INDIA NEWSLETTER Published by the Embassy of India,Vienna Year 3 | Issue 26 | February 2013
real estate India Newsletter | 1
Snapshot of last month’s Highlights
he Forex reserves of India increased by US$ 39.6 million to touch US$ 296.57 billion for the week ended December 28, 2012.
argo traffic at major ports in India stood at 44.2 million tonnes (MT) in November 2012.
oreign Exchange Earnings (FEEs) in India from tourism registered an increase of 21.8 per cent to touch US$ 17.21 billion in 2012.
ndia’s pharmaceutical industry is expected to grow at 19 per cent in 2013.
he Government of India has approved 14 foreign direct investment (FDI) proposals worth Rs 1,310.60 crore (US$ 239.73 million).
he electronic system design and manufacturing (ESDM) sector of India is expected to touch US$ 94.2 billion by 2015 from US$ 64.6 billion in 2011.
outhern India attracted private equity (PE) investments worth US$ 2.46 billion (162 deals) in 2012. 2 | India Newsletter
ammu and Kashmir (J&K) has doubled its tax income to Rs 5,500 crore (US$ 1 billion) in this fiscal from Rs 2,600 crore (US$ 476.58 million) in 2009-10.
isa on Arrival (VoA) scheme of India registered an increase of 26 per cent to touch 16,084 in 2012. ndia’s agriculture and processed foods’ export is expected to cross Rs 1 trillion (US$ 18.54 billion) in 2012-13.
(MT) in 2012.
elecommunication companies in India are expected to add 48.9 million new subscribers in FY 201314.
otton yarn exports from India are expected to touch 1,000 million kg in 2012-13.
he Indian pharmaceutical market is expected to grow at a CAGR of 14-17 per cent during 2012-16.
ith around 8 million Indians shopping online in 2012, the online shopping inhe total value of M&A deals in TIndia have registered a growth dustry in India regof 12 per cent to US$ 43.4 billion in 2012. istered a growth he Indian infor- of 128 per cent in mation tech- 2011-12. passenger traffic between Innology (IT) sector The dia and Dubai stood at 7.34 milgenerates around lion passengers in 2012, registering a year-on-year (y-o-y) growth of 7.4 60 per cent of its per cent. export revenues ndia’s luxury car from the US. sales is expected ndia ranks fourth to cross 300,000 in steel produc- units a year by tion globally with 2020. finished steel consumption an output of 76.7 India’s grew to 54.8 million tonnes (MT) million tonnes during April-December 2012.
REPUBLIC DAY EVENTS
Some impressions of the events in snapshots On January 24th, H.E. Ambassador R. Swaminathan welcomed distinguished guests at the India House to commemorate the 63rd Anniversary of the Republic Day of India.
India Newsletter | 3
REPUBLIC DAY EVENTS
Some impressions of the events in snapshots On January 26th, H.E. Ambassador R. Swaminathan welcomed the Indian Community and Friends of India at the India House to commemorate the 63rd Anniversary of the Republic Day of India. On the occasion, Ambassador spoke about the activities carried out by the Embassy and read out the Hon. President of Indiaâ€™s address to the nation on the eve of the Republic Day. The event was followed by the Prize Distribution Ceremony of the Painting Competition for Children in age groups 6 to 14 years, which Embassy had organized in the National Communal Harmony Week, November 2012. After the prize distributions, various books in Hindi were distributed to the Indian Community and Children present.
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World’s largest solar telescope planned at Ladakh From the Indian Institute of Astrophysics
The proposed telescope, which will be used to observe the Sun during the day needs long hours of sunshine and clear visibility conditions.
The 2-metre class state-of-the-art National Large Solar Telescope built by IIA at an expected cost of Rs 150 crore is planned for completion in 2017.
“It took us over four years to finalise the site. We hope to complete the project by 2017,” Hasan told reporters on the sidelines of the plenary session of the 100th Indian Science Congress.
he Indian Institute of Astrophysics (IIA), has zeroed in on Ladakh as the probable destination for the world’s largest solar telescope. Work is likely to begin by the end of this year.
According to SS Hasan, former director, IIA, the organisation had initially zeroedin on three sites – Hanle and Merak near Ladakh’s Pangong Lake or Devasthal near Nainital in Uttarakhand.
The device will help Indian scientists carry out “cutting edge research” aimed at studying the Sun’s atmosphere. Hasan said further, the back-end instru-
ment will be constructed in India while night-time instruments will come from Germany. Apart from the IIA, which is the nodal agency, the other institutes involved in the project include Indian Space Research Organisation (ISRO), Aryabhatta Research Institute of Observational Sciences, Tata Institute of Fundamental Research and Inter-University Centre. Currently, the world’s largest solar telescope is the McMath-Pierce Solar Telescope having a diameter of 1.6 metres. It is located in Kitt Peak National Observatory at Arizona in the US.
