Govt tweaks cargo support policy to help Indian shipbuilders

 

Bangalore: Ships that are manufactured and registered in India will be given first preference for moving cargo on local routes, according to a government policy change aimed at boosting the sales of Indian-made ships

 

The country’s coastal trade is reserved for Indian-registered ships and foreign ships can be hired to operate in Indian territorial waters only when Indian ships are not available—that too with the approval of India’s maritime regulator.

 

So far, in a public tender, an Indian ship (owned by Indian entities and registered in India but not necessarily built in India) has a so-called right of first refusal to match the lowest rate quoted by a foreign flagship and take the contract, according to rules set by the directorate general of shipping (DGS) to develop the local shipping industry. 

 

If the right of first refusal is not exercised by Indian-registered ships that are not built in India, then preference was given to foreign registered ships that were manufactured in India, followed by ships purchased by Indian citizens, companies or co-operative societies through a so-called bare boat charter cum demise (BBCD) route, in that sequence.

 

Now, the government has added a new category of ships to this list—Indian built, Indian flag vessels—that are eligible to get first preference for the right of refusal for carrying Indian cargo.

“The committee of secretaries, Government of India, had considered a proposal of the ministry of shipping for initiating policy measures for the promotion of Indian shipyards and on an examination thereof agreed that the modality of exercise of right of first refusal should be amended under such circumstances to include the category of Indian-built Indian flag vessels, followed by Indian flag vessels for the purpose of such licences,” G.L. Singh, joint director (shipping development) in the DGS, wrote in a 21 November circular, a copy of which has been reviewed by Mint.

 

The change in the eligibility criteria for exercising the right of first refusal will potentially create a reliable market for local shipbuilders by incentivizing the purchase of ships manufactured by Indian shipyards, said a spokesman for the Shipyards Association of India, an industry lobby.

The idea is to encourage a “Buy India” framework for ships.

 

Such a policy is followed in the US, Brazil, Indonesia, among others, he added. The Jones Act mandates that all goods transported by water between US ports be carried on US flag ships that are built in the US, owned by US citizens, and crewed by US citizens and permanent residents. Indian shipbuilders have been facing a tough time since September 2008 after the global liquidity crunch and the recession cut demand for trade and, in turn, for ships. 

 

A boom-time prior to that had attracted firms such as Larsen and Toubro Ltd and Pipavav Defence and Offshore Engineering Co. Ltd, to enter shipbuilding and led existing players such as Cochin Shipyard Ltd, Bharati Shipyard Ltd and ABG Shipyard Ltd to expand capacity. 

 

While commercial orders have dried up, shipyards are banking on naval orders to stay afloat.

“It’s a half-hearted measure, (taken) without knowing the ground realities,” said T.V. Shanbhag, a Mumbai-based independent shipping consultant and arbitrator. 

 

“It’s not going to benefit ship owners or shipyards. There are hardly any Indian-registered bulk carriers, tankers and container ships doing business that were built at Indian yards. By putting such restrictions, fleet owners will be forced to build their ships at Indian yards where construction costs are much higher compared with the price offered by Chinese and Korean yards,” he said.

 

The policy change will, however, benefit Indian entities that own vessels used for supporting oil exploration activities. Many such ships run by Indian owners were built at Indian yards. “But those Indian ship owners whose off-shore oil exploration support vessels, including rigs, were built at overseas yards will lose out because of this policy change,” Shanbhag added. 

 

BBCD is a form of financing ship purchases. Under this hire-purchase scheme, the acquisition is typically done by paying a fourth of the total cost of the vessel as down payment while the balance is paid in instalments over the next five years out of the revenue earned from operating the ship.

During the lease rental period, the ship has to fly the flag of the country from where the acquisition is made. On completion of the lease rentals, the ownership of the vessel is transferred to the Indian entity which hired the vessel, and the ship becomes an Indian flag carrier thereafter

RANJAY KUMAR,

PGDM 1st YEAR

SOURCE;- MINT

MARKET EYE-Indian shares rally; domestic institutions turn buyers

* India's benchmark BSE index gains 1.38 percent, while
the broader NSE index is up 1.47 percent in a
broad-based rally after domestic institutional investors turned
buyers on Thursday, ending a selling streak of at least 12 days.
* DIIs bought shares worth 3.30 billion rupees on Thursday,
according to the most recent available exchange and regulatory
data. 
* A return of domestic investors - who have sold heavily this
year - would potentially provide a new boost to markets given
signs of waning buying appetite from foreign investors.
* Hopes that state elections results on Dec. 8 would yield a
clear winner are also boosting shares.
* Investors say a clear winner in general elections due next
year would be a positive outcome.
* Among blue-chip stocks, Sesa Goa Ltd gains 2.9
percent, while ICICI Bank Ltd is up 2.7 percent.

