Sam Pitroda, addressing the gathering of investors and social entrepreneurs at Sankalp 2011, Indias largest social enterprise platform, inspired the audience with his views on innovation.
Presently the head of the National Innovation Council, Sam Pitroda spoke of the need to create the right kind of ecosystem with risk capital, appreciation for innovation a dedicated network of people and institutions, digital connectivity, affordability and durability to create an environment for innovation.
He said, “with the help of CII, industry groups and FICCI we have identified 50 sectors for innovation. We aim to connect these sectors with the right university research program. Examples would be pockets such as Surat, Madurai, Rajkot, Bhutala that represent innovation in auto parts, textiles, pharmaceuticals etc would need incubation centres’’
Elaborating further on the Digital Knowledge Network, he remarked that India needs Public Information Infrastructure, roads to connect universities, a digital knowledge network that enables institutions to share information for inclusive growth and development. This will be enabled by two major high fibre optic cables of high capacity and bandwidth. India is a country of 800 billion cell phones, 70 billion dollars of IT exports and yet the connectivity is poor. Small young entrepreneurs from rural areas need local solutions; local talent, connectivity and resources in local languages. So while there is a great deal of innovation in India, one is unable to scale these innovations due to lack of public information infrastructure.
The digital knowledge network, along with UID, procurement systems, payment systems and security and portals, will involve an outlay of nearly 15- 20 bn in the next 5 yrs, as a public-private partnership. This alone can really bring the 300 million people below the poverty line into mainstream .
There is also need for an ‘innovation tool kit’ that will enable SMEs to understand the true meaning of intellectual property. It will include training, patterns, patents and ideas for inclusive growth.
Mr. Pitroda also lamented the fact that out of the 3000 hits on www.nkn.in (national knowledge network), 2000 are from outside of India. The National Knowledge Commission (http://www.knowledgecommission.gov.in/) website is available in 10 different Indian languages. Entrepreneurs and interested parties should reach out to the enabling ecosystem by writing in to these sites.

Mr. Pitrodas address was in line with the Prime Minister’s ‘Decade of Innovation 2010-2020 National Innovation Policy’ to promote innovation in all walks of life. The National Innovation Council has 16 members and Pitroda chairs that council in the rank of a cabinet minister. Earlier, Pitroda was involved with the Knowledge Commission that aimed at reforming education system.

April 27, 2011| Mumbai; Mr. Sam Pitroda, Adviser to the Prime Minister on Public Information Infrastructure and Innovations, and Chairman of the National Innovation Council is scheduled address over 500 social enterprise enthusiasts at the 3rd Annual Sankalp Social Enterprise and Investment Forum (www.sankalpforum.com), scheduled for May 5-6 at Taj Lands End in Mumbai.

One of India’s largest forum’s dedicated to showcasing dynamic businesses, the Sankalp Forum is today synonymous as a platform that has catalyzed flow of capital into enterprises with a social and/or environmental impact. Addressing this large gathering via videoconference at 9.30 AM (IST) on May 5, Mr. Pitroda is expected to shed light on the proposed 1000Cr. National Innovation Fund that will be set up with the intent of fostering innovative businesses capable of promoting inclusive growth in India.

Citing the need for a large scale enabling eco-system for such burgeoning enterprises, Mr. K. Sree Kumar, Chief Executive Officer of Intellecap, organizers of the Sankalp Forum, said “We are grateful to Sam Pitroda for agreeing to deliver the keynote address at Sankalp. Mr. Pitroda’s presence will be a huge morale booster to the hundreds of entrepreneurs that attend Sankalp each year. What is especially encouraging for us has been the fact that today there is a nation-wide recognition of the need for infrastructure that can support the growth of businesses that are built with the intent of not only bringing change but also creating wealth for all stakeholders.’

The Sankalp Forum each year is supported by over 25 partners including – The Rockefeller Foundation, TiE Mumbai, SIDBI Ventures, CIIE-IIM Ahemedbad, Villgro and Headstart Ventures. The forum this year will also witness some of big names like – Ms. RohiniNilekani (Chairperson of Akshara Foundation), Ms. MadhabiPuriBuch (MD & CEO, ICICI Securities), Mr. ShantanuPrakash (Founder, EduComp), Mr. Rashesh Shah (Chairman, Edelweiss Group) and many more in action.

As is tradition, the Forum will showcase 30 highly scalable social business models across these two days. Interestingly, the forum will also be the first to host an Exclusive Social Business Investor-Investee Meet (hosted by Grassroots Business Fund and Intellecap) in the country. Other key interactions include the Deal Corner, Mentoring Pit Stop for Entrepreneurs and one to one interactions with experts.

About Sankalp.
Initiated in 2009, the Sankalp Social Enterprise and Investment Forum 2011 is one of India’s largest platforms dedicated to catalyzing investments into social enterprises globally. Organized by Intellecap, the forum is supported by – The Rockefeller Foundation, Global Impact Investing Network (GIIN), Aavishkaar, SIDBI Ventures, EdelGive Foundation, Villgro, Intellecash-Shell Foundation, CIIE-IIMA, RTBI, NSEF, Idobro, DASRA, Start-up, ISC, L-Pad, Headstart Ventures, TiE Mumbai, Mentor Edge, IndiaCo, KIST, Next Billion, VC Circle and Your Story.
About Intellecap (Organizers)

Intellecap an investment and consulting advisory firm, is a pioneer in providing innovative business solutions that help scale profitable and sustainable enterprises dedicated to social and environmental change. The company’s unique positioning at the intersection of social and commercial business sectors, allows it to attract and nurture intellectual capital that combines business training of the commercial world with passion and commitment of the social world to create distinctive solutions that include best practices and principles of both cultures. For details visit – www.intellecap.com

Untapped renewable potential
“It is clear that Southeast Asia offers large potential for renewable energy sources, most still untapped”, says Elly Kreijkes, Clean Power Asia project director, “given the region’s rapid economic growth, increasing energy demand, growing environmental pressures, low rural electrification levels, and heavy reliance on fossil fuels and traditional biomass.”

She continues: “The ASEAN-6 countries are diverse in terms of their renewable potential when calculated on a per-capita or per-GDP basis. In absolute terms, Indonesia, for example, has the highest total realisable potential for renewables across all sectors; in per-capita terms, Malaysia has the largest renewable electricity potential; and Vietnam shows the highest potential for renewable electricity in terms of its level of economic development.”

According to Clean Power Asia’s Elly Kreijkes some countries have above average per-capita potential levels relative to their population share; “for example, Malaysia for renewable electricity and Singapore for renewable heat (especially solar thermal). Thailand and Malaysia have similar renewable electricity potential, but Thailand’s per-capita GDP level is half that of Malaysia. Nonetheless, Thailand has implemented much more ambitious targets and incentive mechanisms than Malaysia.”

