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27th Dec 2012 – 02nd Jan 2013
COVER STORY INDIA - CHALLENGES IN 2013
ECONOMIC INDICATORS BSE Sensex
Crude oil prices
(as on 30 Dec)
PERSONALITIES OF THE WEEK
POWER SECTOR IN INDIA
BUSINESS NEWS GLOBAL NEWS MISCELLANEOUS NEWS
December Manufacturing PMI at six month high
Bigger fights loom after "fiscal cliff" deal
The Internet turns 30
ECONOMIC INDICATORS 2 INDUSTRY ANALYSIS 5
COVER STORY 3 NEWS ANALYSIS 6
PERSONALITIES OF THE WEEK 4 NEO CORNER 11
5. fiscal cliff negotiations. but ended the year with its best gain in three years as strong foreign inflows and the government's fiscal and economic reforms outweighed worries about the domestic economy. Brent has averaged more than $111.00.000 + 20% of (total income minus Rs. although remained on track to post a record annual average price.65 this year. a financial-data provider. according to Dealogic. with their largest flotations ranking third and fourth place globally. C A R T S R A H S L O B A N I T I A U B L I C F F E R I N G S 0 1 2 C H A R T S & G R A P H S – G L O B A L I N I T I A L P U B L I C O F F E R I N G S 2 0 1 2 CH H A R T S& &G G R AP P H S– –G G L O B AL LI I N I T I AL LP P U B L I CO O F F E R I N G S2 2 0 1 2 T H E C O N O M I S T H E E C O N O M I S T T H EE E C O N O M I ST T AT JUST under $123 billion. 10. Mexico and Malaysia both saw IPO issuance rise several-fold over 2011.S.00.000 + 30% of (total income minus Rs. the value of initial public offerings (IPOs) last year was the lowest in three years and down by more than a quarter compared with 2011.000)* INCOME-TAX RATES * Plus Education Cess and Secondary & Higher Education Cess E EC CO ON NO OM MI IC CI IN ND DI IC CA AT TO OR RS S BSE Sensex – 19426.S. 5.000 Nil 10% of (total income minus Rs. at $8. its fourth successive year of annual rises and above the previous record of $110.00.000 – Rs. American flotations made up the biggest share.30. accounting for nearly twofifths of world volume.000 – Rs.91 in 2011.000 Rs.00.00. lawmakers may not reach a last-minute deal to prevent a fiscal crisis. 10. but its shares‟ subsequent bumpy performance may have spooked investors away from any similar-sized deals: the next-biggest IPO was that of Japan Airlines. Crude oil prices . 2. Facebook‟s $16 billion IPO in May was the year‟s largest (and the third-biggest on record for an American company).71 (-0. whereas Chinese offerings‟ share (including Hong Kong) fell from over 40% in 2011 to only 18% last year.000 Above Rs.K e KN NO OW WY YO OU UR RB BA AS SI IC CS S: :I IN ND DI IA AN NT TA AX XS SL LA AB BS S( (a as ss s es ss sm me en nt ty ye ea ar r2 20 01 13 3-1 14 4) ) NET INCOME RANGE Upto Rs.09%) as on 30 Dec Reuters The BSE Sensex ended lower on Monday due to caution over the U. 2.000)* Rs. 2. 30.00.000)* Rs.00.5 billion.22/barrel (down 40 cents) as on 30 Dec Reuters Brent crude oil edged towards $110 per barrel on Monday on worries that U. 5.00.00. . 1.000 Rs. 10.$110.
C CO OV VE ER RS ST TO OR RY Y: :I IN ND DI IA A-C CH HA AL LL LE EN NG GE ES SI IN N2 20 01 13 3 GEO-POLITICAL CHALLENGES China: The year 2013 presents a new set of challenges for India as there have been some significant changes in the upper echelons of political space in the Asia-Pacific region. Raising the interest rates and a drastic reduction in government spending could help in meeting Fiscal targets. At present only nine states have welcomed foreign multi brand retailers. Consistent efforts towards building strong relationships with smaller countries in the region can be a key element of India‟s foreign policy. Further. Implementation of FDI decisions: In September. India‟s policies even in Myanmar aren‟t very promising. as the US Congress has arrived at a decision avoiding the Fiscal Cliff. Amendments in banking laws were also taken up to improve investment across the sectors. Maldivian Defence Minister Mohammed Nazim was in Beijing signing a military deal. the government increased the FDI limit in sectors such as retail. India may afford to observe the situation from the sidelines and would like to see if there is any change in the Chinese foreign policies. India will have to do more to successfully serve its role as a key player in maintaining the regional balance.700 crore as on September 30. The agency is of prime importance for the US interests as the US is withdrawing from the Afghan battlefield. On the domestic front. Pakistan: Pakistan has failed to meet its promise of granting India MFN status. is now bagged by the Chinese government. Renewed demand for Oil and Steel is going to inflate India‟s import bill. Further. aviation and broadcasting. the sentiment is positive due to GoI‟s Big Bang FDI decisions. ECONOMIC CHALLENGES Twin deficits: India has not been able to control its Current Account Deficit (CAD) and the fiscal deficit. India ranked 13 in the list of countries investing in Myanmar. partly due to Indian policy failures. . is not just a mere coincidence. Further. This is further going to surge in 2013. 2013 will be a testing year for multi brand retailers like Walmart. one can expect India Inc (sitting on a cash pile of ₨ 456. there is additional demand from China where manufacturing PMI continues to remain at a seven month high since November 2012. The developments are obviously undermining the security situation in the region. Still. more such steps would be required in 2013. She even complained about India‟s involvement with the military junta. The fact that within 48 hours of ousting GMR from Male airport. CAD was registered at its all time high of 5. which many feared would induce a worldwide recession. oil prices are going to surge. Events in the past must serve as an alarm bell for foreign policy makers. Obama administration is no more keen on pursuing the conviction of terrorists in Mumbai attack as it will mean bringing to light ISI involvement.4 percent of GDP. originally meant to supply electricity to India. The need is to ensure that the National Investment Board continues to grant clearances to long stuck investment projects. Like many others projects. Myanmar: Like Maldives and Nepal. However. The quasi -civilian government of the country undergoing some remarkable political changes has made it clear that India must act fast to ensure it does not miss the opportunities to invest.2012) to invest more in the economy. it is not concerned about Taliban reclaiming power in the region – a fact which became visible when Pakistan released 18 Taliban prisoners. the West Seti hydropower plant. who still have to develop their logistics and supply chain in India. meaning that bilateral trade will not get any easier. Apart from foreign investors. This explains why Ms Suu Kyi chose to visit Europe and the US before coming to New Delhi. China is gaining popularity. The Americans were on record claiming that ISI enjoys immunity from prosecution by any foreign country. The country which has lived strongly under the influence of China is now getting closer to the US. even after being the fourth largest trading partner. At the same time it has to ensure that last year‟s policy debacles (GAAR and retrospective tax amendments) are not repeated. However. success or failure in these nine states would decide their fate in other parts of India. Yet again in Nepal. Investment: There are signals that the global environment of uncertainty that stretched throughout 2012 is now over. As the fears are gone. Both China & Japan now have new premiers in the office who presently are facing an immediate crisis in the South China Sea. Additionally. the country seems to be happier with Obama‟s second term as its strongest opponent Hillary Clinton is now replaced by John Kerry – who many believe is soft on Pakistan. In the JulySeptember quarter. the government took some remarkable steps for reducing the fiscal deficit when it decided to raise petrol prices in 2012. It is known that China has been very actively pursuing regional dominance.
