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British
Survey Finds Indian Call Centres Satisfactory
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Reporters
of a British newspaper conducted a
survey on the performance of insurance
major Norwich Union's call centres
in India and found them not only to
be satisfactory but also cost-effective.
The snapshot survey was done by reporters
of the Eastern Daily Press, and involved
calling up numbers of the Norwich
Union and its main competitor Churchill,
a part of the Royal Bank of Scotland
group. Morwich had sparked controversy
when it transferred thousands of Britain's
jobs to new call centres in Bangalore
and New Delhi. Customers said Indian
staff were hard to understand and
did not have enough knowledge of the
UK motor industry. In letters to the
newspaper, customers had complained
of being left hanging on the phone,
of impenetrable accents and having
trouble with straightforward queries.
For its part, Norwich said the performance
of its Indian operations has been
as good as its British sites. For
the survey, the newspaper's team of
reporters dialled NU Direct to get
a car insurance quote, followed by
another to either Churchill - which
has all its call centres in Britain
- or a similar insurance provider.
Some calls were directed to Norwich's
call centre staff in India and others
to Glasgow or Liverpool.
Courtesy:
Hindustan Times, August 16, 2004
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Corporates
all Over the World are Very Upbeat
about India
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Corporates
all over the world are very upbeat
about India as a business destination
compared to China. Find out what gives
India an edge over China... 68% of
Indian executives are confident about
the economy as compared to 65% in
China. 58% of the respondents think
India is crucial to their business
while only 48% find China useful.
71% of executives in the Asia Pacific
region think India is a significant
source of talent as compared to China.
31% of large companies will invest
in India for R&D, while only 27% plan
to invest in China. 68% of Indian
executives are confident about the
economy as compared to 65% in China.
66% of Indian executives think the
economy will be better in 6 months.
86% of Indian tech biggies say they
will spend more on IT in the next
6 months against China's 75%. 52%
of IT & Telecom firms say that India
is a significant source of technical
talent, while only 36% voted for China.
India is set to overtake China in
textile sector if the reforms are
executed properly.
Courtesy:
The Economic Times, August 16, 2004
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India
can Generate $5-b through Health Tourism
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India
has the potential to attract one million
health tourists every year and this
will contribute up to $5 billion to
the economy, the Confederation of
Indian Industry (CII) said Sunday.
India must leverage its competitive
edge, especially its cost advantage,
to attract a large number of medical
tourists to the country, the CII study
report said. A heart surgery in the
US costs $30,000 while the same would
incur $6,000 in India. Similarly,
bone marrow transplant in the US costs
$250,000 while it is $26,000 in India,
said the CII report. "With yoga, meditation,
ayurveda, allopathy, and other systems
of medicine, India offers a unique
basket of services to an individual
that is difficult to match by other
countries," it said. "Also, clinical
outcomes in India are at par with
the world's best centres, besides
having internationally qualified and
experienced specialists." The lobby
group said it was working with the
Indian Healthcare Federation (IHCF)
and tour operators to promote attractive
packages for medical tourism in the
country. India attracted approximately
150,000 patients to the country in
the last year. Thailand with a population
of 60 million has been successful
in attracting one million health tourists
last year because of the development
of world-class infrastructure. According
to the CII, the reason behind Thailand
managing to tap the health tourism
market successfully was aggressive
international marketing in conjunction
with the tourism authority.
Courtesy:
The Pioneer, August 16, 2004
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TCS,
Infosys, Wipro Major Challengers:
IDC
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Indian
IT companies Tata Consultancy Services,
Infosys and Wipro have been identified
as major challengers to global players
in software services arena like IBM
and Accenture. A study by research
and advisory firm IDC places the three
Indian companies in the worldwide
list of six notable emerging players?
Which will continue to put pressure
on the major incumbents. Tata Consultancy
Services, Wipro and Infosys share
the spotlight with CGI Group, Logica
Cmg and Dell Services in the study.
