SAARC summit: Energy pact sealed, road and rail pacts on anvil
The 18th SAARC Summit concluded on November 27 in the scenic Nepalese capital Kathmandu with the eight South Asian nations signing a pact on energy cooperation and adoption of the Kathmandu Declaration that called for deeper regional cooperation in core areas of trade, investment, finance, energy, infrastructure and connectivity. The two-day South Asian Association for Regional Cooperation summit started on a discordant note Wednesday with Pakistan blocking three proposed agreements. But it ended on a bright and positive note on November 27 with the eight countries signing the Saarc Framework Agreement on Energy Cooperation and promising to sign two other deals — the Saarc Motor Vehicles Agreement for the Regulation of Passenger and Cargo Vehicular Traffic, and the Saarc Regional Agreement on Railways — within three months. The energy agreement will enable greater cooperation in the power sector among South Asian countries. It is expected to improve power availability in the entire Saarc region and would facilitate integrated operation of the regional power grid. According to the Kathmandu Declaration adopted at the closing ceremony Thursday, the summit decided to accelerate the process of creating free trade in the region and formulation and implementation of projects, programmes and activities of Saarc in a prioritised, focused and result-oriented manner. Similarly, the summit also agreed to launch regional and sub-regional projects in the agreed areas of cooperation, especially in the area of poverty alleviation, infrastructure building, connectivity and energy. Strengthening the SAARC Development Fund, effective implementation of the SAARC Action Plan on Poverty Alleviation with a view to making South Asian free from poverty and hunger and enhancing regional connectivity through building and upgrading roads, railways, waterways infrastructure, energy grids, communications and air links, was also agreed on. The declaration called for combating terrorism in all its forms and manifestations and having effective cooperation among the member states for preventing the trafficking of people, arms and drugs and exploitation of children for forced labour. Increasing agricultural productivity and ensuring food and nutritional security is also the part of the Kathmandu Declaration. Providing quality education, eliminating illiteracy, providing vocational education and training, and making South Asia an attractive common tourist destination by promoting public-private partnership, are also mentioned in the declaration. In the opening ceremony Wednesday, Indian Prime Minister Narendra Modi, who was the cynosure of all eyes, exhorted the eight Saarc member states nations to "walk in step" as he proposed a slew of measures, including ease for business travel, a level playing field in trade, and initiatives in healthcare and tourism. He referred to terrorism, especially the 26/11 Mumbai terror attack, in which 10 Pakistani terrorists unleashed mayhem in India's commercial capital in 2008. “Today, as we remember the horror of the terror attack in Mumbai in 2008, we feel the endless pain of lost lives. Let us work together to fulfill the pledge we have taken to combat terrorism and trans-national crimes,” he said, without naming Pakistan. Urging for seamless connectivity in the region, Modi said “for India, our vision for the region rests on five pillars - trade, investment, assistance, cooperation in every area, and contacts between our people". "There is a new awakening in South Asia; a new recognition of inter-linked destinies; and a new belief in shared opportunities," he said. Host of the summit, Nepal Prime Minister Sushil Koirala, said that Saarc would focus on connectivity, security and eradicating extreme poverty. While Bangladesh Prime Minister Sheikh Hasina sought implemetation of the Saarc free trade agreement (FTA) that was signed nearly a decade ago, Pakistan's Nawaz Sharif called for a dispute-free South Asia. Afghan President Ashraf Ghani asserted that his country would not endanger regional security. While Maldivian President Abdulla Yameen sought a common Saarc platform on climate change, Bhutan's Prime Minister Tshering Tobgay called for greater integration among South Asian countries to bolster growth. Sri Lanka President Mahinda Rajapaksa called for a common voice among South Asian nations on international issues and cooperation on eradicating terrorism. The heads of state and government also held bilateral meetings on the sidelines of the summit. After having met Nepal Prime Minister Koirala soon after his arrival here Tuesday, Prime Minister Modi met his Bangladeshi and Bhutanese counterparts Hasina and Tobgay, and later the presidents of Afghanistan, Sri Lanka and Maldives — Ghani, Rajapaksa and Yameen. Though there was no meeting scheduled between the Indian prime minister and Pakistan's Sharif, the two eventually greeted and informally spoke with each other at the retreat organised for the delegates at the Dhulikhel hill resort near Kathmandu Thursday. Modi and Sharif shaking hands on the podium in the closing ceremony was the lasting image of the summit.
