FDI Destined for SIX Million KIRANA Stores!Grocery Interactions to be Lost in the Ivory Towers of Nostalgia!EU asks India to further open economy to FDI.

Wal-Mart urges India to open retail sector

EU asks India to further open economy to FDI

Govt approves 18 FDI proposals worth over Rs 2,245 cr

India's negotiations with Pakistan being choreographed by the US!India-US sign counter terrorism cooperation initiative!

Indian Holocaust My Fathers Life and Time- Four Hundred Twenty Nine

Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/

Wal-Mart urges India to open retail sector!

Govt approves 18 FDI proposals worth over Rs 2,245 cr

TODAY - 23 July, 2010

Sex is good, said coach

T S Ranjitha goes public with her account of the way she was sexually harassed by then coach M K Kaushik. The full story

India's negotiations with Pakistan being choreographed by the US!India-US sign counter terrorism cooperation initiative!

India and the United States on Friday signed the India-US Counter Terrorism Initiative, the text of which was initialed on the sidelines of the visit of Prime Minister Manmohan Singh to the US in November, 2009.
Union Home Secretary, G.K. Pillai signed for India whereas US Ambassador to India Timothy J. Roemer signed on behalf of the USA.
Foreign Secretary Nirupama Rao was also present on the occasion.
Pillai described the MoU as an evidence of successful cooperation between India and US in Counter Terrorism and as being based upon the solid foundation of mutual benefit.
He also acknowledged the key role played by Roemer in bringing the proposal to successful fruition.
The India-US Counter Terrorism Cooperation Initiative seeks to further enhance the cooperation between two countries in counter terrorism as an important element of their bilateral strategic partnership.
The initiative, inter alia, provides for strengthening capabilities to effectively combat terrorism, promotion of exchanges regarding modernization of techniques andsharing of best practices on issues of mutual interest.
It also provides establishment of procedures to provide mutual investigative assistance, enhancing capabilities to act against money laundering and counterfeit currency and financing of terrorism.
It also enhanced liaison and training between specialist Counter Terrorism Units including National Security Guard with their US counter parts.

The Economic Times Reports:
In what could strengthen the impression that India's negotiations with Pakistan were being choreographed by the US, state department spokesman P J Crowley said that New Delhi had agreed with Washington not to disclose the contents of the Headley interviews.

"To protect the confidentiality of the investigations being conducted by both India and the US, both countries have agreed not to disclose the contents of the interviews," an agency report from Washington quoting Mr Crowley as saying.

This remark comes on the back of the attack on home secretary G K Pillai for revealing the role of Pakistan's state agencies in the jihadi attack on Mumbai.

External affairs minister S M Krishna, who refused to counter Pakistan foreign minister Shah Mehmood Qureshi's outrageous comparison of Mr Pillai with jihadi overlord Hafiz Saeed, had on Wednesday questioned the timing of Mr Pillai's Headley revelations. The remarks of Mr Crowley suggest that Mr Krishna's statement on Mr Pillai is largely dictated by the concerns expressed by the US.

Mr Krishna had come close to blaming Mr Pillai for the failure of the Indo-Pak dialogue. "Mr Pillai ought to have known that the right kind of atmosphere from India's side should have been created for the talks to go in a normal manner, but unfortunately this episode happened," the external affairs minister had said.

Mr Pillai had disclosed that Headley had confirmed that Pakistan's ISI was involved with 26/11 "from beginning to the end". This was followed by National Security Advisor Shivshankar Menon speaking on "the links between the official establishment and existing intelligence agencies" in Pakistan as revealed by Headley. "If anything, it is getting stronger," Mr Menon had said.

Mr Crowley said the US is aware of such statements but restrained from responding in detail. "I'm just going to simply say that our co-operation is significant. It is a vital dimension of our relationship. It's important for both sides. In this co-operation there are responsibilities that we both have, and I'll leave it there."
http://economictimes.indiatimes.com/news/politics/nation/US-did-not-want-India-to-publicise-confessions/articleshow/6203593.cms

We have not Changed our Grocery stores despite we have half a dozen Shopping Malls within our reach. We are habitual to neglect th Wednesday Big Bazzar or Free Gift Offers as we depend so much on Manikda who Never gets the latest Brands in demand and Sabita would always be complaining! However, she would order Rice or Flour from Manikda`s Grocery paying One or Two Rs Per KG dearly. We have our MONTHLY Grocery from Manikda for Twenty One years.

I would forget to pay Ramu every month and would pay him provided I have the surplus at the end of the Month. Ramu would Never Complain. He would continue to supply the tips of Khaini and I would engage in my social interactions in front of his KIRANA daily without fail. He would Never ask for the Bill. It is since I landed in this loacality.

My father died in June 2001. Lala Kalicharan Agrawal died even before,. They have not the old KIRANA store in Dineshpur. His son Kailash has got a Medical Store in Rudrapur, the SIDCUL City and Udham singh nagar Headquarter. He was married to the daughter of Dr Sant Prakash, the original Post Master in dineshpur who would treat us in emergency. Pappu his son was my class mate and he was very tall amongst us. His sister Savitri, I may have forgot the name in forty years, was junior to us was a beautiful girl and would lighten up the Stage in School Functions reincarbated as Saraswati. We are related to the couple. In fact the Five Brothers in the Agrawal family have always been related to us. Lala Harikrishan used to live in Haridaspur and my primary school was located near his home. He was our Money Lender and family friend. Within one decades he shifted Rudrapur and owned a Rice Mill. I last attended the marriage of his Daughter who expired very early after a Penicilline Injection was pushed by the Doctor. Raju was the son of the third brother, who had a KIRANA store in Haridaspur. raju was reading in Class Four while Iwas a student of Class Two. He got the First Scooter for Rs Two Thousands.

Everyday I witness people lined up before different KIRANA Store in our locality despite we have Reliance Fresh, More, Big Bazar, Regents`, Spencer,Vishal, Apna Bazzar and so on.

I have grown up as a boy in dineshpur which had a wekly Bazaar HAT at every Saturday. The Hat was the best Calling Centre ever I saw, most Communicative and Full of life and Color. Even today, we buy our Vegetables from the Hat near sodepur station directly from the Peasnats coming over daily by train!

My best frined Rakesh who wanted to be Journalist and ended to become a Kirana Owner in Nainital, used to get his content during KIRANA Interactions.

Thsu, Krana, has NEVER Been only a Grocery or a part of the Market, it always has been something near to feel about the Joint Traditional Family which has been ended up as Nucleous Family Post Modern! Now, it is the turn for the SIX Million KIRANA or little more as the HAT is already wiped out!

The world's number one retailer Wal-Mart said on Thursday it could open "hundreds of stores" in India if the government opened up the country's giant retail sector to foreign investors.

India has recently kicked off a public debate on allowing foreign supermarkets to open stores in India, a key reform pushed for by economists seeking greater liberalisation in the economy.As The World Trade Organisation expects global commerce to grow 10 percent this year, WTO head Pascal Lamy said here Friday, as the trade body released its annual report.

"Our forecast for world trade this year is plus 10 percent in volume after the minus 12 (percent) we registered in '09," Lamy told reporters.

The government today approved 18 foreign investment proposals worth Rs 2,245.32 crore, with the major inflow being accounted for by Transcend Infrastructure for setting up communication and broadcasting towers business.

The European Union today asked India to further open its economy for foreign investments even as the country has taken tentative steps towards liberalising FDI in sensitive defence and multi-brand retail sectors.

"We would like India to further open its economy to EU investments," the Head of the Delegation of the EU to India, Daniele Smadja, said at a Ficci function here.

She said that the 27-member economic bloc has an open regime for FDI and the EU want to take it forward with India.

"We are ready to commit to full openness towards Indian investment...," Smadja said.

The EU accounted for 27 per cent of FDI India received in 2009. The Netherlands, Germany and the UK are the main investors.

The Ambassador said the proposed comprehensive free trade agreement between India and EU would bring more predictability in the bilateral investment relations.

"Concluding the FTA negotiations will send clear signal of engagement on both sides...we need to seize this opportunity," she said.

She added the negotiations for the trade pact are likely to be completed this year.

Under the Lisbon Treaty, investment policy will be developed and managed at the European level giving the EU a strengthened negotiating hand.

"We will therefore be able to integrate both investment liberalisation and investment protection to our talks with India, which will make the agreement more comprehensive...," she added.

The EU is the largest investor in India but the biggest outlet for Indian investments abroad.

Tata's deal with Corus, Tata Motor's acquisition of Jaguar and Land Rover and Arcelor's acquisition by Mittal are some of the major bilateral investments.

India remained in the list of top ten countries in 2009 to have the highest FDIs in the world. In 2009, the country received FDI worth USD 34.6 billion, while the outward FDI was USD 14.9 billion, an UNCTAD report said.

The country has taken several steps including simplification of it foreign investment policy to attract FDI.

Recently, the industry ministry has started debate to open sensitive defence and multi-brand retail sectors to foreign investors. While 26 per cent FDI is allowed in defence, India does not permit it in multi-brand sector that employs about 33 million people.

Transcend Infrastructure (TIL) proposal entails FDI inflow of Rs 1,932 crore, a finance ministry statement said.

The company plans to build, acquire and lease towers for the communications and broadcasting sectors, it added.

Meanwhile, the government has rejected 10 proposals, including those of Mahindra & Mahindra Ltd, INX Media Pvt Ltd, Telcordia Technologies and Siemens Ltd.

Besides, 21 other proposals have been deferred and involve companies like Wipro Ltd, Zee Entertainment Enterprises, Jagran Media Network Pvt Ltd, Essar Capital Holdings (India) Ltd, UTStarcom India Telecom Pvt Ltd and Verizon Communications India Pvt Ltd.

The other proposals cleared include that of Frigorifico Allana Ltd for setting up a JV, involving FDI of Rs 125 crore.

The proposal of GETIT Infoservices Pvt Ltd, involving FDI of Rs 96 crore, has also been cleared. The company plans to increase foreign equity and undertake "additional activity relating to publishing", the statement said.

Other FDI proposals cleared include: Nisarg Building Art & Technology Pvt Ltd (Rs 51.81 crore), Turquoise Metals & Electricals Pvt Ltd (Rs 10.36 crore), Modi Naturals Ltd (Rs 7.92 crore), NTT Communications Corporation (Rs 7.4 crore), Mcnally Sayaji Engineering Ltd (Rs 6.23 crore) and Telstra Pvt Ltd (Rs 5.54 crore).

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"We can only open seven, eight or 10 stores a year if it (the sector) is not opened," the managing director of Wal-Mart's Indian joint venture Bharti-Wal-Mart, Raj Jain, told reporters in New Delhi.

"But (allowing) foreign direct investment could mean we could open up hundreds of new stores," he told reporters.

Foreign groups such as Wal-Mart can currently only be wholesalers and must partner with domestic firms to sell in India.

It has entered the back-end retail supply chain in an alliance with Bharti Enterprises, parent of India's top mobile firm Bharti Airtel.

India's tight foreign investment rules are designed to protect small family-run stores in the 500-billion-dollar retail sector. Only single-brand foreign outlets such as Nokia or Reebok are allowed to operate freely.

Wal-Mart, Britain's Tesco and French supermarket Carrefour have been pushing for a government green light that would fully open up the sector to foreigners.

"This is a natural step for our country, every liberalisation step we have taken has been good for the country, good for the people," said Jain. "Why should this step be different?"

He insisted the fears of corners shops that they would be driven out business were "groundless."

PM's panel forecasts 4.5 pc growth for agri sector for FY11

The Prime Minister's Economic Advisory Council today pegged the farm sector growth rate at 4.5 per cent for 2010-11 fiscal on the expectation of a strong rebound in foodgrains output on the back of good monsoon.

The agriculture and allied sectors grew by mere 0.2 per cent in last fiscal due to a widespread drought which caused a 16 million tonnes or nearly seven per cent dip in foodgrains production from a record of 234.47 million tonnes in 2008-09.

"On the basis of a normal monsoon forecast by the Met Department, one may reasonably expect a strong rebound in crop output in kharif and rabi in 2010-11," Prime Minister's Economic Advisory Council (PMEAC) said in its economic outlook for the current fiscal.