Competition in the services marketplace
has never been so intense. With new
entrants from offshore locations,
new delivery models being developed,
the convergence of software, hardware
and services and ever-demanding customers,
services firms are faced with a multitude
of challenges? Sophie Mayo, director,
worldwide services research at IDC
said. The competitive market is heating
up as services firms face slower growth
prospects, pressure to expand geographically,
greater productivity expectations,
the need for deeper business and industry
expertise, productisation of intellectual
capital and internal transformations
to meet market needs? The research
firm said. The IDC said the services
market is highly fragmented with top
20 providers representing just one-third
of the market in 2003. The research
firm expects that top companies will
become increasingly dominant as acquisitions
continue to play an important part
in their growth strategies. It also
said small and medium businesses will
comprise a greater share of purchasing
market with demand for low cost and
rapid implementation.
Courtesy:
The Asian Age, August 16, 2004
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Why
World, Inc. says India is Better than
China?
|
| |
-
Corporates
all over the world are very upbeat
about India as a business destination
compared to China. Find out what
gives India an edge over China...
-
68%
of Indian executives are confident
about the economy as compared
to 65% in China.
-
58%
of the respondents think India
is crucial to their business while
only 48% find China useful.
-
71%
of executives in the Asia Pacific
region think India is a significant
source of talent as compared to
China.
-
31%
of large companies will invest
in India for R&D, while only 27%
plan to invest in China.
-
68%
of Indian executives are confident
about the economy as compared
to 65% in China.
-
66%
of Indian executives think the
economy will be better in 6 months.
-
86%
of Indian tech biggies say they
will spend more on IT in the next
6 months against China's 75%.
-
52%
of IT & Telecom firms say that
India is a significant source
of technical talent, while only
36% voted for China.
-
India
is set to overtake China in textile
sector if the reforms are executed
properly.
Courtesy:
http://live.indiatimes.com/ppt/160804/index.html,
August 16, 2004
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to Index
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Dabur
Arm to Export Fruit Pulp Products
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Dabur
Foods, a wholly-owned subsidiary of
Dabur India, has decided to foray
into the export of fruit pulp and
concentrates. Dabur Foods has floated
a subsidiary, Pasadensa Foods, to
support the new initiative which will
operate from the company's new fruit
processing facility at Siliguri in
West Bengal. Dabur plans to sell fruit
pulp and concentrates in 200 litre
bags to international juice blenders.
"We are looking at product segments
like pineapple, mango, white and pink
guava, litchi, tomato, watermelon
and grape. Certain products such as
pineapple pulp have huge potential
in the international markets due to
severe shortage. Again in segments
such as mango, India has already dominates
the global markets, which we will
bank on," Amit Burman, CEO, Dabur
Foods, said. International blending
houses purchase these products and
make their own blends.
Courtesy:
The Economic Times, August 14, 2004
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Tried
in India, Driven by the World
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India
continues to be a launchpad for key
global assignments for top executives,
especially expats at multinational
auto companies. The stint here is
considered ideal for further honing
the talents of professionals, according
to industry experts. Less than two
years into the job and Hyundai Motor
India managing director JI Kim is
moving up as head of international
operations for the parent enterprise
in Korea. His predecessor, Yang Soo
Kim, had also been rewarded for giving
the brand a strong opening in India
with the mandate to head the US market
and build Hyundai's first plant -
a billion dollar initiative - in the
US. Heads of Ford and Toyota have
also found Indian postings to be fruitful
to their career. JI Kim is credited
with consolidating Hyundai's position
as an important compact and mid-size
car player in the market, besides
introducing a premium salon like Elantra
and a lifestyle offering such as Terracan
at the top end. The erstwhile Toyota
Kirloskar Motor head Sachio Yamazaki's
story is similar. From India, where
the Japanese giant successfully created
a slot and a lead-player status among
multi-utility vehicles, Mr Yamazaki
moved to become the president director
of Toyota Motor Manufacturing Indonesia.
The gains are not limited to technocrats
in the auto sector, but are spread
across the travel trade and technology
industries. Jinendra Sancheti, managing
director of TNT India's operations
was elevated to look after the entire
Gulf and India region out of Dubai
recently.
