New Delhi, Nov 20 Six out of ten Indian and US Companies surveyed in London believe the city offers the best return on investment (ROI) for expanding into the global marketplace, according to research commissioned by Think London, the inward investment agency for London.
Indian Companies grow fastest in London than in any other European city, according to consultants Penn Schoen & Berland, authors of the research report.
The report identifies three key factors as being most important to US and Indian businesses when expanding into Europe, with London playing a significant roleCompanies generate a better ROI in London than anywhere else in Europe; Indian and US Companies grow faster in London; and London is the best location to offer the softer factors such as corporate social responsibility and environmental best practice.
Michael Charlton, chief executive of Think London said "US and Indian businesses are the top two sources of new FDI projects into London. This research demonstrates that these Companies investing in a London presence do indeed get a better return when compared to other European locations."
The survey took place to coincide with a visit to India by Ken Livingstone, the Mayor of London. He is spending a week in the country with a high-level delegation, to strengthen relationships between London and India in business, tourism, academia, creative industries like Bollywood.
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ASHOK B SHARMA
Posted online: Monday , November 19, 2007 at 2337 hrs IST
New Delhi, Nov 19 Seven global bidders have offered to supply 1.06 million tonne wheat to India in the price range of $387-488 a tonne.
Public sector MMTC had floated a global tender on November 12 for importing 350,000 tonne wheat. "We are surprised to receive an overwhelming response to the tender," said a MMTC official after the bids were opened on Monday. The bids are slated to be finalised on November 24.
The seven exporters in the fray are Cargill, AWB, Glencore, Toefpfer, Ameropa, Concordia and Riaz Trading. "The bid of Starcom was rejected as it lacked proper documentation while Australian firm AWB is entering for the first time this year," said the official.
Riaz offered the highest price at $488 a tonne while Cargill offered to supply 65,000 wheat at the lowest price of $397.03 a tonne at Mundra port. However, Glencore offered to supply the highest quantity of wheat (325,000 tonne) at Mundra port at $407 a tonne.
According to the tender, imports should be completed by February 10, 2008 through eight ports Mundra, Kakinada, Kandla, Chennai, Vishakhapatnam, Tuticorin, Cochin and Mumbai. Among the price range quoted by individual bidders, the price for delivery at Mundra port is the lowest.
The government had given permission to three public sector trading houses MMTC, PEC and the State Trading Corporation of India (STC) to import 1 million tonne wheat. Monday's bids showed that MMTC alone could attract an offer of over 1 million tonne.
PEC and STC are expected to follow with import tenders of their own after the MMTC bids are finalised on November 24. Shipments are expected to be tied up for the period between December, 2007 and March 2008.
Already 1.3 million tonne wheat has been contracted for imports in response to the last two tenders floated by STC.
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Plan to import pulses yet to gather steam
ASHOK B SHARMA
Posted online: Thursday , November 22, 2007 at 0021 hrs IST
New Delhi, Nov 21 Government's plan to import pulses has proceeded at a slow pace. Three public sector agencies, namely. PEC, MMTC, State Trading Corporation of India (STC) and the marketing cooperative, Nafed could contract an import of only 1,188,550 tonne, since April, this year.
Of the contracted quantity of 1,188,500 tonne pluses only 721,163 tonne have been actually imported by the middle of this month, according to official sources.
Government had liberalised the import of pulses by scaling down the effective duty to zero with a view to augment its supply and contain the rising trend in prices.
Accroding to the break up of imports, PEC contracted an import of 357,300 tonne out of which only 133,976 have been imported. MMTC contracted an import of 256,250 tonne, out of which only 198,200 tonne have been imported. Nafed contracted an import of 260,000 tonne, of which 174,694 tonne have been imported and STC contracted an import of 315,000 tonne, out of which only 214,293 tonne have been imported.
Yellow peas lead in terms of quantity contracted for imports being 840,000 tonne, while other pulses including urad (black gram), moong (green gram), tur, chick peas, red lentils, masoor, dunpeas together constitute 348,550 tonne.
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Additional bonus for paddy gets Cabinet nod
ASHOK B SHARMA
Posted online: Friday , November 16, 2007 at 0006 hrs IST
New Delhi , Nov 15 The government has decided to raise the effective minimum support price (MSP) for common variety paddy to Rs 745 a quintal and that of grade A variety paddy to Rs 775 a quintal.
In May, the government, on the basis of the recommendations of the Commission for Agricultural Costs and Prices (CACP), fixed the MSP for common variety paddy at Rs 645 a quintal and grade A variety paddy at Rs 675 a quintal. Subsequently in October, after the MSP for wheat was raised to Rs 1000 a quintal, the government decided to raise the MSPs for both the varieties of paddy by rendering a bonus price of Rs 50 a quintal on procurement.
However, this increase in paddy MSPs could not satisfy the farmers in major rice growing states, who alleged a large gap between the MSPs of wheat and paddy.
The Cabinet Committee on Economic Affairs (CCEA), which met on Thursday, decided to give an addition incentive bonus price of Rs 50 a quintal on both the varieties of paddy, thereby, raising the effective MSP for common variety paddy to Rs 745 a quintal and A variety to Rs 775 a quintal. The marketing season for paddy has already begun from October.
