I have gone through a wonderful story in Fortune, ‘On the Road: Why India can win on some points against China’:
M.V. Kotwal, a director of Larsen & Toubro (L&T), India’s largest and most international heavy engineering group, said that China is a “regulated economy which means suppression of independent thinking, and that limits entrepreneurial activity.” Kotwal knows the market – L&T has sold ten coal gasification plants totaling $350 million to China in the past three years. By contrast, in India “there is a lot of freedom of thought which means that talent is available, and people come out with solutions whenever they are given a chance.”
A similar view came from someone else with direct China experience – Anand Mahindra, managing director of Mahindra & Mahindra, a tractors-to-cars company that has bought a tractor plant there. He said that though Chinese workers on machine tools could beat deadlines, they did not have the flexibility to switch instantly to a different machine. “The Indian mind is not fazed by confusion and apparent disorder,” he said, “If there is a wrinkle on a dye, an Indian engineer will sort it, but a Chinese will want to fly in an expert.”
And see now how India is booming and bubbling too.
Outsourcing Britain’s elderly to India? “I’m looking for a suitable site to set up a home for the elderly in Delhi or Noida,” said Ajit Prasad, who owns five nursing homes in Britain, three of them in high-end Surrey area. “My estimate is that it would cost people around 700 pounds per month.” Staying in a home of a similar quality in Britain would cost around 1600 pounds.
Change IST, save energy: A team of scientists in Bangalore wants that the IST be advanced by half an hour – to be six hours ahead of the Greenwich Mean Time (GMT) or the Universal Coordinated Time – to save 16 per cent peak evening electricity and about Rs 1,000 crore per year.
Intel to provide content to 1800 schools: Intel Technology India will provide internet-based content to over 1,800 higher secondary schools for student learning and training of teachers, according to a MoU signed between the Tamil Nadu government and Intel. Tamil Nadu has over 1800 higher secondary schools provided with computer lab infrastructure.
India’s software to join hands with Taiwan’s hardware: Ten industry experts and government representatives are in Taiwan that has more than 90% of the world’s market share in computers (desktop and notebooks), 70% in semiconductors, 50% in liquid crystal display (LCD) and 44% in integrated circuit (IC) design on an Invest India Mission and exploring investment opportunities.
Kalyani Group buys German engg firm RSB: The $2.1 billion Kalyani Group announced the acquisition of RSBconsult (RSB), Germany as a strategic step towards boosting its presence in the wind energy sector.
UK firm buys Apollo stake for $100 mn: British private equity firm, Apax Partners, is investing USD 100 million for an 11 per cent stake in India’s Apollo Hospitals Enterprises to take advantage of the fast-growing healthcare industry.
Exports show resilience against rupee effect: India’s exports grew at a slower pace of 18.52 per cent in July 2007 as against 40.67 per cent a year ago, but showed resilience to the appreciating rupee hitting exporters’ margins. Exports for July this year increased to $12.49 billion from $10.54 billion in the same month last year.
India to add 10 mn mobiles a month: “We are already creating record by adding upto seven million subscriber every month now and we are absolutely sure to achieve the 10-million mark by December 2007.”
Israel’s Plaza to invest Rs5, 000 cr in 50 malls: Israeli mall developer Plaza Center NV will invest Rs5, 000 crore over the next five-seven years to set up 50 malls in India.
According to the India Retail Report 2007, organized retail in India accounted for 4.6% of the $270 billion (Rs11.07 trillion) retail market in India in 2006 and is growing at around 40% a year.
Posco suggests fish and pickle deal for land-losers: Korean steel giant Posco that is setting up Rs 52,000 crore, 12 million tonne steel plant in Orissa’s Jagatsinghpur district, is offering the 140-odd fisher families displaced by India’s largest greenfield steel plant an assured market for dried fish and mango pickle in South Korea, apart from monetary compensation for the land.
Reliance buys east African oil retailer: Reliance Industries had bought a majority stake and management control of east African oil retailer Gulf Africa Petroleum Corp (GAPCO) which would give it access to the rapidly growing economies of east Africa, where demand for petroleum products is rising.