12th Plan doubles allocation to science & technology Science and Technology
nion Science and Technology Minister S. Jaipal Reddy said that the Centre’s allocation for the Science and Technology and Earth Sciences Ministry has been doubled for the 12th Plan period. Addressing the inauguration ceremony of ‘Children Science Congress’ as part of the 100th Indian Science Congress, Reddy said, “In the 12th Five-Year Plan, the combined planned allocation for science and technology and earth sciences
has been nearly doubled from Rs 33,000 crore in the previous Plan period.” New policy Commenting on the newly announced Science, Technology and Innovation Policy, the Minister said there is a need for integrating science, research and innovation to develop valuable technologies. Doctoral fellowship “We have also initiated a PM Doctoral Research Fellowship in partnership with
industry. Already 30 (such) fellowships have been awarded to doctoral students,” Reddy added. “The country today has over 700 R&D, technical and development centres of the top global companies, employing over 1.5 lakh scientists and engineers. “This confidence of global majors in our youth has given fillip to some of India’s best and talented young technocrats to become first generation technopreneurs,” Reddy said.
India launches 24/7 G2B business portal eGovernance
ndia has launched its first Government-to-business portal to provide a round-the-clock, secure, one-stopshop for all investment and business related information. “This mission mode project will mark a paradigm shift in the Government’s approach to providing G2B services for India’s investor and business communities,” Commerce & Industry Minister Anand Sharma said while launching the eBiz portal at the CII Partnership Summit in Agra. The portal has been developed by Infosys in a Public Private Partnership (PPP) model. India ranks a poor 132nd among 185 countries in the International Finance Corporation’s Ease of Doing Business index. Smaller countries, including Bangladesh, Sri Lanka and Nepal have ranked higher in the index.
To improve the business environment, an online single window was conceptualised in the form of the eBiz mission mode project under the National eGovernance Plan so as to enable businesses and investors to save time and costs.
where a single application submitted by
“The project aims to create a business and investor-friendly ecosystem in India by making all business and investment related regulatory services across Central, State and local Governments available on a single portal, thereby obviating the need for an investor or a business to visit multiple offices or a plethora of Web sites.”
The Minister said the core value of the transformational project lies in a shift in the Government’s service delivery approach from being department-centric to customer-centric. eBiz will create a 24x7 facility for information and services and will also offer joined-up services
a customer for a number of permissions, clearances, approvals and registrations will be routed automatically across multiple governmental agencies in a logical
An inbuilt payment gateway will also add value by allowing all payments to be collected at one point and then apportioned, split and routed to the respective heads of account of Central/ State/ Parastatal agencies along with generation of challans and MIS reports. “This payment gateway is the first of its kind designed in India and can become a universal payment gateway for all eGovernance applications,” Sharma added. India Newsletter | 5
Developed world looks at India for investment & trade US Report
s the global centre of economic growth moves to Asia, India has captured the attention of developed economies looking for new investment and trade opportunities, says a new report. Noting that recent growth in India has also emanated from a number of underexamined sectors other than information technology (IT) sector, it says, the Indian economy will need to continue to diversify in order to propel its development. And the US will need to pay close attention to all aspects of these changes in order to sustain strong bilateral economic ties, says the report by Wadhwani Chair in US-India Policy Studies at the Centre for Strategic & International Studies (CSIS). Authored by CSIS fellow Persis Khambatta Karl Inderfurth, Wadhwani Chair and former assistant secretary of state for South Asia, the report lists some key recommendations from its year-
long Emerging Indian Economy Signature Speaker Series. There is arguably no sector more critical to India’s future growth than energy, says the report, with a chronic energy shortage, inadequate infrastructure, and an insatiable demand coupled with environmental concerns. Vikram Mehta of the Shell Group of Companies (India) stressed that India must find a way to handle a surge in energy demand, highlighting that technology is underutilised, the environment is threatened, and New Delhi has an inadequate policy framework through which to address these issues. Rajiv Lall of the Infrastructure Development Finance Company used the term “infrastruggles” to describe the obstacles facing the private sector for the delivery of infrastructure-related services. John Flannery of GE India suggested that governments should view infrastructure
as a top national priority after national security. Innovative, efficient infrastructure enables many other vital sectors to flourish. Indian health care industry’s biggest challenges include ramping up capacity to serve hundreds of millions of citizens and a growing incidence of non-communicable diseases, according to Prathap Reddy of the Apollo Hospitals Group. India’s National Manufacturing Policy plans to increase the sector’s share of GDP from 16 percent to 25 percent, including creating 100 million new jobs. Explaining how India can accomplish this, Arvind Goel of Tata AutoComp Systems referred to a number of policy instruments, including the recent creation of National Investment and Manufacturing Zones, zones in which state and central governments modify regulations on difficult issues in order to encourage greater manufacturing growth.
