Hyderabad: IL&FS Engineering and Construction Company Ltd has received a letter of award from Neelkamal Realtor Tower Pvt Ltd for the construction of ‘Orchid Heights’, a residential project at Byculla in Mumbai.
The Rs 675-crore contract, for two high-rise buildings, is to be completed in 39 months. With this project, IL&FS will make its entry into the Mumbai construction arena.
Success in my Habit
Sunday, November 10, 2013
BHEL bags Rs 2,500-cr contract from Neyveli Lignite
New Delhi: Bharat Heavy Electricals Ltd (BHEL) has bagged its first order in the power business sector for the current fiscal. The power sector constitutes 80 per cent of the public sector company’s total business. The company has bagged a Rs 2,569-crore contract for supplying steam generator package to Neyveli Lignite for two thermal units of 500 MW each. These machines will be set up for the 1,000-MW thermal power project in Neyveli, Tamil Nadu. This order was bagged amidst stiff international competitive bidding. This development comes at a time when the performance of eight core industrial sectors recorded a growth of eight per cent in September. In the past, Neyveli placed orders to BHEL for its 2x500 MW Tuticorin, 2x250 MW Neyveli and 2x125 MW Barsingsar projects, all after international competitive bidding. “With this order, the customer has reposed confidence in the company’s technological excellence as also its capability in executing power projects of this magnitude,” a statement issued by BHEL said. As on June 30, 2013, the company’s order book was around Rs 1.08 lakh crore. It got total orders worth Rs 31,650 crore in 2012-13, an increase of 43 per cent.
Uttar Pradesh government gets investment proposals worth Rs 9,608 crores
Lucknow: The efforts of the Uttar Pradesh government to attract investments have started bearing some fruits, with the state getting fresh investments in the industrial sector to the tune of Rs 9,600 crores since April 2012. This is apart from the investment which is coming in real estate, construction, power plants, PSU's, roads and expressway projects.
The Infrastructure and Industrial Development Commissioner, Alok Ranjan said that investments worth Rs 1,519 crores has already been made by various groups and another Rs 8,089 crores is under various stages of implementation. Together the total investment would amount to Rs 9,608 crores.
Among those who have made fresh investments are Godfrey Phillips in Meerut, Wave Industries in Saharanpur, Superhouse Ltd in Noida, DCM Shriram in Meerut, Parle Agro in Ghaziabad, Ultratech Cement, Shahi Exports, Moser Baer Solar.
Alok Ranjan said that two big investment proposals of Rs 900 crores are also on the verge of being finalised.
Sampraksh group proposes to invest Rs 700 crores in Kanpur Dehat to set up a food processing plant.
PTC Industries has also submitted a proposal to invest Rs 200 crores to set up a manufacturing unit at Lucknow.
Managing Director, PTC Industries, Sachin Agarwal said that they have already tied up funds and arranged land for setting up the unit and are waiting for the go ahead from the government. PTC Industries would manufacture components for super critical applications in power plants, turbines, ships, nuclear plants etc. Agarwal said that it would be world class modern plant which will be set up in Lucknow and most of the components manufactured would be exported.
He said that they were confident of setting up of the plant within two years and have already arranged 20 acresof land for the project.
Apart from these projects, the Akhilesh Yadav government is in the final stages of setting up of an IT Park in Lucknow for which several leading names have shown interest. The government is also taking steps towards awarding the Lucknow-Agra Expressway contract.
At the recently held CII Invest North 2013 in August at New Delhi, the government had also received preliminary proposals for setting up projects worth Rs 22,000 crores in diverse sectors like consumer goods, solar power, auto parts, sewage treatment plant and education. Alok Ranjan said that these projects were also being fastracked and the concerned groups have been asked to submit detailed project reports.
The Infrastructure and Industrial Development Commissioner, Alok Ranjan said that investments worth Rs 1,519 crores has already been made by various groups and another Rs 8,089 crores is under various stages of implementation. Together the total investment would amount to Rs 9,608 crores.
Among those who have made fresh investments are Godfrey Phillips in Meerut, Wave Industries in Saharanpur, Superhouse Ltd in Noida, DCM Shriram in Meerut, Parle Agro in Ghaziabad, Ultratech Cement, Shahi Exports, Moser Baer Solar.