Second quarter GDP numbers on expected lines: Finance ministry
The finance ministry on November 28 said that the second quarter gross domestic growth (GDP) data was on expected lines. "The ministry observes that the growth in the second quarter has been broadly on the expected lines. A lower growth in industry sector vis-a-vis the first quarter is not surprising," the ministry was quoted in a statement adding that a sluggish monsoon to played a part in restricting agricultural growth. As per Central Statistics Office (CSO) data released Friday, the Indian economy logged 5.3 percent growth in the second quarter of this fiscal, against 5.7 percent in the first quarter. Even though the 5.3-percent growth came as a pleasant surprise to many who were anticipating a slightly lower rate of expansion, the manufacturing growth of a mere 0.1 percent was a big dampener. According to the ministry, all sectors showed sluggish expansion but for the services sector. The sector's improved pace of economic acceleration was cited by the ministry as a result of growth in trade, hotels, transport, communication, community, social and personal services. According to the Finance Ministry, weak monsoon and subdued manufacturing lead to the industry expansion in the second quarter which was lower than what was observed in the first quarter.
India can grow at 9%, become $10 tn economy in 20 yrs: PwC
India has the potential to achieve nine percent growth rate and become a $10 trillion economy by 2034 on the back of concerted efforts by the corporate sector and a constructive role played by the government, a PwC report said. “India is on the cusp of major change... For India to take the winning leap and grow its GDP by 9 per cent per annum to become a USD 10 trillion economy, a concerted effort from corporate India, supported by a vibrant entrepreneurial ecosystem and a constructive partnership with the government will play a critical role,” said the PwC report, ‘Future of India – The Winning Leap’. Up to 40 percent of India’s $10 trillion economy of 2034 could be derived from new solutions, it said. The report added however that the Winning Leap should not be limited to a new approach of solutions but rather needs to be seen as a play-top-win mind set. “The world economic picture is pretty challenging in the next 12-18 months. Having said that we are talking about all the opportunities that are here in India and they are significant,” PricewaterhouseCoopers (PwC) International Ltd Chairman Dennis Nally said after releasing the report “I think with the right type of collaboration between government and private sector, the potential of this economy is much bigger than 5 per cent that is currently forecasting,” he added. The report said that each of the key areas — education, healthcare, agriculture, retail, power, manufacturing, financial services, urbanisation and the enabling sectors such as India’s digital and physical connectivity — face challenges and their resolution will need new and scalable solutions that are resource efficient and environmentally sustainable. It emphasised upon the need to tap into the vast human resource capital available in the country and the Human Development Index (HDI) needs radical improvements over the next two decades. “A young demographic, paired with a burgeoning middle- class that is digitally enabled, is a once in a lifetime opportunity for India to develop economically and socially. India can only build shared prosperity for its 1.25 billion people by transforming the way the economy creates value,” Nally said. For the shorter term, Nally expects Indian economy to grow at about 5.5-6 percent. However, he added that 9 percent is most definitely achievable if the things suggested by PWC report are put in place. The report categorically suggests that anything less than $10 trillion would not secure India’s future. “The nation needs to create 10-12 million jobs every year in the coming decades to provide quality of life for its growing population... The recent electoral mandate for development is a more immediate signal for Indians’ desire for growth and for the benefits of growth to be extended to all members of the society,” it said. A 9 percent GDP growth rate with a per capita income rising from $ 1,500 to just under $7,000 per year will boost quality of life for more than 1.25 billion citizen, it added. About organisations, it said they should focus on serving informed and empowered customers, create flexible and adaptive operating models, draw on non-traditional resources and partnership as well as adapt a growth and innovation mindset. They should also focus on accountability, integrity and sustainability to form basis of their capability building measures and investment, it added. PwC Chairman Deepak Kapoor said: “Corporations alone can’t fuel growth and innovation needed to power India’s Winning Leap. Hence, the entrepreneurial sector must also play a major role and they possess qualities critical for developing innovative solutions, the willingness to take risks and aptitude for fast decision-making, and bold leadership.”
