Hyderabad: Google India has tied up with Getit Infomedia to help SMEs in the South to go online.
Google’s Global Channel Sales Managing Director Todd Rows said that the company has so far tied up with 16 partners for this initiative with a total sales force of 3,000.
The company targets to reach out to 10 lakh SMEs. “We have so far covered 2 lakh and will cross 5-lakh mark by 2015,’’ he said.
Success in my Habit
Friday, June 28, 2013
Tata to execute Rs 70,000-crore infra projects in five years
Mumbai: The Tata Group today announced its three unlisted companies — Tata Housing, Tata Realty and Tata Projects — would execute projects worth at least Rs 70,000 crore in the next five years. These companies have projects worth Rs 15,000-20,000 crore under execution in 2013-14. Figures for the previous years are unavailable.
This is probably for the first time the companies of the group in the infrastructure segment have come together for a unified goal.
A Tata Group senior, who did not wish to be identified, said, “On internal forums, there is a lot more emphasis on the infrastructure business now.” Besides, there is a clear opportunity in the market to be tapped.
“There is a large opportunity for Tata Group companies to participate in sectors such as roads and highways, in which investments are expected to grow at 16 per cent a year,” says Siddhartha Roy, Tata Group’s economic advisor.
Tata Realty and Infrastructure, a wholly owned subsidiary of group holding firm Tata Sons, is scouting for new highway projects to benefit from increasing investment in road infrastructure. It constructed the 110-km Pune-Solapur four-lane project under the National Highways Development Programme this year.
The company acquired three road projects from infrastructure firm IVRCL this year. Now, it is looking at road projects worth Rs 7,500 crore in the next five years. “We are looking for more growth through projects in airport development and urban transport,” said Sanjay G Ubale, managing director and chief executive officer, Tata Realty.
This is probably for the first time the companies of the group in the infrastructure segment have come together for a unified goal.
A Tata Group senior, who did not wish to be identified, said, “On internal forums, there is a lot more emphasis on the infrastructure business now.” Besides, there is a clear opportunity in the market to be tapped.
“There is a large opportunity for Tata Group companies to participate in sectors such as roads and highways, in which investments are expected to grow at 16 per cent a year,” says Siddhartha Roy, Tata Group’s economic advisor.
Tata Realty and Infrastructure, a wholly owned subsidiary of group holding firm Tata Sons, is scouting for new highway projects to benefit from increasing investment in road infrastructure. It constructed the 110-km Pune-Solapur four-lane project under the National Highways Development Programme this year.
The company acquired three road projects from infrastructure firm IVRCL this year. Now, it is looking at road projects worth Rs 7,500 crore in the next five years. “We are looking for more growth through projects in airport development and urban transport,” said Sanjay G Ubale, managing director and chief executive officer, Tata Realty.
Customers Bancorp Inc to invest in Religare Enterprises
New Delhi: US-based Customers Bancorp Inc (CUBI) has agreed to invest $51 million (about Rs 300 crore) in various securities of banking licence aspirant Religare Enterprises Ltd. The investments will take place through a combination of primary and secondary market transactions.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
It is still not clear what Customers Bancorp’s eventual equity stake in Religare will be after these transactions.
The CUBI Board has already cleared the transactions. Religare’s board has now approved Customers Bancorp’s investments in the company.
Religare’s promoters — billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh — had recently agreed to shed a 22 per cent stake to enable the company to set up a non-operative financial holding company, in line with RBI guidelines for licensing of new banks in the private sector.
Of the 22 per cent, the transaction with CUBI will result in the promoters offloading about 2.2 percent, it is learnt.
“We are delighted to have Customers Bancorp Inc. as an investor at Religare. CUBI’s management team expertise in global banking will be extremely supportive in our banking foray. We are confident that the proposed association will further strengthen Religare’s endeavour to create a distinctive and diversified financial services conglomerate that believes in the Indian market’s long term growth potential,” said Sunil Godhwani, CMD, Religare Enterprises, in a statement on Wednesday.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
It is still not clear what Customers Bancorp’s eventual equity stake in Religare will be after these transactions.
The CUBI Board has already cleared the transactions. Religare’s board has now approved Customers Bancorp’s investments in the company.