Alok Ranjan said that two big investment proposals of Rs 900 crores are also on the verge of being finalised.
Sampraksh group proposes to invest Rs 700 crores in Kanpur Dehat to set up a food processing plant.
PTC Industries has also submitted a proposal to invest Rs 200 crores to set up a manufacturing unit at Lucknow.
Managing Director, PTC Industries, Sachin Agarwal said that they have already tied up funds and arranged land for setting up the unit and are waiting for the go ahead from the government. PTC Industries would manufacture components for super critical applications in power plants, turbines, ships, nuclear plants etc. Agarwal said that it would be world class modern plant which will be set up in Lucknow and most of the components manufactured would be exported.
He said that they were confident of setting up of the plant within two years and have already arranged 20 acresof land for the project.
Apart from these projects, the Akhilesh Yadav government is in the final stages of setting up of an IT Park in Lucknow for which several leading names have shown interest. The government is also taking steps towards awarding the Lucknow-Agra Expressway contract.
At the recently held CII Invest North 2013 in August at New Delhi, the government had also received preliminary proposals for setting up projects worth Rs 22,000 crores in diverse sectors like consumer goods, solar power, auto parts, sewage treatment plant and education. Alok Ranjan said that these projects were also being fastracked and the concerned groups have been asked to submit detailed project reports.
CAG becomes member of UN audit panel
New Delhi: The Comptroller and Auditor General of India Shashi Kant Sharma has been elected to the coveted United Nations Board of Auditors for a six-year term. India defeated the Philippines with a convincing margin in the election to the panel. India got the support of China and Pakistan in the elections.
A statement from the CAG’s office said out of the 186 votes cast, India got 124 votes and the Philippines got 62.
India will replace China beginning July 1, 2014. The CAG of India will now get access for audit of the UN organisations, including the UN Headquarters. “He, along with other two members of the board will also be responsible for audit of UN bodies like UN Peacekeeping Operations, UN Development Programme, UNICEF, UN High Commissioner for Refugees, UN Environment Programme, UN Human Settlements Programme, UN Women and UN Framework Convention on Climate Change,” the release said.
It added that Sharma took keen interest for the post and canvassed the Ambassadors and High Commissioners and briefed them about the Indian Auditors. India was earlier in the Board for six years from 1993.
The United Nations Board of Auditors audits the accounts of the United Nations organisation and its funds and reports its findings and recommendations to the UN General Assembly through the Advisory Committee on Administrative and Budgetary Questions. The Board of Auditors is completely independent and is solely responsible for the conduct of the audit.
The General Assembly appoints three members to the Board of Auditors. The members of the Board have joint responsibility for the audits. The present members of the Board of Auditors are from Britain, Tanzania and China.
A statement from the CAG’s office said out of the 186 votes cast, India got 124 votes and the Philippines got 62.
India will replace China beginning July 1, 2014. The CAG of India will now get access for audit of the UN organisations, including the UN Headquarters. “He, along with other two members of the board will also be responsible for audit of UN bodies like UN Peacekeeping Operations, UN Development Programme, UNICEF, UN High Commissioner for Refugees, UN Environment Programme, UN Human Settlements Programme, UN Women and UN Framework Convention on Climate Change,” the release said.
It added that Sharma took keen interest for the post and canvassed the Ambassadors and High Commissioners and briefed them about the Indian Auditors. India was earlier in the Board for six years from 1993.
The United Nations Board of Auditors audits the accounts of the United Nations organisation and its funds and reports its findings and recommendations to the UN General Assembly through the Advisory Committee on Administrative and Budgetary Questions. The Board of Auditors is completely independent and is solely responsible for the conduct of the audit.
The General Assembly appoints three members to the Board of Auditors. The members of the Board have joint responsibility for the audits. The present members of the Board of Auditors are from Britain, Tanzania and China.
Kerala to build ties with Victoria Govt
Thiruvananthapuram: The Australian province of Victoria will send a high-level delegation to Kerala in February 2014 to look at ways of boosting mutual cooperation on various fronts.
