Luxury Comes Knocking on Your Doors! Knock! Knock! Knock!Luxury Market BOOM is closely associated with Resurgence of Global Zionist Hindutva as Ganesh and Durga have become the Best Ever marketing Agents in the History, just visit Maharashtra or Beng

Luxury Comes Knocking on Your Doors! Knock! Knock! Knock!Luxury Market BOOM is closely associated with Resurgence of Global Zionist Hindutva as Ganesh and Durga have become the Best Ever marketing Agents in the History, just visit Maharashtra or Bengal! it is Paradoxical as the MULNIVASI Aboriginal Indigenous SC, ST, OBC and Converted Minority Communities in Maharashtra and even in the COW belt are so much so ASSERTIVE in Comaprison to the Aboriginal Indigenous Human scape of Bengal Enslaved by Scientific Brahaminical system which has chosen the INVOKED Maa Kali for Self Destruction after tasting Marxism and Maoism for last Three and Half decades!

But None of us suffers from the Guilt Consciousness of Macbeth, the Shakespearan Protagonist as we have been so DECULTURALISED that our Robotic Life is detached with Human Senses not only Ethically, Morally, but perhaps BIOLOGOCALLY! Yes, we are Changed species of Human Being Previleged in the Global Free Market which Promotes Consumer Culture as well as Man Made disaster!

Curfew back in Kashmir,FIR against Mirwaiz

NMDC to invite bids for its biggest 34.37 carat diamond find

Indian Holocaust My Father`s Life and Time - Four Hundred SEVENTY Eighty One

Palash Biswas

http://indianholocaustmyfatherslifeandtime.blogspot.com/


SCENE III. The same.

Knocking within. Enter a Porter
Porter
Here's a knocking indeed! If a
man were porter of hell-gate, he should have
old turning the key.

Knocking within

Knock,
knock, knock! Who's there, i' the name of
Beelzebub? Here's a farmer, that hanged
himself on the expectation of plenty: come in
time; have napkins enow about you; here
you'll sweat for't.

Knocking within

Knock,
knock! Who's there, in the other devil's
name? Faith, here's an equivocator, that could
swear in both the scales against either scale;
who committed treason enough for God's sake,
yet could not equivocate to heaven: O, come
in, equivocator.

Knocking within

Knock,
knock, knock! Who's there? Faith, here's an
English tailor come hither, for stealing out of
a French hose: come in, tailor; here you may
roast your goose.

Knocking within

Knock,
knock; never at quiet! What are you? But
this place is too cold for hell. I'll devil-porter
it no further: I had thought to have let in
some of all professions that go the primrose
way to the everlasting bonfire.

Knocking within

Anon, anon! I pray you, remember the porter.

Opens the gate
http://www.online-literature.com/shakespeare/macbeth/11/


Luxury Comes KNOCKING your Door! Knock ! Knock! knock!


Luxury Comes Knocking on Your Doors! Knock! Knock! Knock!Luxury Market BOOM is closely associated with Resurgence of Global Zionist Hindutva as Ganesh and Durga have become the Best Ever marketing Agents in the History, just visit Maharashtra or Bengal! it is Paradoxical as the MULNIVASI Aboriginal Indigenous SC, ST, OBC and Converted Minority Communities in Maharashtra and even in the COW belt are so much so ASSERTIVE in Comaprison to the Aboriginal Indigenous Humanscape of Bengal Enslaved by Scientific Brahaminical system which has chosen the INVOKED Maa Kali for Self Destruction after tasting Marxism and Maoism for last Three and Half decades!


But None of us suffers from the Guilt Consciousness of Macbeth, the Shakespearan Protagonist as we have been so DECULTURALISED that our Robotic Life is detached with Human Senses not only Ethically, Morally, but perhaps BIOLOGOICALLY! Yes, we are Changed species of Human Being Previlleged in the Global Free Market which Promotes Consumer Culture as well as Man Made disaster!


The Ruling Hegemony of the Dominating Market  community ZIONIST Brahamins and all of their agencies, the Government of India Incs, Zionist Ruling dynasty, Brahaminical Political Party, FDI Fed Toilet Media, Defenders of Manusmriti known as Intelligentsia, Policy Makers, Legislature, Administration and Judiciary try Die hard to Ensure the Sovereigenity of Market killing Civic and Human rights, Culture and Folk roots, Indigenous Aboriginal Production system and livelihood, Nature, Climate, Ecology, Bio cycle and Environment.Monopolistic Aggression continues under the Agenda of economic Ethnic Cleansing hyped as Growth and Reforms, democracy and Neo Liberalism, Religion Fascist as Statics is manipulated to highlight the Market interests to sustain Consumer Culture for the people having Plastic Money enough for Purchasing power Needed for Sustenance with LUXURY. The FOOD Insecurity Famine Job loss struck Majority Masses are targeted with UNIQUE Marketing Strategy of Retailing. Agriculture is KILLED. Production Demoted. manufacturing Halted. labour Class Annihilited. Unskilled Rural Non Brahaminical aboriginal Indigenous Masses are Predestined for Mass Destruction. IT and Service sector along with maximum Energy Consumption in  the Nuclear Chemical Set Up of Modified Genetic food, Pesticides and Drugs, Realty and Infrastructure under SEZ, PCPIR Foreign Territorry DRIVE supported by deportation Drive with Citizenship amendment act, unique Identity Project, Financial and Labour Reforms, Draconian Laws like AFSPA and Prevention of Terror Acts, Direct Tax code, knowledge Economy have the Top Most Priority in the Free market democracy ruled by super slaves, Extra Constitutional elements representing India Incs and MNCs,  CO Opted Corrupt Billionair Millionair Politicians of Different Color and Proactive Biased judiciary and User Friend central and state agencies.

Most dangerous element of the Market lies in the Rural and retail, Direct to Home marketing Strategy which LOOTs every Pie from our pockets CREATING Fabricated Demand for Un productive Investment and Consumer Durable Products using and manipulating Religion, culture and Folk.

Iconised Branding DUPES the masses most and creates the Hunger for NON Basic Commodities producing only Food Insecurity.

Pouch Packaging of Fairness Industry and Luxury Items meant for Direct to Home marketing Network being the general social cultural Mode.

We may see it Live on TV cahnels and reality shows these days which is REPLICATED in day to day life.

CONSUPTION on credit is the new culture and Loaned Living with Mass suicide has become the Environment in a country of Continuous Holocaust, Untouchability, Discrimination, Exclusion, Persecution, Repression,Displacement, Exodus and Deportaion.

The resultant impact may be seen in the Aboriginal Human scape including the Himalayas specifically with Kashmir and North East, Central India inflicted with Maoist Menace as well as Corporate War, South India uprooted fromDRAVIDIAN legacy, Eastern India struck by Poverty, Jobloss and Famine, Cow Belt ruled by fascist politicians or Coopted Ambedkarites, Socialist Oxides amidst the slogan of corporate Concern for the Poor, NGO Activism for poverty Eradiction and Survival of the  Fittest in the great BULL FIGHT amongst India Incs and MNCs as we see in Orissa.

Luxury Market BOOM is closely associated with Resurgence of Global Zionist Hindutva as Ganesh and Durga have become the Best Ever marketing Agents in the History, just visit Maharashtra or Bengal!

It is Paradoxical as the MULNIVASI Aboriginal Indigenous SC, ST, OBC and Converted Minority Communities in Maharashtra and even in the COW belt are so much so ASSERTIVE in Comaprison to the Aboriginal Indigenous Humanscape of Bengal Enslaved by Scientific Brahaminical system which has chosen the INVOKED Maa Kali for Self Destructionafter tasting Marxism and Maoism for last Three and Half decades!



Mineral giant NMDC will invite bids for its prized possession -- a 34.37 carat diamond-- the biggest ever gem produced from its Panna Mines in Madhya Pradesh that it expects could yield as high as up to 5 crore.

"Yes, we will invite tenders for the biggest ever diamond produced in our Panna Mines very soon and this could be a global tender as well," NMDC Chairman Rana Som told PTI.

Along with the pear-shaped white good quality diamond, the National Mineral Development Corporation (NMDC) plans inviting tenders for about 40 other diamonds, weighing above 5 carats and below 30 carat each, the value of which are still to be evaluated.

The modalities and details for tender of 34.37 carat diamond will be finalised soon after we auction 9,700 carats of rough diamonds this week in Mumbai, he said.

The 34.37 carat jewel, which was recovered from a pit on June 30 from the company's Panna Mines will not be placed in auction in Mumbai, scheduled for September 16 and 17, along with other big size diamonds, said another senior official.

Earlier, the mines had produced a 32 carat diamond in 2005 and a 30.30 carat diamond in 2003, which were sold for about Rs 1 crore each.

"We are hopeful to raise about Rs 5 crore from auction of at least 60 per cent of the 9,700 carats of rough diamonds, which will be exhibited for merchants from September 13 to 15," the official said.

The diamonds that will be auctioned will be less than 5 carats, mostly weighing about 2-2.5 carats each, he said.

The Panna mines at Majhgaon are the Asia's biggest mechanised diamond mines and its diamonds are rated next to those produced from South African mines.

The mining operations, which closed here in 2005 in want of forest clearance and approvals from the adjoining wildlife sanctuary, resumed in August last year after getting a conditional nod from the Supreme Court.

The court asked the miner to pay Rs 10.69 crore as net present value (NPV) to the state government, which in June 2009, gave the green signal to resume mining activities at the site.

The company produced about 17,000 carats last fiscal against a target of 35,000 carats. The Panna mines have an estimated reserves of 12 lakh carats of diamond.


12 Sep, 2010, 12.21AM IST, Ishani Duttagupta & Neha Dewan,ET Bureau
Luxury brands selling through home visits
NEW DELHI: Centuries ago, India's rich and famous liked to buy their luxuries at home. Rich silks and gold and silver jewellery were taken by the merchants to the homes of kings and landlords, where men and women picked their objects of desire within the privacy of their homes.

Now, global luxury brands are finding value in tapping the same route to sell their product lines in the Indian market. "We are actively tapping this new format, where we offer our clients the luxury of shopping at home. We call them Trunk Shows. In fact, between 30-40% of our sales in India are currently from the home visits," says Prasanna Bhaskar, regional director of Italian luxury brand Salvatore Ferragamo.

Dolce & Gabbana, Ferre, Trussardi and Lladro are all achieving about 15-20% of sales in India through the 'home visit' route. The conversion factor through this channel for most brands is very high and transaction values have also been relatively higher. Many of the luxury brands in India are now using this route not just for discounted sales, but also for their newly-launched products.

Big brands are now realising that because most rich clients are hard-pressed for time, this often acts as a convenient option for them. "We serve many of our rich clients through the personal viewing of merchandise channel. It is far more convenient when the merchandise is viewed at a place of their choice rather than at the store," says Puneet Khanna, director of Epoca, which retails brands such as Dolce & Gabbana, Ferre and Trussardi in India. This way, the company is able to service them with cent per cent personal attention. The modus operandi maybe relatively expensive, but it gives the companies a leverage to approach the right customer, with appropriate merchandise, rather than wait for them to visit the store.

For Lladro, the Spanish handcrafted porcelain brand, home visits are the best way to sell very personalised pieces of art, and help clients to match the pieces with their home décor. The company has been visiting clients at home since 2002, and this channel now comprises an important part of the overall Indian business. Says Amar Aggarwal, managing director of Spa Group, which has a collaboration in India with Lladro, "At least 15% of our sales come via this route. In fact, in the cities where we are not present, we even make trips to visit customers on special request."

Like Lladro, the 'trunk show' is also helping many other luxury brands to tap markets in various cities where they don't have stores such as Hyderabad, Jaipur, Ahmedabad and Jalandhar. This is also as many wealthy Indian families prefer personalised service in the privacy of their homes over and above visits to upmarket retail outlets. "There are many well-travelled customers in such cities who we are reaching out to through home visits. In fact, our marketing team in Mumbai spends at least fifteen days a month doing such visits. This is working all the more in India because the cost of setting up retail infrastructure is very high," says Bhaskar.

Other luxury brands, too, are introducing themselves in cities where they don't have a retail presence through the experiential private showing route. "When we do not have retail presence in a particular city, Alfred Dunhill introduces the brand and its heritage by a private showing where our potential customers are invited to experience the brand," says Anjani Kasliwal, director of SKNL, which is the exclusive franchise for the brand in India. She adds that the 'shopping at home' concept is very well received among corporate chieftains who are short of time and prefer their homes for selecting clothing and lifestyle products.
http://economictimes.indiatimes.com/news/news-by-industry/services/retailing/Luxury-brands-selling-through-home-visits/articleshow/6538461.cms

he luxury goods market is set to enjoy substantial growth in India over the next five years, and is also expected to attract further investment from major global brands over this period.

According to figures from Technopak Advisors, the consultancy, the premium goods industry in the Asian nation is currently worth around $3 billion (€2.2bn; £2.0bn) a year.

Looking forward, the company predicted that this total will expand by between 25% and 30% on an annual basis from 2010 to 2015.

Rising levels of wealth, improved retail opportunities and the heightened appeal of "aspirational" products will be the primary contributors to this trend, it added.

"Brands from the western world have been eyeing the Indian market for quite some time, mainly for two reasons," said Arvind Singhal, the chairman of Technopak.

"First, India has the fastest-growing population of millionaires in the world. Second, brands are starting to focus on new pockets like India, where a multitude of cultures, languages, festivals and tastes give it a flamboyant nature."

Armani, Burberry, Noraletto and Raymond Wiel are among the high-end specialists that have established a presence in India, albeit through joint ventures, as required by government regulations.

Cartier, the jeweller and watchmaker, entered the country in 2008, and has recently announced plans to increase the size of its distribution network.

"India is a very important region and its culture, very influential in art and jewellery. The country is very promising and we are looking to further expand our distribution network," said Louis Ferla, managing director of the French firm's local arm.

While agreeing with Singhal's assessment that the rapidly-developing nation is one of the "fastest-growing millionaires' economies," Ferla also sounded a note of caution.

"Consumers have started recognising the need for luxury goods and services," he said. "However, the luxury market in India is still in its nascent stage and requires careful strategies to enter and sustain."

Last year, Bain & Co forecast sales in the Indian premium goods segment would climb by 25% a year going forward, albeit from a low base, as the country delivers just 0.4% of global returns at present.

McKinsey has also previously reported that there are some 1.5 million households in the country which can realistically afford to make this kind of purchase.

