Mumbai: A new framework for future research and academic engagement between Victoria and India is being developed through an education dialogue between the two countries. India and Victoria have been extensively working on strengthening educational ties between the two countries.
As part of their trade engagement program - India, the state government of Victoria introduced the Victoria India Vocational Teacher Training Program for the state governments of Karnataka and Maharashtra. This was undertaken in collaboration with Kangan Batman Institute, Victoria's top quality technical training institutions. So far, 425 teachers have been trained in both the states. An additional funding of AUD $1 million was announced during the 'Super Trade Mission 2012' to support the Indian government's mandate to skill 500 million people by the year 2022.
The state of Victoria attracts 46% of Indian students to Australia - the largest share of any state or territory.
The Victorian government initiated the first ever bilateral education roundtable in New Delhi as part of the first super trade mission in February 2012. Six Victorian and seventeen Indian vice-chancellors deliberated on the education scenario in India and how Victoria could help in filling the gaps. The second round of this historical roundtable - the Victoria-India Education Dialogue, took place during the super trade mission in March 2013.
Melbourne is renowned for a strong presence of Victorian universities working with their Indian counterparts and other education and research bodies. Victorian universities have many partnerships with leading Indian institutions such as the IIMs, IITs and TERI.
Success in my Habit
Saturday, July 13, 2013
Temasek, Abu Dhabi fund, Ontario invest $250 mn in Kedaara Capital
Kedaara has an option of additional investments worth another $500 million, sources said
Mumbai: The environment might be tough for private-equity (PE) fund managers struggling to raise their debut funds, but Manish Kejriwal has managed to buck the trend. Kedaara Capital, founded by the former head of Temasek India, has successfully roped in some of the largest sovereign funds, such as Temasek Holdings and Abu Dhabi Investment Authority (ADIA).
According to sources, Kedaara Capital raised $500 million last month. About half the amount has come from major investors including Temasek, ADIA and Canada’s Ontario Teachers Pension Plan (OTPP), one of the largest pension funds in the world.
Kedaara Capital, set up by Kejriwal and Sunish Sharma (former managing director of General Atlantic India) in October 2011, had roped in UK-based PE firm Clayton, Dubilier and Rice (CD&R).
Although the fund size is $500 million, Kedaara has an option of additional investments worth another $500 million, sources said. The LPs (limited partners or investors) have agreed to make co-investments in Kedaara’s proposed investments in India.
When contacted, Kedaara founders refused to comment on its fund-raising plans. An email questionnaire to Temasek’s spokesperson also did not elicit any response.
Kejriwal is the second PE veteran to receive a large chunk from a Canadian pension fund. In 2010, former ICICI Ventures head, Renuka Ramnath, had received a commitment of $100 million from Canada Pension Plan for her PE fund, Multiple Alternate Asset Management.
OTPP is Canada’s third largest pension fund with $115 billion (C$117 billion) in assets. An independent organisation, OTPP invests the pension fund’s assets and administers the pensions of 300,000 active and retired teachers in Ontario.
The Singapore government’s Temasek owns portfolio worth $170 billion (S$215 billion) as on March 31, mainly in Singapore and Asia.
ADIA has an estimated value of $750 billion and ranks among the largest wealth funds in the world. Established in 1976, ADIA’s main funding comes from oil export revenue.
Kejriwal, married to Rahul Bajaj’s daughter, Sunaina, is known for his deal-making instincts. He had made a diversified portfolio for Temasek India. During his tenure, Temasek’s major investments include a 10 per cent stake in ICICI Bank (current value of $2.5 billion), a billion deal to acquire five per cent in Bharti Airtel and also a five per cent stake in Mahindra & Mahindra (sold in 2011 with 5x return). Under Sharma’s tenure, General Atlantic made a significant return of about 4.5x in its investment in Genpact.
According to a recent Bain & Co report, one of the main reasons for the declining investment in the Indian PE industry is LPs are showing more caution while allocating funds. In 2012, there were 55 funds with a mandate to invest in India, but the total fund value allocated was only around $3 billion, down from $7 billion in 2011.
“What’s more, LPs are becoming increasingly picky about the fund managers they work with,” said the report.
Mumbai: The environment might be tough for private-equity (PE) fund managers struggling to raise their debut funds, but Manish Kejriwal has managed to buck the trend. Kedaara Capital, founded by the former head of Temasek India, has successfully roped in some of the largest sovereign funds, such as Temasek Holdings and Abu Dhabi Investment Authority (ADIA).