 NAME - RAJ KISHOR SHARMA

        PGDM - 1sem 

British bike company Triumph drives into India

29 November 2013

 

 

NEW DELHI: The list of iconic bike makers queuing up for the Indian market is growing. British high-end bike manufacturer Triumph is the latest to enter the country and joins companies like Harley Davidson and Ducati, which are betting big on the growing love of Indians for expensive cruisers and power-packed bikes.

Triumph, which has been looking at India for over two years, finally announced a line-up of 10 models (six to be assembled locally) and said these would cost from Rs 5.7 lakh (ex-showroom, Delhi) onwards, running up to Rs 20 lakh.

Paul Stroud, global director (sales and marketing) for Triumph Motorcycles, said there is a potential for bikes in India, despite issues like poor road infrastructure and the current economic slump. "As the economy picks up, the demand for premium bikes will go up." The company, which sells about 50,000 units per annum globally, has got models in the classics, roadster, adventure, cruisers and super-sports categories. "The infrastructure is improving, and we have already seen a good response from potential buyers."

AJAY SINGH THAKUR 

PGDM 1sem

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NAME - SHYAM KISHOR SINGH
               PGDM - 1sem

Trivitron Healthcare to raise Rs.150 crore from India Value Fund

29 nov 2013 fri

Medical devices maker Trivitron diluting mid teen stake in this round; deal expected to be signed in 10 days 

 

According to estimates of the Association of Indian Medical Device Industry, while the global medical devices market is valued around $315 billion, the sector in India is worth a mere $4 billion. Photo: Priyanka Parashar/Mint

Mumbai: Medical devices maker Trivitron Healthcare Pvt. Ltd is raising nearly Rs.150 crore from private equity (PE) firm India Value Fund Advisors in lieu of a minority stake, said two people familiar with the development, one of them directly involved in the deal.

The deal is expected to be signed in 10 days, they said, both declining to be identified. One of the persons said that Trivitron is diluting “mid teen” stake in this round.

In October last year, Fidelity Growth Partners India invested Rs.400 crore for a 20-23% stake in Chennai-based Trivitron, acquiring the shares from PE investors ePlanet Ventures and Headland Capital, Mint had reported.

“The company is growing fast and is in an expansion mode. They are getting into new geographies and are also considering acquisitions for building presence in the imaging and lab diagnostics subsets,” said one of the two people cited above.

Last November, Trivitron acquired Finnish diagnostics technology firm Ani Labsystems for €15.8 million. It gave Trivitron the capability to enter the point-of-care, immuno and molecular diagnostics segments.

Chennai-based investment bank Veda Corporate Advisors Pvt. Ltd is running the mandate for the latest transaction.

Trivitron founder and managing director G.S.K. Velu and India Value Fund’s managing partner Vishal Nevatia did not respond to mails sent to them.

Trivitron, founded in 1997, is the largest wholesale distributor and after-sales support provider of medical equipment and devices in India. It has joint ventures with Japan’s Hitachi-Aloka Medical Ltd and Spain’s Biosystems SA for manufacturing ultrasound equipment and laboratory diagnostics reagents, respectively.

India’s medical equipment sector is still emerging and dominated by imports. According to estimates of the Association of Indian Medical Device Industry, while the global medical devices market is valued around $315 billion, the sector in India is worth a mere $4 billion. The Chinese medical devices market is nearly $8 billion, and the US market, the world’s largest, is worth over $110 billion.

Healthcare is one of the most active sectors this year in terms of both PE and merger and acquisition (M&A) deals. Between 1 January and 21 November, there were 59 PE deals worth $758.6 million, according to estimates by VCCEdge, which tracks investment activity in the country. There were 54 M&A deals in the healthcare segment worth about $2.77 billion, compared with 56 deals worth $1.53 billion in the same period a year earlier.

In September, PE firm TPG Growth acquired a minority stake in Bangalore-based surgical equipment maker Sutures India Pvt. Ltd for Rs.150 crore. In May, Goldman Sachs invested Rs.110 crore in BPL Medical Technologies for an undisclosed equity stake. And earlier in January, Norwest Venture Partners, a global investment firm, invested $11 million in Perfint Healthcare Pvt. Ltd, a medical technology company.