More Indians to head global cos: top headhunter
Microsoft CEO Satya Nadella, PepsiCo CEO Indira Nooyi, MasterCard president and CEO Ajay Banga and their ilk will have more Indians to give them company at top positions. Global companies are set to dip into India’s talent pool to fill the mid and top level executive posts globally, according to Karen Fifer, global managing partner, consumer market practice, Heidrick & Struggles, worldwide executive search firm, specialising in CEOs and senior-level assignments. “Recruiting agencies are scouting for candidates globally to fill in local positions and Indians stack up amongst the top,” Fifer said. Fifer is an expert in conducting cross-border searches for local, regional and multinational corporations. As per her assessment, the talent pool in India will go beyond business process outsourcing (BPO) and software developers to global business leaders. According to Fifer, there is shortage of local leaders inmost of the Asian countries. But India offers a huge talent resource. “The Indian talent has no inhibitions in travelling outside the country and working in an alien environment, this will prove to be of great advantage for them.” Fifer cautions that executives need to have global experiences for the leadership roles. For someone who has worked only in their own country are less likely to be considered by executive search agents or clients in future. “Recently one of my clients in South East Asia was looking for a candidate, who knew the region, had worked in China, in US and Europe, that is what our clients are demanding...we did find one.” Commenting on the challenges faced, Fifer admits that there is a limitation, despite her teams combing every detail, some do manage to hide their past. “We evaluate the candidates on their background, which we can get access to and extend it to our client only if it is squeakiest clean.”
FDI inflows into India to remain buoyant in coming quarters: Moody’s
According to the global credit rating agency, FDI inflows are likely to remain buoyant in the coming months of the current financial year and beyond. According to the global credit rating agency, FDI inflows are likely to remain buoyant in the coming months of the current financial year and beyond. Inflows of foreign direct investment (FDI) into India have increased significantly in the current fiscal and the trend will continue in the coming quarters on account the country’s pro-growth policy agenda, says a Moody’s report. According to the global credit rating agency, FDI inflows are likely to remain buoyant in the coming months of the current financial year and beyond. “We believe that FDI will continue to perform well for the remainder of fiscal 2015 and beyond,” the report said. Firstly, the government’s pro-growth policies are likely to support direct capital inflows. Moreover, India’s sanguine growth outlook is likely to encourage inbound FDI. “We expect India’s economic growth to pick up materially next year. In contrast, China’s economic slowdown is set to continue, while the growth outlooks for Brazil and Russia remain precarious,” Moody’s said. Rising FDI inflows will therefore help to plug India’s current account shortfall, and such inflows are typically less volatile than portfolio capital. This in turn should help to reinforce the economy’s resilience to external headwinds, such as monetary policy normalisation in the US and deflationary risks in the euro area. “Greater FDI inflows will, in turn, provide more stable funding for India’s current account deficit, thereby improving the economy’s exposure to external headwinds,” Moody’s said in a research note. Net FDI inflows into India totalled USD 14.1 billion in the first five months of 2014-15, representing a 33.5 per cent year-on-year increase from the same period in the last fiscal. A sector wise analysis shows that of the top 10 sectors in 2014-15 to date, telecom accounted for almost one fifth of total inflows. Services and pharmaceuticals have also been major beneficiaries of FDI during the fiscal year.