Religare’s promoters — billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh — had recently agreed to shed a 22 per cent stake to enable the company to set up a non-operative financial holding company, in line with RBI guidelines for licensing of new banks in the private sector.
Of the 22 per cent, the transaction with CUBI will result in the promoters offloading about 2.2 percent, it is learnt.
“We are delighted to have Customers Bancorp Inc. as an investor at Religare. CUBI’s management team expertise in global banking will be extremely supportive in our banking foray. We are confident that the proposed association will further strengthen Religare’s endeavour to create a distinctive and diversified financial services conglomerate that believes in the Indian market’s long term growth potential,” said Sunil Godhwani, CMD, Religare Enterprises, in a statement on Wednesday.
Customers Bancorp Inc to invest in Religare Enterprises
New Delhi: US-based Customers Bancorp Inc (CUBI) has agreed to invest $51 million (about Rs 300 crore) in various securities of banking licence aspirant Religare Enterprises Ltd. The investments will take place through a combination of primary and secondary market transactions.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
It is still not clear what Customers Bancorp’s eventual equity stake in Religare will be after these transactions.
The CUBI Board has already cleared the transactions. Religare’s board has now approved Customers Bancorp’s investments in the company.
Religare’s promoters — billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh — had recently agreed to shed a 22 per cent stake to enable the company to set up a non-operative financial holding company, in line with RBI guidelines for licensing of new banks in the private sector.
Of the 22 per cent, the transaction with CUBI will result in the promoters offloading about 2.2 percent, it is learnt.
“We are delighted to have Customers Bancorp Inc. as an investor at Religare. CUBI’s management team expertise in global banking will be extremely supportive in our banking foray. We are confident that the proposed association will further strengthen Religare’s endeavour to create a distinctive and diversified financial services conglomerate that believes in the Indian market’s long term growth potential,” said Sunil Godhwani, CMD, Religare Enterprises, in a statement on Wednesday.
The transactions involve a secondary purchase of Religare Enterprises equity shares from its promoters for $22 million, investment of $28 million in compulsory convertible warrants to be issued by Religare on a preferential basis, and a $1-million investment in new equity shares to be issued by Religare.
It is still not clear what Customers Bancorp’s eventual equity stake in Religare will be after these transactions.
The CUBI Board has already cleared the transactions. Religare’s board has now approved Customers Bancorp’s investments in the company.
Religare’s promoters — billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh — had recently agreed to shed a 22 per cent stake to enable the company to set up a non-operative financial holding company, in line with RBI guidelines for licensing of new banks in the private sector.
Of the 22 per cent, the transaction with CUBI will result in the promoters offloading about 2.2 percent, it is learnt.
“We are delighted to have Customers Bancorp Inc. as an investor at Religare. CUBI’s management team expertise in global banking will be extremely supportive in our banking foray. We are confident that the proposed association will further strengthen Religare’s endeavour to create a distinctive and diversified financial services conglomerate that believes in the Indian market’s long term growth potential,” said Sunil Godhwani, CMD, Religare Enterprises, in a statement on Wednesday.
Reliance building on real estate interests in Kenya
Mumbai: Reliance Industries is expanding its presence in the real estate sector in Africa.
In its second major foray, the Mukesh Ambani-owned Reliance Industries has acquired 10 prime plots of land in Kenya’s capital, Nairobi, for around Rs 202 crore ($33.9 million).
The land, which has a developable area of about 1.2 million sq. ft., has been acquired for commercial and residential property development.
Reliance Industries’ (RIL) real estate interests in Africa started around 2008, through Delta Corporation East Africa, a local subsidiary.
According to people familiar with the development, RIL entered Africa’s real estate market with a few small buys. In 2011, the company extended its foray into Kenya’s real estate market with a series of office and residential property developments. The company bought prime plots of land in Nairobi, and developed them for residential and commercial use.
In some instances, it also sold or rented plots to global agencies, private firms and some government organisations.
For the 10 Nairobi plots, Reliance Industries is the major stakeholder with a 60 per cent shareholding, while Delta Corp has a 40 per cent holding.
Through Delta Corporation, RIL is currently building office towers in Nairobi’s Upper Hill and Westlands areas. Delta Corporation is also developing a multi-million dollar residential estate along the Athi River.
