Booming and Bubbling India- XX

While political marathon for 123 Indo-US agreement is on with left bent on spoiling the party and Sethusamudram Project is waiting in SC to restart, India has been winning on all the fronts from T20 cricket world cup to chess. Stock market is having its Bull Run creating trillionaire for the first time. India is trying to sell its smaller nuclear reactors to developed nations. Artists are fetching good money for their creations. Incredible India is creating a wave in New York. The boom is on going.

India wins: Everything that could go wrong for India did, but somehow, despite scoring what should not have been enough (157); despite the trailblazing Yuvraj Singh failing after getting them so far in the tournament; despite Imran Nazir hammering quick runs in quick time, India beat Pakistan by five runs to win the inaugural Twenty20 World Cup. The similarities between Dhoni and Kapil Dev are uncanny. Both are cricketers from small-town cricketing outposts, one the Haryana Hurricane, the other the Ranchi Rockstar.

India eyeing export market for Indian nuclear reactors: India is actively exploring the possibility of exporting indigenous 220 MWe Pressurised Heavy Water Reactors (PHWR) to developing nations that are eyeing nuclear power generation but have small-sized electricity grids. Currently, India is perhaps the only country to have an actively working technology, design and infrastructure for manufacture of small reactors with a unit capacity of 220 MWe.

‘Indian artists among the best in world’: India’s contemporary artists no longer seek accolades from just Indians, they compete with the world’s best, says Kent Charugundia of TamarindArt gallery. ‘

17K & beyond: India growth story intact… The Indian market has joined the global party, even celebrating its quickest 1,000-point rally in just six trading sessions, driven mainly by excessive inflows of funds from foreign institutional investors (FIIs). Now, the million-dollar question: How long will spring last?

Nine cos enter trillion club: Nine companies, led by Reliance Industries (RIL), have already entered the hall of fame after their market caps soared beyond Rs 1,00,000 crore (trillion) amid unprecedented rally in their shares in the past few months.

Nine Indian banks among top 50 in Asia: Nine Indian banks, led by HDFC Bank and ICICI Bank, have made it to the list of top 50 Asian Banks. “This (achievement) is no surprise given the Indian economy is in overdrive, with buoyant consumption and investment demand driving the banking sector’s strong balance sheet growth.”

Tatas aim for 60% revenue from overseas operations: The Tata Group expects to earn nearly 60 per cent of its revenue this year (38 per cent last year) from its overseas operations following the acquisition of Corus Steel in UK. According to Mr Alan Rosling, Executive Director, Tata Sons Ltd, the Group’s turnover is expected to increase to $50 billion from $29 billion last year.

Infosys is among leading global adopters of Microsoft Vista: Indian software services vendor Infosys Technologies Ltd has emerged as one of the largest users worldwide of Microsoft Corp.’s Windows Vista operating system, even as deployment of the latest offering from the Redmond, Seattle-headed software giant has had a slower pickupcompared to previous software versions among business customers

India among top 10 nations using high-end smart phones: Nokia Contrary to general belief that India is a market only for low-end cellular phones, world leader Nokia today said the country is among top 10 nations using smart phones offering mobile internet ideal for corporate and business professionals.

Wipro buys Japanese wireless design unit: Wipro Technologies, the global IT services arm of Wipro Ltd was acquiring the wireless design subsidiary of Tokyo-based Oki Electric Industry Co Ltd to help it expand in Japan and east Asia.

Infosys pays $1m to six employees: Six employees of Infosys Technologies posted overseas earn $1 million annually, perhaps making the company the highest paymaster in the Indian IT industry. The list does not end here.

Delhi University’s GM mustard gets process patent rights: The University of Delhi has been accorded process patent rights by the US Patent Office relating to the development of the transgenic mustard hybrid, DMH-1. “We have applied for two other process patent rights for developing the transgenic mustard seed under the Patent Cooperation Treaty.”

Aircel to invest $2.5 bn for pan-India roll out: Maxis Telecom-managed Aircel will be investing $2.5 billion to have its presence in all the 23 telecom circles by 2009 against the current Aircel presence in 9 circles and has already received the licence to operate in another 14 circles.

Domestic automakers speed up patent filings: The number of patents filed by the six top local auto makers in the country jumped 85 per cent in just 18 months since January 2005 against the 10-year period between Januray 1995 and December 2004, according to data from Evalueserve, a firm that tracks patent filings.

IIT Kharagpur energy park: The project is a part of the Indian Institute of Technology, Kharapur’s initiative to set up R&D parks for IT, biotechnology and energy sectors at Kharagpur.