According to sources, Kedaara Capital raised $500 million last month. About half the amount has come from major investors including Temasek, ADIA and Canada’s Ontario Teachers Pension Plan (OTPP), one of the largest pension funds in the world.
Kedaara Capital, set up by Kejriwal and Sunish Sharma (former managing director of General Atlantic India) in October 2011, had roped in UK-based PE firm Clayton, Dubilier and Rice (CD&R).
Although the fund size is $500 million, Kedaara has an option of additional investments worth another $500 million, sources said. The LPs (limited partners or investors) have agreed to make co-investments in Kedaara’s proposed investments in India.
When contacted, Kedaara founders refused to comment on its fund-raising plans. An email questionnaire to Temasek’s spokesperson also did not elicit any response.
Kejriwal is the second PE veteran to receive a large chunk from a Canadian pension fund. In 2010, former ICICI Ventures head, Renuka Ramnath, had received a commitment of $100 million from Canada Pension Plan for her PE fund, Multiple Alternate Asset Management.
OTPP is Canada’s third largest pension fund with $115 billion (C$117 billion) in assets. An independent organisation, OTPP invests the pension fund’s assets and administers the pensions of 300,000 active and retired teachers in Ontario.
The Singapore government’s Temasek owns portfolio worth $170 billion (S$215 billion) as on March 31, mainly in Singapore and Asia.
ADIA has an estimated value of $750 billion and ranks among the largest wealth funds in the world. Established in 1976, ADIA’s main funding comes from oil export revenue.
Kejriwal, married to Rahul Bajaj’s daughter, Sunaina, is known for his deal-making instincts. He had made a diversified portfolio for Temasek India. During his tenure, Temasek’s major investments include a 10 per cent stake in ICICI Bank (current value of $2.5 billion), a billion deal to acquire five per cent in Bharti Airtel and also a five per cent stake in Mahindra & Mahindra (sold in 2011 with 5x return). Under Sharma’s tenure, General Atlantic made a significant return of about 4.5x in its investment in Genpact.
According to a recent Bain & Co report, one of the main reasons for the declining investment in the Indian PE industry is LPs are showing more caution while allocating funds. In 2012, there were 55 funds with a mandate to invest in India, but the total fund value allocated was only around $3 billion, down from $7 billion in 2011.
“What’s more, LPs are becoming increasingly picky about the fund managers they work with,” said the report.
Cabinet approves 381-km rail corridor around NCR
New Delhi: The Union Cabinet on Thursday approved the proposal to form a company — National Capital Region Transport Corporation Limited (NCRTCL) — to construct rail corridors in regions around the National Capital Region (NCR).
The 381-km rail corridor will include Delhi-Sonipat-Panipat, Delhi-Gurgaon-Alwar and Delhi-Ghaziabad-Meerut. The announcement is expected to prop up real estate development along the corridors.
The proposed company, which will implement the project with an estimated cost of Rs 72,170 crore (according to 2011 cost estimates), will have an initial capital Rs 100 crore. It may form three subsidiaries for implementing each corridor.
However, the official release added that the actual cost, financing plan, route alignments, real estate development, financing through transit-oriented development will be firmed up in the detailed project reports, which are under finalisation.
According to the release, the Cabinet approved the constitution of NCRTC with an initial seed capital of Rs 100 crore as per the Company Act, 1956 to “design, develop, implement, finance, operate and maintain the regional rail rapid transit system in National Capital Region”.
The seed capital will be borne by seven Government agencies, in a manner that 50 per cent funding will be from Central Government agencies and 50 per cent from State Government agencies. The equity structure will be: Ministry of Urban Development (22.5 per cent), Ministry of Railways (22.5 per cent), National Capital Region Planning Board (5 per cent), Government of NCT Delhi (12.5 per cent), Haryana (12.5 per cent), Uttar Pradesh (12.5 per cent), Rajasthan (12.5 per cent).
The 381-km rail corridor will include Delhi-Sonipat-Panipat, Delhi-Gurgaon-Alwar and Delhi-Ghaziabad-Meerut. The announcement is expected to prop up real estate development along the corridors.
The proposed company, which will implement the project with an estimated cost of Rs 72,170 crore (according to 2011 cost estimates), will have an initial capital Rs 100 crore. It may form three subsidiaries for implementing each corridor.
However, the official release added that the actual cost, financing plan, route alignments, real estate development, financing through transit-oriented development will be firmed up in the detailed project reports, which are under finalisation.