Courtesy:
The Economic Times, August 14, 2004
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India
to Create First TV Content Marketplace
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With
India poised to emerge as one of the
largest consumers of audiovisual content,
a first of its kind television software
marketplace will be created soon to
facilitate growth in the sector. The
Confederation of Indian Industry (CII)
said Tuesday it had decided to create
a marketplace that will offer a platform
to businesses around the world to
trade in content for the Indian and
regional markets. "The landscape is
buzzing as mediocrity is being rapidly
replaced with international formats
and co-productions that deliver higher
quality and quantity," said a CII
statement. "Also the launch of a dozen
new channels this year is scripting
new meaning to demand for fresh content."
Courtesy:
The Economic Times, August 12, 2004
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Indian
CEOs Find Favour with New Economy
MNCs
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Multinational
corporations are increasingly relying
on Indian CEOs, at least when it comes
to the new economy sectors. A dipstick
survey of 100 top multinational corporations,
that have their presence in the country
through wholly or majority owned subsidiaries,
suggests that most top jobs in the
new economy sectors are occupied by
Indians. This is the case particularly
with MNCs in the IT and telecom sectors.
In contrast, old economy sector companies,
including those in core manufacturing
areas such as automobiles and ancillaries,
electronics and consumer durables
still continue to be dominated by
expat CEOs. Other old economy sectors
such as FMCG, pharmaceuticals and
chemicals seem to show a preference
for Indian talent. Analysts point
out that this could be largely due
to the fact that many of the MNCs
in the sector have been operating
in India for a long time. "India is
now experiencing globalisation in
its true sense. MNCs are bringing
in expats to cater to global customer
requirements. "In manufacturing-intensive
sectors, such as automobiles, the
facilities in India are catering to
the worldwide market in terms of spares,
components among others, so it makes
more sense to bring in someone with
a global perspective who has worked
in other developing markets", said
Mr Ravi Bhatia, Managing Director
of executive search firm, Gilbert
Tweed Associates Pvt Ltd. Sample this.
Of the 14 major MNC automobile companies
included in the survey, an overwhelming
13 have expats at the helm. The sole
exception is General Motors. Other
auto companies surveyed included Honda,
Toyota, Ford, Hyundai and Fiat. In
the case of the consumer durables
sector, the balance is also tilted
towards expats, largely due to the
presence of Japanese and Korean firms.
All the Korean and Japanese companies
in the sector, including LG, Samsung,
Sony, Casio, and Matsushita (Panasonic)
have expats on top. And this phenomenon
is not restricted to this sector.
In fact, all the top 15 Japanese and
Korean MNCs operating in India are
headed by expats.
Courtesy:
The Hindu Business Line, August 12,
2004
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IOC
to Buy Equity in Indonesian Firm for
$ 600m
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The
state owned Indian Oil Corporation,
IOC, is close to finalising a deal
to acquire 40 per cent equity stake
in an Indonesian oil and gas exploration
firm, Medco, for a consideration of
$ 600 million, a reliable source said
here. This would be the Indianoil's
first upstream overseas acquisition.
Medco is Indonesia`s largest independent
upstream company, whose portfolio
comprises producing and exploration
blocks. Its oil producing properties
generate close to 70,000 barrels per
day, while its annual gas production
stands at around 200-billion cubic
feet, sources said. Around 85 per
cent of Medco's equity is with a holding
company and the balance is held by
financial institutions and the public.
The holding company has three shareholders
-- Thailand`s PTT exploration and
production company with a 34 per cent
stake, an American fund with around
26 per cent and an Indonesian family
with 40 per cent.
Courtesy:
The Pioneer, August 12, 2004
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CII
signs MoU with Korea Federation of
Small & Medium Business (KFSB)
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To
provide institutional framework for
sustainable cooperation between the
Small & Medium Businesses of South
Korea and India, Confederation of
Indian Industry (CII) signed a Memorandum
of Understanding (MoU) with the Korea
Federation of Small & Medium Business
(KFSB), in Seoul today. The signing
of the MoU coincides with the visit
of the CII SME delegation to South
Korea from 8 - 10 August'04. The Memorandum
of Understanding (MoU) between CII
& KFSB, aims to foster mutual understandings
and friendship between the Small &
Medium business communities of Korea
and India and to promote economic
relations such as trade, investment,
technological cooperation between
the two countries. KFSB is one of
the four major distinguished economic
organizations representing 2.9 million
Korean SMEs. The MoU between CII &
KFSB will now facilitate many such
similar success stories between the
SMEs in the two nations, he added.