Ford sees India as major export hub Multinationals in India
in India so far was $2 billion. New Products In the next few years, Ford India will launch eight new products and double the number of dealers to 250 and customer touch-points to 500, mainly in Tier-II and III towns and cities in northern and western India, which account for 60 per cent of its sales, he said.
ith India being projected as the emerging third largest automobile market in the world, after China and the US, Ford India is looking at the country as a major export hub in this sector, Joginder Singh, the new President and Managing Director said. The global automaker, which sold 5.3 million vehicles in 2010, expects to increase the number to eight million by 2015. The Asia-Pacific region is expected to account for 70 per cent of this market.
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While Ford India has created 10,000 jobs in Chennai, it will create 5,000 at the upcoming Sanand plant by 2014, when it is commissioned next year. “By 2020, one out of every six cars sold in the region would be a Ford,” he said on the eve of Vibrant Gujarat 2013, which begins in Gandhinagar.
The company’s manufacturing capacity at these two plants will increase from the existing three million units to five million by mid-decade and nine million by 2020.
By mid-decade, Singh said Ford India will have seven new factories working in China, Thailand and at Sanand, near Ahmedabad, where it is currently investing $1 billion (Rs 5,300 crore) at the car and engine manufacturing facilities.
Ford India plans to manufacture 4.40 lakh vehicles at these two plants, and export 20-25 per cent of these.
The company has already invested $140 million to expand capacities at its existing Chennai-based plant. Its total investment
“We would initiate talks with the authorities soon to export our products from Mundra port,” Singh said.
It will also increase engine-making capacities to 6.10 lakh, 40 per cent of which would be exported.
Indian Economy is Growing says Anand Sharma By Commerce and Industry Minister, Anand Sharma
hri. Anand Sharma, Minister of Commerce and Industry stated that Indian economy is growing and despite the economic crisis that engulfed the world. He was addressing a plenary session at 11th Pravasi Bharatiya Divas in Kochi. He said that the country’s GDP will grow in the coming years, generating new job opportunities. The FDI policy is made more rational and friendly. The national investment rate is around 33-34%,
and by the end of 12th Plan the aim is to increase it to 36, he added.
it will rise to 72 in the next decade, each having a population of one million.
Addressing the plenary, Shri.Kamal Nath, Minister of Urban Development and Parliamentary Affairs said that the India is facing challenges in infrastructure development, especially in urban sector. Today, around 430 million people are residing in cities and in the next decade, the number will increase to 600 million. Similarly, at present, there are 53 cities in India, and
Shri. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, said that encouraging long term FDI flows would be more fruitful. Shri. P K Kunhalikutty, Minister of Industries and Information Technology of Kerala, Ms. Naina Lal Kidwai, President, FICCI also spoke on the occasion.
India to grow at 6.7% in 2013-14 Crisil Report
he Indian economy would grow at a higher rate of 6.7% in 201314 compared to the estimated growth of 5.5% for the current financial year (2012-13) due to a revival in consumption, ratings agency Crisil has said. “A pick-up in agriculture, predicated on a normal monsoon, lower interest rates and higher government spending will support private consumption demand,” Crisil said. “The improved agricultural output, along with a stronger rupee and lower crude oil prices will also help in reducing Wholesale Price Inflation (WPI) to around 7% from 7.7% projected for 2012-13,” it said. “India’s GDP growth in 2013-14 will be supported by the revival of private sector consumption growth aided by higher growth in agriculture, high government spending and lower interest rates,” said Roopa Kudva, Managing Director and CEO, Crisil.
A normal monsoon will boost agricultural GDP growth to an above-trend rate of 3.5% in 2013-14, albeit on a lower base of 2012-13. “With the easing of inflation, RBI is expected to cut interest rates by 75-100 basis points (0.75%-1%) starting January 2013, thereby lowering retail lending rates and boosting demand in interest (rate) sensitive segments,” Crisil said. The likely increase in government spending in the form of higher expenditure on social sector schemes and rural development will be driven by the upcoming general elections in 2014. Increased welfare expenditure by the government, lower interest rates, moderation in inflation and high farm incomes (assuming a normal monsoon) will boost household spending and thereby, benefit sectors such as consumer durables, hotels and restaurants and financial services, Crisil said. Further, improved external demand, as
a result of marginal recovery of global growth, could raise India’s exports, especially in the IT/ITes sector.“We, therefore, expect the services sector to remain healthy at 8% in the next fiscal,” Crisil said. “An improvement in private consumption will create demand for goods and services, which in turn will raise industrial growth to 5.4%. Although this is an improvement over the current fiscal, industrial growth will still lag its last tenyear average of 7.9%,” said Dharmakirti Joshi, chief economist, Crisil. Despite higher consumption growth, average WPI inflation is projected to be lower at 7% in 2013-14, as against 7.7% forecast for 2012-13 on back of normal monsoon, a stronger rupee, and lower crude oil prices. However, the likely upward revision of fuel prices and persistent excess demand for food articles are likely to limit the further decline in WPI inflation.
