| Russia's Sistema to invest US$ 200 million in India |
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(Continued from Page 1) The Russian giant has partnered with Shyam Group, which has divested 51 per cent stake in its telecom venture in favour of Sistema, said Yevgeny Kolodkin, Vice President (Strategy and Business Development) of Sistema's construction subsidiary. "Indian real estate market is similar to Russia although the costing may be different," he said, adding that with the experience the company has it is expecting to make India its focus area in the construction sector.
The Sistema-Shyam joint venture would be developing a 22- acre property in Gurgaon, on the outskirts of Delhi, he said, adding that the land bank is owned by Shyam Group promoter Rajiv Mehrotra and the ratio of investment between the Russian and Indian partner is being negotiated.
Mehrotra could not be contacted for comments.
This will be Sistema's first venture in the construction and real estate market outside Russia and Ukraine and the company is likely to announce its long term plans in the sector soon, Kolodkin said, adding that the major areas of interest are office buildings, Hotels and SEZs.
Asked whether Shyam Group would be their partner in all future real estate related projects, Kolodkin said: "No final decision has been taken... we are in talks with small to medium developers to partner with us for the sector."
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Indian Economy increasingly getting integrated with World Economy
11 March 2008, New Delhi |
The Union Minister of Commerce and Industry, Shri Kamal Nath addressing at the inauguration of the 77th Annual General Meeting of the International Chamber of Commerce.
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Shri Kamal Nath, Union Minister of Commerce and Industry, has said that the Indian economy is increasingly getting integrated with the world economy. India’s share in the world exports has increased from 0.7% in 2001 to 1% in 2006. India’s trade as a percentage of GDP has increased from 14.6% in 1990-91 to 21.2% in 2000-01 and 34.9% in 2006-07. This was stated by Shri Kamal Nath while inaugurating the 77th Annual General Meeting (AGM) of International Chamber of Commerce (ICC) India on the theme of “Global Economic Outlook: Impact on Asia”, here today.
“Indian merchandise exports have witnessed a sustained high growth rate of more than 20% per annum during the Tenth Plan. Exports reached a level of US $ 126.3 billion in 2006-07 registering a growth rate of 22.5% over the previous year. Against the target of US $ 160 billion for the year 2007-08, exports reached a level of US $ 111.1 billion during April-December 2007.
With the present trend growth, exports during the current year are expected to reach a level of US $ 152-155 billion”, Shri Kamal Nath said.Keeping the current international scenario in view, Shri Kamal Nath said that there is a need for a new architecture of international relations which should be based on trust and mutually beneficial integration. With economic power of the emerging markets accounting for a larger share of global GDP, China, India, Brazil, Russia and other crucial players need to be brought to the table of international policymaking.
While commending the role of ICC, the Minister stated that ICC promotes an open international trade and investment system and the market economy. He further stated that the high growth of Indian exports during the recent years has been possible due to concerted efforts made by the government to reduce trade barriers, bring down transaction costs and facilitate trade accompanied by a favourable international environment. The Minister was quoting the World Bank publication “Doing Business 2008”, that India has been rated as the top reformer in the Trading Across Borders in 2006-07.
Shri Kamal Nath emphasized that the agenda for world trade negotiations need to be more receptive to the needs and sensibilities of the developing countries and LDCs, and added that agriculture should remain at the heart of the negotiations since the livelihood concerns of more than a billion resource poor farmers depend on it. He further added that a delicate balance between the defensive agenda on agriculture and the relatively offensive agenda on Services and NAMA
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January 2008 India’s Exports up by 20.47%
India’s exports during January, 2008 were valued at US $ 13140.71 million which was 20.47 per cent higher than the level of US $ 10907.72 million during January, 2007. In rupee terms, exports touched Rs.51739.82 crore, which was 7.00 per cent higher than the value of exports during January, 2007. Cumulative value of exports for the period April- January, 2008 was US $ 124190.41 million (Rs.500117.15 crore) as against US $ 102110.27 million (Rs.464532.19 crore) registering a growth of 21.62 per cent in Dollar terms and 7.66 per cent in Rupee terms over the same period last year. India’s imports during January, 2008 were valued at US $ 22504.41 million representing an increase of 63.57 per cent over the level of imports valued at US $ 13757.93 million in January, 2007. In Rupee terms, imports increased by 45.28 per cent. Cumulative value of imports for the period April- January, 2008 was US $ 191604.13 million (Rs.771628.90 crore) as against US $ 147812.69 million (Rs.672514.33 crore) registering a growth of 29.63 per cent in Dollar terms and 14.74 per cent in Rupee terms over the same period last year.
Oil imports during January, 2008 were valued at US $ 7711.78 million which was 60.81 per cent higher than oil imports valued at US $ 4795.46 million in the corresponding period last year. Oil imports during April- January, 2008 were valued at US $ 57023.33 million which was 16.49 per cent higher than the oil imports of US $ 48951.65 million in the corresponding period last year.
Non-oil imports during January, 2008 were estimated at US $ 14792.62 million which was 65.05 per cent higher than non-oil imports of US $ 8962.47 million in January, 2007. Non-oil imports during April- January, 2008 were valued at US $ 134580.80 million which was 36.13 per cent higher than the level of such imports valued at US $ 98861.04 million in April- January, 2007.The trade deficit for April- January, 2008 was estimated at US $ 67413.73 million which was higher than the deficit at US $ 45702.42 million during April- January, 2007.
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Steel Q3 net up 34%
India’s largest steel maker Tata Steel has announced a consolidated net profit of Rs 1,416 crore for the quarter ended December 31, 2007, against Rs 1,055 crore in the corresponding period of 2006. The net profit figure includes the profit of Anglo-Dutch steel maker Corus, which was acquired by Tata Steel for $2.5 billion last year. The turnover of Tata Steel, including its Indian, Thailand and Singapore operations, rose by Rs 2,157 crore to Rs 23,867 crore
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