A charismatic leader and a very-well loved boss. he is known to catch trends just as they are beginning. To finance his management education. Touted as the most successful high school drop-out. He has used his professional wealth and status to fulfil his need for adventure. holding world records for crossing the Atlantic in the fastest time. Kapoor has steered YES Bank to emerge as the best mid-sized bank in the Business Today-KPMG Study 2012 (beating close rivals like Kotak Mahindra Bank). However. For a man known for his glitzy lifestyle and royal self-promotions. his parents would turn off light bulbs when the children went to sleep and even today. He belonged to a cost-conscious middle-class English family with both parents working (his father was a barrister and mother a flight attendant). Since its inception. Kapoor is looking to expand the consumer lending business and to make the bank a “one-stop shop for all financial services”. super-rich and ruggedly handsome are some of the adjectives which pop into mind when Richard Branson‟s name is mentioned.P PE ER RS SO ON NA AL LI IT TI IE ES SO OF FT TH HE EW WE EE EK K Richard Branson-Founder & Chairman. powerful. Branson contributes a lot of energy (and money) into a number of humanitarian efforts. as a library assistant and as a clerk-an experience which taught him the importance of the motto. nothing gained”. Virgin Mobile in 1999. turns them into opportunities and meets challenges head-on”. If that is the sole motive. Kapoor was born and brought up in New Delhi. Branson aims to “Virginize” a wide range of products and services around the world. Kapoor believes in staying fit (he runs five times a week) and thus believes that older Indian private banks should be strengthened (made fitter) instead of allowing entry to new players. Kapoor unwinds by reading and watching TV and draws inspiration from the ladies in his family. he worked in an assembly plant. A summer project at Citigroup convinced him that he wanted to be a banker and he started his career with Bank of America (BoA) in 1980 as a management trainee. YES Bank has gone from strength to strength. making decisions – be it right or wrong. I can honestly say that I have never gone into any business purely to make money. Branson is known to learn quickly from his past mistakes-colleagues identify him as someone who “defies risks. ambitious. A self-made man. Kapoor‟s consistent and excellent performance was rewarded by the „Eagle Pin‟-the highest professional recognition for services rendered to the organization. A leader who thinks that investing in the right kind of people is of utmost importance. In 2000. he started a mail order record company called „Virgin‟ (which eventually became the mainstay of his business). adventurous. “Above all. successful. Virgin Group Flamboyant. YES Bank Leaving behind a hard earned comfort zone and venturing out to form an entrepreneurial partnership in the fiercely competitive Indian banking sector is a brave choice-a choice Rana Kapoor made chasing rainbows. Success led him to open a recording studio in 1972(which signed exclusive deals with once struggling bands/artists such as Janet Jackson). you want to create something you are proud of. Virgin Atlantic in 1984. His perseverance and ability to responsibly adapt his business have also led to YES Bank winning many national and international accolades. By way of his influential persona and multi-industry success. A high profile risk-taker. transparency and responsible banking as the predeterminants of a flourishing venture. not a man to rest on his laurels. In 1977 he graduated with Honours in Economics from Delhi University and followed it up with an MBA from Rutgers‟ University. and having good problem solving skills. eventually going on to lead the bank‟s wholesale banking business. Bill Clinton and Ratan Tata are his role models and he firmly believes that there is no substitute to hard work-an attitude he encourages all his employees to cultivate. Rana Kapoor-Founder. Branson was born in 1950 in London. “There are three things in management that are very important – having strong grasping skills. For Kapoor. Kapoor considers trust.” . putting him on the list of UK‟s top five wealthiest people. Conscious of his entrepreneurial streak and supported by his ability to connect with people. Virgin records megastores across continents. That’s always been my philosophy of business. then I believe you are better off doing nothing”. To save money on light-bills. Kapoor‟s need to grow urges him to build a knowledge driven culture in offbeat areas. he was knighted by Britain‟s Prince Charles for his contribution to entrepreneurship. Branson presides over 400 companies and holds a personal net worth of over $4 billion. to help fund his magazine. “nothing ventured. A not-detected-in-time dyslexia and nearsightedness led to poor academic performance in school and Branson dropped out at the age of 16. Branson has a frugal approach to life-his personal car is a Range Rover that is given to him as a gift each year by the brand and all property owned by him is available for renting or leasing. A smart businessman. New Jersey in 1980. Kapoor and his partners were granted a banking license and set up YES Bank with the aim of "Building the Best Quality Bank of the world in India" by 2015. MD & CEO. In 2003. "struggling through dark corridors to find the loo" is a vivid childhood memory for Branson. Branson is known to write monthly letters to each of his employees to encourage them and to tap into their creativity to help improve the functioning of Virgin Group. Virgin Galactic in 2004 and many more. Three years later. Branson started a youth culture magazine called „Student‟ in 1966.
