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Foreign exchange reserves have risen for the fourth consecutive week by US$ 1.28 billion to US$ 278.27 billion for the week ending July 2, 2010.
Significantly, bank credit and deposits surged by US$ 19.68 billion and US$ 24.64 billion, respectively in the fortnight ended July 2, 2010.
The Indian Rupee has become the fifth currency to get a symbol. The rupee has entered into the elite club of currencies such as US Dollar, Euro, British Pound Sterling and Japanese Yen, in keeping with India's growing economic status as a major investment destination. |
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| Warm regards, |
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Aparna Dutt Sharma
CEO
India Brand Equity Foundation |
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Focus: Aviation Sector |
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Domestic airlines flew 4,504,000 passengers in June 2010, up almost 22 per cent against June 2009. This is the second consecutive month when the domestic airlines have registered almost 22 per cent growth as compared to the corresponding period last year.
The increase in air traffic in India—which is expected to double in 10 years—has created a tremendous potential for the use of Airbus A380 aircrafts by Indian airlines. Indian airline companies will acquire 50-60 A380 aircrafts, over the next 20 years. | |
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Focus: Auto Components |
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Finnish firm KWH Mirka Ltd, maker of abrasives used in automotive sector and for other industrial applications, has announced to setup a fully-owned subsidiary in India. Mirka India will offer its patented abrasive net products and other conventional products, besides a range of tools and accessories.
Significantly, Australian auto component firm, MTM is exploring the possibility of setting up a manufacturing facility in India to meet the growing demand for automatic transmissions. MTM expects to supply 10,000 automatic gear box shifters a year to Mahindra & Mahindra (M&M). | |
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Interview: Moon B Shin, Managing Director, LG India, on the company's plans to make India its key R&D centre for the global markets |
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"LG believes that India can become one of its largest markets. By 2015, India will contribute 12% to LG's global revenue, which would perhaps be the second largest after the US. India is a different market and customer needs here are different. We had introduced products under Stars of India, which were very well received.
By 2015, we aim to increase exports from 12% to 30%. India will play a crucial role in competing with other export markets. As Indian consumption grows, manufacturing will enjoy scale of economies. The cost of competitiveness would come from quality, size and scale. Since India is growing very fast, our competitiveness in export market will enhance. And once the R&D center is ready, our export will increase, and India will become one of the top three contributors to global revenues." | [More] |
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Interview: Ed Whitacre, Chief Executive Officer, General Motors, on company's focus on emerging markets like India |
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"We will soon introduce class-leading vehicles and light commercial vehicles in the Indian market, which meet the needs of consumers and businesses alike.
Our international operations headquarters is based in Asia (Shanghai), so in that regard, you can say that Asia is already our hub for global business. GM's growth in India and other emerging markets in Asia will help fuel the company's growth in the future." | [More] |
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| Policy/Corporate Briefs |
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| Forex reserves up $1.28 b |
| Foreign exchange reserves were up by US$ 1.28 billion to US$ 278.27 billion for the week ending July 2, 2010 on account of revaluation gains and the increase in the value of gold reserves. This is the fourth consecutive week in which the reserves have risen. |
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| Bank credit, deposits surge in first quarter |
| Banks appear to have ended the first quarter of 2010-11 on a high note. Credit and deposits surged by Rs 91,973 crore (US$ 19.68 billion) and Rs 1,15,162 crore (US$ 24.64 billion), respectively in the fortnight ended July 2, 2010. |
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| Rupee becomes only 5th currency to get a symbol |
| The Indian Rupee has become the fifth currency to get a symbol. The symbol will project the Rupee into the company of four elite currencies which have similarly distinct identities - the US Dollar, Euro, Yen and British Pound. |
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| Global VCs upbeat on Indian economy: Deloitte |
| The billion dollar Indian venture capital (VC) industry is likely to significantly expand in India, according to 2010 Global Venture Capital Survey by consulting firm Deloitte Touche Tohmatsu. Venture capital investments in cleantech, healthcare, biopharmaceuticals and medical consumer businesses will significantly increase in India, according to the survey. |
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| Global biggies plan direct-selling foray |
| The Rs 3,330-crore (US$ 706.78 million) direct-selling industry in India is set to see intense action as domestic and global majors such as Nu Skin, Burlington, Salad Master and Golden Warp plan to start operations in two years. The market grew at 17 per cent during 2009. |
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| Bajaj, Renault-Nissan sign car MoU |
| The Renault-Nissan alliance and Bajaj Auto have signed a memorandum of understanding (MoU) for developing a low-cost car. According to the MoU, the design, engineering, manufacturing and supply base expertise to create the product will be executed by Bajaj with the support of the Renault-Nissan alliance. |
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| SBI inks pact with Oman for $100-million fund |
| State Bank of India (SBI) and State General Reserve Fund (SGRF) of Oman have signed a joint venture (JV) agreement to form a Joint Investment Fund. This fund will start with a corpus of US$ 100 million to be contributed equally by SGRF and SBI. |
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| Celgene opens support centre in Hyd |
| US-based biopharmaceutical major, Celgene Corporation has started its India operations and has formed a technical collaboration with ValueLabs, to get human resources and infrastructure assistance. |
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