Reality of the current utility energy mix
Elly Kreijkes notes that: “Although the current events in Japan have certainly brought home again the dangers of nuclear power generation, all governments have been facing the challenge of securing energy supply and optimizing the energy mix in a more environmentally friendly way in order to meet the targets set by the Kyoto Protocol. Given the fact that the majority of power production still comes from conventional and only a small, albeit growing, percentage comes from renewable, there is a real need to reduce CO2 emission on the conventional side.”

She explains that Clean Power Asia will provide a platform to exchange valuable feedback with regards to renewable and cleaner fossil power projects in the region, from technology to finance to implementation: “Thailand is very advanced in their renewable energy policy and initiatives so other countries will learn from this. The solar development in Thailand, bioenergy and hydro power developments in Malaysia, geothermal developments in Indonesia and cleaner fossil power projects in India and China will provide excellent opportunities for countries to learn from each other.

Clean Power Asia will present more than 20 case studies from countries such as Thailand, China, Philippines, Indonesia, Cambodia, Vietnam, Laos, Malaysia, India, Pakistan and Iran, including:

Renewable power:
- China WindPower plans to build and operate up to 800 MW of new wind farms by 2012
- Keys to success from Southeast Asia’s largest solar power plant project in Thailand
- Optimizing Hydropower generation in peninsula Malaysia – TNB’s Green Energy Initiatives
- Update on the Wayang Windu Project in Indonesia
- Landhi Bio Gas, Karachi – The largest bio waste to energy project in Pakistan

Cleaner fossil power generation:
• Environmental considerations related to the development and implementation of the 660MW coal-fired power plant project in Thailand (Gheco-One)
• Successful cleaner fossil fuel coal based power plant development: the Tianjin IGCC project in China

Leading government and industry experts on the programme include:

- Sutat Patmasiriwat, Governor, Electricity Generating Authority of Thailand (EGAT), Thailand
- Pongsakorn Tantiwanichanon, Deputy Governor Planning and System Development, Provincial Electricity Authority (PEA), Thailand
- Luluk Sumiarso, Director General of New and Renewable Energy and Energy Conservation, Ministry of Energy and Mineral Resources, Indonesia
- Dato’ Ir. Azman Bin Mohd, COO, Tenaga Nasional Berhad (TNB), Malaysia
- Dr. Direk Lavansiri, Chairman, Energy Regulatory Commission (ERC), Thailand
- Ir. Ahmad Fauzi Hasan, CEO, Energy Commission, Malaysia
- Luluk Sumiarso, Director General for New and Renewable Energy and Conservation, Ministry of Energy and Mineral Resources, Indonesia
- Mr Nguyen Ninh Hai, Renewable Energy Expert, Ministry of Industry and Trade, Vietnam
- Xaypaseuth Phomsoupha, Director General, Department of Energy Promotion and Development, Ministry of Energy and Mines, Lao PDR
- Atty. Maria Floreselda Abalos-Sampaga, Chief Officer Legal Department, Energy Regulatory Commission, Philippines
- Ir. Ahmad Fauzi Hasan, CEO, Energy Commission, Malaysia
- Maaike Göbel, Manager, Southeast Asia and Pacific Renewable Energy and Energy Efficiency Partnership (REEEP), Australia
- Nur Pamudji Director for Primary Energy, PT PLN (Persero), Indonesia

Event dates: Conference dates: 28-29 June, Site visits: 30 June
Event website: www.cleanpower-asia.com
Event location: Intercontinental Hotel, 973 Ploenchit Road, Bangkok, Thailand

For more information, interviews and media accreditation:
Communications manager: Annemarie Roodbol
Tel. +27 21 700 3558
Fax. +27 21 700 3501
Mobile: +27 82 562 7844
Email: annemarie.roodbol@clarionevents.com

Kelly shared the results of The American Express Publishing Survey of Affluence & Wealth in America which is a study co-produced with Harrison Group, a leading marketing and strategic research consulting firm. Drawing from more than 11MM households with more than $100,000 in discretionary income to spend on goods and services, the survey monitors the behavior of these American elite on a monthly basis.

“India is truly a destination that reflects our reader’s interests and the passions of our editors… India offers value, intimacy, service and discovery,” said Kelly.

For the past seven years, American Express Publishing has partnered with the Ministry of Tourism to bring the beautiful and powerful “Incredible !ndia” campaign to life on the pages of the company’s publications — Travel + Leisure, Food & Wine, Departures and Executive Travel — and on their websites, generating increased visits to India from the US.

Kelly continued: “At Departures, our Editor in Chief Richard David Story chose India as the annual destination issue in October 2008. Readers responded and so did the media industry. The special issue — a comprehensive guide to undiscovered India — was honored with a prestigious award given by the Association of Magazine Editors.  In our most recent Travel + Leisure World’s Best Awards readers’ survey (2010), the Oberoi Vanyavilas was named the World’s Best Hotel overall — a very impressive and well deserved honor. In this survey, India was also well represented with seven hotels in the Top 50. Clearly, our readers are visiting India and coming away with memories of once-in-a-lifetime experiences at amazing properties that have superior service. And coming in September, our editors at Executive Travel magazine will engage the affluent world of business leaders with an issue dedicated to India.”

About American Express Publishing Corporation

American Express Publishing Corporation (www.amexpub.com) is an authoritative content company primed to deliver lifestyle expertise that informs choices, enriches perspective and empowers affluent and accomplished people — and the businesses that serve them — to make decisions and lead extraordinary lives. A wholly owned subsidiary of American Express Company, American Express Publishing magazine brands are Travel + Leisure, Food & Wine, Departures and Executive Travel magazine. The company also produces a variety of travel, cooking, wine, time management, and financial books and products, creates digital content, operates luxury-marketing events and creates custom print and online programs for clients.

For more information, contact Jill S. Davison at jill.s.davison@aexp.com

Export growth dependent on three pillars: Minister Scindia

New Delhi, India, August 24, 2010: Minister of State for Commerce and Industry, Mr. Jyotiraditya Scindia said that exports growth was dependent on three pillars. These are good infrastructure, low transaction costs and full refund of all indirect taxes on inputs paid by exporters. He was addressing the Export Summit and Interaction of Foreign Trade Policy organized by the Confederation of Indian Industry (CII), here today.

Elaborating on the theme, Mr. Scindia stressed on the work that has been done by the Taskforce on transaction costs to address exporter concerns related to the high cost of moving goods from factory to port. The Minister pointed out that a large number of recommendations of this taskforce have already been implemented in the supplement to the Foreign Trade Policy (2009-14). Work still needs to be done in partnership with some of the other key stakeholder Ministries such as Railways and Shipping to ensure the implementation of the remaining issues highlighted by the Taskforce.

Complementing the Minister for working closely with the industry and making the reduction of the transaction costs a policy priority, Mr. Sanjay Budhia, Chairman, CII National Committee on Exports, said that the work done by the Taskforce on transaction costs is unique in the sense that it is just not a report but has an implementation deadline to ensure actualization of the recommendations made by it.