India produced over 1000 TWh of electricity in 2012 and held a position behind United States. Emerging economy . The government is planning to connect over one lakh villages to the electric grid in the next few years through Rural Electrification Corporation Limited. The National Capital – Delhi and India‟s second most populous state – Maharashtra rank 6th and 16th respectively. the electricity consumption by industrial users was highest (35%). is the biggest consumer of electricity with a per capita consumption of 2. According to the 17th electric power supply survey: In FY11. wind power and biomass power are currently used but only at a smaller level. the government uses methods like blackouts and load shedding. Public utilities like NHPC and NEEPCO are engaged in the development of hydro-electricity in India. Globally. The Power sector is driven by a strong demand which has increased over a period of years. Punjab. The nuclear power plants generate around 4% of the total electricity produced. India ranks 15 th in terms of electricity generation through nuclear energy. The non renewable power plants constitute 89% of the installed capacity.915 TWh by 2022. India needs to build up a capacity to generate additional 135 GW of electricity in next five years. But power generation through fossils fuels has adverse effects on the environment.I IN ND DU US ST TR RY YA AN NA AL LY YS SI IS S: :P PO OW WE ER RS SE EC CT TO OR RI IN NI IN ND DI IA A Overview: The power sector in India ranks fifth in the world with a capacity of generating over 210 Giga Watts of electricity. The availability. however. in terms of energy consumption. . Power generation: India heavily depends upon Thermal Power for its energy needs. The government is now looking for alternative sources of energy (including clean energy through renewable sources and nuclear energy) for the future energy needs. Gujarat and Haryana are the top five electricity consuming states. Fuels like coal and lignite are used to generate over 56% of the electricity. Although 100% FDI is allowed in the power sector through automatic route (except for atomic energy). followed by domestic household (28%). The government is in talks with countries like Japan and Russia for its ambitious nuclear programme which includes development of the Kudankulam Nuclear Power Plant in Tamil Nadu. India‟s manufacturing sector is set to grow at a rapid pace. as they can dampen the overall growth (specifically industrial growth) of the country.392 TWh by 2017 and 1.China is leading the race in the electricity generation sector in the world with an annual capacity of 4. Public utilities like NHPC and NEEPCO are engaged in the development of hydro-electricity in India. India is one of the early adopters of hydro-power. four states including Gujarat and Himachal Pradesh achieved a great feat by generating surplus electricity. Scientists are conducting research on developing cheaper alternative energy methods for generating geothermal energy and tidal wave energy. followed by central-government owned companies (30%). The loss of electricity during distribution and transmission is currently 31%. private companies (Indian & foreign combined) make up for only 29% of the overall sector. India‟s smallest state – Goa. Energy generation through renewable sources in India is still in its nascent stage.700 TWh (Tera Watt Hours). The electricity demand is expected to be 1. A McKinsey report has suggested that India‟s energy requirements would reach 300 GW by next five years. Japan & Russia. It has outlined the demand drivers for the same: The rise in disposable income will lead to the increase of purchasing power of individuals. But these are not economically viable solutions. Puducherry. Cleaner energy alternatives like solar power. The Indian power sector is dominated by public utilities with around 69% market share. The state-run utilities are the largest power generators (41%). In order to reduce the demand. in order to remove the demand-supply gap.000 kWh (Kilowatt hour). remains an issue which leads to shortfall of electricity. In 2011. agriculture (21%) and commercial users (9%).
Pradeep Nair WHY IT IS IMPORTANT? The exits come at a time when the company is looking at winning multi-billion dollar technology outsourcing contracts coming up for renewal in the US and Europe. Specific guidelines for carrying out this vital task are very important for the industry in India including the public sector and private sector. Ravi Shankar and Animesh Parihar. promotion of green and efficient technologies. KEY PLAYERS: HCL Technologies. KEY PLAYERS: Cyrus Mistry. Customer Second‟ policy. On the basis of the new guidelines. Rajeev Sawhney. 650 crore business. He too said that (West) Bengal was a good destination for investment. Statoil. The European business contributes about 28% to HCL‟s sales while around 12% of the contribution is made by the company‟s healthcare vertical. Ratan Tata.Tata. Pfizer and Merck are amongst its healthcare clients. Mamata Banerjee HOW IT IS IMPORTANT? The Singur issue is at the centre of a bitter legal battle in the Supreme Court between the West Bengal government and Tata Motors. However. referring to Mistry taking charge as Chairman of Tata Sons on Friday. "CPSEs earning net profit of over Rs 500 crore will have to raise their minimum expenditure on CSR to 1 per cent from the next fiscal from existing 0. after which the quantum of funds to be allocated for CSR would change for all companies. has seen many senior management staff leave in 2012 like Virender Aggarwal. have left the company. the Senior Vice President for Healthcare. Many insiders suggested it had become a personal struggle of sorts between Ms Banerjee and Mr. there seems to be some possibility of a settlement between the business house and the West Bengal government over the Singur land issue. development of backward regions and upliftment of under-privileged people. Electrolux.5 per cent. Pharma majors like GlaxoSmith-Kline. 100 crore at 3 per cent of their income. protection of environment. 23.N NE EW WS SA AN NA AL LY YS SI IS S 1) As Cyrus Mistry leads Tata. the percentage of funds required to be earmarked for PSUs having net profit of less than Rs. Bengal hopes for Singur settlement . while Danfoss. including Public Sector Units. "I called him (Mistry) up today (Friday) and congratulated him for the new job. who was then an opposition leader to the Left government. 