Data sourced from Business Standard; additional content by Warc staff, 11 March 2010

Indian luxury market to touch US$ 452 million
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The Financial Express: January 14, 2006
Mumbai: With its burgeoning High Net worth Individuals (HNI), Indian market for luxury goods is estimated to touch US$ 452 million in coming years making it the land of promise for global brands, says a survey on luxury goods and Indian consumers.     The survey, conducted by industry chambers FICCI and designed in consultation with leading advertising agency Ogilvy and Mather, was carried out among 80 HNIs across five cities of Chennai, Delhi, Jaipur, Kolkata and Mumbai.     On perception about luxury, 25 per cent of those surveyed rated exclusivity--something a few people can afford-- as their definition of Luxury while an equal number felt it was indulgence in passion, hobbies and interests.     As much as 19 per cent of the surveyed felt, time to do what they want as their perception about luxury, the survey, released at the, revealed.     For the first-timers, purchasing automobile was considered their entry into the luxurious world and was endorsed by 27 per cent.     While "lifestyle luxury" of consumer durables was endorsed by 24 per cent as the first ever luxury product acquired.     Fashion labels and branded accessories as the first luxurious acquisition was stated by 17 per cent of those surveyed.     In accessories, the survey reveals that watches remain to be the most popular with 45 per cent votes followed by leather accessories 18 per cent and pens 17 per cent.

The Booming Luxury Car Market in India

                        
                              January 22, 2010                                  @ YouthKiAwaaz →                                                                                    5 Comments                                                               
                                                                                                                    

Share

Praveen Kumar:
Almost every sector is eying India as a potential investing hub, and automobile sector is no exception. Besides being still a developing country, it shouldn't be a surprising fact that Indian ranks world number 3 in terms of the number of millionaires. This era of development in India has been at its best, despite recession, strong fundamentals of Indian economy have managed to post a decent GDP growth last year.
Increase in disposable income of the people has led to a different lifestyle. Now, the mindset of Indian consumer is a lot different. Previously, Indian consumers used to check the prices of everything they bought. Now, the consumer looks at the experience of the company during the buying process. More than price, Quality matters. This paradigm shift has also changed the way companies look at India. Slowly and steadily the luxury car market which was in a very nascent condition in India, is now counting on big revenues from the country's customers.
Of late, there had been a steep increase in the luxury car market. Year 2009 recorded a whopping 25% growth in the luxury car market. It would be news for many of us that India ranks number 1 in exporting automobile components. The German machines which have fame all over the world use components which are imported from India.
New entrants like Volkswagen are going to heat up the competition even more. Currently the fight is in between BMW and Merc. Despite being a late entrant in the Market, BMW has been successful in capturing a considerable amount of market share. But, this fight between just two companies is not going to stay for long as new players are entering the Indian market.
Is India a dream place for companies? There are clear indications from the current market scenario that luxury car market in India is bound to grow. Last year Rolls Royce's Phantom, a sublime luxury masterpiece was priced around 4 crores and 35 cars were sold. In the late December 2009, Rolls Royce launched its new model GHOST which is expected to be even highly priced and will receive more orders.
This increased demand for luxury cars, is not something that spurt all of a sudden. The gradual development of the Indian economy and the increased disposable income has influenced people to make a status symbol with respect to their cars. Luxury sedans are available from the price range of Rs. 20 lakhs, which are mostly preferred by the first time buyers in this segment. The achievers, who adapt to the latest happening and like to be dominant, are always quick in buying the heavy priced sedans.
One of the major reasons for the increasing number of Luxury car's buyers is because of the multinational companies who pay very lucrative pay packages to its employees. These highly lucrative earning enabled these youngsters to buy luxury cars. This has further given a boost to the industry.
Besides the consumer behaviour, the Government also played a prominent role in this. The government formulated polices pertaining to imports of the country and equity regulations has helped the luxury car making companies to operate in India in a better way. The reduction in import tariffs in the automobile industry has helped these companies price their cars at a lower price as compared to what they used to be.
Luxury car market in India has grown tremendously over the last few years. To maintain this growth in India, the Indian automobile industry and the Government of India has to make some serious efforts.
The writer is a correspondent of Youth Ki Awaaz and also a student of MBA from IIFT.

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http://www.youthkiawaaz.com/2010/01/the-booming-luxury-car-market-in-india/

                            

                Developers in India pitch back into the luxury market with new high end projects       

   
                         Friday, 23 April 2010 07:45                                           Ray Clancy                                                               India                                             -                                                                       India Property News                                    
       
                                            
        
Indian developers return to luxury properties as recession subsides
After ditching luxury property construction during the global recession, developers in India are again returning to the high end of the market as demand rises.
According to consultants Jones Lang LaSalle Meghraj and Knight Frank India there are about 7,000 luxury apartments to be delivered within a year in Mumbai alone.
'Real estate developers are back building high-end super luxury projects because there is good demand for such projects. At the same time, margins are also higher in these projects,' explained JLLM chairman Anuj Puri.
Anand Narayanan, Knight Frank India's national director said that in the central business district of Bangalore, 400 high-end luxury apartments are going to hit the market in 2010.
Similar high-end projects are coming up in the National Capital Region as well, but nowhere in other parts of the country as demand for such projects depend on many things, including the location of the property and its novelty.
The higher cost of such products is justified because not a single one has a common design and lay-outs are also never identical, the consultants said.
'Developers engage renowned architects for such products and each product is different from the other not only in the entire lay-out, but also in design,' Narayanan said. Buyers are prepared to pay a premium for individual properties, he added.
In general prices are rising and according to Knight Frank they have increased 30% in Mumbai in the last six months, and may be rising too fast. 'We are seeing resistance at higher prices and as a result volumes have declined,' said Pranay Vakil, chairman of Knight Frank.
But there seem to be increasing demand from non-resident Indians who expect better returns from residential real estate this year than from other types of property. 'We have seen a huge spurt in demand for homes from non-resident Indians,' Vakil confirmed.
Developers are also bullish about a tightening of monetary policy and believe that the decision by the RBI's to increase rates will not have a negative impact on housing demand, as they do not foresee any increase in home loan rates.
'It's a very balanced and calibrated announcement meant to control inflation. The signals from the PSUs as well as private banks are favourable and they expect no increase in home loan rates.
This will be the ultimate interest of the home buyers,' said Rajeev Talwar, group executive director, DLF.
'I do not foresee interest rates going upwards. Therefore, there is no concern for the real estate sector,' said Pradeep Jain, chairman of Parsvnath.
Property consultants also feel that the hike in policy rates would not have any significant impact on the housing sector, which has witnessed a revival in demand.

           

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            India's luxury market advances without the major international brands

    Analysis      18 April 2010    
Indian silk
       

Click on the picture to see gallery (1 picture)             

                                                     France and Italy currently rank 9th and 10th respectively, in the top of international investor countries in India, behind major investors such as Mauritius, Japan,United States and Singapore. Most of the Italian and French investments investments are focused on FMCG, luxury industry registering insignificant figures. Most of the major international luxury brands in fashion/accessories, watches and jewelry have been content with a wholesale distribution, most of them having been unable to develop local franchising operations. Many brands blame their lack of progress on the strict legislation, bureaucracy and corruption, which are all at very high levels India. But is China any different ? Or is Brazil an easy market ? We, at CPP, cannot agree. Like in the case of many important emerging markets, the majority of nternational luxury brands have applied a ''standard''  expansion policy, disconsidering the specifics of the market. It is true that politics and instability are definitory of the India market, but so is China. Unlike China, India has never embargoed Google or has never applied direct censorship on business dealings. Luxury brands irrespective of the sector, have long expressed a keen interest in India, mostly because of the size of the market, yet very few such brands have closely analyzed the specifics of Indian market. For instance, India is a market which does not need to be ''educated'' in the sense which is applied in other emerging markets such as China or Russia. It is in India that major brands such as HERMES have found not only inspiration but also techniques in manufacturing leather goods or silks. India's rich cultural heritage cannot be overlooked ! India's Taj Hotels have long been recognized as some of the finest hotels in the worldwide. Four Seasons, Shangri La or Kempinski have indeed found excellent investors in India and have developed spectacular projects, yet unlike markets such as Brazil or China, luxury hospitality in India has a heritage of thousands of years. The same applies to clothing and jewelry. India not only has the finest luxury raw materials such as gold, platinum, silk or cotton, but also has extremely high quality craftsmanship. That is why, competing with local jewellers could prove challenging to the most reputed international luxury jewellery brands. The same applies to fashion, where traditional tailored clothing is still a must for the wealthy individuals. There is also the ''luxury show off'' factor, which is very different compared with other emerging markets such as China. While Chinese wealthy consumers prefer to wear the same branded products like their piers, Indians often wish to appear different, unique and special, hence the very creative craftsmanship and finishings of any luxury products made locally. Oliver Petcu                 http://www.cpp-luxury.com/en/india-s-luxury-market-advances-without-the-major-international-brands_687.html

	*         Kamal Nath with Shobhana Bhartia on the opening day of the HT Luxury Conference                  ...More Promotion concerns top worry list Brand India has not only established itself, but has also developed as a good manufacturing and supply base. But Indians do have a long way to go in promoting their brands on global shores, speakers said at the HT Luxury Summit. Unravelling the Moschino experience Moschino launched its first flagship store in the country about four months ago after it surveyed the Indian market for two years. They seemed to have got the formula right. Elite homes, by invites only The Rs 10,000 crore Ambience group is attempting to reverse conventional marketing models by restricting access to only select buyers — by invitation. Fashion Pics Gala Evening

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	The first Hindustan Times Luxury Conference, co-sponsored by the Ministry of Commerce & Industry, Government of India, is scheduled on January 13 and 14 2006 in Mumbai. Hindustan Times, one of India's leading and most respected English dailies, has always prided itself in spotting emerging trends and the Hindustan Times Luxury Conference has been initiated to aid the development of the luxury industry in India. The Federation of Indian Chambers of Commerce and Industry (FICCI), India's premier trade body, will be a partner in this endeavour.

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With increasing prosperity Indians, especially in metropolitan cities like Mumbai, Bangalore and New Delhi, are likely to spend a large proportion of their disposable incomes on luxury goods. A testimony to this is the presence of prominent luxury brands - Chanel, Hugo Boss, Bulgari, Zegna, Aigner and Louis Vuitton in India, and there are reports of many other prestigious luxury houses considering their foray into the Indian market. The Indian government is seriously contemplating the opening up of the retail market in India and is likely to introduce positive measures in this area. The Hindustan Times Luxury Conference would allow a platform for international luxury houses to interact with the Indian government and industrialists. Some of the most well known luxury house representatives have graciously agreed to be a part of the conference.

Mr. Robert Polet President and CEO, Gucci Group Mr. Gianluca Brozzetti Group CEO, A & G Group of Companies Mr. François Steiner CEO, Kenzo Hon' able Mr. Kamal Nath Minister for Commerce & Industry, India More>>

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Lead Summit Partner	Summit Partners
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Associate Summit Partners
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Other Partners
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http://www.hindustantimes.com/news/specials/luxury/index.shtml

The State and Scope of Luxury Retailing in India                                                                                                                              By                                  : Jagriti Mishra                                                                                  Free Download  |                                                                               Email Article | Discuss                                         Article |  Print                                         Article | Rate                                         Article                                                                                                                                         Abstract: The article discusses the state and scope of luxury retailing in India. Understanding consumer psychology in a diversified market with a huge potential of growth is challenging. Since luxury is still in its introductory stage in India, there is vast scope of research specially in evolving marketing practices in the related field with special reference to a culturally distinguished consumer group. Famous fashion Designer Gabrielle Coco Chanel (1883-1971) stated that luxury is a necessity that begins where necessity ends. Similar ideas were acknowledged by the famous economist Veblen (1899), in his book The Theory of the Leisure Class, who explains the concept of conspicuous consumption as the waste of money and/or resources by people to display a higher status than others. Luxury is concept related to status, ego and psychogenic needs; it is not necessary for survival. Luxury goods have always been associated with high quality, craftsmanship, uniqueness, creativity, exclusivity and innovation. Apart from these product attributes, the consumers also get the additional psychological benefits like esteem, prestige and a sense of a high status that reminds them and others that they belong to an exclusive group who can afford these expensive goods. The overall sales of luxury goods in the year 2009 is expected to be more than US$150 billion and Asia contributes 10% to it. The concept of luxury is now not confined to only to Europe and US, the Asian subcontinent contributes majorly to it, with India and China as the newly emerging markets. Professor James Twitchell (2002) comments on the democratization of luxury and the changing consumer psychology These new customers for luxury are younger than clients of the old luxe used to be, they are far more numerous, they make their money far sooner, and they are far more flexible in financing and fickle in choice. They do not stay put. They now have money to burn. The competition for their attention is intense, and their consumption patterns-if you have not noticed- are changing life for the rest of us." Patrick Normand, managing director of Cartier (Middle East & South Asia), discusses the potential of Indian luxury market, The growth of India as a luxury products market, and its emerging potential is very obvious now especially as the economy is booming and there is a general positive sentiment towards global brands. According to the latest Asia-Pacific Wealth Report, there were an estimated 1, 23,000 millionaires at the end of 2007 in India, up 22.7 percent from the previous year; making it a huge potential market for the international luxury players. As per Forbes magazine (March, 2008), financial capital of India-Mumbai-ranked seventh among worlds top 10 cities where largest number of billionaires resides. Still luxury market is at a very nascent stage in India. As discussed in Luxurion World 2009 in Mumbai, the Indian Luxury Market is estimated to be to be USD 4.35 billion and this forms only 2% of the global share. For an Indian owning a luxury brand would mean accomplishment. According to a study by American Express, Inside the Affluent Space, Indian consumer has a desire to prove that Ive made it. He is an aspirer and for him luxury is a reward, which is a mindset very different from a European consumer for whom luxury is an experience. Luxury products are exclusive pieces of craftsmanship driving the aspirations of many but owned by a few. Luxury has different meanings for different people (Kate, 2009). To some consumers luxury goods provide a means to lifestyle, some adapt luxury to their lifestyle and there are still others who require these to make a statement of their wealth (Okonkwo, 2007). The perception varies with the maturity of the market and the exposure to which the consumers have been subjected.                                                                              [ 1 2                          ]

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Published On :                                      Wednesday, April 21, 2010

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Marketing strategy

                                                                       
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Marketing

Key concepts

Product • Pricing Distribution • Service • Retail Brand management Account-based marketing Marketing ethics Marketing effectiveness Market research Market segmentation Marketing strategy Marketing management Market dominance Marketing process outsourcing

Promotional content

Advertising • Branding • Underwriting Direct marketing • Personal Sales Product placement • Publicity Sales promotion • Sex in advertising

Promotional media

Printing • Publication • Broadcasting Out-of-home • Internet marketing Point of sale • Promotional items Digital marketing • In-game In-store demonstration • Brand Ambassador Word of mouth • Drip Marketing

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Marketing strategy[1][2] is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage[3]. A marketing strategy should be centered around the key concept that customer satisfaction is the main goal.