According to the release, the Cabinet approved the constitution of NCRTC with an initial seed capital of Rs 100 crore as per the Company Act, 1956 to “design, develop, implement, finance, operate and maintain the regional rail rapid transit system in National Capital Region”.
The seed capital will be borne by seven Government agencies, in a manner that 50 per cent funding will be from Central Government agencies and 50 per cent from State Government agencies. The equity structure will be: Ministry of Urban Development (22.5 per cent), Ministry of Railways (22.5 per cent), National Capital Region Planning Board (5 per cent), Government of NCT Delhi (12.5 per cent), Haryana (12.5 per cent), Uttar Pradesh (12.5 per cent), Rajasthan (12.5 per cent).
Chidambaram invites US Inc to set up facilities in India
New Delhi: Rolling out the red carpet for American companies, Finance Minister P. Chidambaram urged them to set up manufacturing bases in India.
Chidambaram, who is on a four-day official tour to the US to attract more investments into India from US companies, said it was in mutual interest of both countries for India to become a large manufacturing economy. He was addressing chief executive officers of top American companies in Washington D.C.
In his meeting with Senator Max Baucus, Chairman of the Senate Finance Committee, the Finance Minister sought to allay concerns about the current business environment in India.
The policies adopted by the Indian Government are pro-growth and WTO-compliant, Chidambaram said.
He also reiterated the Government’s commitment to ensuring a “transparent, fair and non-discriminatory investment environment for foreign investors seeking to do business in India.”
The Minister also apprised the CEOs on the recommendations of the Arvind Mayaram committee on enhancing foreign direct investment caps in many sectors and outlined the steps taken to implement the recommendations.
The Finance Minister also met the US Exim Bank Chairman, Fred Hochberg, and other senior bank officials.
Chidambaram, who is on a four-day official tour to the US to attract more investments into India from US companies, said it was in mutual interest of both countries for India to become a large manufacturing economy. He was addressing chief executive officers of top American companies in Washington D.C.
In his meeting with Senator Max Baucus, Chairman of the Senate Finance Committee, the Finance Minister sought to allay concerns about the current business environment in India.
The policies adopted by the Indian Government are pro-growth and WTO-compliant, Chidambaram said.
He also reiterated the Government’s commitment to ensuring a “transparent, fair and non-discriminatory investment environment for foreign investors seeking to do business in India.”
The Minister also apprised the CEOs on the recommendations of the Arvind Mayaram committee on enhancing foreign direct investment caps in many sectors and outlined the steps taken to implement the recommendations.
The Finance Minister also met the US Exim Bank Chairman, Fred Hochberg, and other senior bank officials.
India, Vietnam trade set to cross $7 b by 2015: Khurshid
New Delhi: Economic ties between India and Vietnam are on track and may cross $7 billion by 2015, External Affairs Minister Salman Khurshid said on Thursday.
Speaking to the media after the 15th meeting of the India-Vietnam Joint Commission, the Minister said investments by Indian companies total about $936 million in 86 projects in sectors such as oil and gas exploration, mineral exploration and processing, sugar manufacturing, agro-chemicals, IT, and agricultural processing.
Khurshid said Vietnam had recently chosen Tata Power as the developer for a $1.8-billion 2X660 MW Long Phu 2 Thermal Power Project in Soc Trang province in southern Vietnam, despite strong competition from Korean and Russian companies.
“It will be the single largest Indian investment in Vietnam when it comes through and will enhance our economic co-operation and strategic partnership. The MoU between the two central banks – Reserve Bank of India and the State Bank of Vietnam – signed in 2012, will enable Bank of India and Indian Overseas Bank to upgrade their representative offices that they opened in Ho Chi Minh City in February 2003 and March 2008, respectively, into full-fledged branches in the near future,” Khurshid said.
India has extended 17 letters of credit (LoCs) totalling $164.5 million, including a $19.5-million LoC for setting up Nam Trai-IV hydropower project and Binh Bo Pumping station, which was signed on Thursday.
India has also agreed to consider earmarking $100 million under buyer’s credit under the National Export Insurance Account for use by Vietnam.
Speaking to the media after the 15th meeting of the India-Vietnam Joint Commission, the Minister said investments by Indian companies total about $936 million in 86 projects in sectors such as oil and gas exploration, mineral exploration and processing, sugar manufacturing, agro-chemicals, IT, and agricultural processing.
Khurshid said Vietnam had recently chosen Tata Power as the developer for a $1.8-billion 2X660 MW Long Phu 2 Thermal Power Project in Soc Trang province in southern Vietnam, despite strong competition from Korean and Russian companies.