Nilesh Shah, executive director, Delta Corporation East Africa, could not be reached for comment.
In a recent annual report, Delta Corporation said it has four projects under development. The company owns around 27.5 acres of land.
Real estate major Knight Frank has ranked Nairobi as the city with the fastest growth rate in rentals for high-end commercial property in 2012.
In its second major foray, the Mukesh Ambani-owned Reliance Industries has acquired 10 prime plots of land in Kenya’s capital, Nairobi, for around Rs 202 crore ($33.9 million).
The land, which has a developable area of about 1.2 million sq. ft., has been acquired for commercial and residential property development.
Reliance Industries’ (RIL) real estate interests in Africa started around 2008, through Delta Corporation East Africa, a local subsidiary.
According to people familiar with the development, RIL entered Africa’s real estate market with a few small buys. In 2011, the company extended its foray into Kenya’s real estate market with a series of office and residential property developments. The company bought prime plots of land in Nairobi, and developed them for residential and commercial use.
In some instances, it also sold or rented plots to global agencies, private firms and some government organisations.
For the 10 Nairobi plots, Reliance Industries is the major stakeholder with a 60 per cent shareholding, while Delta Corp has a 40 per cent holding.
Through Delta Corporation, RIL is currently building office towers in Nairobi’s Upper Hill and Westlands areas. Delta Corporation is also developing a multi-million dollar residential estate along the Athi River.
Nilesh Shah, executive director, Delta Corporation East Africa, could not be reached for comment.
In a recent annual report, Delta Corporation said it has four projects under development. The company owns around 27.5 acres of land.
Real estate major Knight Frank has ranked Nairobi as the city with the fastest growth rate in rentals for high-end commercial property in 2012.
NASA to partner ISRO in India's Mars mission
Mumbai: The US would support India in its much-awaited Rs 450-crore Mars Orbiter Mission (MOM) slated for lift off from Sriharikota in October-November 2013.
"Nasa is providing the deep space navigation and tracking support to this mission during the non-visible period of the Indian Deep Space Network," said a US state department announcement.
The decision to cooperate was taken at the fourth meeting of the US-India joint working group on civil space co-operation held in Washington on March 21. But the details of the meeting were made public on Monday through the US-India joint fact sheet. Its release coincided with the Indo-US Strategic dialogue, and the talks between Isro chairman K Radhakrishnan and Nasa administrator Charles Bolden in New Delhi.
Nasa will provide support from its facilities at Goldstone in the US, Madrid in Spain and Canberra in Australia.
The teaming up for the Mars mission assumes significance in the context of Bolden calling for strengthened co-operation in this programme, when he addressed Isro staffers nationwide on Tuesday afternoon from the Ahmedabad-based Space Applications Centre.
The American state department document also stated that both countries have "agreed to co-operate in potential future missions to the moon and Mars".
Isro officials have not ruled out a second mission to Mars, which they said will have more scientific content. TOI has also learnt that Nasa was keen on participating with Isro in the analysis of data from the Methane Sensor For Mars, which is one of the five instruments on board the present Indian Mars orbiter.
But Isro has not given any firm response so far.
"Nasa is providing the deep space navigation and tracking support to this mission during the non-visible period of the Indian Deep Space Network," said a US state department announcement.
The decision to cooperate was taken at the fourth meeting of the US-India joint working group on civil space co-operation held in Washington on March 21. But the details of the meeting were made public on Monday through the US-India joint fact sheet. Its release coincided with the Indo-US Strategic dialogue, and the talks between Isro chairman K Radhakrishnan and Nasa administrator Charles Bolden in New Delhi.
Nasa will provide support from its facilities at Goldstone in the US, Madrid in Spain and Canberra in Australia.
The teaming up for the Mars mission assumes significance in the context of Bolden calling for strengthened co-operation in this programme, when he addressed Isro staffers nationwide on Tuesday afternoon from the Ahmedabad-based Space Applications Centre.
The American state department document also stated that both countries have "agreed to co-operate in potential future missions to the moon and Mars".