Paramount Communications buys UK’s AEI Cables: Cabling solutions provider Paramount Communications has acquired UK-based AEI Cables in an all-cash deal, to strengthen its product range for core segments and facilitate expansion in international markets that would make Paramount Communications the largest listed Indian company in the cable industry with an annual turnover of over Rs1, 100 crore.
India would have 700 TV channels: More than 100 new TV channels are scheduled for launch in India over the next 12 months, and the total number of channels on air is set to hit 700 by 2009.
New mantra for Indian BPO firms: The back-office arms of India’s leading software service firms such as Wipro Ltd and HCL Technologies Ltd plan to acquire the business process divisions, including employees, of large US and European corporations as a means to acquire business following examples set by larger peers Tata Consultancy Services Ltd (TCS) and Infosys Technologies Ltd.
Click and contact: Now, police stations, officers on web: The contact details of the police stations and officials across the country are now just a click away, the first time in the history of policing in the country. The Bureau of Police Research and Development (BPRD) has already uploaded contact details of police stations of six states and four union territories on its website http://www.bprd.gov.in.
India ranks 69th in global economies freedom index: India improved its ranking in providing freedom to do business in terms of personal choice and competition since it launched economic reforms in 1991 but still remains at 69 among 141 countries. The rating on a scale of 10 improved from 4.9 to 6.6. “This is one of the largest increases in the last 15 years of any country.”
India numero uno travel destination: India has now emerged as the numero uno travel destination, trailing beauties of Italy, Thailand, Australia and New Zealand, according to survey by a widely read British magazine Conde Nest Traveller.
ICICI confident of leveraging up to $75 bn: India’s largest private sector lender ICICI Bank can mobilise up to USD 75 billion in the next three to five years to meet the growing economy’s credit requirement by leveraging the bank’s just concluded USD 5 billion public offer.
Great Indian job factory: In a clear reversal of jobless growth witnessed in the 1990s, the National Sample Survey Organisation’s 61st round of report on employment says that employment has grown at a faster rate than the population during 2000-05.
Ansaldo to set up boiler facility in TN: AnsaldoCaldaie Boilers India Pvt. Ltd, a joint venture between AnsaldoCaldaie of Italy and GB Engineering of India, plans to set up a power generation equipment manufacturing facility in Tamil Nadu for boilers with capacities up to 660MW.
India to build a constellation of 7 navigation satellites: India will invest Rs1, 600 crore to build a constellation of seven satellites for navigation in the subcontinent, joining countries such as the US, China and Russia that have their own systems that help in accurately giving directions for vehicles and aircraft.
Small Is Now Global: Medium-sized companies, many of whom are little known, are leading the pack in cherry-picking companies in US and EU – and not just in IT, IT-enabled services and pharma, but also in chemicals, health care, gems and jewellery, irrigation technologies and automotives.
TCS in multi-million dollar deal with Swiss firm: Tata Consultancy Services (TCS) has entered into a multi-year collaboration with Swiss healthcare giant Roche to provide services related to drug development processes.
1.5 lakh PSU bank jobs up for grabs: Public sector banks in the country are likely to recruit over 1.5 lakh personnel in various cadres over the next three years.
‘Technology Review’sTR35: Tapan Parikh, Sanjit Biswas, Partha Ranganathan and Dr Shetal Shah are among the 35 young Innovators from across the world to be chosen this year.
NTPC to add renewable energy capacity: NTPC Ltd, the country’s biggest power generation utility, plans to add 1,000 MW of renewable energy capacity, including 650 MW from wind energy, over the next few years as part of its diversification drive.
India remains world’s favourite outsourcing destination: “At present outsourcing business in India is increasing at a rate four times more than any other country and the county has the resource and margin to meet the competition.” According to the study, growing at a rate of 40% annually, India is the lead player in this sector followed by China at the second spot with a growth rate of 25%.
Gold consumption may cross 1,000tn this year: Gold consumption in India is likely to cross the 1,000-tonne mark for the first time if prices remain stable or grow steadily, according to World Gold Council (WGC). The consumption was a little over 700 tonne in 2006.