China, India could be largest economies by 2050 PwC Report
ndia is likely to be the world’s third largest economy by 2050 on a purchasing power parity (PPP) basis, according to a PricewaterhouseCoopers (PWC) report issued this month. The report says it is likely the world economy’s size will quadruple by 2050 and China will be the largest economy in terms of PPP by 2017, and in terms of market exchange rates by 2027. According to the report, ‘World in 2050 The BRICs and Beyond: Prospects, Chal
lenges and Opportunities’, by 2020, Rus-
are likely to be a little over 50 per cent
sia is likely to be the largest European
larger than the G7 countries in GDP at
economy in terms of PPP. The world’s economies are likely to grow at a rate
market exchange rate terms by 2050 and
of slightly over three per cent a year. The
around 75 per cent larger in PPP terms.
emerging economies are likely to grow
It is estimated the E7 countries might
at four per cent a year and the advanced economies at two per cent a year. The seven major emerging economies
Russia,Indonesia, Mexico and Turkey —
overtake the G7 in 2017, with the gap widening after that. Every country studied, except India, is likely to see its share of working population declining by 2050. India Newsletter | 7
International economic,tech partnerships integral part of India’s growth strategy By PM Manmohan Singh
force of positive change in our country,” he said. Dr Singh said he believed that the overseas Indian community should be a vital partner and participant in India’s social and economic development. “Whether you wish to invest or share your knowledge, technology and skills, whether your enterprise takes you to the cities or your compassion brings you to a remote village, I assure you of our continuing effort to support your endeavours,” he said. Dr Singh said Mr Purryag’s record of public service over four decades and his many achievements were a source of great pride for PIOs across the world.
rime Minister Manmohan Singh said that, while the country’s huge investible resources and large market gave it confidence, strength and stability, India saw international economic and technological partnerships as an integral part of its growth strategy. “This is an important objective of our political and economic engagement in our region and across the world,” he said in his inaugural address to the 11th Pravasi Bharatiya Divas (PBD) in Kochi. The PBD is a high-profile annual convention of non-resident Indians (NRIs) and persons of Indian origin (PBD), and this year’s event is being attended by about 2000 delegates from around the world. Mauritius President Rajkeshwar Purryag was the chief guest at the three-day convention. President Pranab Mukherjee delivered the valedictory address and also conferred the prestigious Pravasti Bharatiya Samman Awards on NRIs and PIOs, including Mr Purryag. Kerala is the partner state of this year’s convention, which is being held in the State for the first time. Dr Singh said India had just embarked on its 12th Five Year Plan with the ambition to sustain an annual growth rate of 8 per cent. “For this, we will require enormous resources, reforms in policies and institutions, new models of public private part-
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nership and community participation and innovation-driven science and technology. Even as we continue our focus on rural areas, and we must continue to do so, we will need to pay greater attention to our expanding cities and towns. New approaches will be needed to address challenges in areas like infrastructure, education, energy, water and agriculture,” he said. He said that the Government was aware that, despite impressive economic performance and change on an enormous scale in the past two decades, India faced persisting challenges of poverty, equity, sustainability and opportunity. “Vulnerable sections of society, including our women, face enduring prejudices and continuing problems in a rapidly changing India,” he said. “However, across India, there are also countless inspirational stories of innovation, enterprise and leadership by citizens and communities that are transforming lives and generating hope for millions of our citizens. There is now a surge of expectation from an increasingly empowered and articulate public, for more responsive, transparent, participative, clean and efficient governance. Government also is determined to turn any setback into an opportunity to improve legal and regulatory frameworks. I have no doubt that the energy and the passions of our citizens, particularly our youth, will be a
“Your presence in Kerala today, reminds us of the deep civilizational, linguistic, cultural and religious ties between India and Mauritius. The shores of our two countries are washed by a common ocean and both our countries have a shared interest in peace and prosperity in the Indian Ocean Region,” he said. He also said that there could not have been too many better alternatives to Kerala for hosting this year’s PBD. “Kerala is blessed by the generosity of nature, the hospitality of its people and the richness of its culture. This gives it a well-deserved right to claim that Kerala is ‘God’s own country’. The shores of Kerala have been part of the global currents of commerce, culture and religion since ancient times. This state was one of the first to come into contact with Judaism, Christianity and Islam. It had a strong tradition of maritime trade, extending from the Gulf and Europe in the West to China in the East. Today, residents of this vibrant state of the Union, lead the country not only in terms of their global presence, but also in their achievements on various social indicators. I am therefore delighted that Kerala is hosting this year’s event. For this, I thank the Chief Minister of Kerala, my friend, Oomen Chandy,” he said. Dr Singh said overseas Indians have served as a bridge of friendship and cooperation between India and their adopted homes abroad.
