The fact that it is an original American made Chrysler Stretch Limousine and not a country made copy-cat limo, has wedding organisers contacting us for bookings months in advance. Delhi's elite socialites and urban youth along with corporate, and hotels are those who have already made bookings with us and we expect this demand to multiply as we approach the festive season."
Eco Rent A Car has close to 1100 vehicles in its fleet and is one of the largest luxury car rental companies in India with office in all major metro cities providing services in 45 cities in India. The company plans to import several such super luxury vehicles for the automobile lovers and offer them through their outlets in Hyderabad, Bangalore, Pune, Chandigarh and Chennai.
AP unveils country's 1st 'action plan' for farm sector
Hyderabad: The Andhra Pradesh Government has come out with the country’s first Budget proposals for the agriculture sector. It has proposed an action plan of Rs 25,962 crore for agriculture and allied subjects for the 2012-13 financial year.
The programme earmarks Rs 17,694 crore for the Plan component, with the rest being allotted for non-expenditure.
Action plan
Presenting the exclusive ‘Action Plan’ for the primary sector at the Legislative Assembly here on Monday, Agriculture Minister Kanna Lakshminarayana pegged the total investments for the sector at Rs 98,940 crore against Rs 79,924 crore, an increase of 24 per cent over the last year. Investments included Rs 72,450-crore planned under the agriculture credit plan.
The Agriculture Minister announced a Rs 100-crore fund for market intervention to ensure minimum support price for crops such as paddy, jowar, maize, ragi and pulses.
A Rs 590-crore Natural Calamities Fund to provide farmers immediate relief in times of distress has also been proposed.
The other major allocation is for agriculture power. The Government would provide Rs 3,622 crore to power distribution companies (discoms) towards power subsidy.
It also talked about high-voltage distribution systems to about 2.50 lakh connections in 16 districts at a cost of Rs 1,115 crore.
With a view to add value to fams products, the plan allotted Rs 120 crore to set up oil palm processing units, rice bran oil mills, oleoresins and spice oil (chillies and turmeric) units.
Faux pas
Though the Government went to town about the first ever Budget for agriculture and allied subjects in the last few weeks, it finally came out with an Action Plan and not with a Budget.
The printed material suggested that it is Budget Speech but officials, at the last moment, struck off the word ‘Budget’ with a pen and mentioned ‘Action Plan’.
Another version doing rounds was, the Government had decided to avoid using the word ‘Budget’ as it could pose technical problems.
The Major Irrigation Ministry, too, objected to play a subservient role, claiming agriculture is a much smaller subject financially speaking.
The programme earmarks Rs 17,694 crore for the Plan component, with the rest being allotted for non-expenditure.
Action plan
Presenting the exclusive ‘Action Plan’ for the primary sector at the Legislative Assembly here on Monday, Agriculture Minister Kanna Lakshminarayana pegged the total investments for the sector at Rs 98,940 crore against Rs 79,924 crore, an increase of 24 per cent over the last year. Investments included Rs 72,450-crore planned under the agriculture credit plan.
The Agriculture Minister announced a Rs 100-crore fund for market intervention to ensure minimum support price for crops such as paddy, jowar, maize, ragi and pulses.
A Rs 590-crore Natural Calamities Fund to provide farmers immediate relief in times of distress has also been proposed.
The other major allocation is for agriculture power. The Government would provide Rs 3,622 crore to power distribution companies (discoms) towards power subsidy.
It also talked about high-voltage distribution systems to about 2.50 lakh connections in 16 districts at a cost of Rs 1,115 crore.
With a view to add value to fams products, the plan allotted Rs 120 crore to set up oil palm processing units, rice bran oil mills, oleoresins and spice oil (chillies and turmeric) units.
Faux pas
Though the Government went to town about the first ever Budget for agriculture and allied subjects in the last few weeks, it finally came out with an Action Plan and not with a Budget.
The printed material suggested that it is Budget Speech but officials, at the last moment, struck off the word ‘Budget’ with a pen and mentioned ‘Action Plan’.
Another version doing rounds was, the Government had decided to avoid using the word ‘Budget’ as it could pose technical problems.
The Major Irrigation Ministry, too, objected to play a subservient role, claiming agriculture is a much smaller subject financially speaking.
IT market will touch Rs 1.75 lakh cr in 3 years
Bengaluru: Despite a sharp slowdown in economic growth, India’s domestic IT market will touch Rs 1.75 lakh crore by 2016, according to a Boston Consulting Group and CII study.
This is expected to go up as companies based in the country look at increasingly embracing IT. The report pegs IT services sector to grow at 14 per cent and touch Rs 96,600 crore by 2016.
The domestic IT sector was worth Rs 99,700 crore in 2011 with IT services contributing Rs 49,400 crore followed by contribution from hardware such as PCs, estimated at Rs 32,500 crore. Software services contributed Rs 17,800 crore of the overall pie, according to the report.
According to Infosys Co-founder and CII President, Kris Gopalakrishnan, the IT sector should focus on doing projects with Indian companies.
Rise in IT adoption
The report said that IT services and software products will lead this growth due to an increase in IT adoption by companies, shift towards outsourcing and emergence of new technologies such as social media and cloud computing. Sectors such as education, healthcare, media and retail are relatively low IT spenders currently, but are expected to significantly increase their expenditure on this front in the future, the report added.
According to Microsoft Corporation India Chairman Bhaskar Pramanik - who is the Chairman of CII National Committee on IT, ITeS and e-commerce, there is an opportunity for the IT sector to work with the Government sector, going forward. Companies such as TCS and HCL work with Indian companies but have the found the going tough in the last couple of years as companies have held back IT spending on the back of economic uncertainty coupled with slowdown in growth.
Last year, Infosys bagged projects from Ministry of Corporate Affairs to maintain their IT systems.
IMF estimates that India will grow at 5.4 per cent and the IT sector has contributed 7.5 per cent to India’s GDP, according to the report.
This is expected to go up as companies based in the country look at increasingly embracing IT. The report pegs IT services sector to grow at 14 per cent and touch Rs 96,600 crore by 2016.
The domestic IT sector was worth Rs 99,700 crore in 2011 with IT services contributing Rs 49,400 crore followed by contribution from hardware such as PCs, estimated at Rs 32,500 crore. Software services contributed Rs 17,800 crore of the overall pie, according to the report.
According to Infosys Co-founder and CII President, Kris Gopalakrishnan, the IT sector should focus on doing projects with Indian companies.
Rise in IT adoption
The report said that IT services and software products will lead this growth due to an increase in IT adoption by companies, shift towards outsourcing and emergence of new technologies such as social media and cloud computing. Sectors such as education, healthcare, media and retail are relatively low IT spenders currently, but are expected to significantly increase their expenditure on this front in the future, the report added.
According to Microsoft Corporation India Chairman Bhaskar Pramanik - who is the Chairman of CII National Committee on IT, ITeS and e-commerce, there is an opportunity for the IT sector to work with the Government sector, going forward. Companies such as TCS and HCL work with Indian companies but have the found the going tough in the last couple of years as companies have held back IT spending on the back of economic uncertainty coupled with slowdown in growth.
Last year, Infosys bagged projects from Ministry of Corporate Affairs to maintain their IT systems.
IMF estimates that India will grow at 5.4 per cent and the IT sector has contributed 7.5 per cent to India’s GDP, according to the report.
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