Chinese Products export-led to a decline to 13 percent after banning in India. The major decision that escalated the imports of India to 16 percent, it is when China imported from India. Pandemic 2020 had shattered the economy worldwide but it has traced a progressive path to the future of India. It is the time when the people of India are looking forward to “Made In India” rather than “Made In China”.

The progress graph improving shows the peak from the last eleven months as India has been standing high to $19 billion that is 16 percent.

India banned Chinese applications

China has been ranking as the Hi-Tech country, while India has been using about 200 applications that are strictly banned in 2020. The revenue from more than 200 apps that have led to a hit on the economy of China. While promotes India to build up their own apps encourages to develop a Hi-tech country. With the ban of applications, China has disheartened billions of active users from different parts of India leading to the loss of Rs. 45,000 crore.

A huge economic system has been destroyed creating a new dawn for India. No longer, products are encouraged to be used, inspiring to work for local and purchase locally. This will promote the different sectors of business in the country as well as push the revenue system to grow stronger and stable.

“Atmanirbhar Bharat” stands unsympathetic to  China

China stood as a great model of development in each sector, it may be related to medicines, agriculture, and technology. There is no way to deny that it is due to their high capability in technology that has pushed their country to be the first preference related to their strategies and implementation.

India has effectively never been lacking in education and production. But most hindrances were due to the dependence on other countries for its needs and requirements. Why is India depending on China for medicines? While ancient studies always mention the achievements in medicines but where do the difficulties hinder the development in India?

Three main infrastructures strengthen the exports and most countries prefer China for the supplies of medicines.

Wage Cost:  Being one of the largely populated countries it has become easy to find labor at low costs. When comparing it with India, the production of the medicines at sufficient costing is possible. The discovery of Covaxin has been one of the greater expectations worldwide to fight Covid-19.

Infrastructure: Raw materials and supply chains are the major part of the infrastructure for any kind of exports. Both categories are sufficiently organized by China which was expected to grow further till 2025. But after the pandemic and turnover of the Atma Nirbhar Bharat are slowly declining their revenue system.

Tax Benefits: India can stand at more benefits comparing to China when the matter of tax benefits initiates. China’s GDP is about 5-8 percent higher compared to India but it is the tax incentive schemes that have played a great role in preferring Chinese products, globally.

After the ban on Chinese products, it has become a necessity to focus on the investors and the volume of productions. Foreign investors are looking forward to India that predicts employment and a brighter future.

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Pandemic 2020 has taught us a lesson of being self-dependent, which has encouraged the implementation and partnering in the global supply chain. Depending on a single source will be a great mistake as if one country is facing any major problem then the outsources can be invited from another country. Bilateral support on the global supply will be advantageous to India but the other countries.

While mentioning the situation India decided to repeat the swadeshi movement that was led by Mahatma Gandhi. He, who believed to give up all the foreign products and use, wear native made. Though it was the revolution that was about 100 years back from now has reminded me about the necessity of Aatma Nirbharta.

Supply chain to bring revolution

Standing and progressing consistently for India will need a time period of two decades. India has already started its trials for the Atmanirbhar Bharat, Industrial Belts are slowly inclining their strategies with the new concept to develop “Self Dependent” India. The sudden breakdown in the economy is increasing the demand and requirement of more supplies. Almost the entire world is suffering from the insufficiency and crisis in the economy is observed including the top-ranked countries of Europe. In such situations when India has greater scope to prove from the intrigues of productions and supplies.

While the global supply chain this process will need a few strategies that help in accelerating the businesses in India.  The agricultural sector, IT sector, and auto manufacturing sectors are the most long term and effective to the market that seeks a strong global platform after the lockdown. Lockdown has created a massive loss to the auto industry as well as IT sectors. With appropriate initiatives, the auto industry looks forward to opening wide in the global market from India as it already holds the fifth rank in selling auto parts.

The agricultural sector has been the most preferred for several decades, and it is still as the first preference. But in order to apply bilaterally and on large scale to different countries it is important to upgrade technicalities, improve the structures of the production to meet up with the demand for supply. Finally, the revolution of the silicon valley has already proven the strength and demand of Information Technology in India. How much is India prone to the development of Information technology? Each year about several IT professionals migrate to other countries for a handsome salary.

As the three major sectors are almost ready, who does require a replacement, re-planning that includes raw materials, land area for industry, and labor. Altogether the entire availability has provided India a global supply chain to begin immediately without structural rebalancing. Boosting of infrastructure and increasing of production both can be consistent while comparing to other sectors. Countries that are interested in investing will no doubt require a planned structure and time that will escalate the future supply chain. While apart from the Country’s supply or production the regional business development can be co-related with the three sectors.

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A Tik Tok was the third-ranking apart from the Tinder and Youtube that has received the highest revenue during the pandemic. The stay at home in the time of pandemic worked as a boon for the high accretion in the revenue of this particular Chinese app. Following the banning of the app in India, they lost about 200 million users which cause a major decline for the Byte Dance company. Despite the ban with a loss in billions comparatively to other apps, it had been the highest scorer. Still ranks to the top with the loss of users from India. India banned Tik Tok, about one-third of the users are stopped from using the app that will lift their revenue graph.