In his remarks Mr. Sunil Mitra, Secretary, Department of Revenue, agreed with the Minister’s comments and said that ensuring indirect taxes on inputs are refunded to exporters is important for India’s export competitiveness. He said the current tax regime often puts the exporters at a disadvantage and also does not provide a level playing field to domestic manufacturers vis-a-viz import competition. Commenting on plethora of taxes and the variation in state level VAT, the Secretary said that implementing the GST is the key to ensuring the competitiveness of India’s manufacturing sector and export growth.

Surya Group to invest Rs 100 crore to set up a pipe manufacturing plant in South India

Chennai, India, August 20, 2010: To meet the increasing demands arising out of Tamil Nadu, Karnataka and Andhra Pradesh, Surya Global Steel Tubes Ltd, is planning to expand its presence in South India with the establishment of a new pipe manufacturing plant.

Surya Global Steel Tubes Ltd, a subsidiary of the Rs 2,000 crore Surya Roshni Group, will set up the plant at Shimoga in Karnataka with an investment of Rs 100 crore. The company has already imported a modern pipe plant with best technology for installing in the new unit.

The expansion will make Surya the largest G.I. pipes manufacturer in the country with its steel pipes manufacturing units spread over different locations at Bahadurgarh in Haryana, Gwalior in Madhya Pradesh and Bhuj in Gujarat producing over 3 Lakh metric tons per annum.

Apart from setting up a unit at Shimoga, the Surya group is adding fifth and sixth plants at its existing Bahadurgarh factory to augment the G.I. pipes production capacity to meet increasing global demand.

Commenting on the expansion plan, Mr.J.P.Agarwal, CMD of Surya Group said, “Our quest for expansion of the production facilities of steel pipes is a continuing process to meet the growing demand. With our constant stress on quality and rich experience of four decades we have naturally acquired a name as premium brand”.

Adding further, he said, “We have installed high speed mills of Japanese technology that ensures high quality and energy saving. We also use the perfect high frequency welding machines imported from England that offers 100% leak proof pipes. We have also installed a gas generator set, imported from England for continuous supply of electricity.”

Commenting on the choice of strategic locations for the units, he said, “The steel pipe plant located at Gwalior (MP) would meet effectively the demand of our customers in Central India. We have also set up in the same place a plant for making Steel High Mast & Pole with international technology. The steel pipe factory in Bhuj (Gujarat) would serve Western India market as well as exports. This plant situated near the port can also avail the benefits of cost effective imports of HR Coils to produce high quality steel pipes made out of imported materials. Eventually we envisage that this plant will become one of the largest manufacturing units of G.I. pipes with the gradual expansion proposal. Incidentally the steel pipe plant located at Bahadurgarh (Delhi-NCR) has the distinction of being one of the largest factories at a single location in India for G.I. pipes.

The Surya group also produces pipes for transportation of oil and gas conforming to the standards of American Petroleum Institute (API). The group has been manufacturing and supplying API quality pipes for a long time from NCR plant and has since commenced production of the same from its factory at Bhuj (Gujarat) as well. The unit at Bhuj would manufacture steel pipes in the range of 4″ inches to 100″ inches from grade B to X80 in API quality. Its products also conform to BIS, ASTM and European standards. Visit www.suryaglobal.com for more details.

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For a telecon with the company officials or further editorial information,

please contact: Srividhya Shiva, Mobile: 9985039513

Mumbai, 09th June 2010: As the Group of Twenty nations (G20) prepares to meet in Toronto on 26-27 June 2010, ACCA (the Association of Chartered Certified Accountants) has put forward its key recommendations for global policy-makers.

On 26-27 June 2010, around 1500 delegates, including heads of state, will convene to discuss the global financial crisis and assess what progress has been made on the road to recovery. In a new paper in line with the theme of the summit, Recovery and new beginnings, ACCA calls on world leaders to deliver on promises made at previous summits, and go further in their efforts towards financial sector reform, robust accounting standards, and strong, sustainable growth.

“A repetition of a catastrophe on this scale is something neither governments, nor the public, nor the global business community could countenance”, says ACCA Chief Executive, Helen Brand. “We feel the crisis has provided both an incentive and an opportunity for the wholesale financial reform which will lead to a sustainable global economy.”

While ACCA commends the pledges made by the G20 to date, the Recovery and new beginnings identifies several areas in which further action is needed. In particular:

· The G20 should turn its stated commitment to integrity in financial institutions into reality, by encouraging moves to instil ethical business codes and better risk management functions in the financial and corporate sectors
· The G20 must broach the question of ‘too big to fail’ financial institutions, and consider as a serious option the separation of retail and investment banking
· The G20 should now take concrete steps towards the implementation of IFRS (International Financial Reporting Standards), and ensure accounting standards are free from undue political influence
· Sustainability and tackling climate change should be embedded in the G20’s agenda, and ingrained in business practice through the use of a global carbon reporting standard

ACCA also raises questions about the structure of the forum itself: “It is unclear how the interests of smaller economies are represented at the table,” says Helen Brand. “So while the G20 may be more inclusive than the G8, some introspection is needed to make sure it is truly representative, and avoid accusations that it is an exclusive club.”

Though the G20 has existed since the financial crisis in Asia in 1999, it is only over these past two years that it has really cemented as an entity, and only at the summit in Pittsburgh last September that it was designated the premier forum for international economic cooperation. Clearly, there remains much still to do. But, concludes Helen Brand: “Given the leadership it has shown thus far, ACCA is calling for the G20 to be made a permanent fixture with a secretariat established, so its remit extends beyond the short-term, and beyond economic issues, to a broader global governance role.”

- Ends -

For further information, please contact:

Helen Thompson, ACCA Newsroom
+44 (0)20 7059 5759
+44 (0)7725 498654
helen.thompson@accaglobal.com

Colin Davis, ACCA Newsroom
+44 (0)20 7059 5738
+44 (0)7720 347 713
colin.davis@accaglobal.com

Nick Cosgrove, ACCA Newsroom
+44 (0)20 7059 5989
+44 (0)7963 496144
nick.cosgrove@accaglobal.com

Dipa Joisher
LEWIS PR for ACCA
Mobile +91 9892661041
Email: dipaj@lewispr.com

Notes to Editors

1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
2. We support our 140,000 members and 404,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and more than 8,000 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
3. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.
4. The report can be downloaded from ACCA’s website: http://www.accaglobal.com/pubs/about/public_affairs/unit/global_briefings/g20_june2010.pdf

Australia and India – Converging Relationship: Simon Crean

New Delhi, India, May 3, 2010 / IndiaPRLine / — Mr Simon Crean, Trade Minister of Australia who is on an official visit to India to attend Joint Ministerial Meeting, while addressing a CII organized seminar on “Strengthening India-Australia Trade Relations” in here today, said that there exists huge convergence of interests in India-Australia relationship that includes multilateral level relations, Doha Round of talks, common approach towards G-20, climate change, regional relationship in Asia and at APEC. He said that the purpose of his visit to India and interactions with the India business community was also to put more substance to the strategic relationship with India.