2) HCL Tech loses two executives handling more than 30% of business . Also. the emphasis of CSR and sustainable development would be on capacity building. an official spokesman confirmed." state Chatterjee said. UPM and Nokia are among its clients from Europe." Department of Public Enterprises (DPE) Secretary O P Rawat told PTI. A compromise will help both sides. Sustainable development WHY IS IT IMPORTANT? Corporate Social Responsibility initiatives are one of the most important mediums through which businesses can bring about a positive change in the society they cater to.Business Today/Business Standard IMPACT: With Cyrus Mistry taking over as Chairman of the Tata Group on December 28 after Ratan Tata‟s retirement. The issue resulted in huge cost escalation for Tata Motors due to shifting of the entire plant and also dented the image of West Bengal as unstable for big investments. with both targeting each other at every opportunity. the guidelines for CSR and sustainable development will be combined into one set. HCL Infrastructure Services head Anant Gupta was elevated to the post of President and Chief Operating Officer as Chief Executive Vineet Nayar focused on identifying opportunities in emerging technology areas. 3) CPSEs must double minimum CSR contribution from 2013-14 ET IMPACT: As per new rules of the Department of Public Enterprises. Tata Motors had to shift its plant for the Nano small car out of Singur in Hoogly district of West Bengal after unrelenting protests by farmers against land acquisition. inclusive growth.ET IMPACT: India‟s fourth largest IT company HCL Technologies has lost two high profile executives overseeing about one-third of the company‟s Rs. The CSR responsibility of businesses in India till recently was a voluntary one. Only this year. President for HCL‟s European Operations as well as its government business and Pradeep Nair. Rajeev Sawhney. top revenue generating Central Public Sector Enterprises will have to double their minimum expense on Corporate Social Responsibility (CSR) initiatives from the beginning of fiscal year 2013-14. CSR. KEY PLAYERS: Department of Public Enterprises. However. . led by Chief Minister Mamata Banerjee herself. HCL. Central Public Sector Enterprises. known for it „Employee first. the new norms for earmarking budgets for CSR will be in place till the new Companies Law comes into effect. West Bengal Industries Minister Partha Chatterjee says he is hopeful of a deal.
8 in November to 58. Aadhar card WHY IS IT IMPORTANT? The direct benefits transfer scheme is being touted by the government as a real game-changer in the distribution of various subsidies in the country. However.ET IMPACT: Visa International. Saral Money will allow Aadhaar cardholders to deposit as well as withdraw money from their low-cost bank accounts through existing ATMs. The success of this scheme depends much on the coordination between government agencies and various financial and banking institutions. Visa had last month rolled out Saral Money. The success of buyback offers depends on many factors like willingness to buy the proposed shares and premium stability. the US economy will remain sluggish during 2013.7 in November on the back of strong factory output and an increase in new orders.0 in December. The willingness shown by Visa to be a part of the process is critically needed for the desired results. after suffering setbacks due to domestic constraints and international economic gloom. Visa had also partnered last month with the (UIDAI) with the aim of allowing an Aadhar cardholder to instantly open a bank account using biometric recognition for authentication of personal information KEY PLAYERS: Visa International. says CNI Research head Kishor Ostwal. bank branches and proposed micro-ATMs. 440 crore share repurchase will be the biggest buy-back by any Indian company.4) RIL buys back shares worth Rs. Uttam Nayak. . For the fourth consecutive year now.62 crore shares from the secondary market between February 14 and December 24 in the year 2012 at an average price of Rs 834 per share. KEY PLAYER: Reliance Industries Limited WHY IS IT IMPORTANT? RIL has one of the largest market capitalizations of any company on the Indian stock market.7 in December. underscoring a fragile outlook for world economy. climbed to a six month high of 54.ET IMPACT: The HSBC Markit India Manufacturing PMI. "We're in talks with the government through the consortium of banks that we have tied up with.Business Standard IMPACT: Reliance Industries Limited has bought back shares worth more than Rs." said Visa's group country manager for India and South Asia. 5) Visa offers network for distributing cash subsidies to Aadhar cardholders . indicating business activity is clawing back to previous growth levels. which is the separating point between growth and contraction. new orders from overseas clients grew at a faster pace than last month for a fourth consecutive time. The index shot up sharply from 53. together with a consortium of Indian banks. point of sales terminals. 800 crores . We're talking to them for trying to use us in any of the 51 districts or any of the schemes they are planning. Also. the global giant in the electronic payments industry has offered to provide its nationwide network for the government‟s direct benefits transfer scheme aimed at distributing cash subsidies directly to the beneficiaries.10.800 crore from public shareholders since the February launch of its share repurchase programme. 2. 3. 2013. RIL‟s Rs. which gauges the business activities of Indian factories. Piramal Healthcare had bought back shares worth Rs. suggesting good business ahead for factories. the new-orders sub index jumped from 55. the Manufacturing PMI has consistently been above the 50 mark. KEY PLAYERS: HSBC Manufacturing PMI WHY IS IT IMPORTANT? A sharp rise in the country's manufacturing activity is good news. In 2011. a Reuters poll suggested that while overseas demand for Indian goods is strong. The rise in factory output indicates increasing business confidence and will also result in job creation. UIDAI. 3. The company purchased some 4. notching up its biggest monthly gain since January 2012. 508 crore. 6) December Manufacturing PMI at six month high . The share buy-back programme was announced to lift the value of RIL shares which have underperformed the markets in 2011 and have been trading sluggishly in 2012 as well. achieving 37% of its targeted buyback volume with the buyback slated to end on January 19." predicts Ostwal. "I do not think RIL would complete even 50% of the targeted amount and it would aggressively buyback shares in case the price falls drastically. a new payment service. In another positive sign. after shrinkages in July and August.
