Industries

Government Offers 70 Oil and Gas Exploration Blocks

Apr. 10 – In order to attract increased revenues into long term investments and reduce the burden of importing 75 percent of its annual crude oil requirements, the Indian government is stepping up oil and gas exploration to boost production.

Auto Exports Surge as Domestic Sales Dip

Apr. 9 – Indian automobile exports exceeded domestic sales during the financial year April-March 2009, as liquidity dried up and the rupee lost its sheen.

Organized Retail to Slowdown for 12-18 Months

Apr. 1 – As a fallout of reduced consumer confidence, the organized retail sector in India is expected not to grow as robustly as previously envisioned. A new KPMG report states that the growth in organized retail might falter over the next 12-18 months, whereby India will not achieve her 2012 target.

Launch of the Tata Nano – The People’s car

Mar. 23 – The year’s most awaited car will officially be launched today. Tata Motors jellybean sized 10.2 feet, US$2000 Tata Nano will make Indian automotive history. Due to its revolutionary price tag, the People’s car, or the Nano, is designed for India’s burgeoning middle class and is expected to sell 50,000 cars during the next year.

Govt. to Inject US$2 Billion into Shipping Industry

Mar. 18 – The Indian government is mulling a Rs 100 billion (US$2 billion) package to help shipping companies buy new vessels as Indian and foreign banks tighten credit lines.

"Foreign banks are not lending now. Traditionally they’ve been the lenders for shipping acquisitions. This is some sort of financing for acquisition of new ships by Shipping Corporation of India and also by other Indian private shipping companies," APVN Sarma, secretary, ministry of shipping told Reuters.

Tata Teleservices and NTT DoCoMo sign US$2.6 billion Deal

Feb. 24 – On Monday, the Indian government finally gave their nod to Japan’s NTT DoCoMo buying a 27.3 percent stake in Tata Teleservices Ltd the country’s sixth-largest mobile operator for 129.24 billion rupees (US$2.6 billion). The deal will also allow NTT DoCoMo to acquire 20.25 percent in Tata Tele's listed unit Tata Teleservices (Maharashtra) Ltd, for 9.45 billion rupees (US$188 million) the government said. The twin investments make this one of the largest foreign direct investments to flow into India in the past year and NTT DoCoMO's largest overseas invetsment in eight years.

This marks the Tata Group’s third major international deal. In 2007, Tata Steel bought the Corus Group Plc for US$13 billion marking India’s largest takeover. Last year the conglomerate’s automobile arm Tata Motors bought Jaguar and Land Rover for US$2.3 billion.

India to Introduce US$20 Laptop

Feb. 2 – In order to boost affordable education in rural areas, India will launch a US$20 laptop tomorrow. The low priced laptop is pioneered by scientists at the Vellore Institute of Technology, the Indian Institute of Science in Bangalore, the Indian Institute of Technology in Madras and at the state-controlled Semiconductor Complex.

The laptop which will undercut Asustek’s US$200 scaled down EeePC as it boasts a 2Gb Ram capacity, wireless connectivity, fixed Ethernet, expandable memory and consumes just 2 watts of power.

If commercially sustainable, the US$20 laptop would be a boon to the Indian government which needs to educate more than 550 million children under the age of 25 in remote areas. The government has been working on several e-learning software’s and has already built networks in many rural areas, the advent of an affordable computer would complete the governments plan of providing quality education to towns and villages.

Canada and the UK Plan to Sign Nuclear Deals with India

Jan. 30 – After the U.S., France and Russia, Canada and the UK plan to sign nuclear deals with India. Officials from the nuclear power industry of the United Kingdom and Canada lead by their high-profile ministers – British secretary of state for business, enterprise and regulatory reform Peter Mandelson and Canadian minister of international Trade Stockwell Day were in India last week to discuss the nuclear deal.

Energy deficient India has indicated that it needs foreign economic assistance to achieve its aim of building 18-20 nuclear reactors worth an estimated US$27 billion. Industry insiders believe the country will need a total investment of US$150 billion over the next 15 years to help bridge an energy shortfall.