The panel noted that the expansion in horticulture and animal husbandry and a low base effect should generate a farm sector GDP growth of around 4.5 per cent in the current fiscal.

It projected the sector to grow by 4 per cent in 2011-12. "So far the indications are that the monsoon would be normal. On that assumption, we are making forecast that agriculture growth would be 4.5 per cent in the current fiscal and this comes after two years of low growth," PMEAC Chairman C Rangarajan told reporters here.

In the first three years of the current Plan period, the farm sector has achieved an average annual growth of 2.16 per cent and if the PMEAC's projection for this fiscal and the next proves to be correct, then the average annual growth for the entire 11th Five-Year Plan Period would be 3 per cent.

The government had targeted 4 per cent growth in the farm sector for the current Plan Period ending March 2012.

Food and Agriculture Minister Sharad Pawar had earlier said the country was likely to have bumper production this year on the back of good monsoon.

"The latest sowing report shows that compared to last year, the area coverage is more for rice, oilseeds, pulses, cotton, sugarcane and jute," Pawar had said.

Farmers have sown paddy in an area of about 124.78 lakh hectares till July 16, against 122.40 lakh hectare in the same period last year.

India had produced 234.47 million tonnes of foodgrains in 2008-09 and 218.2 million tonnes in 2009-10 crop year.

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India announces £23 laptop to arrive in 2011

And it has a touchscreen!

The Indian government has announced that will soon be offering students a £23 touchscreen laptop, stating that it will be pushed out to higher education institutions in 2011.
Speaking in New Dehli India's human resource development minister Kapil Sibal revealed that the development was done, and that talks were already underway with global manufacturers.
"We have reached a (developmental) stage that today; the motherboard, its chip, the processing, connectivity, all of them cumulatively cost around $35, including memory, display, everything," he told a news conference.
Linux-based
The £23 laptop is based on Linux and will come with web browser, PDF reader and, intriguingly, video conferencing facilities.
There are also plans to extend the capacity of the device and ultimately to drop its price to a staggering $10 in the coming weeks.
The development work was done by the Indian Institue of Technology and the Indian Institute of Science.
It obviously isn't the first time that low cost internet device has been mooted, with the One Laptop Per Child project aiming to do just that.
But, if the Indian government can provide a £23 laptop to even a small portion of its 1.2 billion population then the world will sit up and take note.
Via Reuters

Read more: http://www.techradar.com/news/mobile-computing/laptops/india-announces-23-laptop-to-arrive-in-2011-705304#ixzz0uV3Hwwdo

Advisory panel backs RBI monetary policy tightening

2010-07-23 15:00:00

India's central bank should look at tightening the monetary policy to tame sustained inflation, now that the country's economic growth trajectory looked firmer, the Prime Minister's Economic Advisory Council said here Friday.

'Monetary policy has to move away from an accommodative stance sooner than what is happening in other countries. There must be a bias towards tightening because the demand situation needs some control,' said Council Chairman C. Rangarajan.

He said there had been a strong inflationary expectation built in the country as a consequence of a substantial rise in food prices and the whole sale price index in 2009-10. 'Therefore, Indian monetary policy has to take into account this important element in the economy.'

He felt the monetary policy will complete the exit process.

As per the council's estimates, the Indian economy is set to grow at 8.5 percent this fiscal and 9 percent the next year, in an year when the recovery globally after the financial crisis will be anaemic.

The annual inflation rate based on wholesale prices, was estimated at 10.5 percent for June. The Council believes it will fall to around 7-8 percent by December and and further to 6.5 percent by March next year.

The Reserve Bank of India will take up its first quarter monetary policy review July 27. Having chosen to increase the repo and reverse repo rate by 25 basis points June 2 in a mid-cycle decision, it is expected to effect another hike in key interest rates.

The advisory council also predicted that the agriculture sector would grow by 4.5 percent, industrial production by 9.7 percent and services by 8.9 percent this fiscal.

'The 4.5 percent growth in agriculture after a decline of 0.2 percent last fiscal is, of course, on the presumption of normal southwest monsoon,' Rangarajan, a former governor of India's central bank, said at a press conference here.

The country's gross domestic product had expanded by 7.2 percent last fiscal and 6.7 percent the year before, after a fast-paced expansion of 9.2 percent, 9.7 percent and 9.5 percent in the preceding three years respectively.

The panel also said capital inflows will ensure that the current the account deficit in the current fiscal could be managed. It expects the current account deficit at 2.7 percent of the GDP (gross domestic product) in the current fiscal.

He said food and fertiliser subsidies needed rationalisation and operationalising the Goods and services tax (GST) was a priority.

The remarks by the chief of the high-profile council comes a day ahead of the mid-term appraisal of India's 11th Five Year Plan by the National Development Council, the country's top policy forum, led by Prime Minister Manmohan Singh.

The Planning Commission, which will host the meeting to be also attended by all chief ministers, has already conceded that the target of 4 percent farm sector growth during the tenure of the plan period (2007-12) will prove illusive.

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Will 100% FDI in multi-brand retail be a myth or reality?

July 21, 2010 (India)

Currently only 51 percent FDI is allowed, that too only for single brand outlets, while 100 per cent is permitted in the cash and carry (wholesale) business. The likes of Wal-Mart and Metro have set up wholesale operations in India, currently.

Although sound-bites relating to 100 percent FDI in multi-brand outlets are emanating from official government circles, they are laying the onus on the political leadership, who will take this crucially political decision.

Recently, the Commerce Minister while addressing a conference in Singapore had allayed fears by saying that job losses of those working in the mom and pop stores dotted across the lanes of the country will be minimal if 100 percent FDI is allowed.

Experts are of the opinion that rather than job losses in these stores, 100 percent FDI will create innumerable job opportunities for the educated as well as uneducated in the country. This is amply clear from the jobs created by the retail sector at present.

Fibre2fashion News Desk

Anderson's escape: PMO has no record of calls from US Govt

Amidst raging controversy over the escape of Bhopal Gas leak case accused Warren Anderson, the Prime Minister's Office has said it has no records of phone calls received from any US government official during the period of his visit to the country in the wake of the tragedy.
This was stated by the PMO in an RTI reply on the issue.
Information on the issue might have shed some light on the circumstances of arrival and controversial departure of Anderson after jumping the bail.
The RTI plea had five questions which included details of telephonic conversation of the PMO officials with their counterparts in different countries after the leak of poisonous gas from the Union Carbide's India unit plant in Bhopal which killed over 15,000 people.
The applicant also sought to know if any calls were made or received by the then Prime Minister Rajiv Gandhi from or to any representative of US government between December 6-8, 1984 - the period of Anderson's visit to the country.
"The applicant sought information relating to phone calls made/received by the Prime Minister during specified days in December, 1984. The matter was referred to the office for inputs. The office has informed that PMO does not have the information sought by the applicant," Central Public Information Officer Sanjukta Ray said in her reply.
On the intervening night of December 2-3, 1984, poisonous gas Methyl Isocyanate (MIC) leaked from Union Carbide plant in Bhopal killing over 15,000 people.
Anderson visited the country nearly three days after the incident and was arrested by Madhya Pradesh Police. He was granted bail by a local court but managed to leave the country on December 7, 1984 after jumping the bail. He has remained elusive since then.
"There has been collusion between the two governments from day one. We do not know if they really do not have the records or they are using the argument to camouflage the details. It is an open fact that he has escaped from Bhopal in a state government plane. He managed to escape from India as well," Rachna Dhingra of Bhopal Group of Information and Action, a group working for rights of leak victims, said.
She said the disclosure of this information could have helped in understanding the circumstances in which Anderson managed to flee.
A trial court in Bhopal recently sentenced the seven accused under Section 304 A, to a mere two years of imprisonment. There was no word about Anderson in the judgement of the court.

Action against Mumbai attackers on 'must do list' for Pak: US

WASHINGTON: The United States has put taking action against the 26/11 perpetrators in the 'must do list' for Pakistan in the fight against terror.

Interacting with reporters during a regular briefing here, State Department spokesman Phillip Crowley said that there are certain things that Pakistan must do in the fight against terror, and bringing the Mumbai attack masterminds to justice was 'certainly' amongst those.

"There are things, clearly, that Pakistan must do. And certainly, continuing to investigate and bring to justice those who are responsible for the Mumbai attack is an important element. It's important to Pakistan. It's also important to India," The News quoted Crowley, as saying.

When asked to elaborate on recent remarks by Joint Chiefs of Staff Admiral Mike Mullen that groups like the Lashkar-e-Taiba (LeT) and Al-Qaeda are on the look out to repeat the Mumbai terror attacks in order to ignite a military tussle between India and Pakistan, Crowley replied that the White House has a policy in place to counter terrorism, adding that it would continue to help Islamabad dismantle the nefarious terror nexus.

"We have a US policy. It is to fully cooperate with Pakistan on terrorism and to continue to work closely to help Pakistan battle the insurgency that now is a threat to Pakistan itself," Crowley said.

"We've seen significant progress by Pakistan over the past year. It's an area that was a part of the Strategic Dialogue that our governments just had in Islamabad. We'll continue to work on this," he added.

Marks and Spencer Reliance India to open 15-stores in 2 years

Marks and Spencer Reliance India, a joint venture between Mukesh Ambani-run Reliance and UK-retailer Marks and Spencer Plc, intends to open 15 stores in two-years, mainly in the metros, a top company official said.

"We are looking to open 10-15 stores in the next two years mainly in the metros. We're aiming to open larger stores which will showcase a fuller range of our product catalogue," Marks and Spencer Reliance India, Head of Marketing, Nandini Sethuraman, told PTI here.

Marks and Spencer announced plans to open 50 stores in India in the next five years when it formed the joint venture in 2008. The retailer said the target remains.

"Our plan is to open larger stores between 15,000 sq ft and 35,000 sq ft. By 2014, our aim is to have 50 stores. It all depends on momentum and right locations," Sethuraman said.

The retailer currently operates 18 stores in India in conjunction with Reliance Retail.

Presently, the company has 18 stores across India in destinations such as Delhi, Amritsar, Mumbai, Pune, Ahmedabad, Kolkata, Bangalore, Hyderabad and Chennai with an average size of about 5,000 sq ft to over 22,000 sq ft

Gili will invest Rs 200 cr to expand retail network in FY'11

Gitanjali Gems' premium diamond jewellery brand Gili plans to expand its retail network in smaller towns even as it eyes a 50 per cent top-line growth this fiscal, a top company official said.

Gili, the wholly-owned subsidiary of Gitanjali Gems, is looking at opening 31 stores this fiscal at an investment of Rs 200 crore, the official said.

"We are looking at expanding our store network to 50 this fiscal. Currently, we have 19 EBOs besides 400 shop-in-shops. Our focus will be on Tier II and III cities as the growth is coming in from there," Gili CE0 Rahul Vira told PTI here on Wednesday.

The demand for diamond jewellery has increased manifold in the last two years due to spiralling prices of gold, Vira said, adding that consumption has increased in smaller markets following a rise in income and spending capacity.

On sales, Vira said that the company is eyeing a 50 per cent growth this fiscal.

"Diamonds give good margins and with a possible rise in prices this year, we expect good sales. Diamonds are still cashable," he said.

The company's revenues in FY'10 stood at Rs 428 crore. The company is also investing substantially on marketing activities and advertising, Vira said, adding that Gili alone invests around Rs 15-20 crore on such activities annually.

"People have become more brand conscious today, and we are looking at connecting with people through their favourite celebrities. We are spending Rs 15-20 crore every year on advertisements and campaigns," Vira said.

ITC plans Rs 23,000 crore investment over 10 years

Hotels-to-cigarettes major ITC plans major investments of around Rs.23,000 crore over the next seven-10 years across all segments of its businesses including consumer goods, paper, packaging and hospitality, a top official said Friday.

"The fast moving consumers goods sector in India is expected to triple in size to over Rs.355,000 crore by 2018," ITC chairman Y.C. Deveshwar told the 99th annual general meeting of the company here.

"I can sight an investment opportunity for ITC of up to Rs.8,000 crore over the next 7-10 years to drive growth in this sector," Deveshwar said, added that in paper, paper board and packaging sector there was an investment opportunity of Rs.6,000 crore.