This will be the first time it engages Kerala, says Howard Ronaldson, Secretary, Department of Development, Business and Innovation, State of Victoria.
BUSINESS SESSION
He announced this at a session organised here by hosts Group of Technology Companies (GTech), industry body of software companies in Kerala.
Ronaldson is leading a Victorian Government delegation on an exploratory visit here. During the two-day visit, it will meet with senior officials here to discuss the road map for cooperation. “This is expected to assist in the two-way flow of goods, services, people, ideas, capital and culture,” Ronaldson said. P.H. Kurian, Principal Secretary-Industry and IT, Kerala, hoped to sign a memorandum of understanding with the Victorian Government early next year.
“This would put on fast track various engagements that we have initiated between the two States,” Kurian added.
V.K. Mathews, Chairman, GTech, observed that both States stand to gain from the collaboration. On the one hand, companies in Victoria will benefit from the quality of talent and innovative solutions on offer here.
Anoop P. Ambika, Secretary, GTech, also spoke during the business session in which at least 24 IT companies from Technopark were represented.
The visit by the Victorian delegation was a follow-up to an earlier visit of a Kerala IT delegation led by GTech to various Australian States early this year.
This will be the first time it engages Kerala, says Howard Ronaldson, Secretary, Department of Development, Business and Innovation, State of Victoria.
BUSINESS SESSION
He announced this at a session organised here by hosts Group of Technology Companies (GTech), industry body of software companies in Kerala.
Ronaldson is leading a Victorian Government delegation on an exploratory visit here. During the two-day visit, it will meet with senior officials here to discuss the road map for cooperation. “This is expected to assist in the two-way flow of goods, services, people, ideas, capital and culture,” Ronaldson said. P.H. Kurian, Principal Secretary-Industry and IT, Kerala, hoped to sign a memorandum of understanding with the Victorian Government early next year.
“This would put on fast track various engagements that we have initiated between the two States,” Kurian added.
V.K. Mathews, Chairman, GTech, observed that both States stand to gain from the collaboration. On the one hand, companies in Victoria will benefit from the quality of talent and innovative solutions on offer here.
Anoop P. Ambika, Secretary, GTech, also spoke during the business session in which at least 24 IT companies from Technopark were represented.
The visit by the Victorian delegation was a follow-up to an earlier visit of a Kerala IT delegation led by GTech to various Australian States early this year.
Saturday, November 2, 2013
India could be major manufacturing hub for JC Bamford Excavators
London: UK-based construction equipment maker JC Bamford Excavators Ltd is set to expand its product portfolio in India to cater to the domestic and export market.
The company, the world’s largest manufacturer of backhoe loaders, is adding manufacturing capability with a view to making India a major manufacturing hub for fully-built equipment, engines and parts. India has emerged as a strategic location for the potential it holds, as well as to serve markets such as South Africa and Malaysia, said Anthony Bamford, Chairman of JC Bamford.
“India accounts for a significant chunk of the business and this is expected to go up as infrastructure growth picks up,” he said.
New plants
As its new plants get commissioned in Rajasthan next year, the company is looking at rolling out more products from India. Apart from backhoe loaders, where it is the market leader, JCB India manufactures excavators and compactors. One out of two construction equipment sold in India is made by JCB, according to the company. It plans to widen it range, specifically in telescopic handlers, forklifts and excavators.
Referring to the potential for construction equipment in India, Bamford said the nation’s infrastructure segment is facing challenging times as the economy is passing through a tough cycle. But there is huge potential for growth. From a global investor perspective, Bamford said there seems to be some vacuum in terms of overall policies and their implementation in India. While the Finance Minister and the RBI have done well, there could be a phase of tepid growth due to elections next year, he added.
“At JCB, we are optimistic the Indian economy and the construction sector will get better. While most economies around the world struggled during the 2008-09 global economic crisis, India handled it the best,” he said.
JCB India expects construction, road building, earth moving and waste management to drive demand for its equipment.
Bamford expressed confidence JCB will grow at a higher pace than the country’s economy.
The company, the world’s largest manufacturer of backhoe loaders, is adding manufacturing capability with a view to making India a major manufacturing hub for fully-built equipment, engines and parts. India has emerged as a strategic location for the potential it holds, as well as to serve markets such as South Africa and Malaysia, said Anthony Bamford, Chairman of JC Bamford.