“Indian medical devices market has been growing rapidly, still there are only a handful of players which have managed to achieve scale with differentiation,” said Sunil Parnami, director at financial consultancy firm Lodha and Co., who also heads the company’s healthcare practice. “In the electronic segment, emergence of players like Perfint, Allengers, BPL Medical Technologies, etc., is a good sign for the industry, which historically has been dominated by the likes of GE, Medtronic and Philips.”

 

ABHISHEK KUMAR

PGDM 1ST YR

Government may unveil bailout package for road developers

 

A committee headed by C. Rangarajan, chairman of the Prime Minister’s Economic Advisory Council, is likely to recommend the restructuring of a portion of the premium commitment of a developer and order traffic studies of projects to determine their eligibility for availing of the relaxation under this policy.

A committee headed by C. Rangarajan, chairman of the Prime Minister’s Economic Advisory Council, is likely to recommend the restructuring of a portion of the premium commitment of a developer and order traffic studies of projects to determine their eligibility for availing of the relaxation under this policy.

For six-laning of highway projects, the Rangarajan committee is likely to allow restructuring of 75% of the road developer’s premium commitment for the first three years during construction and 50% of the premium for the remaining years, said the official.

 

The developers will be required to provide a bank guarantee in lieu of the relaxation. “The restructuring would be spread over three years short of the concession period,” the official said.

The panel is also likely to propose that annual cash flow that is in surplus to the debt servicing and operation and maintenance (O&M) obligations will be adjusted against the accumulated deficit in premium payment obligations.

 

For four-laning of highway projects, the restructuring of premium payments will begin after the completion of construction. The developer will be required to pay 75% of the premium commitment for the first three years after the completion of the project, and 50% for the remaining years.

In order to determine the eligibility of road projects, the committee has asked the National Highways Authority of India (NHAI) to conduct a traffic study for the project to determine if the current traffic trends help meet the revenue projected in the financial statement. If the fresh traffic study establishes a shortfall in projected revenue, the project will be considered “stressed” and eligible for the relaxation.

“The issue of discount rate will be addressed though an existing provision in the model concession agreement that allows the developer to take loans from the government to meet shortfall in premium. The discount rate could work out to 10.75% and an additional 2% if bank guarantee is required,” the official said.

Promoters of 48 road projects have been in talks with NHAI for restructuring of premium payments.

The issue of levying a penalty has been dismissed.

 

The Rangarajan committee is expected to come out with the recommendations by the end of this month.

If accepted, NHAI will be empowered to decide which projects can avail premium restructuring.

The government had given an in-principle approval on 17 October to the proposal to restructure premium commitments of stressed road developers with riders.

 

The road ministry, which awarded just 1,322km of road projects in 2012-13 against a target of 9,500km, hopes to revive activity in the sector. The sector has faced a slowdown because of the overall economic downturn, cautious lending by banks and the highly leveraged balance sheets of developers.

 RANJAY KUMAR

PGDM 1st  YEAR

SOURCE MINT

---

QuadTech ‘moving you forward’
with latest product releases

---

Colour Control and Web Inspection System with AccuCam.

In the last 18 months, QuadTech has launched a host of performance-enhancing press control solutions for offset, flexo and gravure. During Gulf Print & Pack 2011 (Dubai, March 14-17), the company highlighted a number of solutions under the theme ‘Moving You Forward’








. Newspaper printers could discover the advantages of the Color Control and Web Inspection System with AccuCam. QuadTech also introduced Proactive Care, which provides around-the-clock health and condition monitoring of QuadTech ICON systems by skilled technicians. As per Karl Fritchen, president of QuadTech, “QuadTech engineers are constantly pushing technology forward, providing printers with the tools needed to consistently deliver the highest levels of print quality to their customers. We provide the industry’s most effective solutions for colour control, web inspection, register control and data management.”



The trend in newspaper printing for better control over colour is being fuelled by a need to diversify. Semi-commercial products, hybrid heatset/coldest newspapers and publications geared to attract advertisers - such as lifestyle supplements - are now commonplace. To help printers achieve the required quality and accuracy, QuadTech has responded with the Color Control and Web Inspection System with AccuCam. This is an inline, image-based colour control that optimizes control over an entire image by comparing image values with target aim points derived from the prepress file, in terms of CIELAB values. The system also provides fast detection of scumming, plate verification, and other inspection capabilities. When linked through an ICON platform to established controls for register and ribbon guidance, the entire QuadTech newspaper package drives added value, waste reduction and manpower savings into both newspaper and semi-commercial applications.