Alibaba to invest more in India, help start-ups: Jack Ma
Alibaba founder Jack Ma, China's wealthiest man, on November 26 said he is keen to invest more funds in India and will work with Indian technology entrepreneurs as he believes internet can transform the country's future. On his first visit to India, the founder of world's biggest e-Commerce firm said Alibaba is already working with many businesses in India. The Hangzhou-based firm will "invest more in India, work with Indian entrepreneurs and technology companies," he said. Alibaba, which in September raised $25 billion in a record initial public share offering, already has on its site a large number of small Indian businesses selling goods ranging from spices to chocolates to tea. "I myself commit that we will invest more in India, work with Indian entrepreneurs, India technologists to improve the relationship of the two nations and to improve the great lives of human beings," Ma said at a FICCI event here. Ma, 50, is likely to meet a number of local businesses to possibly get more Indian products on Alibaba as well as look at expanding into India's e-commerce market, possibly through online marketplace Snapdeal. Praising Prime Minister Narendra Modi's leadership, Ma, 50, said it is the best time for both nations to work together. "I have heard the Prime Minister's speech and it is very passionate and inspiring. As a businessman, I was inspired and moved by it. Both China and India can achieve a lot working together," he added. Terming India a nation of mobile phones, he said, this is a nation with which China can work together and it is a great opportunity for entrepreneurs of the two countries. "There are a large number of Indian businesses on our websites. We have over 4 lakh Chinese consumers buying Indian chocolates, spices and tea. I think India has more great products that can be sold to China," said Ma, who has a net worth of nearly $30 billion. Globally, Alibaba will continue to work with small businesses, he said. "Over the next three years, one of the key strategies for Alibaba is to globalise and to make sure that we can help more small businesses around the globe, use our services to do businesses," he added. Ma said internet is a young business and India has a lot of young people.
WTO approves first worldwide trade deal
The World Trade Organization (WTO) approved the first worldwide trade deal in its history on November 27, ending a four month impasse that had put a question mark on the future of the multilateral body, after India and the US resolved their differences over public stockholding of food. The deal incorporates India's stand that an interim solution on public stockholding for food security reached at Bali last year will continue indefinitely and not just for four years as agreed earlier if a permanent solution is not reached within the four-year period. The deal also raises the possibility of a permanent solution for the public stockholding of food by the end of next year after the WTO's 160 members agreed to make all efforts to find a permanent solution to the issue. WTO director general Roberto Azevedo told the general council that by agreeing to these decisions, members have put the WTO back in the game. Azevedo said that since members have committed to start work on the post-Bali work programme immediately, they must "get to work straight away". "We should aim, by the time of the general council on the 10th of December, to have a clear sense of what lies ahead and a plan for taking our work forward in the new year," he added. "Members shall engage constructively to negotiate and make all concerted efforts to agree and adopt a permanent solution on the issue of public stockholding for food security purposes by 31 December 2015," a statement prepared to be delivered at the WTO general council by its chairman Jonathan Fried said. Immediately, the deal will open the door for early implementation of the Trade Facilitation Agreement (TFA) that will lead to easier customs rules across the globe. The agreement is expected to add as much as $1 trillion to the global economy and create more than 20 million jobs, according to a study by the Washington-based Peterson Institute for International Economics. The members agreed to finalize a post-Bali work programme by July that may include part or whole of the remaining issues of the Doha Development Agenda negotiations that started in 2001. While a deal at Bali in December last year on the least-contentious issues of the Doha negotiations such as trade facilitation and public stockholding seemed to have ended the deadlock at multilateral trade negotiations, Prime Minister Narendra Modi's government opposed the deal, calling it "unbalanced", because it failed to take care of the concerns of developing nations on food security. Developing countries oppose a WTO rule that caps subsidies to farmers at 10% of the total value of agricultural production based on 1986-88 prices. They point out that the base year is now outdated and they need to be given leeway to stock enough foodgrains to ensure food security for millions of their poor. The Modi government wanted a permanent solution on the matter in place of a four-year peace clause and blocked the adoption of the TFA by 31 July. Threats from developed countries that this would doom the future of the WTO failed to pressurize India to change its stand. What broke the ice was direct talks between prime minister Modi and the US President Barack Obama in Washington. India took a risk by blocking the TFA and it paid off at the end, said Abhijit Das, professor and head of the Centre for WTO Studies at the Indian Institute of Foreign Trade. "Given the enormity of the cause, WTO members had no option but to accept India's stand," he said. The end of the impasse at the WTO provides the last opportunity for concluding a balanced Doha deal and one has to be prepared to seize that opportunity, Das said. US trade representative Michael Froman, who was in India earlier this week for the ministerial-level trade policy forum meeting between the two countries, said the breakthrough at the WTO would not have been possible without the personal engagement of Obama and Modi. "They gave our partnership a mantra: Chalein Saath Saath: Forward together we go. That's what we're doing at the WTO. And that's what we're doing in our bilateral trade and investment relationship as well," he said. The deal at Geneva will create a great deal of optimism about multilateralism, said Biswajit Dhar, a professor of economics at New Delhi-based Jawaharlal Nehru University. Dhar, however, said that one has to wait and watch how the members define the post-Bali work programme and whether it helps in unlocking the long-pending Doha negotiations.Cecilia Malmström, European Union trade commissioner, said in a statement that "today's (November 27) decisions not only implement the landmark Bali agreements, they confirm the WTO's role at the centre of international trade policy"."In short: the WTO is back in business," she added. Malmström said all members now need to turn their attention to the rest of the Doha Development Agenda negotiations and preparing a work programme by July."It's 13 years since the launch of the negotiations and it's high time that the international community came together to agree on a work programme to put us on a clear, realistic and credible path towards the conclusion of the Doha Development Round," she added.
