India-Briefing News

Signed, Sealed and Delivered - India-U.S. Nuclear Deal Now Law

nazia — Thu, 09 Oct 2008 21:00:38 -0600

Oct. 10 - President Bush on Wednesday signed legislation that reverses three decades of U.S. policy and allows American businesses to enter India's multibillion-dollar nuclear market.

The U.S. agreement on civil nuclear cooperation permits American businesses to sell nuclear fuel, technology and reactors to India in exchange for safeguards and U.N. inspections at India's civilian — but not military — nuclear plants.

The deal will give India access to US civilian nuclear technology and fuel in return for inspections of its civilian, but not military, nuclear facilities. "India can count on reliable fuel supplies (from US) for its reactors," Bush said, adding "We will give consent to India for advanced reprocessing."

India To Launch Unmanned Mission to the Moon

nazia — Wed, 08 Oct 2008 20:16:37 -0600

Oct. 9 - In a 21st-century Asian version of the space race between the United States and Soviet Union, India will compete with China by launching her own first unmanned mission to the Moon. Scheduled for launch on October 22, weather permitting, the Chandrayaan-1, India's locally made rocket will be fired from southeastern India. The estimated Rs3.86 billion (US$80.8 million) project involves six foreign countries, including the United States.

It aims to map a three-dimensional atlas of the moon through high-resolution remote sensing and map the surface's chemical and mineral composition.

Nano Drives into Gujarat

nazia — Wed, 08 Oct 2008 01:07:04 -0600

Oct. 8 - Orphaned by the state of West Bengal, Tata Motor's found a new home for the Rs 1 lakh (US$2,100) car in India's Western State of Gujarat. The states' connectivity by both road and sea as well as vendour proximity make Gujarat an ideal state for the Nano.

Gujarat chief minister Narendra Modi, a Hindu nationalist who has promoted his state as an investment destination, wooed the project with an offer of 1,000 acres (440 hectares) of land and a promise of no labour strikes.

"The Nano project was conceived as something that would provide affordable transport to a vast number of Indian families. I want the plant built in the shortest period of time", Tata Motors Chairman Ratan Tata said while signing the deal in Gujarat.

No official date has been set for the roll-out of the first Nano car but its makers were originally aiming for this month or December at the latest.

India Eases Foreign Fund Investment Rules to Woo Cash

nazia — Tue, 07 Oct 2008 01:25:04 -0600

Oct. 7 - In order to encourage foreign inflows into India, the Securities and Exchange Board of India (SEBI), India's capital market regulator lifted curbs on indirect investment notes by foreign funds to spur inflows into a battered stock market. SEBI initiated the change to stem record sales by offshore funds that have triggered a 42 percent slide in the benchmark index this year, Bloomberg reported.

A requirement forcing investors to register in India before buying shares and limits on offshore derivatives that were imposed in October will be lifted with immediate effect, C.B. Bhave, chairman of the Securities & Exchange Board of India, told reporters after a board meeting in Mumbai.

Not That Easy Doing Business in India

nazia — Sun, 05 Oct 2008 21:05:01 -0600

Oct. 6 - Sure billions of dollars in FDI are poring into India, the economy is strong and the political structure is relatively stable, but the decision by Tata Motors to pullout from Singur in India's North-Eastern West Bengal state in the wake of violent protests may affect the broader investment climate in the country, deterring foreign investors and denting economic growth, analysts say.

JP Morgan to Invest US$800 million-one billion private equity in India

nazia — Sun, 05 Oct 2008 20:21:06 -0600

Oct. 6 - At a time when banks around the world are closing, filing for bankrupcy or being acquired at all time low prices, financial services firm JP Morgan's CEO Kalpana Morparia, said JP morgan will invest $800 million-one billion as private equity investment in India over the next two years across various sectors.

In India, the firm was looking at growth opportunities, both organically and inorganically, she told the Economic Times.

"India continues to evoke interest in the global market with no decrease in global investor interest in India," Morparia added.

Rice to visit India

nazia — Tue, 30 Sep 2008 23:15:24 -0600

Oct. 1 - With the nuclear deal poised for an approval by the US Congress, Secretary of State Condoleezza Rice will visit India next month to sign the 123 bilateral agreement that will seal the landmark deal."We are discussing the possibility of the visit of the Secretary of State to India. We have been trying it for sometime and looking for possibility of dates," Foreign Secretary Shivshankar Menon told the Hindustan Times.

"Rice will come to India early next month. If the Congress approves the 123 pact, it will be signed during Rice's visit," an official, privy to nuclear negotiations, confirmed with the IANS.

The Great Indian Bazaar

nazia — Thu, 25 Sep 2008 22:36:16 -0600

Sept. 26 - India's retail sector is estimated to grow to US$450billion by 2015, boosting the market share of organised retail from the current five percent to 14-18 per cent. A government-commissioned report valued the retail market at US$322bn last year. India's indegenious mom and pop stores, which have been battling for customers with the walmarts of the world, will be transformed during the next seven years, according to the McKinsey retail report entitled 'The Great Indian Bazaar'.

India is Still the Second Most Preferred Destination for FDI

nazia — Wed, 24 Sep 2008 21:10:21 -0600

Sept. 25 - India has and will retain its position as the second most-preferred global destination for foreign investment until 2010, lagging only behind China, the United Nations Conference on Trade and Development (Unctad) announced in the World Investment Report 2008, released in New York.

India Will Not Be Affected By the U.S. Downturn

nazia — Wed, 24 Sep 2008 01:52:02 -0600

Sept. 24 - In a bid to avoid letting India's soaring economy slip due to the U.S. downturn, Prime Minister Manmohan Singh called for strengthening "surveillance" of multilateral institutions within India.

"We need to strengthen multilateral surveillance for free market economies to function properly. For that multilateral institutions need to be strengthened," the prime minister told the Hindustan Times on board his special aircraft enroute to the United Nations General Assmebly meeting in New York.