“It will be the single largest Indian investment in Vietnam when it comes through and will enhance our economic co-operation and strategic partnership. The MoU between the two central banks – Reserve Bank of India and the State Bank of Vietnam – signed in 2012, will enable Bank of India and Indian Overseas Bank to upgrade their representative offices that they opened in Ho Chi Minh City in February 2003 and March 2008, respectively, into full-fledged branches in the near future,” Khurshid said.
India has extended 17 letters of credit (LoCs) totalling $164.5 million, including a $19.5-million LoC for setting up Nam Trai-IV hydropower project and Binh Bo Pumping station, which was signed on Thursday.
India has also agreed to consider earmarking $100 million under buyer’s credit under the National Export Insurance Account for use by Vietnam.
Thursday, July 11, 2013
Flipkart nets Rs 1,200 crore in single-largest funding
Bangalore: Flipkart has raised $200 million from its existing investors including South African technology company Naspers Group and private equity firms Accel Partners and Tiger Global.
This marks the single-largest round of funding for an Indian e-commerce company.
The fifth round of investment adds to the $181 million that investors have already put into the in the Bangalore-based online retailer and will be used to build technology, an area that Flipkart has been grappling with in the past year. Additionally, the investments will help the company build on its supply chain and human resource.
Sachin Bansal, Co-founder and CEO, said Flipkart can now go to the next level by pioneering technology and supply-chain innovations; this also validates the potential of e-commerce in India. Mohit Bahl, Partner, Transaction Services, KPMG in India, said, “It is a reasonably large investment in the e-commerce space and should help bolster Flipkart’s ability to manage its working capital and make substantial investments in its supply chain and technology.” Industry watchers, however, feel that these three areas are challenging for e-commerce companies in India.
Flipkart, which is in its sixth year of operations with 96 lakh users, recently launched a marketplace (similar to eBay). It has also widened its catalogue with toys, apparels and accessories to compete with companies such as Myntra and Fashion & You. The latest funding comes at a time when the company had to take some tough decisions. In June, it shut down its Flyte service that enabled users pay and download songs online.
This marks the single-largest round of funding for an Indian e-commerce company.
The fifth round of investment adds to the $181 million that investors have already put into the in the Bangalore-based online retailer and will be used to build technology, an area that Flipkart has been grappling with in the past year. Additionally, the investments will help the company build on its supply chain and human resource.
Sachin Bansal, Co-founder and CEO, said Flipkart can now go to the next level by pioneering technology and supply-chain innovations; this also validates the potential of e-commerce in India. Mohit Bahl, Partner, Transaction Services, KPMG in India, said, “It is a reasonably large investment in the e-commerce space and should help bolster Flipkart’s ability to manage its working capital and make substantial investments in its supply chain and technology.” Industry watchers, however, feel that these three areas are challenging for e-commerce companies in India.
Flipkart, which is in its sixth year of operations with 96 lakh users, recently launched a marketplace (similar to eBay). It has also widened its catalogue with toys, apparels and accessories to compete with companies such as Myntra and Fashion & You. The latest funding comes at a time when the company had to take some tough decisions. In June, it shut down its Flyte service that enabled users pay and download songs online.
Jakson Power to invest Rs 750 cr in solar solutions
Ahmedabad: Targeting a doubling of revenue to Rs 2,500 crore by March 2016, Jakson Power Solutions plans fresh investments of Rs 750 crore in in providing solar energy solutions across India in the next three to four years.
The company has so far invested Rs 200 crore on its 20 MW solar power plant set up near Jodhpur, Rajasthan, Sameer Gupta, Managing Director, told Business Line.
Now, the 66-year-old company is focusing on scaling up its solar power portfolio to 100 MW in the next three to four years. The Rs 750-crore investment will go to expand capacity, with the debt-equity ratio being 70:30. Jakson Power has tied up with Standard Chartered Bank, Singapore, for getting funds through the external commercial borrowing (ECB) route. Of the proposed float, it has got about Rs 70 crore through this route for its next 10 MW project in Uttar Pradesh, he said.
The privately-held, Noida-headquartered company has four manufacturing plants at Jammu, Daman, Kalsar (Gujarat) and Greater Noida, established with an investment of Rs 300 crore. The first three of these plants manufacture silent diesel and gas-based power generation sets, whose combined capacity is being increased from 9,000 to 15,000 sets per annum. The Greater Noida plant manufactures solar and power distribution products.