IT industry creates more jobs than public sector: Murthy
The burgeoning Indian IT industry had over taken the state-run public sector in job creation, Infosys co-founder N.R. Narayana Murthy said on November 26. "The IT industry, especially its software sector, has over taken public sector undertakings (PSUs) as the biggest job creator in the country, with 3.2 million employees and adding 200,000 new jobs every year," Murthy said at a special session of the Commonwealth Science Conference in Bengaluru. Noting IT bellwethers such as Tata Consultancy Services, Infosys, Cognizant and Wipro provided not only high quality jobs, but also higher disposable incomes than other companies in the country, Murthy told about 800 delegates that the Indian IT industry had emerged in the services sector as China had in the manufacturing sector as the factory of the world. "Huge employment in the software sector has fuelled the economy in many ways, as our techies are able to buy a car, build a home, go shopping in malls or eat in a restaurant and even go on vacation more often," Murthy said while sharing his vision on "Entrepreneurship and Innovation in India" at a special session on the second day of the four-day summit. Asserting that the IT industry ecosystem created three indirect jobs for every direct job with spin-offs in the secondary and tertiary sectors of the economy, the former Infosys chairman said the software sector had put India on the global map and boosted its image in the world over. The industry's representative body Nasscom has projected 14-15 percent growth in IT exports to $99 billion this fiscal (2014-15) from $86 billion last fiscal. Murthy, however, projected that the Indian software industry would grow 12-14 percent per annum over the next five years."The IT industry has brought a new confidence, a new mindset and a new paradigm in Indian business," he noted.
Indian chemicals industry set to grow at 15 percent a year
The government on November 26 said that the chemical industry is expected to grow at 15 percent per annum over the next few years. “The chemical industry is expected to grow at a rate of 15 percent per annum over the next few years," said A.J.V Prasad, joint secretary, department of chemicals and petrochemicals, at a industry summit organised here by Confederation of Indian Industry (CII). "The current government is working on the national chemical policy and will be coming up with the document soon,” he added. Currently, the chemicals industry accounts for 2.51 percent of overall GDP (gross domestic product) and 15.95 percent of the country's total manufacturing output. The size of the industry, which also includes fertilizers and petrochemicals, is estimated at $144 billion, which is about four percent of the global market of $3.6 trillion. Prasad was speaking at CII's conference on "Doing Chemistry with a Purpose: Innovative, green and safe solutions for life". CII said that the aim of the conference was to deliberate on the campaigns introduced by the Modi government - ‘Make in India’ and ‘Swachh Bharat’ with special focus on chemicals supply chain. “We would appeal to various industries to reduce imports by encouraging indigenous production, which will help us grow on the back of buoying campaigns like Make in India and Swachh Bharat. Chemistry is the solution to the society,” said Nadir Godrej, chairman, CII national committee on chemicals and managing director of Godrej Industries.