Contents [hide] 1 Key part of the general corporate strategy 2 Tactics and actions 3 Types of strategies 4 Strategic models 5 Real-life marketing 6 See also 7 References 8 Further reading

[edit] Key part of the general corporate strategy

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Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena. Corporate strategies, corporate missions, and corporate goals. As the customer constitutes the source of a company's revenue, marketing strategy is closely linked with sales. A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement[4].

Basic theory:

1. Target Audience
2. Proposition/Key Element
3. Implementation

[edit] Tactics and actions

A marketing strategy can serve as the foundation of a marketing plan. A marketing plan contains a set of specific actions required to successfully implement a marketing strategy. For example: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service."

A strategy consists of a well thought out series of tactics to make a marketing plan more effective. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives[5]. Plans and objectives are generally tested for measurable results.

A marketing strategy often integrates an organization's marketing goals, policies, and action sequences (tactics) into a cohesive whole. Similarly, the various strands of the strategy , which might include advertising, channel marketing, internet marketing, promotion and public relations can be orchestrated. Many companies cascade a strategy throughout an organization, by creating strategy tactics that then become strategy goals for the next level or group. Each one group is expected to take that strategy goal and develop a set of tactics to achieve that goal. This is why it is important to make each strategy goal measurable.

Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. See strategy dynamics.

[edit] Types of strategies

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Marketing strategies may differ depending on the unique situation of the individual business. However there are a number of ways of categorizing some generic strategies. A brief description of the most common categorizing schemes is presented below:

• Strategies based on market dominance - In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies:
• Leader
• Challenger
• Follower
• Nicher
• Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm's sustainable competitive advantage. The generic strategy framework (porter 1984) comprises two alternatives each with two alternative scopes. These are Differentiation and low-cost leadership each with a dimension of Focus-broad or narrow.
• Product differentiation (broad)
• Cost leadership (broad)
• Market segmentation (narrow)
• Innovation strategies - This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types:
• Pioneers
• Close followers
• Late followers
• Growth strategies - In this scheme we ask the question, "How should the firm grow?". There are a number of different ways of answering that question, but the most common gives four answers:
• Horizontal integration
• Vertical integration
• Diversification
• Intensification

A more detailed scheme uses the categories[6]:

• Prospector
• Analyzer
• Defender
• Reactor
• Marketing warfare strategies - This scheme draws parallels between marketing strategies and military strategies.

[edit] Strategic models

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Marketing participants often employ strategic models and tools to analyze marketing decisions. When beginning a strategic analysis, the 3Cs can be employed to get a broad understanding of the strategic environment. An Ansoff Matrix is also often used to convey an organization's strategic positioning of their marketing mix. The 4Ps can then be utilized to form a marketing plan to pursue a defined strategy.

There are many companies especially those in the Consumer Package Goods (CPG) market that adopt the theory of running their business centered around Consumer, Shopper & Retailer needs. Their Marketing departments spend quality time looking for "Growth Opportunities" in their categories by identifying relevant insights (both mindsets and behaviors) on their target Consumers, Shoppers and retail partners. These Growth Opportunities emerge from changes in market trends, segment dynamics changing and also internal brand or operational business challenges.The Marketing team can then prioritize these Growth Opportunities and begin to develop strategies to exploit the opportunities that could include new or adapted products, services as well as changes to the 7Ps.

[edit] Real-life marketing

Real-life marketing primarily revolves around the application of a great deal of common-sense; dealing with a limited number of factors, in an environment of imperfect information and limited resources complicated by uncertainty and tight timescales. Use of classical marketing techniques, in these circumstances, is inevitably partial and uneven.

Thus, for example, many new products will emerge from irrational processes and the rational development process may be used (if at all) to screen out the worst non-runners. The design of the advertising, and the packaging, will be the output of the creative minds employed; which management will then screen, often by 'gut-reaction', to ensure that it is reasonable.

For most of their time, marketing managers use intuition and experience to analyze and handle the complex, and unique, situations being faced; without easy reference to theory. This will often be 'flying by the seat of the pants', or 'gut-reaction'; where the overall strategy, coupled with the knowledge of the customer which has been absorbed almost by a process of osmosis, will determine the quality of the marketing employed. This, almost instinctive management, is what is sometimes called 'coarse marketing'; to distinguish it from the refined, aesthetically pleasing, form favored by the theorists.

[edit] See also

• Business model
• Customer engagement
• Market Segmentation

[edit] References

1. ^ UK govt businesslink marketing strategy guide.
2. ^ Marketbut strategy Australian administration small business guide.
3. ^ Baker, Michael The Strategic Marketing Plan Audit 2008. ISBN 1902433998. p.3
4. ^ Baker, Michael The Strategic Marketing Plan Audit 2008. ISBN 1902433998. p. 27
5. ^ Marketing basics Marketing strategy based on market needs, targets and goals.
6. ^ Miles, Raymond (2003). Organizational Strategy, Structure, and Process. Stanford: Stanford University Press. ISBN 0804748403.

[edit] Further reading

• Laermer, Richard; Simmons, Mark, Punk Marketing, New York : Harper Collins, 2007 ISBN 978-0-06-115110-1 (Review of the book by Marilyn Scrizzi, in Journal of Consumer Marketing 24(7), 2007)

Retrieved from "http://en.wikipedia.org/wiki/Marketing_strategy"

                                                                 

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12 Sep, 2010, 10.57AM IST,ET Now

UID isn't just a number, it is an identity: Nandan Nilekani

In view of the fact that the first set of unique identification numbers are just a few weeks away, ET Now caught up with Nandan Nilekani, chairman, UIDAI, for his take on what is on the cards and what does getting a unique identification mean for the masses and how does it is going to benefit the society. Excerpts:

We hear that the first set of unique identification numbers are just only a few weeks away, is it?

That is right, a few weeks away.

How many weeks are we talking about here?

A few weeks.

Can you tell us about your target? You have a target of something like 600 million identification numbers in the next 5 years, isn't it?

Yes, in the next 4 to 5 years. When this project started about a year back, we had said that we would start rolling out the numbers in 12 to 18 months. So we are well within that. It will be around 13-13.5 months we had made that announcement. So we should be on schedule.

What about costing? How much is it going to cost?

The cost is really based on budgets that are being given to us.

Your budget for this year is 1900 crore, isn't it?

Yes, 1900 crore and we have an overall budget of about 3000 crore and we have basically committed to the first 10 million numbers. Fundamentally, it is great value for money because if you are able to give every Indian a number, it is not just about giving a number, it is about giving them an identity, it is giving them an acknowledgement of their existence by the state and that is really the main thing and it has huge social benefits.

What is this number really going to verify? What would it mean for me when I have it?

You just think of it as your mobile identity. Think of it like the mobile phone versus the landline. When we had a landline, you were fixed to a particular location. If I had to reach you, I have to know you are at home or in office. Now when I call you on your mobile, I do not care where you are. Your mobile number goes with you. So this is also a form of mobile identity, it travels with you and wherever you are we can verify about a person's identity.

Does it then mean that if I want to open a bank account, then just quoting this number should be enough and that should take care of the KYC?

That obviously requires a little more regulatory changes but yes, the Reserve Bank and the Ministry of Finance are very supportive at least for accounts like no frills accounts, which are really meant for the poor and the impoverished to really participate in the banking system. They will look at how Aadhar number is sufficient for KYC which is a very important step forward which means anybody who has this number should be able to open at least a no frills bank account.
http://economictimes.indiatimes.com/opinion/interviews/UID-isnt-just-a-number-it-is-an-identity-Nandan-Nilekani/articleshow/6537880.cms

Will work closely with Indian Statistical Institute: Pranab

KOLKATA: Finance Minister Pranab Mukherjee said said the government and industry will collaborate with premier research and academic body Indian Statistical Institute (ISI) to develop new innovative models for ensuring inclusive growth.

Briefing newsmen after an interactive session with representatives of the government, academia and industry here, Mukherjee, who is also the chairman of the ISI Governing Council, said there was a need for sound data and perfect analysis for making policies.

In this context, he said the ISI was perfectly suited for the task.

The meeting was attended by industry representatives from Google, the Airbus Engineering Centre and Synopsys, Chief Statistician of India T C A Anant, Finance Ministry Joint Secretary Anup Pujari, DRDO Chief V K Saraswat, West Bengal IT Minister Debesh Das and members from the academic community.

Foreign cos are welcome; committed to solve issues: Steel Secy

Steel Secretary Pradeep Kumar Misra has said that foreign steel majors are "welcome" in the country and his ministry is committed to resolve the issues faced by such mega investors.

"Foreign investors are welcome. We will work towards finding a solution to problems of foreign investors. We will try to engage all the stakeholders, including tribals, towards finding the solution," Misra, who assumed office on September 1, told media.

Misra said his ministry will act as a facilitator for various growth projects in the sector.

"We will try to help the investors by also working with other stakeholders like Ministry of Mines, Ministry of Environment and Forests, Tribal Affairs Ministry, Ports and Transport," he added.

The steel industry, which has an investment of about Rs 11 lakh crore in the pipeline, faces multiple challenges like green clearances and tribal protests. Delays in allocation of iron ore and coal mines to feed different projects are another stumbling block faced by the industry.

Companies like ArcelorMittal and Posco have been facing land acquisition and other regulatory hurdles to start their projects, which entail an investment of an estimated Rs 1.5 lakh crore.

World's largest steel maker ArcelorMittal had entered into an agreement with Jharkhand government in 2005 and a year later with the Orissa government to set up plants of 12 million tonnes each at a total investment of about Rs 1 lakh crore. Amid tribal protest, ArcelorMittal was forced to relocate the site for its Jharkhand project within the state and is going slow in Orissa.

South Korean Posco had entered into an agreement with Orissa in 2005 for setting up a 12 MTPA plant, but is facing problems in land acquisition. The process was recently stalled by the Environment Ministry, alleging violation of green norms.

After the Prime Minister's Office intervention recently, the Environment Ministry is again studying the impact of land acquisition process by the Orissa government for the Rs 54,000 crore project, billed as the single largest FDI in the country. The steel ministry is hopeful of early clearances to the project.

"We will work towards a robust steel industry to sustain the accelerating economic growth. By the end of this decade, there will be really strong demand for steel," Misra said.

The steel ministry envisages a production capacity of about 120 million tonnes per annum by 2012, an ambitious target considering the present capacity of about 72 million tonnes only. Further it targets to achieve a production capacity of 240 million tonnes by 2020.

Lotto to expand retail reach in India

Italian sportswear brand Lotto is working on strengthening its presence in India by expanding retail reach and driving volume growth.

"India is a strategic market for Lotto as the country offers strong growth opportunity in the sportswear segment," Sports Lifestyle Pvt Ltd, Managing Director Lalit kishore told PTI. Sports Lifestyle is the exclusive licensee for Lotto in India.

In Asia, India currently comes at number three after Japan and China in terms of turnover contribution to Lotto's global sales.

"India sales is growing at 40 per cent rate every year. In the next three years, India should be at par with Japan," Kishore said. In 2009-10, Lotto did sales of Rs 45 crore India.

As a part of the expansion strategy, Lotto is working on a number of areas. The company is expanding the number of exclusive retail outlets across the country besides investing in marketing activities.

"Today Lotto has about 45 exclusive stores, which are likely to go up to 200 in the next three years. The parent company has also said that it will invest USD 10 million in providing marketing support to the Indian entity," he said adding,"About Rs 20 lakh investment is made to set up one new store."

The company is also spending money of sports such as tennis and football. "We are sponsoring tennis and also working on promoting soccer in the country," Kishore said.

Lotto was a popular sportswear brand in country during 1990's, but went missing for almost ten years before making a re-entry into the Indian terrain.

Lotto's tie-up with its earlier licensee fell through because of which the brand was not sold in India till 2007 when Sports Lifestyle was appointed as an exclusive licensee in India for Lotto.

"Recently, Lotto has extended its agreement with us (Sports Lifestyle) for the next 15 years. This means that the company is committed to India," Kishore added.

Amway planning second facility in India
Amway India, a direct selling Fast Moving Consumer Goods (FMCG) company, planned to set up their second manufacturing facility in the country in South India, a senior company official said.

It would help the company to boost its sales and increase its product range, Amway India Legal and Corporate Affairs Vice-President Yoginder Singh told visiting journalists to its facility here.

The company, a 100 per cent subsidiary of US-based Amway Corporation, had been witnessing a 25 per cent year-on-year growth in its revenues, he said.

"If we continue to grow (in this rate), we will have a new facility. It may be in South India...", he said.

Amway Corporation through its subsidiaries has two manufacturing facilities catering to the United States market, a facility in China and the other here.

Company officials later said the second facility would cater to the growing south and western markets while the present facility (at Baddi) would focus on northern and eastern markets.

For setting up the present manufacturing facility, the company has inked an agreement with Baddi-based vendor Sarvotham Care Ltd. About 85 per cent of the company's products are manufactured by Sarvotham Care Ltd, Singh said.

Noting that the company in March 2010 had made an additonal investment of Rs 55 crore in the facility here taking the total investment since 2005 to 105 crore, Singh said it had been able to tripe its production at the plant, with the commissioning of four more production lines.

With this, the plant has three lines in powder categories, two lines in tablets and capsule, two lines in liquid category and two lines in creams and toothpaste, Sarvotham Care Ltd Assistant Vice-President Sajan Kiran said.

Amway India currently offers over 115 products in five categories including nutrion and wellness (29), personal care (14), home care (14), cosmetics (52) and great value products (6).

Curfew back in Kashmir,FIR against Mirwaiz

The Kashmir turned grim once again on Sunday after curfew was re-imposed a day after massive violence marred the festive celebration of Eid al-Fitr in the state.An FIR was registered against moderate separatist leader Mirwaiz Umer Farooq for inciting violence, officials said.
Indefinite curfew has been re-imposed in summer capital Srinagar and other parts of the Kashmir valley including Bandipora, Baramulla, Sopore, Pulwama, Shopian and Anantnag. Srinagar virtually came to a standstill with all major roads sealed with barbed wires and barricades.
State police and security personnel have been deployed in large numbers in the curfew-hit area to prevent any untoward incident from taking place.

Delhi to relax marriage rules for couples from other states?

