New Delhi: The Prime Minister, Shri Narendra Modi, will be holding a high level consultative meeting on 'Recent Global Events: Opportunities for India,' in New Delhi tomorrow morning.
The meeting will be attended by over 40 delegates, including Cabinet Ministers, top officials of the Government and RBI, industry representatives, top bankers and leading economists and sectoral experts.
A wide-ranging discussion is expected on the impact of recent economic events, and how best India can take advantage of them.
Success in my Habit
Wednesday, September 9, 2015
Friday, September 4, 2015
Dr Reddy's looks to move beyond drugs with VC arm
Hyderabad: Dr. Reddy’s Laboratories Ltd’s new venture capital arm is considering 20 business proposals, including a chain of dental clinics and health-diagnostic laboratories and is likely to back one or two as part of a plan to transform India’s second-largest drug maker into a broader health-focused company.
“We haven’t invested anywhere, we are setting up the processes now,” said G.V. Prasad, co-chairman and chief executive of officer of Dr. Reddy’s, without giving details of the corpus allocated for the fund or the name of the start-ups that the company is evaluating. “I don’t think money is a concern for us.”
Hyderabad-based Dr. Reddy’s is evaluating investments in new technologies that offer medical diagnostics and services to help patients, and also complement the firm’s larger strategy of transforming itself into a broader health-focused entity. Smaller rival Cipla Ltd was the first Indian drug maker to set up a fund in 2013 to incubate start-ups.
“We won’t go wild and invest everywhere, we will be strategic investors. This is not to make money out of our investment, this is to build businesses or to learn things,” Prasad said.
“If it is directly in our business, we won’t invest. If it is an unrelated area we look at it. Suppose it’s a new way of treatment, or new way of diagnostic, or a new way to help patients in their journey of illness to wellness, we will invest,” Prasad said.
Prasad said that company’s venture group will also incubate start-ups in-house until they become sizable entities, in addition to encouraging the company’s own people to come up with ideas.
“If somebody has a brilliant idea, we may back it with investment and incubate it,” Prasad said.
Big pharmaceutical companies including Pfizer Inc., AstraZeneca Plc., GlaxoSmithKline Plc. and Novartis AG have been investing in start-ups for years through their venture capital funds.
“It’s not very surprising for company like Dr.Reddy’s to come up with a venture fund,” said P.R. Ganapathy, president (India) at social enterprise incubator Villgro Innovations Foundation.
The company understands the healthcare space, he explained, and the gaps in it, apart from having the money power and expertise to back start-ups.
Healthcare and lifescience start-ups raised $136 million of venture capital in 2014, second only to information technology and information technology-enabled services, which includes Internet companies such as Flipkart and Snapdeal, according to data compiled by Chennai-based researcher Venture Intelligence.
“More and more companies are seeing healthcare as a safe bet to invest—there is a huge demand and it is recession proof,” said Rana Mehta, leader, healthcare, at consulting firm PwC India.
“We haven’t invested anywhere, we are setting up the processes now,” said G.V. Prasad, co-chairman and chief executive of officer of Dr. Reddy’s, without giving details of the corpus allocated for the fund or the name of the start-ups that the company is evaluating. “I don’t think money is a concern for us.”
Hyderabad-based Dr. Reddy’s is evaluating investments in new technologies that offer medical diagnostics and services to help patients, and also complement the firm’s larger strategy of transforming itself into a broader health-focused entity. Smaller rival Cipla Ltd was the first Indian drug maker to set up a fund in 2013 to incubate start-ups.
“We won’t go wild and invest everywhere, we will be strategic investors. This is not to make money out of our investment, this is to build businesses or to learn things,” Prasad said.
“If it is directly in our business, we won’t invest. If it is an unrelated area we look at it. Suppose it’s a new way of treatment, or new way of diagnostic, or a new way to help patients in their journey of illness to wellness, we will invest,” Prasad said.
Prasad said that company’s venture group will also incubate start-ups in-house until they become sizable entities, in addition to encouraging the company’s own people to come up with ideas.
“If somebody has a brilliant idea, we may back it with investment and incubate it,” Prasad said.
Big pharmaceutical companies including Pfizer Inc., AstraZeneca Plc., GlaxoSmithKline Plc. and Novartis AG have been investing in start-ups for years through their venture capital funds.