US to purchase Tik Tok
The US looks forward to purchasing the app even after China experiences the drop. Microsoft confirmed to look forward to buying it and China’s Byte dance will help them to complete the deal. The revenue acquisition observed even after the banning was a great deal for the US to purchase it. Walmart and Microsoft are teamed together to purchase it in 20$ billion to 30$ billion while Oracle bids for the next successor of Tik Tok after the Byte Dance.
Though before settling with the highest bidder, the contract was denied by the Chinese government. The issue was with the Artificial Intelligence technologies, that they have to provide or export to the US movement for the execution of the app. Though Tik Tok is not banned in US, the president has mentioned banning the app if it is not sold to the US. Major companies are bidding on the app as its value does not seem to decrease ever after a sumptuous drop in the users.

US targets to bring home the revenue even after a high loss in users as it has provided the gradual amount 23 % increase with through the Chinese app as shown in Sensor tower. After the ban of the strong video app, Indian apps Roposo, Zili, and Dubmash observed the installation peak to 155%.
What is the source of revenue for the Tik Tok app? The app earns through the ads and the downloaded emojis available in the app. The best feature that worked in this app was the repurposing of the video clips by adding some different audios, a great stream to create memes. This has built a large platform of users of all groups of people from India.

Legal ban drops revenue to 6$ billion in 2020
But after the legal ban of the TikTok app in India, in 2020 in July there was a loss of 6$ billion to the unique Chinese app. The issues on the videos in the app had already created a reason to ban which later turned to become intense during the pandemic. When the entire world was suffering from a drop in the economy, the Tik Tok app was providing a profit to the Chinese economy.
While this app will always appear as a hot cake when served to any plate!

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Escalation of the financial institution in India turns to show importance especially when different businesses ranging from small scale two large scale faces financial issues.

The main role of the institution is to provide an allocation of the need for full resources. They have established financial Institutions that provide investments and engage distribution those who deficits.

The requirement of the improvement and financial investments from Institutions are necessary. Farmers and small scale business mostly the borrowers. The establishment will provide security and liquidity of the money and the money lenders.
The situation of the farmers is not hidden as every year several farmers are worried and under the burden of the loans and waves.

An increase in investment institutions will help the borrowers grow their business in return to help in economic development. Different startup companies are taking initiatives for growth in businesses from different parts of India. So the explanation of The Financial Institutions can help in ensuring useful investments for better earnings. Small scale industries are mostly in need of liquid funds but their lack of access to the financial institutions or loan sectors has driven obstacles to their businesses. The financial support for the short term or long term will always provide a good return increasing revenue to the Government.

Benefits expected from the increase in sections of banks or finance institution

All the successful business that is presently around are due to the financial support provided by the banks, this has enabled them to grow their business fast. But for the increase and indulgence of new businesses the escalation of the financial institutions will improve the support in terms of waives to the farmers or accelerate the growth of new businesses. Ranging from the small scale business to the large scales, the contribution has the pivotal role to play in the development of the economy.

Major economic development depends on the goods and services, as the business graph is on the peak will like to make money. The escalation of the financial institution includes the development of different methods and procedures that will improve the loan structures. It includes the financial securities progressive improvements that enable the market to lend money. The lenders, investors, borrowers, and the hedger are the participant in the market who can deal with the exchanging of money for future payments in their business.

It is always a great matter of worry when the financial support is provided to the new business, as high returns on the investments may not be possible specifically for the small scale industries. Self-employment is the main target of the country, to work with small investments, and earn the best profits. The investment and returns on a high scale may not be expected when compared to the large industries’ investments. But to stabilize the economy it is necessary to co-operate the minor low scale businesses.

This will provide a low profit but it will be consistent support to the reason for unemployment and a minor stable revenue return to the Government. While as there is an increase in business to reduce unemployment new targets are necessary to set to escalate the financial institution to continue with the consistent economy cycle.

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The world economy already is hindered by the greatest recession in 2020 after the severe impact of the coronavirus pandemic. According to the International Monetary Fund, the lockdown due to COVID 19 has will keep the World economy struggling for upcoming years. Till now due to major lockdown in several countries, the GDP has already dropped to 3 percent after the epidemic has not only frozen the present economical condition.

Onset of the COVID-19 pandemic showed GDP improvement

COVID-19 onset started in January which was showing a sign of improvement to more than 155 countries but as the widespread of the disease throughout the world till March it showed the decline in the economy worldwide. This lockdown at a time throughout has also shattered the USA with the death toll of more than 40,000 cases. Total active cases have risen to more than 767189 and the epicenter of coronavirus is now the New York City. Despite total lockdown, the state has active cases of more than 5 percent of the total cases of the country. This pandemic has led to pulling down the healthcare administration of New York, after urging for financial aid White House has passed a bill of $2 trillion for different aids including the medical supports and equipment required for the pandemic.