Register Guidance System with MultiCam has been enhanced with automatic fan-out control features to minimize register errors due to web stretch in the humid environment of the printing towers. QuadTech’s fan-out control software automatically keeps the press in lateral register across the full width of the web, throughout the entire run. Register control cameras mounted on both the gear and operator sides of the web capture tiny shifts in lateral register and instantly make automatic corrections via an interface with the bustle wheels. As per Vince Balistrieri, responsible for QuadTech’s newspaper and commercial SBU, “The addition of fan-out control optimizes the number of ‘saleable’ copies by eliminating the risks of subjective and error-prone manual adjustments. As a consequence make-ready is faster and color fit is spot on, irrespective of the ink coverage on the web
shailendar kumar 
pgdm 1st year   
mint news 

Ericsson facing CCI antitrust investigation over Micromax complaint

Fair trade watchdog CCI will probe telecom gear major Ericsson for alleged abuse of its dominant position in charging higher royalty on GSM technology patents, following a complaint by handset maker Micromax.Competition Commission of India (CCI) has ordered investigation into the matter after finding prima-facie evidence of Telefonaktiebolaget LM Ericsson indulging in unfair trade practices.

Micromax had complained that Sweden-based Ericsson was demanding unfair, discriminatory and exorbitant royalty for its GSM technology-related patents.
In its order, CCI has said that it is a "fit case for through investigation by the Director General into the allegations made by the informant (Micromax), and violations, if any, of the provisions of the Competition Act".

It is prima facie apparent that Ericsson is dominant in the market of GSM and CDMA (telecom technology standards) in India and holds large number of such patents, said the CCI order dated November 12, but released Wednesday.
As per the order, Ericsson has 33,000 patents to its credit, with 400 of these granted in India. The company was the largest holder of SEPs (Standard Essential Patents) for mobile communications technologies like 2G as well as 3G and 4G, used mainly used for smart phones and tablets.
The Commission noted that since Ericsson held these SEPs and there was no other alternate technology in the market, the telecom equipment firm "enjoys complete dominance over its present and prospective licensees in the relevant product market".

Micromax said it had received a notice from Ericsson on November 3, 2009 for infringing essential GSM patents of the company.
The Commission observed that allegations regarding royalty rates make it clear that the practices adopted by the Ericsson were discriminatory as well as contrary to FRAND (Fair, Reasonable and Non-Discriminatory) terms.

"The royalty rates being charged by the Opposite Party (Ericsson) had no linkage to patented product, contrary to what is expected from a patent owner holding licences on FRAND terms.
"The Opposite Party seemed to be acting contrary to the FRAND terms by imposing royalties linked with cost of product of user for its patents," the order said.
Meanwhile, Ericsson had filed a civil suit against Micromax for alleged violation of patent rights.
The Commission said that issues raised by Ericsson before the Delhi High Court were in respect of infringement of Intellectual Property Rights (IPR).

"this Commission has obligation and jurisdiction to visit the issues of competition law. Pendency of a civil suit in High Court does not take away the jurisdiction of the Commission to proceed under the Competition Act," the order said.

For the latest technology news and reviews, like us on Facebook or follow us on Twitter and get the NDTV Gadgets app for Android  or ios.

SOURCE -TIMES OF INDIA.
PRAVEEN SHARMA  
PGDM IST.

Government eyes Rs 48k crore from 3G auction

 NEW DELHI: The government wants to auction 3G spectrum soon and the department of telecom (DoT) has taken forward its talks with the defence ministry for freeing up spectrum in the 2,100 MHz band, communications minister Kapil Sibal has said. "We are trying to sort out the matter," Sibal told TOI when asked whether DoT is talking to the defence ministry for vacating the third-generation spectrum. "Let us hope that the issue is sorted out soon."

Sale of the lucrative 3G airwaves will come as a boon for the cash-strapped government, which is battling the twin headaches - fiscal and current account deficits. An internal note of the finance ministry has estimated that vacation of 3G spectrum by the defence will open up additional 2x20Mhz of the higher frequency spectrum and help the government mop up about $8 billion (around Rs 48,000 crore) through the auction of four slots. The calculation assumes a 50% discount to the last auction prices in view of the "prevailing market conditions".

