Booming and Bubbling India-XXVIII

India’s forex reserves at $281.729 bn: India’s foreign exchange reserves rose to a record $281.729 billion on Jan. 11 from $276.255 billion a week earlier. The Indian diaspora seems to be taking a long-term view on India. They are shunning NRI deposit schemes and are sending higher amounts instead to relatives back home.

Rel Power IPO subscribed 69 times: The Rs 11,700 crore initial public offering (IPO) of Reliance Power, which closed today, has been subscribed 69 times and has generated demand for Rs 7,00,000 crore – a new record as per data available till 5 p.m.

Indian tech workforce is two million strong: Technology workforce in India is set to cross the magical two million mark, with the march from one million to two million happening in just about three years. A Crisil report suggested for every job created in the technology sector, there is a ripple effect of four indirect jobs.

ADAG buys 250 cinema houses in US: Over the last one year, Reliance Entertainment (REL), a company promoted by the Anil Dhirubhai Ambani Group (ADAG), has acquired 250 cinema houses in the US.

Indian employees to get highest salary hike in 2008: Indians working with MNCs are slated to get the highest salary hike of about 14 per cent on an average across the world in 2008.

Vedanta chalks out $12.5-b investment plan: The metals and mining company Vedanta Resources plans to invest about $12.5 billion to accelerate its business growth.

India may escape world slowdown: A slowdown among developed economies may not have a significant impact on India but pressures from high oil and food prices would make managing inflation a challenge in 2008/09.

Investors Shun Shanghai, Woo Mumbai: An increasing number of fund managers are turning bullish on India, which is among their strongest overweight positions in Asia. In some cases, this newfound confidence is directly at the expense of China.

Tata Unveils the World’s Cheapest Car: Nano, for its high technology and small size is cute, compact, and contemporary. It’s a complete four-door car with a 623-cc gas engine, gets 50 miles to the gallon, and seats up to five. It meets domestic emissions norms and will soon comply with European standards. It’s 8% smaller in outer length than its closest rival, Suzuki’s Maruti 800, but has 21% more volume inside. And at $2,500, it is the most inexpensive car in the world. The Nano, also known as the People’s Car, is Ratan Tata’s dream come true, and is India’s contribution to changing the global auto industry.

Sensex to touch 24k by 2008-end:Indian stock market will continue its bull-run next year with its benchmark index Sensex likely to touch the 24,000-mark by the end of 2008 on strong performances of blue-chip companies, according to Australian banking major Macquarie.

India’s E-com business to cross $100 bn in ’08: E-commerce transactions in India are expected to reach $100 billion in the year 2008 as companies increase use of Internet to cut costs and improve speed and efficiency, a top industry official said here.

Jamshedpur plant to be largest in world: When the 10-mtpa capacity expansion of Tata Steel completes in 2010, Jamshedpur plant will become the single largest unit and one of the most modern plants in the world.

Realty roars despite interest rate hikes: The real estate sector continued to grow at an average rate of over 25% in 2007. Despite prices of residential real estate dipped in suburbs of metros and in other small cities due to rise in interest rates, the construction activities remained bullish.

Exports rise 27%: Merchandise exports from India during November 2007 rose a healthy 26.82 per cent (in dollar terms) to $12.42 billion from $9.79 billion a year ago. Analysts have been attributing robust exports to the performance of petroleum, engineering goods as well as gems and jewellery sectors.

India is new hub for industrial robots: India is emerging as a hub for production of industrial robots – many American, Korean and even Japanese firms are using them. But some companies are also developing consumer robots that can clean homes and keep an eye on intruders.

Biotech industry revenue doubles to $2 bn in a year: The biotech industry is going great guns with the industry’s revenue hitting the $2-billion mark during 2006-07, up from $1 billion in 2004-05. The industry is now aiming to garner revenue of $5 billion before 2010.

Durables sector MNCs eye India as manufacturing hub: Several multinationals with operations here are firming up their plans to make India a manufacturing hub for their global operations. While Samsung India’s $30-million facility in Sriperumbudur near Chennai is being readied for substantial exports, LG India has been making steady investments at its Noida and Pune facilities to harness its export potential.

India December manufacturing growth at 33-month high: Indian manufacturing activity expanded in December at its fastest pace in almost three years, indicating the economy was growing at a strong clip despite a series of policy tightenings.

As it seems, except for the shocks from political leaders, Indians have learnt to do a great job wherever they are.

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