Congress on Wednesday sought to take the sheen out of Prime Minister Narendra Modi’s frequent foreign tours, alleging India’s exports have dropped by a whooping 45% despite him completing 30 foreign visits during his 18-month tenure.

The party also took a jibe at the Prime Minister over the issue of price rise and said his government has “in one stroke taken away carbohydrate, protein, vitamin and fat from the plates of the common man”. “After 30 foreign visits and another four lined-up, all that Modi has achieved for the nation during his 18 months tenure is a whopping drop of 44.89% in Indian exports, from 280 billion dollars in May 2014 to 154 billion dollars today,” Congress spokesman Abhishek Singhvi told reporters.

He said that despite “all the hoopla” created by the Modi government around ‘Make In India’ initiative, Indian exports have contracted for 11 straight months now and plummeted by 17.6% to just 154.29 billion dollars in October. He said under the Congress-led UPA government, India’s exports crossed the targeted 300 billion dollars and stood at 315 billion dollars in March 2013.

“What is particularly worrying is the persistent weakness across other major segments. Gems and jewellery, which account for roughly 13% of the export basket, fell by 12.8% and chemicals and related products which account for 10% of the basket fell by 8.2% while engineering goods with a share of 22.4% have contracted 11.6%,” Singhvi said.

This continuing weakness reinforces concerns about India’s ability to replace China as the manufacturing hub of the world and it also raises serious doubts about meeting the $300 billion export mark, he said. Posing a number of questions to the Prime Minister, Singhvi asked as to why is the economy in such a “pitiable” state. “Apart from the sloganeering that the Prime Minister is indulging in the NRI circuit, what tangible steps has the government taken to push exports,” he asked.

The Congress spokesman also asked the Prime Minister what exactly “have you been doing on your frequent foreign tours?” “What reason does the Prime Minister have about the contracting exports of iron ore, rice, oil seeds and jewellery for which India is famous for,” Singhvi asked.

18 Nov) Beijing: Chinese stocks opened higher on Wednesday with the benchmark Shanghai Composite Index up 0.01 percent to open at 3,605.06 points. The smaller Shenzhen index opened 0.04 percent higher at 12,516.14 points, Xinhua reported. The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, gained 0.39 percent to open at 2,727.61 points.

(14 Nov) A day after deals worth £9 billion were announced between the two countries, Prime Minister Narendra Modi on Friday said that investment by British companies in India would be a “win-win partnership” for both countries as he talked of investment opportunities in infrastructure and renewable energy sectors. “We are confidently, consistently and ceaselessly working to integrate our economy with the world,” he told the India-UK CEOs forum. In his opening remarks, British Prime Minister David Cameron referred to Modi’s vision and intent for transforming India. Modi said economic ties are extremely important elements of the relationship between countries. He referred to his government’s initiatives such as ‘Make in India’, emphasis on infrastructure, opening up of FDI in various sectors, and commitments towards 50 million new houses by 2022 and 175 giga watts of renewable energy. The visiting Prime Minister said: “Investment by British companies in India would be a win-win partnership for both countries,” an official statement said. CEOs from both sides made brief observations.

“It was observed that the current time represents a ‘tidal wave of opportunity’ in India for investors,” the release added. Speaking of the historical ties and complementaries between the two countries, Modi said India-UK are economically made for each other and this relationship has to be driven by private sector CEOs. Modi added that the government wants to develop Indian railway stations through public-private partnership. He also said that the defence manufacturing is the backbone of ‘Make in India’ campaign.

The forum was co-chaired by Tata Group chairman Cyrus Mistry on the Indian side and Standard Life chairman Gerry Grimstone on the UK side. The forum was attended by the likes of Bharti Enterprises chairman Sunil Bharti Mittal, Tata Consultancy Services CEO & MD N Chandrasekaran and Bharat Forge chairman Baba Kalyani, PTI reported. The UK team included leading British company representatives like Vodafone chief executive Vitorio Calao, BAE CEO Ian King and Rolls-Royce CEO Warren East.
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New Delhi, Nov 9 (IANS) Nestle India on Monday said it has begun the roll-out of Maggi noodles and that the priority would now be to reach the popular snack to the consumers at the earliest. “The return of Maggi Noodles on the auspicious eve of Deepawali and on the day of Dhanteras is a moment of celebration for all of us,” Nestle India chairman and managing director Suresh Nayaranan said in a statement, announcing the re-launch after it was banned on June 5. “Maggi noodles has very special relationships and strong emotional bonds with its consumers across the country and I am confident that our bonds will grow even stronger,” Nayaranan said, adding the company has also entered into a pact with Snapdeal for online sales. On June 5, the Food Safety and Standards Authority of India (FSSAI) had ordered a pan-India ban on the company’s noodles on the ground that these were “unsafe and hazardous” for human consumption due to presence of lead, allegedly beyond permissible limits.

