ACS IMPEX

India Business - News Headlines

July 7 to 21 2005

Projects | Imports | International Travel | Human Resource | Economy | Finance | Products

Projects

Mono- Rail Projects

IRCON INTERNATONAL Ltd. and M- Trans Holdings Sdn Bhd of Malaysia, have entered into an MoU for working together on planning and constructing  Mono-Rail projects in Indian cities.

Imports

Gold Imports Barriers to open up

The remaining barriers on the gold and silver imports is set to disappear. The government is learnt to have decided to thrown open the bullion imports for individuals and small jewelers.

Currently, bullion (gold and silver) can be only be imported through various be canalizing agencies such as select public sector banks, the foreign trade enterprise MMTC and the state Trading corporation. But this creates unnecessary hassle, and raise the input cost for small jewelers and exporters of gems and jewellery. Import liberalization is part of the government’s larger plan to make India a global manufacturing hub for gems and jewellery. 

Zero Import Duty for Sri Lankan Cotton Garments.

The government notified zero duty for cotton garments from Sri Lanka on June 28. Garments of synthetic fibre or others in the non-cotton category will be levied 25% of the normal duty. The deal is subject to the   condition that the garment is from fabrics if Indian origin exported to Sri Lanka earlier. There is quantity restriction of six million pieces for non-cottons. Countervailing duty of 8.16% will be applicable on the goods. There is no change in the duty on textile fibre and other textile goods, which continues at 75% of the normal duty.  

International Travel

7.5 Million Number of Indians expected to travel overseas in 2005

Human Resource

TCS Plans To Up Headcount By 13,000

India’s largest software exporter Tata Consultancy Services (TCS) will hire up to 13000 professionals in this fiscal, the company said. “We have plans to hire between 11,000-Rs 13000 software professionals this fiscal,” said Mr S Ramadorai, CEO, TCS. With over 40,000 IT professionals in 33 countries, TCS is positioned to deliver its services seamlessly to any location. The company’s Chinese operations has 300 professionals at present and TCS had been operating in this country since 2002 and is delivering services and solutions to Japanese customers mainly from its Global Delivery Centre at Hangzhou.

Infosys To Add 13,500 Professionals

Infosys Technologies is planning to add 13,500 people on a gross basis over the remaining nine months of the current financial year. Infosys’ total headcount, including that of its subsidiaries, stood at over 39,800 at the end of the first quarter. Infosys added 3,056 people in the first quarter and expects to add another 7,000 in the second quarter, said Mr S Gopalakrishnan, Deputy Managing Director and Chief Operating Officer, Infosys. The company's attrition during the first quarter stayed almost flat, at 9.8 pct. The company has increased the headcount at its China facilities to 243, up from 160 in the previous quarter.

Economy

Rising Demand Increases Capital Formation in Industry

The expectancy of higher GDP growth is here once again. Industrial production is growing at a higher rate. Also the stock market is booming, inflation is under control. The rate of gross capital formation, measured as percentage of gross domestic product at constant prices, has increased from 27.4% in 2002-2003 to 28.7% in 2003-04. The rate of net capital formation in 2003-04 was 20.8% as against 19.1%in 2002-03.   

Finance

IFC Washington may Acquire 10% Stake in Dhanalakshmi Bank

Kerala- based private institution Dhanalakshmi Bank has offered a10% to equity multilateral agency IFC Washington. IFC, which earlier had investment in Centurion Bank and the erstwhile Global Trust Bank, currently has no stake in any private bank. Source said another multilateral agency the Asian Development Bank (ADB), could also join IFC in picking up an additional 10%stake.

However, such investments are subject to the reserve Bank of India’s (RBI’s) approval, which has stringent policies on foreign investment in private Banks.

Products

Salora to Market iRiver in India        

Reign Com - a Korean portable audio & visual product company has tied up with Salora International for introducing its iRiver branded products in India. As per the arrangement, Salora will handle the marketing and distribution Set-up of iRiver Products in the country. Globally, iRiver competes with the likes of Apple iPods in the portable digital audio products market.

Acknowledgements: The above news headlines have been compiled from various sources such as leading national dailies, business magazines and TV Channels.

Disclaimer: Readers are advised to get further details and cross check the accuracy from the reliable sources. ACS IMPEX is no way responsible for the exactness and details of the information.