Amid rising cases of community panchayats punishing couples for marrying within the same sub-caste, Delhi government is mulling relaxing the marriage registration rules which may help lovers from other states to get their marriages registered here without much hassle. The Delhi Cabinet, which meets tomorrow, is likely to discuss doing away with a clause in the Delhi Hindu Marriage Registration Rules, 1956 under which a marriage can be registered in the city if the couple proves that either of them or parents of at least one of them have been a resident of the area falling under the jurisdiction of the registrar for at least a month, officials said.
Couples wanting to get their marriages registered in the city have been facing difficulty because of the particular clause. Officials said if the Cabinet decides to abolish it then couples from other states will be able to easily get their marriages registered in Delhi.
The move comes against the backdrop of several cases of honour killing taking place in the city also. Couples facing threat of ''khap'' (clan) panchayats in neighbouring states will also be able to get their marriages registered in the city.

BJD holds massive protest over Polavaram project

Orissa's ruling Biju Janata Dal (BJD) Sunday organised a massive rally in Malkangiri town to protest the union government's approval of the Polavaram dam project on the Godavari river in Andhra Pradesh.
A large number of party leaders including eight ministers, members of parliament and legislators attended the rally. However, Chief Minister Naveen Patnaik and senior leader Pyari Mohan Mohapatra skipped the meeting.
Sunday's was the second rally the party organised in a tribal heartland this month. It had organised a similar protest meeting near the Niyamgiri hills in Kalahandi district Sept 3.
'The Congress-led United Progressive Alliance (UPA) government is maintaining double standards. While it is pushing development projects in Congress-governed states, its yardstick for non-Congress ruled states is totally different,' state Finance Minister Prafulla Ghadai said.
'It has blocked several mega projects in Orissa but approved those which will affect our state,' Ghadai said.
'Our protest against the move will continue in future. The central government approved the Polavaram project despite our objection,' he said.
'The project is going to affect several villages in our state. In case of the floods, the back water of the Godavari will flow to its tributaries --Saberi and Sileru in Malkangiri disrit, and submerge dozens of villages,' another BJD leader said.
The BJD appeared to be angry after Congress general secretary Rahul Gandhi attended a tribal rally near the Niyamgiri hills in Kalahandi district Aug 26 and congratulated the tribals for winning a battle against a bauxite mining project in the region.
The state government which was pushing the Vedanta mining project received a jolt when the union environment and forests ministry last month rejected it on environmental grounds.
The union ministry also last month asked Orissa to stop all work related to POSCO steel project, including land acquisition, due to violation of the Forest Rights Act (FRA).
The Andhra Pradesh government says the Rs.10,150-crore Polavaram irrigation project will provide drinking water to 2.85 million people, produce 960 MW of power and give industry 23,500 million cubic feet of water.
The project, first envisioned by the British rulers in 1941 has, however, been facing opposition since decades from local residents who fear displacement, as well as from Orissa and Chhattisgarh.

JK Gujjars seek right on forest land

Gujjars in Jammu and Kashmir today demanded rights over forest land in the state. Stating that Scheduled Tribes had already been given this right, they said the Forest Rights Act should be extended to Jammu and Kashmir immediately.
"This Act has been implemented in a large number of states except Jammu and Kashmir. We demand rights over the forest land in the state," Gujjar leader Javaid Rahi said.
"We have already written a letter to the Prime Minister in this regard," he said.

Foreign Secy to tour US this week to set Obama visit agenda

India and the US will have a series of high-level meetings starting from this week with the visit of Foreign Secretary Nirupama Rao to that country to set the agenda for President Barack Obama''s tour in November. Leaving on September 16, Rao''s visit comes against the backdrop of the controversial position taken by the US over outsourcing and recent hike in visa fee by the American authorities, merely two months ahead of Obama''s trip here.
The Foreign Secretary will also join External Affairs Minister S M Krishna when he travels to New York on September 20 to participate in the UN General Assembly. Rao will meet several senior officials in Obama administration, including Under-Secretary of State for Political Affairs William Burns, who is expected to visit India next week.
The two sides, which are looking at a big idea or big ideas to frame Obama''s visit, will also work on ironing out irritants created by recent US positions both on outsourcing and visa hike. While Indians are not happy with the US hiking the H1-B and L1 visa fee and one of its states, Ohio, imposing a ban on outsourcing, the Americans, too, have their gripes and expect their concerns to be addressed, including those on nuclear liability bill, which was recently passed by Parliament.
Obama is likely to visit India from November 9 to 11 and issues like easing of high-tech exports through removal of Indian companies from the US Entity List and a greater strategic understanding on the Afghanistan-Pakistan issues are expected to figure in his meetings with the Indian leadership.

Top regulators agree new Basel III package - source

Sun, Sep 12 08:32 PM Enlarge Photo Costumers use BCA automated teller machines (ATMs) in Jakarta in this February 3, 2010 file...
Central bank governors and heads of supervision have reached an agreement on Basel III, a sweeping reform that will force banks to hold more capital to withstand shocks, a source close to the process said on Sunday.
"There is a deal," the source said.
The deal was reached by a group of central bank governors and top supervisors, chaired by European Central Bank President Jean-Claude Trichet.
A formal announcement is expected after 1600 GMT.
(Reporting by Alexander Huebner; Writing by Huw Jones; Editing by Hugh Lawson)
(For more news visit Reuters India)

Declare West Bengal drought a national calamity: CPI-M

The Communist Party of India-Marxist (CPI-M) Sunday demanded the central government declare the drought in West Bengal a national calamity and provide subsidies for writing off crop loans taken in the kharif season.
With 11 of the 18 districts in the state already declared drought-affected, the water level has been receding in most of the south Bengal districts, making the peasants doubtful about how much proportion of the harvest can be reaped, the CPI-M's Bengali mouthpiece Ganashakti said in an editorial.
'In the coming months, the rabi crop is also likely to be damaged. This year, Rs. 2,022 crore has been disbursed as agricultural loans for the Kharif season... In the present situation, there is a need for writing off the old loans and injecting soft loans afresh,' the editorial said.
Saying that the losses amount to Rs.5,000 crores, the daily said the left peasant bodies have demanded that the 'drought in the state be regarded as a national calamity'.
'There has also been a demand that the central government provide subsidy for writing off all crop loans disbursed in the 2010 kharif season. Towards that direction there is a need to write-off all interests immediately,' it said.
Urging the central government extend 'total' cooperation to the state government, the CPI-M regretted that New Delhi was yet to take any effective steps except dispatching a central team.
The party complained that the state has not even got its dues, let along any extra assistance, from the central government.
'To save the rural belts from the natural disaster, the central government should come out with a special financial package, it said.
The paper also noted that despite repeated pleas from the state government for its dues of Rs. 1,400 crore under the Mahatma Gandhi National Rural Employment Guarantee Scheme, the central government ha so far released only Rs.270 crore.

Mukesh Ambani to be richest man in world in 2014: Forbes

With a net worth of USD 62 billion, Indian business tycoon Mukesh Ambani would be the richest man on earth in 2014, according to a forecast issued by the prestigious Forbes magazine. "One of the predictions is that Reliance Industries'' chief Ambani, who currently has a net worth of 29 billion dollars, pips the world''s richest man Mexican businessman Carlos Slim to top Forbes'' rich list in 2014," it said.
Ambani''s net worth swells to USD 62 billion while Slim is "hit hard by Mexican political, financial chaos," according to the prediction by Forbes. 53-year-old Ambani currently ranks fourth on Forbes'' list of the world''s billionaires.
Forbes has listed a number of events that could happen over the next 10 years in the field of politics, energy, medicine, finance, society and technology. The publication asked its staff and contributors to forecast some of the "noteworthy events" till 2020.
"A vision of the coming decade sketched from real data, projections and facts whenever possible -- though we''ve injected a dose of rigorous science fiction to fill the gaps," Forbes said about its special 2020 report called ''What Happens Next -- Our Look Ahead''. Another forecast in the field of finance and economics is of fraudster Bernard Madoff''s death in his prison cell in 2011.
The convicted Ponzi-scheme perpetrator is found hanging in his cell and "prison officials will not rule out foul play," according to the Forbes forecast. "Futurism favours the bold.
Look more than 30 years ahead.
and critics will forgive your inaccuracies.
We''ve attempted a thought experiment with far tougher standards: predicting the future that''s just around the corner," Forbes said. In 2012, social networking site Facebook debuts on NASDAQ. Its IPOs value USD 40 billion and founder Mark Zuckerberg becomes the first 20-something who is worth USD 10 billion-plus.
Then by 2020, Wal-mart employs five million people worldwide and its sales pass the one trillion dollar mark. The company "cites successful India and Brazil expansions" for the landmark.
In 2017, Harvard endowment doubles in seven years to USD 50 billion. It offers free tuition to lure top students from China.
The US job scene finally improves in 2018 as unemployment drops below seven per cent and worst of quadruple-dip recession is likely over, Forbes predicts.

UK varsity inks MOU with Punjab for educational cooperation

Wolverhampton University, one of top ten universities in the UK, has signed a MoU with the Punjab government to increase educational opportunities, its Chancellor and leading NRI industrialist, Lord Swraj Paul has said. "The University, which has risen to third place nationally for Knowledge Transfer partnerships which places graduates in businesses for innovative initiatives, has signed a MOU with the Punjab Government to increase educational opportunities," he said while speaking at the School of Sport, Performing Arts and Leisure Graduation Ceremony at Wolverhampton.
The University will provide greater educational opportunities in Punjab. Noting that applications to the University have increased by 30 per cent, well above the national increase last year, Paul, who is also British Ambassador for Overseas Business, said: "Our international activity continues to develop; the University is a leading partner in the Wolverhampton India Project, supporting education, trade and culture.
" He said the University has recently incorporated a new research centre focusing on Brain Tumour Research. The Centre was previously located in one of the large London teaching hospitals.
Paul said a new regional office of the University has been opened in Cyprus to assist student recruitment in this emerging market. "Based in the capital of Nicosia, the new office provides advice on courses, bursaries and scholarships," he said.
Work is under way on the University''s 10 million pounds Performance Hub at the Walsall Campus. It will provide state-of-the-art teaching and performance space for dance, drama and music students and is due to be completed by July next year.
Paul said the National Student survey rated Wolverhampton among the best in the country for the quality of its learning resources and access to specialist equipment. The University has been recognised for its achievements in enhancing learning and teaching recently.
He said the global IMS Learning Impact Awards recognised highly successful uses of technology to support learning and the University received a Platinum award for its work with Pebble Learning, the company behind the e-portfolio tool PebblePad. Paul also applauded the contribution made by Vice Chancellor, Professor Caroline Gipps, who will retire at the end of this academic year.

Senior Indian Ministers visiting China amid bilateral tensions

Amid concerns in India over a Chinese presence in Pakistan-Occupied Kashmir (PoK) and the denial of a visa to a top Indian Army General, two senior Indian ministers are slated to make high-profile visits here for talks with top Chinese officials. Human Resources Development Minister Kapil Sibal arrived in the Chinese city of Tianjin today to take part in the Fourth Summer Davos Forum, beginning tomorrow.
Over 1,400 top businessmen, government and corporate officials are expected to take part in the forum being organised by the Geneva-based World Economic Forum (WEF). Besides the main theme of ''Driving Growth through Sustainability'', strategic issues like reshaping of the competitive landscape in a resource-limited world, the role of Asia''s soft power, the situation in the Korean peninsula and China''s responsibility to the world are expected to come up.
Top Chinese policymakers were also scheduled to take part in the meeting. Sibal is also scheduled to have talks with Chinese officials in Beijing on September 14 to discuss bilateral cooperation between the two countries on education, science and technology.
Following Sibal''s visit, Minister for Road Transport and Highways Kamal Nath will travel to China to take part in two roadshows on India''s massive infrastructure development programme, for which Chinese participation and investment has been welcomed, especially in highways and bridge projects. The first roadshow will take place in Beijing on September 15 and the second will be held later at Tianjin.
A large number of Chinese private and state-owned company officials are expected to take part. India, which has already opened up for the telecom and power sectors to Chinese investment and technology, wants large-scale Chinese participation in infrastructure projects, as their rates are widely regarded as 30 to 40 per cent cheaper than their Western counterparts.
Nath was also expected to have an interaction with top Chinese officials during his stay here. The visits were lined up well before the recent controversy over the presence of Chinese troops in PoK, as well as the denial of visas to Northern Area Army Commander Lieutenant General B S Jaswal on the ground that he headed troops in Jammu and Kashmir, which China regards as a disputed territory, creating new strains in bilateral ties.
The visits by the top Indian ministers could provide an interactive platform for both the countries to have candid discussions on the thorny issues that impeded progress on bilateral relations, officials here said. .

Global slowdown not yet over, India must stay alert: Pranab

Finance Minister Pranab Mukherjee today said that India will have to remain cautious, as the global economic slowdown is not yet over. "We will have to stay alert as India is not alienated from the global situation," Mukherjee said at an event in the Hooghly district of West Bengal.
Referring to the recent global forecast of the International Monetary Fund (IMF), he said the evaluation made by the inter-governmental organisation was not so rosy. According to the IMF, the European recovery will be delayed and the same is true for Canada and North America, he said.
"Since we are not alienated, we will have to stay alert," he said. Mukherjee earlier said that India was the second largest growing economy after China, pointing out that India''s GDP growth would be in the region of 8.5 per cent to 8.75 per cent in 2010.

Generate power, don't pay tariff

Consumers in Haryana who generate their own electricity from solar or captive power plants will get a three-year tax holiday, it was announced here Sunday.
The Haryana Power Utilities has exempted people generating electricity for their own use from paying electricity duty for three years, an official spokesman said Sunday.
The exemption will be effective from April 1, 2010 to March 31, 2013.
The Haryana Renewable Energy Development Agency (HAREDA), a state government agency, had allocated six projects with a maximum capacity of 12 megawatts to private developers to generate power from solar energy in August 2008.
The projects are also being executed by private industries, with a total investment of nearly Rs.2.4 billion (240 crore).