Sibal said the government wants to see 3G spectrum sale, though this may not be possible with the upcoming 2G auctions slated for January. "What we want is to auction all spectrum that we have," the minister said.

As per the finance ministry's note, the potential collections from 3G sale will fetch higher revenues than what is estimated from the overall auctions in the 900 MHz and 1,800 MHz bands (2G auctions). The note suggests that the defence forces may be allotted spectrum in the 1,900 MHz band in lieu of the airwaves they vacate in the 3G (2,100 MHz) frequency.

However, industry analysts say that it will be an uphill task to convince the defence forces to vacate 3G spectrum. The defence ministry is unhappy with the fact that there is no progress on laying of a dedicated optical fibre network (OFC) that was promised to it earlier. The DoT was to commission the fibre network for the defence services at a cost of Rs 10,000 crore, and this was to be built by BSNL. This had been promised in lieu of the spectrum the defence forces had vacated earlier.

Telcos are not happy with the situation as the tussle between DoT and defence forces is delaying 3G sale. "We feel that 3G auctions should be held as soon as possible as the industry is starved of spectrum and we do not have the bandwidth to support National Telecom Policy-2012 targets for broadband," said Rajan Mathews, director general of GSM lobby group Cellular Operators Association of India (COAI).

Mathews said the various wings of the government should sort out their differences fast so that 3G auctions can be held within the tenure of the present government.                                                                                                            Love Kumar Gupta                                                                              PGDM 1st Sem

Govt considering ITC, L&T, Axis stake sales to pare deficit

Govt considering ITC, L&T, Axis stake sales to pare

New Delhi: India is seeking to revive the option of selling some government stakes in ITC Ltd., Larsen & Toubro Ltd. and Axis Bank Ltd. to raise funds, three finance ministry officials with direct knowledge of the matter said.

The ministry intends to ask the Cabinet to approve the proposal as pressure grows on the administration to meet its target of Rs54,000 crore ($8.7 billion) in total share sales in the year ending 31 March, said the officials. They asked not to be identified as the plans aren’t public.

The officials said a final decision has yet to be taken and didn’t give a time frame for the approval process. The government’s attempt since the end of 2011 to set up a fund management company for the stocks, which would then pledge them as collateral to secure loans, has stalled.

India faces a slump in economic growth that’s hurting tax revenues, adding pressure on the government to sell some of its stake in ITC, Larsen & Toubro and Axis, worth a combined Rs47,400 crore at current prices, to help contain the budget deficit. Prime Minister Manmohan Singh’s goal is to shrink the gap to a six-year low of Rs4.8% of gross domestic product this fiscal year.

Finance minister P Chidambaram aims to sell Rs40,000 crore of shares in state companies in the 12 months ending 31 March and Rs14,000 crore of legacy holdings in private businesses. He’s raised about 3% of the target for disposals in state companies, with just four months of the fiscal year left, according to finance ministry figures.

Budget and trade shortfalls are among risks that imperil India’s investment grade credit rating. Standard & Poor’s said this month it may lower India’s assessment to junk next year unless the general election due by May leads to a government capable of reviving economic expansion. BLOOMBERG

 

 

md.aquil alam 

pgdm 1st sem 

source. mint 

Air India pilot fights to keep his earring, delays flight

An Air India flight from Chennai to Colombo on November 24 was delayed by more than an hour because the captain refused to take off his earrings.

According to the AI operational manual, approved by the Directorate General of Civil Aviation, male pilots are not permitted to wear earrings while operating flights. Most airlines across the world have similar norms for pilots.
Flight AI 273 was to depart from Chennai on November 24 at 2.15pm. Sources said Captain Bhagath Singh refused to take off his earrings despite being asked to do so by the senior captain, who was on board to check Singh's proficiency in standard operating procedures. Such checks are routine in all airlines.

The flight left after a delay of more than an hour following the intervention of top officials who permitted Singh to fly with his earrings on.
The AI manual says: "Male crew are not permitted to have long hair, long sideburns, intimidating moustache, very long unkempt beards and to affect a ponytail of hair or wear earrings and nose ring in uniform."
When contacted by HT, Singh refused to comment. AI, too, did not offer comments. Singh continues to defy AI's rules on uniforms. He operated a flight on Thursday too.
"It is unfortunate that the AI management does not enforce discipline," said Captain Mohan Ranganathan, a former pilot and aviation expert.
               