Mr Crean said that the objective of ‘bilateral research fund’, which is the largest research fund of Australia, was to explore areas of cooperation in security, investment and research and development.  He identified four areas that offer huge challenges and these included energy security, water management, urban management and food security.

Australia is world leader in ore extraction and good mining practices and India can benefit by Australian technology and experiences in resources management and exploration including clean technology, he said.

Mr Crean identified agriculture, education, services, mining, water management, urban development and infrastructure as areas for cooperation between India and Australia.

Though the bilateral trade has reached $13 billion in 2008-09 with an annual growth of 25%, trade barriers still hamper the growth, he said. He called for addressing these barriers sensibly. He also said that free trade agreement, which is being negotiated between the two countries, is going to be a fundamental force to strengthen bilateral economic cooperation.

Mr Salil Singhal, Past Chairman CII Northern Region and Chairman of Secure Meters Limited recalled the efforts of CII for last several years to promote trade and economic cooperation between the two countries through interactions with the business community and leadership of Australia and sending trade missions.

Mr Chandrajit Banerjee, Director General of CII  while welcoming the Australian Trade Minister said that CII’s sectoral engagement with Australia included cooperation in mining, skill development, clean and sustainable technology and agriculture. He hoped that the up coming ‘CII Commonwealth Games Business Forum 2010′ would play a significant role in furthering the cause of economic relations between the two countries.

MMR’s ‘Metals Outlook & Market Trends 2010′ to unravel future pricing scenario

Chennai, India, April 19, 2010 / IndiaPRLine / — The world economy is on the mend and as it attempts to grow further, more and more metals would be consumed taking the industry to a higher growth pedestal. In India, the overall economy is surging ahead, so the inventory levels of various metals are coming down, which is ultimately pushing the metals’ prices.

In the view of cost of production, demand, policies, consumption, logistics, etc, in determining domestic metals’ prices it is important to explore the reasons for the elevated cost levels in the Indian metal industry. The reasons are expected to be well explained at Minerals & Metals Review’s (MMR) second one-day seminar on metals pricing ‘Metals Outlook & Market Trends 2010′ on April 29, 2010, which will be held at Indian Merchants’ Chamber, Churchgate, Mumbai.

To discuss the current trends, in the opening session of the seminar, speakers will focus on why metals are catalyst of growth in Indian economy and the increasing role of China in global metal market.

The resilient outlook of metal industry in India has attracted many foreign investments. In the subsequent sessions, the seminar would shed light upon role of financial services, forecast for raw materials prices, demand drivers & potential for precious metals and price risk management through commodity exchanges.

The seminar would serve as a launch-pad for discussion as the eminent speakers will impart knowledge on how the increasing divergence between domestic and international metal prices playing a role in India’s metal demand.

In the end, to determine the pricing forecast on precious metals, the seminar will impart technical analysis in correlation with crude oil, US dollar, etc. A panel discussion involving eminent personalities will review overall pricing outlook and the trends in the metal industry to conclude the event.

It will draw together the experts from commodity exchanges, banking professionals, industry personnel, metal traders, dealers, analysts, stock brokers, consultants, and management students. The seminar is envisaged as a catalyst for the development of metal industry in India.

For additional information about the company and event, please visit: www.mmronline.com

Tata Consultancy Services (TCS) Q4 Results 2010 will be Announced On April 19, 2010

Bangalore, India, April 19, 2010 / IndiaPRLine / — Tata Consultancy Services (TCS) Q4 Results 2010 will be Announced On April 19, 2010 as the board of directors will sit to decide on the final dividend to be given to the share holders.

It is also said that TCS is all set for a salary hike on the same day. Those who want to get the TCS Q4 results can send a SMS ‘R TCS’ to 51818.

Currently, TCS has about 1,44,000 employees in its payroll and plans to hire another 30,000 in the next financial year. The company has not announced any salary hike last year due to recession.

The other Indian IT majors such as Infosys and Wipro have already announced salary hike to their employees.

According to analysts, the salary hike decision is primarily based on the good returns. However, the hike will impact its net margins for the upcoming year.

The net profit of TCS in the Q4 2009 stood at Rs 1,333 crores which was up by 7% Y-o-Y. Similarly, its net profit in Q3 was Rs 1824 crores which is 34% gain Y-o-Y and 11% up Q-o-Q. TCS had revenues of Rs 7649 crores in Q3 which was 5.1% growth Y-o-Y and 2.9% Q-o-Q.

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Lucas TVS launches Stick Coil – High Energy Ignition Coil

Chennai, Tamil Nadu, India, April 12, 2010 / IndiaPRLine / — Lucas TVS, the world class automobile ancillary major has launched Stick Coil, a new generation high energy ignition coil. Stick Coil will increase vehicles fuel efficiency and reduce emission. Complete combustion of the injected fuel in the cylinder is one of the best way to achieve the above .In gasoline engines combustion is determined to a great extent by the energy of the spark produced.

According to Mr. T.K. Balaji, Managing Director, Lucas TVS, ” The stick coil is integrated with ignitor (electronic control and switching devise) inside the coil and generates a high voltage to the spark plug based on a signal from the engine ECU. The new generation coil has the magnetic circuit that fits in to the plughole of an engine with direct connection to spark plug eliminating the need for high-tension cables. The ignition coil uses high performance special plastic and magnetic steel material, The manufacture of these coils employ number of new contemporary technologies such as thin walled electrical high voltage moulding, special winding technology, high voltage encapsulation potting technology and high precision assembly Key benefits and features of the new generation coils are smaller size, compact, light weight and provide smooth appearance on the top of the engine head cover. The ignition coil is installed in the plug hole which earlier a dead space, offering a very neat solution to vehicle manufacturers. The processes incorporate single piece flow and poke yoke to manufacture this complex product to zero ppm quality levels. ”

Lucas TVS has put up a state of the art new manufacturing facility for this new generation ignition coil namely Stick type ignition coil to cater to the needs of new generation gasoline engines in India. The new facility is located at its Rewari plant, 50 Kms from Gurgaon near Delhi.

The new plant is located inside a clean room and while some of the key machines are imported from reputed suppliers in Japan, many of the assembly machines and the sophisticated end of line test machine were designed and made by the in-house LUCAS TVS special purpose machine building division.

Editor Notes

For further information kindly contact:

Mr. A. K. Murali Mr. Satyan Bhatt
Lucas TVS Prism PR
M : 98409 09137/ 98400 85411
www.lucas-tvs.com

INDIA HAS WEATHERED THE ECONOMIC CRISIS, AND THE FORECAST IS FOR GROWTH ASIA SOCIETY’S ASIAN CORPORATE CONFERENCE KEYNOTE ADDRESS DELIVERED BY MONTEK SINGH AHLUWALIA

New Delhi, Delhi, India, March 19, 2010 / IndiaPRLine / — The Asia Society’s 20th Asian Corporate Conference, co-organized by The Wall Street Journal and The Confederation of Indian Industry (CII), commenced with a speech on Thursday night at the Taj Palace from Dr. Montek Singh Ahluwalia, Deputy Chairman of India’s Planning Commission.  Dr. Ahluwalia, who is tasked with presiding over India’s economic transformation as it adapts to the “new normal” in the post-crisis world, noted that the country withstood the global crisis and grew 7% in 2009, and has officially announced a goal of 9% growth in 2010. During his speech, he outlined the government’s plans for meeting this goal as well as other challenges that India will face in 2010.