IMF managing director Georgieva mentioned the worst situation due to the coronavirus pandemic which has already called for challenges for policymakers specifically surrounding the emerging market and the developing economies. It was beginning of this year when the economy was slightly into the recovery but the sudden steep fall has caused to severe recession.

The world economy will be in trouble for a long time….

To understand the trouble caused to the world economy let us compare the market of the last decline to 2008 with the 2020 crisis. In 2008 in the market Nifty has blown out to 65 percent while it took months to hit the economical crisis but it took 18 days Dow to drop 32 percent. The main cause of the concern in this world economic recession is the uncertainty widespread of the disease that has not pulled any kind of assurance to end the pandemic in a certain period.

Already the major pandemic outbreak has stricken Spain and Italy that come after the US with the epicenter after Wuhan in China. Comparing to the last recession this recession is uncertain and that predicts for an unstable economic condition for the upcoming years unless the pandemic is entirely under control.
Stock market 2020 has shown the repercussions due to the disease and lockdown worldwide, in the US. In 2008 a prediction was generalized to understand the span required to overcome the recession but this pandemic has out an hold on the prominent growth within a certain period, it stands unpredictable.

During the world economy downfall after 2008, the S&P 500 has seen a steep fall of 12.5 percent and a recent 4 percent. The effective period for the investors to grab and invest in companies FMCG, pharma and a few select companies that get provide the best return in the future.

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In the last few years we have seen number of financial innovations and one of them is Peer to peer lending.

P2P lending facility, which is gaining traction across globe, aid people for hassle free and reliable loans for resolving a number of domestic and business financial anxieties.

Through these market places one can easily avail loans from the comfort of home without any hassle unlike other offline financial institutes, where often loan applications get rejected.

The birth of new age P2P lending took place in UK when a company named ZOPA started peer to peer lending market place. Soon this lucrative idea was followed by Lending club and Prosper in USA. The trend got spread rapidly across many nations.

Also researches show that USA has the highest amount of funds lent through this arena and UK ranks number one on the basis of highest per capita loans. Also it has been a great success in China, Australia and New Zealand markets to name a few.

This latest financial avenue is still at a nascent stage but a growing segment in India.

Though the idea was risky to bring to India initially, but the technology empowered P2P lending market got thumbs up from many investors and lenders, making it one of the growing segments in India.

The tradition of community based funding in India has been very popular from many years.

In a way, if we see then India is one of the biggest offline contributions in peer to peer lending in this world as even today Indians rely on their families, friends and money lenders.

The banking sector in India has failed us over and over when it comes to loan facilities.

And financial crunch, as we know, can occur any time and the major roadblock comes in the way is when banks and other institutes reject the sanction of small personal loans even after long and hectic processes.

And that’s why P2P has recorded remarkable growth over few years as P2P lending players are leveraging the technology and data analytics to bring largest offline crowd funding market of world to mainstream.

Also another booster that has augmented the growth of this segment is submission of consultation paper from RBI on peer to peer lending.

Another vital statistics prove that demand of the same will only rise as within few years, India will have more than billion internet users with each person getting access to online p2p market place.

If our communities are able to perform well at loaning and financing each other under a vigorous system, it conceivably authorizes reserves for country building.

This transformative new innovation could all the while diminish cost and raise access to capital. This would be an aid in a capital-starved nation like India.

It offers many advantages for both individuals and SMEs.

With online P2P market place, one can get an opportunity to earn high returns, earlier available to banks, NBFCs etc and also avail the benefits of transparent, quick and easy operations.

Startups as well as individuals who need funding can find right investors with ease as online P2P market places provide all the support so that even a person with little knowledge in lending can learn to transact.

There are scores of benefits. Let us have a look at some of the major ones that individuals can cash on through P2P lending market:

–          Solid returns, as we all know, entices us to save and invest and if investors are looking multiply their money faster, then one can try for the same as many investors have yielded more than 20% .

–          Also one can start investments easily with miniscule capital.

–          Another best advantage is that one can easily diversify capital across many Loans.

–           One the major benefits borrowers get is the chance of receiving lower interest rates and lenders can avail higher returns than they would receive by parking their money in bank accounts.

–          Another biggest advantage is the easier application with simple form and few documents. Lender has the benefit of choosing right borrower by checking out the credit score and interest rates, as everything is through transparent online medium.

–          One of the advantages which is worth noting is that p2p market place also aid individuals to get loans who were denied by banks as they had bad credit history.

There are many Indian brands that have come up and accelerating the growth of p2p lending in India. One such leading p2p lending market place is i2ifunding.com.

This innovation-driven online platform is an ideal marketplace for both borrowers and lenders to meet up to participate from comfort of home.

i2ifunding.com meticulously assesses the credit risk as well as recommends interest rates. They also make sure that every application by borrower is screened through more than 40 parameters in order to provide accurate credit score for borrowers.

Through i2ifunding, an individual can borrow money at an affordable rate of interest and an investor can lend to borrower at interest rates up to 36%.

