| POLICY WATCH |
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RBI to permit non-banking entities to set up ATMs
| With the objective of accelerating the growth and penetration of automated teller machines (ATMs) in India, the Reserve Bank of India (RBI) has said that it plans to permit non-banking entities to set up, own and operate ATMs. ATMs rolled out by non-banks will be like White Label ATMs (WLA) and will provide ATM services to customers of all banks. |
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Govt wants its divestment sum assured, dials LIC
| The Government has allowed the Life Insurance Corporation (LIC) to increase stake in public sector entities beyond the 10 per cent cap. The move will help the insurance company to meet the investment target for the financial year and support the Government's efforts to fast-track disinvestment. |
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Now, ATMs can advertise financial products
| With financial inclusion as the objective, and to incentivise banks for opening ATMs in remote areas, the Ministry of Finance has allowed bank-owned as well as outsourced ATMs to display advertisements of other financial products. Banks with a large network of ATMs will now be able to generate additional revenue by advertising financial products offered by other institutions. |
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| PEOPLE |
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Indian—American conferred with the "Most Powerful and Influential Women of California" award
| Top Indian—American fundraiser at President Barack Obama's re-election campaign, Shefali Razdan Duggal, has been conferred with the "Most Powerful and Influential Women of California" award in recognition of her leadership in the State. Duggal was chosen by National Diversity Council, an NGO which awards diversity in workplace and communities. |
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Two Indian—American students invited by White House to brief Obama on their research
| Two Indian—American students figure in the list of 30 students who have been invited by the White House to acquaint US President Barack Obama on their breakthrough research in science, technology, engineering and mathematics. The two students - Shree Bose and Anand Srinivasan - have been invited by the White House along with winners of other national level science competitions. |
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Indian student's blog rated among world's top 5
| In a ranking of the world's best exchange student blogs, the blog of Ankit Khandelwal from India has been rated number five. According to the bab.la language portal, which held the competition between 239 blogs, a total of 10,000 votes were cast. Ankit's blog, titled 'Denmark: An insider's view from a student's perspective', was rated number five. |
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| ECONOMY AND ENTERPRISE |
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Consumer spending to rise 4 times by 2020, says a joint study by CII and Boston Consulting Group
| Consumer spending in India is expected to grow nearly four times in a decade to US$ 3.6 trillion by 2020, driven by rising incomes and aspirations, widespread media proliferation and better physical reach across the country, according to a joint report by Boston Consulting Group and industrial body Confederation of Indian Industry (CII). |
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Crowning glory: Indira Gandhi International Airport second best in the world
| Delhi's Indira Gandhi International (IGI) airport has been ranked the second-best airport in the world for 2011 by the Airports Council International. The airport scored this distinction in the category of airports with 25-40 million passengers per annum. The airport scored 4.72 of a possible 5 in the airport service quality index, coming 6 in the overall airport ranking for 2011. |
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Bangalore, Ahmedabad and Kolkata IIMs make it to Asia-Pacific top 10 again
| The Indian Institutes of Management (IIMs) - Bangalore, Ahmedabad and Calcutta - continue to be the quality B-schools in the country. The three institutes have figured in the top 10 in the Asia-Pacific region as per the QS Global 200 Business Schools Report 2012. |
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Menswear market in India fastest growing apparel segment
| The entire textile and apparel industry (2010 estimates), including domestic and exports, is estimated at Rs 327,000 crore (US$ 66.48 billion) and is expected to grow by 11 per cent to Rs 1,032,000 crore (US$ 209.78 billion) by 2020. Currently menswear, the fastest growing apparel segment, accounts for 43 per cent of the market, and is growing at a compounded annual growth rate (CAGR) of 9 per cent. |
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Railways revenue earnings up by 10.41 per cent during April 2011- January 2012
