Upbeat on the second fastest growing economy in the world, about 1,000 German firms may invest in India in the next five years, the head of Baden-Wurttemberg, regarded as the most successful German state, said today.
"I am sure, in next five years 1,000 more companies from Germany and may be 200 from our state would be interested in investing in India," Guenther H Oettinger, the Minister- President of State of Baden-Wuerttemberg (Germany) said here.
About 1,800 German firms, including Porsche, Siemens, BMW, Voith and Audi have already invested in India which is being seen as the potential German manufacturing hub for the Asian market.
Indian industry and workers match the quality of Europe's and North America's, Oettinger said at the CII meeting.
With over six per cent expansion, the Indian economy is the second fastest growing after China despite global recession.
German Ambassador to India Thomas Matussek also addressed the meeting stating the India-German bilateral trade is expected to touch $27 billion by 2014 from over $18 billion in 2008.
India's major exports to Germany include garments, machinery and instruments, electronic goods and transport equipment, while imports comprises machinery, iron and steel, machine tools and organic chemicals.
Agencies
Showing posts with label CII. Show all posts
Showing posts with label CII. Show all posts
Friday, November 20, 2009
Friday, May 29, 2009
World Bank Allots $1 billion for Indian Infrastructure Projects
The World Bank's lending arm, International Finance Corporation (IFC) has allocated $1 billion (Rs.5000 crore approx.) for India for the coming fiscal ending June 2010. "I think we would remain at the one billion dollar figure more or less for the next one or two years," Vipul Bhagat, South Asia Manager-Infrastructure Advisory, IFC said.
It is the infrastructure projects, which will benefit the most as about 50 percent of the total IFC investment in the country will be in this sector. "Infrastructure is a focus area for IFC especially because the Indian government has told IFC to do more in that sector," he added on the sidelines of a book release function organized by the CII and IFC.
The lending body also plans to invest in agriculture and rural development among others. IFC maintains that the economic slowdown has not impacted its investment plans and it faces no liquidity problem.
Agencies
It is the infrastructure projects, which will benefit the most as about 50 percent of the total IFC investment in the country will be in this sector. "Infrastructure is a focus area for IFC especially because the Indian government has told IFC to do more in that sector," he added on the sidelines of a book release function organized by the CII and IFC.
The lending body also plans to invest in agriculture and rural development among others. IFC maintains that the economic slowdown has not impacted its investment plans and it faces no liquidity problem.
Agencies
Wednesday, January 7, 2009
Probe into Satyam market operations: SEBI
Startled by the disclosure of fudging of accounts by Satyam founder B Ramalinga Raju, market regulator SEBI on Wednesday ordered probe into share market operations and inspection of the IT company.
"SEBI has ordered an investigation into the affairs relating to buying, selling or dealing in the shares of Satyam Computers," it said in a release.
The probe follows a letter written by Raju in which he disclosed that "accounts provided to the stock exchanges were not true".
The investigation, SEBI said, will ascertain whether any provision of the Act or regulation has been violated.
As a first step, SEBI today ordered an investigation into affairs relating to buying, selling or dealing in shares of Satyam to ascertain if any regulatory provision was violated. Besides, it ordered inspection of Satyam Computer (books).
Giving details of the irregularities, Raju said the company's balance sheet as of September 30 carries "inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books)."
It also carries "an accrued interest of Rs 376 crore which is non-existent, understated liability of Rs 1230 crore on account of funds arranged by me, overstated debtors position of Rs 490 crore (as against Rs 2651 crore in the books."
The USD 2-billion Satyam also reported a revenue of Rs 2700 crore for the September quarter and an operating margin of Rs 649 crore (24 per cent of revenue) as against the actual revenue of Rs 2112 crore and an actual operating margin of Rs 61 crore (3 per cent of revenue).
"This has resulted in artificial cash and bank balances going up Rs 588 crore in Q2 alone," Raju said, adding that the gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several years.
Satyam, meanwhile, said Board member Ram Mynampati has been appointed interim CEO. "We are obviously shocked.. immediate priorities are to protect interest of shareholders, protect the careers and security of its approximately 53,000 associates..," Satyam said in a statement.
