With the export market losing its sheen, a growing number of apparel exporters are drawing up strategies to sell their wares in the domestic market. Analysts said that the higher local demand for branded apparel was because of rising purchasing power of consumers who were now spending 6-7 per cent of their disposable income on ready-made garments. The surge in consumer spending has resulted in a 20 per cent growth in demand for international apparel.
The view follows a detailed review of the matter by DoT since March this year, after Dayanidhi Maran, then communications minister, asked officials to provide details about the possibility of the Tata-owned VSNL being allowed to retain the land. This latest recommendation, made in September, comes despite the fact that the Cabinet Committee of Economic Affairs had, in December 2005, approved hiving off the land bank into a separate company.
Some new sectors in which the commerce ministry has proposed to allow foreign direct investment (FDI) are credit information companies and commodity exchanges. The ministry is in favour of allowing up to 49 per cent FDI proposed in both these sectors. In proposing to open up the commodity sector, the ministry has said that FII investment be limited to 24 per cent, with a condition that a foreign investor cannot hold more than 10 per cent equity in the investing companies
As foreign fund flows have lifted the rupee to record highs against the dollar, the commerce ministry has started telling exporters to prepare for the Indian currency rising further to 38 against the dollar by December. The strong rupee is already hurting India's exporters, with companies cutting jobs and scaling back expansions. A further appreciation may have even worse consequences for sectors like textile, infotech and automobile.
Even as record foreign fund flows lifted the rupee to 39.43 against the US dollar today, the highest since 1999, the commerce ministry has started telling exporters to prepare for the rupee rising even further to 38 against the US dollar by December. The strong rupee is already hurting India's exporters, with companies cutting jobs and scaling back expansion. A further appreciation may have even worse consequences for sectors like textiles, infotech and automobiles.
The Gujarat Cooperative Milk Marketing Federation, which owns the Amul brand, is all set to introduce sugar-free chocolates across the country, targeted at diabetics. This comes soon after the company had launched sugar-free ice-cream. India has become the diabetes capital of the world with almost 35 million people suffering from the disorder. And their population will continue to grow at a fast pace, say experts, because of Indian dietary habits and a sedentary lifestyle.
Companies based at Gurgaon are sending workers on 45 days' leave without pay before the festival, while those in Tirupur, Tamil Nadu, have not renewed the contracts of over 8,000 workers. All expansion plans have been put on hold and orders for new machinery are being revoked.
Ashok Kumar Jha will step into a role that BVR Subbu, a powerful and seasoned corporate campaigner, had demitted over a year ago.
The government is planning to codify class action as law. A clause to this effect has been included in the new Company Law Bill, which is expected to be tabled in the coming winter session of Parliament.
A US resident has advertised to sell land in that country to Indians here. In the process, the seller may have started a trend of US owners turning to overseas buyers as local demand for housing dries up following the serial bankruptcies from the sub-prime mortgage, or high-risk home loan, crisis.
Real estate firm Parsvnath Developers' quest for a mobile licence seems to have hit a roadblock at the Department of Telecom (DoT). Parsvnath, which is one of the seven realty firms in the fray for mobile licences, hasn't mentioned the business of "telecommunications" in its memorandum of association (MoA).
The Sixth Pay Commission is likely to significantly raise basic salaries for an estimated 4.5 million central government employees. The recommendations are expected to be submitted in January, a few months ahead of schedule, and the award is likely to come into effect from January 2006.
Going by application dates, companies like Spice, Birla-promoted Idea Cellular, Reliance Communications (through Swan and Cheetah) and Hindustan Futuristic are in the lead for licences in different circles. The only new player in the list is the little-known ByCell.Several incumbents like Idea Cellular, Maxis-Aircell, owned by a Malaysian promoter, and Vodafone-Essar lead the list of applicants for initial spectrum allocation since they already hold licences.
The rush to enter the world's fastest-growing mobile services market has attracted a wide range of applicants for telecom licences with the Department of Telecommunications.
It was discovered that state-owned Bharat Sanchar Nigam Limited was given additional spectrum of up to 10 MHz for GSM technology services in over 16 circles even as private competitors have been waiting to be allotted spectrum by the DoT.
Tensions between private telecom players and the government ratcheted up a notch after it was discovered that state-owned Bharat Sanchar Nigam Ltd was given additional spectrum of up to 10 MHz for GSM technology services in over 16 circles even as private competitors have been waiting to be allotted spectrum by the Department of Telecommunications since December 2006.
Currently, only Rs 3,500 crore (Rs 35 billion) of the Rs 24,280 crore (Rs 242.8 billion) goes to the organised sector. Companies are targeting kids from the age of one to 14. According to Technopak, this sector is growing at 20 per cent per annum.
In a bid to transform Mumbai into a world-class financial hub, the Centre has asked the Maharashtra government to upgrade its ports, railway and other infrastructure at the earliest.
Govt puts populist schemes on fast track.
Over the past one year, since the helpline became functional (on September 8, 2006), a total of 3,110 grievances have been registered.
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