“It’s not very surprising for company like Dr.Reddy’s to come up with a venture fund,” said P.R. Ganapathy, president (India) at social enterprise incubator Villgro Innovations Foundation.
The company understands the healthcare space, he explained, and the gaps in it, apart from having the money power and expertise to back start-ups.
Healthcare and lifescience start-ups raised $136 million of venture capital in 2014, second only to information technology and information technology-enabled services, which includes Internet companies such as Flipkart and Snapdeal, according to data compiled by Chennai-based researcher Venture Intelligence.
“More and more companies are seeing healthcare as a safe bet to invest—there is a huge demand and it is recession proof,” said Rana Mehta, leader, healthcare, at consulting firm PwC India.
Odisha unveils IPR 2015, to attract Rs1,73,000 crore investment
Bhubaneswar: Odisha Chief Minister Mr Naveen Patnaik unveiled the new Industrial Policy Resolution (IPR-2015), with a view to attract fresh investments of Rs 1,73,000 crore (US$ 26.05 billion) in next four years and provide direct employment to about 300,000 people. The IPR-2015 aims to achieve the state government's target of increasing the share of manufacturing to 15 per cent of the gross state domestic product (GSDP). Apart from mines and minerals, the policy would help in attracting new investments in manufacturing sector and make Odisha a destination for both domestic and international investors. Some of the sectors under focus include chemicals (including petro-chemicals), IT/ITeS, plastics, electronics system design & manufacturing (ESDM), auto components ancillary, food processing, and textiles. IPR-2015 also aims at providing employment-based incentives to the prospective investors. Other incentives include grants for investments in both greenfield and brownfield infrastructure, subsidies in power tariff, training, capital investment and reimbursement of value added tax (VAT), stamp duty exemption and concessional land cost for investments in specific sectors.
Maritime sector to get investment promotion cell
New Delhi: In a bid to attract investment into the maritime sector and provide facilitation services to global firms seeking to invest in India, the Indian Ports Association (IPA), in association with Ficci and shipping ministry, is planning to set up an investment promotion and facilitation cell.
The shipping ministry’s target for the sector is Rs 2.77 lakh crore worth of investments between 2010 and 2020.
The proposed cell will render advice and facilitate investments into the sector and will undertake investor targeting exercise in select countries. The cell will also maintain a database of relevant stakeholders (government and corporate) in India and abroad, and disseminate information about the opportunities in the country at different fora to attract foreign investors.
It will work in close coordination with the Indian embassies abroad, foreign embassies in India, state governments, investment promotion agencies, sector-specific associations and chambers in India and abroad.
“The cell will identify and target investors in three focus countries in the first year and two additional countries in each subsequent years. In addition to this, it will establish networking with maritime associations and trade bodies in India and in the target countries,” said a person close to the development.
The cell will address investment-related queries and provide information on policy guidelines relating to port development, coastal shipping, shipbuilding and ship-repair, the person added. The cell will also participate in and make presentations at domestic events relevant to investment in maritime industry and also highlight opportunities in the sector to delegations visiting India.
Sources added the cell would plan investors’ tour itineraries, help organise investor visits to states and accompany select delegations on visits within India. “It will also assist the investor in scouting joint ventures and technical partners,” said a source.
The shipping ministry’s target for the sector is Rs 2.77 lakh crore worth of investments between 2010 and 2020.
The proposed cell will render advice and facilitate investments into the sector and will undertake investor targeting exercise in select countries. The cell will also maintain a database of relevant stakeholders (government and corporate) in India and abroad, and disseminate information about the opportunities in the country at different fora to attract foreign investors.
It will work in close coordination with the Indian embassies abroad, foreign embassies in India, state governments, investment promotion agencies, sector-specific associations and chambers in India and abroad.
“The cell will identify and target investors in three focus countries in the first year and two additional countries in each subsequent years. In addition to this, it will establish networking with maritime associations and trade bodies in India and in the target countries,” said a person close to the development.
The cell will address investment-related queries and provide information on policy guidelines relating to port development, coastal shipping, shipbuilding and ship-repair, the person added. The cell will also participate in and make presentations at domestic events relevant to investment in maritime industry and also highlight opportunities in the sector to delegations visiting India.
