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    Indian Companies Make Inroads into Vietnam

     

    Aug. 5 – Indian businesses such as the Tata and Essar groups have expressed interest in investing in Vietnam for the market’s “political stability, high economic growth, healthy investment climate and numerous stimuli,” said Vietnamese General Consul Nguyen Viet Hung in Mumbai.

    As further evidence of this interest in Asia's newest emerging tiger, India's Bharat Heavy Electricals Ltd. (BHEL), a state-owned company, said it won a two billion-rupee (US$47 million) contract from Vietnam's Nam Chien hydropower company. BHEL said this is its first order from the Vietnamese power sector.The project is located in Muong La, 350 kilometers north of Hanoi, and is slated to be completed by the end of 2010.

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    India Inc cheers India’s Stand at the WTO

    July 31 – Indian industry captains strongly support the stand taken by India's Commerce and Industry Minister Kamal Nath to stand up against the developed world, to protect the livelihood of its farmers. Over the last nine days, Nath, stood up for millions of Indian farmers at the WTO in Geneva and refused to compromise over measures to protect farmers in developing countries from greater liberalization of trade.

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    RBI Policy Seeks to Reign in Inflation

     

    July 30 – India's central bank acted to clamp down on the country's soaring inflation yesterday by aggressively tightening key interest rates and bringing in curbs on lending.

    It also lowered the projection for India's economic growth from 8.5 percent to around 8 percent.

    The Reserve Bank of India increased its benchmark interest rate – the rate at which it makes short-term loans to commercial banks – half a point to 9 percent. This was a quarter more than analysts had expected and puts rates at a seven-year high.

    At the same time it increased the so-called cash reserve ratio, or the share of deposits that banks must keep on hand, by 25 basis points, to 9 percent. Experts told The Independant that both steps can help lower inflation.

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    Foreign Investors Concerned About India’s Rising Violence

    July 28 – Bombs rocked two Indian cities in the last two days, killing more than 50 and injuring several hundred. While the culprits have still not been identified, authorities claim the unprofessionally made bombs were meant to create animosity and unstability in the subcontinent.

    India's ruling coalition recently won a trust vote after a large minority led by the Communist Party of India pulled out of the government. The same government is up for elections again next year, when their five-year term ends. Bombs, just before elections, as a means of creating unstability are unfortunately becoming more common in India, as terrorist fractions plan to divide the country on communal grounds.

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    Finally the World Listens To India…

    July 25 – As India's trade and bargaining power rises globally, Indian politicians are learning how to stand up for the 1.2 billion Indians that are just begining to see the effects of globalization.

    Recently at the Doha Round of free trade talks in Geneva, Kamal Nath, India's Commerce minister, is believed to have disagreed with the U.S and E.U on all accounts of trade subsidies in favour of the rich develped nations – The Wall Street Journal said of this:

    The result on Wednesday was a 12-hour session that EU Trade Commissioner Peter Mandelson called "some of the most difficult and confrontational negotiations" of his four-year term. The reason, according to European, U.S. and Brazilian officials: Mr. Nath. "He just sat there and said 'No' for 12 straight hours," a trade official said. Kamal Nath was part of the seven negotiaters chosen from 30 WTO delegates, the other negotiaters were – the U.S., the European Union, China, Brazil, Australia and Japan.

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    The Man of the Moment: Manmohan

     

    July 23 – Seventeen years after Manmohan Singh "libralized" India's economy leading the nation to attain Asian superpower status, he's once again proven that as a visionary he knows whats needed for India's development and that he's got the nation's support.

    After two gruelling days in Parliment house, where leaders of the ruling coalition UPA party fought tooth and nail with their opposition, Manmohan Singh's UPA party won the trust vote by 19 votes. The ruling coalition secured 275 votes as against 256 by the Opposition. As many as 10 members were absent or abstained from voting. The emergency need for a trust vote was called for when the left parties, a large minority in the ruling coalition decided to withdraw from the government as Manmohan Singh agreed to sigh the nuclear deal with America.

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    Fuel Prices Attack Hospitality Industry Too

     

    July 18 – Hotel room rates in New Delhi have dropped almost 50 percent the lowest in two years on the back of rising aviation fuel fees and an economic slowdown, the Times of India reported

    "Corporates have cut travel of their executives which has affected our occupancy. Although the tariff is in the range of Rs 5,000-Rs 8,000 (US$117-187) in five-stars, they are still pretty affordable. But with airfares being where they are, personal leisure travel is becoming out of reach of the middle class," said an leading hotelier.

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    India’s Communist Party Ends Coalition Support

     

    July 10- India’s Communist Party formally ended its support of the Congress-led coalition, over a government decision to push through with a civilian nuclear deal with the United States.

    Leftist parties argue that the deal could threaten Indian sovereignty while the government feels the deal is needed to answer the country’s increasing energy demands.

    Prime Minister Manmohan Singh's said in a statement that the government will go ahead with seeking approval from the International Atomic Energy Agency for the U.S. civilian nuclear deal.

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