Culture and History

India Releases Voluntary National Responsibility Guidelines

Jul. 21 – India’s Union Minister of Corporate Affairs released the “National Voluntary Guidelines on Social, Environmental and Economic responsibilities of Business” this week, highlighting the subject of ethical responsibility in India’s corporate culture.

The Minister of Corporate Affairs believes these new guidelines will strengthen India’s corporate sector and enable it to evolve into a global leader in responsible business. He said the beginning of industrialization in India marked the transition from merchant charity to industrial philanthropy, which is more secular, more inclusive in terms of caste, creed and community and more oriented towards bringing progress to society through modern, western-style institutions. Continue reading →

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India to Lead Asia’s Salary Increase

Mar. 9 – A recent survey by global human resource consulting and outsourcing company Aon Hewitt shows that India’s 11.7 percent salary rise in 2010 has outpaced all the other Asia Pacific countries and this high increase rate is going to continue over the next few years.

The survey, which included 531 organizations from 18 primary and 30 secondary industrial sectors, forecasts that India will see its salary growth accelerate to a rate of 12.9 percent in 2011, not only because of the optimistic estimation of an above-9 percent GDP growth this year, but also the surging inflation that impacts businesses’ salary budgets. Continue reading →

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RBI Prevents Indian Companies from Transacting with Iran through the Asian Clearing Union

Dec. 29 — India’s central bank on Monday asked Indian importers to settle debts owed to Iranian firms in currencies other than the dollar and euro, presenting somewhat of a mixed picture for the future of Indo-Iranian relations.

Since 1974, the two countries have conducted a majority of their trade through a clearing house called the Asian Clearing Union. The organization’s purpose once involved removing the various costs of doing international business by having each nation’s central bank pay for debts through widely used currencies on behalf of its companies. Continue reading →

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India Considers Opening the Private Banking Sector

Aug. 12 – The Reserve Bank of India has released a discussion paper that talks about possibly opening the private banking sector to new players.

“The RBI clearly expresses its intent to expand the banking reach in the country while focusing on maintaining financial stability,” said CII director-general Chandrajit Banerjee. This will make bank capital requirements and intent now open to other competition. Continue reading →

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Insurance Sector May Increase Cap on FDI

Jun. 23 – India is considering lifting its foreign direct investment cap on the insurance sector from 26 percent to 49 percent according to Finance Minister Pranab Mukherjee.

“We have committed to allow 49 percent and the necessary legislation is pending before the House, as the leg process will be completed it will be done…in a year or so.” Pranab Mukherjee told NDTV during an Indo-U.S. CEO forum in Washington. Continue reading →

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India’s Bio-Tech Industry Grows by 17 Percent

Jun. 22 – The country’s bio-tech industry grew by 17 percent to US$3 billion during the 2009-10 financial year compared to the previous period, with the bio-pharma market contributing to the majority of growth.

According to a survey conducted by the Association of Biotechnology-led Enterprises and the BioSpectrum journal, the bio-pharma made up 60 percent of the industry’s growth followed by bio-services and bio-agri. Biotechnology companies located in western India were the industry’s top performers with revenues comprising 46 percent of total bio-tech market value. The survey projects that the industry will continue to grow with future annual growth forecasted to reach 20 percent. Continue reading →

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New Delhi to Launch Airport Express

NEW DELHI, Apr. 27 – As the city prepares for the Commonwealth Games in October, the impact of the huge international athletics event on its infrastructure is already taking effect as it readies the launch of its new airport express.

Next month, the government will test the first set of trains purchased from Spanish-based rail equipment manufacturer CAF and is scheduling the launch of the Airport Express Line connecting Connaught Place with Delhi International Airport in September. Continue reading →

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The Wealth Report: Mumbai and Delhi Represent ‘Significant Investor Promise’

Apr. 15 – The Mumbai and New Delhi realty markets hold a significant level of promise for potential investors, says Knight Frank’s The Wealth Report 2010.

The report forecasts trends and identifies areas of growth in global prime residential property and wealth. Moreover, it provides insight to the attitudes of the wealthy towards property and other investment types. The report, conducted in cooperation with Citi Private Bank, looks at the answers from three major surveys conducted on the “Prime International Residential Index (PIRI),” “World’s Most Influential Cities’ survey and a unique survey on the “HNWI Attitudes to Property and Wealth.” Continue reading →