Other Briefings
Fuel prices rise by 10 percent
June 5 – India's government on Wednesday boosted fuel prices for the second time in a year to stem huge losses at state-run oil firms, stirring widespread political anger and worries about higher inflation.
Prime Minister Manmohan Singh defended the hike in a nationally televised address, saying Indian oil companies were under huge stress as a result of record high global oil prices, reported the AFP.
India, which imports 70 percent of its oil needs to feed its fast-growing economy, raised petrol prices by five rupees (12 cents) a litre and diesel by three rupees — or 11 and 9.4 percent respectively based on pump prices in the capital.
India’s Best Football Club Will Play in Asian Champions League
May 28 – In a major boost to club football in India, the Asian Football Confederation (AFC) has chosen India as one of the 11 participants in the revamped 2009 Champions League. The champions of I-League, the professional league in the country, will take part in the Champions League, Indiatimes reported.
Japan, South Korea, Australia, China, Indonesia, Jordan, Saudi Arabia, Kuwait, United Arab Emirates and Iran were the other countries which were recommended by the committee for the 2009 AFC Champions League to be re-launched on completely professional lines.
India – Pakistan work to dissolve differences
May 23 – India and Pakistan agreed to give consular access to each other’s prisoners and increase cross-border bus service in the disputed region of Kashmir during talks between the countries’ foreign ministers. The small concessions were considered a sign of progress between the nuclear powers. Shah Mehmood Qureshi, foreign minister of Pakistan, said talks were “very frank,” while India’s foreign minister, Pranab Mukherjee, said the two countries “have to cover a long distance.” The governments plan to meet again in July, reported the New York Times.
India’s social welfare better than many Asian nations
May 21 – The Asian Development Bank has ranked India 10th among 31 Asia-Pacific countries in providing social security like health care, education and child welfare to its people reported Businessweek.
India ranked above China and Malaysia, but below Uzbekistan, Mongolia, South Korea and Japan, which topped the ADB's Social Protection Index (SPI).
The ADB, in the new Index, has established that providing social protection is not subject to the wealth of a nation. Even poor countries like India can afford to provide social cover in the form of health insurance, labour market, child protection, education among other things, if there is government will.
A booming automobile market
May 16 – The Indian car crazed consumer has never had it so good before. The Indian automobile landscape is sporting the best and the cheapest. And the icing on the cake, is the marriage between technology and price. Automobiles will be powered with the best technology yet sport most consumer-friendly price tags. From a four-wheeler, coming at meagre price of Rs 1 lakh (US$2,350) to the high-speed luxury super bikes that will lighten you purse of Rs 50 lakh (US$120,000). The Indian market is ready to nurture these new age mean machines and get used to the variety in price ranges, reports the Economic Times.
Experts believe that with a wide variety of options, for customers price will become the most important deciding factor and only then can auto makers garner volumes. So the niche bikes are expected to garner annual sales of only 3,000 units annually in India. As far as the Nano story goes, the number of customers opting to drive around in it could be in lakhs. “While the high-priced bikes would satisfy the niche segment, Tata Motors’ product would be commuter-driven.
Renault-Nissan and India’s Bajaj Auto Anounce India’s Second Inexpensive Car
May 13 – Close on the heels of the Tata's US$2,500 Nano announcement, Nissan Motor Co. of Japan and its French partner Renault SA will form a joint venture with Indian motorcycle maker Bajaj Auto Ltd. to produce a minicar in India that will cost as little as $2,500 reported the Wall Street Journal.
The budget car, which would cost 100,000 rupees in India, is so far only known as "Codename ULC." The joint venture would be 50 percent owned by Bajaj Auto, 25 percent by Renault and 25 percent by Nissan, a statement said.
The ULC will be produced at a factory to be built at Chakan, Maharashtra, in western India. It will eventually produce 400,000 units a year, the two groups said. Mr. Ravikumar, Bajaj Auto's vice president in charge of business development said the car will be exported using the global sales network of Nissan and Renault.
India’s Retail Industry Currently Worth US$295 Billion
May 12 – India’s retail industry, both organised and unorganised, is worth $295 billion at present, according to accounting firm Deloitte Haskins and Sells. Breaking up annual sales figures Deloitte says that organised retail grew at a scorching pace in 2007, going to 8 per cent of total retail sales from 5 per cent in 2006, reported the Hindustan Times.
New stores, more spending power and access to credit had led to organised retail’s 50 per cent growth in 2007, said Shyamak Tata, partner at Deloitte who did the research.
Lauching into space history
April 29 – India rocketed into space history on Monday by launching 10 statellites into their orbits some 600 km above earth. India became the second country in the world to achieve the difficult feat, after Russia which had put into orbit 13 satellites in April 2007.
The satellites which mainly belonged to Germany and Canada were carried into space by India's Polar Satellite Launch Vehicle which blasted off from Sriharikota, a space centre off the country's eastern coast near the southern city of Chennai.
The Indian-made Cartosat-2A remote sensing satellite, which is fitted with a high resolution camera for recording clear images from space was the main satellite launched, an ISRO spokesman said.
High resolution images and data from the satellite will be used to manage infrastructure and natural resources in the country.
Riding high on this successful mission, the ISRO said its all set to launch Chandrayaan 1, the moon mission, in the third quarter of this year.