“India accounts for a significant chunk of the business and this is expected to go up as infrastructure growth picks up,” he said.
New plants
As its new plants get commissioned in Rajasthan next year, the company is looking at rolling out more products from India. Apart from backhoe loaders, where it is the market leader, JCB India manufactures excavators and compactors. One out of two construction equipment sold in India is made by JCB, according to the company. It plans to widen it range, specifically in telescopic handlers, forklifts and excavators.
Referring to the potential for construction equipment in India, Bamford said the nation’s infrastructure segment is facing challenging times as the economy is passing through a tough cycle. But there is huge potential for growth. From a global investor perspective, Bamford said there seems to be some vacuum in terms of overall policies and their implementation in India. While the Finance Minister and the RBI have done well, there could be a phase of tepid growth due to elections next year, he added.
“At JCB, we are optimistic the Indian economy and the construction sector will get better. While most economies around the world struggled during the 2008-09 global economic crisis, India handled it the best,” he said.
JCB India expects construction, road building, earth moving and waste management to drive demand for its equipment.
Bamford expressed confidence JCB will grow at a higher pace than the country’s economy.
Germany farm gear maker to turn India an export hub
New Delhi: German farm equipment maker Lemken GmbH, which specialises in pre-harvesting implements such as reversible ploughs, plans to make India its export hub to cater to markets in Asia and Africa.
Lemken, which set up a manufacturing unit in Nagpur with an investment of Rs 60 crore last year, expects to start exports to south China and African countries from next year, said Anthony Van Der Ley, CEO, Lemken GmbH.
The 232-year-old German firm also plans to set up a small design team of about eight engineers in India taking advantage of the engineering skills here to customise its products for the local market.
“We are looking at India from a long-term perspective and the market here holds a major potential,” Ley said.
In its first year of operations, Lemken India sold over 350 hydraulic reversible ploughs, which cost around Rs 1.8 lakh each, almost three times higher than mechanical ploughs. Lemken’s equipment is used along with tractors.
The company is targeting to sell 1,000 ploughs next year and also plans to introduce other equipment such as disc harrow, which is used to cut, mix and mulch soil and seed drills among others.
“We use a highly specialised alloy boron steel that enhances the life of our equipment to a great extent, making it more expensive than conventional ones,” said Arvind Kumar, MD and CEO of Lemken India Agro Equipment Pvt Ltd. Currently, Lemken’s products are sold in Maharashtra, Karnataka, Andhra Pradesh and Punjab, while the company is looking at other States such as Uttar Pradesh, Haryana and Madhya Pradesh.
Kumar said the Government should look at extending subsidy, being offered to farm equipments, to technology-intensive farm implements, such as hydraulic reversible ploughs to give a push farm mechanisation.
Lemken, which set up a manufacturing unit in Nagpur with an investment of Rs 60 crore last year, expects to start exports to south China and African countries from next year, said Anthony Van Der Ley, CEO, Lemken GmbH.
The 232-year-old German firm also plans to set up a small design team of about eight engineers in India taking advantage of the engineering skills here to customise its products for the local market.
“We are looking at India from a long-term perspective and the market here holds a major potential,” Ley said.
In its first year of operations, Lemken India sold over 350 hydraulic reversible ploughs, which cost around Rs 1.8 lakh each, almost three times higher than mechanical ploughs. Lemken’s equipment is used along with tractors.
The company is targeting to sell 1,000 ploughs next year and also plans to introduce other equipment such as disc harrow, which is used to cut, mix and mulch soil and seed drills among others.
“We use a highly specialised alloy boron steel that enhances the life of our equipment to a great extent, making it more expensive than conventional ones,” said Arvind Kumar, MD and CEO of Lemken India Agro Equipment Pvt Ltd. Currently, Lemken’s products are sold in Maharashtra, Karnataka, Andhra Pradesh and Punjab, while the company is looking at other States such as Uttar Pradesh, Haryana and Madhya Pradesh.
Kumar said the Government should look at extending subsidy, being offered to farm equipments, to technology-intensive farm implements, such as hydraulic reversible ploughs to give a push farm mechanisation.