They also proffer several benefits like:

–          Principal protection for its investors.

–          Seamless coordination of the entire process right from loan funding to loan repayment. No prepayment penalty- borrowers can prepay their loans as per their convenience without any add on charges.

–          They also conduct physical verification of the borrowers to determine authenticity of the documents submitted.

–          One can get loan within few days as i2i boasts of large pool of investors.

–          If needed they also advise a remedial action plan and assist in loan recovery in order to provide smooth investing and borrowing experience.

–          Allows investors to lend multiple loans to build a maintainable, diversified and high return portfolio. And all these facilities make i2ifunding stand out from others.

What are your thoughts about transformative loaning facility? Let us know your views in comments section below.

If you too want to invest or borrow, then click here for more details.

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One of the most sought-after jobs in the aviation business, Air India failed to grab the attention of job-seekers and applicants who became too cautious and wary of the airline and did not turn up for the walk-in interviews that it had scheduled in Hyderabad on both 10^th and 11^th March, 2015.

Air India

The interviews were scheduled to hire Captains or Commanders but not a single applicant came to the venue on the day of the interview.

The Hindustan Times reported Air India’s spokesperson saying that “no commander turned up.”

The plan was to hire around 197 commanders and first officers or co-pilots for the Airbus fleet of Air India. However, for this problem, Air India management has been at fault, as the airline’s officials claimed, who were flown in along with senior experts for conducting the interview and selecting capable officers for the vacant posts.

According to the AI official, “This is the first time in recent memory that the airline organised walk-in interviews for captains and it was completely mismanaged.”

Both the experts and the senior AI officials who formed the Board of panelists had been lodged at five-star hotels but to their huge dismay, shock and disappointment, their long hours of wait turned into nothing but a serious case of mismanagement and disaster in the history of aviation business. One Air India official even took a pot-shot at the AI managerial team, saying that “the applications should have been invited online and panelists flown in only if there were applicants.”

This wave of horror and disappointment at the incident was reiterated by a senior pilot, who lamented that what happened was “a statement on the state of affairs at Air India that a once sought-after job failed to attract a single applicant.”

The HT had also reported earlier that the issue of directly hiring captains had faced much opposition by the Air India pilots and had even gone as far as warning them against this walk- in interview’s “potential of creating industrial unrest.”

The once largest operator in the subcontinent that had a market share of more than 60 per cent has now dropped down to the fourth place, with rivals such as Indigo, SpiceJet and Jet Airways taking the top position in Indian aviation. In four consecutive years, from 2007 to 2011, the flight’s business saw a sharp decline from 19.2 per cent to 14 per cent and it is all accounted to not only the tough competition from private carriers, but also the financial service and labour troubles that needed huge restructuring and implementation of disciplinary regulations in the carrier, which it finally did. The airline ultimately emerged at the third position after Indigo and Jet Airways making its market share somewhere around a little above 19 per cent.

However, this incident has yet again marked shame and huge embarrassment for the Air India team and more so, for the future of aviation in India.

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From US First Lady Michelle Obama to stressed out executives to students to housewives, some 20 million people in America are practising the ancient Indian art of yoga, fuelling a $27 billion industry.

Michelle Obama, who turned a “fit and fabulous” 50 last Friday, told the People magazine that she’s tweaked her workout routine to do more yoga and less cardio with an eye toward her 70s and 80s. Daily yoga is also a key ingredient of “Let’s Move!”, a comprehensive initiative launched by the First Lady dedicated to solving the challenge of childhood obesity within a generation.

Even Washington’s iconic National Cathedral, envisioned by the US Congress in 1893 as a national spiritual home, recently opened its 10-story Gothic worship area for tai chi, yoga and meditation as part of a week-long public programme – “Seeing Deeper” – according to a Washington Post report.

And Smithsonian’s Arthur M. Sackler Gallery is holding what is described as the world’s first exhibition of yogic art to explore the mysteries of yoga and its profound meanings.

Through masterpieces of Indian sculpture and painting, “Yoga: The Art of Transformation” explores its rich diversity and historical transformations with more than 130 objects borrowed from 25 museums and private collections in India and the US, as also Europe.

The Albuquerque Public Schools (APS) system, the largest such in New Mexico with about 90,000 students across 140 schools, plans to offer yoga to its students as a means of physical exercise right from the elementary school level.

The 2012 “Yoga in America” study released by San Francisco’s Yoga Journal indicates that some 20 million people, or 8.7 percent of US adults, practice yoga, compared to 15.8 million from a 2008 study, an increase of 29 percent.

In addition, practitioners spend $10.3 billion a year on yoga classes and products, including equipment, clothing, vacations, and media. The estimate from the 2008 study was $5.7 billion.

Of current non-practitioners, 44.4 percent of Americans call themselves “aspirational yogis” – people who are interested in trying yoga.

“The number of practitioners and the amount they spend has increased dramatically in the last four years,” Bill Harper, vice president and group publisher of Active Interest Media’s Healthy Living Group, is quoted as saying.