"At conservative estimate, India needs 50,000 rooms in the next two-three years. This sector, too, carries an investment opportunity for ITC of up to Rs.9,000 crore in next seven-10 years to fuel growth," he said.

Bihar, MP, UP, Rajasthan to prop Indian FMCG sales: Study

The Indian FMCG sector, pegged to reach a size of $43 bn by 2013, will see a major chunk of its growth coming from Bihar, Madhya Pradesh, Uttar Pradesh and Rajasthan in the next two years, according to a study by brokerage firm Indiabulls.

The report by Indiabulls said, the four states, jointly addressed as "Bimaru" accounted for 24 per cent of the total FMCG consumption in India at present.

"We note that the four Bimaru states contribute about 36 per cent of India's population, but just 24 per cent of FMCG consumption, clearly highlighting the scope of opportunities for FMCG growth in these states," the study said.

The study also highlighted that 40 per cent of the consumers in these states comprise youngsters and 40 per cent are the rural masses.

As per a FICCI study, the Indian FMCG sector is expected to grow at a compound annual growth rate (CAGR) of around 12 per cent over the next few years to reach a size of USD 43 billion (Rs 206,000 crore) by 2013 and USD 74 billion (Rs 355,000 crore) by 2018.

The Indiabulls report pointed out that per capita income in the four states has started to grow at 13 per cent, matching the national average as against a poor average of 5 per cent in the past.

It said the four states will provide leading FMCG firms like Nestle, GSK, Marico and Dabur, opportunities to penetrate and gain market share from smaller players in the next two years.

"These states offer three kinds of opportunities -- penetration, usage and market share from smaller players. Penetration opportunities are significant in foods, oral care, skin care and feminine hygiene," it said.

During the last fiscal, smaller players, including local and regional players, had eaten into the shares of multinational companies particularly that of HUL.

"We believe in FY10, smaller players (local/regional) gained market share across categories. But with competition intensity increasing among larger ones, we believe smaller players will be losing out to larger players significantly," the study said.

As per the study, growth of soap and the shampoo segment will be driven by volume growth in these states, where penetration of the product is still low.

"Huge penetration opportunity exists in Rajasthan and Madhya Pradesh, among these states, which together contribute about 34 per cent of shampoo volumes," it said.

The study said penetration in rural north India increased from 9.5 per cent in 2000 to 46 per cent in 2008 due the companies' initiative to sell in small packets or sachets.

Twist in retail tale: MFIs depict co-existence of retail giants with Kiranas

23 Jul 2010, 0450 hrs IST,Writankar Mukherjee & Gulveen Aulakh,ET Bureau

KOLKATA | CHANDIGARH: It's a nagging, almost decade-old doubt that has kept foreign direct investment (FDI) in retail at bay: will the entry of Big Retail hurt the six million kirana stores? As the nation grapples with the question, a series of interesting pilot projects are demonstrating how the giants and the dwarfs can co-exist, and even fuel each other's growth, thanks to a little help from microfinance institutions (MFIs).

Biggies like Wal-Mart, Metro Cash & Carry and the Future Group have forged partnerships with microfinance and financial institutions to sell merchandise on credit to rural kiranas. The MFIs not only provide credit, but also double up as valuable intermediaries that collect orders from the kiranas, source the merchandise from big retailers and deliver it at the kirana's doorstep. What's more, the MFIs do not charge any interest on the credit extended to the kiranas. Instead, they receive a commission from the retailers, for whom this is a small price to pay in order to win new markets and grow faster.

While Metro has been running a pilot with SKS Microfinance in Hyderabad for a few months now, the Future Group has just inked a similar deal with SKS. Bharti Wal-Mart, an equal joint venture, has a partnership with Kotak Mahindra Bank for cards that offer ready credit to the kiranas. RPG-controlled Spencer's Retail too is keen to explore such opportunities.

If these experiments click, it could enable large retailers to pry open vast rural markets, help kiranas become more efficient in their sourcing, give consumers the benefit of lower prices, and build a thriving retail ecosystem where the lambs can indeed sleep with the lions.

It might also soften the resistance to FDI in retail. If kiranas are empowered to source more effectively, they may be able to co-exist meaningfully with organised retail if and when FDI is opened up. Though foreign retailers are allowed to set up cash-and-carry formats, FDI is not allowed in supermarkets, etc.

"This will open up a completely new rural distribution model and help us in understanding rural consumers," says Future Group CEO Kishore Biyani. "This is probably the first time the Indian retail sector is targeting the rural market in such a big and strategic way."

Future Group has started to sell staples, dry groceries and FMCG products through SKS's network to some kiranas in the North, including a few in the National Capital Region. It also plans to supply its bouquet of private label products through this network.

States will not lose out on revenues post GST: Pranab Mukherjee

Finance Minister Pranab Mukherjee on Thursday assured states that they would not lose out on revenue in the aftermath of the implementation of the new goods and services tax (GST) across the country next year.

"Earlier people thought that following the imposition of VAT the states will lose their revenue. But that apprehension has been proved misplaced. Similarly the apprehension that the states will lose revenue in GST regime will also be misplaced," said Mukherjee at a discussion organised by FICCI.

"Moreover, in the face of actual loss of revenue in the GST regime, there is provision for the centre compensating it," the minister added.

Mukherjee had Wednesday proposed a three-tier tax structure, which would be applied at the state and the central level in equal measure.

During the first year of introduction of GST, the central government will keep the tax on essential items at 6 percent, for other items the standard rate would be 10 percent, while for services the levy would be 8 percent.

The states too would impose a similar quantum of tax under the three categories, while the structures would be eventually merged, he added.

In the second year of implementation of GST, the standard rate for goods at centre and state level is proposed to be reduced to 9 percent each, while the rate for essential items will be kept at 6 percent. Services will be still taxed at 8 percent.

And during the third year of its existence, the GST rates will be standardised at 8 percent for both goods and services both at the central and state level.

RBI may need to get more aggressive

23 Jul 2010, 0013 hrs IST,REUTERS
MUMBAI: Inflation in India has spread beyond food and fuel prices and is becoming entrenched, meaning the Reserve Bank of India (RBI) may have little choice but to tighten policy more aggressively than now expected.

A majority of economists polled by Reuters this week expect the RBI to raise interest rates by 25 basis points for a fourth time since March in its quarterly review on July 27.

Most also expect the central bank to notch up rates by just another quarter point before the end of the year, given a tightening of market liquidity in recent weeks and uncertainty about the strength of global recovery.

However, trends in broad money growth, the credit-deposit ratio and rising imports suggest inflationary pressures are likely to remain and may pose a bigger challenge later on, calling for a more aggressive action.

Pace of import growth may widen trade gap further

With India expected to grow more than 8 percent this year and next, imports are expected to pick up. Since export growth is weak, rising imports threaten to push up the trade deficit up substantially, in turn widening the current account deficit, which reached $13 billion in the January-March quarter, its biggest since 1981.

A more decisive monetary tightening to curb domestic demand would help keep India's external imbalances in check.

Reserve money growth threatens to push inflation higher

Reserve money has been rising rapidly in recent months. Before the financial crisis, reserve money consistently led broad money growth, the central bank's key monetary gauge.

Between 2000-2007 the annual change in reserve money had a 0.6 correlation with the year-on-year change in M3. That dropped to 0.4 for the 2000-2010 period because of massive liquidity injections during the financial crisis.

However, with a rise in economic activity the correlation is likely to get tighter. A pickup in money supply growth, will serve as another important signal of inflationary pressures ahead.

Rising gap in credit-deposit growth to add to price pressures

Bank credit is growing at an annual pace of around 22 percent while deposits grow at a 15 percent clip. So the credit-deposit ratio has widened to 73.44 percent in July from around 70 percent at the start of this year, climbing above the monthly average of the past five years of 69 percent.

The Reserve Bank of India will need to raise policy rates to push more money back into deposits and slow credit growth, reducing the disparity between the two.

FM tells cos to sell GST to states, parties

23 Jul 2010, 0509 hrs IST,ET TEAM
Finance minister Pranab Mukherjee made an impassioned appeal to India Inc to convince political parties and state governments to back the rollout of goods and services tax (GST) from April 1 next year, a day after offering a sweetened deal to states to push through the key indirect tax reform.

"I seek your support. This tax is a win-win," Mr Mukherjee said at the national executive meeting of industry body Ficci. "I request you to convince the states and political parties to arrive at a consensus on the constitutional amendments needed to implement this major national reform," he said. Constitutional amendments require the support of two-thirds of Parliament members present at the voting. It also needs to be ratified by at least 15 state assemblies for which support of all parties is needed.

The minister said he had assured the state governments that they would be compensated for any revenue loss from GST rollout. He also asked them to convince their respective political parties on the need for amendments, the details of which were given to them on Wednesday.

On apprehensions expressed by certain states over loss of fiscal autonomy under the GST, Mr Mukherjee said he told state finance ministers that even the Centre was giving up its power to raise tax rates. "I have told them when I subsume excise duty in the GST, I also surrender the authority to raise tax rates to you," Mr Mukherjee said. A constitutional amendment is required to allow Parliament and state assemblies to impose tax on same items under the GST. Currently, the Centre can impose tax on goods at the factory gate and services while states can impose tax at retail level on goods.

States do not have the power to levy tax on services. A committee chaired by Union finance minister and attended by state finance ministers will have the power to change tax rates under the GST regime. Mr Mukherjee said support of all parties is required for the constitutional amendments as no single party had majority in Parliament.

He pointed that BJP, the main opposition party, had, in its 2009 election manifesto said it would implement GST at 12-14% if voted to power. The finance minister on Wednesday proposed a three-year schedule for GST rollout. In the first year the suggested 20% (10%+10%) tax on goods, 16% (8%+8%) on services and 12% (6%+6%) on essential items.

In a big boost to non-metros, govt allows smaller SEZs

23 Jul 2010, 0505 hrs IST,ET Bureau
NEW DELHI: Setting up up special economic zones in smaller cities is set to become more attractive after the government has decided to reduce the minimum built up area requirement for sector specific zones such as IT, gems & jewellery and bio-tech in tier-2 and tier 3 cities.

The guidelines have also given a 10-year deadline to developers for setting up the required infrastructure in a bid to weed out non-serious SEZ players. "The built up area requirement for SEZs so far was too large to attract developers in small cities as investors wouldn't want to put in money in building infrastructure without knowing whether the whole of it would get occupied," pointed out Raju Bhatnagar, vice president, Nasscom.

With the reduction of the required built up area by half for tier 2 cities (relatively small cities usually with less than one million population) and by a fourth for even smaller tier 3 cities, investments in such zones have become more attractive, he added.

According to a notification put out by the commerce department, SEZs in tier-2 cities such as Madurai, Varanasi, Raipur, Amritsar, Agra and Asansol will have a minimum built up area half of the earlier requirement. This means that IT SEZs, which earlier had to have a built up area of one lakh square meter, will now have to have infrastructure over only 50,000 square meter in such cities.

Similarly, gems & jewellery SEZs, requiring a built up area of 50,000 square meters, would now have a reduced requirement of 25,000 square meters in tier-2 cities In tier 3 cities such as Jaipur, Ghaziabad and Kochi, the minimum built up area requirement has been brought down further to 25% of the original requirement.

Wadhawan Retail to take Spinach out of its menu

23 Jul 2010, 0551 hrs IST,Sruthijith K K,ET Bureau

NEW DELHI: Wadhawan Retail has decided to shut its Spinach food and grocery stores, multiple people familiar with the development, including one senior executive of the group, said.

Most of the 45 Spinach outlets will down shutters by the end of this month and many suppliers have snapped their relationship with the company because of huge outstanding bills, several current and former company executives said.

About 600 employees are likely to be affected by the development, they said.

Spinach has some 35 stores in Mumbai and about 10 stores in Kolkata, down from a 2008 peak of 55 stores in Mumbai and 15 in Kolkata.

Wadhawan Retail is part of the `12,000-crore Wadhawan group that has interests in real estate, retail, financial services, education and hospitality, and runs operations in India, the UAE and UK.