Pharma market valued at Rs 72,069 crore: CII-PwC report
Mumbai: The Indian pharmaceutical market (IPM) is currently valued at Rs 72,069 crore as against Rs 65,654 crore in 2012.
Though the market value has seen an increase, the sector overall has experienced a slowdown with its growth going down to 9.8% from 16.6% in 2012. This slowdown can be attributed to the new drug pricing policy and the regulatory interventions over the last year, according to the CII-PwC report, 'India Pharma Inc; Changing Landscape of Indian Pharma Industry.' The report released at the CII Pharma Summit in Mumbai on Thursday.
The industry is witnessing additional challenges like delays in clinical trial approvals, uncertainties over the FDI policy, a uniform code for sales and marketing practices and compulsory licensing. The slowdown is also evident from the number of new product launches, which has gone down from approximately 1900 in year 2010 to 1700 in year 2012. The contribution of chronic therapies to the IPM has gone up from 27% in 2010 to 30% in 2013. Chronic therapies (cardio, gastro, CNS and anti-diabetic) have outperformed the market for the past four years and are growing at a rate of 14%, faster than the acute therapies (anti-infectives, respiratory, pain and gynaec) which grew at 9.6%. This essentially translated in an overall slowdown in 2013, highlighted the report.
Dr Rajiv Modi, Chairman - CII Pharma Summit 2013 & CII Gujarat State Council and chairman and Managing Director, Cadila Pharmaceuticals, said, "India has had an efficient pharmaceutical industry, which has been making affordable drugs not just for the Indian markets but has also been exporting them to the world. The sector is currently experiencing slow growth. Henceforth, both the Indian and foreign companies operating in India will have to device suitable strategies in order to be in the top 10 global markets by 2020."
Sujay Shetty, leader - pharma and life sciences, PwC India said, "The economic environment in India is tougher now than ever before. While pharma companies focus their attention on measures to combat the growth slowdown, they will need to work with the government and other stakeholders to discuss and resolve regulatory challenges. Resolving the impasse with clinical trials is critical both for patients and India's ambition to innovate."
According to the report, India is perceived as an attractive destination for clinical trials but has been marred with genuine concerns. Clinical trials are an inherent part of the drug development process and cannot be dispensed with. The continuing search for new therapies and cost-effective alternatives to existing therapies will be realised in practice only after comprehensive clinical trials.
The clinical research industry in India needs to work closely with the government to create a regulatory mechanism that allows scientifically sound and ethically correct trials to be conducted so that the benefits of clinical trials can be brought to patients in India.
The industry is also facing stricter regulations on manufacturing and quality practices in the domestic as well as he international markets. Indian companies will have to raise their compliance to US FDA regulations as they drive their major share of exports from the US market.
The implementation of the National Pharmaceutical Pricing Policy 2012 by the Government of India has resulted in margins erosion from 20% and 10% to 16% and 8% for retailers and stockists, respectively. This decrease in the stockist margins led to a significant uncertainty among many stockists regarding the feasibility of staying in business due to lower profitability post the margin reduction.
The report released at the CII Pharma Summit in Mumbai added that innovation facilitated by technological advancements is an integral part of the pharmaceutical industry and all the leading Indian companies are investing hugely in research and development (R&D). The report suggested a convergence of four key technologies called SMAC to drive innovation: Social Networking, Mobile Computing, Cloud Computing & Analytics.
Though the market value has seen an increase, the sector overall has experienced a slowdown with its growth going down to 9.8% from 16.6% in 2012. This slowdown can be attributed to the new drug pricing policy and the regulatory interventions over the last year, according to the CII-PwC report, 'India Pharma Inc; Changing Landscape of Indian Pharma Industry.' The report released at the CII Pharma Summit in Mumbai on Thursday.
The industry is witnessing additional challenges like delays in clinical trial approvals, uncertainties over the FDI policy, a uniform code for sales and marketing practices and compulsory licensing. The slowdown is also evident from the number of new product launches, which has gone down from approximately 1900 in year 2010 to 1700 in year 2012. The contribution of chronic therapies to the IPM has gone up from 27% in 2010 to 30% in 2013. Chronic therapies (cardio, gastro, CNS and anti-diabetic) have outperformed the market for the past four years and are growing at a rate of 14%, faster than the acute therapies (anti-infectives, respiratory, pain and gynaec) which grew at 9.6%. This essentially translated in an overall slowdown in 2013, highlighted the report.