Articles “Regardless of whether they are successful professionals, traders and entrepreneurs, or second generation Indians, comfortably reconciling their two identities, or workers toiling hard to build a future for their families, they are at all times a most effective window for the world to India’s heritage and its progress,” he said. He said the Government would do all that was possible to deepen their connection with India and advance their interests. “While honouring their achievements, we will also seek to facilitate their travel, business and education and make it easier for them to be a part of life in India, enjoy due rights and participate in India’s economic development. “As the Indian expatriate community develops a more global presence, they also become more vulnerable to economic crises, conflicts, civil unrest or just senseless hate crimes. At a time of turbulence in many parts of the world, the safety and security of overseas Indian communities are uppermost in our minds. We derive comfort from the assurances that we have received from governments in the countries of your residence that they will do everything for your safety and security. We recognize that the primary responsibility rests with the host countries, but when needed, as was the case last year in Libya, our government will pro-
vide prompt and necessary assistance,” he said.
clined to 6.5% in 2011-2012 and may fall below 6% in the current year.
The Prime Minister said that, apart from physical safety, the Government was also concerned with the social and emotional well-being of overseas Indians.
“But, despite domestic constraints and challenges, we are confident that our strong economic fundamentals, backed by sound policies, will enable us to return to a higher growth path. This is an imperative for us because we need rapid growth and a healthy economy to meet the aspirations of an increasingly young India and make our economic development more inclusive and more sustainable. With this in view, we have recently taken a number of steps to boost domestic and foreign investment, accelerate project implementation and reform capital markets and the tax system,” he said.
“We have therefore launched an insurance scheme for workers, established welfare funds in our embassies for distressed Indians, and created mechanisms to help vulnerable women abroad. “This protection and promotion of the rights and interests of Indian businesses, professionals and workers abroad is also a key task for our Missions in various countries. Our Comprehensive Economic Partnership Agreements and Social Security Agreements with a number of countries play an important role in this regard,” he said. Dr Singh acknowledged there had been concerns recently about the direction and content of India’s growth story and about larger social and governance issues. “It is important to bear in mind that in the last four years, the world economy has had to deal with two major financial crises, both emanating from the developed world. The Indian economy has not been immune to the consequences of these crises. From an impressive average annual GDP growth rate of over 8% between 2004 and 2010, our growth de-
According to him, among the most positive stories out of India in recent years are the acceleration in the rate of poverty reduction, stronger growth in the poorest states and improved productivity and increased real wages in our agriculture sector. “This is significant, given that 65% of our population still relies on agriculture,” he said. “On January 1 this year, we took a small first step to deliver benefits through direct transfer to beneficiaries, using the digital Aadhaar platform. This is an example of our efforts to make growth more inclusive and government programmes more efficient and less vulnerable to leakages of various sorts,” he added.
India most optimistic economy in world CareerBuilder’s Forecast Report
ndia has emerged as one of the most optimistic economies in the world where more than two-thirds of employers are planning to add full-time and permanent workforce in 2013. According to CareerBuilder’s first annual job forecast for the 10 largest world economies, as many as 67 per cent of Indian employers plan to increase full-time permanent workers this year, 13 per cent plan to decrease and 17 per cent are expecting to make no change in the number of staff. Emerging economies are the most aggressive in terms of hiring plans despite a slowing in economic expansion. As many as 71 per cent of employers in Brazil intend to hire this year followed by India at 67 per cent, China (52 per cent), Russia (48 per cent), the US (26 per cent), Germany (29 per cent), the UK (30 per cent),
Japan (22 per cent), France (24 per cent) and Italy (19 per cent), the survey conducted by Harris Interactive said. Brazil houses the largest percentage of employers adding headcount (71 per cent), partly influenced by plans to host the upcoming World Cup and Summer Olympics and a better performing manufacturing sector.
to resolve a debt crisis that has global implications,” CareerBuilder CEO Matt Ferguson said.
Notwithstanding the fact that China and India’s GDP have grown at a rate that far outstrips the rest of the world’s major economies, more than half of employers in China and two-thirds in India plan to hire in 2013, the survey that covered over 6,000 hiring managers during November said.
In the US, concerns over the fiscal cliff during the time of the survey may have resulted in more conservative predictions, but hiring activity has been on a gradual upward trajectory. Around 26 per cent will add new jobs this year.
“Hiring activity in the BRIC countries (Brazil, Russia, India and China) is projected to be significantly higher than other markets while recruitment in Europe remains sluggish as leaders struggle
Meanwhile, one-third of Italian employers (33 per cent) expect to downsize staffs, the highest of the top 10 economies, while recruiting activity in France is expected to be flat.
Across major markets, employers are most likely to hire for positions that are closely tied to revenue and innovation. In case of India, the top areas organisations will be hiring for included information technology, marketing and customer service, the survey said. India Newsletter | 9
Free trade pact with EU on verge of completion India-EU Matters
he long-negotiated free trade pact with the European Union is “on the verge of completion”, commerce minister Anand Sharma said.
with Thailand, Canada, New Zealand, Australia and European Union.”
Addressing delegates at a meeting organised by lobby group Confederation of Indian Industry in Agra, Sharma noted that the global economic recovery remained fragile though there was some hope for “cautious optimism.” Against this backdrop, partnerships among nations is the key to ensure that growth picks up, he said.