It runs retail stores under the Smart Retail brand in South India, Sabka Bazaar in the National Capital Region, and Spinach in Mumbai and Kolkata.

Wadhawan Retail CEO Ashok Bhasin was unavailable for comment. When contacted, a company spokesman said, "We don't comment on market speculation."

Recently there has also been a steady stream of exits from Spinach, which has been in trouble for more than a year now.

Two executives from rival retail firms, who spoke on the condition of anonymity, said their companies were inundated with resumes of job seekers from Spinach Retail.

Wadhawan Retail will also review the operations of its Sabka Bazaar stores starting next month, an executive said.

"The company suffers from a lack of focus from the promoters, who are busy in real estate, which is their core business," a retail consultant said on the condition of anonymity.

He said the company has been downsizing for a while, but he didn't know if there has been a decision to close the stores.

The group ventured into retail business in late 2005, with the target of launching 750-1,500 stores across the country.

In June 2007, it acquired NCR-based Sabka Bazaar and The Home Store from Home Stores. And in September the same year, it bought a chain of stores called S*Mart and rebranded it Smart Retail. In 2008, Ashok Bhasin, a global director at Whirlpool Corporation, USA, joined the company as CEO.

"Food retailing is a tough business," said Devangshu Dutta, CEO at retail consultant Third Eyesight. "Fresh produce is what drives footfalls, but that is also a very difficult category to manage. Ensuring the freshness of the produce is tough," he said.

Mr Dutta said that margins on FMCG products are really slim. "On top of that, there is a certain level of shrinkage all retailers suffer from. It's important to maintain a really lean operation," he said.

India's modern retail industry, which holds the enormous potential of nearly a billion future customers with rising disposable incomes, has so far claimed a number of players, small and large, who expanded too soon, or committed one of the several possible cardinal errors in the business.

Last year, Subhiksha Trading Services wound up operations due to financial difficulties.

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Expedite setting up of Biotech Regulatory Board: Plan panel

The Centre should speed up the establishment of a Biotechnology Regulatory Board, which will ensure that strict scientific procedures are followed while testing biotech crops, the Planning Commission said.

The need to have a regulatory system assumes significance against the backdrop of the recent moratorium that the government imposed on the release of Bt brinjal.

"Biotechnology holds great potential for expanding agricultural productivity, but it also raises safety concerns," according to a Plan panel note for discussion at the National Development Council meeting on July 24.

"For this purpose, the central government should expedite the establishment of a statutory Biotechnology Regulatory Board, with appropriate scientific expertise, as quickly as possible," it said.

A regulatory system will ensure that food safety is not compromised and that biotech crops are developed using high scientific testing standards and transparent procedures, in line with the international practice, the Plan Panel said.

The proposed law for setting up the National Biotechnology Authority has been hanging fire since 2008, when the Department of Biotechnology first drafted a Bill.

In February, Environment Minister Jairam Ramesh had announced a moratorium on the release of Bt brinjal for commercial cultivation, citing a lack of clear consensus within the scientific community.

He had also noted that a National Biotechnology Regulatory Authority has been on the anvil for six years and the moratorium period should be used to operationalise the body in its entirety, as recommended by many scientists and civil society groups.

The Plan panel also said that India should aim at becoming a regional hub for agricultural technology.

Nasscom asks govt to retain sops for new SEZ units under DTC

IT industry body Nasscom on Thursday asked the Centre to continue giving tax benefits to new SEZ units for a few more years, which the Finance Ministry has proposed to revoke under the Direct Tax Code regime.

"Under the DTC, you (government) should define a period for making the SEZs operational and the units (that would come up therein) should be given the same benefits as promised (in SEZ Act)," Nasscom President Som Mittal told reporters here.

According to the revised DTC draft, which will replace the Income Tax Act of 1961 after approval by Parliament, tax exemption will be provided only for existing SEZ units and not new units.

Of the 580 approved special economic zones (SEZs), only 111 are operational. A SEZ is considered operational if at least one unit in it has started exports.

"There are SEZs which have been notified, but yet to be operational," Mittal said.

He said the government should fix a date, after which it may or may not provide the tax exemptions.

"For those units coming up after the set date, the government can provide whatever benefit it wants to give," he added.

SEZs have attracted an investment of about Rs 1.5 lakh crore, mainly due to the 10-year income tax exemptions given to the units.

The Finance Ministry's had proposed to deny income tax benefits to new units in SEZs in a revised draft of the Direct Tax Code (DTC). The DTC is likely to come into effect from April 1, 2011.

"SEZ is a great way to encourage investment, not only in larger cities, but smaller tier-II and III towns," Mittal said, adding that the existing SEZ policy should be continued.

The Exports Promotion Council of EoUs and SEZs (EPCES) and a host of SEZ developers, including DLF and Unitech, had met Finance Minister Pranab Mukherjee yesterday and demanded continuation of the tax benefits for new units.

*	Transport regulation & competition To instil confidence among pvt investors, govt's regulation need to be separated from management & operation of transport services.

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Wal-Mart India JV to have 140 stores by end-2010

22 Jul 2010, 1125 hrs IST,REUTERS

NEW DELHI: Wal-Mart, the world's top retailer, will be ready to open hundreds of stores in India if the country opens up the sector to freer foreign direct investment, the chief of its Indian joint venture said. ( Watch Video )

India does not allow foreign investment in multi-brand retail, but permits 51 percent foreign investment in single-brand retail and 100 percent in wholesale ventures.

Earlier this month, the commerce and industry ministry took a tentative step towards opening up of the organised retail sector in the country to foreign companies and put out a paper which discussed lifting investment caps.

"If the laws of the country change to opening of FDI in retailing, we could open hundreds of stores," Bharti Wal-Mart Managing Director and Chief Executive Raj Jain said on Thursday.

"It is essential that FDI in retail opens up, because then we can open our own stores and carry the product in hygienic, safe conditions not only at the farm-gate but also right up to where the consumer buys from us," he said.

When asked whether Wal-Mart would continue with the joint ventuer if the government relaxed foreign investment in retail, Jain said: "We have not decided. Depending upon how and what the laws will be we will decide." "We are very happy with our joint venture," he added.

Bharti Wal-Mart operates wholesale stores under the Best Price Modern Wholesale brand, and has so far opened two stores. The US retailer also plans to have a total of 140 retail stores by the end of 2010, up from the current 80, which are operated by Bharti Retail under a franchise arrangement.

UK's Tesco has a joint venture with Tata's Trent while Germany's Metro AG has a solo operation of wholesale stores in the country. French retailer Carrefour is expected to launch its wholesale stores soon.

GDP growth may be closer to 8.2%: Goldman Sachs

23 Jul 2010, 1313 hrs IST,ET Now
Tushar Poddar, chief India economist at Goldman Sachs, is surprised by the International Monetary Fund's rather aggressive 9.4% economic growth forecast for India. With the US and Chinese economies slowing down in the second half of the year, Indian gross domestic product growth this year may be closer to 8.2%, Mr Poddar said in an exclusive interview with ET NOW's Andy Mukherjee. Excerpts: ( Watch )

The domestic economy seems to have a lot of momentum and everything seems to be pointing towards a very strong new capacity expansion cycle. Do you agree?

Yes, domestic demand is strong. Of course, we will have to wait for the monsoon and the impact that would have, especially on consumption. I don't think the investment cycle is still fully blown, but it is robust. We have seen capital goods pick up. The PMI data is coming out very strong. The services data has come out really strong. Auto sales numbers are very strong. So indications are that domestic demand is very strong and likely to remain so in the near term.

So what kind of GDP growth for the year are you looking at? I believe your last forecast was for 8.2% growth? Do you think you are going to revise it upwards?

We are still at 8.2% for the full year. In this, we are factoring in an external slowdown in the second half of the year. We have recently revised down our China GDP numbers from 11.4% to a 10%-plus figure. We are expecting a slowdown in the US in the second half of the year. So that is going to have some impact on India, not a huge impact. So 8.2% in this environment is still going to be pretty good.

The IMF is talking about 9.4% GDP growth for India for this year?

We'll be worried if India achieves 9.4% growth because that would mean that our current account deficit is just going to balloon, given the strength of domestic demand that such a strong GDP growth number would entail. And if external demand remains weak, then the RBI will have to remain behind the curve for a long time and we will see a big inflationary build-up. So, I do not think that such a growth number is actually desirable for India from a macroeconomic balance perspective.

What are the ramifications of a high current-account deficit for the Indian rupee?

Yes, a current account deficit of 3% of GDP and a trade deficit which is running at about $11 billion a month is going to be a challenge, especially since we are not seeing huge amounts of long-term flows — whether on FDI or ECBs — come through yet.

GDP growth may be closer to 8.2%: Goldman Sachs

Super-regulator won't hit autonomy

23 Jul 2010, 0526 hrs IST,Dheeraj Tiwari and Deepshikha Sikarwar,ET Bureau
ogesh Agarwal, the new chairman of the pension funds watchdog PFRDA, says the mechanism to resolve regulatory disputes will not undermine the autonomy of sectoral regulators. In an candid interview with ET, Mr Agarwal also outlines the strategy to bring a large part of the country's population under the social security net. Excerpts:

Despite all the benefits offered by the new pension scheme (NPS), it hasn't really managed to capture the pension market. Why?

The whole NPS thing started with the mandate to manage the government pension funds. The concept has become captive to that mentality with the result that when we want to extend to non-government sector a lot of fundamental issues need to be addressed. One major issue is that the subscriber does not have a voice. The real test of the concept is how much success you get from non-mandated subscribers.

So are you planning any steps to address this issue?

We have spoken to stakeholders to find out why it has not taken off in voluntary non-government sector. And a couple of issues come up repeatedly. One is that the compensation structure was built when only government pension funds had to be managed and we got into the mould that the pension product is to be bought and not sold. I don't think any financial product in a country like India will be bought.

So would you incentivise fund managers to popularise the scheme?

Yes, we clearly need to revisit the incentive structure. And for this purpose we have set up a committee under former Sebi chairman GN Bajpai. We will frame their terms of reference, look into why the scheme is not taking off, address the whole gamut of issues and give recommendations within a month or so.

But wouldn't incentivisation lead to an increase in cost which is perhaps the most attractive feature of the scheme?

Today, the fee structure is so low and that is not leading us anywhere. The US has freed the fee structure. The larger the pension fund corpus, the lower the fees. The lowest structure charge there is still over 0.3 basis points, while here we are charging 0.09 basis points. I'm not saying increase it to 90 basis points. There is a huge space in between where you can strike the optimal structure and market forces will see to it that nobody overcharges. People might go to a fund manager who's charging higher fee but giving better returns.

You're for freeing the charges and giving fund managers a free hand?

You can always cap the fee structure and optimal can be achieved in accordance with international standards. Pension fund managers say you incentivise us, but our argument is that if I increase the fee, why should I limit it to you? Why not have a proper criteria and allow more participants? Then you've to sell the pension products like insurance and mutual funds on the basis of your fee structure and track record. Once that happens largely this issue will be sorted out.

We will develop total education solution: SKIL chairman Nikhil Gandhi

23 Jul 2010, 0123 hrs IST,ET Now
From seaports and SEZs to private railway tracks, SKIL Infrastructure is known for its infrastructure projects. The group has bought 22% in Chennai-based Everonn Education as it readies to make an entry into the education sector. In an exclusive interview with ET NOW, this newspaper's business television channel, SKIL Infrastructure chairman Nikhil Gandhi spelled out the plans for his group's venture into the education sector.

What is the rationale behind venturing into the education sector?

First and foremost each one of us understands very clearly that unless and until millions of young children and youth are properly educated, trained and coached, India can never become a developed country. So, this is one of the biggest focus sector's in the country for anyone who wants to be part of the national growth strategy. Hence, we, as a group, have been trying to venture into the sector for the past 10 years.

We are looking for the right platform and we have on our board some of the best educationists who have been trying to help us put up a proper plan in perspective and we believe that education is not only all about soft infrastructure.

The hard infrastructure plays an equally critical role if not more, so we have been quite happy to get into the sector because this is one of the biggest growth sectors. This was the first priority.

Secondly, it will involve the building of hard infrastructure like buildings which is SKIL's expertise.