The Union Cabinet also gave its approval for ratification of International Tropical Timber Agreement (ITTA) 2006. As India is a member of ITTO, the ITTA, 2006 would help in country's contribution to the global trade in tropical timber and will generate goodwill to the country and enhance its status on the world forestry map under the aegis of this UN organisation, an official press release said.
Taking note of the warning issued by the India Meteorological Department about the possibility of a cyclonic storm on the eastern coast, the Union Cabinet called for surveillance and preparedness.
The CCEA gave approval to a Rs 1817.10-crore Artificial Recharge of Ground Water through Dugwell Scheme in hard rock areas. The inclusive central subsidy amount for this scheme is earmarked at Rs 1499.27 crore
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India's employment rate for disabled falling: World Bank
ASHOK B SHARMA
Posted online: Tuesday , November 20, 2007 at 2318 hrs IST
New Delhi, Nov 20 They are referred to as the 'children of a lesser God', but they can be as productive as anyone else. All that these 40-90 million disabled people in India require is better education and access to jobs, which has eluded them till now. "Low literacy and employment rates and widespread social stigma are leaving disabled people behind", says a new World Bank report, People with Disabilities in India: From Commitments to Outcomes.
In the midst of galloping economic growth, "disabled adults have far lower employment rates than the general population - and this fell from 43% in 1991 to 38% in 2002," says the report, which was prepared by the Bank at the request of the government. A decade after a legislation came into force for promoting the rights of full economic and social participation in society to persons with disabilities, the progress has not reached near the desired level.
Maintaining that it is not desirable or possible for the public sector to "do it all", the report finds the private sector wanting in this regard. "Private sector employment incentives for hiring disabled people are few and piecemeal," it says. In the late 1990s, employment of people with disability among large private firms was only 0.3% of their workforce. Among multinational Companies, the situation is far worse, with only 0.05% being people with disability.
As far as the states are concerned, despite approval of a national policy in 2006, only two states, Chhattisgarh and Karnataka, have draft disability policies. "India has an impressive set of policy commitments to its citizens with disabilities. The challenge facing Indian society now is to translate those commitments into better lives for disabled people", said World Bank country director for India, Isabel Guerrero, in a release on Tuesday.
Noting that India's implementation capacity is "generally weak in a number of areas of service delivery, which are most critical to improving the situation of disabled people," the report calls for involvement of non-public sectors as also greater coordination between both public and private institutions.
The key step in such partnerships is bringing disabled people themselves into the policymaking process along with public and non-governmental institutions, it adds.
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INTERVIEW : REVEREND JESSE JACKSON
'Next US president will have to unravel in many ways'
Posted online: Monday , November 19, 2007 at 2321 hrs IST
Reverend Jesse Jackson, Baptist minister, leading civil rights activist and a former presidential candidate, is slated to deliver the annual Nehru Memorial Lecture today. Soon after landing in India, he held forth on a wide range of issues. Here he is in conversation with (The Finanacial Express, India) FE.
Q. Who are you supporting in the presidential polls next year? What are the most important issues?
Both Barack Obama and Hillary Clinton are doing very well. However I am not campaigning for either, though Obama is a neighbour. I do think Hillary is running a magnificent race. Her great strength has been in building relationships.
However whoever wins will have to unravel in a lot of ways, both for within the country as well as in relations with other countries. They will have to re-engage with Iran and Syria, promote democracy in Pakistan. The elections need more focus on issues like the current sub-prime lending crisis and corruption in banking, poverty and the state of emergency among young black males in the US. The country is gearing up to welcome a new president but there is not enough discussion on these and other crucial issues. There is a fair degree of tension in the air.
Q. Will having the first African-American or woman president be a significant step for the US? Did your presidential campaigns help in paving the way?
The campaigns, Iran in 1984 and 1988 , showed that it could be done. However the US is actually way behind many other democracies which have had women leading their nations. The Clinton campaign instead should be looked at more from the point of view of a constitutional expert who could help enormously.
Q. Are there efforts to check the 'gun culture' in the US?
There is no doubt that the US is the most violent nation. The Bush administration has allowed the open sale of semi-automatic weapons, and in unlimited numbers. We do want to bring back legislation which will check this. We went to Iraq seeking weapons of mass destruction, but these arms have created a similar situation in our country itself.
Q. How do you reconcile Gandhi's non-violence with a nuclear India?
Gandhi, and leaders like Martin Luther King and Nelson Mandela, advocated the path of non-violence and stressed on soul force. We think that weapons, nuclear weapons are a sign of strength. That's not correct. I have a basic fear of nuclear weapons and support denuclearisation. However on the issue of the Indo-US nuclear deal and the impasse, I feel the deal is in the best interests of both countries.
Q. How do you perceive the Emergency in Pakistan?
Suspension of democracy and civil rights is never positive. I would urge Musharraf to go back to the negotiating table and free all the jailed civil rights activists at once. I have requested the Pakistani authorities to arrange a meeting with Musharraf. The US has invested in the Musharraf regime and should use its leverage to restore democracy and order in Pakistan. With each passing day, their confidence is eroding. And yes, after Iraq, US' moral authority has gone down.
Q. Are Indians taking a more prominent role in the US?
Indians are playing a much more prominent role than ever before in American society, especially second and third generation ones who are making confident strides in sectors like information technology.
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