Courtesy:
www.presstrust.com, August 11, 2004
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British
energy firm Cairn Energy has again
struck oil in Rajasthan, its ninth
discovery in the state in the past
two years. The company found 300 million
barrels of oil reserves in northern
Rajasthan with the N-V-1 exploration
well, located 18 km west-northwest
of the gigantic Mangala field, company
executives said. N-V-1, the fourth
discovery Cairn has made in the northern
region of the 5,831 sq km block RJ-ON-90/1,
lies 19 km west-southwest of the N-C
discovery, and is in close proximity
to the existing northwestern boundary
of the block. The British firm had
struck 450 million-1.1 billion barrels
of in-place oil reserves in Mangala,
of which 50-200 million barrels are
estimated to be recoverable reserves.
Another 400 million barrels of in-place
oil reserves were found in the N-C-1
exploration well. Cairn Energy Chief
Executive Bill Gammell said, "This
is the fourth significant oil discovery
Cairn has made in the northern portion
of the Rajasthan block this year.
This further demonstrates the widespread
distribution of reservoirs and bodes
well for future exploration and appraisal
success.
Courtesy:
www.business-standard.com, August
11, 2004
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Reliance
Takes Over German Polyester Company
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Reliance
Industries, India's largest private
company, has finalised the takeover
of a leading polyester producer in
Germany with the European Commission
giving its green signal this week.
Once regarded as Germany's "corporate
nugget", German specialty polyester
manufacturing company Trevira's merger
deal with Reliance was subject to
clearance by the European Commission
under the anti-trust regulations.
The takeover was formalised on Wednesday
by Reliance's chief representative
in Europe, Mohan Murti, who signed
the relevant papers at the office
premises of the law firm Hengler and
Mueller in the country's business
capital. Reliance, one of the largest
polyester fibre and yarn players in
the world, had earlier inked the Trevira
sale agreement in Basel, Switzerland
on June 23. Trevira is a leading German
manufacturer with an annual capacity
of 130,000 tonne of polyester fibre
and yarn produced at four locations
in Europe - in Bobingen and Guben
(Germany), Silkeborg (Denmark), and
Quevaucamps (Belgium). Trevira's annual
capacity of 130,000 tonne and Reliance's
own one million tonne capacity would
make the latter the world's largest
polyester fibre and yarn-producing
firm.
Courtesy:
Hindustan Times, August 11, 2004
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India
Now 3rd Largest Maker of Fertilisers
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India
has become world's third largest producer
of fertilisers with an installed capacity
of 119.98 lakh tonnes nitrogen and
54.2 lakh tonnes phosphatic nutrient.
Stating this here, the government
on Monday said, it is formulating
a long term fertiliser policy with
an aim to deregulate the sector in
a phased manner. In the Annual Report
of the Department of Fertilisers,
it said the domestic industry has
attained the level of capacity utilisation
that compared favourably with the
rest of the world. The capacity utilisation
during 2002-03 and 2003-04 was 87.2
per cent and 88.6 per cent for nitrogen
and 72.8 per cent and 67 per cent
for phosphate respectively. The capacity
utilisation is expected to improve
through revamping, modernisation of
existing plants and closure of unviable
capacity of sick fertiliser units.
Courtesy:
The Economic Times, August 11, 2004
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COLT
all set for High-End Offshoring
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Believe
it or not, the technical support services
are now emerging as long term, lucrative
career options for the young pros
scouting for jobs. India is no more
considered to be a BPO hub for back-office
operations, which provide entry-level,
low end jobs to fresh graduates. Richard
Adams, Chief Operations Officer, COLT
Technology Services, says, "service
support is one of the critical aspects
of our business model and key to customer
satisfaction. We consider India as
a crucial market with availability
of immense talent pool, an understanding
of high-end technical services and
fast adoption towards global practices."