Isro officials have not ruled out a second mission to Mars, which they said will have more scientific content. TOI has also learnt that Nasa was keen on participating with Isro in the analysis of data from the Methane Sensor For Mars, which is one of the five instruments on board the present Indian Mars orbiter.
But Isro has not given any firm response so far.
Oil India, OVL agree to buy stake in Mozambique gas field for $2.47 billion
Mumbai: State exploration firms ONGC and Oil IndiaBSE 2.23 % (OIL) have signed a $2.48-billion deal to acquire 10% stake from Videocon in a giant gas project in Mozambique, which may help ship an estimated 6 million tonnes a year of liquefied natural gas (LNG) to India.
ONGCBSE -0.18 % Videsh (OVL), the overseas arm of the state explorer, said the deal marks its entry into a world-class project with significant upside potential, and would help it achieve long-term production targets of 20 million tonnes of oil equivalent by 2018 and 60 million tonnes by 2030.
"Considering the growing importance of natural gas in the primary energy basket, this acquisition is a significant step by OVL/ONGC group towards the energy security of our country," said OVL Chairman Sudhir Vasudeva.
This is ONGC's third significant global acquisition since it bought Hess Corp's 2.7% stake in Azerbaijan's largest oil field and an associated pipeline for $1 billion. It also signed a deal to buy ConocoPhillips's 8.4% stake in Kazakhstan's Kashagan project for $5 billion last November, but the deal is facing obstacles from China.
Oil India officials said gas from the project would be shipped to India. "Gas production from the Rovuma basin should commence by 2018 with an initial production of 10 million tonnes per annum, which will go up to around 30 mtpa by 2024. So, with our 10% stake now and Bharat Petroleum's 10% stake in the basin, we can easily ship close to 6 mtpa to India," said Oil India CFO T Ananth Kumar.
"Over the next five years, we will be investing an additional $2.5 billion in this project as we will also be partnering in the upcoming LNG infrastructure," he said.
He also said that Oil India will be borrowing abroad to fund this acquisition, "We will be raising around $800 million of the total $1 billion that we will be investing from overseas investors and will exercise the external commercial borrowing option and also launch an overseas bond issue," he added.
"We are satisfied with this valuation, as in the Mozambique energy asset our entire business model was to build value and exit, but this does not mean that we will exit our Brazil assets also. Decision to use this cash to retire our debt will be taken shortly by our advisors Standard Chartered Bank," said VideoconBSE 5.30 % Industries CMD Venugopal Dhoot.
Bankers involved in the transaction lauded the deal. "This is a great transaction and reinforces Videocon's track record of investing in world-class assets across Ravva, Brazil and East Africa. For OVL and OIL, this provides an entry into a very strategic asset," said Gaurav Mehta, Executive Director, UBS, Videocon's Advisor.
"From a logistics point of view, we are the most natural home market for this gas, and that suits the energy security objective of the Indian consortium," said Raj Balakrishnan, head of M&A at Bank of America Merrill Lynch, which advised OVL.
ONGCBSE -0.18 % Videsh (OVL), the overseas arm of the state explorer, said the deal marks its entry into a world-class project with significant upside potential, and would help it achieve long-term production targets of 20 million tonnes of oil equivalent by 2018 and 60 million tonnes by 2030.
"Considering the growing importance of natural gas in the primary energy basket, this acquisition is a significant step by OVL/ONGC group towards the energy security of our country," said OVL Chairman Sudhir Vasudeva.
This is ONGC's third significant global acquisition since it bought Hess Corp's 2.7% stake in Azerbaijan's largest oil field and an associated pipeline for $1 billion. It also signed a deal to buy ConocoPhillips's 8.4% stake in Kazakhstan's Kashagan project for $5 billion last November, but the deal is facing obstacles from China.
Oil India officials said gas from the project would be shipped to India. "Gas production from the Rovuma basin should commence by 2018 with an initial production of 10 million tonnes per annum, which will go up to around 30 mtpa by 2024. So, with our 10% stake now and Bharat Petroleum's 10% stake in the basin, we can easily ship close to 6 mtpa to India," said Oil India CFO T Ananth Kumar.
"Over the next five years, we will be investing an additional $2.5 billion in this project as we will also be partnering in the upcoming LNG infrastructure," he said.