Sources added the cell would plan investors’ tour itineraries, help organise investor visits to states and accompany select delegations on visits within India. “It will also assist the investor in scouting joint ventures and technical partners,” said a source.
Shri Piyush Goyal & Shri Dharamendra Pradhan Inaugurates Multi Skill Development Centre in Talcher Odisha
New Delhi: Shri Piyush Goyal, Union Minister of State(IC) for Power, Coal and New & Renewable Energy and Shri Dharmendra Pradhan, Union Minister of State (IC) for Petroleum & Natural Gas today inaugurated Multi Skill Development Centre at NTPC Talcher Kaniha, Odisha in presence of Shri Sanjay Kumar Das Burma, Minister of State, Food Supplies & Consumer Welfare, Employment and Technical Education & Training,Govt of Odisha ,Shri A K Jha ,CMD,NTPC Limited and Shri U P Pani,Director (HR).
"The multi-skill development centre is a long standing requirement of Odisha. This Centre will provide skill training in different trades keeping in view the requirement of local industries," Shri Goyal said, adding that the centre would be funded by the central government.
NTPC is supporting the skills development initiative of the Government of India, in line with SKILL INDIA MISSION, by partnering with the Central and State governments to improve the availability and quality of skilled workforce by upgrading/ transforming infrastructure and the quality of vocational education in the country in order to make it demand driven and ensure better employability of the skilled youth.
Talcher Kaniha in Angul District of Odisha state is one of the locations that have been identified to establish a Multi Skill Centre in collaboration with Ministry of Skill Development & Entrepreneurship (MSDE) and National Skill Development Corporation (NSDC).
The Multi Skill Centre is being set up with the objective to prepare the people of this backward region/ area more skillful, industry ready so that they can earn their livelihood in a better way and live with their dignified life in the society. NSDC and its training partner M/S GRAS Education and Training Services Private Limited (“GRAS Academy”), will setup a Multi-Skill Centre at Talcher to provide skill training to youths and women belonging to the Angul district and other parts of the state of Odisha.
The NTPC-Talcher unit has provided the space/ building to NSDC to setup a Multi Skill Centre. The NSDC & its Training Partner will setup classrooms and computer lab, etc with all required machinery & equipments, trainers, etc required to impart training in courses that are recognized by National Skill Qualification Framework (NSQF).
"The multi-skill development centre is a long standing requirement of Odisha. This Centre will provide skill training in different trades keeping in view the requirement of local industries," Shri Goyal said, adding that the centre would be funded by the central government.
NTPC is supporting the skills development initiative of the Government of India, in line with SKILL INDIA MISSION, by partnering with the Central and State governments to improve the availability and quality of skilled workforce by upgrading/ transforming infrastructure and the quality of vocational education in the country in order to make it demand driven and ensure better employability of the skilled youth.
Talcher Kaniha in Angul District of Odisha state is one of the locations that have been identified to establish a Multi Skill Centre in collaboration with Ministry of Skill Development & Entrepreneurship (MSDE) and National Skill Development Corporation (NSDC).
The Multi Skill Centre is being set up with the objective to prepare the people of this backward region/ area more skillful, industry ready so that they can earn their livelihood in a better way and live with their dignified life in the society. NSDC and its training partner M/S GRAS Education and Training Services Private Limited (“GRAS Academy”), will setup a Multi-Skill Centre at Talcher to provide skill training to youths and women belonging to the Angul district and other parts of the state of Odisha.
The NTPC-Talcher unit has provided the space/ building to NSDC to setup a Multi Skill Centre. The NSDC & its Training Partner will setup classrooms and computer lab, etc with all required machinery & equipments, trainers, etc required to impart training in courses that are recognized by National Skill Qualification Framework (NSQF).
Rs.194 cr released to 96 cities under Smart City Mission for preparation of city plans
New Delhi: The Ministry of Urban Development has sanctioned Rs. 194 cr at the rate of Rs.2.00 cr per each of the 96 cities included in the Smart City Mission. Of the 98 smart city candidate firmed up so far, funds will be sanctioned soon by the Home Ministry to the Union Territories of Delhi and Chandigarh.