Airtel launches its 4G service in Africa
Bharti Airtel has launched its first fourth generation (4G) services in Africa in the Seychelles, a company statement said on November 27. "Airtel has launched the service on a state-of-the art network based on FD-LTE (Frequency Division-Long Term Evolution), making the Seychelles amongst the first countries in sub-Saharan Africa to commercially deploy this cutting-edge technology. This is Airtel's first commercial LTE network in Africa," it said. The launch took place on November 26 evening. The company said though the infrastructure is new, it will more than meet the growing customer demand for mobile broadband services. The network is expected to cover 10,000 LTE subscribers in the first phase. "We already have Africa's widest 3G footprint, being present in 17 countries. We are delighted to now provide leadership in setting the technology standard for 4G services in Africa by rolling out this cutting edge LTE network," Christian de Faria, chief executive officer, Airtel Africa, said. Bharti Airtel is the first telecom service provider in India also to launch 4G services in April 2012. Airtel 4G services are now available in 15 Indian cities - Bangalore, Chandigarh, Mohali, Panchkula, Ludhiana, Jalandhar, Kolkata, Amritsar, Kapurthala, Phagwara, Hoshiarpur, Nagpur, Patiala, Pune and Nasik.
India fastest growing smartphone market in Asia Pacific: IDC
India became the fastest-growing market for smartphones in Asia-Pacific in the three months ended 30 September, following festive demand, said a report by research firm International Data Corporation (IDC) released on November 26. The Indian smartphone market grew 82% from a year ago and 27% over the preceding quarter, making it the second consecutive quarter of more than 80% year-on-year shipment growth for smartphones. There were 23.3 million smartphone handsets shipped in the reporting quarter, comprising 32.1% of the overall mobile phone market that touched 72.5 million units in the September quarter of 2014, recording a 9% growth from a year ago and 15% rise from the preceding quarter. Samsung Electronics Co. Ltd continued to be the market leader in the Asia-Pacific region with a 24% market share in the smartphone segment, even though its shipment growth was lower than the industry average, implying a contraction in the market share. The company has been trying to maintain its No. 1 position in the India market as it faces a "real possibility" of losing its position to home-grown brands, according to industry analysts. Micromax Informatics Ltd, which on November 26 announced a strategic partnership with Intel Corp. for mobile devices, came second in the smartphone market witnessing another strong quarter. Its market share rose to 20% in the September quarter from 18% in the preceding quarter. While Lava International Ltd remained one of the fastest-growing handset vendors grabbing the third spot with its two brands-Lava and Xolo, Karbonn Mobiles India Pvt. Ltd saw consistent growth with more than 85% of its shipment volume falling under sub $100. Motorola Inc. also managed to retain its position among the top five vendors with its fresh line-up of second generation handsets that fared well for the company, the IDC report said. In the overall mobile phone market, feature phone shipments recorded quarter on quarter growth of 10% in the September quarter. However, contribution of feature phones in in the overall mobile market saw a fall in growth by 9% as compared with the same period last year as a large number of users migrated to smartphones. While Samsung and Micromax remained the largest and second-largest vendors in the overall mobile market respectively, Nokia Oyj, Lava International Ltd and Karbonn Mobiles India Pvt. Ltd filled the other three spots in the top five handset vendor list. IDC anticipates moderate sequential growth quarter-on-quarter in 2015. "With positive consumer sentiments and low levels of inflation, consumers will have more money to spend. Majority of the smartphone users change their phones within 12-24 months," said Karan Thakkar, senior market analyst at IDC India. "With 44 million units shipped in CY (calender year) 2013 and the current market scenario hinting at 80 million plus shipment in CY 2014, we have a big chunk of end-user market which is awaiting refresh." Phablets, the smartphones with 5.5-6.99 inches screen size, contributed 6% to the overall smartphone market. On the other hand, smartphones with screen sizes between 4.5 and 5.5 inches are seen as the sweet spot for consumer preference, the report noted. Kiran Kumar, research manager, client devices at IDC India, said the research firm expects the phablet segment to pick up again in 2015 with the expected 4G (fourth generation) roll out.
Government draws up plan to raise power generation
"Our recent survey found that hotels in small cities provide highest quality service and offer accommodation at economic rates," the travel meta search portal Trivago said in a report titled 'Best Value City Index 2015'. Amritsar has been ranked sixth in the list with a score of 96.52 percent on the basis of the service its hotels provided to their guests, while desert city Jaisalmer was listed 12th with 96.37 percent score and the southern state's (Kerala) capital Thiruvananthapuram bagged the 15th slot with 96.19 percent score. With a long coastline and popular beaches such as Kovalam and Sanghumukham, Thiruvananthapuram is a favourite destination for domestic as well as overseas tourists. The ranking is based on the hotel price index for overnight accommodation in a standard double room on the search website. The survey was conducted in cities across the world spanning Asia, Europe and the Americas. With the highest score of 97.37 percent, Mostar in Bosnia topped the list, followed by Novi Sad in Serbia with 97.18 percent score for best hotel service and value for money. Similarly, Lijiang in China was ranked third with 96.99 percent score, Plovdin in Bulgaria fourth (96.96 percent) and Szeged in Hungary fifth (96.53 percent). "The index gives an overview of the best-valued destinations worldwide, reflecting the Trivago hotel price index," the report added.