He also said that Oil India will be borrowing abroad to fund this acquisition, "We will be raising around $800 million of the total $1 billion that we will be investing from overseas investors and will exercise the external commercial borrowing option and also launch an overseas bond issue," he added.
"We are satisfied with this valuation, as in the Mozambique energy asset our entire business model was to build value and exit, but this does not mean that we will exit our Brazil assets also. Decision to use this cash to retire our debt will be taken shortly by our advisors Standard Chartered Bank," said VideoconBSE 5.30 % Industries CMD Venugopal Dhoot.
Bankers involved in the transaction lauded the deal. "This is a great transaction and reinforces Videocon's track record of investing in world-class assets across Ravva, Brazil and East Africa. For OVL and OIL, this provides an entry into a very strategic asset," said Gaurav Mehta, Executive Director, UBS, Videocon's Advisor.
"From a logistics point of view, we are the most natural home market for this gas, and that suits the energy security objective of the Indian consortium," said Raj Balakrishnan, head of M&A at Bank of America Merrill Lynch, which advised OVL.
Easier entry, faster registration for foreign institutions
Mumbai: Foreign institutional investors (FIIs) will now be able to enter Indian markets faster and register themselves more quickly with the regulator accepting the recommendations of the Chandrasekhar committee report.
While the time required for registration is supposed to be a week or less, the need for documentation can push it to over six months, according to those in the know. The new norms are expected to significantly reduce the time required to do so. The Securities and Exchange Board of India (Sebi) has given its nod to the suggestions of the committee, which include lower Know Your Client (KYC) requirements for entities backed by governments and doing away with the need for registration with the regulator, according to a press release following a board meeting today.
Sebi has said FIIs, sub-accounts and qualified foreign investors (QFIs) are to be merged into a new investor class to be termed “foreign portfolio investors” (FPIs). Neither FIIs nor their sub-accounts will require prior registration with the regulator. Instead, they would register themselves directly with designated depository participants (DDPs).
The regulator has also adopted a risk-based approach to KYC, dividing it into three categories on the basis of perceived risk. The first will cover organisations backed by the government, such as sovereign wealth fund. The second will cover regulated entities such as foreign mutual funds, while all other entities would fall in the third category.
Also, it has clearly defined foreign direct investment as any investment exceeds 10 per cent stake in the company.
Richie Sancheti, senior associate at Nishith Desai Associates, indicated the move would do much towards rationalisation of foreign inflows.
"The move to harmonise and streamline the KYC norms will ease the process of entry of foreign portfolio investors into India. Sovereign wealth funds and institutional investors can invest more easily on a disintermediated basis. While the complete committee report is awaited, the earlier press release did clarify that other investors that get categorised under category III portfolio investors on the basis of risk weightage, may not be permitted to issue participatory notes,” he said.
Yogesh Chande, consultant, Economic Laws Practice, suggested entities already registered might have some leeway. “It will be good to see how existing FII and FII sub-accounts would glide into the new regime. My sense is, perhaps they will be automatically grandfathered. The risk based-approach to KYC is a welcome move,” he said.
Other recommendations would likely require a move from the government, according to the Sebi statement.
The committee had also suggested the category III entities should not be allowed to issue participatory notes. This did not find a mention in the press release following the Sebi board meet.
While the time required for registration is supposed to be a week or less, the need for documentation can push it to over six months, according to those in the know. The new norms are expected to significantly reduce the time required to do so. The Securities and Exchange Board of India (Sebi) has given its nod to the suggestions of the committee, which include lower Know Your Client (KYC) requirements for entities backed by governments and doing away with the need for registration with the regulator, according to a press release following a board meeting today.
Sebi has said FIIs, sub-accounts and qualified foreign investors (QFIs) are to be merged into a new investor class to be termed “foreign portfolio investors” (FPIs). Neither FIIs nor their sub-accounts will require prior registration with the regulator. Instead, they would register themselves directly with designated depository participants (DDPs).
The regulator has also adopted a risk-based approach to KYC, dividing it into three categories on the basis of perceived risk. The first will cover organisations backed by the government, such as sovereign wealth fund. The second will cover regulated entities such as foreign mutual funds, while all other entities would fall in the third category.
Also, it has clearly defined foreign direct investment as any investment exceeds 10 per cent stake in the company.