After a five-month legal battle, Nestle said last Wednesday that the “masala” version of Maggi noodles will hit the retail shelves as early as this month having cleared all tests ordered by the Bombay High Court at three accredited laboratories.

Chennai/New Delhi: Indian automobile giant Tata Motors Ltd on Monday announced it has signed-up Argentine footballer Lionel Messi as its global brand ambassador for its passenger vehicles. In a statement, Tata Motors said it has signed-up Messi in a long-term association as its global brand ambassador to promote and endorse its passenger vehicles globally.

This is the first time ever that the passenger vehicle business will be undertaking an overall brand association campaign with a brand ambassador, it said. To start with, Tata Motors will first roll-out the association campaign, #madeofgreat, starring Messi. “As we look to expand our footprint across the globe, Messi’s unique ability to appeal globally, transcending geographies, makes him ideal person to represent our brand, internationally,” said passenger vehicle business unit president Mayank Pareek. Messi said: “Namaste India. I am very excited about my first association with an Indian thrilled to be a part of the Tata Motors family.

“I have always been fascinated by India and have heard such great things about this diverse country. I was once in India with Argentina National Team – and I hope to visit it again.” Messi also noted Tata Motors “is a true representation of India and a well-established brand, globally”. “It is important to believe in yourself and keep pushing to achieve success and that is what the first campaign stands for. I hope together we are able to inspire many more,” he said.

The first plane produced by a Chinese government initiative to compete in the market for large passenger jetliners has been unveiled in Shanghai.

The Commercial Aircraft Corporation of China (COMAC) showed off its twin-engine C919 in a ceremony on Monday attended by some 4,000 government officials and other guests at a hangar near the Pudong International Airport.

China’s aviation market is growing fast but relies on Boeing and Airbus aircraft.

The ruling Communist Party wants to claw back some of the commercial benefits that flow to foreign suppliers.

Dependence on Boeing and Airbus

For China, the plane represents at least seven years of efforts in a state-mandated drive to reduce dependence on European consortium Airbus and Boeing of the United States, and even compete against them.

“China’s air transport industry cannot completely rely on imports. A great nation must have its own large commercial aircraft,” the country’s civil aviation chief Li Jiaxiang told an audience of government and industry officials.

A small truck towed the 39-metre long plane – painted white with a green tail – out of a cavernous building decorated with an enormous Chinese flag into the sunlight as project workers marched alongside, an AFP news agency journalist saw.

“The roll out of the first C919 aircraft marks a significant milestone in the development of China’s first indigenous aircraft,” COMAC chairman Jin Zhuanglong told the ceremony.

The aircraft, which has a range of up to 5,555 kilometres, will make its first test flight in 2016, he said – meaning that it will miss the original deadline of this year.

The China Daily newspaper has reported the maiden voyage could even be put back to 2017.

China has dreamed of building its own civil aircraft since the 1970s when Jiang Qing, leader Mao Zedong’s wife and a member of the notorious “Gang of Four”, personally backed an attempt to do so. But the Y-10’s heavy weight made it impractical and only three were ever made.

Although the C919 is made in China, foreign firms are playing key roles by supplying systems as well as the engines, which are made by CFM International, a joint venture between General Electric (GE) of the US and France’s Safran.

More than 500 orders

Spending on the C919 has not been revealed. Last month, the Export-Import Bank of China said it would provide state-owned COMAC with $7.9bn in finance for its aircraft projects.

The company already has orders for 517 of its C919 planes, according to a COMAC statement, almost all of them from domestic buyers. Among foreign customers, Thailand’s City Airways has ordered 10, according to an announcement last month.

But it will take years for the C919 to be delivered to customers, with the plane expected to enter service in 2019 at the earliest, industry officials said.

“There’s a lot of work to do still,” said Briand Greer, president for Asia-Pacific of Honeywell Aerospace, which is supplying four key systems for the C919: flight control, wheels and brakes, auxiliary power units and navigation.