Gensets
The company recently started manufacturing generating sets at the Kalsar plant, India’s largest integrated DG set manufacturing facility. It will also focus on manufacturing special application gensets, such as those used in Defence-related areas.
The diesel generators range in capacity from 7.5 KVA to 3,000 KVA. The plants at Kalsar and Daman will make gensets up to 250 KVA capacity, while the Jammu unit will produce the higher capacity ones.
Jakson Power’s current order book is worth about Rs 300 crore for the next few months, he added.
The company has so far invested Rs 200 crore on its 20 MW solar power plant set up near Jodhpur, Rajasthan, Sameer Gupta, Managing Director, told Business Line.
Now, the 66-year-old company is focusing on scaling up its solar power portfolio to 100 MW in the next three to four years. The Rs 750-crore investment will go to expand capacity, with the debt-equity ratio being 70:30. Jakson Power has tied up with Standard Chartered Bank, Singapore, for getting funds through the external commercial borrowing (ECB) route. Of the proposed float, it has got about Rs 70 crore through this route for its next 10 MW project in Uttar Pradesh, he said.
The privately-held, Noida-headquartered company has four manufacturing plants at Jammu, Daman, Kalsar (Gujarat) and Greater Noida, established with an investment of Rs 300 crore. The first three of these plants manufacture silent diesel and gas-based power generation sets, whose combined capacity is being increased from 9,000 to 15,000 sets per annum. The Greater Noida plant manufactures solar and power distribution products.
Gensets
The company recently started manufacturing generating sets at the Kalsar plant, India’s largest integrated DG set manufacturing facility. It will also focus on manufacturing special application gensets, such as those used in Defence-related areas.
The diesel generators range in capacity from 7.5 KVA to 3,000 KVA. The plants at Kalsar and Daman will make gensets up to 250 KVA capacity, while the Jammu unit will produce the higher capacity ones.
Jakson Power’s current order book is worth about Rs 300 crore for the next few months, he added.
Hyundai opens service training centre at Ulundurpet in TN
Chennai: Hyundai Motor India Foundation has opened an automobile servicing training centre at the Government Industrial Training Institute (ITI), Ulundurpet, Tamil Nadu.
Hyundai plans to set up ten more such centres at various ITIs in the State this year. The centre will expose trainees to modern automobile technology, thereby, increasing their chances of employability and career prospects, said a press release from the company.
The training centre was inaugurated by C. Ravichandran, Joint Director, Directorate of Employment and Training in the presence of B.W. Ryu, Executive Director, Administration, Hyundai Motor India.
Hyundai plans to set up ten more such centres at various ITIs in the State this year. The centre will expose trainees to modern automobile technology, thereby, increasing their chances of employability and career prospects, said a press release from the company.
The training centre was inaugurated by C. Ravichandran, Joint Director, Directorate of Employment and Training in the presence of B.W. Ryu, Executive Director, Administration, Hyundai Motor India.
Massachusetts Institute of Technology buys into Shriram City Union Finance
Chennai: Massachusetts Institute of Technology (MIT) has picked up nearly 6 lakh shares of non-banking finance company (NBFC) Shriram City Union Finance for around Rs59 crore.
MIT, a renowned US-based educational institution, purchased 5,99,943 shares of Shriram City Union Finance through open market transactions on Tuesday, according to information available with the stock exchanges.
The shares were purchased at an average price of Rs984 valuing the transaction at Rs59 crore, data showed. Meanwhile, IIFL offloaded 4.80 lakh shares of Shriram City Union Finance for Rs47.23 crore. As of March quarter, IIFL held 20.07 lakh shares, amounting to 3.62% stake in the NBFC.
Shriram's Group firm Shriram Capital is among the 26 entities which have applied to Reserve Bank of India for grant of bank licences. Shares of Shriram City Union Finance closed at Rs997.55 on the BSE on Tuesday, up 0.97%.
MIT, a renowned US-based educational institution, purchased 5,99,943 shares of Shriram City Union Finance through open market transactions on Tuesday, according to information available with the stock exchanges.
The shares were purchased at an average price of Rs984 valuing the transaction at Rs59 crore, data showed. Meanwhile, IIFL offloaded 4.80 lakh shares of Shriram City Union Finance for Rs47.23 crore. As of March quarter, IIFL held 20.07 lakh shares, amounting to 3.62% stake in the NBFC.
Shriram's Group firm Shriram Capital is among the 26 entities which have applied to Reserve Bank of India for grant of bank licences. Shares of Shriram City Union Finance closed at Rs997.55 on the BSE on Tuesday, up 0.97%.
