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New Delhi: Prime Minister Narendra Modi launched three gold related schemes — Gold Monetization Scheme, Sovereign Gold Bond Scheme and India Gold Coins — that could further strengthen and transform the Indian economy. Besides reducing the physical demand for gold, the schemes could pave the way to better utilise the nearly 20,000 tonnes idle gold lying with households and conserve forex resources through reduced reliance on gold imports. Speaking on the occasion, Modi said people should take advantage of this “golden opportunity” by making use of the schemes and help India march to a golden period. Modi also said that India has no
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reason to be described as a poor country as it has 20,000 tonnes of gold. He said the gold available within the country should be put to productive use, and these schemes show us the way to achieve this goal. The Prime Minister also noted that India has now surpassed China as the world’s largest gold consumer. So far this year, India has purchased 562 tonnes of yellow metal, against China’s 548 tonnes. At the event, Modi launched a Web site on the schemes and distributed certificates of investments to six initial investors. He launched a national gold coin ahead of the festival season. This is the first ever national gold coin minted in India with the national
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Hyderabad: Tata Sons Chairman Emeritus Ratan Tata said that “the THub was the new face of India” Set up with an investment of Rs. 40 crore, the first phase of T-Hub would house 300 start-ups and can seat 800 employees. The Indian School of Business, International Institute of Information Technology (Hyderabad) and National Law University, Nalsar, are also associated with the hub. Addressing a press conference after inaugurating the start-up incubator THub, Ratan Tata said “India was not recognized as an enterprising country in technology. It is time we unleashed the Indian tiger. We need to support start-ups with all our resources. I will be there to support the young engineers and scientists,” he said. emblem of Ashok Chakra on one side Earlier addressing the start-up and and Mahatma Gandhi’s image student community, he said, “the next engraved on the other side. Modi wave of start-up innovations would described the launch of the India Gold Coins, bearing the Ashok Chakra, as a matter of pride for the nation. He said people would no longer have to depend on foreign minted gold bullion or coins. The Prime Minister spoke of the great bond of trust that the family goldsmith enjoys in India. He said that once the goldsmiths of India gain familiarity with the schemes, they could become the biggest agents of these schemes.Modi said women will benefit the most from these schemes.He said that gold has often been a source of women's empowerment in Indian society.
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be in the areas of healthcare and lifesciences.“It, however, doesn’t mean that what we are doing here in India now would become obsolete.” “This is the biggest start-up incubator in the country. We, at Nasscom, would work with it to bring in the benchmark ecosystem,” Nasscom Chairman BVR Mohan Reddy, who is also on the Board of Directors of T-Hub, said. The hub has signed MoUs with Nasscom and the Internet and Mobile Association of India (IAMAI) that would bring in 10X accelerator to Hyderabad.
Leadership is a potent combination of strategy and character. But if you must be without one, be without the strategy. – Norman Schwarzkopf
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NEWS
New Delhi: Madhya Pradesh government plans to spend Rs 1,656 crore to improve basic infrastructure including water supply, sewage network, urban transport in 32 cities and towns under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) during the current financial year. The state government has submitted state
annual action plan (SAAP) in this regard to the Urban Development Ministry, a ministry official said, adding that SAAP has been formulated based on service level improvement plans for each of the 32 mission cities. AMRUT accords priority for ensuring universal coverage of all
urban households with basic infrastructure relating to water supply, sewerage and sewage management, storm water drains, urban transport and open spaces in that order. City level service improvement plans are prepared for identification of gaps between available and required infrastructure. In the SAAP furnished to the UD
M i n i s t r y, M a d h y a P r a d e s h government has informed that 51 per cent of all urban households in the state were having water supply connections and at present water supply is 88 litre per capita per day (LPCD) as against the norm of 135 LPCD. Only 11 per cent of urban households were connected to sewerage network services. Coverage of households with water supply connections in 32 mission cities ranged from 21 per cent in Pithampur to 74 per cent in Gwalior and Dewas. It was below 50 per cent in Bhopal, Satna, Morena, Singrauli, Burhanpur, Shivpuri, Vidisha, Damoh, Chattarpur, Hoshangabad, Sehore, Datia and Nagda. Water connections were available to 50 per cent to 73 per cent household in Jabalpur, Ujjain, Sagar, Ratlam, Rewa, Katni, Chindwara, Khandwa, Bhind, Guna, Mandsaur, Khargone, Neemuch, Betual and Seoni. No sewerage network were available in 11 of the 27 mission cities and towns in which sewerage projects were proposed to be undertaken. Only Indore and Gwalior have
coverage of sewage networks to the extent of 62 pc and 60 pc respectively. In other cities and towns, the coverage ranged from 3 pc to 25 per cent, the SAAP said. Under the Action Plan for 2015-16, the state government has proposed investment of Rs 1,656 crore of which central assistance would be Rs 672 crore while the state government's contribution would be Rs 756 crore and the rest Rs 228 crore will be met from the resources of respective urban local bodies. Of this, cost of water supply projects was Rs 582 crore, sewerage projectsRs 926 crore, storm water drains- Rs 36 crore, urban transport- Rs 70 crore and provision of parks and green spaces- Rs 41 crore. During the five year mission period of AMRUT, the state government has proposed to take up a total of 101 project with a total investment of Rs 8,279 crore including Rs 2,912 crore on water supply projects, Rs 4,628 crore on sewerage projects, storm water drains Rs 180 crore, urban transport Rs 351 crore and Rs 207 crore on provision of parks and green spaces.