Gradually, more and more firms are
setting up high-end technical back
office support operations in India
to serve their global customers. According
to NASSCOM, US will outsource 6 million
hitech jobs to India by 2005 as there
is no dearth of highly qualified technical
professionals in the country. Most
of these companies are either into
high-end network engineering/management
support or hard core software/hardware
development. In the current scenario,
lots of engineering graduates, telecom
professionals and software developers
have been aggressively recruited by
international firms. So it is indeed
a wrong notion that BPOs cater only
to low-end entry level jobs. 'I don't
mind working for a call centre at
a higher post,' says Vamsi Danturti,
a final year MBA student from SP Jain.
There are many more like him who too
are willing to join the BPO industry,
who's growth is explosive today. And
this essentially proves the fact that
there has been a change in the trend
of BPO industry, which initially was
known to provide entry level jobs.
Recently, COLT India too has set up
a high end technical support functions
in Gurgaon to serve its international
clients.
Courtesy:
The Economic Times, August 11, 2004
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India
to Log 84 pc growth in E-Com Revenue:
IDC
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India
is expected to log the highest compounded
annual growth rate (CAGR) of 83.7
per cent among Asia-Pacific countries
in e-commerce revenues between 2003-08,
even exceeding the growth rate displayed
by neighbouring China in the five-year
period, according to research firm
IDC. "On a country-by-country basis,
India is expected to show the highest
CAGR of 83.7 per cent in e-commerce
revenue from 2003 to 2008, thus marginally
exceeding the CAGR of 81 per cent
expected in China," according to IDC's
forecast on Asia Pacific internet
market.
Courtesy:
www.thehindubusinessline.com, August
11, 2004
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Vision
for Future India Inc
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The
Indian corporate sector is fast learning
to make 'exports as the engine' to
their volume and profit growth. According
to the CMIE, the total export turnover
of the top 100 companies rose 35 per
cent to Rs 55,800 crores in 2003-04.
This export growth was substantially
higher than the growth of 23 per cent
registered in 2002-03. What is more
interesting is the share of exports
in their total turnover has risen
from 14 per cent to over 18 per cent
in the period of two years. Higher
export income appears to have helped
their bottom line growth. Higher exposure
to exports to gain volume growth and
profit growth has certainly entered
as vision for the future for India
Inc.
Weak
Sentiments
The
balance of payment projections for
the current year 2004-05 are on shaky
grounds. The shooting crude oil prices
in the months of June-July have led
to weak sentiments on the BoP front.
The trade deficit is projected to
rise to $16 billion but that is not
the cause of concern as the invisible
incomes in form of IT export alone
can take care of it. The year may
still end with a surplus on current
account. The main concern is over
capital inflows. Capital inflows are
generally associated with appreciating
currency as return on the funds invested
rises to the extent of appreciation
of currency. Will FII and NRI continue
to pour money even if the rupee depreciates
is a million dollar question. The
fundamentals of the Indian economy
in relation to the world economy are
strong, as there is good export growth.
The higher trade deficit, which may
emerge from rising crude oil prices,
is also manageable. Even if the capital
inflows are of smaller magnitude than
the last year it still leaves the
overall BoP position comfortable.
Courtesy:
The Asian Age, August 10, 2004
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Kashmir
Logs on to Outsourcing Boom
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Undeterred
by the regular bursts of gunfire,
grenade attacks and bomb blasts, a
lone tech firm in revolt-torn Kashmir
is trying to catch up with an outsourcing
boom that has earned the country billions
of dollars. Magnum Software Services,
located on the outskirts of Srinagar
has become the first company in the
region to bag an international back-office
services contract. The firm has recruited
315 young Kashmiri men and women in
recent weeks to format medical files
and research data for a Singapore
client. Soon it also plans to provide
accounting and legal transcription
services. Officials at Magnum said
they hope to be an outsourcing pioneer
in the troubled region where barely
two years ago Internet and mobile
phone services were barred because
of fears separatist militants could
use them to foment violence. Tech
firms elsewhere across India are riding
an outsourcing wave. The $12.5 billion
software and back-office services
industry is growing at about 30 per
cent per year, driven by an abundance
of low-cost, English-speaking workers.