Thirdly, we clearly visualise education as the critical sector for the growth of the country in the next 10-20 years.

Education is a very capital-intensive business. Will you approach the public market for any further fund issue in the next six months or is this pretty much about it?

Raising the fund depends on the type of requirements we have, the kind of structure we put in place and there is enough money available, be it a capital market or debt market or structures and similar things and the government has been very encouraging.

One of the reasons we have entered into this sector is because of a very high degree of visibility from the government of India, especially from the prime minister and the minister for education, and the people in the government have been very clear about the stated objective for the education sector. So, with government support in place, you have hundreds of millions of children ready to get themselves educated. Education sector will not have any dearth of money through different structures.

Will SKIL Infra be comfortable with the 21-22% stake in Everonn?

We will be comfortable with anything at 20% or above and that's primarily because of two reasons.

We have looked at a lot of opportunities and we found Everonn to be the best bet which suits our requirement.

Secondly, Everonn is an education pioneer, like we are the infrastructure pioneers in the country. They started in 1987 and we felt very proud about such kind of initiatives and the people behind it.

CAG pegs cost overruns of irrigation projects in Orissa at Rs 3537 crore

22 Jul 2010, 2224 hrs IST,Nageshwar Patnaik,ET Bureau
BHUBANESWAR: Agriculturally backward Orissa largely banks upon rain God for farming in 60% of cropped area of the state. Irrigation is available to only 31% of cropped land compared to national average of 44%.

Though both the state and union governments have been pumping in thousands of crores of rupees to extend irrigation facilities to the remaining areas, most projects have been inordinately delayed in implementation leading to cost overrun of Rs 3537.26 crore, according to the latest report of the Comptroller and Auditor General of India (CAG), which was laid in the state Assembly here on Thursday.

What is shocking most is that some irrigation projects took over 12 years to complete. "Out of 33 projects under Accelerated Irrigation Benefit Programme (AIBP) test-checked, only nine projects were completed as of March 2009. This led the cost of irrigation projects overrun of Rs 3537.26 crore and time overrun up from two to 12 years", the CAG report says.

The report indicts the state government saying that 24 projects remained incomplete as March 2009 due to lack of proper planning, mismanagement of funds and non-acquisition of land, want of forest and environment clearance of Lower Indravati Project, non finalization of design and structutre halted Subarnarekha, Telengiri, and Upper Indiravati Irrigation project. Also non payment of compensation to the displaced persons in Subarnarekha, Telengani, lower Indra, Lower Suktel and Kanpur Irrigation projects.

The Union government launched the AIBP in 1996-97 with a loan assistance to the state government for accelerating irrigation coverage in the state. The projects were approved (1996-2006) at the cost of Rs 6347.98 crore for creation/stabilization of irrigation for 3.30 lakh hectares for completion by March 2001/2009. The state government has been able to spend only Rs 3121.27 crore as of March 2009.

The Report made it clear that three projects were economically unviable due to declining Benefit Cost Ratio (BCR). Ironically, Subarnarekha Irrigation project got kicked off more than two decades ago without administrative approval, which is a basic requirement.

Irrigation potential could be created in only 0.88 lakh hectares which is about 27% of the targeted coverage despite huge investment of Rs 3121.27 crore, the Report observed.

"There were mismanagement of funds involving excess payment to contractors as well as extra/wasteful expenditure and fraudulent payments worth Rs 836 crore. No monitoring committee was constituted at the project level", the Report said.

The state government has not yet addressed the bottleneck in the implementation and suggestions of Central Water Commission for speedy completion of the projects.

The only solace for the state government is that the CAG praised the water resources department for adopting good practices such as using remote sensing technology for verification of irrigation potential actually created and also introducing e-procurement of early finalization of tenders.

PM panel raises export outlook to $216 bn this fiscal

Business Standard - ‎11 minutes ago‎
PTI / New Delhi July 23, 2010, 15:43 IST India's exports are projected to grow by about 22 per cent to $216 billion in the current fiscal on the back of recovery in global trade, the Prime Minister's Economic Advisory Council said today.
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UCO Bank Q1 net profit up by 45.95 pc

Economic Times - ‎16 minutes ago‎
23 Jul 2010, 1533 hrs IST, PTI MUMBAI: Public sector lender UCO Bank on Friday reported a 45.49 per cent growth in net profit at Rs 260.21 crore for the first quarter ended June 30 .
Allahabad Bank Q1 profit rises by 14.6 pc Economic Times
Expect credit growth of 25 in FY11 Allahabad Bank Moneycontrol.com
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Indian Express

Wipro Q1 net rises 31% at Rs 1319 cr; beats forecast

Economic Times - ‎2 hours ago‎
BANGALORE: Wipro posted a higher-than-expected 31 percent rise in quarterly profit as global demand for outsourcing improved and the No.
4.7% volume growth in Q1 highest till date: Wipro Moneycontrol.com
Wipro net up 31 percent, ups IT revenue guidance Sify
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Telegraph.co.uk

EU bank stress tests not rigorous enough: Cantor Fitzgerald

Moneycontrol.com - ‎26 minutes ago‎
European markets were trading higher; CAC and DAX gained 0.5%, and FTSE was flat. United Kingdom's GDP data for the second quarter of CY10 came in better-than-expected at 1.1% (QoQ) and 1.6% (YoY).
Several Spanish savings banks fail stress test Economic Times
Markets nervous ahead of bank stress test results The Guardian
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Moneycontrol.com

Phillips Carbon Black sees FY11 sales at Rs 1700cr

Moneycontrol.com - ‎12 minutes ago‎
Phillips Carbon Black reported net profit at Rs 28.7 crore as against Rs 20.5 crore. The net sales increased to Rs 401.8 crore from Rs 249.9 crore.
Praj Ind Q1 net profit down at Rs 10.4 cr Moneycontrol.com
Redington Q1 cons net profit at Rs 47.8 cr Moneycontrol.com
Economic Times - Times of India - Hindustan Times
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Moneycontrol.com

Rupee extends gains to fresh 1-wk highs

Economic Times - ‎54 minutes ago‎
MUMBAI: Rupee extended gains in afternoon session on Friday, rising to fresh one-week highs, tracking sharp losses in the dollar versus major currencies and also buoyed by gains in domestic shares.
Rupee at 1-wk high on firm shares, weak dlr Economic Times
Strong Start To Rupee; Tracking Domestic Shares India Infoline.com
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The Hindu

Sensex pares gains on profit booking

NDTV.com - Varun Sinha - ‎3 hours ago‎
The markets have been trading flat after opening on a high. The benchmark indices have pared gains and at 11.53 am, the BSE index was up 22 points to 18135 while the NSE Nifty rose 5 points 5446.
Slim gains for Sensex...Nifty falls below 5450 India Infoline.com
Sensex rise 0.5 per cent; Wipro up 4.2% Economic Times
Myiris.com - Business Standard - Commodity Online
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Rediff

China less likely to become top FDI destination

Economic Times - ‎1 hour ago‎
23 Jul 2010, 1441 hrs IST, PTI BEIJING: Chances of China overtaking the United States as top foreign direct investment (FDI) destination are slim in short-term even as it remains the second most attractive country for investors, China's official daily ...
Bangladesh FDI drops 36 percent Sify
India will be third largest FDI recipient in 2010-12 The Hindu
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The Hindu

ITC plans Rs.23000 crore investment over 10 years

The Hindu - ‎2 hours ago‎
Hotels-to-cigarettes major ITC plans major investments of around Rs. 23000 crore over the next seven-10 years across all segments of its businesses including consumer goods, paper, packaging and hospitality, a top official said on Friday.
ITC eyes Rs 23000 cr investment over next decade Business Standard
ITC puffs high: Q1 profits up 22% Commodity Online
Economic Times - Hindu Business Line - Indian Express
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Moneycontrol.com

Will meet Rs 1000 cr FY11 sales target: Riddhi Siddhi Gluco

Moneycontrol.com - ‎1 hour ago‎
Riddhi Siddhi Gluco has come out with its first quarter results. Ganpatraj Chowdhary, MD, Riddhi Siddhi Gluco spoke about the company's first quarter performance to CNBC-TV18.
RSGBL Q1 PAT zooms 500%, stock soars 20% Commodity Online
Riddhi Siddhi Gluco Surges to Record in Munbai as Profit Jumps Six Fold Bloomberg
Business Standard - BloombergUTV - Equity Bulls
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Deccan Herald

IRCTC cut to size, Railway Board to manage catering services

Economic Times - ‎3 hours ago‎
KOLKATA: In a decisive move, the Railway Board has decided to take over management of all mobile catering services, including kitchens, through its own departmental initiative.
IRCTC's wings clipped, railway board to take over catering Times of India
Rlys to take over catering services from IRCTC Business Standard
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Reuters India

India Stocks Rise to 2 1/2 Year High After JSW Steel Says Will Raise Funds

Bloomberg - Kristine Aquino - ‎19 hours ago‎
India's benchmark stock index rose to a 2 1/2 year high, led by steelmakers after JSW Steel Ltd. said it will consider raising funds, including selling shares to a strategic investor.
JSW may sell 14% for Rs 4000 crore Economic Times
JFE Holdings plans to invest US$1 bn in JSW Steel: report India Infoline.com
Times of India - Business Standard - Moneycontrol.com
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Moneycontrol.com

Strong Q1 result powers Bhel

India Infoline.com - ‎3 hours ago‎
On BSE, 70422 shares were traded in the counter as against an average daily volume of 65127 shares in the past one quarter. The stock hit a high of Rs 2456.80 and a low of Rs 2418 so far during the day.
Key results: Wipro, BHEL, Biocon, Allahabad Bank... Myiris.com
BHEL Q1 net up 42% to Rs 667.6 cr, beats estimates Moneycontrol.com
Commodity Online - Equity Bulls - RTT News
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RTT News

Don't see major forex impact in FY11: Biocon

Moneycontrol.com - ‎1 hour ago‎
Biocon reported a consolidated net profit of Rs 77 crore in Q1 FY11 as against Rs 57 crore in the same period last year. Consolidated net sales rose 33.47% to Rs 662 crore from Rs 496 crore.
Biocon net surges by 33% to Rs 77 crore pharmabiz.com
Biocon Starts FY11 on a Strong Note TechWhack (press release)
RTT News - Myiris.com - BloombergUTV
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Hindu Business Line

ACC: Higher fuel, freight charges will make the going tough

Economic Times - ‎14 hours ago‎
ACC results for the June 2010 quarter reflect the difficult operating environment for the broader cement industry. Its realisations on a per tonne basis declined marginally year-on-year (yoy) in the second quarter (company follows a calendar year), ...
ACC net dips 26% in June quarter Business Standard
ACC: Earnings hurt by lower despatches and realisations Hindu Business Line
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TopNews Singapore (press release)

And the awards go to...