EDITORIAL
Food inflation, apparently moderating over the past several months, is threatening to return to centre stage. The one significant exception to the otherwise benign response to a deficient monsoon is pulses, of which tur appears to have been the worst hit. In weeks past, retail prices of tur dal rose beyond the Rs 200 per kg mark, provoking widespread resentment. The pressure may have eased in response to several steps that the government is taking. This is welcome, but raises questions about sustainability. Even if prices of tur come down significantly, their persistence above the Rs 100 per kg mark for several months, which is a distinct possibility, will obviously not go down well with consumers. More permanent solutions must be set in motion. In this crisis, steps that can have an immediate impact, both on actual supplies and expectations of continuing price increases, could be justified. Increasing imports, for example, make sense. These can be reinforced by measures like increasing stock limits and so on. However, it must be recognised that the combined contribution of all these actions will add up to some tens of thousands of tonnes in the short term. The order of magnitude of the anticipated shortfall in the kharif harvest, which is what has essentially been driving the price increase, is much larger. To provide a historical comparison, the last time the country experienced a similar spike in the prices of tur was during
2009 and 2010, which came after three years of production levels which were several hundreds of thousands of tonnes below their peak. If such a pattern is repeating itself, the ability of all these measures to contain prices will depend entirely on the performance of next year's south-west monsoon. This is undoubtedly a rather risky situation. There is really no getting away from long-term, structural approaches to the problem of regularly recurring spikes in one of the country's most important sources of protein. Further, of all the pulses, tur appears to be the most desired and rising household incomes are inexorably pushing demand for this item higher. There are four critical elements in a strategy to overcome the problem. First, land that is ideally suited for the cultivation of pulses must be largely sown with them. Distorted incentives that divert such land to other crops must be done away with. Second, there must be a concerted effort to increase stagnant land productivity, unchanged for two decades - an embarrassingly weak response to a situation of rapidly increasing demand. Third, innovative ways of preserving and storing tur must be developed, which will involve a dedicated and adequately funded research programme. Finally, a more organized and predictable source of imports needs to be developed. Contract farming in land-abundant countries must be explored.
Indore: The country’s ninth and Madhya Pradesh’s first Central Drug Testing Laboratory (CDTL) may start operating in Indore within two years, as the state government has already allocated land for the purpose, said Dr. K. Bangarurajan, deputy drug controller (west zone) at Indore. On the inaugural session of Pharma Tech Expo-2015 in Indore, Dr. Bangarurajan said that the government had allocated land for the establishment of the laboratory near GPO and construction work is expected to start from the next financial year. Speaking further, Dr. Bangarurajan credited up gradation of technology for the rapid growth of the pharma industry. Patients in the country too were benefitting from the technological advancements, which
also had the additional benefit of ensuring that the medicines were meeting international norms. Machinery costs too were falling because of the Centre’s Make in India initiative, he added. The government had also been taking various steps to ensure cost reduction in prices, such as putting 348 essential medicines under drugs price control and keeping tabs on prices through the National Pricing Authority which states that no company can hike prices of medicines by more than 10% annually. Speaking on the image of the Indian pharmaceutical sector in the world, the deputy director said when it came to exports, the Indian pharmaceutical sector stood second only to the IT sector. “We are exporting pharmaceutical
Pratibha Shrivastava
There’s no shortage of remarkable ideas, what’s missing is the will to execute them. – Seth Godin
products worth about $16 billion in more than 200 countries annual in fact, out of total vaccines distributed across the globe, 33% are from India,” Dr. Bangarurajan said. On the proliferation of online pharmacies, Dr. Bangarurajan said that the matter was still in its initial stages. “No decision has been taken place so far as sub-committees studying the issues. They are consulting with stake holders and their comments will be study and only after studying various factors and comments, any decision will be taken. In simple words, chemists across the country no need to worry at present,” he added.
Global Standard
15 November October 2015 2015
NEWS
I LIKE
I food lover, My favorite sweet is Ras malai & my favorite dish is Punjabi kadi. My favorite sport is Badminton & my favorite sports man is Usain Bolt. My favorite writer is myself , My favorite book is khazana of Indian recipes and My favorite Subject is food. Indore Management Association organized its prestigious Rendezvous–An exclusive CEOs Dinner Meet, “An Evening of Cricket”with the most insightful & acknowledged to be not just the voice, but the face of Indian cricket, Mr. Harsha Bhogle at Hotel Radisson Blu, Indore. Mr. Harsha Bhogle was rated as the possessor of the “sexiest voice on radio. A chemical engineer and an alumnus of IIM-Ahmedabad, has made him a role model for many. Readers of Cricinfo voted him as their “most favorite commentator”. He has commentated on over four hundred one-day internationals, over a hundred test matches and has been closely associated with T20 cricket, right from the first game that India played, through six IPL tournaments, five Champions Leagues and five T20 World Cups. His columns are widely read and a selection of those has been put together in a book called “Out of the Box”. His video blogs “Step Out with Harsha” were quite popular and he now has over a million followers on twitter. No other sports media person is half as close. He has been in brand commercials for Pepsi, Hero Honda, Airtel, Tata-AIG, Sugar Free and has done brand promotions for Vodafone, Cadbury, IBM among many others. He is now a brand ambassador for Castrol and Boehringer Ingelheim (Stroke Awareness). The program started with floral
welcome of Mr. Harsha Bhogle and the welcome speech by Mr. Vijay Goyal, President IMA., Mr. Harsha Bhogle captivated the participants with his mesmerizing words, charm, wit, knowledge and out-of-the-box thinking. He said everything in life is an opportunity. It’s just a question how we look at it. What we create is an opportunity to fall with our negative thoughts. If you are thrown at tough earlier in life. It makes things easy for the rest of the life. You have to run on bad pitch from time to time. We get into difficult situation. This is a part of learning. He also said when tides goes out you can see who is swimming naked. Whatever the situation you have to give it 100%.Every single time remember someone is watching. If you can’t give 100% it’s not giving worth at all. If your best is not good enough, it’s fine.100% is fine, you don’t have to give 110%. When you become good at something, that’s your biggest challenge. We try to defend reputation and so your biggest challenge become biggest reputation. When people talk about luck, they talk about their own failure. You can’t plan for luck. Luck only opens the door. List your cumulatives and hen work over them one by one. He put a light on the statement that you have to make person read you. No one on their own will. He ended by saying if you want to survive, you have to do every single thing.
