| POLICY WATCH |
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RBI to be regulator for MFIs
| The government has recommended bringing all Micro Finance Institutions (MFIs) under the ambit of the Reserve Bank of India (RBI). The Finance Ministry, in a draft of the MFIs (Development and Regulation) Bill, said that RBI will have the powers to formulate policies for the sector and regulate it. |
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Eco clearance norms for solar thermal projects relaxed
| The Ministry of Environment & Forests has exempted companies implementing projects under the National Solar Mission from environment clearance requirement. Solar thermal power developers like Lanco Infratech, Reliance Power's Rajasthan Sun Technique, and Godawari Power and Ispat can now go ahead with their projects without any apprehension of environmental clearance delays. |
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Cabinet approves enhanced allocation under MPLAD plan
| The Cabinet has approved increasing the annual allocation under the Member of Parliament Local Area Development (MPLAD) scheme to each MP from Rs 2 crore (US$ 0.45 million) to Rs 5 crore (US$ 1.13 million). The revised allocation, which involves an increase of Rs 2,370 crore (US$ 533.89 million) from the earlier Rs 1,580 crore (US$ 356.10 million) annually, will be efffective from March 2011. |
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| PEOPLE |
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Indian-American part of team that framed questions for Obama
| Raman Chadha, an Indian-American professor, had the honour of being a part of the eight-member team that flagged questions for US President Barack Obama when he held his Twitter Town Hall at the White House on July 6, 2011. Chadha worked on questions that were majorly based on economy and jobs during the first-of-its-kind session. |
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Vindi Banga named non-exec director on Marks & Spence's board
| Manvinder (Vindi) Banga, former chairman of Hindustan Unilever, has been appointed a non-executive director on the global board of Marks and Spencer Group. An operating partner at Private Equity (PE) firm Clayton Dubilier & Rice, Banga will take up his appointment on September 1, 2011. |
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Indian-Origin Doc appointed Chairperson of AMA's section
| Vijaylakshmi Appareddy, an Indian-origin senior doctor from Andhra Pradesh, has been appointed the chairperson of American Medical Association (AMA)'s International Medical Graduates (IMG) Section. AMA endorses the interests of physicians who have earned their medical accomplishments from outside the US and Canada. |
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| ECONOMY AND ENTERPRISE |
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Exports rise 46% in June
| India's merchandise exports registered a third consective month of growth in June, 2011. Exports in the month grew by a remarkable 46.4 per cent year-on-year (y-o-y) to US$ 29.2 billion, driven by high-end products such as engineering goods. For the first quarter of 2011-12, exports rose 45.7 per cent y-o-y to US$ 79 billion. |
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Start-ups, MNCs' R&D units will spur IT spends: Study
| India's spend on Information Technology (IT) is expected to rise to more than US$ 50 billion in the next five years from the existing US$ 29 billion, fuelled by the country's start-up eco-system and growth of MNC R&D centres, according to a study by globalisation advisory firm Zinnov Management Consulting. |
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Indian companies raise US$ 2.65 billion through ECBs, FCCBs in May 2011
| Indian companies raised US$ 2.65 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in May 2011, an increase of 28.6 per cent over the US$ 2.06 billion raised in April 2011, according to data released by the Reserve Bank of India (RBI). |
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India's Engineering R&D providers to capture 40% of global offshore revenues
| India's Engineering Research & Development (R&D) providers could capture a 40 per cent share of global offshore revenues in 11 key verticals by 2020, according to a new report titled "The Futures Report 2011," by Global Futures and Foresight. |
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Glass-makers line up Rs 7,000-cr investment over next 2-3 years
| Indian glass manufacturers have planned a cumulative investment of over Rs 7,000 crore (US$ 1.58 billion) for the next two to three years, as they expect a rise in domestic demand. The manufacturers are investing heavily in capacity addition and technology infusion. |
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Amul top Indian brand in Asia: Survey
| Amul, the butter and cheese brand of Gujarat Cooperative Milk Marketing Federation (GCMMF), has been ranked as the number 1 Indian brand in a list of Top 1000 Brands of Asia for the third consecutive year. The list is based on a proprietary survey by Campaign magazine, which is published from Hong Kong and Singapore. |
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Corporation Bank plans to step up overseas presence
| The Corporation Bank is exploring the possibility of opening branches in Singapore, Malaysia and South African countries such as Kenya, Zambia and Botswana, according to the bank's Chairman and Managing Director, Ramnath Pradeep. |
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Tata Housing steps into Maldives
| Tata Housing will develop about one million sq.ft at an estimated cost of Rs 850-900 crore (US$ 191.64-202.91 million) in Maldives. A special purpose vehicle (SPV) has been formed between Tata Housing and a local partner, SG18 Developers, to execute the project. |
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Aptech to expand overseas business
| Aptech Ltd, a learning solutions company, has identified 100 cities in emerging markets for its overseas venture as it plans to increase its international business from 35 per cent of total retail business to 50 per cent by 2015, according to the company's CEO and Managing Director Ninad Karpe. |
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Expanding its retail canvas, French retailer Carrefour India is scaling up its IT platform to enable its customers to shop online. The retailer has initiated the process of setting up an e-commerce site in India for its cash and carry customers. The company said that it's one more way of delighting their customer base.
Additionally, Global private equity major SAIF Partners has launched Zovi.com, an online apparel brand. The start-up company, founded with a US$ 5.5 million investment led by SAIF and other angel investors, is the country's first purely online apparel brand.
Further, Indiaplaza.in, one of the top e-commerce retailers in India, has raised venture capital (VC) funding from an India-focused VC fund, NEA-IndoUS. The Indian e-commerce sector is growing rapidly and a large number of players are exploring the online route to increase their sales. |
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"With Etios and Liva, we will be able to extend our product coverage to over 50 per cent of the market in the country"
Hiroshi Nakagawa
Managing Director
Toyota Kirloskar Motor (TKM) |
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FACT OF THE WEEK |
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| Varia Engineering Works, a rolling mills manufacturing company, will install India's first 6-stand continuous cold rolling mill for stainless steel in Ahmedabad. The mill is expected to lead to a ten-fold increase in production. |
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Alstom, HCC win Rs 1,843 crore hydro power contract
| Alstom, in consortium with Hindustan Construction Company (HCC), has been awarded a contract worth over Rs 1,843 crore (US$ 415.42 million) by Tehri Hydro Development Corporation (THDC) to install a 1,000 Mega Watt (MW) variable speed pumped storage hydro power plant on the river Bhagirathi in the state of Uttarakhand. |
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Thermax commissions solar aircon system
| Pune-based energy and environment solutions company Thermax has designed and commissioned a first-of-its-kind solar air-conditioning system at the Solar Energy Centre in Gurgaon, Haryana. The new chiller, developed in-house, offers a technological innovation for solar applications and will be very useful for buildings such as malls, office complexes, hospitals etc having large requirements ranging from 100 Kilo Watt (KW) to 3,000 KW. |
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Kanoria Chemicals to enter renewable energy biz
| Kanoria Chemicals and Industries (KCI) is set to enter the renewable energy segment, especially solar energy. The company is planning to set up a 12 MW solar energy plant on a 66.6 acre site, for which it will have to spend Rs 156-168 crore (US$ 35.18-37.89 million). |
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