“A lot of testing, a lot of flight testing, systems integration testing and of course all the certification,” he told AFP.

COMAC has already developed a smaller regional jet, the ARJ, in a project which is years behind schedule.

Test flights

The 78-90 seat ARJ is still undergoing test flights and lacks the crucial certification by the US Federal Aviation Administration that would enable it to fly in US skies.

The Chinese company also plans a wide body plane, the C929, in cooperation with Russia’s United Aircraft Corp., and speculation is mounting China will create a new aero-engine entity to try to produce the powerful jets needed for large civil aircraft.

China is expected to add 6,330 new aircraft worth $950bn to its commercial fleet by 2034, Boeing stimates.

The single-aisle C919 targets the lucrative segment dominated by Boeing’s 737 and the Airbus A320.

“Research and manufacturing of a big plane is complex,” said China’s Vice Premier Ma Kai, the highest government leader attending the ceremony. “There is still a long way to go to commercial operation.”

The September quarter earnings were a mixed bag for large cap IT firms. While Infosys quarterly results were significantly better than the Dalal Street’s expectations, its lowering of dollar revenue guidance for the ongoing financial year played a spoilsport. Wipro earnings met with not-so-high expectations, while HCL Technologies’ numbers also came in a tad above the already tapered expectations. TCS ‘ numbers too were not up to the mark. The largest IT major TCS posted numbers below analysts’ expectations for the fifth quarter in a row. The company’s constant currency revenue growth of 3.9 per cent was way below the consensus growth estimate of 4.5 per cent. Experts believe that while the sector may face some hiccups in the short term due to the pricing pressure amid a change in the nature of the business, long-term outlook for the sector looks promising.

Gaurang Shah of Geojit BNP Paribas Financial Services said that his brokerage maintains a positive view on the top four IT companies by sales. The expert believes earnings visibility for these firms will improve and management commentary will be more robust in the quarters to come. “IT companies will focus on their core businesses and will avail tremendous opportunities from the government’s Digital India and Make in India drive. For instance, Infosys recently grabbed a contract to develop and operate the technology platform for the proposed goods and services tax (GST),” Shah told Business Today online. ALSO READ: IT services industry investing in innovation TCS has reported a 16 per cent year-on-year (YoY) surge in net profit in the quarter ended September 30, followed by Infosys and Wipro, whose consolidated profit grew 9.8 per cent and 7.2 per cent year-on-year, respectively. HCL Tech reported a 2.7 per cent dip in net profit in Q2, but remained bullish on the quarters ahead on the back of a strong deal pipeline. As far as top line is concerned, Infosys’ Q2 revenue growth of 6 per cent in dollar terms was highest in the last 16 quarters. HCL Tech posted 15.6 per cent year-on-year and 3.3 per cent quarter-on-quarter growth in revenues, but a measly 0.5 per cent sequential growth in dollar revenues. TCS’s revenue growth in constant currency terms came in at 3.9 per cent, while Wipro had a sequential increase of 2.1 per cent in dollar terms. Shah said, “It is not that the global markets have melted down completely. Though pricing competition is still there and orders are coming up slow, but it should change because IT is an ever-evolving sector.” Digitisation: The way ahead Ravi Shenoy of Motila Oswal Securities (MOSL) believes IT companies will have to focus on digital enablers. “IT companies need to work hard on transformation. HCL Tech’s plan to buy Volvo Group’s external IT business is a step in right direction. Whosoever will adopt digital enablers aggressively, will lead the IT pack,” Shenoy told Business Today online. Brokerage Edelweiss Securities believes IT industry is moving to the 10-12 per cent revenue growth phase over the next 3-5 years, riding a strong momentum from adoption of digital technologies and automation of traditional business. Among four IT giants, TCS is riding the digital wave fastest, it said. “The company is seeing good traction in digital business, which is now contributing 13.3 per cent of revenue from 12.5 per cent in the June quarter. It reported 10.3 per cent sequential revenue growth in this business in constant currency terms,” the brokerage added. Wipro doesn’t declare its digital revenues but CEO TK Kurien did say digital business has shown strong traction with seven deal wins in the September quarter.

The conditional release of Vandana Bhargava, director at Sahara India, by the Supreme Court in March 2014, has yielded rich dividends for the enforcement sleuths. Bhargava, the only director allowed to assist in depositing Rs 10,000 crore with market regulator Securities and Exchange Board of India (Sebi) to bail out the group’s jailed chief Subrata Roy, has disclosed all details pertaining to 4,500 bank accounts spread across the country that might have a direct link to the massive Rs 24,000 crore of allegedly laundered funds.