My idol & iconic person is My Father. My favorite & last seen movie is sholey in our house last week and favorite actors & actresses are all the cast of this movie. My favorite holiday destinations are hill stations, last visited place is Thailand. I always carry with me My Smile.
Sanjeev Kapoor Indian chef and entrepreneur
The great accomplishments of man have resulted from the transmission of ideas of enthusiasm. – Thomas J. Watson
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15 November 2015
NEWS
WOMEN ENTREPRENEUR
HONORS AND AWARDS
All of us know of this fact, some of the people think of doing something to change and very a few might have really tried. Saloni Malhotra has been one of that few to make the change. Saloni had given up a job in Delhi and migrated to Chennai in 2005. With little local knowledge and even lesser business experience, it was a tough ride convincing corporates about a ‘rural’ back office meeting strict SLAs. Interacting with the people in the villages, understanding the culture and their mindset towards a job and making them share her same vision, took a lot of effort, but was overcome with a strong passion to make an
impact. Saloni’s family was very accommodative to her aspirations, which was a major strength Startup. The idea was to set up rural BPOs in Tier II towns and village, so that we can employ the unemployed youth, bring in the infrastructure, provide the necessary training and get projects and work for them from clients outside the state, across India. It differs from the urban BPOs by way of reduced costs (as much as 40% lesser), lesser attrition and free corporate social responsibility. What was a tested as a project for 2 years was registered as DesiCrew Solutions Pvt Ltd in Feb 2007. Challenges Our biggest challenge was creating infrastructure in a rural setting that was as good as our client’s office in a Delhi, Mumbai or Bangalore and changing the perception in the minds of people in urban India that work could be done out of the hinterland and with the same quality. Training started with computer operations, basic office management, HR practices, data entry and Internet usage. There were a lot of trial and error learning’s, which has helped us shape our system. People who have survived the initial hardships are at key
Mumbai : Indore’s famed dancing traffic cop, Ranjeet Singh, recently shared screen space with none other than the Big B of Bollywood, Amitabh Bachchan, on the latter’s reality show Aaj ki Raat hai Zindagi, a show whose premise is to highlight the efforts of common people working to bring positive change in society. After receiving huge response from spectators excited, Rajneet said, “I feel privileged to have been recognised for my work. Nothing makes me happier than knowing that the way I perform my duty is helping people become aware about traffic rules and road safety.” So how was it working alongside Big B? “He (Amitabh Bachchan) said he has never seen a cop like me in India and was very impressed with my work. It is an encouragement in its own way when such words of appreciation are coming from a personality like Amitabh Bachchan. You feel more confident about yourself and want to work harder than before,” he said. Ranjeet’s episode will showcase what he has done for society while performing his duties as a traffic cop. Also, as per the show’s concept, two of his wishes will be fulfilled. “Bachchan ji gave me the opportunity
to fulfill two of my dreams as part of the show’s concept for which I am grateful to him (Bachchan) and the show’s team for making it possible,” he said. The modest cop, who is now a celebrity in his own right, is all praises for Santosh Kumar Singh, the deputy inspector general (DIG) Indore. “This would not have been possible if DIG sir did not have faith in me. He has been my constant motivation. He took personal interest in completing all the formalities and getting permissions required for the show by the department to be cleared without wasting any time.” Ranjeet is fondly called ‘Singham
Ranjeet’ by thousands of fans he has garnered on social networking websites. Sporting aviators glasses, a black wrist band on his right hand, a watch on the other, a thick moustache and a walkie-talkie, this moonwalking cop has taken under his wing several other constables.“This city definitely needs more Ranjeets. I have around 15 constables going through training to look and work just as I do. Youngsters were not very keen on joining the traffic department earlier, but the scenario is changing. It is an honour for me to know that people aspire to become like me,” he said.
prices and by hiking power rates. But given the clout of farmers in the state, it is unlikely to happen. Firecrackers have been an increasing source of pollution in Indian cities at this time of the year, and citizens’ initiatives have proved largely fruitless in terms of mitigating the problem. Data over the past five years shows that pollution on the eve of Diwali has gone up. The problem has been exacerbated by the bursting of Chinese crackers, which often do not adhere to pollution norms. The Centre has told the Supreme Court that bursting crackers is not the only source of pollution in Delhi this is no doubt true.