Dr. Ahluwalia first looked to the region as a whole. The Asian recovery has been difficult to ignore, and has shifted Indian focus toward regional integration. Recent policy, such as the free trade agreement between India and ASEAN, the Southeast Asian regional bloc, reflects this shift.  He also remarked that while India remains open to the world at large, it will primarily focus on Asia as the region most likely to experience rapid growth.

Within India, unofficial projections for 2010 are for 8.5 per cent, lower than the official target of 9 per cent but less pessimistic than the IMF, which forecasts 8 per cent. To meet this goal, India will have to make up for decreased external demand due to a weaker global economy.  Dr. Aluwalhia, was optimistic that India would be able to post strong overall growth despite lack of export growth.   His optimism in India’s post crisis projections was supported by the fact tha India’s previous growth was driven in large part by domestic demand, and that lower export growth can be balanced by greater investment, especially investment into infrastructure.

One of strengths of India’s economy is its focus on “inclusive growth”.  For example, consumer companies have identified that during the crisis, sales in rural and small towns continued to grow.  In addition, there are numerous schemes, such as the National Rural Employment Guarantee Act (NREGA), which aims at raising land productivity, and does so more effectively than many give it credit for.

Another of India’s key assets is its dynamic private sector, and the government has been increasingly effective at unleashing it. Previously, dynamism was largely targeted at avoiding controls, but freer rein in the past 10 years has proven that India has a private sector that can compete with foreign imports, and perhaps eventually make a footprint abroad.  Infrastructure and public investment therefore, will be targeted at areas which are not attractive to the private sector, such as rural electrification and better roads. But much infrastructure does not need to be done at all by the public sector- it can be accomplished with private investment and with public-private partnerships. Such infrastructure development is possible- the most impressive example of which has been in telecommunications.

Dr Ahluwalia, downplayed the deficit, which though it remains significant, is again on its way down. Year by year gradual reductions of 1% or so will put India on the road to fiscal responsibility policy. Dr. Ahluwalia pointed out that, in the old days, India’s high debt-to-GDP ratio was an outlier, but that today, most countries have high debt-to-GDP ratios, and that as long as India continues to grow at 7 to 8 percent, it is safe.

India‘s 2010 strategy will rely on increasing foreign investment which will not only directly stimulate the economy, but in addition, will also help India cover its balance of payments deficit.   As the 2nd fastest growing economy in the world, it will have less difficulty to overcome a weaker fiscal position.

Dr. Ahluwalia ended by characterizing India’s current position in the global economy. “We are growing our economy and creating demand, while elsewhere there is a deficiency of growth. We are good global citizens.”

Tamilnadu Budget 2010, No new Taxes in Tamil Nadu budget

Chennai, Tamil Nadu, India, March 19, 2010 / IndiaPRLine / — Tamilnadu Budget 2010: Tamil Nadu Finance Minister K. Anbazhagan on Friday presented a Rs. 3,396.45 crore deficit budget and refrained from imposing fresh taxes.

The Minister presented the State budget in the new Assembly-Secretariat complex on Omanthoorar Government Estate here on Friday.

Reduction in taxes on a variety of articles used by the common man was announced by the minister, who presented the fourth budget of the DMK government in the state.

The state government also announced that an industrial park would be set by the State Industries Promotion Corporation in Villupuram district.

The goverment would spend Rs. 22 crore to expand Tamil Nadu State Wide Area Network which connects headquarters of various departments of government in district, divisional and block level through internet.

On the women welfare front, the government has announced enhancing assistance under ‘Moovalar Ramamirtham Ammaiyar Memorial Assistance’ scheme from Rs. 20,000 to Rs. 25,000.

Iodised salt would be given to pregnant women free of coast through fair price shops.

For the welfare of differently- abled persons, the budget said upper income limit prescribed for availing assistance under various government welfare schemes will be completely removed.

Allocation for scheduled castes sub-plan has been increased from Rs 567. crore to Rs. 3,828 crore and this was 19 per cent of the total plan outlay.

The Vote on Account for 2010-2011 and Final Supplementary Estimates for 2009-2010 will be presented on March 26.

Government Initiatives and Private Participation Galvanize Prospects for the Airport Infrastructure Market in India, Finds Frost & Sullivan

Mumbai, Maharashtra, India, March 18, 2010 / IndiaPRLine / — Driven by the prolific rise in air traffic and the booming economy, the need for airport infrastructure in India has increased considerably. An investment of more than Rs 35,000 crores is expected to be made in the sector from 2008 to 2012. In order to ramp up airport infrastructure, the Ministry of Civil Aviation has unveiled reforms to facilitate investment in this segment. The Airport Authority of India (AAI) was formed in 1995 to accelerate integrated development, expand and modernize the passenger terminal, air traffic services, and operation areas. The AAI Act was amended in 2004, to enable private participation.

New analysis from Frost & Sullivan (http://www.financialservices.frost.com), Financing Airport Infrastructure in India, reveals that liberalization initiatives and the entry of low-cost carriers will provide the market with a shot of adrenalin.

If you are interested more information on this study, please send an e-mail to Caroline Lewis/ Nimisha Iyer, Corporate Communications, at caroline.lewis@frost.com / niyer@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country.

“In 2006, 100 percent FDI was permitted into Greenfield airports and the development of the new airports by the private participants was allowed,” says Frost & Sullivan Financial Analyst R. Madusudanan. “It is expected that the entry of private participants will infuse the capital necessary to enhance infrastructure and streamline airport management.”

Establishment of Airport Economic Regulatory Authority (AERA) as regulator will ensure sustained growth in the sector.

Airports in India are highly congested, and they have limited ground and cargo handling capacity; this offers huge opportunities for airport developers in the country. Besides, there are some non-functional airports in non-metros. Problems surrounding land acquisition have also created roadblocks for the market.

Another challenge faced by participants in this sector is the high cost of funds. Because of the capital-intensive nature of the airports, the initial years are characterized by high levels of depreciation and interest payouts, which reduce profitability. However, the concessions given by the state governments play an important role in making the project financially viable. Further, as the airports become more established, the interest expenses and levels of deprecation are very low.

“The public private partnership (PPP) model for development for airports came into existence due to the huge requirement of capital investment and a need for better management of the existing facilities,” notes Madusudanan. “The huge capital requirement also limits the number of participants in this developing market, giving early entrants the first mover advantage.”

Other highlights of the PPP agreements include responsibility for new investment, revenue sharing, legal ownership, and duration of holding period. Additionally, airports have very little competition because of a fairly large catchment area.