Indian Express - ‎6 hours ago‎
Predsident Pratibha Patil with the awardees at the Ram Nath Goenka Excellence in Journalism Awards in New Delhi. IE Photo: Praveen Khanna.
Video: NDTV scribes win top journalism awards
Indian Express presents Goenka awards for excellence in journalism MediaMughals
Hindustan Times - Expressindia.com - TopNews Singapore (press release) - India Today
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The Hindu

Dr Reddy's Lab extends losses as Q1 net profit falls

India Infoline.com - ‎5 hours ago‎
On BSE, 17840 shares were traded in the counter as against an average daily volume of 80369 shares in the past one quarter. The stock hit a high of Rs 1372 and a low of Rs 1338.10 so far during the day.
Dr Reddys shows steady Q1 performance domain-B
Overseas operations drag Dr Reddy's net 14% in Q1 Hindu Business Line
Business Standard - The Hindu - Wall Street Journal
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India Talkies

Bharti shortlists five cos for $1-bn Africa IT outsourcing deal

Economic Times - ‎7 hours ago‎
NEW DELHI: Bharti Airtel has shortlisted three multinational firms and two home-grown IT majors for its billion dollar plus IT outsourcing contract in Africa, two people with direct knowledge of the matter told ET.
Bharti: No Plans to Sell Stake in Tower Unit Wall Street Journal
Four banks to join Bharti loan syndication Livemint
CIOL - TMC Net - Voice & Data Online
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Spices futures drop as profit-taking weighs

Economic Times - ‎26 minutes ago‎
MUMBAI: India pepper futures shed 2 percent on Friday as traders continued to book profits on the recent rally in prices driven by a drop in overseas and domestic demand, analysts said.
Black pepper surges on strong demand, tight supply Business Standard
Daily Agri Report: Pepper fails to hold early gains Commodity Online
India Infoline.com - Commodity Online - Commodity Online - MiamiHerald.com
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TopNews Arab Emirates

IDBI Bank to merge home loan arm with itself

Economic Times - ‎11 hours ago‎
22 Jul 2010, 2216 hrs IST, PTI MUMBAI: The state-run IDBI Bank on Thursday said it will merge its Pune-based wholly-owned home-loan subsidiary IDBI Homefinance with itself to consolidate its home loan business and gain more market share.
IDBI Bank approves in-principle to merge IDBI Homefinance Ltd India Infoline.com
IDBI Bank profit soars 46% Financial Express
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European stocks stable, markets await stress tests

AFP - ‎1 hour ago‎
LONDON - European equities held steady on Friday, after strong gains overnight on Wall Street and earlier in Asia, as investors eagerly awai...
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Opinions and Editorials

Duping Uncle Sam

IE - 05:32 AM
With admirable brevity, Pratap B. Mehta describes today's America and Pakistan ('The great gameplan', IE, July 22).

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The bent of his mind IE - 05:32 AM
Before paying tributes to the great Muttiah Muralitharan, first a request to those with a geometry box in hands and wearing "I love Darrell Hair" T-shirts.
Memories of a tyrant IE - 05:32 AM
Memory may hold many things nasty and brutish. But it's invariably short. Nicolae Ceausescu, retrospectively for the free world, ran for 25 years the most oppressive of the East Bloc's totalitarian communist regimes.
Tax, fair IE - 05:32 AM
Union Finance Minister Pranab Mukherjee, in a meeting with West Bengal Finance Minister Asim Dasgupta and other members of the empowered committee of state finance ministers on Wednesday, announced what he believed the structure of the rollout of the goods and services tax, or GST, should be.
Safety first IE - 05:32 AM
India is one of the most dangerous places to drive — 10 per cent of the world's road accidents happen right here.
Noose family ties IE - 05:32 AM
There is much heat and little light in the media and civil society debates on "honour killings".
Along the food chain IE - 05:32 AM
Politicians, from the ruling party and opposition alike, are grappling with the problem of how to effectively communicate with their constituencies on the issue of high food inflation.
Beyond cash and carry models FE - 01:46 AM
FDI in the retail sector is and has been one of the most sensitive areas with respect to liberalisation of the Indian economy.
RBI must not turn too hawkish FE - 01:46 AM
With wholesale price inflation for June at 10.6% and strong possibilities of it being revised upwards, inflation was never expected to taper off in a hurry.
Column : Understand regulatory independence FE - 01:46 AM
The Ulips ordinance has been criticised on the grounds that it infringes on the autonomy of RBI or Sebi.
Column : A better trigger FE - 01:46 AM
Sebi has increased the threshold for triggering an open offer from 15% to 25% for M&A. This means that there will be more strategic minority investment opportunities up to 25% by Indian corporates, FII and PE without triggering the takeover code, ushering into the equity markets more FII and PE flows.
FE Editorial : Imperfect GST FE - 01:46 AM
The emerging consensus on the long overdue goods and services tax (GST) regime may just end up defeating the purpose of indirect tax reform.
FE Editorial : Getting road safety right FE - 01:46 AM
In recommending the withdrawal of The National Road Safety and Traffic Management Board Bill introduced in the Lok Sabha on May 4, the parliamentary standing committee on transport, tourism and culture has given well-reasoned arguments.
High-five the future-II FE - 01:46 AM
Thinking about ideas and recipes changes how one thinks about economic policy. A traditional explanation for the persistent poverty of many less developed countries is that they lack objects such as natural resources or capital goods. But Taiwan started with little of either and still grew rapidly. Something else must be involved.
The kids aren't alright IE - Thu, Jul 22
Little Sneha was smiling. She had just received a Barbie doll. She had danced well, the judges had been "mind-blown" by her performance. Her parents were watching with benevolent smiles. Then all smiles stopped: the anchor told the story of her older sister's tragic death and Sneha began to cry, her parents lowered their heads. More followed: Sneha was voted off the show.
The great gameplan IE - Thu, Jul 22
The spectre of malevolent hubris is haunting South Asia again. It would be foolish to underestimate the signals Pakistan's recent attitude sends about the unfolding strategic scenario in South Asia. The core issue is not that its foreign minister's conduct represented a diplomatic slight to India.
Demand-driven destiny IE - Thu, Jul 22
The Food Security Act's success will depend on how the customer is able to enforce accountability on his neighbourhood fair price shop.
Two to go IE - Thu, Jul 22
Muttiah Muralitharan came to this, his last Test at Galle, with a record in sight. Over 132 previous matches he had taken 792 wickets, and at the end of play on day four he was just two short of 800. Muralitharan, one of the greatest spinners of all time, has never had to reach for bowling statistics as a mark of domination.
RSS for Reddys IE - Thu, Jul 22
The Bellary brothers, at the centre of a controversy over their role in illegal mining in Karnataka, have received the crucial support of the RSS. It has endorsed the BJP's claim that the Congress was playing dirty in the southern state to unseat the B.S. Yeddyurappa government.
'In a profession where one gets thick-skinned and cynical, Vijay was extra sensitive' IE - Thu, Jul 22
Jante hain aap?" Whenever Vijay started a conversation with this question, I knew he had a solid, interesting story.

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PM advisory panel of monetary action to control inflation

PTI - 03:33 PM
New Delhi, July 23 (PTI) Ahead of the RBI's monetary policy review on Tuesday, the Prime Minister's economic panel today pitched for tightening of money supply as current inflation rate at over 10 per cent is double than the comfort level and can hurt high economic growth in the medium term.

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Wheat, rice gain on increased buying PTI - 03:16 PM
CNN launches news app for iPhone IE - 03:07 PM

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General

India to become a USD five-trillion economy soon: FolmsbeePTI - 03:02 PM
Nagpur, Jul 23 (PTI) Indian economy has the potential to grow further and is likely to touch the USD five-trillion mark in the near future, the US Consul General, Paul Folmsbee, said today.
Govt approves 18 FDI proposals worth over Rs 2,245 crPTI - 02:57 PM
New Delhi, July 23 (PTI) The government today approved 18 foreign investment proposals worth Rs 2,245.32 crore, with the major inflow being accounted for by Transcend Infrastructure for setting up communication and broadcasting towers business.
Wockhardt gets US FDA approval for generic version of ToprolXLPTI - 02:52 PM
Bangalore, Jul 23 (PTI) Pharmaceutical and biotechnology major Wockhardt has received final approval from the United States Food & Drug Administration (US FDA) for marketing 25 mg, 50mg, 100mg and 200mg extended-release tablets of Metoprolol succinate, a cardiac drug.
Edible oils up on millers buying, global cuesPTI - 02:52 PM
New Delhi, July 23 (PTI) A rising trend remained unabated for the third straight day in the wholesale oils and oilseeds market today, as prices rose by Rs 250 per quintal on increased buying by vanaspati millers and retailers.
PM''s panel forecasts 4.5 pc growth for agri sector for FY11PTI - 02:47 PM
New Delhi, Jul 23 (PTI) The Prime Minister's Economic Advisory Council today pegged the farm sector growth rate at 4.5 per cent for 2010-11 fiscal on the expectation of a strong rebound in foodgrains output on the back of good monsoon.

India

IFCI April-June net up 17%IE - 03:07 PM
Project finance company, IFCI Ltd, has unveiled its 1st quarter's results.Three months ended June 30 (Versus the same period a year earlier, in billion rupees unless stated)
India to become a $5-tn economy: PaulIE - 03:07 PM
US Consul General Paul Folmsbee said that the Indian economy has the potential to grow further and is likely to touch the USD five-trillion mark in the near future.
FAG Bearings Apr-Jun net up 81.64%IE - 03:07 PM
FAG Bearings India Ltd, the maker of ball and roller bearings, has unveiled its Q1 results.Three months ended June 30
'Inflation at 6.5%, eco growth at 8.5%'IE - 03:07 PM
The Prime Minister's Economic Advisory Council today said the economy will grow by 8.5 per cent, up from a projected 8.2 per cent, and inflation will come down from double digits to 6.5 per cent by the end of 2010-11.
BHEL net up 42 pct, beats f'castIE - 03:07 PM
State-run Bharat Heavy Electricals Ltd, India's top power and engineering equipment firm, has revealed its latest quarterly result.

International

Bangladesh FDI drops 36 percentIANS - 02:23 PM
Dhaka, July 23 (IANS) Foreign direct investment (FDI) in Bangladesh plunged by 36 percent in 2009 and may see no dramatic improvement, the UN Conference on Trade and Development (UNCTAD) has said.
FACTBOX - Capitalisation estimates for European banksReuters - 02:09 PM
With the results of stress tests on 91 European banks looming, financial institutions have been coming up with their own scenarios of what to expect.
Ex-servicemen build tallest model rail trackIANS - 02:08 PM
London, July 23 (IANS) Former British servicemen have built the tallest model railway track in the world at the St Pancras station here.
Ericsson reports drop in second-quarter salesIANS - 12:49 PM
Stockholm, July 23 (DPA) Swedish telecommunications giant Ericsson Friday reported lower second-quarter sales and operating income due in part to 'continued industry component shortages' and cautious investments from operators in some markets.
Several Spanish savings banks fail stress test - paperReuters - 11:12 AM
Several of Spain's 18 savings banks, including some of those which have been involved in recent mergers, have failed to pass tests to see how strong they would be if economic circumstances were more adverse, newspaper El Pais reported on Friday citing financial sources.

Personal-Finance

PFC seeks infra finance firm statusHT - 02:55 PM
New Delhi, July 23 -- In what will further strengthen the financing of infrastructure in the country, the Reserve Bank of India is considering whether to accord the status of the Infrastructure Finance Company (IFC) to the state-owned Power Finance Corporation (PFC).
Nokia reports drop in second-quarter net profitIANS - Thu, Jul 22
Helsinki, July 22 (DPA) Nokia, the world's largest mobile phone maker, Thursday reported a drop in its second-quarter net profit amid 'continuing competitive challenges'.
Sensex closes on a 30-month highIANS - Thu, Jul 22
Mumbai, July 22 (IANS) A benchmark index for Indian equities Thursday closed at its highest level since February 2008, helped by a late surge in buying following a rebound in European markets.
Sensex closes highest in over 2 yearsIANS - Thu, Jul 22
Mumbai, July 22 (IANS) A benchmark index for Indian equities closed at its highest level since February 2008 Thursday helped by a late surge in buying.
Sensex rebounds on positive global cuesIANS - Wed, Jul 21
Mumbai, July 21 (IANS) A benchmark index for Indian equities Wednesday reversed a three-day losing run to close 99 points higher than its previous close, helped by positive cues from global peers.

Markets

Rupee extends gains to fresh 1-week highsReuters - 02:25 PM
The rupee extended gains in afternoon session on Friday, rising to fresh one-week highs, tracking sharp losses in the dollar versus major currencies and also buoyed by gains in domestic shares.
GLOBAL MARKETS - Strong German business sentiment boosts euroReuters - 02:23 PM
The euro rose on Friday after a survey showed German business sentiment posted a record jump in July to its highest level in three years, and corporate results lifted stocks ahead of European bank stress tests results.
Nikkei snaps 5-day losing run; eyes on stress testsReuters - 02:21 PM
Japan's Nikkei rose 2.3 percent to snap a five-day losing streak on Friday, boosted as worries about the results of European bank stress tests eased and by robust U.S. corporate earnings.
Ten banks to fail European stress tests - GoldmanReuters - 02:16 PM
Ten out of the 91 banks subjected to Europe's stress tests are expected to fail, according to a survey of investors conducted by Goldman Sachs.
India gold buying stays weak for a second dayReuters - 02:03 PM
India gold buying stayed weak for a second day as traders awaited price falls to re-stock for the upcoming festivals in August, dealers said on Friday.