“Companies that want to advertise to the health-and-fitness market for women will want to make sure that yoga is a strong segment in their target,” he said as 82.2 percent of yoga practitioners are women.

The top five reasons for starting yoga were: flexibility (78.3 percent), general conditioning (62.2 percent), stress relief (59.6 percent), improve overall health (58.5 percent) and physical fitness (55.1 percent).

The growth in the yoga market is reflected in the growth of the Yoga Journal magazine itself. Founded in 1975, it now has 10 international editions.

Sat Jivan Singh Khalsa, a lawyer turned Kundalini yoga teacher who set up a yoga studio in Brooklyn’s Boerum Hill in 1971, has seen yoga in America evolve from a niche activity of devout New Agers to part of the cultural mainstream.

Dozens of yoga variations can be found within a one-mile radius of his studio in Manhattan’s Flatiron District, from Equinox power yoga to yogalates to “zen bootcamp,” he told The Huffington Post.

As Khalsa said: “The love of yoga is out there and the time is right for yoga.”

IANS

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India and Saudi Arabia Thursday sought to further deepen strategic diplomatic and business relations as the oil-rich Gulf kingdom’s Crown Prince Salman bin Abdulaziz Al Saud met India’s top leadership, including President Pranab Mukherjee and Prime Minister Manmohan Singh. During the meeting with the prime minister, the two leaders “discussed trade, investment, terrorism and security situation in West Asia and Afghanistan”.

“India has a special and warm relationship with Saudi Arabia which we accord high importance,” Manmohan Singh told the visiting leader. Prince Salman, who is also deputy prime minister and defence minister of Saudi Arabia, is on a three-day official visit to India. This is Prince Salman’s first visit to New Delhi as crown price of the Gulf kingdom, that supplies nearly one-fifth of oil needs of the Asia’s third largest economy. “The prime minister held a special lunch for the visiting dignitary. He also thanked him for the facilities extended to Indian Hajj pilgrims,” a source told IANS.

Welcoming the Crown Prince, who called on him at the Rashtrapati Bhavan here, the president said: “Relations between India and Saudi Arabia will be greatly strengthened by this visit.” “India cherishes its cordial and friendly relations with Saudi Arabia, which are deep-rooted in history and based on the foundation of close people-to-people contacts,” he added.

The two countries on Wednesday signed a memorandum of understanding (MoU) on defence cooperation for greater exchange of information and training. The president said the MoU “would help defence personnel of the two countries to work closely and learn from the experiences of each other as both the countries are vulnerable to the menace of terrorism”.

Meanwhile, Indian and Saudi companies signed four agreements to jointly promote and facilitate investments and trade. The representatives of Indian and Saudi companies signed the memorandums of understanding at India-Saudi Arabia Business Forum meeting here organised jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Council of Saudi Chambers. Saudi Arabia Commerce and Industry Minister Tawfig Fawzan Alrabiah, who is a part of the high-level delegation accompanying the crown prince, emphasised on the need for further strengthening trade and investment ties.

Urging Indian authorities to explore possibilities of easing the regulation, the minister said Saudi investors are concerned about capital gains and other taxation issues in India. “The issue of taxation of capital gains continues to be major impediment in promoting Saudi investment in India, and I call on the Indian authorities to explore relaxation of this issue,” Alrabiah said.

The minister pointed out that the two countries have taken a number of steps to promote bilateral investments, but taxation issue remain one of the major hurdles. “We are aware that a series of steps are being undertaken to attract Saudi investment into India.” Commerce and Industry Minister Anand Sharma during a meeting with his Saudi counterpart sought the kingdom’s support for early conclusion of the free trade agreement with the six nation Gulf Cooperation Council (GCC) countries.

Alrabiah said several Indian companies have shown interests to expand operations in Saudi Arabia.

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Maruti Suzuki India Ltd (MSIL) Wednesday said that if the contract manufacturing agreement between itself and Suzuki Motor Gujarat expires and in case not extended by mutual consent, the assets of the Gujarat subsidiary would be transferred to MSIL at a fair value to be determined by independent valuation.

MSIL clarified in a statement that the proposed Gujarat plant by wholly owned subsidiary of Japanese Suzuki Motor Corporation would sell the cars at a lower price than its own ex-factory sale price.

Suzuki Motor Corporation recently decided to take over MSIL’s project in Gujarat and invest in that directly. The Gujarat plant would be a contract manufacturer for MSIL. The Japanese company would invest around $488 million in the Gujarat plant.

The decision raised concerns amongst institutional shareholders who had written to MSIL seeking clarifications.

Originally it was MSIL that would have set up the Gujarat plant.

According to MSIL’s statement, Suzuki Motor Corporation’s Gujarat subsidiary “would operate on the basis that while it would not make any losses, it would also not accumulate any cash surpluses”.

The Gujarat subsidiary’s production cost would be “calculated in an identical manner” as that followed by MSIL in Haryana. The cost will not include any return on investment and profit, MSIL said.