According to Moneylife. Maruti can achieve higher sales volume. it seems that the company is looking forward to open a retail chain under its own brand name. Europe was the biggest market and accounted for almost 70% of the company‟s exports. Cyrus Mistry has been groomed for the role by Tata‟s executives since past one year. Tata Power Company and Indian Hotels. Developed countries in the European region and the US are struggling to recover from the global meltdown. Walmart. Except for the hotel business.estimated). The unrest resulted in shut do wn of the manufacturing unit for over a month. Tesco has been planning to enter India since long. by offering low prices. He is known for his risk taking ability and his bold decisions that included international acquisitions which lead to the speedy growth of the company‟s businesses. The waiting period for Maruti cars increased and people started switching to other car companies. It is huge and largely untapped.5% in Tata Sons. An assembly plant in Africa will help Maruti in reducing vehicle costs (as import duty on cars is high). Its domestic sales figures were also not encouraging. Ratan Tata has transformed the company.3 lakh car units last year. In these two decades. Sensex outperformed for majority of the Tata Group‟s companies namely: Tata Motors. Big retailers like Walmart & Tesco are also suffering huge losses owing to high operating costs and low revenues. Ratan Tata steered the company‟s growth post economic liberalization – a time during which Indian companies were struggling with fierce competition from foreign players. Three years ago. Tata Motors WHY IT IS IMPORTANT? Maruti exported approximately 1. Thus. However. retail biggies like Walmart and Carrefour are designing strategies to enter the world‟s second largest populous nation. Philip Clark recently visited executives of Tata Group. The company lost crores of rupees and its rival‟s Hyundai & Tata banked on this opportunity (with existing and new models) to increase their market share. After the Indian government approved 51% FDI in multi-brand retail. after the FDI approval. Carrefour WHY IT IS IMPORTANT? Tesco‟s chief executive Mr. KEY PLAYERS: Tesco. He took over from his uncle JRD Tata in the early 1990‟s. The manufacturing activity had come to a halt. The reason: Weak economy and labour unrest in Maruti‟s Manesar plant. thus suggesting the UK based retailer‟s plans to enter into the multi-brand retail market in India. The latest move by Tesco will help it build back end operations before its entry into the Indian retail market. So the company is looking for emerging markets in Africa to increase its exports. This will also be in line with some countries compulsory policy of localising car assembly operations.7) UK’s retail giant Tesco to set up sourcing arm in India IMPACT: The economic slowdown has affected various countries across the globe. Tata Group WHY IT IS IMPORTANT? Rattan Tata has also taken several missteps during his tenure causing huge losses for the conglomerate. The demand for basic cars is high. has lost millions of dollars since 2007 in its US based retail chain Fresh & Easy. Tata Global Beverages. It had formed a venture with Tata Group in 2008. KEY PLAYERS: Ratan Tata. Tata Steel. to start a chain of hypermarkets . Tesco. According to analysts. Pallonji Mistry owns a majority stake of 18. Tesco has been sourcing apparels and other general merchandise from India since the past ten years. He is the sixth chairman of the company and second person outside the Tata family after Nowroji Saklatwala to hold the position.Star Bazaar (this was under Tata‟s brand name). Cyrus Mistry. 8) Maruti Suzuki to set up a new plant in Africa IMPACT: India‟s leading car manufacturer Maruti Suzuki is in the process of setting up an assembly plant in Africa in the wake of falling export figures. He is the son of business tycoon Pallonji Mistry and was selected as the group chairman a year ago by a panel of five members including shareholders & senior executives. other companies made compounded annual total shareholder returns (CATSR) of less than 14%. He acquired huge debts and spent over $21 billion in mergers and acquisitions. KEY PLAYERS: Maruti Suzuki. It plans to source fresh and processed food items from India for its stores in the US and the UK. due to the economic crisis this figure has fallen down drastically and has now come up to 30% (2012 . The company is now looking to cut costs by sourcing raw materials from India. the current state of African automobile market is similar to that of the state of Indian auto market 15 years ago. 9) Cyrus Mistry takes over the reins of Tata Group IMPACT: Cyrus Mistry became the Chairman of India‟s largest conglomerate – Tata Group on Dec 28. in particular. during Ratan Tata‟s tenure. . However. Ratan Tata was at the helm of Tata Group for 21 years.
In the wake of this statement.000 per year and couples earning less than $450. Indian people WHY IS IT IMPORTANT? In India. The country‟s CAD is the widest in absolute terms since 1949 and has weakened the rupee in addition to exposing the economy to costly imports. gold imports. The IMF observed that containing federal spending and taking a stance on the debt ceiling was of utmost importance.S. US citizens. coal and power. As the deal came through. power prices – BL IMPACT: Pointing out that unlimited and uncontrolled subsidies could lead to a drastic cut in plan expenditure (to other sectors) or an unwanted increase in the fiscal deficit. the huge difference between diesel and petrol prices has caused the „dieselization‟ of the economy with auto-makers launching diesel-versions of cars to lure the cost-conscious and ever-growing middle class-leading to huge demand for the fuel and thus huge imports. gold buyers WHY IS IT IMPORTANT? India‟s poor external accounts and widening fiscal deficit have led global rating agencies like S&P and Fitch to threaten downgrading its credit rating to junk status. the Prime Minister put forward a proposal for a gradual hike in the prices of petroleum products (particularly diesel). there is a high risk of the US economy going back into recession and its unemployment rates surging back into the 9% range. 11) Bigger fights loom after "fiscal cliff" deal – Reuters IMPACT: In a major win for Democrats over Republicans.000 mark for the first time in two years (though for a brief period). the Minister stressed the importance of well-designed and effectively targeted subsidies. However. KEY PLAYERS: Petroleum Ministry. coal. Imports of gold alone ($20. However. The US House of Representatives also deferred by two months the decision on introducing spending cuts (known as the sequester) and whether to raise or do away with the country‟s legal borrowing limit (which currently stands at $16 trillion). In an effort to reduce the demand for gold. the RBI recently urged investors to shift from buying physical gold as a hedge against spiralling prices to financial products like inflation-linked bonds.6% of GDP-a staggering figure-in the first six months of the current fiscal year. India‟s Nifty posted a 43 points jump and rose above the 6.25 billion) have contributed to a CAD of 4. KEY PLAYERS: GoI.6% for wealthy Americans will raise approximately $600 billion in revenues over a period of ten years. Some economists are of the view that India‟s love for gold has helped the economy remain buoyant in the face of the dying India growth story. Though the deal passed extended unemployment insurance by one year.7-2 per cent per year. 12) Government considering steps to curb gold imports – ET/BS IMPACT: In the face of India‟s current account deficit (CAD) widening to 5. Admitting to the fact that subsidies are a part-and-parcel of any welfare state.000. it refused to cut government spending on popular programmes Medicare (which the Republicans had lobbied for and which they say is necessary to bring about any long term solution to the nation‟s debt). KEY PLAYERS: US law-makers. etc) also