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CNN launches news app for iPhone

IE - 03:07 PM
Following the launch of CNN's acclaimed app for the iPhone and iPod touch in the United States last year, CNN on Thursday announced the availability of the international version of the CNN App on the App Store.

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IFCI April-June net up 17% IE - 03:07 PM
Project finance company, IFCI Ltd, has unveiled its 1st quarter's results.
Three months ended June 30 (Versus the same period a year earlier, in billion rupees unless stated)
Economy to grow 8.5 pct: PMEAC IE - 03:07 PM
The Prime Minister's Economic Advisory Council on Friday said the economy will grow by 8.5 per cent, up from a projected 8.2 per cent, and inflation will come down from double digits to 6.5 per cent by the end of 2010-11.
BHEL net up 42 pct, beats f'cast IE - 03:07 PM
State-run Bharat Heavy Electricals Ltd, India's top power and engineering equipment firm, has revealed its latest quarterly result.
'Inflation at 6.5%, eco growth at 8.5%' IE - 03:07 PM
The Prime Minister's Economic Advisory Council today said the economy will grow by 8.5 per cent, up from a projected 8.2 per cent, and inflation will come down from double digits to 6.5 per cent by the end of 2010-11.
India to become a $5-tn economy: Paul IE - 03:07 PM
US Consul General Paul Folmsbee said that the Indian economy has the potential to grow further and is likely to touch the USD five-trillion mark in the near future.
FAG Bearings Apr-Jun net up 81.64% IE - 03:07 PM
FAG Bearings India Ltd, the maker of ball and roller bearings, has unveiled its Q1 results.
Three months ended June 30
'JFE to invest $1 bn in India's JSW Steel' IE - 03:07 PM
Indian steemmakers are at the centre of deals being created in recent times. This time in focus is JSW Steel.
SBI raises $1 bn via US bonds issue IE - 11:41 AM
The country's largest public sector lender, State Bank of India, has raised USD 1 billion (about Rs 4,700 crore) through an issue of bonds to qualified institutional buyers.
AmEx profit triples as spending rises IE - 11:41 AM
American Express Co. tripled its second-quarter profit as more spending by its card members helped vault its business back to pre-recession levels.
Foreign cues power Sensex IE - 10:28 AM
The Bombay Stock Exchange benchmark Sensex rose further by over 124 points in early trade today on sustained buying by funds amid a firming trend in the Asian region, driven by overnight gains in US markets.
Wipro stock rises over 4% on great Q1 IE - 10:28 AM
IT major Wipro today surged over 4 per cent on BSE in the early trade as it reported better-than-expected numbers for the first quarter ended June 30. Company shares rose by 4.18 per cent to touch a high of Rs 433 on Bombay Stock Exchange after it posted a 30.5 per cent jump in its net profit for the April-June quarter.
Commodities review: Copper rallies IE - 10:28 AM
Copper prices continued to rally Thursday, hitting a two-month high as big U.S. manufacturers say they are optimistic about the economy.
US stocks surge on earnings, f'casts IE - 10:28 AM
Stocks had their biggest rally in two weeks Thursday as earnings and economic reports reassured investors that the recovery, while uncertain, is continuing.
Windows 7 sales up Microsoft Q4 48% IE - 10:28 AM
One of the world's, if not admired, then most known companies has revealed a stunning quarterly result.
Dell to pay $100 mn fine IE - 10:28 AM
Computer maker Dell Inc. is paying $100 million to settle civil charges that it fraudulently used payments from Intel to pump up its profits to meet Wall Street targets over five years, the government announced Thursday.
Wipro Q1 net rises 31%, beats f'cast IE - 10:28 AM
India's infotech major Wipro posted a higher-than-expected 31 percent rise in quarterly profit as global demand for outsourcing improved and the No. 3 Indian software firm said it was seeing strong business environment.
Asian mkts up after big Wall Str gains IE - 10:28 AM
Positive cues were accepted by Asian investors, driving markets there to higher ground. Asian shares rose Friday after U.S. stocks enjoyed their biggest rally in two weeks as earnings and economic reports reassured investors that the economy is continuing its recovery.
Bajaj Auto reports best quarter, OKs 1:1 bonus IE - 05:32 AM
Bajaj Auto has reported its best quarter ever with a 101per cent growth in net profit, 68 per cent increase in turnover and a 70 per cent rise in sales for the first quarter of FY 11. The quarter saw Bajaj post an Ebitda margin of 20 per cent, which the company said was the best in the industry.
PNB net up 28 pc, but NPAs rise IE - 05:32 AM
Punjab National Bank, the second largest state-run lender, has posted a 28 per cent jump in net profit at Rs 1,068 crore for the June quarter, driven by an increase in advances and lower cost of funds.

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'GST to make India a $2-trn economy soon'

FE - 01:46 AM
Finance minister Pranab Mukherjee said on Thursday that successful implementation of goods and service tax (GST) can double the country's output to $2 trillion in a short span of time.

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IT sector takes road to recovery in US, Europe drags its feet FE - 01:46 AM
After a strong demand growth in the IT industry during the second quarter of the calender year 2010, research firm Forrester expects the tech recovery to gain strength in the US though European IT recovery could be lower than earlier predictions.
Corner Room FE - 01:46 AM
Dattatraya joins Bank of Maha Bank of Maharashtra on Thursday said that the ministry of finance has nominated Shirish Dattatraya Dhanak as workmen employee director on the company's board with effect from July 21. The appointment has been made for a period of three years or till Dhanak ceases to be a workmen employee of Bank of Maharashtra or until further orders.
Gold continues to glitter amidst turmoil FE - 01:46 AM
If you have been researching investment options and studying about ways to grow your money, by now you must know that it is essential to have a diversified investment portfolio.
IDBI Bank integrates home fin unit FE - 01:46 AM
IDBI Bank has dropped its plan to sell its housing finance unit—IDBI Homefinance—and has decided to merge it with itself.
GESC takes Essar Shipping to SC over breach of contract FE - 01:46 AM
The Great Eastern Shipping Company (GESC) on Thursday moved the Supreme Court (SC) alleging breach of contract by Essar Shipping.
RIL to study petrol price revision before re-starting pump ops FE - 01:46 AM
Last month's decision to dismantle the administered price mechanism for petrol has not increased competition in the retail space.
PowerGrid FPO gets Cabinet nod FE - 01:46 AM
The government on Thursday gave the go-ahead to the central transmission utility PowerGrid's proposed follow-on public offer (FPO), which is expected to mop up about Rs 8,400 crore at the current market price.
Kingfisher Airlines loss at Rs 187 cr , PFC posts Rs 652-cr net FE - 01:46 AM
Vijay Mallya-led Kingfisher Airlines on Thursday posted a loss of Rs 187 crore in the quarter ended June 30, 2010, against a loss of Rs 237 crore reported during the same period in the previous fiscal.
Dr Reddy's consolidated net slides 14% FE - 01:46 AM
Dr Reddy's Laboratories has reported a 14.28% decline in its consolidated net profit to Rs 209.55 crore from Rs 244.47 crore for the first quarter ended June 30, 2010, over the same period in the previous fiscal.
Result corner FE - 01:46 AM
Volvo profit zooms on truck demand revival Volvo AB reported a second straight quarterly profit and beat analyst's estimates as demand for trucks and construction equipment recovered.
Quick View FE - 01:46 AM
Rolls-Royce targets sale of 50 units Rolls-Royce expects to sell 50 units this year in India including the newly launched Ghost 2010 series, its authorised dealer said on Thursday.
New cost estimate triggers Plan panel, road min tussle FE - 01:46 AM
The tussle between road ministry and Planning Commission was ignited by differences over cost estimates of road construction.
UP allows pvt sector entry into medical education FE - 01:46 AM
After trying to popularise the public private partnership (PPP) concept in the infrastructure sector, the Mayawati government in Uttar Pradesh has decided to take a step further and introduce PPP in the social sector such as education.
Nasscom wants tax sops for new SEZ units FE - 01:46 AM
IT industry body Nasscom on Thursday urged the government to continue giving tax benefits to new SEZ units for a few more years, which the finance ministry has proposed to revoke under the Direct Taxes Code regime.
Akzo Nobel to double production, expand in Karnataka, Hyd FE - 01:46 AM
Akzo Nobel India, formerly ICI India, is looking at doubling its production capacity by 2012 under the new leadership.
Julka appointed D-G (currency) in finmin FE - 01:46 AM
The government has appointed Bimal Julka, an administrative service officer from Madhya Pradesh cadre, as additional secretary in the finance ministry.
ILFS to sign MoU with PSBs for infra syndication FE - 01:46 AM
In a major boost for core sector funding, five state-owned lenders—Punjab National Bank, Canara bank, Bank of Baroda, Bank of India and Union Bank of India are tying -up with IL&FS for syndication of big-ticket loans.
New pension scheme for poor introduced FE - 01:46 AM
PFRDA on Thursday introduced a new pension scheme — NPS Lite — for the economically disadvantaged sections of the society.
NHAI seeks $45-m World Bank assistance for highway projects FE - 01:46 AM
National Highways Authority of India (NHAI) has approached the World Bank for financial assistance to improve technical know-how and project management capability, as it goes about fulfilling roads and highways minister Kamal Nath's ambition of building 20-km national highways a day.

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JSW Steel, JFE deal likely next week - source

Reuters - 02:55 PM
India's third largest steelmaker, JSW Steel , is likely to announce a stake sale to Japan's JFE Holdings Inc on July 27, a source with direct knowledge of the matter told Reuters on Friday.

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CESC to invest 20 bln rupees for solar power project Reuters - 02:30 PM
Power utility CESC Ltd is looking to invest 20 billion rupees to develop a 200 mega-watt (MW) solar power project in the state of Rajasthan, Vice-Chairman Sanjeev Goenka told a news conference on Friday.
Rupee extends gains to fresh 1-week highs Reuters - 02:25 PM
The rupee extended gains in afternoon session on Friday, rising to fresh one-week highs, tracking sharp losses in the dollar versus major currencies and also buoyed by gains in domestic shares.
GLOBAL MARKETS - Strong German business sentiment boosts euro Reuters - 02:23 PM
The euro rose on Friday after a survey showed German business sentiment posted a record jump in July to its highest level in three years, and corporate results lifted stocks ahead of European bank stress tests results.
Nikkei snaps 5-day losing run; eyes on stress tests Reuters - 02:21 PM
Japan's Nikkei rose 2.3 percent to snap a five-day losing streak on Friday, boosted as worries about the results of European bank stress tests eased and by robust U.S. corporate earnings.
Ten banks to fail European stress tests - Goldman Reuters - 02:16 PM
Ten out of the 91 banks subjected to Europe's stress tests are expected to fail, according to a survey of investors conducted by Goldman Sachs.
FACTBOX - Capitalisation estimates for European banks Reuters - 02:09 PM
With the results of stress tests on 91 European banks looming, financial institutions have been coming up with their own scenarios of what to expect.
LG Display may cut output; can't meet iPad demand Reuters - 06:21 AM
LG Display may cut production of its liquid crystal displays (LCD) next month due to weak demand from TV makers but is unable to meet strong demand tied to Apple's iPad tablet computer, its chief executive said.
India gold buying stays weak for a second day Reuters - 02:03 PM
India gold buying stayed weak for a second day as traders awaited price falls to re-stock for the upcoming festivals in August, dealers said on Friday.
Jayshree Tea April-June net 117.6 mln rupees Reuters - 02:01 PM
Jayshree Tea & Industries Ltd said on Friday it posted a net profit of 117.6 million rupees in April-June quarter on net sales of 824.30 million rupees.
Oil falls from 11-week high ahead of bank test results Reuters - 01:35 PM
Crude prices slid from an 11-week high to stay near $79 on Friday, as uncertainty about European bank stress tests and U.S. oil demand tempered a boost from positive corporate results and storm threats.
BHEL June qtr net up 42 pct, beats f'cast Reuters - 01:12 PM
REUTERS - Three months ended June 30.
(Versus the same period a year earlier, in billion rupees
India can grow at 8.5 pct, despite rate hikes - adviser Reuters - 01:08 PM
India's economy can expand at 8.5 percent in the current financial year despite monetary policy tightening, C. Rangarajan, chairman of the Prime Minister's Economic Advisory Council, said on Friday.
Several Spanish savings banks fail stress test - paper Reuters - 11:12 AM
Several of Spain's 18 savings banks, including some of those which have been involved in recent mergers, have failed to pass tests to see how strong they would be if economic circumstances were more adverse, newspaper El Pais reported on Friday citing financial sources.
Wipro Q1 net beats forecast, sees strong demand Reuters - 12:24 PM
Wipro beat forecasts with a 31 percent rise in quarterly profit on robust outsourcing demand from its mainstay financial clients and gave an upbeat outlook, sending its shares up 4 percent.
PM econ panel sees 8.5 pct GDP growth in FY 11 Reuters - 12:21 PM
India's economy is expected to grow 8.5 percent in the fiscal year that ends in March 2011, the Prime Minister's Economic Advisory Panel said in a report released on Friday.
India needs further monetary tightening - adviser Reuters - 12:18 PM
Further monetary policy tightening is needed in India to tame inflation and the fiscal deficit in FY11 could be a bit lower than 5.5 percent of the gross domestic product, C. Rangarajan, the Prime Minister's chief economic adviser, said on Friday.
Oil India June qtr subsidy share at 7.3 bln rupees Reuters - 12:11 PM
State-run Oil India's June quarter subsidy share was 7.3 billion rupees ($155.3 million), a company executive said on Friday.
Inflation seen at 6.5 pct by March 2011 - panel Reuters - 12:04 PM
India's headline inflation will be at 6.5 percent by March 2011, the Prime Minister's Economic Advisory Panel said in a report released on Friday.
JSW Steel may announce deal with JFE on July 27 - source Reuters - 11:37 AM
JSW Steel Ltd , India's No. 3 producer, is likely to announce an investment in the firm by Japan's JFE Holdings Inc on July 27, a source with direct knowledge of the matter told Reuters on Friday.