There is the problem of vehicular pollution. The number of registered vehicles in the National Capital Region is about eight million. The National Green Tribunal has imposed a green tax on diesel vehicles entering Delhi it remains to be seen how a good move like this is put into practice and policed. Strong automobile sales in October, though good for the economy, will not improve the state of the environment because of weak emission monitoring. The battle against pollution is a difficult, multidimensional one, but it is a problem that can be conquered with the requisite will.
It’s a global village, as was being told for more than a decade so far. The birth of the internet has resulted in death of the distance. But, still businesses in the IT field are happening mostly in metros and not in villages where 70% of the Indian population lives. Even though villages have educated youth, dearth of a non-agricultural career opportunity have been forcing them to relocate to the congested metro for a career. Back at the metro, their winning bread is cut almost less than a half due to whopping living costs.
New Delhi: US-based SunEdison has won a bid to sell solar power in India at a record low tariff, which could boost the appeal of the renewable source at a time when Prime Minister Narendra Modi is pushing for clean energy to combat climate change. Solar energy still has a long way to go before it can effectively compete with coal, given questions over consistent supply and transmission. But falling rates could unlock more government support for solar and wind energy. Modi's government expects clean energy to yield business worth $160 billion in India in the next five years, and established US companies like SunEdison and First Solar Inc are likely to be the biggest beneficiaries. SunEdison won the auction for a 500 megawatt project in the southern state of Andhra Pradesh, bidding to supply power at 4.63 rupees ($0.0706) per kilowatt-hour, U p e n d r a Tr i p a t h y, n e w a n d renewable energy secretary said. Maryland Heights, Missouri-based SunEdison did not immediately reply to requests for comment."Delighted that an all time low solar tariff ... has been achieved during reverse eauction conducted by NTPC,"
T
ime was when the months of October and November were a part of the year people in India used to anticipate eagerly. This was for two reasons. First, the festival season would be upon them. Second, the sizzling heat of the summer months would abate and the bite of winter would still be some time away, making it the most pleasant part of the year. But now, especially in Delhi and
tweeted power, coal and renewable energy minister Piyush Goyal, referring to India's biggest power utility. The previous lowest solar tariff in India was about 5.05 rupees per kilowatt-hour for Canadian company Sky Power's project in Madhya Pradesh state in central India. Coal power costs anywhere between 1.5 rupees to 5 rupees, according to a government official who declined to be named. India is providing cheap loans to set up solar projects and helping companies buy land to meet its ambitious target of multiplying renewable energy generation to 175 gigawatts by 2020. Solar energy is targeted to leap five-fold to 100 gigawatts. The country is relying on renewables to fight climate change rather than committing to emission cuts like China, arguing that any target could hinder economic growth vital to lifting millions of its people out of poverty. Deep-pocketed investors like Japan's Soft bank and iPhone maker Foxconn have already pledged to invest about $20 billion in solar projects in India.
DesiCrew had won the Manthan for best e-content practices. 2nd Runners-up in the BiD challenge in the established business category. Saloni Malhotra was the Runners up as Asia’s best young entrepreneur, in an online competition conducted by Business Week Asia. Facilitated by the President of India, for its services in localization of educational content. Featured by 'Business Today' magazine as ‘India's 10 most wired companies' Chosen as Global readers' favorite Fast 50 2007 according to Fast Company magazine. She has been nominated for Business Week's Asia's Youngest Entrepreneurs, MTV Youth Icon 2008. E&Y Entrepreneur of the Year 2008
parts of north India, the other reason this time for decades, but what is new for gladness has been overshadowed is the large quantum that is being by an annual spike in pollution. burnt. After the harvesting is done, This menace brings with it respiratory paddy straw and stubble are left on the diseases. Over and above the firework fields. Ploughing the stubble back menace and vehicular emissions in into the soil is a safe option but costly. the National Capital Region, the Hence burning is the cost-effective smog is caused mainly by burning alternative. A way to prevent this kind paddy stubble in Punjab and Haryana. of pollution is by weaning Punjab Though the act is illegal, paddy farmers away from paddy cultivation stubble has been set on fire around by decreasing minimum support Even if you are on the right track, You’ll get run over if you just sit there. – Will Rogers
positions in DesiCrew now. Words of advice No job is difficult for qualified people, irrespective of whether they are from a city or a village. We have been pleasantly surprised by how much our people in the villages are capable of “. They have put their hands up and delivered well on several high-end tasks. Our business model is evolving to meet the client requirements and we have learnt to be embrace change without comprising on our fundamental values.
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15 November 2015
NEWS
New Delhi: What’s the first thing you do when you plan a vacation? Book tickets? Nahh. Pack bags? Nopes! Ask family and friends for tips? Nopes. It is go to the Visa page and check out the Visa procedure. Be it for a simple 10-day vacation or a onemonth long sojourn, the first thing that crosses an Indian’s mind as soon as he/she thinks of vacation is the Visa hassle. Crazy procedures, long wait and intense question-answer sessions – The Indian hates the Visa procedure. And there are some countries in the world which don’t even have a procedure for Indians and are clueless when it comes to issuing a visa to Indians, namely, Ukraine!