Observations reveal that there is tremendous scope to rake in non-aeronautical revenues from real estate development, retail space, and parking activities. The generation of non-aeronautical revenues is likely to make airport operation more viable and reduce volatility in earnings.

Financing Airport Infrastructure in India is part of the Financial Benchmarking in the Aerospace & Defense Industry subscription, which also includes research services in the following markets: Greener Trends in Aviation, Middle East Aviation Market, and InvestFrost – Indian Commercial Suppliers Market.. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

Frost & Sullivan’s Business and Financial Services group serves clients around the world in all aspects of financial analysis, market research and monitoring, due diligence, idea generation, opportunity analysis, investment valuation, and other proprietary research.

Editor Notes

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company’s Growth Partnership Services provides the CEO and the CEO’s Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com

Financing Airport Infrastructure in India: N6F2

Reliance Industries Limited (RIL) and IMG, the world’s leading sports marketing and management company, announced an equal joint venture to develop, market and manage sports and entertainment in India.

Mumbai, Maharashtra, March 17, 2010 / IndiaPRLine / — Reliance Industries Limited (RIL) and IMG, the world’s leading sports marketing and management company, announced an equal joint venture to develop, market and manage sports and entertainment in India. The venture, IMG Reliance Pvt. Ltd., will have parallel complementary strategies: to provide and operate world class infrastructure and coaching facilities in the country to unlock India’s sporting potential and; to create and operate major sports and entertainment assets in the country.

A press release from Reliance Industries Ltd. said the senior management teams of the two organizations led by their respective Chairmen Mukesh Ambani and Ted Forstmann had formulated clear ambitions and strategies for the new company. “The idea is to try to begin to make this country much more proficient in sports other than cricket,” Forstmann said in an interview in Mumbai. IMG Reliance Pvt. Ltd. will harness IMG’s international expertise gained in over 50 years in the business of sport, entertainment and celebrity management with RIL’s expertise in the domestic market, strategic planning and flawless execution.

Under the auspices of The Reliance Foundation, the corporate social responsibility initiative of Reliance Industries, state of the art sporting academies will be developed to provide world class coaching and training facilities for Indian sportsmen and sportswomen. The required infrastructure investment will be provided by The Reliance Foundation. IMG Academies, Florida the world’s leading sporting and educational institution which has many alumni who have pursued successful professional sporting careers on the world stage will provide management knowledge and coaching skills transfer to the management and coaching teams of the Academies in India which will be managed by the joint venture.

IMG Reliance Pvt. will use “special-purpose vehicles,” to build sporting infrastructure and will replicate IMG’s facilities in Bradenton, Florida, which have trained athletes, including tennis players Andre Agassi and National Basketball Association player Vince Carter.

“The market is gigantic,” said Forstmann, whose company helped set up the Indian Premier League for the Twenty20 format. “In a country with a middle class growing like India, sports entertainment and media are going to be things that the country is going to want more and more.” He further added that, “The performance of Indian athletes on the national and international stage will improve dramatically with the correct development strategies. The No. 1 sport in the world is soccer. It would be a great thing for this country to have a really competitive national team.”

Mukesh Ambani said development of sports and a sporting culture was a social imperative for India in the 21st century. “World class infrastructure, frugal engineering, technology and scientific coaching are an integral part of development of today’s sporting talent globally. IMG has an enviable track record of leveraging these aspects and identifying, training and developing champion talent across disciplines,” he said.

Mrs. Nita Ambani, Member on the Board, IMG Reliance Pvt. Ltd. added, “I am excited about the comprehensive relationship with IMG which will seek to unlock the potential of young India at a global platform. Reliance Foundation will invest in the infrastructure development of the globally renowned IMG Academies in India. We are committed to undertake grassroots development programme to make a fundamental difference to the lives of millions of youngsters in the country based beyond the big cities.”

In keeping with Fostermann’s belief – “Heroes get created,” IMG and Reliance will begin this year by sponsoring 20 Indian students to train in Florida. The venture aims to produce world-class athletes in golf, tennis, soccer, basketball, and Olympic sports to help India “go win some medals”!

Editor Notes

The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India’s largest private sector enterprise, with businesses in the energy and materials value chain. Group’s annual revenues are in excess of US$ 28 billion. The flagship company, Reliance Industries Limited, is a Fortune Global 500 company and is the largest private sector company in India.

India-Africa Conclave to help prepare roadmap for next Forum Summit. Over 400 African delegates visiting India to discuss business

India, March 12, 2010 / IndiaPRLine / — Traditional partners India and Africa will be once again reaffirming their commitment to work in unison toward the development of their respective economies and to strengthen the tenets of South-South Cooperation. High-powered delegations from 34 African countries comprising senior ministers, business heads, bankers and development specialists numbering over 400 would be converging at the 6th CII-Exim Bank Conclave on India Africa Project Partnership being organized in New Delhi during March 15 -16, 2010.

The Conclave, themed as ‘Developing Synergies: Creating a Vision’, will be guided by the objectives laid out at the historic First India Africa Forum Summit held in New Delhi in April 2008, and will seek to build a roadmap for the second edition of the Forum Summit which is scheduled to be held in the coming year. The deliberations at the Conclave will be linked to four sub-themes – India-Africa Partnership, Rural Economies, Africa Tomorrow and Going Green. In the true spirit of partnership, the discussions will involve two key areas, skills development and adaptable technologies, which are of key importance to many African economies.

The three-day interactive event will see 145 projects worth over $9 billion being discussed and numerous agreements arrived at. For the record, at 5th edition Projects worth over $7.2 billion spread over 193 projects were discussed, and over 58 MOUs were signed covering sectors such as agriculture, SMEs, and IT training.

The 6th Conclave will also provide a platform for Indian and African leaders to strengthen the bilateral and regional partnerships, increase Indian participation in Africa’s long-term development projects, enhance capacity building initiatives and resource mobilization programmes, as well as increase outreach of information on Indian enterprises in Africa.

From the Indian viewpoint, the Conclave will serve as a major opportunity for Indian government and industry to explore new avenues by which to scale up India-Africa trade to $70 billion in the next five years, promote geographical and product diversification of Indian exports to Africa, strengthen India’s trade agreements with regional blocs in Africa, and enhance the role of Indian industry in the regional infrastructure programmes in Africa.

The Conclave will be addressed by senior ministers and policy makers, Mr S M Krishna, Minister of External Affairs, Government of India, Mr Anand Sharma, Minister of Commerce & Industry, Government of India, Mr Shashi Tharoor, Minister of State for External Affairs, and Mr Arun Maira, Member, Planning Commission. Prominent industry leaders including Mr Sanjay Kirloskar, Chairman, CII Africa Committee, Mr P Rajendran, COO, NIIT, Mr Karan A Chanana, Managing Director Amira Food Ltd, and Mr Chandrajit Banerjee, DG, CII will address the sessions.