Bhargava made the disclosure during her questioning by Enforcement Directorate (ED) last week. Sources said she was interrogated for more than eight hours. Also, ED officials said a few banks have acted as ‘facilitator’ in transferring money abroad. The directorate has already initiated against action against two private banks for this under Foreign Exchange Management Act.

When contacted Sahara Group spokesperson did not respond on the statement made by Bhargava. Sources were told that each of the 4,500 bank accounts disclosed by Bhargava has over a thousand transactions.

“We are anticipating some vital clues out of this,” a senior ED official told dna.

ED is likely to outsource the accounting interpretation to an external audit firm or agency to trace the origin and end of money routed through these accounts, the officials said. In her statement, Bhargava said she is no longer associated with any of the Sahara entities nor involved in this case and was “forced” to become a director by Roy.

However, a company source said Bhargava continues to be on board and is actively involved in the day-to-day activities of the group companies.

ED officials believe that being a close part of largely unlisted company, Bhargava is aware of all the malpractices that went on there. ED had registered a case against Sahara group in November 2014 under Prevention of Money Laundering Act.

Sources said, of the total scam money, ED has been able to unearth Rs 3,600 crore in alleged money laundering, which is one-eighth of the scam money raised by two group firms, Sahara India Real Estate Corp Ltd and Sahara India Housing Investment Corp Ltd.

According to sources, the trail has established that the group has diverted some funds to the US, and the UK in 2010. Sahara owns controlling stakes in New York City’s Plaza Hotel and Dream Downtown and London’s Grosvenor House hotel.

“Rs 8,000 crore has been already seized by Sebi. We are looking at the remaining Rs 17,000 crore,” said an ED source.

If the bank accounts establish money laundering, the ED sleuths may also seize the group’s hotels in the UK and the US. “But this can be done only on the basis of strong evidences,” said an official.

“The seizure of properties overseas has it own course of action. We need to send letter rogatory (LR) to the respective countries for judicial assistance,” said the ED source.

The group, facing charges of money laundering, had been under the lens of investigating agencies for long until Sebi finally nailed its chief Subrato Roy in March last year and got him behind bars along with two directors Ravi Shankar Dubey and Ashok Roy Choudhary. This followed the strict instruction by Sebi to refund the money raised from around three crore investors, which could not be complied by the group for want of money.

The apex court granted conditional bail to Roy and others for a deposit of Rs 10,000 crore. The case has since been an unprecedented one as never before such a huge amount was sought for bail. The fact that no investors have so far come forward to lodge a complaint have made many legal experts believe that all transactions were fictitious and involved money laundering.

Since August 2014, Roy has been trying to sell some of his hotel properties to raise the bail money. Sahara is said to be in discussions with several investors to dispose of its overseas hotels and other assets.

New Delhi: Raising concern about blockade from Nepal side, government sources claim that 1500 trucks are waiting along the border that are not being allowed to go inside. Sources also denied any the allegations about blockade from the Indian side. 190 trucks with supply had gone to Nepal from Birganj, Rupadiya UP, Jogwani.
India has dismissed suggestions that it has imposed any embargo against the supplies to Nepal. It has maintained that the obstruction was due to protest and unrest in Nepal as Indian companies and transporters fear for their safety and security.

At least 40 people have died in over a month of clashes between police and protesters from the Madhesi and Tharu communities and ethnic minorities. Madhesis are Indian-origin inhabitants of the Terai region bordering India who are opposed to splitting Nepal into seven provinces. New demarcation of boundary for the southern plains, more rights and representation for the Indian-origin Madhesi people are the major demands of the agitating groups.
Meanwhile, Nepal had on Sunday asked India not to “push it to the wall” by choking petroleum and other essential supplies which could compel it to turn to China despite logistical difficulties. Asserting that India had assured Nepal leadership that the situation will be resolved “at the earliest”, Nepalese Ambassador Deep Kumar Upadhyay said, “They (India) should give a timeframe. Does it mean hours, weeks or months?”
Nepal is suffering from scarcity of essential goods like fuel and cooking gas due to what it terms as “undeclared blockade” of a key trade point at the border with India by people protesting the controversial newly-promulgated Constitution.