Other Briefings
India’s myriad faces
Mar. 28 – Besides its booming economy, skyscrapers streaching their arms higher, bustling cities and zooming stock market, India has a lot of culture to offer the world.
With Vande Mataram, India's national song as the background score, this video portrays modern day icons in India – monuments, beaches, sports persons, animals, film stars and food, giving an interesting and fascinating glimpse into the heart of this 21st century nation.
To watch the video click on the picture –
India Shining – of Mergers & Acquisitions
Mar. 27 – Mergers and Acquisitions are dominating India’s phenomenal growth story. 2007 was the year when corporate India spent almost as much money acquiring global companies as international companies spent acquiring Indian ones. The Hindu Business Line reported that Domestically, 2007 saw another record year of deal activity, with total mergers and acquisitions (M&A) and private equity (PE) deals up 82 percent from Rs 865 billion (US$21 billion) in 2006 to Rs 1,576 billion (US$38 billion) in 2007. Comparatively, Indians bought up companies in Europe and the US, splashing out some Rs 1,367 billion (US$33 billion). The Teleom, finance, cement and building materials, oil and gas and metals sectors formed the bulk of India’s global M&A activity.
Major deals that were signed during the year are as follows:
Tata’s buy Jaguar, Land Rover for US$2.3 billion
Mar. 26 – Making auto history yet again, Ratan Tata inked a multi-billion-dollar deal with ailing U.S. automaker Ford to buy luxury British icons Jaguar and Land Rover. Signed and seal on Tuesday the deal will be officially delivered to the press on Wednesday. Both Jaguar and Land Rover are expected to be sold to Tata Motors for US$2.3 billion.
Tata Motors is India's top vehicles maker, controlling more than half of the country's truck market and nearly 20 percent of its passenger car market, and is keen to expand beyond Asia. With this latest acquisition Tata motors is positioned to cater to Indians across economic strata’s, placing himself in the unusual position of making two of the world's most prestigious brands along with its least costly cars (Nano).
Battling the global downturn
Mar. 26 – After all we live in a flat world; and the U.S. sub-prime crisis, the plunging dollar, rising oil prices, bankrupt global financial institutions and inflation will take their toll on India too. India’s preparedness at such a time of crisis will impact the extent to which its India shining image gets tarnished.
In a freewheeling interview Chris Devonshire-Ellis, Senior Partner, Dezan Shira & Associates talks to India’s Finance Minister, Mr. P. Chidambaram. The cool, confident captain who led India to 9 percent growth explains mechanisms the India government has adopted to safeguard itself against such global downturns. The finance minister also tackles issues of India’s falling textile trade, foreign investment in energy and corruption. In separate conversations, Chris Devonshire-Ellis also talks to India’s State Secretary for Civil Aviation and Shri M Ramachandran, State secretary, Ministry of Urban Development.
India to be 2nd largest wireless network worldwide by next month.n
Mar. 25 – Come April and India will surpass the United States to become the second largest subscriber base in mobile telephony. The Telecom Regulatory Authority of India (TRAI) on Monday announced that on an average, India with 250 million subscribers adds eight-nine million subscribers per month, while the United States which has 256 million subscribers adds two-three million subscribers per month, at this rate, India will for the first time surpass the United States by the begining of April.
Global Indians send maximum money home
Mar. 21: India's estimated 5.7 million Indian workers abroad sent home $27 billion in 2007 to make India the top receiver of migrant remittances while the US was the main remittance source, according to latest World Bank data, reported the Times of India. In contrast workers from China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion) made up the rest of top five, the bank’s new Migration and Remittances Factbook 2008 said. For 2007, recorded remittances flows worldwide are estimated at $318 billion, of which $240 billion went to developing countries.
The US was also the top immigration country in 2005, with 38.4 million immigrants, followed by the Russian Federation (12.1 million), and Germany (10.1 million). Among low-income countries, India had the highest immigration volume (5.7 million), followed by Pakistan (3.3 million).
Ministerial meetings with Indian government
Mar. 20 – The Senior Partner of Dezan Shira & Associates, Chris Devonshire-Ellis, who publishes China Briefing, India Briefing and the emerging Asia website 2point6billion.com, will meet next week with Kamal Nath, the Indian Minister of Commerce, and Mr. P. Chidambaram, the Minister of Finance, in New Delhi.
Manmohan Singh addresses textile exporters concerns
Mar. 19: Not everybody is hailing the rising rupee. Indian textile exporters are feeling the strain of falling profits. On Wednesday, The Hindustan Times reported Prime minister Manmohan Singh addressing concerns of the beleaguered textile industry.
Merchandise exports have come under some pressure due to the appreciation of the rupee and could fall just short of the target of $ 160 billion, although the growth rate was strong at 21.8 per cent during April-December 2007-08. India’s exports stood at $111 billion in April-December 2007.
The rupee has appreciated by 12 per cent in 2007 and is currently trading at less Rs 40 to a dollar leading to exports becoming costlier and less profitable.