60 space missions over next 5 years: India has planned about 60 space missions over the next five years that would include programmes in the field of navigation, positioning, advanced communications, space transportation, earth observation and space science which would increase opportunities for commercial and scientific cooperation.

Mukesh Ambani becomes first person with Rs 2 trn net worth: Reliance Industries chairman Mukesh Ambani today (25 September) became the first person in the country with a net worth of more than Rs two trillion as a booming stock market pushed the value of his shareholding in various group firms.

IIM-B students bag highest number of PPOs this year: It is boom time for students of Indian Institute of Management, Bangalore this year, with a record 70 Pre-Placement Offers (PPOs) having been made for a batch of 250 students.

Indian PC market grows by 22% in Q2 of 2007: The overall client PC market in India grew 22.1%, recording 1.53 million shipments in the second quarter of 2007 calendar year as against 1.25 million in the corresponding period last calendar year, market research firm IDC said. Desktop PC shipments showed a growth of 11.3% while notebook PC spurted by 73.1% during the same period (April-June) this year.

Tech companies Accedit independently: Tech companies that need to hire in large numbers have been accrediting more institutions on their own, devising complex formulae that gauge everything from students’ competence to the college infrastructure. Tech giant Tata Consultancy Services Ltd (TCS) has accredited 400 technical colleges so far, a precursor to its on-campus placements. For more than four years, Wipro Ltd also has had an accreditation system in place, with a list of 1,500 engineering campuses.

Mittal to invest $20 bn in Indian plants: Steel tycoon Lakshmi Niwas Mittal has pledged an investment of about 20 billion dollars for building two 12-million-tonne steel plants in India, where the demand for the commodity is growing rapidly.

PC with Internet for Rs 5000! Chennai-based IT company, Novatium Solutions, has announced a strategic tie-up with Mahanagar Telephone Nigam Limited (MTNL) for the launch of its sub-Rs 5,000 Nova netPC.

Gremach acquires: Gremach Infrastructure Equipments & Projects Ltd has acquired 75 per cent controlling stake in 11 coal mine licences in Mozambique over an aggregate area of 13,520 hectares in the prime region of Moatize.

Indian M&A deal value overtakes $50 bn mark: The net value of mergers and acquisitions (M&A) involving Indian companies announced till date in 2007 has crossed the $50 billion (Rs1.99 trillion), for the first time in a year, according to deal-data tracker Grant Thornton India.

Steel companies make a beeline for West Bengal: With more than Rs 100,000 crore worth investments in the pipeline, West Bengal has emerged as a hot destination for the steel industry, leaving behind the mineral-rich state of Chhattisgarh with the investments announced for greenfield and brownfield projects in the state standing at Rs 108,500 crore.

FY09 may see last of revenue deficit: “By 2030, India, with a population of 1.3-1.4 billion, will emerge as the world’s fourth-largest economy. “The average Indian may not be as rich as the average American. But India will be as rich as the US.”

France invites investment from India: Government-run Invest In France Agency (IFA), tasked with attracting overseas business, has identified 300 Indian companies, mainly in IT and pharma sectors, as prospective investors in this country and plans to launch vigorous campaigns to tap these.

GDP growth may breach 9%: A resurgent agriculture and higher foreign capital inflows could accelerate the country’s growth momentum to beyond 9% this fiscal, economic think tank National Council of Applied Economic Research (NCAER) has said, while upwardly revising gross domestic product (GDP) estimates for 2007-08.

India Is Exporting Jobs: To fight on the shifting terrain, and to beat back emerging rivals, Indian companies are hiring workers and opening offices in developing countries themselves, before their clients do.

RBI eases forex outflow norms: Now Indians can transfer $2 lakh to acquire and hold immovable property, make investments in financial instruments or purchase any other asset abroad without any prior approval.

Doing business gets easier in India: India has been ranked at 120th position, up 12 positions from last year, in the ‘Doing Business 2008’ report released by the World Bank and its private sector lending arm IFC today. India has been ranked as the top reformer worldwide for trading across the borders. India’s integrity index has marginally improved to 3.5 in 2007 from 3.3 a year ago on a scale of 10 points, TI said in a report.

Core Projects buys two companies: Core Projects & Technologies Ltd has has finalised multiple acquisitions in the UK and the US in the field of education at a cost of a total of $45 million and will be funded from the FCCB proceeds raised in May 2007.

Mallya picks up 50 pc stake in US firm: Liquor baron Vijay Mallya on Wednesday acquired 50 per cent stake in US private jet maker Epic for 120 million dollars (about Rs 480 crore).