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PFC seeks infra finance firm status

HT - 02:55 PM
New Delhi, July 23 -- In what will further strengthen the financing of infrastructure in the country, the Reserve Bank of India is considering whether to accord the status of the Infrastructure Finance Company (IFC) to the state-owned Power Finance Corporation (PFC).

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Oil industry opposed to ethanol price hike HT - 02:20 PM
New Delhi, July 23 -- The domestic oil industry is not in favour of the proposed hike in the price of ethanol, a sugar byproduct.
Rupee gains 11 paise against dollar in early trade HT - Wed, Jul 21
Mumbai, July 21 -- The rupee on Wednesday gained 11 paise to 47.23 a dollar in early trade largely on the back of fresh capital inflows by foreign funds.
Sensex rebounds 105 points in opening trade HT - Wed, Jul 21
Mumbai, July 21 -- The Bombay Stock Exchange benchmark Sensex on Wednesday opened 105 points high on emergence of foreign funds buying amid a firming Asian trend.
3 kg LPG? Govt mulls ways to trim subsidy HT - Wed, Jul 21
New Delhi, July 20 -- The Centre, stuck with an annual subsidy bill on kerosene for the poor running as high as Rs. 16,000 crore, is mulling novel ways to trim its expenditure to curb the fiscal deficit.
Govt looking to rejig subsidies HT - Wed, Jul 21
New Delhi, July 20 -- The government is looking to rejig its subsidy mechanism with a view to achieving a high growth rate on a sustainable basis while bringing down the fiscal deficit, Cabinet Secretary K.M. Chandrasekhar said on Tuesday.
Movie Magic HT - Wed, Jul 21
Mumbai, July 20 -- Onida has unveiled a range of movie TVs that allow users to watch movies, view photographs and listen to music directly from inbuilt USB 2.0 ports.
Mighty zoom in a tiny body HT - Wed, Jul 21
Mumbai, July 20 -- The Samsung WB600 is not too different from the previously released WB550. Its major difference lies in its enhanced zoom capabilities - it boasts a huge 15x optical zoom, 5x more than the older model.
Foreign insurers court PSU banks HT - Wed, Jul 21
New Delhi, July 20 -- A host of foreign insurance companies that are waiting in the wings to enter the growing Indian market are courting public sector banks such as Punjab National Bank, Allahabad Bank, Syndicate Bank and Vijaya Bank to get a ready customer base, senior bankers said.
Work on a budget HT - Wed, Jul 21
Mumbai, July 20 -- For those looking to stay connected to work on the go, here are a few business handsets that are reasonably priced.
India to grow 8.2% in '10: ADB HT - Wed, Jul 21
New Delhi, July 20 -- The Asian Development Bank (ADB) maintained its growth projection for India at 8.2 per cent for 2010, sharply below the International Monetary Fund (IMF's) 9.4 per cent and even lower than Finance Minister Pranab Mukherjee's conservative estimate of 8.5 per cent.
'Cloud has good potential' HT - Wed, Jul 21
India, July 20 -- India has been a key revenue driver for software giant Tata Consultancy Services (TCS).
Lupin enters top league in US generics market HT - Wed, Jul 21
Mumbai, July 20 -- Domestic drug maker Lupin has become the first Asian company to make it into the top-five in the US generic market in terms of number of prescriptions.
War of financing widens reach for aspirational luxury cars HT - Wed, Jul 21
New Delhi, July 20 -- Increasing competition often forces companies to think out of the box. And when it comes to fighting it out for the top slot in the domestic luxury car space, it can only mean one thing - how to make the cars more affordable.
Pranab pegs growth at 8.5%, says EU crisis not biting yet HT - Tue, Jul 20
New Delhi, July 19 -- Finance Minister Pranab Mukherjee on Monday said India is likely to register a growth rate of 8.5 per cent in the current fiscal year, playing down the estimate of the International Monetary Fund that recently projected 9.4 per cent growth for 2010-11. "I am a bit conservative, and am confident that the growth in the current year should be around 8.
Takeovers: Open offer limit 25% HT - Tue, Jul 20
Mumbai, July 19 -- The country's corporate takeover rules entered a new phase on Monday with a panel set up by the market regulator recommending that a party launching open offers for shares in listed companies must offer to buy 100 per cent stakes- and delist if the investors take the offer.
Nokia Siemens buys Motorola ops for $1.2 bn HT - Tue, Jul 20
New Delhi, July 19 -- Nokia Siemens Networks (NSN) is set to buy US-based Motorola's telecom network equipment business for $1.2 billion.
Tea20: board plans futures trading with best 20 varieties HT - Tue, Jul 20
Guwahati, July 19 -- Test cricket has always been known for its afternoon ritual of the tea break.. But it has taken the shortest version of the sport to bowl the beverage industry over after all these years.
Govt mulls pharma export tags to check counterfeits HT - Tue, Jul 20
Mumbai, July 19 -- The government is planning to roll out a unique identification system for exports of pharmaceuticals, to curb the menace of counterfeit drugs and to protect the Indian pharma industry's brand image.
Etisalat close to buying 26% in Rel Comm: FT HT - Tue, Jul 20
Mumbai, July 19 -- Emirates Telecomunications (Etisalat) is close to buying a 26 per cent stake in Reliance Communications (R Comm), according to a report in the Financial Times. The two groups are also considering merging R Comm with Etisalat DB (formerly Swan Telecom), another GSM licence holder in India for 13 circles. Etisalat holds a 45 per cent stake in the company.

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India mulls FDI in multi brand retail - Home - livemint.com
6 Jul 2010 ... India mulls FDI in multi brand retail, Current FDI limit is 51% in single-brand retail, 100% in cash-and-carry stores that can only sell to ...
www.livemint.com/2010/07/.../India-mulls-FDI-in-multi-brand.html - Cached
'FDI in multi-brand retail will create jobs' - India Business ...
8 Jul 2010 ... The policy on foreign direct investment (FDI) in the multi-brand retail sector will see the light of the day soon as it is aimed atcreating ...
timesofindia.indiatimes.com/.../india.../FDI...multi-brand-retail.../6141165.cms - Cached
India Properties - Real Estate India - Indian Property News Site ...
10 Jul 2010 ... At present, India does not allow foreign investment in multi-brand retail, while up to 51 per cent is allowed in single brand retail. ...
www.indianrealtynews.com/category/retail-market - Cached
The Hindu : Business : No backdoor entry for FDI in multi-brand retail
28 Feb 2009 ... India prohibits FDI in multi-brand retail, atomic energy, the lottery business, gambling and betting, chit funds and nidhi firms. ...
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Walmart Chairman meets PM to lobby for allowing FDI in multi-brand ...
6 Nov 2009 ... Walmart Chairman meets PM to lobby for allowing FDI in multi-brand retail in India. November 6th, 2009 · No Comments ...
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Sahai favours FDI in multi-brand retail
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FDI in multi-brand retail:Will India go the Thai way or benefit ...
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FDI in multibrand retail can help open our own stores: WalMart
22 Jul 2010 ... You are here: Home » Business » FDI in multibrand retail can help open our ... WalMart India Managing Director Raj Jain told reporters here. ...
www.deccanherald.com/content/83072/fdi-multibrand-retail-can-help.html

EU asks India to further open economy to FDI

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Economic Times - 1 hour ago

NEW DELHI: The European Union today asked India to further open its economy for ... liberalising FDI in sensitive defence and multi-brand retail sectors. ...

Will 100% FDI in multi-brand retail be a myth or reality?‎ - Fibre2fashion.com

10Questions : Foreign Investment In India‎ - Financier Worldwide

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Hindustan Times - 20 hours ago

At present, it has two stores in India (in Punjab) and employs 450 workers. ... of opening up the politically-sensitive multi-brand retail sector for FDI, ...

FDI in multibrand retail can help open our own stores: WalMart‎ - Deccan Herald

Wal Mart to open 100 plus stores, if GoI permits FDI‎ - Franchiseindia.com

Wal-Mart Could Open 100s of Stores If India Rules Ease‎ - ABC News

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India Today - 28 minutes ago

Though there is much opposition to the Central government's proposal to throw open foreign direct investment (FDI) in multi-brand retail in India, ...

Multi-brand retail FDI back on table

‎

Economic Times - 6 Jul 2010

... ventures in India have been clamouring for long to open up multi-brand retail to foreign investment. "We need to ensure that we get benefits of FDI in ...

India mulls FDI in multi brand retail‎ - Livemint

Retail stocks rise as Govt mulls FDI in multi-brand stores‎ - NDTV.com

'FDI in multi-brand retail will create jobs'‎ - Times of India

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Economic Times - 15 Jul 2010

Unlike Defence, where DIPP had suggested 74 per cent FDI, it had left the issue of overseas investment caps open for debate in multi-brand retail. ...

British MP opposes FDI in India retail‎ - Hindustan Times

Multi-brand FDI norms soon: DIPP secy‎ - BloombergUTV

FDI In Retail: Importing A Failed Model‎ - CounterCurrents.org

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Investing Contrarian - 4 hours ago

Besides, the company also operates its own multi-brand retail formats like ... global brands across price segments, as FDI restrictions slowly give away. ...

Govt proposes FDI in multi-brand retail, invites feedback

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NDTV.com - Debdatta Das - 6 Jul 2010

While FDI in multi-brand retailing is prohibited in India, foreign investment in single brand retail – since being opened in April 2006 -- is about Rs 900 ...

51% FDI in sports retail could create many jobs

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Rediff - 1 Jul 2010

India allows 51 per cent FDI in single brand retail, but multi-brand retail is restricted for foreign investment. ". . . This (sports) is a less sensitive ...

Rediff

Government for FDI in multi-brand retail, invites feedback

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Hindustan Times - 6 Jul 2010

Currently no FDI is allowed in multi-brand retail, while the cap is 51 percent for ... The paper said India was losing about Rs.1 lakh crore in wasted ...

Big players hail govt's move on FDI in multi-brand retail

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Business Standard - 6 Jul 2010

"For India to grow at an 8 to 10 per cent our agricultural sector has to grow ... "FDI's participation in multi-brand retail should happen in a calibrated ...

The Indian Economy Blog » Kirana Will Still Rule
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