                                                                                                                   NAME-
                                                                                             SARVESH KUMAR SINGH
                                                                                                          PGDM 1st SEM

Café racing, Bullet style

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CONTINENTAL GT Royal Enfield has dug into the 1960s to invoke the glory days of British-made bikes. Will it work? We take a look

Tinker, tailor, soldier, spy. Throw in the milkman and the local goon, and the friendly neighbourhood Spiderman, and virtually everyone and his brother in India owns a Bullet or one of its siblings. So it was perhaps time that Royal Enfield brought something new to the field, and it did so in style a couple of days ago, when it launched the Continental GT, a café-racer, in India.
Unveiling the bike, Royal Enfield CEO Sidhartha Lal said the GT looked to bring fun back into biking. We got to ride it in the conditions that it was designed for — twisty, turny, narrow roads with scant traffic and scanter regard for traffic laws. Here is what we found.
THE LOOKS Without doubt, it is a showstopper. The colour alone would have done it — what is called Ferrari red in auto slang — but the styling and sound are right up there. There is a yellow variant that brings even more dash. The Continental GT is modelled on its iconic namesake that was a Royal Enfield bestseller back in the 1960s, and the café racer seat borrowed from the original only makes it stand out more. RE does have an optional double-seat, but more about that later.

THE PERFORMANCE The engine is a 535-cc single-cylinder unit construction engine, basically a re-bored version of the existing 500-cc that does service on the Bullets. But it has been extensively remapped to bring a racer-like performance to it. The power output is up by a marginal 2 BHP, and the torque by 4 Nm, but it is the delivery that is completely new: it runs gear-to-gear, at high RPM and takes off, from the word go with wheelies at the drop of a hat — very un-Bullet like behaviour. This bike loves to be pushed, so we spent a full day racing and exploring its limits.
THE HANDLING With Paioli twin gas-charged rear shockers and massive 41-mm forks up front, the springs are good, and suitably stiff for great handling at high speeds. Brembo disc brakes at both ends ensure that it stops when you want it too. We did feel the rear brake could have been stiffer, but other bikers on the run did not find anything remiss.
The long seat, the pushed back foot pegs and controls, the long tank and the crouched rider position all fall together to give the bike an aggressive feel. If you choose to be a family man and put a double seat on this bike, you would probably be doing great disservice all round — to yourself, to the bike and the family too. Just a feeling. THE RIDE, AND THE VERDICT The 250-km hair-raising ride behind us, let us analyse: great take-off, excellent cornering, confident balance, sure braking, all-round, a great bike. But… It has a top-speed of just over 120 kph. The company says café racing is all about the fun of riding, about finding your limits, about riding skills rather than super-bikes with power, torque and top-speeds that will never be fully used (in Indian conditions). We can buy some of that. With the GT you do get to fully utilise all that is on offer. But will it satisfy your adrenaline thirst? We feel it may fall short by 5-10%. Do explore the bike, though, and decide for yourself. It is great, and value for money.
                                                                                                       NAME RAHUL SINGH 2
                                                                                                                PGDM 1SEM

India ready to block WTO deal at Bali

 

                                                            NEW DELHI: The government on Thursday decided that it will refuse to accept any deal at the World Trade Organization's (WTO) Bali meeting that does not protect its right to offer subsidized food, even if resulted in India being blamed for blocking progress. The tough posture ahead of next week's ministerial meeting was endorsed at the Union cabinet meeting chaired by Prime Minister Manmohan Singh after WTO members failed to agree to India's demand for a restriction on any disputes at the multilateral body in case the 10% subsidy cap is breached.

India wants the interim solution or the "peace clause" to be in place till a permanent solution is found. But, WTO members, led by the US, are willing to offer truce only for four years, while promising to work out a final solution during this period, something that the government is not convinced about.

Under current rules, amount spent on purchase of foodgrains at the minimum support price and sale at subsidized rates through the public distribution system cannot exceed 10% of the value of production. India fears that it may go past the limit once the Food Security Act is fully implemented. India is a key member of the G-33 alliance, which also includes China and Indonesia, which are seeking a change in the rules for calculation of subsidy.

The commerce department has suggested two options to the cabinet but the government decided that it will not agree to the proposed agreement on trade facilitation if India's interests on food security were not protected. "Since India has consistently insisted on balance in the Bali package, it may not be desirable to endorse the Trade Facilitation Agreement (TFA)," said a source, quoting the cabinet note. TFA is meant to ease shipment of goods across the border by simplifying customs procedures and speeding up clearances.