Mr John Dramani Mahama, Vice President, Republic of Ghana, has confirmed to participate as the guest of Honour for the 6th CII Conclave. Among the other prominent African leaders present at the Conclave would be Mr Kotaye Moise, Minister of Small and Medium scale Industry and Commerce, Central African Republic, Ms Claudine Mounari, Minister of Commerce and Supplies, Republic of Congo, Hon. Felix C. Mutati, MP, Minister of Commerce, Trade and Industry, Zambia, and Mr Guy Madje Lorenzo, Minister of Trade & Commerce, Togo, Hon. Eunice Kazembe, M.P. Minister of Industry and Trade, and others.

The conclave will also feature a CEOs Rountable wherein the key recommendations for India-Africa business engagements will be put forth an actionable agenda.

Report Aims at 11 % Average Growth till 2025
Rs. 55 – 80 lakh crores of investments required by 2025
Exports growth will need to accelerate to 18-20% for the next 15 years

Delhi, India, March 3, 2010 / IndiaPRLine / — Indian manufacturing has seen an impressive annual growth rate of around 6.8 percent over the last 10 years (1999-2009) making India one of the best performing manufacturing economies in the world. Manufacturing contributes ~15 percent of India’s GDP, ~50 percent of exports and ~12 percent of the workforce and has a multiplier effect in generating indirect employment. It is in this context, that the CII – BCG Report on Indian manufacturing addresses some key questions – What should be the growth aspirations of the manufacturing sector in the country given that India needs to generate nearly 220 million new jobs in next 15 years? How can India enhance competitiveness of its manufacturing sector? What are the impediments to achieving this aspiration? This CII – BCG report examines these questions, in the context of the major forces that are shaping global and Indian manufacturing industries.

To meet these challenges, the report sets out an aspirational, growth rate of about 11% p.a. over the next 15 years which will make India the fourth largest manufacturing economy in the world by 2025 (current ranking of 13th) and generate between 50-90 mn additional jobs by 2025.

The aspirations have several critical implications. Gross fixed assets will need to increase by Rs. 55 – 80 lakh crores by 2025. Exports growth will need to accelerate to 18-20% from the 11% seen in the last decade. India’s labour productivity will need to increase substantially and close the growing gap with China. Finally, India will have to produce many more ‘world beaters’ from the manufacturing sector with 3-4 fold increase in the number of Indian manufacturing companies with annual revenue in excess of $1 billion from 25 today to 70 – 80 in 2025, and 4-5 firms with annual revenue in excess of $100 billion.

To achieve this aspiration, the report proposes a “House of Manufacturing” as a roadmap with three key pillars:

• Developing Strong Enabling Infrastructure: Manufacturing sector cannot achieve its aspirations if India does not build a strong enabling infrastructure.  The report outlines the three important components of this enabling infrastructure and the challenges in each
• world class physical infrastructure that drives higher efficiency, with focus on better execution of infrastructure projects
• strong human capital to ensure that manufacturing companies have access to high quality talent, specifically increasing focus on ‘employabiliy’ of the educated workforce beyond just an increase in number of qualified personnel and
• simplified government procedures and policies and reduction of transaction costs and indirect taxes that will improve the ‘ease of doing business’

Exploring New Avenues of Growth :

• To achieve this level of growth, the Indian manufacturing sector will have to go beyond ‘business as usual’ and exploit new avenues for growth that are being created today. The report identifies and discuses three such high growth opportunities
• rapid globalisation of supply chains and migration of manufacturing capacity to developing countries, opening up a large export opportunity
• sustainable development and emergence of “Green Technologies”, creating opportunities in green products and services, as well as opportunities and threats from carbon costs and
• India’s changing income demographics and opportunities among the “Next Billion” consumers segment, a global market of ~ $ 950 Bn where Indian companies can have a natural advantage since a substantial part of this segment is in India
• Driving Higher Productivity and Competitiveness: Productivity is a key driver of cost competitiveness. Given increased volatility in factor costs, shifting demand patterns and a more aware and educated labour force, Indian manufacturing will require a new wave of productivity improvement. The report identifies and describes three powerful levers of productivity enhancement
• exploiting the power of clusters, which drive more competitive economics because of increased supply chain responsiveness, decreased time-to-market, superior access to talent, and lower logistics costs
• leadership in innovation and new technologies, through higher R&D spend and effectiveness, and especially leveraging India’s traditional areas of strength such as IT and software and
• More flexible manufacturing and lean 2.0 practices to drive down costs and improve productivity through a strong shared aspiration, engagement model and capability building across levels and an underlying cultural transformation

Government policy has played and needs to continue to play a crucial role in achieving India’s manufacturing aspirations. In the report, four policy themes have been identified and discussed:

• Focus on Export-led Growth – India has a lower share of global manufacturing trade than many other RDEs and manufacturing exports are a smaller share of its GDP. Should India change its current policy framework and become much more aggressive in promoting export led-growth of the manufacturing sector?
• Balancing scale and depth across industries -  While India’s manufacturing has grown its scale driven by the growth of consumer demand in many sectors, it has not built desired ‘depth’ of value addition and capability in several critical industries. Depth is important for multiple reasons – retaining control over critical industries, capturing greater share of value along the chain and reducing vulnerability to global shocks. Should Government policy focus more on building ‘depth’ in Indian manufacturing going forward?
• Labour Policy for Manufacturing Industry – India has strong labour laws protecting worker rights. However, these same rights are seen to constrain the growth of large scale manufacturing and also introduce rigidity in the labour market. If India has to achieve its growth aspirations, it is critical the policy interventions be made in labour laws be revised to facilitate higher scale, productivity and flexibility while protecting worker rights.
• Driving the right ‘industrial structure’ for India – India is a large country, with dispersed population and large number of stakeholders. It faces many issues in developing its industrial infrastructure ranging from acquisition of land to growing aspirations of the local population to have a share in the benefits development. What should be the right industrial structure for India going forward that balances the benefits of building large scale operations with many advantages of having small scale and dispersed entrepreneurial businesses that give greater stake to local population?

Indian manufacturing has the potential to be the driving force in India’s economic development over the next two decades. Success, however, will require strong commitment, careful planning and willingness to make bold moves on part of both the Government and industry to break the constraints and exploit the opportunities. The report lays out a comprehensive roadmap to achieve the ambitious aspirations it sets out for the country.

Indian Economic Survey 2009-10

India, February 25, 2010 / IndiaPRLine / — The Economic Survey presented to Parliament today says that the economy has bounced back from the global economic slowdown and is on its way to the growth path of  9 per cent.  The CSO estimate of 7.2 per cent GDP growth for 2009-10 reflects the fast paced recovery given the Index of Industrial Production  (IIP) posting a record 16.8 per cent year-on-year growth during the month of December 2009.  The Survey says that the economy has responded well to the policy measures undertaken in the wake of global financial crisis.  It says, the adverse impact due to the delayed and sub-normal monsoon has been contained to a large extent and a better than average rabi agricultural season is expected.  The Survey says that the recovery is well founded with pick up in merchandise exports, capital flows and non-bank food credit.