Richie Sancheti, senior associate at Nishith Desai Associates, indicated the move would do much towards rationalisation of foreign inflows.
"The move to harmonise and streamline the KYC norms will ease the process of entry of foreign portfolio investors into India. Sovereign wealth funds and institutional investors can invest more easily on a disintermediated basis. While the complete committee report is awaited, the earlier press release did clarify that other investors that get categorised under category III portfolio investors on the basis of risk weightage, may not be permitted to issue participatory notes,” he said.
Yogesh Chande, consultant, Economic Laws Practice, suggested entities already registered might have some leeway. “It will be good to see how existing FII and FII sub-accounts would glide into the new regime. My sense is, perhaps they will be automatically grandfathered. The risk based-approach to KYC is a welcome move,” he said.
Other recommendations would likely require a move from the government, according to the Sebi statement.
The committee had also suggested the category III entities should not be allowed to issue participatory notes. This did not find a mention in the press release following the Sebi board meet.
Govt extends 24x7 Customs clearance for exports
New Delhi: The government will provide Customs clearance for all exports 24x7 from four major airports in Bangalore, Chennai, Delhi and Mumbai from July.
“All exports, including those made under the export incentives scheme as well as duty drawback scheme, will now be able to be move out of the country on a 24x7 basis,” the finance ministry said in a statement.
The expansion of the 24x7 facility at the four major air cargo complexes/airports follows closely on the heels of similar Customs clearance facility for exports under Free Shipping Bills (without claiming export incentives), made available this month at Ahmedabad, Amritsar, Coimbatore, Goa, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Kozhikode, Nashik, Vishakhapatnam and Thiruvananthapuram.
“All exports, including those made under the export incentives scheme as well as duty drawback scheme, will now be able to be move out of the country on a 24x7 basis,” the finance ministry said in a statement.
The expansion of the 24x7 facility at the four major air cargo complexes/airports follows closely on the heels of similar Customs clearance facility for exports under Free Shipping Bills (without claiming export incentives), made available this month at Ahmedabad, Amritsar, Coimbatore, Goa, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Kozhikode, Nashik, Vishakhapatnam and Thiruvananthapuram.
Indo-US higher education dialogue for growing together as two leading knowledge societies of the world
New Delhi: India-U.S. Higher Education Dialogue-2013 was convened on 25th June, 2013 at New Delhi. The Dialogue was Co-Chaired by Minister of Human Resource Development, Dr. M.M. PallamRaju and U.S. Secretary of State Mr. John F. Kerry. The Dialogue is the third major event in a row after the India-US Higher Education Summit held on 13th October, 2011 and the HE Dialogue held on 12th June, 2012 at at Washington DC. The Dialogue was attended by Ms. Tara Sonenshine, US Under Secretary of State, Ms Martha Kanter, US Under Secretary of Education, US Ambassador to India, Ms. Nancy Powell other officials and academics from different institutions and Community Colleges from US side and Mr. Sam Pitroda, Advisor to Prime Minister, Ms. NirupamaRao, Ambassador of India to US, Mr. Ashok Thakur, Secretary, Higher Education, Dr. T. Ramasami, Secretary, Department of Science and Technology and Vice Chancellors, Directors of IITs, other Academics and representatives of industry including CII, FICCI and ASSOCHAM.
Opening the Dialogue along with Secretary Kerry, Minister Dr M. M. PallamRaju emphasized the need to look for and work upon new avenues for collaboration so that the two countries could grow together as two leading knowledge societies in the world.
HRM Dr M. M. PallamRaju said that his vision is to transform the country’s educational institutions into hubs of knowledge creation and promoters of innovation as also provide opportunities to its youth for their skill development and employment. The Minister added that overall during the XII Five Year Plan 2012-2017, we intend to achieve an additional enrolment capacity of 10 million students in higher education including 1 million in open and distance learning so as to raise the country’s Gross Enrolment Ratio (GER) in Higher Education from 18.1% at present to 25.2% by 2017 and reach the target of 30% GER by 2020. HRM also said that skill development and vocational education should be, in his view, an integral part of our education system and the role of business and industry would be of great relevance. He expressed deep satisfaction at the initiatives taken recently and hoped that the Dialogue would provide more opportunities for mutual engagement.