Dr Rajiv Modi, Chairman - CII Pharma Summit 2013 & CII Gujarat State Council and chairman and Managing Director, Cadila Pharmaceuticals, said, "India has had an efficient pharmaceutical industry, which has been making affordable drugs not just for the Indian markets but has also been exporting them to the world. The sector is currently experiencing slow growth. Henceforth, both the Indian and foreign companies operating in India will have to device suitable strategies in order to be in the top 10 global markets by 2020."
Sujay Shetty, leader - pharma and life sciences, PwC India said, "The economic environment in India is tougher now than ever before. While pharma companies focus their attention on measures to combat the growth slowdown, they will need to work with the government and other stakeholders to discuss and resolve regulatory challenges. Resolving the impasse with clinical trials is critical both for patients and India's ambition to innovate."
According to the report, India is perceived as an attractive destination for clinical trials but has been marred with genuine concerns. Clinical trials are an inherent part of the drug development process and cannot be dispensed with. The continuing search for new therapies and cost-effective alternatives to existing therapies will be realised in practice only after comprehensive clinical trials.
The clinical research industry in India needs to work closely with the government to create a regulatory mechanism that allows scientifically sound and ethically correct trials to be conducted so that the benefits of clinical trials can be brought to patients in India.
The industry is also facing stricter regulations on manufacturing and quality practices in the domestic as well as he international markets. Indian companies will have to raise their compliance to US FDA regulations as they drive their major share of exports from the US market.
The implementation of the National Pharmaceutical Pricing Policy 2012 by the Government of India has resulted in margins erosion from 20% and 10% to 16% and 8% for retailers and stockists, respectively. This decrease in the stockist margins led to a significant uncertainty among many stockists regarding the feasibility of staying in business due to lower profitability post the margin reduction.
The report released at the CII Pharma Summit in Mumbai added that innovation facilitated by technological advancements is an integral part of the pharmaceutical industry and all the leading Indian companies are investing hugely in research and development (R&D). The report suggested a convergence of four key technologies called SMAC to drive innovation: Social Networking, Mobile Computing, Cloud Computing & Analytics.
NRI remittances touch a new high at $6.5 bn
Mumbai: Remittances by non-resident Indians (NRIs) saw a 27 per cent jump at $ 6.5 billion (Rs 39,991.9 crore in present valuations) between January and September this year, as against 7 per cent growth during the same period last year.
UAE Exchange, the Abu Dhabi-based money transfer firm which manages 10 per cent of the total remittances in India, has witnessed a sharp increase in the money flow in September.
The festive season is expected to boost the flows even further. “We have seen a sharp spike in remittances, as expatriates took advantage of record low levels on the rupee,” said Promoth Manghat, vice-president, global operations, UAE Exchange.
Festivals such as Eid, Onam, Diwali and Christmas fall in the period between September and December.
RBI’s special window to attract dollar deposit flows, valid till November 30, has also led to high foreign currency remittances.
Strengthening of the US dollar against most other currencies, particularly the Indian rupee, is another key driver. “The festive season will also add at least 10-12 per cent to the spurt in global transaction volumes to India, which we expect to touch a record $8.5 billion in 2013. This will increase our market share further to 12 per cent of the total remittance volume of $71 billion into the country, as estimated by the World Bank.”
Average transaction volume has risen by about 27 per cent this year and average transaction size has risen by 7 per cent.
Kerala’s remittance revenue has touched Rs 75,000 crore, surpassing its annual target in the first six months of the year.
The state contributes the largest share of remittance flows, with 33 per cent of total volumes, to UAE Exchange.k
UAE Exchange has the largest network of branches with 700 outlets in 30 countries. It plans to take the number to 1,000 in the next three years.
UAE Exchange, the Abu Dhabi-based money transfer firm which manages 10 per cent of the total remittances in India, has witnessed a sharp increase in the money flow in September.