But Kashmir, though home to nearly
a dozen technology companies who cater
to domestic customers, has lagged
as daily bloodshed from separatist
violence and tough security measures
by troops hinders investment and development.
The violence that spiralled in the
valley in recent weeks is seen as
an attempt to scuttle moves towards
peace. More than 40,000 people have
died in Kashmir so far. Magnum, a
six-month-old firm which got the Singapore
contract through a consultant in New
Delhi, has faced its share of teething
troubles as it tries to establish
its operations.
Courtesy:
The Economic Times, August 10, 2004
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Watch
Out, Infy, Wipro: Bharti is Here
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Telcos
are finally outpacing the growth of
IT companies. Bharti emerged with
the fastest growth in revenues as
well as profits in the infocomm world,
and saw highest revenues last quarter.
While Bharti's revenues grew at 65
% to cross Rs 1700 crore, Wipro followed
with Rs 1590 crore and a growth of
49 % and Infosys grew at 34 % with
a revenue of Rs 1489 crore. Till last
year, Wipro had the largest revenue
at Rs 5881 crore, followed by Bharti
at Rs 5002 crore and Infosys at Rs
4760 crore. Profits, however, were
still higher at Wipro and Infosys
though Bharti led in terms of growth.
While Bharti outperformed all IT companies
in terms of revenues, profitability
is still much higher in the tech world.
Infosys saw a net profit of Rs 394
crore, followed by Rs 327 crore at
Wipro and Bharti was on the third
spot with Rs 296 crore. Bharti's growth
still outshone IT giants at 854 %
growth in net profits and 115 % growth
in operating profits as the company
started showing profits last year.
While Bharti registered a 115 % growth
in operating profits on a 65 % growth
in revenues. Wipro has seen a 68 5
growth in operating profits and a
49 % growth in revenue. Infosys net
profit jumped 42 % on a revenue growth
of 34 %. After slowing down for some
time, IT companies are back on a growth
path since last year and have been
hiring at a fast pace. Telecom major
Bharti has seen its subscriber base
doubled to 83.7 lakh and revenues
jumped 65 % to Rs 1,705 crore last
quarter. Last year too the largest
listed telecom company had doubled
its subscriber base and had joined
the billionaire's club of revenue
with a little over Rs 5000 crore.
Overall, Bharti has about a quarter
of the GSM mobile market, but its
average revenue per user, just like
that of the rest of the industry,
has been steadily falling. Analysts
expect average revenue per user (APR)
to decline about 12 to 13 % per year
even as mobile access revenue is expected
to grow at compounded annual growth
of 40 % to 50 %.
Courtesy:
The Economic Times, August 10, 2004
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Where
India's Creaming China
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India's
services exports growth rates are
highest in the world If there is any
sector that does India proud consistently,
it has to be services. Not only is
it the highest growing sector in the
domestic economy, but it also has
a stellar exports story to tell. Among
the major economies of the world,
India has the fastest growing services
sector exports. In 1993-2003, India's
services exports grew at a compounded
annual growth rate (CAGR) of as much
as 17.3%, which for once is even higher
than China's growth rate of 15%. It
is no wonder then that over the past
ten years, India has been one of the
few countries to show a rise in share
of world services exports. Over the
past ten years, China, UK and India
have been the only countries that
have experienced a rise in share of
world services' exports. While China
has seen the highest rise in it share
in services exports, UK and India
show about the same percentage points'
rise. This has put India on the list
of the top 20 services exporters in
the world. For the calendar year 2003,
India's export of services was $25bn,
a huge jump from $5bn exports in 1993.
The fact that India has not made too
much headway in merchandise trade
puts the achievement into perspective.
Not only is India's exports growth
the highest, but besides China and
Brazil, it is the only country with
a double-digit growth rate in services'
exports over the period. The UK has
the highest growth rate after India
and China, and this is less than half
of India's growth rate. At this growth
rate, India has added 0.9 percentage
points to its share in world services
exports, a little lower than China's
increase in share of 1.5 percentage
points and about the same as UK's
addition at 1 percentage point. For
our analysis, we have considered ten
major world economies in terms of
share of GDP as per purchasing power
parity. These are Brazil, China, France,
Germany, India, Italy, Japan, Russia,
UK and USA. Due to unavailability
of data, the CAGR for Brazil is from
1993 to 2001 and for Russia it is
from 1994 to 2003. The share of USA
and France in world services exports
has been particularly hit between
1993-2003. However, even then their
absolute share in world services'
exports is higher than that of India.