Secretary Kerry in his opening remarks said the two countries need to focus on providing education, skills and cultural values to the children who form the most valuable part of the future world population. He remarked that technology should be used as a tool to instill values in children so that they are able to use the information and education they receive for the betterment of the society and nation building. Secretary Kerry also outlined the contours of the broad relations between the two countries upon which the Higher Education Dialogue need to be carried forward.
The India-US Higher Education dialogue has been very instrumental in strengthening educational Collaborations between the two countries. President Obama and Prime Minister Dr. Singh have termed the collaboration between India and US as “defining partnership of the century” and have outlined that knowledge sharing is an important component of it. The major initiatives include enhanced two-way student mobility, research collaborations, faculty development, collaborations for establishment of Community colleges, collaborations for Cyber Systems, and Technology Enabled Learning including Massive Open On-Line Courses (MOOCs).
The major announcements made during the Dialogue include 8 Joint Research partnerships under Singh-Obama 21st century Knowledge Initiative; announcing the final list of 126 Raman Fellows, supported by the University Grants Commission (UGC), who are ready to travel to US Institutions for Post-Doctoral research and “Connect India” Programme aimed at inviting students from US institutions for short term courses in India. The following four MoUs were also signed during the Dialogue:
1. MoU between IIT Delhi and University of Nebraska on Cyber Systems
2. MoU between IIT Bombay and edX on Massive Open On-Line Courses (MOOCs)
3. MoU between AICTE and American Association of Community Colleges on cooperation for establishment of Community Colleges
4. MoU between ITM Group of Institutions and Montgomery College on Cooperation in Capacity Development
The deliberations in the Dialogue focused on enhancing opportunities for student/scholar mobility and collaboration, Community Colleges and Technology Enabled Learning and Massive open On-Line Courses (MOOCs) during the working sessions Co-Chaired by Mr. Ashok Thakur, Secretary, Higher Education and U.S. Under Secretary of State Ms. Tara Sonenshine.Ways for working together and collaborations were discussed for maximum leveraging of resources, competence and knowledge. Some of the important ideas that emerged from the Dialogue include:
1. Deepen educational relations on a sustainable basis in the areas of skill development, learner centric technology integrated education, building human capital for meeting skill requirements at all levels from elementary to tertiary liberal education and establishing stronger and larger people and institutional linkages, We would upscale the Raman Fellowships to encourage more students for their post- doctoral studies.
2. Create a single-point/ nodal agency in select institutions to meet the needs of international students and facultyto upgrade infrastructure.
3. Workshops to be held to promote Twinning arrangements between Indian and US institutions as per UGC Regulations.
4. Sharing best practices through joint workshops in the collaborative domains of community colleges, vocational education, MOOCs and other models of online education, UGC and AICTE to develop frameworks for using MOOCs.
5. UGC and AICTE to work with their counterparts to embed mechanisms for standard setting and quality assurance mechanisms and vocational education and skills.
6. Greater involvement of industry in both countries to develop strong industry-academia linkages.
7. Develop better understanding of mutual strengths and leverage them to our mutual advantage for sustainable relationships across the three major themes discussed working sessions, i.e. research collaborations and student/ scholar mobility; community colleges; and Technology Enabled Education.
Six students from U.S. and India who are beneficiaries of Passport to India and Fulbright-Nehru Scholarship Programmes also shared their experiences.
The Dialogue, which has now become an annual event along with the India-US Strategic Dialogue, will be taken forward in the coming years for improved relations between India and the United States.
Earlier, before start of the India-US Higher Education Dialogue, HRM Dr. M. M. PallamRaju also had a very fruitful bilateral one-on-one meeting with Secretary of State Mr. John Kerry.
Opening the Dialogue along with Secretary Kerry, Minister Dr M. M. PallamRaju emphasized the need to look for and work upon new avenues for collaboration so that the two countries could grow together as two leading knowledge societies in the world.