The festive season is expected to boost the flows even further. “We have seen a sharp spike in remittances, as expatriates took advantage of record low levels on the rupee,” said Promoth Manghat, vice-president, global operations, UAE Exchange.
Festivals such as Eid, Onam, Diwali and Christmas fall in the period between September and December.
RBI’s special window to attract dollar deposit flows, valid till November 30, has also led to high foreign currency remittances.
Strengthening of the US dollar against most other currencies, particularly the Indian rupee, is another key driver. “The festive season will also add at least 10-12 per cent to the spurt in global transaction volumes to India, which we expect to touch a record $8.5 billion in 2013. This will increase our market share further to 12 per cent of the total remittance volume of $71 billion into the country, as estimated by the World Bank.”
Average transaction volume has risen by about 27 per cent this year and average transaction size has risen by 7 per cent.
Kerala’s remittance revenue has touched Rs 75,000 crore, surpassing its annual target in the first six months of the year.
The state contributes the largest share of remittance flows, with 33 per cent of total volumes, to UAE Exchange.k
UAE Exchange has the largest network of branches with 700 outlets in 30 countries. It plans to take the number to 1,000 in the next three years.
India’s first integrated national transport portal launched single window application to plan seamless bus travel- Shri Oscar Fernandes
New Delhi: Shri Oscar Fernandes, Minister of Road Transport & Highways launched India’s first integrated National Transport Portal “www.busindia.com” here today. Speaking on the occasion Shri Fernandes said busindia.com will address the need of a single window application, like IRCTC, through which users can seamlessly plan their bus travel including stop overs, changing routes, multi-trips and round-trips. He said with this launch that busindia.com now becomes the largest online bus ticketing system in the world. Now bus travel will become a whole new experience for people all over the country and even people outside India, he added. This will go a long way and will set an example to several other initiatives that bear potential to implement online services in the G2C space, the Minister added.
The Minister stated that India is a land of a vast middle class and this puts India in a great spot of advantage globally progressing as a nation. In India trains are widely used and the IRCTC website has over 55 lakh hits per day with over 2 lakh unique visitors and over 1 lakh tickets booked, he said. The number of bus users is at least six times more in number than the ones that use train services. This shows the depth and potential of connectivity bus services has in India.
While the site itself is intuitive and easy to book on a PC and even a mobile device, Road Transport Ministry is constantly working towards making travel in India more pleasurable and more integrated for commuters. There are plans of integrating busindia.com with IRCTC in the future wherein people can combine their train and bus journeys together and in the process travel far and wide in the country. It will then be a very unique experience for everyone.
Congratulating everyone involved in this process. Shri. Oscar hoped for more such initiatives and innovations that keep Transport Sector ahead of others , effective and efficient. The Minister commended the efforts of Radiant Info and Central Institute of Road Transport (CIRT) in identifying gap and addressing it with the launch of busindia.com. Radiant Info is a name in the Transport sector with credentials and success in implementing online ticketing solutions to several of State Transport Units is well known and their effort in this area is.
The Minister stated that India is a land of a vast middle class and this puts India in a great spot of advantage globally progressing as a nation. In India trains are widely used and the IRCTC website has over 55 lakh hits per day with over 2 lakh unique visitors and over 1 lakh tickets booked, he said. The number of bus users is at least six times more in number than the ones that use train services. This shows the depth and potential of connectivity bus services has in India.
While the site itself is intuitive and easy to book on a PC and even a mobile device, Road Transport Ministry is constantly working towards making travel in India more pleasurable and more integrated for commuters. There are plans of integrating busindia.com with IRCTC in the future wherein people can combine their train and bus journeys together and in the process travel far and wide in the country. It will then be a very unique experience for everyone.
Congratulating everyone involved in this process. Shri. Oscar hoped for more such initiatives and innovations that keep Transport Sector ahead of others , effective and efficient. The Minister commended the efforts of Radiant Info and Central Institute of Road Transport (CIRT) in identifying gap and addressing it with the launch of busindia.com. Radiant Info is a name in the Transport sector with credentials and success in implementing online ticketing solutions to several of State Transport Units is well known and their effort in this area is.
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