Talks for concluding the ambitious pact started in 2007 but have stalled over contentious issues such as tariffs and government procurement. Indian automobile and wine associations are opposed to significant concessions to European multinational firms, fearing loss of market share.
“Regional economic integration is becoming the defining trend of our times,” Sharma said, adding later, “India has remained conscious of this process of economic integration and even in the peak of the economic crisis, we stepped out and engaged with the rest of the world and in the last three years, we have signed comprehensive economic partnership agreements with ASEAN, Malaysia and Japan and are negotiating similar agreements
“The India-EU FTA is on the verge of completion,” Sharma later said.
While the EU is keen to have greater market access in India, including a large number of agricultural products, India is keen on fewer restrictions on the temporary movement of Indians working in Europe. There are differences over intellectual property rights as well. India is also pressing for concessions on its main area of interest—services. The EU as an economic bloc is India’s largest trade partner. In 2010, it imported goods worth 33.2 billion euros from
India and exported goods worth 34.7 billion euros. Services exports to India stood at 9.8 billion euros and imports at 8.1 billion, according to EU figures. Sharma’s comments come a day ahead of foreign minister Salman Khurshid beginning a four-day visit to Germany and Brussels, the foreign ministry said in a statement. During his visit to Germany, Khurshid is expected to hold talks with his German counterpart, Guido Westerwelle, and in Brussels is expected to meet Belgian deputy prime minister and foreign minister Didier Reynders. Both sides are expected to discuss ways to bring to fruition the India-EU FTA, a person familiar with the developments said, requesting anonymity. India has cleared an umbrella legislation to allow foreign direct investment in single brand retail and last week cleared the proposal put forth by Swedish retail giant Ikea to open its stores in India.
India, EU sign pact to recycle waste water India-EU Matters
ndia and the European Union have signed a Rs 80-crore (about €12-million) agreement to recycle industrial and domestic waste water to provide water for irrigation purposes. Besides, the two sides would work on other products that come out of waste water and also on the efficient use of water under the Water4Crops-India project. The International Crops Research Insti-
tute for the Semi-Arid Tropics (ICRISAT) will lead one of the two consortia with 34 member companies, universities and research organisations. The Union Department of Bio Technology and six EU countries contributed Rs 40 crore each for the four-year project. The Indian consortia include The Energy Research Institute (TERI), National Environmental Engineering Research Institute (NEERI), Euro India Research Centre, MS
Swaminathan Research Foundation, SABMiller and Jain Irrigation Systems Ltd. “The consortium will be working on three types of industrial waste water mainly from the Charminar Breweries of SABMiller in India in Andhra Pradesh; Onion and Fruit Processing Plant at JISL, Jalgaon in Maharashtra; and the sugar factory from Ugar Sugar in Karnataka,” Suhas P.Wani of ICRISAT, who is leading the Indian consortium.
India and Spain to cooperate in renewable energy Renewable Energy
r. Farooq Abdullah, Minister for New & Renewable Energy met Spanish delegation led by Ms. Carmen Vela Olmo, Minister of State for Research, Development and Innovation. Both the leaders agreed to enhance research, cooperation and technologies in the field of Renewable Energy. Besides, research projects in the area of forecasting of wind power and fabrication of cost effective solar cells will be considered 10 | India Newsletter
for financing by the Indian and Spanish governments. The Spanish Minister, Ms. Carmen Vela Olmo is currently on a 3 day visit to India. During the meeting, the two ministers agreed to initiate a second call for research proposals so as to encourage joint research and development activities between research institutions as well as industry groups of both the countries. The joint Indo-Spanish programme for Technological cooperation
in Renewable Energy was developed as a consequence of the visit of the Minister of New & Renewable Energy, to Spain last year. Following the signing of the agreement in May, 2012, a joint call for project proposals was published. Proposals on various aspects on Renewable Energy involving industry and R & D institutions in both the countries and covering all aspects of Renewable Energy. India is the fifth largest country in the
Articles world in terms of wind power installed capacity. In addition, India’s National Solar Mission aims to facilitate the installation of 20000 MW of grid connected power capacity by 2020. Spain is the 4th larg-
est producer of wind generated power and is top-ranked worldwide in terms of photovoltaic solar power capacity. The Solar Platform of Almeria (PSA), run under the Spanish Ministry of Economy and
Competitiveness is considered one of the largest and best R&D facilitates for Concentrating Solar Power Technologies.
Swiss group Starrag sets up plant in Bangalore Investments in India
tarrag Group, headquartered in Switzerland, has set up a machining plant in Bangalore through its subsidiary Starrag India. The new plant, located at KIADB Aerospace Park in Devanahalli in the city, was inaugurated by its Chairman, Walter Fust and is expected to focus on building WMW machining centres in India. The company also launched a new range of high performance WMW IWK Horizontal Machining Centers (HMC) at the ongoing international machine tool show Imtex 2013 in Bangalore.
