Other Briefings
Strengthening bilateral ties with China
Aug. 8 – India’s ruling Congress and the Communist Party of China (CPC) signed a pact on Thursday to put in place a mechanism that would help regular high-level exchanges between them. Signed by Chinese vice-president and standing committee member of the CPC’s politburo, Xi Jinping, and Congress general secretary Rahul Gandhi, the memorandum of understanding also provides the two parties the opportunity to consult each other on important bilateral, regional and international developments.
Indian Politicians and Business Barons Head to the Olympics
Aug. 7 – Indian politicians and business barons are expected to fly into Beijing today in time for the Opening ceremony of the Summer Olympics at 08-08-08-08-08-08. Amongst the politbureau, ruling party leader, Sonia Gandhi will be in Beijing with her family; son Rahul Gandhi, daughter Priyanka Vadra, son-in-law Robert Vadra and their two children. Sports minister M. S. Gill will also be present.
Business tycoon, and India's richest man, Mukesh Ambani will also be present during the opening ceremony. Flying in on his own jet, he will be arriving in Beijing with his family, wife Nita Ambani and their two children, to witness the Olympic ceremony.
Indian Contingent Arrives in Beijing
Aug. 6 – Indian athletes have arrived at Beijing's Olympic Games village with the first batch of shooters, boxers and swimmers, along with their coaches, arriving in Beijin on Monday.
Deputy Chef de Mission Baljit Singh Sethi told the Hindu that all nine shooters, five boxers and four swimmers have reached the village while the remaining of the 57-member contingent and its support staff of 42 will reach there in separate batches before the opening ceremony on 08-08-08.
Indian hopes are pinned on Athens Olympics Silver medalist shooter Rajyavardhan Singh Rathore and world champion Manavjit Singh who were the first Indians participants to enter the village to practise. The Indians are chiefly resting their hopes on shooters, boxers and the star tennis duo of Leander Paes and Mahesh Bhupathi for Olympic glory.
Indian Companies Make Inroads into Vietnam
Aug. 5 – Indian businesses such as the Tata and Essar groups have expressed interest in investing in Vietnam for the market’s “political stability, high economic growth, healthy investment climate and numerous stimuli,” said Vietnamese General Consul Nguyen Viet Hung in Mumbai.
As further evidence of this interest in Asia's newest emerging tiger, India's Bharat Heavy Electricals Ltd. (BHEL), a state-owned company, said it won a two billion-rupee (US$47 million) contract from Vietnam's Nam Chien hydropower company. BHEL said this is its first order from the Vietnamese power sector.The project is located in Muong La, 350 kilometers north of Hanoi, and is slated to be completed by the end of 2010.
Bollywood Takes the London Stock Exchange by its Horns
Aug. 4 – Do you like Bollywood movies? Why not buy shares? Hindi film companies being traded on the London Stock Exchange's AIM (Alternate Investment Market) are realizing multi-million dollar returns on investments.
Three Bollywood majors — Eros, UTV Motion Pictures and Indian Films — have already had a huge success in their initial run on the AIM. And now many more Bollywood biggies are looking to raise funds through this route, the Economic Times reported.
New Delhi’s Third Runway Takes Off
Aug. 1 – New Delhi's Indira Gandhi International Airport will inaugurate its third runway on Indian Independence day (August 15). The second busiest airport in the country is ramping capacity in preparation for the Commonwealth Games which New Delhi will host in 2010. The new runway will increase the airport’s capacity from the present 36 landings and takeoffs an hour to 65.
According to the Times of India, the trial runs will take place for a few days and the runway will be made operational for commercial flights by the end of August or beginning of September. ‘‘Almost all civil and technical work has been completed and trial runs should begin soon,’’ an airport official said.
India Inc cheers India’s Stand at the WTO
July 31 – Indian industry captains strongly support the stand taken by India's Commerce and Industry Minister Kamal Nath to stand up against the developed world, to protect the livelihood of its farmers. Over the last nine days, Nath, stood up for millions of Indian farmers at the WTO in Geneva and refused to compromise over measures to protect farmers in developing countries from greater liberalization of trade.
RBI Policy Seeks to Reign in Inflation
July 30 – India's central bank acted to clamp down on the country's soaring inflation yesterday by aggressively tightening key interest rates and bringing in curbs on lending.
It also lowered the projection for India's economic growth from 8.5 percent to around 8 percent.
The Reserve Bank of India increased its benchmark interest rate – the rate at which it makes short-term loans to commercial banks – half a point to 9 percent. This was a quarter more than analysts had expected and puts rates at a seven-year high.
At the same time it increased the so-called cash reserve ratio, or the share of deposits that banks must keep on hand, by 25 basis points, to 9 percent. Experts told The Independant that both steps can help lower inflation.