According to MSIL, the capital expenditure needs of the Gujarat subsidiary would be met by: (i) the depreciation amount available with the subsidiary (ii) by an amount generated as net surplus from the car pricing and (iii) by Suzuki Motor Corporation infusing fresh equity, to the extent necessary.

The statement said the Gujarat subsidiary would sell the cars at a price which will be lower that the price at which MSIL would sell its cars to its dealers.

The Gujarat subsidiary would determine its capital expenditure needs jointly with MSIL consistent with the production needs of the latter.

 IANS

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A total of 53,616 women have been granted emigration clearance to work as domestic workers in the Middle East in the last three years, the government said Wednesday.

The clearances were given by the ministry of overseas Indian affairs.

On receiving complaints from women workers, Indian missions abroad are immediately taking up the matter with the employers and getting the same resolved amicably, a ministry statement said.

The complaints pertain to ill-treatment by employers or non-payment or delayed payment or underpayment of wages and other related grievances.

In absence of an amicable solution, the matter is taken up with the concerned local authorities. Legal assistance and counselling, if required, is also provided, it said.

In major Gulf countries, shelter homes are being run by the Indian missions to offer free boarding and lodging to distressed Indian women workers. They are also being given medical assistance.

Free air tickets are being provided to facilitate the workers’ return to India. Travel expenses from the nearest airport to their respective place of residence are also being provided.

In case they have no travel documents, the workers are being given emergency certificates. Immigration clearances are also being obtained from the authorities concerned for their hassle-free travel to India, it said.

IANS

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Israel has invited Indian companies to take part in extracting natural gas from its newly-found reserves, with 40 percent of the produced hydrocarbon reserved for exports, even as it wants talks on a free trade pact to fructify soon.

Israeli Ambassador to India Alon Ushpiz said his country will soon emerge as one of the biggest producers of natural gas and is willing to export it to India, which imports around 80 percent of its oil needs mostly from the Persian Gulf countries.

“Our plan is to keep 60 percent of the produce for domestic use, while the remaining 40 percent will be exported,” Ushpiz said during an interaction with IANS editors, adding: “India, being one of the largest importers, will be the natural target.”

The offshore gas reserves in the Mediterranean Sea, which extends from the coasts of Israel, Lebanon and Syria in the east to Cyprus in the west, is estimated to hold 122 trillion cubic feet of natural gas and 1.7 billion barrels of oil – the biggest discovery in 10 years.

“Our plan is to keep 60 percent of the product for domestic use, while the remaining 40 percent will be exported,” said Ushpiz, adding that India, being one of the largest importers, will be the natural target market.

A consortium led by Houston-based Noble Energy is developing the Tamar field in the Mediterranean Sea, located nearly 90 km west of Israel’s port city of Haifa. Supply of gas from Tamar started in March 2013 for Israel’s domestic use.

Another field named Leviathan in the Mediterranean Sea is also being developed by the Noble Energy-led consortium. The production is expected to start by 2017.

Ushpiz said Israel would be happy to see Indian companies’ participation in these gas fields. “Any Indian company is free to participate, private or government-run.” But he clarified that the country bars any company that has dealings with Iran.

Besides energy, the ambassador said, Israel is keen to enhance cooperation with India in other sectors like information technology, defence, water management and agriculture.

With a view to supporting joint technological ventures, Israel and India recently agreed to set up a $40 million joint fund. Both the countries will contribute $20 million each to the fund over a period of five years.

Ushpiz said Israel is keen to further enhance the corpus of the fund and also encourage private participation in it.

On the ongoing talks for a free trade agreement, Ushpiz said: “It’s a very complicated set of negotiations. It has been going on for more than three years now. Unfortunately, so far, we have not been able to conclude the negotiations.”

But once the agreement is signed, India-Israel bilateral trade could rise three-fold in three -five years, the ambassador stated at the IANS office.

“The agreement is a strategic game changer to what we can and should do together. The minute we have a free trade agreement, the volume of trade is going to be much bigger. It is going to be larger by two-three fold in three-five years,” he said.

“It will also change the composition of trade and remove the focus from the traditional things that we may be doing for the past 10 years to things which we should do together with high technology,” the ambassador added.

India-Israel trade stood at $4.44 billion in 2012, down 14.3 percent from the previous year’s $5.19 billion due to a slowdown. The balance of trade was in Israel’s favour by $573 million, according to data available with India’s external affairs ministry.

In the first nine months of 2013, the two-way trade stood at $3.24 billion.

IANS

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India has to increase its turnout of quality maritime personnel and its ship-building capacity if it has to emerge as a major economic power, President Pranab Mukherjee said here Saturday.

Delivering his address at the convocation function of Indian Maritime University. he said: “If India is to emerge as a major economic power in future, it would require substantial stepping up in the out-turn of quality maritime personnel and addition to our ship-building capacity. Ship-building has the potential to generate a lot of employment, both in rural and urban areas.”

He said only 10 percent of the country’s trade is carried by Indian ships despite the fact that India has over 7,500 km coast line and 95 percent of its international trade by volume is through sea.