HRM Dr M. M. PallamRaju said that his vision is to transform the country’s educational institutions into hubs of knowledge creation and promoters of innovation as also provide opportunities to its youth for their skill development and employment. The Minister added that overall during the XII Five Year Plan 2012-2017, we intend to achieve an additional enrolment capacity of 10 million students in higher education including 1 million in open and distance learning so as to raise the country’s Gross Enrolment Ratio (GER) in Higher Education from 18.1% at present to 25.2% by 2017 and reach the target of 30% GER by 2020. HRM also said that skill development and vocational education should be, in his view, an integral part of our education system and the role of business and industry would be of great relevance. He expressed deep satisfaction at the initiatives taken recently and hoped that the Dialogue would provide more opportunities for mutual engagement.
Secretary Kerry in his opening remarks said the two countries need to focus on providing education, skills and cultural values to the children who form the most valuable part of the future world population. He remarked that technology should be used as a tool to instill values in children so that they are able to use the information and education they receive for the betterment of the society and nation building. Secretary Kerry also outlined the contours of the broad relations between the two countries upon which the Higher Education Dialogue need to be carried forward.
The India-US Higher Education dialogue has been very instrumental in strengthening educational Collaborations between the two countries. President Obama and Prime Minister Dr. Singh have termed the collaboration between India and US as “defining partnership of the century” and have outlined that knowledge sharing is an important component of it. The major initiatives include enhanced two-way student mobility, research collaborations, faculty development, collaborations for establishment of Community colleges, collaborations for Cyber Systems, and Technology Enabled Learning including Massive Open On-Line Courses (MOOCs).
The major announcements made during the Dialogue include 8 Joint Research partnerships under Singh-Obama 21st century Knowledge Initiative; announcing the final list of 126 Raman Fellows, supported by the University Grants Commission (UGC), who are ready to travel to US Institutions for Post-Doctoral research and “Connect India” Programme aimed at inviting students from US institutions for short term courses in India. The following four MoUs were also signed during the Dialogue:
1. MoU between IIT Delhi and University of Nebraska on Cyber Systems
2. MoU between IIT Bombay and edX on Massive Open On-Line Courses (MOOCs)
3. MoU between AICTE and American Association of Community Colleges on cooperation for establishment of Community Colleges
4. MoU between ITM Group of Institutions and Montgomery College on Cooperation in Capacity Development
The deliberations in the Dialogue focused on enhancing opportunities for student/scholar mobility and collaboration, Community Colleges and Technology Enabled Learning and Massive open On-Line Courses (MOOCs) during the working sessions Co-Chaired by Mr. Ashok Thakur, Secretary, Higher Education and U.S. Under Secretary of State Ms. Tara Sonenshine.Ways for working together and collaborations were discussed for maximum leveraging of resources, competence and knowledge. Some of the important ideas that emerged from the Dialogue include:
1. Deepen educational relations on a sustainable basis in the areas of skill development, learner centric technology integrated education, building human capital for meeting skill requirements at all levels from elementary to tertiary liberal education and establishing stronger and larger people and institutional linkages, We would upscale the Raman Fellowships to encourage more students for their post- doctoral studies.
2. Create a single-point/ nodal agency in select institutions to meet the needs of international students and facultyto upgrade infrastructure.
3. Workshops to be held to promote Twinning arrangements between Indian and US institutions as per UGC Regulations.
4. Sharing best practices through joint workshops in the collaborative domains of community colleges, vocational education, MOOCs and other models of online education, UGC and AICTE to develop frameworks for using MOOCs.
5. UGC and AICTE to work with their counterparts to embed mechanisms for standard setting and quality assurance mechanisms and vocational education and skills.
6. Greater involvement of industry in both countries to develop strong industry-academia linkages.
7. Develop better understanding of mutual strengths and leverage them to our mutual advantage for sustainable relationships across the three major themes discussed working sessions, i.e. research collaborations and student/ scholar mobility; community colleges; and Technology Enabled Education.
Six students from U.S. and India who are beneficiaries of Passport to India and Fulbright-Nehru Scholarship Programmes also shared their experiences.
The Dialogue, which has now become an annual event along with the India-US Strategic Dialogue, will be taken forward in the coming years for improved relations between India and the United States.
Earlier, before start of the India-US Higher Education Dialogue, HRM Dr. M. M. PallamRaju also had a very fruitful bilateral one-on-one meeting with Secretary of State Mr. John Kerry.
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