According to A. N. Chandramouli, Managing Director, Starrag India, “The greenfield facility has been built with an investment of 12 million swiss francs or Rs 60 crore.”
the localised product by July, said Chandramouli.
It was approved by Karnataka Udyog Mitra during the Global Investor Meet.
The two phased manufacturing programme (60-120 units a year) will mainly be absorbed by the Indian market which is now on its economic revival after a slowdown last year.
The factory is expected to rollout four popular models of WMW Horizontal Machining Centres from July this year to to December 2014. A cost reduction programme through a local supply chain is in an advanced stage of implementation and there will be a national road show of
About 300 highly skilled technicians will be employed over time here. In the new factory, an apprentice training centre has been commissioned using Swiss Vocational Education and Training (VET) programmes already tailored in collaboration with SWISS-MEM.
Texas Instruments centre in Delhi Investments in India
products based on TI’s semiconductors. It will also promote design of educational solutions for teaching subjects on embedded systems.
It will promote design of embedded
The centre will conduct educational activities such as seminars and train-thetrainer workshops that will be open to teachers from other engineering colleges
exas Instruments (TI) has launched a Centre of Excellence at Netaji Subash Institute of Technology (NSIT), Delhi. This is the first centre for embedded product development that TI is setting up in any educational institution in India.
as well. Dr. C P Ravikumar, Technical Director University Relations, Texas Instruments India, said, “The centre will design products that are relevant to the Indian electronics industry and nurture talent in the area of embedded product design.”
world’s largest OTC plant in Gujarat Investments in India
srael-based Teva Pharmaceuticals, an $18 billion generic drug maker will set up world’s largest OTC medicine facility in Gujarat in collaboration with Procter & Gamble. The company had ground-breaking ceremony for its multi-product facility at Sanand, near Ahmedabad. Teva Global Operations, Executive Vice President, Strategy and Operation, Eran Katz, said “The multipurpose plant in India will support the growing demand for our non-prescription health care products across Asia. The Sanand facility will be a critical component of PGT Healthcare, Teva’s international partnership and joint venture with Procter & Gamble.”
Teva Pharm India Pvt. Ltd expects completion of construction of the plant in two years. The facility would be focused on Overthe-counter (OTC) product manufacturing and will initially cater domestic and Asia Pacific markets, according to the company. This will include liquid, oral solid dosage and inhaler production including P&G’s current Vicks range of cough & cold medicines and throat drops in India, along with potentially other overthe-counter products for India and other markets. The new plant will complement the existing network of Vicks contract manufacturers in India as the company plans to continue working with their current contract manufacturers even after this plant
is operational, said the company. The modular design of the plant will enable Teva to further expand the plant as demand for consumer health care products continues to grow across the region and the globle. In November 2011, P&G and Teva Pharma entered into a joint venture in consumer healthcare by setting up PGT Healthcare headquartered in Geneva, Switzerland. This business model brings together each company’s complementary capabilities and existing OTC portfolios. While Teva Pharma is world’s largest generic drug maker, P&G is one of the largest players in FMCG globally. India Newsletter | 11
India stands to gain in the Asian integration process Regional Comprehensive Economic Partnership
ndia stands to gain more if it takes its South Asian neighbours along in its plans to integrate with Southeast Asia through processes such as the Regional Comprehensive Economic Partnership (RCEP), said an official of the Asian Development Bank Institute or ADBI. Noting that Asian regionalism is taking shape now than in the decades before, Ganeshan Wignaraja, director research at the Asian Development Bank Institute, said the process would be different from the European integration process of the 1990s that resulted in greater centralization of decision making and implementation of laws. “It (Asian integration that includes free trade agreements or FTAs and the regional comprehensive economic partnership or RCEP) will be a much lighter process...it will be more market led with national governments playing an important role in regional agendas,” Wignaraja said, adding that many Asian projects would be set and led by national gov-
ernments in the region rather than a big overarching pan-Asian architecture like in the European Union.
India’s hostile ties with Pakistan has held up the integration of the South Asian region.
India’s participation in the Asian integration process “will bring big gains to both parties” but “if India takes the rest of South Asia with it everybody gains more...the neighbours are very important in this regard,” said Wignaraja.
Many other countries in the region have expressed apprehension about India’s big geographical and economic size and has sought more concessions from the largest country in the region.
India, the largest country in South Asia and Asia’s third-largest economy, introduced its Look East policy in the early 1990s seeking to forge closer links with the high-growth Southeast Asian economies. Last year, India said it was joining talks for the creation of the RCEP that aims to open more opportunities for increased trade in goods and services, eliminate trade barriers, and gradually liberalize services and provide for greater foreign direct investment in ASEAN and its external trading partners. The GDP of the ASEAN and non-ASEAN countries hoping to join the RCEP is an estimated $17 trillion.