India launches e-visa facility for 43 nations
With the launch of electronic visa (e-visa) facility on November 27, tourists from 43 countries can apply for Indian visa in four simple steps. The step is aimed at boosting tourism sector and offer hassle-free travel to foreign nationals. Union Home Minister Rajnath Singh, along with Union Minister of Culture and Tourism Mahesh Sharma launched the Tourist Visa on Arrival (TVOA) service enabled with electronic travel authorisation (ETA) scheme here. Tourists from countries like Brazil, Cambodia, Kenya, Oman, Singapore, Norway, Thailand, among others can avail this facility. "India has a unique advantage in tourism sector owing to its geographical location and that no other country offers such abundance of diversity in weather conditions," said Singh. This visa will allow entry of the tourists into India within 30 days from the date of approval of ETA and will be valid for 30 days stay in India from the date of arrival in India. The facility will be extended to other nations in a phased manner. The tourists will be allowed to enter and depart from nine international airports - Bengaluru, Chennai, Kochi, Delhi, Goa, Hyderabad, Kolkata, Mumbai and Thiruvananthapuram.Tourists availing this facility would be able to go for usual sightseeing and recreational activities. The tourism ministry has included facilities like short duration medical visit and casual business visit with e-visa.
Mergers, acquisitions need encouragement: Finance Minister Arun Jaitley
Mergers and acquisitions need to be encouraged to promote larger domestic companies but the country's fair trade watchdog also needs to understand the limits while implementing competition law, Finance and Corporate Affairs Minister Arun Jaitley said on December 1. "When our own corporates are of moderate size, mergers, acquisitions and consolidation need to be encouraged to promote size. So when it is that we draw the red line?" Jaitley asked at the inaugural of the International Competition Network merger workshop organised here by the Competition Commission of India (CCI). The CCI is becoming "extremely mature" in this regard, Jaitley said, adding there was a need to apply the "principle of proportionality" while implementing competition law. "What are the kind of consequences and penalties that we impose in the larger implementation of the law?" Jaitley said the question of jurisdiction was emerging in common turf issues on account of multiple regulators. "If two telecom majors are to amalgamate, will there be common turf areas between the telecom regulator and market regulator CCI? Therefore, how do you build the jurisdiction of the two? Obviously jurisdiction in this area is emerging," he said.
Smart Cities' guidelines in two months
Following Prime Minister Narendra Modi's ambitious dream of building 100 Smart Cities by 2022, the union government will come up with guidelines within the next two months to ensure that the Indian private sector plays a crucial role. "The role of the union government is limited. We will put up minimal guidelines so that the state governments and the developers can develop the Smart Cities on their own," said Shankar Aggarwal, secretary, ministry of urban development, at MCC Chamber of Commerce here. Although the Smart Cities have not been identified yet, Aggarwal said the cities will be shortlisted in "proportion to the population" and will include all capital cities and major towns. Even as India trails behind China and Indonesia by 19 percent in terms of urban population, 8000 cities and towns in India are fueling the growth contributing at least 60 percent of the Gross Domestic Product (GDP). The Centre is now keen to fuel the growth in the Smart Cities with private investment. "Private investors may participate by taking a part of equity or in any other form. We will be able to come out with the guidelines in two months' time," Aggarwal added. The Centre is keen to address related environmental hazards while developing the Smart Cities and has come up with Climate Smart Cities programme to encourage "green growth". The Smart Cities is envisaged not only to incorporate green cutting edge technologies, but will also address waste management including solid waste recycling and disposal systems.
DISCLAIMER
This newsletter is compilation of news articles from various business-e-newspapers and in no wayBerne views.