A shocked industry called for deeper regulation. "This fraud on the investors and employees... shows a systemic breakdown in audit and board oversight... questions will need to be asked," FICCI President Rajeev Chandrasekhar said.
FICCI and CII, however, said the Satyam episode should not be seen as a blot on all the Indian firms.
Corporate Affairs Minister Prem Chand Gupta said stern action would be taken under the law.
Agencies
"SEBI has ordered an investigation into the affairs relating to buying, selling or dealing in the shares of Satyam Computers," it said in a release.
The probe follows a letter written by Raju in which he disclosed that "accounts provided to the stock exchanges were not true".
The investigation, SEBI said, will ascertain whether any provision of the Act or regulation has been violated.
As a first step, SEBI today ordered an investigation into affairs relating to buying, selling or dealing in shares of Satyam to ascertain if any regulatory provision was violated. Besides, it ordered inspection of Satyam Computer (books).
Giving details of the irregularities, Raju said the company's balance sheet as of September 30 carries "inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books)."
It also carries "an accrued interest of Rs 376 crore which is non-existent, understated liability of Rs 1230 crore on account of funds arranged by me, overstated debtors position of Rs 490 crore (as against Rs 2651 crore in the books."
The USD 2-billion Satyam also reported a revenue of Rs 2700 crore for the September quarter and an operating margin of Rs 649 crore (24 per cent of revenue) as against the actual revenue of Rs 2112 crore and an actual operating margin of Rs 61 crore (3 per cent of revenue).
"This has resulted in artificial cash and bank balances going up Rs 588 crore in Q2 alone," Raju said, adding that the gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several years.
Satyam, meanwhile, said Board member Ram Mynampati has been appointed interim CEO. "We are obviously shocked.. immediate priorities are to protect interest of shareholders, protect the careers and security of its approximately 53,000 associates..," Satyam said in a statement.
A shocked industry called for deeper regulation. "This fraud on the investors and employees... shows a systemic breakdown in audit and board oversight... questions will need to be asked," FICCI President Rajeev Chandrasekhar said.
FICCI and CII, however, said the Satyam episode should not be seen as a blot on all the Indian firms.
Corporate Affairs Minister Prem Chand Gupta said stern action would be taken under the law.
Agencies
Sunday, December 14, 2008
Concern voiced over employability of tech students!
A Parliamentary Committee has voiced concern over "employability" of students passing out of technical institutions in the country,saying the expected response from the industry is "simply missing".
Despite several initiatives taken for meaningful interaction between industry and academia for mutual benefits specific to technical education system, linkages between industry and technical institutions continue to remain weak, the Committee said.
The anticipated response from the industry is simply missing and the variety of initiatives has failed to evolve the desired level of participation of the industry, the Parliamentary Standing Committee on HRD said in its report on the functioning of All India Council of Technical Education (AICTE).
It was an accepted fact that technical education comprising almost all the disciplines has to have a well- established linkage with the industry both in terms of its proper growth and job opportunities to the students, the report said.
"Over the years, although there has been tremendous expansion in the number of technical institutions, employability of students passing out of such technical institutions remains a matter of serious concern," it pointed out.
Tie-up with industry associations such as CII, FICCI, ASSOCHAM, NASSCOM and with entrepreneurship promoting agencies have failed to take off, the Committee, headed by senior Congress MP Janardan Dwivedi, said.
The report said that AICTE's admission that monitoring was required to ensure good response of all the existing schemes indicated the "dismal state of affairs in this most vital area".
"The need of the hour is to initiate a meaningful dialogue with the representatives of the industry so as to have the real understanding of their requirements and remove the existing bottlenecks," it said.
Not impressed by the AICTE's reported move to set up another committee for reviewing the Industry-Institute Partnership Schemes, the report said, "undoubtedly, the Council will have to play the role of coordinator and facilitator between the industry and institutions."
In view of the need to foster public/private partnership and harness private sector resources, AICTE should holistically examine its existing rules, regulations and procedures to further this objective, it said.
The Committee has also sought a report within three months from AICTE on the action taken by it in this regard.