benefitted in the face of reports that the Petroleum Ministry plans to increase diesel prices by one rupee a litre every month over a ten month period. share prices of oil firms like ONGC increased. In response to the minister‟s statement. Rating agencies like S&P and Moody‟s have announced that the implementation of this deal will not change their negative outlook of US sovereign rating as they believe that more work needs to be done to “place the U. BPCL.4% of GDP in the September quarter. if across-the-board spending cuts are introduced. Increasing prices may help salvage the situation. India imports around three-fourths of the crude oil it requires and this is the biggest driver of its trade gap.10) PM hints at hike in fuel. US economy WHY IS IT IMPORTANT? Economists have predicted that the political deal to avoid the fiscal cliff will hit economic growth and reduce job generation (though a full-force recession may be avoided). Increase in the basic customs duty on gold in the last Budget has already led to an increase in the amount of gold smuggled into the country (which has defeated the purpose of increasing the duty in the first place). the US Congress voted on a fiercely debated deal which raises taxes for the wealthiest 2% of Americans while making permanent Bush administration‟s tax cuts for individuals earning less than $400. The increase in tax rates from 35% to 39. A contraction to Indian‟s exports by 6% leaving in its wake a wide trade deficit is also not helping matters. Shares of oil marketing companies (HPCL.'s medium-term public finances on a more sustainable footing". Indian gold futures extended gains to their highest level in two weeks riding on the wave of speculative buying from physical traders. petroleum products and natural gas are priced way below international prices. Finance Minister P Chidambaram had announced plans to limit the import of gold (the second biggest contributor to the import bill after crude oil) by increasing the import duty on it. India‟s heavily subsidized fuel is in part responsible for putting the country on the negative outlook map of global rating agencies. This is not good for India‟s balance of trade situation. Adjustment in their prices is the need of the hour to reduce imports (by restricting demand) and to achieve inclusive and sustainable growth. Increase in deductions for social security from employees will take out $113 billion from the economy per year-money which would otherwise have been spent on goods and servicesleading to an expansion of GDP only by 1. . Analysts feel that GoI‟s fuel subsidy is keeping the demand for fuel products artificially high and is stirring up the gap even further. imports of the yellow metal rose by 9% in the September quarter with analysts predicting a further increase in December due wedding-season buying. Though diesel (which accounts for 40% of India‟s refined fuel consumption) was initially subsidized to benefit Indian farmers. financial markets around the world responded positively to the news with most of them witnessing a jump in their index by 1-2 per cent.
turned 30 on January 1. Intel. 1983 successfully substituting previous networking systems." KEY PLAYERS: TRAI WHY IT IS IMPORTANT? The recommendation has caused a stir in the state government of states like Tamil Nadu. Gujarat and Punjab among others. this south-western Chinese city will be the world's next Silicon Valley. while Intel makes close to half of its chips in the city. China‟s entry into the technology space will pose serious competition to India. as the government encourages more investment outside coastal regions as part of its 'Go West' development programme.”The Internet means there is nowhere and no one in the world that one can‟t reach easily and cheaply. internet growth in the country can be much higher as there is massive demand from rural population. Silicon Valley. departments. Chris Edwards.com IMPACT: If entrepreneurs in Chengdu see their dreams come true. There is need to for India to leverage its already abundant resources and talent in this sector to keep its place in the changing scenario. This rule if implemented will remove the political influence on television. commenting on the historic event‟s impact on the world. Hewlett Packard. The Arasu Cable TV Corp is owned by the state government of Tamil Nadu. Experts are of the view that if sincere efforts are made to improve telecom infrastructure. Siemens. Los Angeles and Stanford Research Institute. the Internet has managed to make the world into a single village. Microsoft.Livemint. 15) TRAI: Central & State governments should not enter broadcasting business IMPACT: Telecom Regulatory Authority of India (TRAI) has recommended that any Indian political body should refrain from entering the broadcasting business. China has begun to take on Silicon Valley. TRAI's secretary in-charge Sudhir Gupta said that central government ministries. In reply to Varma's letter. Internet penetration in the West is at an optimum but penetration in the developing world is still not up to the mark and thus there is still scope for the internet to grow. adding over 18 million users annually at a rate of 41% (in-spite of all the power failures and poor infrastructure it has). companies. SAP. But it is likely that this embargo by TRAI will result in the parties finding alternative ways (indirect routes) to enter into the broadcasting business. Chengdu is also developing a 'Software Park' nearby. offering perks to start ups. 14) Chengdu city in China aims to become world's next Silicon Valley . To go beyond manufacturing towards becoming a centre for innovation. Foreign companies already in Chengdu include Texas Instruments. are run by politicians or political bodies. China WHY IS IT IMPORTANT? While India is still trying to turn Mumbai into Shanghai. KEY PLAYERS: Chengdu. The computer network was first used by the US Department of Defence on January 1. Nokia. This reform comes at a time when many television channels. The city is already a hi-tech manufacturing hub. The first prototype of the Internet was developed at prestigious American universities and research laboratories such as University of California. PCs and laptops will lead the next wave of internet revolution in the country. 2013. Alcatel and Dell. Fujitsu. A study by industry body Assocham and internet analytics firm ComScore says India is the fastest growing among the BRIC nations. Motorola.” KEY PLAYERS: Internet users and providers WHY IS IT IMPORTANT? Through a long journey. an electronics correspondent for Engineering and Technology magazine. Till now known for its manufacturing prowess. According to ET: I&B secretary Uday Kumar Varma had on November 30th written to TRAI seeking recommendations on whether state or central governments or entities on which they have control could be allowed to enter broadcasting or distribution of channels. which has transformed the way people work and live. Chengdu increasingly desires to become a hub for software development and related innovation. the new method of linking computers paved the way for the arrival of the World Wide Web. Sun. especially news channels. attracted by cheap labour costs and favourable government policies. said that.M MI IS SC CE EL LL LA AN NE EO OU US SN NE EW WS S 13) The Internet turns 30 – The Hindu IMPACT: The Internet. IBM. with small firms as well as big western companies flocking to city of 14 million people. Using data „packet-switching‟. Reports suggest that most of the regional GEC‟s and news channels are owned by politicians of political parties. Ericsson. Around onethird to half of the iPads sold globally are assembled here.Ubisoft. joint ventures or entities which belong to or are funded by centre or state governments "should not be allowed to enter in to the business of broadcasting and or distribution of TV channels. The Punjab and Gujarat governments are also planning to set up TV station and TV channels respectively. . The sale of more affordable mobile phones.