Ordinance on near-extinct Rs.1 note survives seven decades

Remember the Re.1 note, or the last time you saw it?
It may well have gone out of print, but an ordinance promulgated to facilitate its birth in 1940 is still in force, despite the the fact that the Indian constitution grants no more than six months of life to an ordinance.
Notably, the currency ordinance issued by the colonial British government to print the Re.1 note is going to survive, as it did two bids on its life earlier when a finance ministry panel in 1997 and then the Law Commission in 1998 recommended its repeal on the ground that the note is no longer printed.
The Parliamentary Standing Committee on Finance stumbled upon the Currency Ordinance, 1940 recently while examining the Coinage Bill, 2009, aimed at replacing four existing laws on metal coins and tokens.
Flummoxed by its queer longevity, the committee headed by former finance minister Yashwant Sinha asked the ministry if the ordinance promulgated in 1940 was ever enacted as a law.
'No. The Currency Ordinance, 1940 was promulgated after passing of the India and Burma (Emergency provisions) Act, 1940, which provided that ordinances made during the period of the emergency beginning June 27, 1940, (imposed to meet the exigencies of World War II) would not lapse within six months,' the ministry told the lawmkaers panel.
'This made the Currency Ordinance, 1940 of permanent nature,' it said, adding that after independence, the Indian government adopted it thorough a presidential order in 1950 to adopt various British laws.
An ordinance is a special piece of legislation made by the executive to meet an emergency when parliament is not in session. But Article 123 of the constitution stipulates that the ordinance would lapse unless it is ratified and made into a full-fledged law by parliament within six months of its promulgation.
Asked by the panel as to why the ministry was not repealing it when it has already stopped printing Re.1 note, the ministry replied: 'The 1940 ordinance may not be repealed as yet as one rupee notes continue to be in circulation though not being printed any more.'
The Coinage Bill, 2009, seeks to amalgamate four laws-- Metal Tokens Act, 1889, Coinage Act, 1906, Bronze Coin (Legal Tender) Act, 1918, and the Small Coins (Offences) Act, 1971, into one comprehensive act.

Gold may touch Rs 22,000/ 10 gms

Gold prices are likely to touch Rs 22,000 per 10 gms by year end, as the cash-rich financial institutions like mutual funds may divert investments to bullion in view of uncertainty in the stock market, industrial body Assocham said.
"Major players in the capital market including mutual funds are holding huge cash balances, waiting to invest in anticipation of corrections in the equity market. Until corrections resume, these funds would go on making a beeline to commodities, more specifically bullion, which has taken gold and silver to all time high," the chamber said.
Another reason for rising prices is the Euro-zone economy and the US, which are not providing conducive investment options, making way for investment in precious metal.
"This is likely to continue in the foreseeable time, raising hopes for a further hike in bullion prices," it said.

Gold glittering, but demand takes a hit

India's demand for gold has halved in the recent past due to soaring prices, according to a bullion association official.
"The country's demand for gold has come down to less than one tonne per day, as compared to the normal demand of 2 tonnes due to its high price," the Bombay Bullion Association (BBA) President Suresh Hundia said.
The demand in Mumbai bullion market has also reduced to 250 kg per day as compared to the normal demand of 500 kg per day, Hundia said.
"We expect a correction in the prices of gold to Rs 18,200 to Rs 18,500 per 10 grams, after which the demand will start picking up," he said.
Standard gold (99.5 purity) was quoting at Rs 19,075 and pure gold (99.9 purity) at Rs 19,170 per 10 grams in the Mumbai bullion market as of last week.

US' anti-outsourcing steps to hit Indian IT mkt: Experts

Rising anti-outsourcing sentiment in the US, evident by Ohio State's ban on outsourcing IT services to foreign lands, is likely to adversely impact the $51-billion Indian IT industry, feel analysts.
Ohio's ban came just weeks after the US government hiked the fee for H-1B and L1 visas, a move that would hurt Indian IT players.
"The protectionist trend of the USA is definitely worrying and creates uncertainty for the sector in the medium term as the trend might spread to the other states and corporate bodies," a report said.
Ohio Governor Ted Strickland of Democratic Party has banned outsourcing saying this undermines economic development and has unacceptable business consequences for his state.
"The Ohio move will have long-term impact as most of Indian IT companies have huge exposure to the US market overall. This will not only impact the companies financially but psychologically too," SMC Capitals Equity Head Jagannathan Thunuguntla said.
Last week, US President Barak Obama too raised the outsourcing bogey, stressing that he would end "tax breaks" for companies that "create jobs and profits in other countries".
The move comes ahead of the US President Barack Obama's visit to India in November and follows a controversial legislation that increased H-1B and L1 visa fees, hitting India's over $50-billion IT industry.
Indian IT companies like Infosys Technologies, Wipro, HCL Technologies and TCS get 60 per cent of their export revenue from the US.
"The move may dampen the Indian IT companies in a long-run, amid fears that other US states may too follow the suit in order to create local jobs," Ashika Brokers Research Head Paras Bothra said.
Voicing a similar note, IT and BPO industry apex body Nasscom had said, "Ohio state's proposed ban on outsourcing of government IT projects comes at a time when the November elections to the United State Congress and Ohio governorship are drawing nearer."
But some analysts feel that this move is a political gimmick and will not have much impact on the Indian IT companies.
"More than the IT companies, MNC's like IBM and Accenture are more exposed to the fears of a ban. It's a political gimmick and moreover a temporary sentiment," Angel Broking Research analyst Srishti Anand said.

India signs agriculture pact with Argentina

India has signed an agreement with Argentina on conducting research in agriculture and other allied sectors, in line with its plans to tap natural and other resources in South America to boost its food security.
Agriculture Minister Sharad Pawar signed a memorandum of understanding on cooperation in agriculture and allied sectors with his Argentine counterpart Julian Andres Dominguez here this weekend.
Pawar is on a two-week long visit to Argentina, Brazil and Mexico to study the best practices in agriculture in these countries.
The South American countries have emerged as main exporters of commodities, especially to emerging markets, significantly denting the US-Europe domination in agri-business sector. They have overtaken the US in soya production, accounting for 50 percent of global production,
India this April replaced China as the biggest importer of Argentine soybean oil. Argentina is the world's largest exporter of sunflower and soybean oil; world's second largest exporter of corn; and world's third largest producer soybeans.
With large swathes of land in a sparsely populated region, which accounts for 26 percent of global freshwater reserves, South American nations have the highest yields per hectare.
'The memorandum of understanding provides a framework for exchange of information on best practices and technologies, cooperation in research and development and promotion of trade, investment and joint ventures,' said an official release.
India is looking to replicate the success of Argentina in turning agriculture into a high-technology sector.
The Indian delegation led by Pawar will also explore the possibility of increasing the supply of edible oil and pulses to the subcontinent as domestic output has not been able to meet galloping demand.
A recent report of the Inter-American Development Bank said India, given its rising needs and buying power, would be a buyer of agricultural and mineral products of South America.

BJP seeks Omar's removal, no dilution of army's special powers

Firmly opposing any move to lift the Armed Forces Special Powers Act (AFSPA) from any part of Jammu and Kashmir, the Bharatiya Janata Party (BJP) Sunday also sought the replacement of Chief Minister Omar Abdullah, who 'suffers alienation from his people' and was 'unpopular'.
Senior BJP leaders including L.K. Advani, Sushma Swaraj, and Arun Jaitley held an urgent meeting here ahead of Cabinet Committee of Security (CCS) meeting Monday and said the central government was 'completely devoid of any vision on how to deal with the situation'.
'What is of concern to the nation is that instead of realising the seriousness of the problem and attempting to resolve it, the central government is living in self-delusion that by diluting the applicability of the AFPSA, it can appease the separatists,' a pary statement said.
It said the last three months have seen a sudden worsening of the situation in the Kashmir Valley.
'Separatist groups supported from across the border have engineered an environment of violence and terror in the valley. An unpopular chief minister suffers a complete alienation from his people. It is time he is replaced by a more acceptable person.'
The BJP contended there were two distinct visions about the situation in the state - 'one of the army and the security establishment which is being propounded by the defence ministry and the other of Congress prompted by its 'vote bank politics'.'
'The whole nation watches anxiously as to which vision prevails in the meeting of the Cabinet Committee on Security to be held on Monday,' it said.

September holds special significance for Advani

September holds special significance for senior Bharatiya Janata Party (BJP) leader L.K. Advani. He left his birthplace Karachi this month 63 years ago, embarked on his rath yatra from Somnath to Ayodhya this month 20 years back, and it is on Sep 24 that a court will give its verdict on the Ayodhya title suits, he writes in his blog.
In his post titled 'The importance of September', Advani says that the Allahabad High Court announced last week that the bench considering the title suits relating to the Ayodhya dispute will pronounce its verdict Sep 24.
'Everyone is keenly awaiting what the three-judge Bench of the High Court decides in respect of the several title suits before the Court. At a Parliamentary Party meeting some days back, I advised all MPs not to indulge in any speculation about the possible verdict and whatever be the outcome, let the party reaction be restrained and low-key. Partymen have generally heeded this advice,' he says.
Referring to his rath yatra from Somnath to Ayodhya in 1990, Advani says he had started his journey on Sep 25, the birth anniversary of party ideologue Pandit Deendayal Upadhyaya.
The BJP leader says he has been visiting Somnath every year on Sep 25 since 1990 to seek blessings of the deity.
'This month too I propose to go there on that date. This year would be the 20th anniversary of my Ram Rath Yatra, which has been a landmark event in my life,' Advani says, adding that it was a remarkable coincidence that the bench considering title suits relating to the Ayodhya dispute will pronounce its verdict on the eve of his visit to Somnath.
The senior BJP leader says it was Sep 12, 1947 - exactly 63 years back - that he left his birthplace Karachi 'for good'. He says he has visited the city only twice since.
Advani says when former Pakistan president Pervez Musharraf, who was born in Delhi, visited the city in 2001 for the first time since independence, he told him it was unfortunate that they had made rare visits to the cities of their birth.
The BJP leader says that his suggestion during the meeting to hand over Dawood Ibrahim, the main accused in the 1993 serial blast case of Mumbai, to improve ties between the two countries, precipitated quite a tense situation.
He says Musharraf asserted that Ibrahim was not in Pakistan. 'Every one of the nearly one dozen officials from India and Pakistan present at the meeting knew that the Pak President had resorted to a gross untruth,' Advani writes.
The BJP leader says that Sep 12 and Sep 25 are important for him personally, but for the world no date in the month is more significant than 9/11 (Sep 11, 2001).
Referring to former prime minister Atal Bihari Vajpayee's speech to the joint session of the US Congress in September 2000, Advani says the senior party leader had asserted that distance and geography provide no immunity against international terrorism and India's neighbourhood was the biggest source of terrorism.
Terming Vajpayee's remarks as 'prophetic', Advani says that that the attack on the World Trade Centre, New York, was a 'horrendous terrorist attack' causing the death of nearly 3,000 people, more than one hundred of whom were Indians.
Advani mentions that during his visit to the US in 2002, he described India and USA as the twin towers of democracy and added that terrorists may have destroyed the steel and concrete structures of the World Trade Centre, but they 'can never harm the structures and the spirit of our two democracies'.

Mirwaiz slams BJP, reminds of Vajpayee's overtures

Hurriyat leader Mirwaiz Umer Farooq Sunday expressed 'utter dismay' over what he called 'the negative attitude of the Bharatiya Janata Party (BJP)' towards political moves to defuse the Kashmir situation.
'The BJP should not forget it was their leader Atal Bihari Vajpayee and his government which had initiated the dialogue with Kashmiri groups in 2004,' said Mirwaiz, chairman of the moderate Hurriyat faction, after the BJP Sunday cautioned against any move to dilute the Armed Forces Special Powers Act (AFSPA) in Kashmir.
'We responded when Vajpayee saheb said, 'Let us begin the Kashmir dialogue in the context of humanity'. The BJP should not forget Vajpayee and his effort,' 37-year-old Mirwaiz told IANS over phone from Srinagar.
He is also the head priest of Srinagar's historic Jamia Masjid.
The Mirwaiz was referring to the BJP's criticism of Hurriyat leaders and remarks that the government's moves to review the AFSPA in Kashmir would lower the morale of the security forces.
'The BJP should give up its rigid attitude and start educating the people of India about the realities in Kashmir.'
'The BJP should make people understand that the struggle by Kashmiris is not against the people of India. It is for the just aspirations of the people of the state, as promised by the founding fathers of the Indian state and agreed upon before the United Nations.'
'Nor is the struggle in Kashmir by a Muslim Kashmir against a Hindu India,' the Mirwaiz told IANS.
BJP general secretary and spokesperson Ravi Shankar Prasad Sunday blamed the Hurriyat and separatists for the worsening situation in the Valley. 'There is a pattern behind the violence which is orchestrated by handlers from across the border under the patronage of (Pakistani intelligence agency) the ISI,' Prasad had said.
He said the separatists have been unmasked after violent incidents during a pro-separatist rally in Srinagar after Eid prayers Saturday.
At least 70 people have died in Kashmir Valley since June 11, mostly in firing by security forces on protestors.

29 cricketers suspected of spot-fixing in IPL 2: Report

In a startling revelation, 29 cricketers are suspected of spot-fixing in the second edition of the Indian Premier League (IPL) in South Africa last year.
The list, compiled by the International Cricket Council's Anti-Corruption and Security Unit, includes some high-profile names but none from England or Pakistan. Pakistan's players did not take part in the Twenty20 tournament.
'Some betting patterns were very suspicious at IPL 2,' Sunday Times reported.
There have been long-standing concerns about the integrity of IPL, whose commissioner Lalit Modi is suspended on corruption charges.
Earlier, three Pakistani players Salman Butt, Mohammad Asif and Mohammad Amir were suspended by the ICC after their alleged involvement in the spot-fixing controversy during the fourth Test against England at Lords.