KNOWLEDGE
18. Guyana – Visa on Arrival 19. Haiti – No Visa 20. Indonesia – Visa on Arrival 21. Jamaica – No Visa 22. Jordan – Visa on Arrival 23. Kenya – eVisa 24. Laos – Visa on Arrival 25. Madagascar – Visa on Arrival 26. Maldives – Visa on Arrival 27. Mauritania – Visa on Arrival 28. Mauritius – No Visa 29. Micronesia – No Visa 30. Moldova – eVisa 31. Myanmar – eVisa
MONTH REVIEW States Should Hike Power Tariff Every Year: Deloitte Gold Remains Weak on Global Cues, Low Demand
ABCL Acquires Jayshree Chemicals Chlor-Alkali Division
United Bank of India to Raise up to Rs 200 Cr via Bonds
So then, when news like this that there are 59 countries in the world where Indians can travel without a visa, send us up dancing, we can’t be blamed! Yes, that’s right. There are 59 amazing countries in the world that Indians can visit sans a visa. Ok. Let is alter that a bit. These are the countries Indians can visit without any prior visa. Please note that some of these do require an on-arrival or eVisa. 1. Bahrain – eVisa 2. Bhutan – No Visa 3. Bolivia – Visa on Arrival 4. Cambodia – Visa on Arrival 5. Cape Verde - Visa on Arrival 6. Comoros -Visa on Arrival 7. Cote d’Ivoire – eVisa 8. Djibouti - Visa on Arrival 9. Dominica – No Visa 10. Eucador - No Visa 11. El Salvador - No Visa 12. Ethiopia - Visa on Arrival 13. Fiji - No Visa 14. Gabon – eVisa 15. Georgia – eVisa 16. Grenada – No Visa 17. Guinea-Bissau – Visa on Arrival
32. Nepal – No Visa 33. Palau – Visa on Arrival 34. Rwanda – eVisa 35. Saint Kitts and Nevis – No Visa 36. Saint Lucia – Visa on Arrival 37. Saint Vincent and the Grenadines – No Visa 38. Samoa – Permit on Arrival 39. São Tomé and Príncipe – eVisa 40. Senegal – Visa on Arrival 41. Seychelles – Visa on Arrival 42. Somalia – Visa on Arrival 43. Sri Lanka – No Visa but special permit required 44. Tanzania - Visa on Arrival 45. Thailand - Visa on Arrival 46. Togo - Visa on Arrival 47. Timor-Leste – Visa on Arrival 48. Trinidad and Tobago – No Visa 49. Tuvalu – Visa on Arrival 50. Uganda – Visa on Arrival 51. Vanuatu – No Visa 52. Zambia – eVisa 53. Zimbabwe – eVisa 54. Bhutan – No Visa 55. Hong Kong – No Visa 56. Antartica -Visa on Arrival 57. South Korea – No Visa 58. FYRO Macedonia - No Visa 59. Svalbard - No Visa
Base Erosion and Profit Shifting (BEPS) will affect around 9,000 companies globally: Grace Perez-Navarro
Railways to receive first tranche of Rs 2,000 cr from LIC
Govt to address regulatory, financial issues in infra sector
India, Africa foreign ministers discuss ways to expand ties
Declining standards of education worrying: Maharashtra gov
'India's commitments to combat climate change generous'
60,000 Maggi kits sold in 5 mins on Snapdeal
Pilots' strike affects Lufthansa flights to and from India
Industrial production growth slows to 3.6% in Sep
New Delhi: Manufacturing growth slowed down to almost two year's low in October despite it being a festival season, showed the widelytracked Nikkei purchasing managers' index (PMI) survey. Output growth eased as new orders were not as forthcoming. Even after that, companies employed additional hands, for the first time since January. Meanwhile, inflation in some commodities came back, because of which the Reserve Bank of India (RBI) may pause its move to soften interest rate regime. PMI fell to a 22-month low of 50.7 in October against 51.2 in September. Both represents growth, but October reflected slowing down of expansion. This is so because the index above 50 points implies a growth and one below that shows contraction. PMI was indicative of a weaker improvement in business conditions across the sector, said Markit Economics, a complier of PMI.
Output growth eased in October on the back of a slower increase in new orders. Rates of expansion in both production and order books were the weakest in their current 24-month sequences of growth, with panellists reporting challenging economic conditions and a reluctance among clients to commit to new projects. Sector data indicated that consumer goods was the best performing c a t e g o r y i n O c t o b e r, w h i l e improving operating conditions were also seen in the intermediate goods sub-sector. Conversely, capital goods firms saw business conditions deteriorate in the latest month as output and new orders declined for the first time since September 2014 and August 2014 respectively. New business placed from abroad with manufacturers though it was almost same as was in September. In fact, official data had shown that merchandise exports declined for the tenth month in a row in September. Despite the slowdown in new order
growth, manufacturers hired additional workers in October. Employment rose for the first time since January, although only marginally. Those companies reporting higher staffing levels commented on expectations of a pick up in demand in coming months. October saw inflationary pressures return to India’s manufacturing economy. Average purchase costs rose, amid reports of higher metal, paper and food prices. The rate of increase was, however, only slight in the context of historical data. Part of the additional cost burden was passed on to clients as tariffs were raised. Nonetheless, the rate of charge inflation was marginal overall. Pollyanna De Lima, Economist at Markit and author of the report said. “A return to inflationary pressures, meanwhile, indicates that the RBI may pause its loosening cycle for the rest of the year following a 50 bps cut to the key repo rate in September."
