'Our automakers export 50 per cent of what they manufacture and once the policy comes into play, which is in the next 2-3 years, we would become a Rs 10 trillion industry.'
After a 27-year long alliance, the World Economic Forum (WEF) and the Confederation of Indian Industry (CII) have parted ways on organising the India Economic Summit, fuelling many theories on the reason. Both the organisations, however, sought to play down the development, saying it was a natural evolution for the Davos-based WEF to organise its event in India as it does in other regions.
The current global financial crisis dominated the India Economic Summit's (IES) pre-event conference. The three-day event, being organised jointly by the World Economic Forum (WEF) and Confederation of Indian Industry (CII) from Saturday, would make its debut in this city after 26 years. The summit, an annual event, is usually held in New Delhi.
The government plans to issue UID numbers to 600 million people by 2014.
Asked if the impasse with 'minus one' would continue, he said he hopes that someday even the 'minus one' comes around to regional cooperation.
Reminiscent of desi culture, a hotel staff was serving tea in normal glasses while standing next to a bicycle.
The minister was also hopeful that economic growth would touch 9-10 per cent towards close of the 11th Five-Year Plan ending 2012.
Amid an uproar over corruption in Parliament, leading industrialist Rahul Bajaj on Tuesday hit out at large corporate houses that pay bribes to get jobs done and claimed he never did it.
Right to shelter should be embedded in a separate legislation as the problem is complex in view of the fact that housing is essentially a state subject, Singh said at the India Economic Summit in New Delhi.
IT industry body Nasscom on Tuesday said the sector will regain double-digit growth from April next year leaving behind the prolonged recession.
The country's third largest software exporter, Wipro Technologies, on Tuesday said it is looking for an acquisition in the BPO space, which is likely to be the next engine of growth for the IT industry.
"There will be no significant hiring," Microsoft India chairman and corporate vice-president Ravi Venkatesan told reporters on the sidelines of the India Economic Summit in New Delhi.
"We are not only looking in India but scouting for acquisitions in the US, China and Europe. But, if pricing goes up, it can be affected."
A government that limits its role to regulation would be a great enabler for agricultural growth.
Prime Minister Manmohan Singh said on Sunday India would continue to work with like-minded people to make the Copenhagen climate change conference a success.
"We are developing two projects in Chennai and Panvel near Mumbai which will have both residential and commercial properties. We are going to put in $4-5 billion over a period of 10 years in completing these projects."
"As per the agreement, the design, engineering, sourcing and manufacturing will be handled by Bajaj Auto while marketing and selling will be by Renault-Nissan Alliance."
Europe's largest carmaker Volkswagen will roll out the Beetle--fondly called the people's car after its maker--on Indian roads by beginning of next month.
To attract foreign investors to bid for road projects in the country, road transport and highways minister Kamal Nath said on Sunday the government would award the first mega highways project in two months.
The economy has developed a resilience beyond expectations.
Industry leaders and policymakers pin their faith on a multi-faceted approach that includes education and vocational training. Achieving inclusive growth is India's biggest challenge and the best way to achieve it is through developing peoples' skills, said Commerce Minister Kamal Nath. The biggest concern was bringing the 600 million rural people living in rural India into the mainstream, he added.
India had planned to end the Eleventh Plan with a growth rate of 10 per cent but the global financial meltdown derailed it.
This year, the India Economic Summit has more foreign companies attending than Indian ones.
Global technology and consultancy giant Accenture on Monday said it is going to add around 8,000 people in India by the end of next year taking its total employee base in the country to 50,000.
Last year, the USFDA had banned 30 generic drugs produced at Ranbaxy's plants at Poanta Sahib.
Wal-Mart chief S Robson Walton met Prime Minister Manmohan Singh and Sharma last week and discussed the foreign direct investment scenario in the retail sector in India.
The exchange's promoters-- Financial Technologies (India) Ltd and commodity bourse Multi Commodity Exchange (MCX)-- have already divested 30 per cent stake in the stock exchange to various public and private banks and institutions.
On India strategy, Barclay said it would continue to grow the business in the same way as it has been growing in the last 5 years.
The meltdown impact was clearly visible in October, when exports declined by 15 per cent. The government has set a target of $200 billion in the backdrop of $162 billion in 2007 08. However, several agencies like global consultancy firm Dun and Bradstreet have expressed doubts whether the growth momentum could be sustained.
The Nand & Jeet Khemka Foundation and The Schwab Foundation for Social Entrepreneurship, in collaboration with United Nations Development Program (UNDP) and Confederation of Indian Industry (CII), have opened nominations for India's 'Social Entrepren
Congress President Sonia Gandhi on Monday suggested that corporate India should join the public sector and civil society in facilitating social change, while outlining primary education, health and nutrition as areas where the three could collaborate
Though things are going well for India, the unfinished agenda is still huge and needs to be addressed quickly.
"A rising rupee is a good time to go and acquire companies abroad," Godrej Group Chairman Adi Godrej said at the India Economic Summit in New Delhi on Monday.
The minister emphasises the need for greater urbanisation of rural India to curb the rising migration from villages to metropolitan cities.
It has to put in place the physical and social infrastructure for getting an international finance centre along with expediting reforms in the financial sector.
The government may look at relaxing 5,000 hectare-ceiling on land for Special Economic Zones once the the Land Acquisition Act is in place, commerce secretary G K Pillai said on Monday. "Now that the new Relief & Rehabilitation policy has come into being, the government may think of relaxing the upper limit of 5,000 hectares for SEZs (once the land acquisition law is enacted), he said on the sidelines of the India Economic Summit.
While Bharti's retail stores will be fully Indian, they will be able to take advantage of the tremendously low prices and technology advantages that Wal-Mart will bring to Mittal-Mart's sourcing.
Government to examine whether rules and regulations were adhered to in the Bharti-Wal-Mart retail deal, says Commerce Minister Kamal Nath.
The India Today group said on Monday it would launch an English language daily in New Delhi early next year.
The US Congressman, who had once demanded that Washington cut off aid to India, expressed support for the nuclear deal on Monday
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