Saturday September 11, 03:43 AM

Source: Indian Express Finance

Packaged water majors ready to make a splash

By Lalitha Srinivasan
In a bid to meet the needs of health-conscious consumers, packaged water majors in India are scripting fresh expansion plans and distribution strategy to pump up volumes. For instance, Bisleri International is extending its manufacturing capacity and distribution network to reach out to a wider target audience. Bisleri's arch rivals Coca-Cola India and Parle Agro (makers of Bailley) are strengthening their distribution and retail strategy to gain market share in the Rs 2,400 crore packaged water industry in India.
For health reasons, Indian consumers are increasingly switching over to packaged water brands this year, according to industry analysts. "With growing demand for packaged water brands this sector will register a 30% growth this fiscal. Last year, it grew by 20%," said an analyst in Mumbai. The battle of bottles will soon hot up in the Rs 2,400 crore packaged water industry in India.
On Bisleri's expansion plans, Prakash Chauhan, chairman of Bisleri International said," We are setting up a new manufacturing facility in Nepal to meet the growing demand for Bisleri. Also, we are strengthening Bisleri's distribution network across the country. " Last year, Bisleri had activated operations in 16 new plants across the country. With 60 % market share, Bisleri currently leads the pack in the packaged water business in India. With the rise water-borne deceases in the last three months, there's a greater demand for packaged water brands across the country." To handle this situation, we have increased the number of shifts in our production facilities. We will be extending our distribution to drive volumes, " said Chauhan. Across the road, Coca-Cola India is sharpening its focus on the availability and distribution factors to promote its brand 'Kinley' in the overcrowded category."
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aturday September 11, 01:20 AM

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Obama taps Goolsbee as top White House economist

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Click to enlarge photo

By Alister Bull and Caren Bohan
WASHINGTON (Reuters) - President Barack Obama on Friday named a member of his inner circle as top White House economist and gave a strong personal endorsement to a leading candidate to run his new consumer protection bureau.
The president said had chosen Austan Goolsbee as the new chairman of the White House Council of Economic Advisers (CEA) because he was a skilled communicator who already knows the rest of Obama's top team very well.
"He's someone who has a deep appreciation of how the economy affects everyday people, and he talks about it in a way that's easily understood," Obama said during a news conference to explain how his policies would boost growth and jobs.
Voter unease over the economy spells pain for Obama's Democrats in November congressional elections and the announcement caps a week in which he visited two battleground Midwest states to unveil new economic measures.
Slowing growth as unemployment remains stuck near 10 percent has sapped Obama's popularity and could cost Democrats control of the Congress in the Nov. 2 poll, in which all 435 seats in the U.S. House of Representatives and 37 of 100 Senate seats are up for grabs.
The appointment also provides continuity within Obama's economic team as speculation swirls around the future of other senior White House players like chief of staff, Rahm Emanuel, after a surprise vacancy opened up for mayor of Chicago.
In addition, Obama dropped a heavy hint about another key addition to his economic team, praising consumer advocate Elizabeth Warren as a 'dear friend" as he promised a decision soon on the head of a new consumer financial protection bureau.
POLICY PITCHMAN
Goolsbee, who already serves on the CEA and as chief economist to Obama's Economic Recovery Advisory Board, advised Obama during the 2008 presidential campaign and will be an influential force at the White House.
"Austan has been one of my good friends and close economic advisors for many years. He is one of the finest economists in the country," Obama said.
The CEA is a key source of economic policy advice for the president and its chair plays a leading role in explaining the White House's economic message, an important job on Obama's behalf as anxiety over the outlook hurts his approval ratings.
Goolsbee, 41, had been the strong favorite to replace outgoing chair Christina Romer after she announced her return to academia. The appointment will not require Senate confirmation since Goolsbee already has been confirmed as a member of the CEA.
A familiar face on financial news television, Goolsbee is an effective communicator with an affable style who proved that complex economics can be funny with an appearance on "The Daily Show", the award-winning political satire show.
He has been a particularly visible presence this week, explaining the president's latest government spending plans to boost growth and hiring.
Obama will need these persuasion skills as the White House sells his approach on the economy to sceptical voters weighing their choice between Democrats and Republicans in November.
Nearly two years into Obama's presidential term, speculation about other changes in the White House team is mounting, particularly concerning Emanuel following the surprise decision of Chicago Mayor Richard Daley to not seek reelection. Emanuel has made no secret of his desire to be Chicago's mayor one day.
(Additional reporting by Andy Sullivan; Editing by Leslie Adler and Tim Dobbyn)
(For more news visit Reuters India)

Thursday September 9, 09:20 PM

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Govt asks sugar millers to apply for exports

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NEW DELHI (Reuters) - India, the world's top consumer of sugar, has asked millers to apply for exports of the sweetener against imports of raws in the past, trade and government officials said on Thursday.
The move was widely expected since last month, when Indian millers had asked the government to allow such exports to help them meet export obligations.
The food ministry will consider export requests under a scheme that allows duty-free import of raws against a commitment to ship out the same quantity of refined sugar.
The food ministry has allowed 25 percent of the raws imported between 2004 and 2008 for exports by Nov. 30, while the remainder can be sold in overseas market by end-February 2011 under the "ton-to-ton scheme," traders said.
Trade estimate puts mills' export obligation as against raw sugar imports in the past at 967,000 tonnes.
"The government in principle has allowed exports against the previous imports," said a senior official of the food ministry who did not wish to be named.
He did not specify the quantity of the exports.
India, the world's second-biggest producer after Brazil, was a large importer of sugar in the past two years as farmers switched to other crops and a severe drought hit cane output in 2009.
But this year, normal monsoon rains and higher cane planting have raised expectations of surplus production. Domestic stocks have also risen helped by imports.
India's sugar inventory on Aug. 1 was up 21 percent from a year earlier at 7.6 million tonnes, industry sources said.
(Reporting by Ratnajyoti Dutta and Mayank Bhardwaj; editing by Malini Menon)
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Thursday September 9, 03:30 PM

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Emami, Marico join fray for Paras Pharma

By Nandita Bose
MUMBAI (Reuters) - Fast-moving consumer good firms Emami Ltd and Marico Ltd (MARICO.NS : 124.5 -1.5
Paras Pharma, which has over-the-counter and personal care brands such as 'Moov', 'Krack', 'D Cold', 'Set Wet' among others, is up for grabs after two private equity firms which hold a majority stake are reported to have shown interest in selling their stake for as much as $700 million.
"Actis and Sequoia are interested in selling their stake and once the talks begin we are interested in acquiring a controlling stake," Harsh Agarwal, Emami group director, told Reuters.
Private equity firms Actis Advisors Pvt Ltd and Sequoia Capital India Advisors Pvt Ltd jointly hold 70 percent stake in Paras while the rest is held by the promoter.
Reuters could not reach Actis and Sequoia for comment immediately.
Earlier on Thursday, the Mint newspaper had reported that Emami is in talks to buy Paras Pharma for 40 billion rupees, but Agarwal declined to confirm the number.
Officials at Paras Pharma could not be immediately reached for a comment by Reuters.
Personal care products maker Marico Ltd also expressed interest in acquiring the company.
"There is interest from our side certainly, there is no doubt about that. It's just come out and we are looking at it (Paras) and my assumption is that all FMCGs will be interested," Chaitanya Deshpande, head of strategy, mergers-acquisitions and investor relations, Marico, said.
Analysts said Paras Pharma will attract attention from companies like Dabur (DABUR.NS : 108.5 +1.1
"Paras has very well-establised brands in its portfolio and these brand's penetration levels are still low so it is a very good catch," said an analyst with Prabhudas Lilladher.
Emami, which manufactures personal care brands such as 'Fair and Handsome', 'Navratna Oil', 'Boroplus' and 'Sonachandi Chyawanprash', has been scouting for acquisitions in the personal care space after it acquired Zandu Pharmaceutical Works Ltd in November 2008.
As on March 31, Emami had cash reserves of 6.04 billion rupees and the firm in June had passed an enabling resolution to raise 10 billion rupees.
Similarly, Marico and Dabur have been scouting for acquisitions overseas and in India in the personal care space.
"Dabur is definitely in the race as the management had pointed out recently that they will be interested in acquiring Paras Pharma when it came up," said an analyst with a Mumbai-based brokerage.
At 2.43 p.m., shares of Emami were up 0.09 percent at 459.9 rupees while Marico shares were down 0.56 percent at 124.95 rupees in a firm Mumbai market.
(Editing by Sunil Nair)
(For more business news visit Reuters India)

TODAY - 12 September, 2010

Salman says sorry

Salman Khan apologises for his comments on the 26/11 attacks, saying his words were twisted. More

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Friday September 10, 02:45 AM

Source: Indian Express Finance

New code to turn the heat on MNCs for tax evasion

By Tanu Pandey
Foreign and Indian multinationals could face a tough time ahead with India's anti-avoidance provisions in the Direct Taxes Code Bill clearly listing the conditions under which a company or individual is likely to be booked for abuse of tax laws.
The new tax code will come into effect from April 2012.
Some of the conditions are no disallowance of expenditure which is excessive and unreasonable, income from international transaction will be determined only as per the arms length price and the arms length price will be determined by the appropriate method. In fact, the Bill also clearly mentions that general anti avoidance rules, branch profit tax and CFC rules will apply to the assessee irrespective of the fact the rule is beneficial to him or not. In other words, the tax treaty between the two nations would hold no meaning where GAAR has to be invoked.
Experts, however, feel that the rules and the threshold limit for imposing such a rule have still not been framed by the Central Board of Direct Taxes (CBDT) and that has left the corporates thinking about how transparent the laws would be.
The regulations for certain things involving GAAR need to be worked out. For instance, who among the tax officials would be in the capacity to invoke GAAR or who can send a notice to the corporates-- the assessing officer or some higher tax authority has to be put in place.
"The important aspect of CBDT guidelines, the essence for the applicability of GAAR, is critical. Hence, we believe that the administrators of the law will be more transparent and also progressive in framing the guidelines and fixing the threshold limit," KR Sekar, partner, Deloitte Haskins & Sells said.
The provisions of anti-avoidance rules may be applied in accordance with the guidelines. Further, the reference to dispute resolution panel (DRP) has also been covered in the DTC Bill. The anti-avoidance rules can be invoked if the assessee's tax benefit is also covered by one of the other four conditions i.e. transaction not at arms length, represents misuse or abuse of the provisions of the code, lacks commercial substance or not for bonafide business purposes. Many countries have included the anti avoidance laws in their tax legislation to safeguard against the misuse of tax laws. India is the latest entrant to the list.

Sunday September 12, 03:21 AM

Source: Indian Express Finance

Mid-size IT companies press Exit slowdown, Enter hiring

By Diksha Dutta
A demand-led robust recovery is underway in the $60-billion Indian IT industry. Not surprising then that a host of mid-size companies, which faced the brunt of contracting western markets in 2008-09, have gone on a hiring overdrive of late. Though IT biggies like TCS, Infosys (INFOSYS.BO : 2891.3 +19.25WIPRO.NS : 408 -2.55
Interestingly, over two-thirds of all recruitment by these mid-size companies are lateral hires, typically with 3-5 years work experience. Hexaware, which employs 6,100-odd people, says it hired as many as 900 people in July and August. "We would hire another 1,200 by December as (we see more demand for) projects from North America. We also have 500 open positions right now," says chief people officer Deependra Chumble. The company is looking for special skillsets like Java, enterprise resource planning (ERP ), .Net et al.
Leading HR firm Ma Foi Randstad director & president E Balaji captures the picture: "Mid-size companies hired freshers last year and are now looking at talent with specific skills to support their growth. Moreover, the first wave of hiring was in big companies and now we see mid-size companies playing their cards right."
Kicked by its expansion plans in India, Capgemini, the Paris-based IT services and consulting company, has a gameplan to hire 17,000 people in India this year, out of which 10,000 have already been absorbed. The company currently has 26,000 employees in the country. "Strengthened by the marked increase in bookings, the group will enjoy a return to growth in the second half of the year. We have now relaunched a dynamic recruitment policy in order to satisfy new expectations of our clients," says Paul Hermelin, CEO, Capgemini Group. Steria, a European IT firm with 5,500 employees in India, is also looking at expanding and doubling headcount here in the next two years, according to India CEO Mukesh Aghi.
Driven by 36% revenue growth in the recent quarter, Sapient, a global IT services firm with 5,000 employees in India, aims to hire another 3,000 by 2011 end. The company recently announced hiring 1,500 people in Bangalore. "We see an inclination towards lateral hiring but would like to balance the level between freshers and experienced employees in future as we want to train people and build capability, apart from hiring special expertise," says Sapient-India managing director Karandeep Singh.
L&T Infotech, the technology arm of engineering giant Larsen & Toubro, plans to add another 1,000 to its current strength of 12,900 by March 2011. "The hiring trend had already started in January this year and we have hired 3,000 people till now. However, I feel that the worst in terms of attrition is over and the pre-2008 levels of attrition will be back soon," says CEO Sudip Banerjee.
Joining the peers, KPIT Cummins, a 5,400 employee-strong IT firm, too is looking at hiring 1,620 this year. "We will increase our headcount by 30% every year till 2013. At present, 70% of our recruitment is lateral hiring which is basically for the middle-level management like tech leaders, design experts and architects," says Sumedha Nashikkar, head (human resources), KPIT Cummins Infosystems.

Saturday September 11, 03:20 PM

*

RBI to act 'appropriately' on inflation - Pranab

*

Click to enlarge photo

By Niladri Bhattacharya
KOLKATA (Reuters) - The Reserve Bank of India (RBI) will take 'appropriate measures' to tackle inflation, the finance minister said on Saturday, though he added that India could not go on a "reverse growth path".
Pranab Mukherjee was speaking a day after data showed industrial output accelerated much faster than expected in July, strengthening the case for further monetary tightening by the central bank to tame near double-digit inflation.
Recent signs of cooling growth in Asia's third-largest economy, along with a sluggish global economic recovery, had tempered expectations for a rate increase at the central bank's policy review on Sept. 16.
But economists said the surprisingly strong industrial performance boosted the chances of a rate rise next week.
"Inflation is a concern. I am concerned that prices are increasing," Mukherjee said in Kolkata.
"RBI will take appropriate measures as and when needed. But at the same time, I cannot go on a reverse growth path."
Pranab Mukherjee said India would likely grow between 8.5-8.75 percent in the fiscal year ending next March, therefore possibly exceeding earlier growth estimates of 8.5 percent.
Industrial output rose 13.8 percent in July from a year earlier, nearly double analysts' forecasts for a 7.7 percent rise. It was the fastest growth since April.
Mukherjee on Friday called it "extremely encouraging", adding that a 63 percent rise in capital goods production signalled "long run optimism" in Indian industry, according to a statement.
Policymakers and investors will be watching inflation data next week for cues on the central bank's next policy move.
August's headline inflation due on Tuesday is forecast to have eased to 9.6 percent, which would be its second-consecutive month below double digits.
Yet with food inflation accelerating for three straight weeks and signs of manufacturing capacity constraints, policymakers fear high food prices could spill over into the broader economy.
(Writing by Matthias Williams; Editing by Hugh Lawson)