Apart from insisting on a permanent solution to the food security issues, G-33 also wants an exemption from any dispute at the WTO for violation of the agreement on subsidies and countervailing measures. Although developed and several developing countries enjoyed protection from facing penalties for selling subsidized food in other markets, which impacted goods from other countries, the benefit ended in 2004.

vijay kr yadav

pgdm sem-1

sou- times of india

At market price, Indian economy to grow 3.4% this fiscal: OECD

 

28-NOV 2013

Indian economy is expected to improve marginally in the current financial year with its GDP at market price projected to expand by 3.4% from 3.3% in the previous fiscal, think tank OECD said on Tuesday.

The country's economic activity is expected to recover gradually as "rupee depreciation supports exports, infrastructure projects cleared by the Cabinet Committee on Investment come on stream and political uncertainty declines after the general election due in the spring 2014", OECD said.
Paris-based Organisation for Economic Co-operation and Development (OECD), a grouping of mostly developed nations, has pegged India's GDP growth at market price to be 5.1% in 2014-15 period and further rise to 5.7% in 2015-16 fiscal.

India calculates GDP at constant price which grew at 5% in 2012-13 fiscal, the lowest in a decade. In the current financial year ending March 2014, finance minister P Chidambaram expects economy to grow by 5-5.5%.
According to OECD, rupee depreciation is putting pressures on inflation, public finances, corporates and banks with high external debt exposure.
"Supply constraints will continue to restrain growth, adding to inflationary pressures and the current account deficit," it added.
Meanwhile, OECD welcomed India's new monetary policy framework that puts more weight on inflation as a policy anchor.
However, it said that containing inflation pressures also requires reducing the fiscal deficit and dealing with supply constraints that limit growth.
"The new land acquisition law may promote investment, but the new food act will be fiscally costly.
"Priority should now be given to cutting energy subsidies, better targeting household transfers, implementing pending tax reforms, improving infrastructure and reforming the labour market," it said.
OECD projects world economy to grow 2.7% this year before accelerating to 3.6% in 2014.
"The pace of the global recovery is weaker than forecast last May, largely as a result of the worsened outlook for some emerging economies," it said.
According to the grouping, the global economy is expected to continue expanding at a moderate pace over the coming two years but cautioned that policymakers need to ensure growth is not derailed due to instability in financial markets and underlying fragility in some major economies.
"The recovery is real, but at a slow speed, and there may be turbulence on the horizon," OECD secretary-general Angel Gurria said.

SUMIT KR SINGH
PGDM 1 ST YR

Branded petrol, diesel set to turn cheaper

 

Premium fuels including petrol and diesel, which can increase the efficiency (mileage) of your car by up to 2%, may soon turn affordable.

The finance ministry is likely to slash duties on branded fuels, making premium petrol cheaper by Rs. 5 a litre and that of branded diesel by Rs. 2 a litre. These are typically used in high-end cars.
A litre of normal petrol costs about Rs. 71.05 a litre in Delhi while branded petrol is priced at Rs. 80. Normal diesel is priced at Rs. 53.10 a litre against Rs. 67.93 in case of branded diesel. Due to the difference in costs, these branded fuels are generally uneconomical for consumers. In fact, the sale of diesel at petrol pumps is negligible.

“Our request for rationalisation of the rate of excise duty on branded diesel and petrol is being looked into by the finance ministry and the two ministries are discussing how the price of these premium fuels can be made affordable for consumers,” a petroleum ministry official said.
While the finance ministry may not completely withdrawn the excise duty on premium fuels, indications are that excise duty will be cut by Rs. 5 a litre on petrol and Rs. 2 a litre on diesel, he added.

Though a reduction in excise duties is unlikely to add to the exchequer’s revenues since currently branded fuel sales are meagre, it would help in energy conservation as these fuels provide improved engine performance, according to the petroleum ministry.
Against an excise duty of Rs. 1.20 a litre on normal petrol, branded petrol has a duty component as high as Rs. 7.50. Similarly, while normal diesel attracts an excise duty of Rs. 1.46 a litre, a duty of Rs. 3.75 duty is levied on branded diesel.
“While the reduction in excise duty on branded petrol may still draw customers to buy this premium fuel, the difference in normal and branded diesel even after duty reduction would continue to be high, thereby making the product uneconomical for consumers,” said Ajay Bansal, general secretary, All-India Petroleum Traders, an umbrella body of fuel banks in the country.
 
PRATIMA KUMARI
PGDM 1st SEM.