Sama researched the problem by first speaking to bus travel agents and operators. In his inability to find a bus ticket to visit his hometown. some choose to act irrespective. friend and flat mate Charan. He found that there were thousands of agents each handling a few operators and there was no ticket aggregating system or process in place. Their entry. The lessons he learnt during this time inspired him to dig deeper into the bus ticketing problem. everyday. Ashok Yerneni and later on Ashok Anandaram came on aboard as mentors. Most operators were insensitive towards technology and none of them could actually manage a system that asked them to update inventory online. Before he started redBus he was one of the youngest team leads at Texas Instruments. in the photograph) Charan Padmaraju: Sama’s BITS batch mate. was that why couldn’t THIS agent tell him about seat availability unlike other mass transport mediums? His curiosity got the better of him and the entrepreneurial virus had begun its infection. Sama & co were about to receive a lesson in business planning and management 101. when the team travelled to different locations and spoke to operators. However. (left. was that a third party was needed to address the problem as none of the bus operators or agents had the necessary size or technology savvy to create and operate their own IT system. Considering the disorganized nature of the bus travel industry. Price standardization was also not there to aid travellers. The team was in a fix. Sama’s plan passed muster after a grilling round. simply sitting down and blaming everything and everyone is just not an option. This forced travellers to hunt for seats by visiting a multitude of agents and depend on their luck. was the beginning of an idea. Entrepreneurial Acceleration Program or EAP is a ventur e by TiE. Lack of resources. . the response was far from satisfactory. certain plans are selected to be mentored and funded by VCs or individuals. a month before redBus’s launch had an immediate impact. This was the problem that Phanindra Sama faced during the Diwali of 2005. (centre. The not so obvious question that struck Sama. in every corner of the country and yet not one thing is done by anyone to address the problem. Phanindra started attending all the events conducted by the Bangalore chapter of TiE(The Indus Entrepreneurs). For some. inadequate knowhow. friend and flat mate. So no one really knew how many seats were available in all amongst all operators. A problem faced by many for quite a while. in the photograph) Sudhakar Pasupunuri: Sama’s BITS batch mate. Sudhakar. He was surprised when the bus agent told him that he didn’t have any seats available and he should thus try looking at other agents. TiE to the rescue! Sama’s initial lessons from TiE were not going to stop at this stage. in the photograph) The Problem Getting a bus ticket is not easy on the best of days and during peak travel season at the nth hour it is a sheer impossibility. wherein TiE members or other body members are asked to submit plans and out of these. (right. was with Honeywell in Bangalore before redBus began its journey. was a senior software engineer with IBM in Bangalore before hopping aboard redBus. Kiranbir Nag. However. redBus was born out of a similar problem. What should be the business model as they hadn’t really addressed that question up until now. scale of the problem. He teamed up with his co-founders at that point and created Pilani Soft Labs wherein Charan Padmaraju and Sudhakar Pasupunuri would take care of the software development and Operations whereas Sama would get the bus operators on board. VP SVB India Advisors. His initial thought was to create a software system which will allow operators to update inventory online. a problem of getting a simple bus ticket without jumping through a thousand hoops.N NE EO OC CO OR RN NE ER R redBus – A road less taken Sometimes a problem is faced by millions. A team that didn’t even have an excel sheet with the required numbers. these are only some of the excuses people give to justify their antipathy. The conclusions he arrived at. Bangalore. the task in front of Sama was gargantuan to say the least. About the Founders Part 1 Phanindra Sama: This electronics engineer from the prestigious BITS Pilani hails from Andhra Pradesh.
Team Sama had differing inputs on what kind of model they should adopt. Team Sama’s redBus. Some said a Global distribution system as a transaction platform for bus operators was the right solution. redBus couldn’t simply tap into the operator’s systems to put seats online. breaking through all the clutter of analyses. The mentors had selected Sama’s venture because of primarily two things. However. Through sheer gumption. PR and search engine marketing. redBus was born. another agent. A model that works! For most startups. their primary goal was to bring the concept of good customer experience to a sector that didn’t bother with it . however. However. Selling the first seat was the beginning. Passion of the team and the potential to scale. the mentors advised Sama to go ahead with a direct solution that solved a problem. wherein operators partnering with redBus would reserve some of their seats until an hour before departure. The primary problem was at the consumer side.The mentors met the founders every week wherein the founding team was guided on how to go about converting assumptions into actual tangible numbers and then into an implementable plan. In fact redBus launched with just one operator on board. it was in defining a working business model where the fingerprints of the mentors would be seen. for operators. The company also understood this. Considering that their first year turnover was Rs 50 Lakh and the second year it jumped to Rs 5 Crore and is nearly Rs 150 crore according to recent estimates. Others disagreed with this approach. converting a solution into a business model that works is a significant challenge. they signed on operators one by one and the site traffic grew. The team’s understanding of the market was also appreciable. They could create a website wherein the backend could be mimicked even without the automation in place. The solution came in the form of “block booking”. destinations and availability. The site was. Watch out for part 2 of Neo Corner (redBus) in next week’s Xed Newsletter. The money would be made on per transaction basis. . thanks to word of mouth. The logic was that if redBus provided good customer experience it would add on to the brand value which in turn would bring in more operators eager to sign up with redBus. it seems they are doing more right than wrong in the pursuit of their stated goal. built up its profile and pretty soon it became the number one source on bus related information as no such entity existed that provided consolidated information on fairs. The automation process could be taken care of in due course. Considering the lack of computerization at the bus operator’s end. Of course this meant that convincing operators to sign up with redBus was going to remain a challenge.