Bangalore scientists may hold key to taming diabetes enzyme: Apetulant, wild enzyme blamed for triggering a host of killer diseases from type 2 diabetes, arthritis, hypertension and to an extent, even cancer, and whose working has foxed international researchers may have been finally tamed at the Indian Institute of Science (IISc), Bangalore.

IOC to focus on rural areas: Indian Oil Corporation (IOC) – the country’s largest oil marketer – is planning to set up the bulk of its 1,600 new retail outlets planned during 2007-08 in rural areas.

Power Sixes: Six Indian cos up global IT share 4-fold: The top six Indian information technology firms have increased their share in the global IT services market from 0.5% in 2001 to 1.9% in 2006, a study by research firm Gartner said.

FDI in retail not very distant: India will open up its $330 billion retail market to foreign investors after convincing mom and pop storeowners that their jobs are not at threat from big players, according to Finance Minister P. Chidambaram.

Rural retail to cross Rs 1.8 lakh cr by ’10: The Rs 140,000 crore rural retail market is expected to cross Rs 180,000 crore mark by 2010, according to a Confederation of Indian Industry (CII) – YES BANK study, and is likely to go up to Rs 240, 000 crore by 2015.

Rs 100,000-cr power projects in 11th Plan: “The Cabinet is expected to shortly clear the APDRP and RGVVY projects for the 12th plan period to improve the transmission infrastructure as part of our target to meet 78,000 Mw during the Plan period. A circular power grid connecting the northern region to the western grid with 765 KVA lines would be a major component.”

Govt extends rural job guarantee to entire country: The Centre announced the extention of the National Rural Employment Guarantee Act to all districts of the country on 28 September.

India among top 10 in nurturing talent: China and India rank among the top 10 talent hotspots worldwide. India will retain 10th position as the world’s leading country for nurturing and developing talent over the next five years, says the first ever Global Talent Index (GTI). China moves from eighth to sixth.

Del Monte Invests in India: India’s plans to streamline its huge but disorganized farming sector received a lift today as Del Monte Pacific signed a deal to pay $20.9 million for a stake in FieldFresh Foods, an ambitious venture backed by Bharti Enterprises, the telecommunications giant, and a branch of the Rothschild banking family.

India pips US to become 2nd largest cotton producer: India has overtaken the US as the second-largest cotton producer in the world for the 2006-07 season.

India’s first moon mission to take off next April: India will launch a locally built rocket on the country’s first unmanned mission to the moon next April. ISRO (Indian Space Research Organisation) launched four satellites on a single rocket for the first time in January, including one that was brought back to earth to set the stage for the country to send an astronaut into space by 2014 and a manned mission to the moon by 2020.

The $17-billion US major GE Healthcare growing at the rate of 18-20% year-on-year, plans to nearly double its Indian business to $800 million by 2010 from the existing $475 million with a mission that mainly targets two disease areas – cardiao-vascular and cancer, through four segments – diagnostics, lifesciences equipment, clinical systems and healthcare IT platform. Bisleri to go global with ‘Himalayan’ water: India’s leading bottled water brand Bisleri has chalked out plans to go global and is in talks with distributors in Japan, UK and other parts of Europe to export the water brand which will be bottled at its facility in Uttarakhand. The company is in the midst of creating a new design, may be, a hexagonal bottle, that Bisleri will sport in the global markets. In India, the brand has a market share of around 60%, with the rest of the pie distributed among a host of local and multinational brands such as Aquafina, Kinley, Himalayan, among others.India will be a developed country: India’s growth – which was 9.4 per cent in 2006-07 – was driven initially by consumption but later by investment. “Unlike China, we did not prevent our people from consuming goods and services.” the productivity of capital and labour was also driving growth. “The working population will exceed dependent population by 2040,” “The Taj Mahal, the Himalayas and the Ganga stand as sentinels for India’s incredibility. But what can make it credible is when it become strong and prosperous.”

Five cities among the top outsourcing hubs: Chennai, Hyderabad, Pune and Kolkata are rated among the top five emerging destinations worldwide in the latest ranking of top 50 promising outsourcing cities around the globe. Bangalore, Delhi NCR and Mumbai, along with Manila and Dublin, are the five established hubs that are unlikely to fade from the outsourcing map, according to a study by services globalisation & investment advisory firm Tholons and media group Global Services.

Let me end the boom news with a win again. India’s ranking world number one chess player Vishwanathan Anand became the game’s world champion on Saturday, winning the global tournament in Mexico.

And one can hear the echos of ‘Chak De! India’all around.

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