Subir Gokarn appointed executive director at IMF
Asian stocks search for direction ahead of Fed
PM Modi's 'Make in India' push for British investors
Cow brigade now wants to stop leather shoe sales
Mother's Recipe acquires Elmac Agro for Rs 30 crore
Leadership is the art of getting someone else to do something you want done because he wants to do it. – Dwight Eisenhower
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15 November 2015
NEWS
GLAMSCAN
SPORTING ANGLE
Michelle Payne became the first female jockey to win the Melbourne Cup when she rode the 100-1 outsider Prince of Penzance to victory in Australia’s richest horse race. Payne pushed the six-year-old Prince of Penzance through a narrow gap in the straight and surged ahead of the Irish stayer Max Dynamite, ridden by Frankie Dettori, and New Zealandowned Criterion, ridden by Michael Walker, for the victory. Australian bookmakers Ladbrokes paid a winning dividend of AU$101 ($72) on Prince of Penzance, who is owned by six self-described “smallfry owners” a podiatrist, two engineers, an IT consultant, a solutions expert and a producer. The owners paid AU$5,000 ($3,500) each to buy the horse. Payne has ridden the horse, trained at Melbourne by Darren Weir, throughout its career and said she always considered it a potential Melbourne Cup winner. “To think that Darren Weir has given me a go and it’s such a chauvinistic sport,” Payne said. “I know some of the owners were keen to kick me off and (owner) John Richards and Darren stuck strongly with me. “I put in all the effort I could and galloped him all I could because I thought he had what it takes to win the Melbourne Cup.”Prince of Penzance has battled sickness and injury throughout its career, but still
managed to accumulate AU$600,000 ($428,000) in prize money to qualify for a start at the AU$6.2 million ($4.4 million) Melbourne Cup. If it hadn’t been for Payne — the only female rider in the race and only the fifth in history to gain a Cup ride — the horse would barely have been mentioned in pre-race commentary. The Japanese-trained stayer Fame Game started as favorite, but fell far behind in the 24-strong field and was unable to finish among the placings. “He just burst to the front and I’ve never yelled so loud at a horse in all my life,” Payne said. “This is everybody’s dream as a jockey in Australia.”Weir, who trains in the small town of Wangoom near M e l b o u r n e , p r a i s e d P a y n e ’s outstanding ride against some of the world’s best jockeys. “I kept saying to the owners, ‘It’s hard enough to get into the race, let alone win it,’“ he said. “Just enjoy the day and hope like hell we can run into the top 10.” The Melbourne Cup, which dates to 1861, is known as “the race that stops a nation.” Australians traditionally stop work at 3pm on the first Tuesday in November to watch the two-mile race at Melbourne’s Flemington racecourse. Last year, Australians bet almost AU$800 million ($571 million) on the race and betting was expected to exceed that amount this year.
A business has to be involving, it has to be fun, and it has to exercise your creative instincts. – Richard Branson
15 November 2015
Brijmohan Lall Munjal, widely regarded as the father of the Indian two-wheeler industry, passed away at the age of 92. Munjal, who founded Hero MotoCorp, the world's largest two-wheeler manufacturer, is survived by three sons: Suman Kant, Pawan Kant and Sunil Kant. Munjal's younger brother O P Munjal had passed away in August this year. Brijmohan Munjal had inked an agreement with Honda in the 1980s to manufacture motorcycles even though he was keen to make scooters as India was largely a scooter market those days. However, Honda already had a tie-up with Firodias of Kinetic to produce scooters. Hero Honda was born as a result of the 1984 agreement and the entity ruled the motorcycle market in India. In 2011, Hero parted ways with Honda to create Hero MotoCorp. Both Honda and Hero have grown since then although Hero remains the largest player with revenues of Rs 27,500 crore in FY15. In June this year, Brijmohan Munjal stepped down from the position of
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chairman at Hero MotoCorp to become chairman emeritus. He passed the baton to his son, Pawan, who is now the chairman, chief executive officer and managing director of the company. He positioned motorcycles as more fuel efficient than scooters, which struck a chord with the cost-conscious Indian buyers. The 'Fill it, shut it, forget it' campaign remains one of the most effective ones in the country's corporate history. Competitor Rahul Bajaj, chairman of Bajaj Auto, had told Business Standard in June that he always considered Brijmohan Munjal his guru. Motorcycle was not the first product Brijmohan Munjal produced to make mobility affordable and easy. Born in 1923 in Punjab's Kamalia, now in Pakistan, Brijmohan Munjal and his brothers shifted base to Amritsar in 1943 and then to Ludhiana, where they gave shape to their bicycle component business. The business graduated to cycle manufacturing and in 1975, Hero became the largest
cycle producer, leaving competitors such as Atlas behind. Hero Cycles has for long remained the world's largest manufacturer of bicycles. Brijmohan Munjal, then, ventured into mopeds seeing an opportunity there. This was after he secured a licence from the Indian government to produce mopeds under the Majestic brand. By 1983, Majestic was enjoying a third of the domestic moped market. Munjal was well known for his interpersonal relationship with his employees, vendors and distributors. He introduced the concept of dealerships in the two-wheeler sector. He was personally involved in appointing all dealers. Munjal had known almost every dealer by name. He also started the trend of taking dealers on foreign tours. He was conferred with the Padma Bhushan in 2005 in recognition of his contribution in the field of trade and industry. Munjal helped establish numerous medical, educational and infrastructure facilities.