Sunday September 12, 11:30 AM

*

Banks' margins may slip, focus on i-banking by 2020

*

Click to enlarge photo

MUMBAI (Reuters) - Indian banks' outstanding mortgages are expected to cross 40 trillion rupees by 2020 but margins will see downward pressure making fee income more important for profitability, according to a banking report released at an industry event on Tuesday.
Margins are likely to slip as wholesale debt markets deepen and corporate customers access the wholesale markets directly, according to the report released by the Federation of Indian Chambers of Commerce and Industry, Boston Consulting Group and Indian Banks' Association.
State-run banks see a higher likelihood of their margins being squeezed as compared to private sector or foreign banks, it said, adding net interest margins (NIM) of public sector banks have consistently declined, reflecting a "pessimistic view on future margins adopted by the public sector."
NIMs have grown from a little less than 2.5 percent to about 3 percent for private sector banks, but public sector banks have seen margins dropping from about 3.2 percent to under 2.5 percent, it showed.
However, "as yields in large corporate banking fall with further deepening of wholesale debt markets, the banking industry in India will find cost-effective ways to serve the small and medium enterprises customers where yields are quite high."
Infrastructure is likely to occupy a larger share of balance sheets with banks estimated to have accumulated infrastructure assets worth 20-25 trillion rupees on their books by 2020. This would touch 12-15 percent of total advances, the report said.
"The real challenge for banks would be to develop skills to undertake the risks of long gestation infrastructure projects and manage concentration risk in infrastructure."
According to the report, India's investment banking will be amongst the fastest growing segments in the banking industry rising from 4 percent to 7 percent of the entire corporate banking revenue pool.
Larger corporate customers are expected to demand higher support for international expansion and mergers and acquisitions over the next decade.
Besides, with wholesale debt markets deepening, larger corporate would avail of advisory and capital markets services from banks, ensuring a "shift in revenue pool from traditional corporate banking to investment banking and advisory," it added.
(Reporting by Swati Pandey & Suvashree Dey Chowdhary; Editing by Sunil Nair)
(For more business news visit Reuters India)

Sunday September 12, 03:20 AM

Source: Indian Express Finance

Largest rice consumer, WB faces demand-supply challenge

By ROHIT KHANNA
Sitting on a half-broken wooden bench in front of his hut, Madan Mohan Pan tells us, "I may not sow paddy next year." The 40-year-old farmer of Somsara village in Hooghly district is clueless about how to repay bank loans taken for kharif cropping this year.
It has been over a month that Pal and his brothers have been waiting for heavy showers. Over the past fortnight, there has been some rain in parts of West Bengal, but it is already too late for sowing.
State agriculture minister Naren De said the shortfall in kharif rice cultivation will be around 30 lakh tonne this year. "Almost 12 lakh ha is lying uncultivated," he said. The little rain so far has not been of much help to farmers. "It will help the plants already sown to grow, but farmers cannot sow seedlings after a certain period," De said.
High temperature and less than 30% rainfall in several districts of West Bengal since the monsoon season started in June have pushed farmers in the rice bowl of the country to look at other cash crops and vegetables. Villages of 11 of 19 districts in West Bengal are left with mostly parched land this kharif season.
Meanwhile, input costs have gone up significantly due to scanty rainfall, making it almost impossible for small farmers to grow paddy this season. "For every bigha of land we get a little more than 450 kg paddy. But we can barely see a profit of Rs 400 after it is sold," Pan says, adding, "This year we had to pay more per bigha towards pump irrigation." "Maybe vegetables, oilseeds or pulses are a better choice," adds Gopal Chandra Pan.
A back-of-the-envelope estimate of growing paddy in a normal season shows how it is becoming increasingly difficult for farmers to stick to the crop. Preparing a bigha of land costs around Rs 500, planting the seedlings is Rs 800, weeding costs Rs 150, fertilisers Rs 300, pesticides Rs 300 and costs for cutting and stacking paddy is almost Rs 1,300. Adding a minimum of Rs 800 for irrigating land through pumps makes it almost Rs 4,000 per bigha. If there is less rainfall, farmers have to pay more towards pump irrigation. Moreover, less robust weeds come up fast if land is not flooded.
Dilip Maiti (42) of Haripal Block is also in two minds over sowing paddy next year. "We sow alternative cash crops during the rabi season every year, but during kharif we are dependent on paddy alone. It seems we have to look for alternatives during kharif too," he says. He could barely sow paddy on 14 bighas this time.
Why are the farmers then continuing with paddy? Apart from the age-old tradition of sowing paddy, farmers are also apprehensive of low returns from alternative crops. "Oilseeds or pulses do not require much investment, but returns are low compared to rice," says Kamal Pal. Moreover, productivity of pulses is quite low compared to paddy, as a bigha of land generally yields 160 kg of pulses. Moreover, oilseeds require wet land, but not flooding. And, if there is heavy rain, there is a risk of flooding. "The entire crop will be lost if it rains continuously for a few days," says Maiti.
"Alternatives could also be flowers or vegetables," says Ramprasad Ghosh, assistant director of agriculture of Howrah district, adding, "Farmers in some areas in Bagnan region in Howrah did just that." Faced with insufficient rainfall, some farmers have also started shifting towards SRI (system of rice intensification) method of cultivation, which requires less water and has a higher yield than conventional methods.
Ironically, West Bengal is the largest rice consuming state, so in face of this shift to alternate crops, there's a demand-supply challenge to be tackled as well.

CORRECTED - New Mumbai rabbi highlights worldwide Jewish mission

As they prepare for the High Holidays this week, the Jewish community in India's financial capital Mumbai has good news to report two years after its rabbi there died in an Islamist assault on the city.

A new rabbi has arrived, a new community centre is open and their worldwide Chabad-Lubavitch movement is once again at full strength in Mumbai pursuing its mission to support Jewish life wherever Jews can be found.

The three-day siege in November 2008 claimed 166 lives, including Rabbi Gavriel Holtzberg, his wife Rivka and four others at the Chabad House near the luxury hotels, railway station and cafe also attacked by the Pakistan-based militants.

Rabbi Chanoch Gechtman recently arrived from Israel with his wife Leiky to continue Holtzberg's work in a new centre a short walk from the original house badly damaged in the assault.

"The Mumbai Jewish community definitely wants to move beyond 26/11," Gechtman, 25, said in an email from Mumbai. "We need to focus forward on helping the many people who need our assistance, so Jewish life flourishes here."

This kind of dedication is the hallmark of Chabad, a Hasidic movement that has built community centres, synagogues, schools and camps around the world in recent decades to promote Jewish observance and bring less devout Jews back into the fold.

"I'm totally impressed, but not surprised, by the fact that they're already reopening the Chabad House in Mumbai," said Henry Goldschmidt, author of a study on Chabad and the Jewish enclave that has grown up around its world headquarters in the Crown Heights neighbourhood of Brooklyn.

Judaism's High Holidays begin on Wednesday evening and run for 10 days, from the beginning of Rosh Hashanah, or Jewish New Year, and ending with the Yom Kippur day of atonement.

CHABAD HOUSES WORLDWIDE

Gechtman knows the challenge ahead of him. He spent five months in Mumbai in 2006 helping the Holtzbergs after the birth of their son Moshe, whose nanny saved him from the killers. Rabbi Holtzberg was only 29 when he died.

The Mumbai Chabad House is one of around 3,500 institutions the movement runs in 77 countries around the world.

About 4,000 married couples run Chabad houses that offer kosher Sabbath dinners for any Jew who turns up and Torah classes, religious services or schools for those who want them.

India has fewer than 5,000 Jews, but many foreign Jews pass through Mumbai on business or vacation and the centre serves them as well as local residents.

There are centres as far away as South Korea, Congo and Northern Cyprus. Chabad is booming in Russia, with synagogues, centres and schools in 44 cities -- 30 in Moscow alone.

"The largest Passover seder in the world is held annually in Kathmandu -- about 2,000 people participate in that," said Rabbi Zalman Shmotkin, Chabad spokesman and director of its extensive Chabad.org website at the Crown Heights headquarters.

Most of them are Jewish backpackers, many from Israel, who schedule their hiking holidays so they can attend it, he said.

There are dozens of centres in large U.S. cities, but also one in the small town of Bozeman, Montana. "I think there's one Jew for every 2,000 cows there," Shmotkin joked.

DYNAMIC OUTREACH

Chabad followers, also known as Lubavitchers, belong to the ultra-Orthodox Hasidic school of Judaism, but their centres are open to all Jews regardless of how observant they are.

More mainstream Jews disagree with Chabad's messianic focus, especially the belief a minority espoused that their late Rabbi Menachem Mendel Schneerson was or may have been the Messiah.

But even liberal rabbis and secular Jews credit them with highly successful outreach programs that have strengthened Jewish life on college campuses, raised the profile of Judaism in public life and influenced Jews outside the Hasidic world.

The movement risked schism after Schneerson died in 1994. A messianic minority believed he was not even dead while many in the majority said the question of whether he was the messiah was not central to the mission he had given them.

The two camps worked out a modus vivendi over the years as the movement recovered and focused on the trademark outreach mission that accounts for much of its dynamism.

The number of young couples leaving on these missions more than doubled in the 1999-2008 period compared to the previous 10-year period, to 1,589 from 715, Chabad figures show.

About four new couples now set out every week to open a new Chabad centre somewhere in the United States or around the world, Shmotkin said. The mission is a joint effort, with the wife playing a key role, and the assignment is usually for life.

Gechtman echoed that dedication in his message from Mumbai. "People really believe in this city. It's a place with a lot of energy," he wrote. "We hope and pray that the new year will be a good one, rife with good news and tranquillity."

(Editing by Paul Casciato)

(For more news visit Reuters India)

• Corporate News

For luxury brands, India is a tiny market right now

The radical turned entrepreneur on selling bags and rediscovering India

Veena VenugopalEmail Printdel.icio.usdiggnewsVine

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New Delhi: Hidesign is a hippie brand that was born in the late 1970s. Today, it's a flourishing 30-year-old that is mainstream in both its availability and its brand values. Dilip Kapur, founder and president of the Puducherry-based company, is now straddling the upmarket, luxury end of the business with Louis Vuitton buying a stake in his company and also wooing the value-conscious Indian shopper with Holii, his partnership with Kishore Biyani's Future Group.

Out of the bag: Hidesign is diversifying into accessories; its range of sunglasses will be launched in March.

He talks to Mint about building a brand and selling genuine leather handbags in the time of synthetic rip-offs. Edited excerpts:

What is Hidesign about now? Is it high-end Louis Vuitton or affordable Holii?

Louis Vuitton happened because we were a very lonely brand. When I started becoming successful, all kinds of people began to approach me and say we want to buy a stake in the company, we want to make it big, you have a great brand but you are not doing a good job with it—which is still true. But that's a price we were always willing to pay, we didn't want to sell out at the cost of our independence. But Louis Vuitton was an offer we couldn't refuse, in a way. There is a big difference in saying we are an international brand in the sense that we are available internationally and saying that we are an international brand that is recognized internationally. How do you move from this to that? I think we need partnerships for that. We don't have the knowledge and would have taken too long to find our way. That's why we decided to accept this offer of help, in a way, from Louis Vuitton.

And Holii?

Holii started with Kishore Biyani bugging me for two years saying, "Dilip you don't understand India". So Holii helped me go back and realize aspects of our heritage which emotionally affect us and reflect that in a product. It's a 50-50 joint venture, which is now eight months old. The first five months, Holii was doing 70% of the targets we set. Then we started advertising and people started seeing it around, talking about it and suddenly we jumped to 120%.

At the moment, most Holii stores don't have products. So we are quadrupling production.

How do you expect the luxury market in India to unfold?

For international luxury brands, India is a tiny market right now. When I talk to the CEOs of these companies, they say India is going to happen from 2015 onwards. Their huge hope is that India will be like the Far East where they are completely oriented towards European luxury brands. But is India going to go that way? I have no idea. I think it's way too simplistic. Emporio (the Delhi mall that houses luxury brands) is the best thing that happened to Indian luxury brands. They are in the same place as Western luxury brands and suddenly the consumer goes upstairs (to stores of Indian designers) and sees this amazing stuff with incredible work with a price tag of Rs3 lakh. Then she comes downstairs to the international luxury stores and sees something that seems much less value— in her eyes—lot less work and it is priced even higher. So they go back upstairs and buy.

What will Hidesign focus on in 2010?

One of the exciting things we realized is that the privatization of airports has been fantastic. We are discovering that it is an incredible retail space for brands that talk to that aspect of modern life, which is work, career, travel and international lifestyle. Hidesign is right smack in the middle of that. So airports are a very big story for us. We are in Hong Kong and Heathrow. Now we are setting up our own store in Vienna airport, which is the crossroad of central Europe, where our shop is right next to Swarovski—the most important Austrian brand. After a year and a half of hell internationally, when the leather good luxury segment collapsed by 40%, we have seen positive growth in the last quarter. So, internationally, I think 2010 will be the year when we come back to life, internationally. This year, we will also expand our product portfolio. The first range of Hidesign sunglasses will hit stores in March. We are also launching a line with Rohit Bal that will be ultra luxury with a definite Indian sensibility.

What about change style sensibilities, doesn't the assault of cheap, synthetic knock-offs worry you?

It's a question that haunts me routinely now. The easiest way to be successful and make money now is to copy the best bag designs in the world. With the Internet it is so easy. So how do we compete against that? I am not stupid to say that our designs are always the best. Synthetics are the greatest segment of the market. You offer someone an opportunity to buy something and use it for three months and then throw it away. They are not relating emotionally to it and so they'll just think it's cool and use it and then just throw it away.

In a way, the partnership with Louis Vuitton helped me reinforce what I was beginning to doubt. All the successful companies in India and China have essentially looked at what's successful abroad and copied it here. But it is not a solution for the long term. If you have a long-term view of life you need to be yourself, you need to be independent and you need to have a reason to be there.

Who would you want to see carrying Hidesign bag?

You and her and her (points at women in the hotel lobby). I really want to be part of this modern story, the explosion of the young Indian into the world. That to me is much more exciting. I am not concerned any more about whether I am being carried by the society woman. I used to worry about that earlier, but now I am not interested in them.

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12 Sep 2010, 21:13 Fire at GAIL plant in Auraiyya; dy manager killed A deputy manager died and three other employees were injured when a fire broke out at the Gas Authority of India Limited (GAIL) plant in Auraiyya district. 12 Sep 2010, 20:53 Salman Khan causes uproar with 26/11 comment, apologises Bollywood star Salman Khan who came under fire for claiming during an interview to a Pakistani channel that the 26/11 attacks were hyped because the "elite" were targetted, has apologised for his "insensitive" comments. All                                                                                                     News By Industry headlines >> <a target="_blank" href="http://netspiderads2.indiatimes.com/ads.dll/clickthrough?slotid=36037"><img alt="Advertisement" height="80" width="300" border="0" src="http://netspiderads2.indiatimes.com/ads.dll/photoserv?slotid=36037"></a>

Banking/Finance Banks' margins may slip, focus on i-banking by 2020 Dhanlaxmi targets Rs 1,000-cr NRI deposit base by FY'11-end NBFC Magma Fincorp eyes 25% growth in disbursements Shell, Intellecash to provide collateral-free loans to SBUs

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Cons. Products Amway planning second facility in India GCPL eyes Rs 1K cr sales from GoodKnight in next 3 years NMDC to invite bids for its biggest 34.37 carat diamond find Buyouts for Wipro Consumer to be product-centric, not region

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Healthcare/Biotech Natco Pharma open to settle cancer drug patent case with US co Elder Health Care to invest Rs 120 cr in next 3 years US-India Business Council to focus on biotechnology Apollo Hospitals to add 3,000 beds

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12 Sep, 2010, 08.59PM IST, Nageshwar Patnaik,ET Bureau

BJD accuses Congress of double standard on eco clearances

BHUBANESWAR: The ruling Biju Janata Dal (BJD) party on Sunday accused the Congress-led UPA government of double standards on its stand on environment clearances to development projects. The regional party criticized Congress party for what it called "behaving like a partisan political party instead of maintaining its character as a responsible constitutional authority".