India still on priority list for manufacturing: “Manufacturing in India is important for Intel, but the government was slow in coming out with its semiconductor manufacturing proposal and missed the window. We had to commit ourselves to options like Vietnam and China,” said Craig Barrett, chairman, Intel who was in India visit recently. The digital transformation of Tindivanam, a small town about 140 km from Chennai, is expected to improve the healthcare of its 210,000 population. While chipmaker Intel conceptualised the telemedicine project, it is working on it with partners such as Tata Consultancy Services (TCS), Chennai-based Microsense and SN Informatics.
India to receive $20 bn FDI a year till 2011: India is likely to receive foreign direct investment of $20.4 billion every year during 2007-11, even as executives around the world see developing countries as having “heightened political risk”.
Wartsila to manufacture controllable pitch propellers in India: Finnish equipment-maker Wartsila Corporation will manufacture controllable pitch propellers (CPP) in India to create an important and sizeable production capacity increase for the CPP business at the existing 100% Export Oriented Unit at Wartsila’s factory at Khopoli near Mumbai with an investment of about €5 million.
Wipro Ltd unveils plan to tutor 10,000: Wipro Ltd, has begun a structured learning programme for over 10,000 teachers (to be covered over four years) to impart soft skills and methods to help increase employability of the engineering students graduating out of colleges.
VW launches first car in India: Germany’s Volkswagen, Europe’s largest car manufacturer and the maker of Beetle launched its first locally-assembled car in India, Passat at the Aurangabad plant of Skoda, a VW subsidiary, until its own Rs 2,450 crore plant coming up in Pune is ready.
Pharma sector on move: Ranbaxy has completed the second phase of the clinical trial of a revolutionary anti-malarial drug that could enable it to be the nation’s first pharmaceutical company to launch a New Chemical Entity (NCE) globally. Dr. Reddy’s Laboratories has been granted the final approval to sell 150 mg anti-ulcer ranitidine tablet in the US market, according to the US Food and Drug Administration.
Indian Inc on top in Forbes’ list: A total of 12 Indian companies made it to the third annual ‘Forbes Asia Fabulous 50 List’, followed by Taiwan with 10 and China with seven, Forbes Asia said in a press release.
Renault Nissan alliance to set up new center: The Renault Nissan alliance announced the creation of new business centre by the name of ‘The Renault Nissan Technology and Business Centre India Private Ltd´ in Chennai. “When completed, the new business centre will provide services including product and manufacturing engineering, purchasing, design, cost management and information systems development.”
Indo-US Task Force on Global Innovation: Ficci and the Los Angeles-based Pacific Council on International Policy have joined hands in establishing a Task Force of business leaders on both sides on “Shaping global innovation economy: enhancing cooperation in India-US relations” It is not only Nuclear Deal.
Labour intensive manufacturing: Labour intensive manufacturing sectors registered over 52 per cent growth in investment during the last financial year, resulting in an outstanding investment of Rs 19,14,246 crore as on March 31, 2007, according to CMIE.
Triumph setting up facility near Chennai: Triumph International is setting up a womenswear manufacturing facility near Chennai, with a seating capacity for over 1,300 people.
TCS to open third centre in China: Tata Consultancy Services plans to open its third IT centre in China in the current fiscal and increase its headcount five-fold to 5,000 by 2010, in China, where the company currently has a workforce of 1,000.
Corus working on cost-saving technology: Corus is developing an alternative technology for steel making to use iron ore fines and coal which will result in significant cost reduction. And Tata Steel has gone ahead of Reliance Industries.
Daimler Chrysler to build new India plant: Daimler Chrysler AG is setting up a new plant in Pune at a cost of 50 million euros which will be commissioned by 2009.
Aviation sector to attract $150 bn in 10 years: India’s civil aviation industry will attract investments worth $150 billion in the next 10 years. India will be the fourth country in the world, which will have a satellite-based navigation system in the aviation sector. Indian Airlines and Air India jointly require 200 aircraft by 2011. Air India has already ordered 111 aircraft, of which 11 have already been ordered so far.
While politics in India is bubbling over Indo-US Nuclear Deal, India Inc. is really flying high and fast.