Brijmohan Lall Munjal is born in Kamalia, now in Pakistan. Shifts base to Ludhiana to start bicycle component business with brothers. Munjal sets up Hero Cycles. Hero Cycles overtakes Atlas to become largest domestic player. Group's Majestic moped captures one-third of domestic market. Enters deal with Honda for motorcycle manufacturing. Hero Honda is born. Hero Honda became the country's and the world's largest two wheeler maker. Munjal was conferred Padma Bhushan. Hero and Honda part ways. Hero MotoCorp is formed. Munjal gives up the position of Chairman to become Chairman Emeritus, son Pawan becomes Chairman, CEO and MD. August Munjal's younger brother O P Munjal passes away. November Munjal passes away.
Mumbai: India has seen the entry of more drugs to tap the fast growing market for diabetes. Global major Novo Nordisk and domestic leaders Zydus Cadila, Piramal Enterprises, Emcure Pharma are gearing up with new products, as well as division launches, to grab a bigger pie. The country, which has about 65 million diabetics, will see the number grow to 100 million by 2030. Hence, the market is expected to reach Rs 6,500 crore by 2015 from the current size Rs 4,500 crore, a growth of 45 percent a new basal insulin for patients with type-I and type-II diabetes. The company claimed this would offer flexibility in the timing of insulin administration. Apart from nearly 65 million diabetics, India has 77 million prediabetics. About 85-90 per cent of the patients suffer from dyslipidemia or lipid abnormalities, causing cardiovascular diseases (CVD).In India, one of every five persons is at serious risk of developing cardiovascular diseases. It is second to China in number of
New Delhi : The Income Tax department issued an advisory asking taxpayers not to share their personal financial details over email or phone and urged them to register a complaint in case they face such malicious attempt. The advisory has come at a time when income tax returns (ITRs) filing season has concluded and it is an opportune time for hackers and other fraudsters to launch phishing attempts to compromise users' vital data for their illegal benefits by dishing out false promises about pending refunds or ITR authentications. "Taxpayers are requested not to respond to any email or any type of communication sent to them requesting them to furnish their personal particulars such as bank account details, passwords, one-time password etc purported to be from the Income Tax department. The Income Tax department does not seek any
diabetics across the globe. Sujay Shetty, leader- Pharmaceuticals and, PricewaterhouseCoopers India, said, “Genetically, Indians become diabetic much earlier than their western counterparts. Nowadays, even children at age of 13-14 are diabetics due to the change in lifestyles – consumption of junk food, fast food and growing obesity.” Though the market is crowded with drugs for diabetics, drugs with novel technologies are hitting the market nowadays. Swati Piramal, Vice Chairperson, Piramal Enterprises Limited said, “Molecules for diabetes act on different pathways where drug metabolism is changed. One molecule which acts on one may not work on another patient. This creates enough room for each new drug in India.” The Ajay Piramal-owned Piramal Enterprises is also developing a new molecule for diabetes and the phase-I trials are over in India. Piramal’s moleculeP7435 has been developed by the NCE Research Division of PEL for the management of metabolic disorders such as lipid abnormalities and diabetes. According to Piramal, the lifestyle of Indians with higher consumption of food containing carbohydrates is one among the major reasons for diabetes. Zydus Cadila has developed a new class of diabetic drug Saroglitazar, branded as Lipaglyn and received marketing approval from the Drugs Controller General of India (DCGI) in June. According to Cadila claims, Lipaglyn is the world’s first drug for treating diabetic dyslipidemia combining lipid and glucose lowering effects in one single molecule. Diabetic Dyslipidemia is a condition where a person is diabetic and has elevated levels of the total cholesterol. Recently, Pune-based Emcure has ventured into diabetic segment by launching Criante, a new diabetic care division.
such information through email or any other mode of communication from the taxpayers," the advisory said. The department also asked the taxpayers that they should register a complaint if they receive such fake communication over email or phone. "If you have received any such fraud mails, kindly do not respond and register a complaint by forwarding the actual phishing email as per procedure and details given in http://www.incometaxindia.gov.in/pa ges/report-phishing.aspx (the official web-link of the department's complaint box)," it said. "With the popularity of e-filing and other Internet-based income tax applications growing, there is always a challenge to counter phishing and hacking attempts that can be perpetrated on a taxpayers' bonafide account and they can be falsely convinced to share their vital information and tax details," it said.