Source: Agencies
Despite several initiatives taken for meaningful interaction between industry and academia for mutual benefits specific to technical education system, linkages between industry and technical institutions continue to remain weak, the Committee said.
The anticipated response from the industry is simply missing and the variety of initiatives has failed to evolve the desired level of participation of the industry, the Parliamentary Standing Committee on HRD said in its report on the functioning of All India Council of Technical Education (AICTE).
It was an accepted fact that technical education comprising almost all the disciplines has to have a well- established linkage with the industry both in terms of its proper growth and job opportunities to the students, the report said.
"Over the years, although there has been tremendous expansion in the number of technical institutions, employability of students passing out of such technical institutions remains a matter of serious concern," it pointed out.
Tie-up with industry associations such as CII, FICCI, ASSOCHAM, NASSCOM and with entrepreneurship promoting agencies have failed to take off, the Committee, headed by senior Congress MP Janardan Dwivedi, said.
The report said that AICTE's admission that monitoring was required to ensure good response of all the existing schemes indicated the "dismal state of affairs in this most vital area".
"The need of the hour is to initiate a meaningful dialogue with the representatives of the industry so as to have the real understanding of their requirements and remove the existing bottlenecks," it said.
Not impressed by the AICTE's reported move to set up another committee for reviewing the Industry-Institute Partnership Schemes, the report said, "undoubtedly, the Council will have to play the role of coordinator and facilitator between the industry and institutions."
In view of the need to foster public/private partnership and harness private sector resources, AICTE should holistically examine its existing rules, regulations and procedures to further this objective, it said.
The Committee has also sought a report within three months from AICTE on the action taken by it in this regard.
Source: Agencies
Sunday, November 30, 2008
Industry welcomes Manmohan Singh taking FM charge
Industry on Sunday welcomed Prime Minister Manmohan Singh taking charge of the Finance Ministry after P Chidambaram was appointed Home Minister, saying Singh as Finance Minister is known as architect of reforms that transformed the Indian economy.
Prime Minister directly involved himself in tackling the impact of the global credit crisis on the Indian economy. Amidst pressure on the exchange rate and crash in the stock market in the wake of the developments in Wall Street, Singh had appointed a committee under his charge to find a way out of the economic challenges.
"At the recent HT Leadership Summit, the Prime Minister had listed several initiatives under consideration of the government. These include fiscal measures like expenditure on infrastructure and monetary steps such as interest rates. All these relate to the Finance Ministry, which has come under his charge directly," Federation of Indian Chambers of Commerce and Industry Secretary General Amit Mitra said.
Mitra said Singh is the only one in the government who has served as Finance Minister, RBI Governor and Chief Economic Adviser.
Singh was also Secretary (Economic Affairs) and Deputy Chairman of the Planning Commission.
Assocham Secretary General D S Rawat said the "industrial confidence would get a boost" with the Prime Minister retaining the charge of the Finance Ministry.
Singh had gone to Washington to attend the G-20 meeting called by US President George W Bush, where he sought increased role of the developing countries in the new financial architecture after the global downturn.
Source:PTI
Prime Minister directly involved himself in tackling the impact of the global credit crisis on the Indian economy. Amidst pressure on the exchange rate and crash in the stock market in the wake of the developments in Wall Street, Singh had appointed a committee under his charge to find a way out of the economic challenges.
"At the recent HT Leadership Summit, the Prime Minister had listed several initiatives under consideration of the government. These include fiscal measures like expenditure on infrastructure and monetary steps such as interest rates. All these relate to the Finance Ministry, which has come under his charge directly," Federation of Indian Chambers of Commerce and Industry Secretary General Amit Mitra said.
Mitra said Singh is the only one in the government who has served as Finance Minister, RBI Governor and Chief Economic Adviser.
Singh was also Secretary (Economic Affairs) and Deputy Chairman of the Planning Commission.
Assocham Secretary General D S Rawat said the "industrial confidence would get a boost" with the Prime Minister retaining the charge of the Finance Ministry.
Singh had gone to Washington to attend the G-20 meeting called by US President George W Bush, where he sought increased role of the developing countries in the new financial architecture after the global downturn.
Source:PTI
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