Sanction Orders were issued to 38 smart city representatives from 11 states who attended the Regional Workshop here today by the Minister of Urban Development Shri M.Venakaiah Naidu. One city each from Jammu & Kashmir and Uttar Pradesh are still to be identified for inclusion in the Smart City Mission.
Later in the day, funds were transferred electronically to the respective states and Union Territories.
Rs.2.00 cr provided for each city is meant for preparation of city level Smart City Plans with the assistance of technical and hand holding agencies.
Sanction Orders were issued to 38 smart city representatives from 11 states who attended the Regional Workshop here today by the Minister of Urban Development Shri M.Venakaiah Naidu. One city each from Jammu & Kashmir and Uttar Pradesh are still to be identified for inclusion in the Smart City Mission.
Later in the day, funds were transferred electronically to the respective states and Union Territories.
Rs.2.00 cr provided for each city is meant for preparation of city level Smart City Plans with the assistance of technical and hand holding agencies.
Tuesday, March 3, 2015
Infosys wins 5-year deal from TNT Express
Mumbai: Infosys Ltd, India’s second largest software services exporter, said on Monday that it has won a five-year deal from global express delivery company TNT Express NV to simplify its technology applications.
Financial details of the deal were not disclosed.
At 2.01pm, shares of Infosys were trading down 0.39% at Rs.2,286 apiece, while the benchmark Sensex was down 0.07% at 29,340.12 points.
Financial details of the deal were not disclosed.
At 2.01pm, shares of Infosys were trading down 0.39% at Rs.2,286 apiece, while the benchmark Sensex was down 0.07% at 29,340.12 points.
Sun Pharma buys GSK’s Opiates business in Australia
Mumbai: India’s largest drugmaker Sun Pharmaceutical Industries Ltd on Tuesday signed an agreement with GlaxoSmithKline Plc (GSK) to purchase its Opiates business in Australia for an undisclosed amount.
GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio products along with inventory will transfer to a subsidiary of Sun Pharma, the companies said in a joint statement.
The product portfolio consists of poppy-derived opiate raw materials that are primarily used in manufacture of analgesics for the treatment of moderate to severe pain.
All employees from both sites will also be offered employment by Sun Pharma with the Opiates business.
“Both Sun Pharma and GSK believe that the future of the Opiates business will be secured as part of Sun Pharma, a company with a global footprint,” the statement said.
The transaction closure is subject to customary closing conditions and requisite regulator and other approvals, and is expected to close by August 2015.
GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio products along with inventory will transfer to a subsidiary of Sun Pharma, the companies said in a joint statement.
The product portfolio consists of poppy-derived opiate raw materials that are primarily used in manufacture of analgesics for the treatment of moderate to severe pain.
All employees from both sites will also be offered employment by Sun Pharma with the Opiates business.
“Both Sun Pharma and GSK believe that the future of the Opiates business will be secured as part of Sun Pharma, a company with a global footprint,” the statement said.
The transaction closure is subject to customary closing conditions and requisite regulator and other approvals, and is expected to close by August 2015.
Cement Industry Should Grow by 20-25 Percent over the next three Decades – DIPP Secretary
New Delhi: Secretary, Department of Industrial Policy and Promotion(DIPP), Shri Amitabh Kant has said that cement industry has to grow 20-25 per cent annually over the next three decades to meet the requirement of a rapidly growing Indian economy. Delivering the inaugural address at the 53rd Annual Session of Cement Manufacturers’ Association(CMA), Shri Kant said that for a sustained high growth rates for the Indian economy, manufacturing has to grow by 13-14 per cent and cement has to be a major driver of India’s growth sector.
Responding to the flagging of some issues by CMA, Secretary DIPP said that he would convene a meeting with the officers of his Ministry, Ministry of Mines, Ministry of Environment and Department of Revenue to sort out the issues. Referring to the announcement made in the Budget 2015-16, Shri Kant said that huge emphasis has been laid on infrastructure and this will provide impetus to the cement industry.
Earlier, Shri O.P.Puranmalka, President, CMA, in his welcome address said that cement industry has grown at the rate of about 8 per cent in the first three quarters of the current financial year. However, to meet the level of cement demand arising out of expected increase in the growth rates, Government has to ensure adequate availability of land and consistent availability of major inputs like limestone, coal and adequate infrastructure like rail availability.