The successful man is the one who finds out what is the matter with his business before his competitors do. – Roy L. Smith
8
Global Standard
15 November 2015
NEWS
New Delhi: Prime Minister Narendra Modi said the economy had performed better on all parameters, including inflation and foreign investment in the past 17 months and laid stressed on effecting inclusive reforms to improve people’s lives, rather than only grabbing headlines. He also said the government’s efforts to bring back black money stashed abroad had detected as much as Rs. 10,500 crore. “India today is doing better than it was when we took office 17 months ago. GDP (gross domestic product) growth is up and inflation is down, foreign investment is up and CAD(current account deficit) is down, revenues are up... the fiscal deficit is down and the rupee is stable. Obviously, this did not happen by accident... This success is a result of a series of well-thought policies,” he said. Terming reforms to transform India as “a marathon and not a sprint”, Modi said such measures should aim at improving the lives of people. “My appeal to all of you is to think beyond conventional remedies. We should not limit our ideas of reforms to few standard notions. Our idea of reform should be inclusive and broad-based. The goal of reform is not better headlines in big papers but better lives for our people,” he said while inaugurating the Delhi Economics Conclave, 2015, being attended by economists from India
New Delhi: Corporate India should turn away from ‘tax avoidance’ and pay their fair share of taxes in jurisdictions where the business activity actually takes place, a top Finance Ministry said. “The era of tax avoidance (I am not talking of evasion) in the garb of minimizing taxes is over,” CBDT Chairperson Anita Kapur said at the 3rd Global Tax
and abroad. The prime minister further said the government’s JAM (Jandhan, Aadhar and Mudra) initiatives were all about “achieving maximum values for every rupee spent, maximum empowerment and maximum technology penetration among the masses.” On the various macro-economic initiatives of the government, Modi said “We have embarked on a course of fiscal consolidation. We have
entered for the first time into a monetary framework agreement with the Reserve Bank to curb inflation.” As regards the corruption issue, he said the government had taken “decisive steps” to curb the menace that constrained growth. These initiatives included reforms in the working of the state-owned banks, removal of discretion in allocation of key resources like coal, spectrum, FM radio, etc, doing away
with the interviews for lower-level jobs and introduction of electronic filing and scrutiny of tax returns, he said. Talking about the illicit funds stashed abroad, Modi said “Our campaign against tax evasion and money laundering is well known. Rs 6,500 crore was assessed before the new black money Act was implemented. Additionally, over Rs 4,000 crore has been declared under the new Act. Thus, over Rs 10,500 crore of black money from abroad has been detected and assessed.” He further said the tax department took steps to facilitate electronic return filing, which at present covers 85 per cent of assesses. “Earlier, electronic returns had to be followed by paper verification which took weeks to be processed. This year, we introduced e-verification using Aadhaar and over 4 million taxpayers availed of this facility,” he said, adding 91 per cent of electronic returns were processed and 90 per cent of the refunds were issued within 90 days. “I have asked the income-tax department to move to a system where not only returns but also scrutiny is done without having to go to the office. Queries will be raised and answered on line or by email. There should be a visible electronic trail of what is pending with whom, where and for how long. This is being piloted in five big cities,” he said.
Summit. People who are still bent upon organizing their businesses in a manner that use all kinds of tools to avoid taxes are outliers in the system. CBDT will ensure that stern action is taken against companies that resort to tax avoidance, she added. Stating that tax was now a boardroom issue, Kapur said managements had to realize that a company’s brand will suffer if it is seen as a being a tax avoider. She also said that the government was keen to reduce corporate tax rates while doing away with exemptions, adding that it was large enterprises who took advantage of the exemptions. “We want to phase out exemptions and
bring down the rates,” she added. In this year’s Budget, Finance Minister Arun Jaitley had announced the government’s intent to cut the corporate tax rate from 30 per cent to 25 per cent over four years. Ninety per cent of litigation arises on account of provisions related to tax exemptions. The CBDT chief said the tax department had three segments of taxpayers – small and medium, domestic large enterprises and multinational companies – and has put in place three different approaches for tax administration. Referring to the Base Erosion Profit Shifting (BEPS) reports – to be discussed by the world leaders at the G-20 meeting in Lima — Kapur said the message from these reports were “music” to her ears and in line with India’s stance on several issues.
New Delhi: Prime Minister Narendra Modi said that the government has for the first time entered into a monetary framework with the Reserve Bank of India (RBI) to curb inflation. "We embarked on a course of fiscal consolidation. We entered for the first time into a monetary framework agreement with RBI to curb inflation," Modi said while speaking at the inauguration of Delhi Economic Conclave. Modi said that by almost every major economic indicator, India is doing better than when he took office 17 months ago. “Maximum value for every rupee spent, maximum empowerment for
New Delhi: Air India said it is set to launch holiday packages from December 1 under the Incredible India programme in collaboration w i t h s t a t e t o u r i s m departments."Ashwani Lohani, Managing Director, Air India and senior officials of state tourism departments met in New Delhi to work out the modalities of the Incredible Air India Holiday Packages to be launched from December 1, 2015," the national carrier said in a release. "Among the states represented were our poor, maximum technology Maharashtra, Karnataka, Sikkim, penetration among masses," said Gujarat, Uttarakhand, Himachal Modi. On development in the banking sector, Modi said that 19 crore people were brought under the banking system in 19 months. "Accounts opened under Jan-Dhan yojana have a total balance of almost Rs.26,000 crore today. For me, JAM (Jan-Dhan, Aadhaar, Mobile) Vision is just about achieving maximum," said Modi, and added that India's GDP has grown and inflation come down in the recent times. He also emphasised that India should be known as a job creater nation, not a job seeker nation.
Pradesh, Uttar Pradesh, Rajasthan and Jammu and Kashmir," it added.Under the packages, tourists will have the option of choosing from three-four packages in each state. The packages will cover a wide range of interests like wildlife reserves, religious places, adventure sports like skiing in Gulmarg and Srinagar, paragliding in Kangra, forts, museums, festivities & fairs like Pushkar in Rajasthan."The two nights/three day packages will be attractively priced and will be available for direct purchase from the Air India website," Air India said. Lohani also said that the national carrier would be increasing the intrastate connectivity with the ATR-72 aircraft, operated by subsidiary Alliance Air. Alliance Air is currently operating ATR-72 flights under the Viability Gap Funding (VGF) basis, in the northeastern states, Andaman & Nicobar Islands, Lakshadweep Islands, Karnataka and Puducherry.
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