Reliance Life Sciences enters anti-cancer market

 

Mumbai: Reliance Life Sciences Pvt. Ltd has introduced six anti-cancer drug brands in India, including a generic version of Swiss drugmaker Novartis AG’s anti-blood cancer drug Glivec, as it seeks to tap the fast-growing market for oncology drugs in the country.

 

Oncology, or the branch of medicine dealing with cancer, is expected to emerge as one of the largest therapeutic segments in the domestic market in five years, Reliance Life Sciences’ president and chief executive K.V. Subramaniam said in an email. “Oncology is the leading therapeutic class in the global pharmaceutical market today,” said Subramaniam, adding that the company is targeting both the domestic and export markets.

 

“For the domestic market, Reliance Life Sciences has set up a separate division for marketing oncology formulations. For international markets, it will pursue partnerships with pharmaceutical companies for commercialization of these products,” he added.

Reliance Life Sciences is seeking to tap a market for oncology drugs that, globally, is estimated to grow from $80 billion (around Rs.4.9 trillion today) in 2012 to about $110 billion in five years.

 

In India, the anti-cancer drug market touched about Rs.2,000 crore in fiscal 2013, and is forecast to grow to Rs.3,831 crore by fiscal 2017, according to consultancy firm Frost and Sullivan.

 

The six drugs Reliance Life Sciences has introduced are therapies for cancers that affect the brain, colon, lungs, white blood cells and the rectum that have been identified as the most prevalent globally as well as in India. The current market size for drugs treating these cancers is estimated to be in the range of $40-$50 billion. Reliance Life Sciences, a privately held company, did not share details of its sales or profit targets.

 

The Mukesh Ambani group company recently built commercial-scale plants for manufacturing active pharmaceutical ingredients, or APIs, and formulations for oncology medicines at its Rabale campus in Navi Mumbai.

 

India had 2.8 million prevalent cases of all types of cancer in 2012, while at least 800,000 new cases come up every year, Frost and Sullivan said in an India oncology market study released in May.

“Oncology will be a key area of growth in India’s healthcare sector. With increase in emphasis on health coverage both by central and state governments, spending on coverage of medicines for oncology will see substantial rise in three-five years,” Ajaykumar Sharma, Frost and Sullivan’s associate director (pharma, lifescience and healthcare practice), wrote in the report.

 

Reliance Life Sciences can take advantage of its existing marketing network with hospitals, said industry experts.

 

“Reliance Life has already established strong marketing network with leading hospitals across the country for its stem cell-based and tissue engineered therapeutic products. Since oncology is mainly a hospital-based business, the company can make better use of this sales network,” said a corporate consultant and adviser in the pharma and healthcare area with a global consultancy firm. He didn’t want to be identified because he isn’t supposed to comment on individual companies.

 

“The biological research strength that it has built in-house for stem cell-based therapies, would also help extend its cancer drug portfolio, especially in the biosimilar space,” said this consultant.

Biosimilars are generic versions of biopharmaceutical products. Reliance Life Sciences attempted to enter the generic pharmaceuticals market in India and abroad in 2010 but dropped the plan due to adverse market conditions.

 

Competition is tough in India’s anti-cancer drug market, in which several foreign and local drugmakers are offering a range of patented and generic drugs after the government reduced taxes and import duties to ensure the availability of affordable oncology drugs.

India also issued its first compulsory licence in February 2012 to allow Hyderabad-based Natco Pharma Ltd to manufacture and sell a cheaper version of German drugmaker Bayer HealthCare AG’s patented lung cancer drug Nexavar (sorafenib) locally.

 

The health ministry has now proposed to issue a compulsory licence for another cancer drug, Sprycel (dasatinib), patented by US drugmaker Bristol-Myers Squibb Co.

 

 

Swiss drugmaker F. Hoffmann-La Roche Ltd, a multinational drugmaker that specializes in cancer therapies, had last year cut prices of three key cancer drugs in India following increased competition from generic drugmakers in the local market. Local drugmakers including Cipla Ltd had also cut prices of generic cancer drugs in the third quarter of fiscal 2013.

 

Roche, which relinquished its patent right for its breast cancer drug Herceptin in May, has already entered a local manufacturing partnership to reduce costs and expand the market reach for its cancer drugs. “We have already introduced a local pricing and branding structure, in partnership with the local company, for a number of our cancer drugs, including Herceptin, and are currently reviewing the impact of this programme,” a Roche spokesman said earlier.

Vikash chnadra mishra

PGDM,1st Year.

Source:-Mint