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reuters.in/ET http://articles.com/article/2012/11/08/india-oil-subsidy-idINDEE8A70CT20121108 http://www.com/news/economy/foreign-trade/tackling-current-account-deficit-fm-p-chidambaram-likely-to-placemore-curbs-on-gold-imports/articleshow/17865791.firstpost.indiatimes.com/industry-and-economy/trai-asks-govt-to-keep-off-tv-broadcastingdistribution/article4249608.com/news/market-flies-high-on-us-fiscal-cliff-deal-nifty-zooms-42-pts/1053516/0 http://economictimes.reuters.bbc.com/article/2012/09/13/us-india-economy-idUSBRE88C14V20120913 http://in.cms http://edition.html http://www.7) UK’s retail giant Tesco to set up sourcing arm in India – ET/Telegraph UK/BS http://articles.com/news/international-business/us-fiscal-cliff-deal-to-slow-growtheconomists/articleshow/17863517.com/2012-12-29/news/36051110_1_cyrus-mistry-group-through-bold-decisions-relevantpost-economic-liberalisation http://www.com/article/2013/01/02/us-usa-fiscal-idUSBRE8A80WV20130102 http://economictimes.com/news/international-business/us-fiscal-cliff-deal-will-not-affect-credit-outlooksp/articleshow/17865419.com/tech/happy-birthday-the-internet-is-30-years-old-now-575475.com/economy/gold-why-central-banks-arent-taking-their-own-advice-543341.firstpost.co.indiatimes.cnn.ece .html 13) The Internet turns 30 – The Hindu http://www.indiatimes.com/scitech/report_internet-turns-30_1784836 http://www.thehindubusinessline.com/article/2013/01/02/india-gold-chidambaram-imports-idINDEE90102U20130102 http://www.dnaindia.indiatimes.ece http://www.financialexpress.com/2012-12-27/news/36022233_1_tesco-chief-executive-star-bazaar-hypermarket-chainphilip-clarke http://www.cms http://www.ece http://economictimes.com/news/international-business/fiscal-cliff-averted-now-wait-for-the-nextcrisis/articleshow/17864009.dnaindia.cms 12) Government considering steps to curb gold imports – ET/BS http://economictimes.com/india/news/delhi-may-become-first-state-to-have-wal-mart-tesco-stores/198923/on 8) Maruti Suzuki to set up a new plant in Africa – ET/Moneycontrol.reuters.com/news/international-business/us-fiscal-cliff-actions-not-enough-imf/articleshow/17864368.indiatimes.ece?ref=wl_opinion http://www.economictimes.co.in/article/ratan-tatas-legacy-one-would-have-been-better-off-investing-in-the-sensex/30479.com/news/business/maruti-suzuki-gains-2assembly-plantafrica_800715.wsj.thehindubusinessline. power prices – BL http://www.thehindu.moneycontrol.html http://in.uk/finance/newsbysector/retailandconsumer/9732130/Tesco-eyes-two-cities-for-push-into-India.html 10) PM hints at hike in fuel.indiatimes.dnaindia.expressindia.moneycontrol.reuters.html 15) TRAI: Central & State governments should not enter broadcasting business – DNA/ET http://www.html http://economictimes.thehindu.cms http://www.com/news/international/us-fiscal-cliff-deal-passage-ends-standoff/article4264359.com/news/auto/article-maruti-suzuki-sales-up-3-2-per-cent-in-december-315554 9) Cyrus Mistry takes over the reins of Tata Group – Moneylife.com/2013/01/02/politics/fiscal-cliff/index.moneylife.indiatimes.indiatimes.html http://business-standard.html 11) Bigger fights loom after "fiscal cliff" deal – Reuters http://www.cms http://business-standard.com/latest-news/more-petrol-power-lpg-price-hikes-coming-soon-says-pm-at-national-development-councilto-boost-12th-five-year-plan/1050927/ http://in.com/article/2012/12/28/market-india-stock-close-idINL4N0A22R820121228 http://online.com/2012-12-28/news/36036327_1_i-b-ministry-digitisation-tv-channels http://www.economictimes.com/article/SB10001424127887324274404578213450883093748.com/Industry/zm5DItgeyhRm1Q7C1kD0oN/Chinas-Chengdu-aiming-to-be-worlds-next-Silicon-Valley.com/money/report_central-state-govts-not-allowed-to-run-tv-channels-trai_1782855 http://articles.com/todays-paper/tp-in-school/internet-turns-30/article4266960.indiatimes.uk/news/world-us-canada-20886182 http://www.livemint.html http://articles.economictimes.ndtv.economictimes.com/2012-12-28/news/36036364_1_maruti-suzuki-india-alto-mayank-pareek http://profit.reuters.com/news/pm-hints-at-hike-in-fuel-power-prices/article4244358.com/NDTV Profit http://www.com/news/commodities/gold-jumps-to-2-week-high-speculative-buying-seen_802530.telegraph.com/india/news/govt-considering-steps-to-curb-gold-imports/497588/ http://www.com/money/report_internet-turns-30-the-next-30-years-belong-to-india_1784955 14) Chengdu city in China aims to become world's next Silicon Valley http://www.
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