Mukherjee said the share of Indian seafarers in the global seafarers is only six percent and this has to go up.

In the Maritime Agenda 2020 of the Indian government, a target of enhancing the share of Indian seafarers in international shipping from the current level of six percent to nine percent by the year 2015 has been envisaged, he said.

Referring to the high faculty turnover and teething problems at the IMU, Mukherjee expressed his confidence that the university has a bright future ahead.

He hoped that the IMU should aspire to become a Centre of Excellence in the medium term.

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India’s growth level this fiscal will probably remain at 5 percent as in last year, Prime Minister Manmohan Singh said on Wednesday.

“In the nine years since 2004, we averaged a healthy growth rate of 7.9 percent,” he said here while addressing the inaugural session of the 12th Pravasi Bharatiya Divas, the annual gathering of people of Indian origin.

“There has no doubt been a slowdown in the recent past, and we will probably end this year at the same level as last year with 5 percent growth.”

Manmohan Singh said a number of international and domestic factors have contributed to this situation.

“Despite these challenges, our economic fundamentals are strong. Our savings and investment rates are still over 30 percent of the GDP and the entrepreneurial spirit in India is very much alive,” he stated.

He urged Indians abroad to stay positive despite questions about the future of the Indian economy and concerns about social challenges.

“There is a perception in some quarters outside India that the country is losing its momentum of the past decade. This is also amplified by the political contestations here in India, which are inevitably louder in the election season,” the prime minister said.

“I want to assure you that there is no reason to despair about our present or worry about our future.”

While lamenting that the government could not legislate deeper reform measures in the financial and insurance sectors due to lack of greater political support, Manmohan Singh said the decisions that have been made were already beginning to make an impact and India was re-emerging as an attractive investment decision.

“I am confident you will see the evidence clearly in the next few months,” he asserted.

On the education sector, the prime minister said the number of central universities in the country have gone up from 17 to 44 while the number of IITs and IIMs have doubled.

Describing the infrastructure development in the country, he said: “We have added 17,000 km of highways and more than 200,000 km of new roads in rural areas. Our power generation capacity is expanding rapidly, aided by initiatives in solar, wind and nuclear energy to give ourselves a more sustainable energy future.”

Manmohan Singh said that India’s economic growth has not only accelerated but has also become socially more inclusive and regionally more balanced.

“Our poverty levels are declining at faster rates; agricultural growth has accelerated; and real rural wages have increased three times since 2004,” he said.

On providing a clean and transparent government, Manmohan Singh expressed the view that the task was complicated “because we have to overhaul entrenched practices and systems while respecting the federal nature of our polity”.

“Strengthening governance is an ongoing process and we can never say that we have done enough, but I am confident that we are moving in the right direction,” he said.

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The Karnataka government on Friday decided to release Rs.300 crore as additional support price to sugarcane farmers for this fiscal.

“The support price of Rs.150 per tonne is in addition to the minimum price of Rs.2,500 per tonne the state government has fixed for sugar mills to pay farmers,” state Sugar Minister Prakash B. Hukkeri told reporters in Bangalore.

Chief Minister Siddaramaiah announced the support price in the 10-day winter session of the state legislative assembly, held last month at Belgaum in the northern region of the state, about 500 km away from Bangalore.

“The amount will be paid to farmers through deputy commissioners of respective districts. Sugar mills will crush an estimated 30 million tonnes of cane during the current sugar season,” Hukkeri said after a cabinet meeting here.

Meanwhile, the cabinet decided to hold a 10-day budget session of the state legislature in Bangalore, with Governor H.R. Bhardwaj addressing its joint session.

Date of the commencement of the session will be decided soon.

The cabinet also decided to set up an additional milk dairy in Chamarajanagar district in the old Mysore region at a cost of Rs.83 crore.

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US Ambassador to India Nancy Powell on Thursday assured all help to Indian companies to set up operations in the US.

Addressing industrialists here, she said the US can and will do more to help Indian companies of all sizes to set up operations.

She welcomed Hyderabad-based businesses’ robust participation in Select-USA Road Show planned for April this year in Delhi, Mumbai and Bangalore, to bring US states and economic development organizations to India to talk about their specific incentives and offers for Indian companies.

“I believe we should do everything possible to seize these seemingly unlimited opportunities to bring more prosperity and more jobs to people in both of our countries,” she said, according to a statement by the Confederation of Indian Industry (CII), Andhra Pradesh chapter.

The interactive session on India-US bilateral relations was organized by the CII along with US Commercial Service – Hyderabad. It was also aimed at promoting investments in the US through the Select-USA initiative of the US department of commerce.

Powell said more Indian companies were finding easy to invest in the US for various reasons including record low energy costs, a streamlined approval process, world-class universities and labor, and access to over 20 additional markets through high-level bilateral and multilateral international trade agreements.

Ramesh Datla, past chairman CII Andhra Pradesh pointed out that CII is focusing on establishing contacts between small and medium enterprise organizations through focused delegations to the US and and interacting with the delegations coming to India.