Foreign Exchange Earnings from tourism increases by Rs 551 crore in June 2013
Foreign Tourist Arrivals also Goes up by 2.5% During the Month
Foreign Exchange Earnings (FEEs) from tourism in Rupee terms in June, 2013 rose by Rs. 551 Crore in comparison to June, 2012. Foreign Tourist Arrivals ( FTAs) in June, 2013 was 4.44 lakh which was 4.33 Lakh in June, 2012 with a growth of 2.5%.
The following are some important highlights regarding FTAs and FEEs from tourism during the month of June, 2013:
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of June 2013 were 4.44 lakh as compared to FTAs of 4.33 lakh during the month of June 2012 and 4.05 lakh in June 2011.
There has been a growth of 2.5% in June 2013 over June 2012 as compared to a growth of 6.9% registered in June 2012 over June 2011.
FTAs during the period January to June 2013 were 33.08 lakh with a growth of 2.6%, as compared to the FTAs of 32.24 lakh with a growth of 6.7% during January to June 2012 over the corresponding period of 2011.
Foreign Exchange Earnings (FEEs) from Tourism in rupee terms and US$ terms
FEEs during the month of June 2013 were `7,036 crore as compared to `6,485 crore in June 2012 and `5,440 crore in June 2011.
The growth rate in FEEs in rupee terms in June 2013 over June 2012 was 8.5% as compared to 19.2% in June 2012 over June 2011.
FEEs from tourism in rupee terms during January to June 2013 were `50,448 crore with a growth of 15.3%, as compared to the FEE of ` 43,760 crore with a growth of 24.4% during January to June 2012 over the corresponding period of 2011.
FEEs in US$ terms during the month of June 2013 were US$1.208 billion as compared to FEEs of US$1.158 billion during the month of June 2012 and US$1.213 billion in June 2011.
The growth rate in FEEs in US$ terms in June 2013 over June 2012 was 4.3% as compared to the negative growth of 4.5% in June 2012 over June 2011.
FEE from tourism in terms of US$ during January to June 2013 were US$9.201 billion with a growth of 8.8%, as compared to US$8.455 billion with a growth of 8.2% during January-June 2012 over the corresponding period of 2011.
Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of data received from major ports and Foreign Exchange Earnings (FEEs) from tourism on the basis of data received from Reserve Bank of India.
Foreign Exchange Earnings (FEEs) from tourism in Rupee terms in June, 2013 rose by Rs. 551 Crore in comparison to June, 2012. Foreign Tourist Arrivals ( FTAs) in June, 2013 was 4.44 lakh which was 4.33 Lakh in June, 2012 with a growth of 2.5%.
The following are some important highlights regarding FTAs and FEEs from tourism during the month of June, 2013:
Foreign Tourist Arrivals (FTAs):
FTAs during the Month of June 2013 were 4.44 lakh as compared to FTAs of 4.33 lakh during the month of June 2012 and 4.05 lakh in June 2011.
There has been a growth of 2.5% in June 2013 over June 2012 as compared to a growth of 6.9% registered in June 2012 over June 2011.
FTAs during the period January to June 2013 were 33.08 lakh with a growth of 2.6%, as compared to the FTAs of 32.24 lakh with a growth of 6.7% during January to June 2012 over the corresponding period of 2011.
Foreign Exchange Earnings (FEEs) from Tourism in rupee terms and US$ terms
FEEs during the month of June 2013 were `7,036 crore as compared to `6,485 crore in June 2012 and `5,440 crore in June 2011.
The growth rate in FEEs in rupee terms in June 2013 over June 2012 was 8.5% as compared to 19.2% in June 2012 over June 2011.
FEEs from tourism in rupee terms during January to June 2013 were `50,448 crore with a growth of 15.3%, as compared to the FEE of ` 43,760 crore with a growth of 24.4% during January to June 2012 over the corresponding period of 2011.
FEEs in US$ terms during the month of June 2013 were US$1.208 billion as compared to FEEs of US$1.158 billion during the month of June 2012 and US$1.213 billion in June 2011.
The growth rate in FEEs in US$ terms in June 2013 over June 2012 was 4.3% as compared to the negative growth of 4.5% in June 2012 over June 2011.
FEE from tourism in terms of US$ during January to June 2013 were US$9.201 billion with a growth of 8.8%, as compared to US$8.455 billion with a growth of 8.2% during January-June 2012 over the corresponding period of 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 on the basis of data received from Reserve Bank of India.
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