While India has an absolute share
of 1.4%, USA has a share of 16%. Annual
growth in services exports across
economies (1993-2003) Country Services
exports Brazil* 10.5 China 15.0 France
2.9 Germany 7.0 India 17.3 Italy 3.5
Japan 3.1 Russia** 7.3 UK 8.0 USA
5.4 Source: WTO (%) * annual growth
rate is from 1993-2001 ** annual growth
rate is from 1994-2003.
Courtesy:
The Economic Times, August 10, 2004
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Trade
with US Still Favours India: CII
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The
United States has emerged as the most
preferred destination for Indian exports.
According to a Confederation of Indian
Industry (CII) study on "India and
the United States - Economic Analysis
and Trade Strategy", India's exports
to the US has been increasing steadily
since 1993, with an average annual
growth rate of around 11 per cent
per annum. India's exports command
a share of 1.6 per cent of the total
US imports and are ranked 17th in
the list of exporters to the US. India's
exports to the US in 2003 amounted
to US$ 13 billion. The CII study states
that India appears to be a less significant
export destination for the US and
24th in the overall US list of export
destinations. However, India is steadily
emerging as an important market for
the US. The study says that over the
period 1993-2003, US exports to India
have grown significantly at an average
rate of around 6 per cent annually,
buoyed by India's removal of quantitative
restrictions in 2000. US exports to
India in 2003 amounted to US$ 5 bn.
According to the study, the balance
of Indo-US trade has continued to
remain in India's favour. This is
not surprising given the vast disparity
in per capita income between the two
countries and their relative capacity
to import goods and services, adds
the study. The study also says that
there has been very little diversification
of products in the Indian exports
- Gems and Jewellry, Textile and Clothing
products, Carpets and Rugs etc. Exports
from the US to India are - Electrical
Machinery and Parts, Optical and Photographic
accessories etc. This lack of diversification
requires immediate attention of both
the governments, if exports have to
increase significantly, adds the CII
study.
Courtesy:
The Pioneer, August 09, 2004
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Handloom,
Handicrafts can Change Economy of
NE: CII
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As
part of its ongoing strategy to foster
closer interaction between industries
and state governments in the north-east,
Confederation of Indian Industry (CII)
has identified handloom and handicrafts
as potential sectors which could change
the economy of the land-locked region.
The confederation is working as a
bridge between the industries and
state governments keeping in mind
the region's trade potential with
neighbouring countries like Bhutan,
China, Myanmar, Bangladesh and other
south-east Asian nations, chairman
of CII national committee on north-east
Dipankar Chatterjee told reporters.
He
said the region has great potential
in handloom and handicraft sectors
and CII is working towards making
these products compatible with the
global market. The industry chamber
is also taking steps to tie up with
security forces and Northeast Frontier
Railways to encourage them to purchase
items produced in the region. CII
officials from Kolkata on Friday called
upon Nagaland Governor Shyamal Datta
and Chief Minister Neiphiu Rio and
apprised them of the initiatives towards
the economic development of north-east.
Courtesy:
Hindustan Times, August 07, 2004
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All
Setting Up India's Largest Grey Iron
Foundry
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Commercial
vehicle major and Hinduja Group flagship
Ashok Leyland is set to boost its
foundry business by establishing the
largest grey iron facility in the
country. The facility is aimed at
catering to the expansion of ALL as
well as the growing overseas demand
for outsourcing machine castings.
ALL MD R Seshasayee told ET on Wednesday,
"We have taken a decision to put up
a 50,000-tonne capacity foundry at
an investment of about Rs 150 crore.
Once set up in two years, it will
make us the largest foundry operation
in India". EFL has now 45,000-tonne
capacity, which is being expanded.
ALL has Ductron castings at Hyderabad.
Mr Seshasayee said the new foundry,
like EFL, will meet the expansion
needs of ALL and take up thir | |