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Crude oil flow from northern Iraq to Turkey started via a new pipeline on Thursday, the Turkish government announced.

The oil started to accumulate at the Turkish Mediterranean export hub of Ceyhan but will not be shipped to world markets without the consent of Iraqi government, Xinhua quoted Turkish Energy Minister Taner Yildiz as saying. 

Stating that oil flow through the pipeline would start at 300,000 barrels per day (bpd) and rise to 400,000, the minister expressed hope that a deal with Baghdad could be reached this month for exports. 

Turkey and Iraqi Kurdistan regional government signed six energy contracts last month on exploration and purchase of hydrocarbon resources.

Following Nechirvan’s visit, Turkey’s Foreign Ministry said that Ankara and Arbil had “agreed on some commercial deals” but had yet to finalise them and that Turkey would seek Baghdad’s cooperation on the issue.

The agreement irked officials in Baghdad, which claims sole authority to manage Iraqi oil. Baghdad said Iraqi Kurds’ efforts towards oil independence could lead to the break-up of Iraq.

The Turkish energy minister paid a visit to Baghdad in December to brief the officials on the deals.

In response to Baghdad’s concerns, Turkey has proposed a formula to both parties under which oil and gas money will be tied up at a Turkish state bank in line with the agreed share of 83 percent to the Iraqi central government and 17 percent to the Kurds.

Ankara has set up the Turkish Energy Company (TEC), a state- backed entity, which will be Turkey’s counter party in dealings with Iraqi Kurds.

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Goa Chief Minister Manohar Parrikar agrees “in-principle” with auctioning the state’s mining resources but feels that proper systems needs to be in place to facilitate this.

Parrikar was speaking to reporters on the sidelines of a party function here.

“I am ok in-principle with auctioning of our natural resources, but we need proper systems in place for fair allotment of mining resources,” he said.

Parrikar, accused by the opposition of cozying up with the mining magnates implicated in a Rs.35,000 crore mining scam, also said that he was going to ensure that the private mining companies do not earn “windfall profits”.

“We are going to ensure that they do not earn windfall profits. But one must understand that mining is capital intensive and only those with substantial capital can engage in mining,” Parrikar said.

Mining has been banned in Goa following an interim order by the Supreme Court, which is hearing a petition for a probe into Goa’s mammoth mining scam.

A judicial commission has exposed the Rs.35,000 crore scam in which politicians, mining magnates and bureaucrats are linked.

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The price of non-subsidised cooking gas (LPG) was hiked on Wednesday by Rs.220 per cylinder on firming international rates, state-run oil marketing companies (OMCs) said.

The 14.2-kg cooking gas cylinder beyond the entitled nine at subsidised rates, will now cost Rs.1,241, up from Rs.1,021 in Delhi.

The new prices for the same cylinder in other metros are: Rs.1,270 in Kolkata, Rs.1,264.50 in Mumbai and Rs.1,234.00 in Chennai, Indian Oil Corp (IOC) announced.

This is the third increase in non-subsidised LPG rates in the past month. 

According to the OMCs, international LPG rates have firmed up owing to increased winter heating demand.

Any requirement above the limit of nine cylinders per household per year, set by the government in January 2013, has to be purchased at market rates.

OMCs revise rates of non-subsidised LPG on the first day of every month, based on the average imported cost and the exchange rate of rupee to the US dollar during the previous month.

IANS

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Prices of compressed natural gas (CNG) used in automobiles and piped cooking gas will go up by nearly 10 percent from midnight Thursday, making travel and other related services costlier.

CNG, used by almost all the public transport vehicles and also widely used by other commercial and private vehicles in the national capital, will cost Rs.4.50 a kg or nearly 10 percent more in Delhi.

The price of CNG will be hiked to Rs.50.10 per kg in the national capital from Rs.45.60 per kg.

In Noida, Greater Noida and Ghaziabad region, the revised price of CNG will be Rs.56.70 per kg. The difference is because of the state taxes, according to a statement released by Indraprastha Gas Limited (IGL).

Piped cooking gas, called PNG, supplied to kitchens will also become costlier by nearly 10 percent in Delhi as well as in Noida, Ghaziabad and Greater Noida.

For Delhi households, PNG will now cost Rs.29.50 per standard cubic metre of consumption up to 30 scm in two months.

For consumption above 30 scm in 60 days price will be hiked to Rs.52 per scm from the existing price of Rs.45.24 per scm.

In Noida, Greater Noida and Ghaziabad, the price the revised price of PNG will be Rs.31 per scm for consumption up to 30 scm in 60 days and for consumption beyond 30 scm, the new price will be Rs.54 per scm.

“There has been a reduction in allocation of APM gas to us, which is forcing us to source more quantity of market priced imported R-LNG, whose prices are currently on an upswing,” IGL said in a statement.

“This has affected our overall input cost by over 13 per cent. There has also been an increase in the operating expenses including increase in minimum wages announced by the government with effect from October 2013,” it said.

IANS

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