| Indian Railways have generated earnings of Rs 84,155 crore (US$ 17.10 billion) during the period from April 2011 to January 2012 as compared to Rs 76,223 crore (US$ 15.49 billion) during the same period last year, registering an increase of 10.41 per cent. |
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3 Indian firms get diamond processing licences in Botswana
| The opening of Botswana as a major diamond trading hub has provided a new window of opportunity for Indian processing companies with three diamond merchants from India having secured licences for participating directly in benefication projects there to ensure supply of rough diamonds. This is a significant move as setting up diamond processing units will not only assure rough supplies from Diamond Trading Company (DTC), but also ensure control over price fluctuations, besides sustained supplies. |
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Marico buys Paras' personal care brands from Reckitt
| Homegrown consumer products company Marico has acquired the personal care portfolio of Paras from British consumer goods maker Reckitt Benckiser. Analysts estimate the portfolio, which includes brands such as Livon, Set Wet and Zatak, to be valued at Rs 600-700 crore (US$ 121.89 million-US$ 142.23 million). For Marico, the current acquisition is a "good complement" to its existing business, which includes mainly hair oil brand Parachute and edible oil Saffola. |
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Jindal steel to spend $300 million to develop new, existing mines in Africa
| Jindal Steel and Power, India's biggest producer of the alloy by market value, is planning to spend US$ 300 million in developing new and existing mines in Africa. The move is part of the company's strategy to source coal assets abroad to meet raw material demand of its steel and power plants at home. |
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The Kandla Port Trust (KPT) has awarded the Rs 1,060 crore (US$ 215.34 million) dry bulk terminal development project, off Tekra near Tuna, to Adani Port and SEZ Ltd (APSEZL), which runs the Mundra Port in Gujarat. The project will bring in 14 million tonnes (mt) of cargo annually to Kandla Port.
Significantly, a fairly large US delegation is visiting West Bengal to essentially focus on the port sector. The delegation will begin its India trip with Kolkata and then travel to other cities.
Further, the public sector Cochin Shipyard delivered a Platform Supply Vessel—Skandi Hawk—to DOF Rederi II, AS, Norway. This is the third of the high-tech offshore vessels that have been constructed and delivered by CSL this financial year. The vessel, with Grade II Dynamic Positioning features, has been assigned the 'CLEAN' design notation by DNV, signifying the highest levels of environmental compliance. |
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"India is a market with a remarkable potential still to be exploited"
Stefano Canali
General Manager and third generation of the Canali family in business |
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FACT OF THE WEEK |
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| Times Internet Limited has launched 'Tweek', India's first magazine on the tablet that can be accessed on the iPad and will soon be available on the iPhone and Android. |
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Indo-Norwegian research initiative on solar modules
| A project funded by the Research Council of Norway, involving a company from Norway, Elkem Labs, Titan Energy Systems Ltd, based in Hyderabad, and Dr B V Raju Institute of Technology, an engineering college located in Medak district of Andhra Pradesh, is seeking to test the feasibility of cost effective solar grade silicon for use in solar modules. |
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Tata Power commissions 25-MW solar project in Gujarat
| Tata Power has commissioned a 25 mega watt (MW) solar photovoltaic (PV) power project in Gujarat. Spread over 100 acres of land, the Rs 365 crore (US$ 74.15 million) solar plant is based on crystalline silicon PV technology. The company now has a portfolio of more than 28 MW of solar and 375 MW of wind power, making it the largest renewable utility player in India. |
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Shree Ganesh Jewellery acquires 2 solar PV firms
| The Rs 5,800-crore (US$ 1.18 billion) Shree Ganesh Jewellery House Ltd (SGJHL) has entered the solar power generation business by acquiring controlling stakes in two companies – Alex Astral Power Ltd and Alex Spectrum Radiation Ltd. Alex Astral Power has already commissioned a 25 megawatt (MW) solar power plant in Gujarat and Alex Spectrum is slated to commission a 5 MW solar project in Rajasthan shortly, according to Sharad Mohata, Finance Director, Shree Ganesh. |
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