Later, Secretary DIPP released a booklet brought out by CMA on “Cement Concrete Road & Overlay Construction - Dos and Donts”.
Responding to the flagging of some issues by CMA, Secretary DIPP said that he would convene a meeting with the officers of his Ministry, Ministry of Mines, Ministry of Environment and Department of Revenue to sort out the issues. Referring to the announcement made in the Budget 2015-16, Shri Kant said that huge emphasis has been laid on infrastructure and this will provide impetus to the cement industry.
Earlier, Shri O.P.Puranmalka, President, CMA, in his welcome address said that cement industry has grown at the rate of about 8 per cent in the first three quarters of the current financial year. However, to meet the level of cement demand arising out of expected increase in the growth rates, Government has to ensure adequate availability of land and consistent availability of major inputs like limestone, coal and adequate infrastructure like rail availability.
Later, Secretary DIPP released a booklet brought out by CMA on “Cement Concrete Road & Overlay Construction - Dos and Donts”.
Foreign Tourist Arrivals during the period January-December 2014 grow by 7.1%, as compared to a growth of 5.9% during January-December 2013
New Delhi: The Foreign Tourist Arrivals during the period January-December 2014 were 74.62 lakh with a growth of 7.1%, as compared to the Foreign Tourist Arrivals of 69.68 lakh with a growth of 5.9% during January-December 2013 over the corresponding period of 2012. Foreign Exchange Earnings from tourism in rupee terms during January-December 2014 were Rs.1,20,083 Crore with a growth of 11.5%, as compared to the Foreign Exchange Earnings of Rs.1,07,671 Crore with a growth of 14.0% during January- December 2013 over the corresponding period of 2012.
The Ministry of Tourism has taken various initiatives to boost the growth of tourism in India. These new initiatives of the Ministry of Tourism include Integrated Development of Theme-Based Tourist Circuits – Swadesh Darshan and the National Mission on Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD). The Ministry has also launched a 24x7 Incredible India Toll Free Helpline for Tourists (Code – 1363/1800-111363).
The Government of India has introduced Tourist Visa on Arrival enabled with Electronic Travel Authorisation to facilitate foreign travellers visiting India. This facility is available to the nationals of 44 countries arriving at 9 airports in India (viz. Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru, Thiruvananthapuram, Kochi and Goa airports).
To create social awareness among the masses regarding their conduct and attitude towards tourists and to sensitize the stakeholders of the tourism industry, the Ministry of Tourism releases the Atithi Devo Bhava – Social Awareness Campaign. People in general are sensitized to preserve and protect the heritage and monuments of the country, including tourist places, for the generations to come. The campaign also strives to bring about a positive change in the outlook of the people. These campaigns are released in select Print, Electronic, Outdoor and Online Media.
This information was given by the Union Minister of State for Tourism (Independent Charge), Culture (Independent Charge) and Civil Aviation, Dr Mahesh Sharma, in a reply to unstarred question in Lok Sabha today.
The Ministry of Tourism has taken various initiatives to boost the growth of tourism in India. These new initiatives of the Ministry of Tourism include Integrated Development of Theme-Based Tourist Circuits – Swadesh Darshan and the National Mission on Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD). The Ministry has also launched a 24x7 Incredible India Toll Free Helpline for Tourists (Code – 1363/1800-111363).
The Government of India has introduced Tourist Visa on Arrival enabled with Electronic Travel Authorisation to facilitate foreign travellers visiting India. This facility is available to the nationals of 44 countries arriving at 9 airports in India (viz. Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru, Thiruvananthapuram, Kochi and Goa airports).
To create social awareness among the masses regarding their conduct and attitude towards tourists and to sensitize the stakeholders of the tourism industry, the Ministry of Tourism releases the Atithi Devo Bhava – Social Awareness Campaign. People in general are sensitized to preserve and protect the heritage and monuments of the country, including tourist places, for the generations to come. The campaign also strives to bring about a positive change in the outlook of the people. These campaigns are released in select Print, Electronic, Outdoor and Online Media.
This information was given by the Union Minister of State for Tourism (Independent Charge), Culture (Independent Charge) and Civil Aviation, Dr Mahesh Sharma, in a reply to unstarred question in Lok Sabha today.
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