The turnaround came in the second quarter of 2009-10 when the economy grew by 7.9 per cent, year-on-year basis.  The CSO estimates forecast 7.2 per cent growth in GDP with industrial output growing at 8.2 per cent and service sector at 8.7 per cent.  The recovery is particularly impressive despite a decline of 0.2 per cent in agriculture output primarily due to sub-normal monsoon.  The Survey says, the broad based nature of the recovery creates scope for a gradual roll back, in due course, of some of the measures undertaken over the last 15 to 18 months to put the economy back on the growth path of 9 per cent.

The Survey expresses concern over the emergence of high double-digit food inflation especially in the second half.  Food price inflation stood at 17.9 percent for the week ended January 30, 2010 while the inflation in fuel, power, light and lubricant at 10.4 per cent.  It says that the significant part of this inflation can be explained by supply side bottlenecks in some essential commodities.  Since December 2009, there have been signs of these high food prices, together with hardening of non-administered fuel prices, getting transmitted to other non-food items.  This has created some concerns for higher than anticipated generalized inflation over the next few months.

The recovery in GDP growth as indicated in the CSO advance estimates is broad- based with 7 out of 8 sectors/sub-sectors showing a growth rate of 6.5 per cent or higher.  The per capita growth in income has recovered to 5.3 per cent in 2009-10 from 3.7 per cent in the previous year.  The per capita consumption growth as reflected in the private final consumption expenditure shows a declining trend since 2007-08.

The Survey says that the country received 23 per cent less rainfall during the south-west monsoon 2009 but some of the shortfall was made up during the post monsoon season when the country received 8 per cent excess rainfall. Kharif 2009-10 season showed a decline of nearly 6.5 per cent in acreage with the entire decline confined to rice crop.  While the decline in Kharif acreage under pulses was 5.63 per cent, some of this decline has been made up in the rabi season.  As per the available estimates, wheat, pulses and groundnut have seen an increase in acreage as compared to last year.

The growth of broad money (M3) has moderated from around 21 per cent in the beginning of fiscal year to 16.5 per cent by mid January 2010 and it has remained below the indicated growth projection.  While in the first half of the year, credit to the Government remained the key driver of money growth, it has moderated since the third quarter of 2009-10.  The Survey says that since the outbreak of the global financial crisis in 2008, the RBI has followed an accommodative monetary policy supporting early recovery of the growth momentum.  This has also facilitated the unprecedented borrowing requirement of the Government to fund its fiscal deficit. Nearly two third of the borrowing of the Government was completed in the first half of the fiscal year which not only helped in checking pressure on interest rate but also created space for the revival of private investment demand in the second half of the year.  The fiscal expansion undertaken by the central government as a part of the policy response to counter the impact of global slowdown has resulted in increased fiscal deficit from 2.6 per cent in 2007-08 to 6.5 per cent in the Budget Estimates for 2009-10.

The Survey says that the recommendations of the Thirteen Finance Commission have to be taken on board in shaping the fiscal policy for 2010-11 and in the medium term.  The Finance Commission has recommended a calibrated exit strategy from the expansionary fiscal stance of 2008-09 and 2009-10.  It has also suggested that the revenue deficit of the centre needs to be progressively reduced and eliminated followed by emergence of revenue surplus by 2014-15.

The Survey notes with satisfaction that several factors that have emerged from the performance of the economy in the last 12 months augur well for the Indian economy.  The gross domestic savings as a percentage of GDP stands at 32.5 per cent in 2008-09 while the gross domestic capital formation stands at 34.9 per cent.  These figures compare favourably with some of the fastest growing economies.  It also underlines the significance of the presence of Indian corporations in the global market place. The Survey is hopeful that the economy will go back to 9 per cent growth rate in the medium term.  This follows the revival in investment and private consumption demand impressive growth in exports in November and December and remarkable turn around in Core infrastructure sector.  It says, after a set back agriculture is gradually getting back to the projected path and with a reasonable one per cent additional growth in GDP coupled with recovery of global economy, the Indian GDP can be expected to grow around 8.5 per cent +/-0.25 per cent.  With full recovery the economy can breach the 9 per cent mark in 2011-12.  Given the steadily improving fundamentals of the economy, the Survey says, if there are improvements in infrastructure, both urban and rural, and reform in governance and administration, it is possible for India to move into double-digit growth and even become the fastest growing economy in the world within next four years.

Highlights of Railway Budget 2010-11

India, February 24th, 2010 / IndiaPRLine / — There will be no increase in the passenger fares of any class or category of trains.  Freight tariffs will also remain the same for 2010-11.  Service charges for e-tickets and freight charges for food-grains will be reduced. This was announced by the Minister of Railways, Kumari Mamata Banerjee in Parliament today while presenting Railway Budget for the new financial year.

Highlights of Railway Budget 2010-11:

• No increase in passenger fares and freight tariffs
• Service charges on e-tickets reduced
• E-ticket vans to be extended to Government Medical College Hospitals, Courts, Universities, IT hubs, IITs and IIMs
• SMS updates of reservation status and movement of wagons
• Ticket centres to be opened at district headquarters and village panchayats
• 100% concession for cancer patients alongwith an escort
• Modern luggage trolleys with uniformed attendants to assist senior citizens and women passengers
• Six clean bottling plants to provide cheaper, clean drinking water to passengers
• 12 companies of women RPF personnel, ‘Mahila Vahini’, for the security of women passengers
• No examination fee for women, minority and economically backward class candidates for Railway Recruitment Boards’ exams
• Question papers now will be made available in local state languages besides Hindi, Urdu and English, examinations will be held on the same day in all regions
• 117 new train projects to be flagged off by the end of March 2010
• 52 long distance express trains and 28 passenger trains to be introduced
• Frequency of 12 trains will be increased and 21 trains will be extended
• Special trains to mark Rabindranath Tagore’s 150th birth anniversary, for ladies, for uniformed persons and for tourists
• Double-decker coaches to be introduced in two trains each from Delhi and Kolkata
• 94 stations to be upgraded as Adarsh Stations, 10 more stations to be upgraded as World Class Stations
• Automatic fire and smoke detection system to be introduced in 20 trains
• All the unmanned Level Crossings (LCs) to be manned within five years
• Rs.41,426 crore outlay proposed, allocation for new lines increased to Rs.2,848 crore from Rs.4,411 crore
• More money to improve passenger amenities – Rs.1,302 crore in comparision to Rs.923 crorein 2009-10
• Railway revenue through branding/advertising to go up from Rs.150 crore to Rs.1,000
• Special Task Force to clear investment proposals within 100 days
• Concession in freight charges for food-grains and domestic use kerosene
• Kisan Vision Project for manufacturing refrigerated containers
• Allotment of iron ore rakes would be accessible through the web.RFID technology to be introduced for tracking of wagons
• Multi-level parking complexes through PPP route
• 93 new multi-functional complexes to be developed
• National High Speed Rail Authority proposed to plan high speed rail corridor
• Houses for all rail employees in next 10 years
• 522 hospitals, 50 Kendriya Vidyalayas, 10 residential schools, model degree colleges, technical and management institutes for railway employees