The UPA government, instead of behaving like a constitutional authority, was acting like party. In Orissa, it stalled two major projects like Posco steel plant and Vedanta alumina refinery taking the plea that they had flouted forest laws. But surprisingly, it did not look at the law while granting forest clearance to the Polavaram project which is going to submerge vast tracts of forest lands and tribal villages both in Orissa and Chhattishgarh. This forces us to think that the Union government was behaving like a party," finance minister, Mr Prafulla Chandra Ghadei, said addressing a huge rally of party workers at the remote Maoist stronghold Malkanigiri, 618 kilometre from here.

Seven ministers, two Lok Sabha members and 25 MLAs, attended the rally of party workers at the Malkangiri to protest against the Centre's green nod to the Polavaram multi-purpose dam project over the Godavari river being constructed by Andhra Pradesh government. They lambasted the UPA government for 'overlooking' the threats of submergence and inundation the project was to going to cause in Orissa.

The BJD, which is apparently fuming over the refusal of forest clearances to the Rs 52,000-crore Posco and Rs 5,000-crore Vedanta projects by the union ministry of environment and forests (MoEF), tried steer clear of the controversy surrounding the non-response of Orissa chief minister Naveen Patnaik to his Andhra Pradesh counterpart K. Rosaiah's letter for an amicable solution of the Polavaram issue. In his letter on February 24, the AP chief minister had invited Mr Patnaik to Hyderabad for a meeting. He had even proposed that if he would visit Bhubaneswar if the Orissa CM had got prior commitments.

"If due to prior commitments you are not able to make a visit, I have no hesitation in coming to Bhubaneswar on a mutually convenient date to us," Mr Rosaiah had said in his letter.

"If the AP chief minister is keen to address the concerns raised by Orissa, why did not it stop the construction work first and come to the discussion table? Why did he pressurise the Centre to give forest clearance to the project?" Mr Ghadei asked.

The AP chief minister had even suggested Naveen not to take an adversarial position on Polavaram irrigation and hydro-electricity project. "I believe taking adversarial position is not only costly but also deprive the people the rightful benefits due to them by harnessing water resources. I also feel that there are no issues which cannot be amicably settled with mutual consultations and in the spirit of realising optimum benefit by the neighbouring states," Mr Rosaiah's letter mentioned.

The media revelation about Naveen's silence over the Rosaiah's letter had put the BJD on the back foot, prompting the Opposition Congress leaders to accuse that the ruling BJD was concerned with politics only, instead of finding a solution to the Polavaram project.

Many of the leaders took potshots at AICC general secretary Rahul Gandhi for describing himself as "sipahi" of the Orissa tribals. "Rahul claims himself as the champion of tribal causes. But, why is he not coming here where tribals's interests are being throw into waters?" the leaders questioned.

Revenue and disaster management minister Suryanarayan Patro, energy minister Atanu Sabyasachi Nayak, women and child development minister Pramila Mallick, labour minister Puspendra Singhdeo, Lok Sabha members – Jayaram Pangi and Siddhant Mohapatra and several other senior leaders also addressed the rally.

India for totalisation agreement with US: Sharma

BANGALORE: India on Saturday said it wants an agreement with the US soon under which professionals on short term work visits to America are exempted from paying social security taxes.

"The issue which is one of the priority is totalisation agreement...I remain optimistic that we will be able take it forward with the US," Commerce and Industry Minister Anand Sharma said at the Infosys campus here.

Under a totalisation agreement, an expatriate in either country need not contribute to social security schemes of the host country.

Sharma would be co-chairing the Trade Policy Forum (TPF) in Washington on September 21 along with US Trade Representative Ron Kirk.

India has similar agreements with several European countries, he said.

The agreement, which once signed, would benefit lakhs of Indian who are working in America and paying social security but are unable to get any benefit out of it.

He said most of the Indian professionals return home even before the social security benefits kick in.

The minister yesterday said that India has conveyed its serious concern to the US over Ohio's ban on offshore outsourcing of government business and a hike in US visa fees for professionals.

10 Sep, 2010, 09.37AM IST, Harsimran Julka,ET Bureau

Govt to rent out computers in rural areas at Rs 15 a day

NEW DELHI: After the slow pick-up of the $220 One Laptop Per Child Project, and an uncertainty over the $35 laptop called Sakshat, the government is now experimenting with another model—to dole out computers on rent to spread IT literacy in the country.

Under a pilot program to be launched by the ministry of IT & communications, computers specially built for rural areas will be deployed in five locations, and then rented out to citizens. "The cost may vary from 15-20 per day. This model may remove the hindrance of affordability in buying computers . We are talking to various companies like Intel, HCL Infosystems and One Laptop Per Child Project," a senior official at ministry of IT & communications told ET.

The pilot program would cost the government about 45 lakh. "It will also remove the problem of maintenance and repair which is a common problem in many areas. Besides the person can rent it only for the time power is available," he added.

In another IT experiment, the government last year had claimed to have launched a $10 computer which actually turned out to be a $10 storage device. This year the ministry of human resource & development launched a $35 laptop called Sakshat. The MHRD plans to bring the cost of this laptop down to $20 and then to $10 ultimately.

But many experts cast a sceptical eye to the Sakshat project. "Any body in the industry having some knowledge of making laptops knows that its impossible to manufacture a laptop for $10," says Satish Jha, OLPC India president, whose laptop costs about $220 to manufacture. Add about 2,300 as duties and 1,700 as shipment cost, and the price shoots up to nearly the price of a netbook available in the market. But he defends his OLPC laptop saying that none of the netbooks would ever have a shockproof body, solar charging capabilities, and a host of 230 applications. He claims to have deployed about 2,000 OLPC laptops in various parts of India.

He welcomes the government's new move to rent computers, but admits there is a huge power and maintenance problem which prevents PC buying in rural areas. "It costs about 16,000 for power over five years, to run a desktop PC. For adult education , renting computers for a few hours may be a good idea," he said.

HCL in 2006 had launched a Community PC with an innovative power management system called RP2 that switches the computer to a power battery. The battery can be charged by using bicycle peddle power. But that computer too failed to see heightened demand in rural India. Clearly, the government needs to create a utility-based demand before it can work out these models for rural areas.

OP STORIES
REUTERS 11 Sep 2010, 02:12
Diverse water sources key to food security
Increasingly erratic rainfall patterns related to climate change pose a major threat to food security and economic growth, water experts have said, arguing for greater investment in water storage.
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Organic farming may grow 10-fold in 5 years
PTI 8 Sep 2010, 14:42
Area under organic farming in India is likely to grow over ten-fold in the next five years on increased farmers' interest to ensure sustained yield at lower costs.
Govt seeks Canadian investment in food processing
IANS 8 Sep 2010, 11:30
Subodh Kant Sahai, minister for food processing industries, has called upon Canadian companies to invest in the fast growing sector of the Indian economy.
Indian farmers go globetrotting for tips
Jayashree Bhosale 8 Sep 2010, 00:57
Chandrakant Nalavade was a junior engineer in the state's irrigation department in Marathwada's Osmanabad district till a couple of years ago. His family cultivated banana, sugarcane and ginger on their 15-acre plot using drip irrigation.
Distributing free foodgrain not practical: PM
IANS 6 Sep 2010, 15:20
Prime Minister Manmohan Singh said he appreciated the Supreme Court's sentiment behind its suggestion about distributing foodgrain free to the poor, but made it clear that it was not a practical idea.
Dozen Punjab villages flooded as Satluj breaches bank
IANS 6 Sep 2010, 12:12
Nearly a dozen villages in Punjab's Ropar district were flooded as the overflowing Satluj river breached its banks near Laudipur village, officials said Monday.
Panel to find ways for convergence of NREGA, water projects
PTI 5 Sep 2010, 10:53
Government has set up an expert group to devise better methods to achieve convergence of MGNREGA activities with that of various water conservation and management programmes.
India looks at South America for farm revolution
IANS 3 Sep 2010, 13:12
India is looking at distant South America where countries have been able to ramp up food production with new technology and farming methods
NBS policy fails to balance fertiliser uses
ET Bureau 2 Sep 2010, 22:48
Consumption of urea has increased in the first few months of the newly introduced Nutrient-based Subsidy (NBS) policy, quite contrary to expectation that the new policy would lead to a balanced use of fertilisers.
Old habits die hard: New fertiliser policy fails to cut urea use
ET Bureau 2 Sep 2010, 03:50
The newly-introduced nutrient-based subsidy (NBS) policy seems to have failed to change the consumption pattern with most farmers still preferring to use urea, the cheapest fertiliser.
Orissa irrigation project gets initial forest nod
IANS 1 Sep 2010, 13:40
The project involves construction of an earthen dam, 552 metres long, which will submerge 2110 hectares of land, of which 1009.44 hectares is forest land
http://economictimes.indiatimes.com/News/Economy/Agriculture/articlelist/1202099874.cms

TOP STORIES

PTI 10 Sep 2010, 19:29 Niagara Infra ties up with FrameMax to introduce light steel Niagara Infrastructure Engineering and Architecture (NIEA) on Friday said it has tied up with the US-based steel framing company FrameMax to introduce light steel structures for construction industry in India. <a target="_blank" href="http://netspiderads2.indiatimes.com/ads.dll/clickthrough?slotid=36037"><img alt="Advertisement" height="80" width="300" border="0" src="http://netspiderads2.indiatimes.com/ads.dll/photoserv?slotid=36037"></a> CII report paints dismal picture of India's health sector PTI 5 Sep 2010, 10:29 According to the report, about 7-8 per cent of households are pushed below the poverty line because of expenses incurred on health care. Mumbai to get India's first multi-level automated car parks IANS 30 Aug 2010, 23:24 India's first robot-assisted multi-level car parks that can collectively accommodate over 1,100 vehicles will come up at two private commercial building projects in Mumbai. Whither urban development? Bleak future stares at India's cities IANS 28 Aug 2010, 11:45 What reports show is that the urban scene in India is one of unrelieved gloom. Gurgaon expressway: A project gone haywire Rohini Singh 27 Aug 2010, 03:43 If commuters' woes were not enough, India's poster highway project is now caught in a fight between National Highways Authority & operator. IIFCL may guarantee infra bonds from next month Rajesh Kumar Singh 26 Aug 2010, 00:15 SK Goel, chairman & managing director of India Infrastructure Finance Company, said the proposal is likely to get the government's nod by end-September. Over 65% of NHAI projects face time, cost overruns: Govt PTI 25 Aug 2010, 20:57 The govt today said that over 65% of the 441 road projects taken up by the National Highways Authority of India so far have suffered cost and time overruns. GoM defers decision on Greater Noida airport ET Bureau 25 Aug 2010, 01:36 The issue of an international airport at Greater Noida has been hotly debated between the Centre and the government of Uttar Pradesh. Rise in asset prices a concern: RBI PTI 24 Aug 2010, 20:25 RBI on Tuesday expressed concern over rise in asset prices, but said it will have limited implication for overall inflation. Utility companies blamed for weak roads TNN 23 Aug 2010, 01:29 Sources said the roads in Lutyen's Delhi, usually known for their quality, are crumbling due to indiscriminate digging carried out using 'trenchless technology' for laying underground utility pipes and cables. Infra sector debt gap of over Rs 1.62 lakh cr in 11th plan PTI 20 Aug 2010, 15:34 There is a debt funding gap of over Rs 1.62 lakh crore in infrastructure financing for the current 11th Five Year Plan.

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PTI 10 hours ago Commexes biz to grow 30 pc to over Rs 90 lakh cr this yr Business at the seven-year-old commodity futures market is expected to grow by about 30 per cent to over Rs 90 lakh crore this year buoyed by increased demand for safe-haven assets -- gold and silver. <a target="_blank" href="http://netspiderads2.indiatimes.com/ads.dll/clickthrough?slotid=36037"><img alt="Advertisement" height="80" width="300" border="0" src="http://netspiderads2.indiatimes.com/ads.dll/photoserv?slotid=36037"></a> Kharif pulses production may go up by 1 mn tonne: Report PTI 11 hours ago Pulses production in the kharif season of the current crop year is likely to go up by upto one mn tonne to around 5.3 mn tonnes on higher acreage. Copper remains weak on global cues PTI 11 Sep 2010, 16:07 Tracking weakening global trend, copper continued its slide and fell by Rs 2 per kg in the local non-ferrous metal market. Gold falls by Rs 115 on reduced offtake PTI 11 Sep 2010, 13:53 Gold prices fell for the third day on Saturday losing Rs 115 to trade at Rs 19,125 per ten gram in the bullion market. Oil scales 3-week high on pipeline shutdown in US REUTERS 11 Sep 2010, 02:18 US crude approached a three-week high near $76 on Friday, after record US inventories were offset by the shutdown of a major pipeline, but a leading forecaster said oil demand would remain tepid. Rising agri commodity prices spark food-led inflation fears REUTERS 11 Sep 2010, 02:07 Rising prices for a wide range of agricultural commodities are stirring fears of global food-driven inflation. Oil jumps to near $76 on US supply outage REUTERS 10 Sep 2010, 16:59 US crude approached a three-week high near $76 on Friday, after record US inventories were offset by the shutdown of a major pipeline. Gold drops further on weak global cues; silver holds steady PTI 10 Sep 2010, 16:54 Gold prices fell by another Rs 130 in the national capital today on sustained selling by stockists, triggered by a weak global trend. Sugar ends mixed in lacklustre trade PTI 10 Sep 2010, 16:35 Small sugar prices edged up at the Vashi wholesale market here today on increased retail offtake. Gold steadies; eyes record high on macro worries REUTERS 10 Sep 2010, 15:58 Gold held steady below $1,250 an ounce on Friday after a slight improvment in risk appetite weighed on prices but bullion still looked on track. Oil climbs to near $76 on economic indicators AGENCIES 10 Sep 2010, 13:51 Oil prices climbed to near $76 a barrel Friday in Asia as better economic indicators from Japan to the US boosted confidence that demand for fuel will improve. 1 | 2 | 3 | 4 | 5 ... 10 >

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