According to Wignaraja, Asian countries that are classed as developing countries, will prefer an arrangement like the RCEP than the US-led Trans Pacific Partnership (TPP) that aims to establish a regional FTA which will further liberalize trade in the Asia Pacific. In 2011, the total GDP of TPP countries was an estimated $20 trillion, according to the Australian foreign ministry website. The countries supporting the TPP include New Zealand, Chile, Brunei Darussalam, Singapore, the US, Canada,Australia, Peru, Vietnam, Mexico and Malaysia.
Indians buy premium cars now:They are slowly moving up to Lamborghinis Luxury Market
amborghini, the maker of super sports luxury cars from the Volkswagen Group, has launched its Aventador Roadster model in India at Rs 4.77 crore. The car has been selling well the world over, and the company hopes it do well in India too. Andrea Baldi, head of operations, South East Asia and Pacific at Automobili Lamborghini Asia-Pacific, talks about the future of super cars in India and how taxing the rich would affect super luxury cars’ demand, in an interview. Edited excerpts: You sold about 17 cars in 2012, registering a 20% growth. What is the potential for growth ahead? We are not running after numbers. We are focusing on getting the right products and creating the right network with proper penetration. I expect the market to grow steadily and consistently. The Indian market for Lamborghini is growing.
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We grew 21% and hope to grow faster in 2013. We expect the market, which is 100 units-strong currently, to grow fivefold to 500 units. We hope to grow with the market. Can India mirror the growth in China, which is 15 times bigger than India? Indians traditionally like to keep a low profile as against the Chinese, who are more flamboyant and like to show off. Having said that, we expect the evolution to take place in India and we will evolve with the market. Infrastructure is the biggest challenge. With improvement in roads, the potential will grow. India is a country of 1.3 billion people and the number of high net worth individuals in India is growing. Of course, it is an important strategic market for Lamborghini. We have seen customers moving up to premium brands like Mercedes Benz,
BMW and Audi. The next step is Porsche and then super sports luxury cars like Lamborghini and Ferrari. So, one has to be patient and accept humbly that this market is not like the other markets. It represents one-sixth of the world population. So, you must be humble and you have to learn and understand the market. That is why we are investing. We want to be close to our customers. We are already in Mumbai and Delhi; we are planning to set up a showroom in Chennai or Bangalore this year. What role would India play in your global scheme of things? India will be in the top 20 countries for Lamborghini in the next five years, from the top 50 currently. From 1% of our total sales it could grow to at least 3-4 % in the next five years.
India: An attractive market on a valuation basis
Interview with Jan Dehn, co-head of research at UK-based Ashmore Investment Management The worst of India’s economic slowdown and corporate earnings downgrades could be over, said Jan Dehn, co-head of research at UK-based Ashmore Investment Management, which manages assets worth $65 billion in emerging markets. In an interview with Nishanth Vasudevan, he said the Reserve Bank of India ( RBI) had been right in resisting pressures to cut rates. Edited excerpts: Q: What is your outlook for India? Have the recent policy moves by the government altered your views? A: The recent approval by the lower and upper houses of the Indian Parliament to open the country to multi-brand retail was important and positive for the outlook for three reasons. First, it showed the government has political room to pursue reforms. Second, it helps business confidence, which should stimulate capex and supply-side-led growth. Third, the government might now be encouraged to move on to further reforms, such as the introduction of foreign direct investment ( FDI) in pension and insurance, setting up the National Investment Board, and even tackling the introduction of the goods and services tax ( GST). Many feel India’s stock valuations are stretched after the recent rally, considering economic conditions have hardly improved from what they were earlier this year. The government’s renewed focus on reforms supports a broader view that emerging markets tend to get serious about reform once growth begins to wane. This has much to do with the importance of growth and stability to emerging market voters, in our view. We believe the worst of India’s economic slowdown and corporate earnings downgrade cycle are now behind us. This makes India a very attractive market on a valuation basis, given that we are seeing positive momentum in earnings growth and very attractive price levels. Currently, we see opportunities in financials and industrials. We maintain overweight positions in consumer discretionary and information technology, as these areas should continue to expand on the domestic consumer growth story within India, as well as an increasing share of the supply side to the global growth story (technology). Q: Is the rally in emerging markets overdone? A: Emerging market stocks remain some
15 per cent below their 2011 peaks, while US stocks, such as the S&P500, are more than four per cent higher than in 2011. The recent rally in emerging market stocks has therefore, been relatively modest so far and the outlook remains very strong. Emerging market stocks have lagged due to lingering uncertainty about growth because of the slowdown in Europe, tail risk fears also in Europe, and fiscal and election-related risks in the US. But the underlying business cycle in emerging markets shows signs of picking up and we expect further gains, once the uncertainty surrounding the fiscal cliff fades in early 2013. Q: Are concerns over the US fiscal cliff real or exaggerated? A: A failure of the US Congress and the Obama administration to resolve the fiscal cliff issue would likely plunge the US into a sharp recession in 2013. So, the concerns are entirely justified and constitute a genuine risk to the US. The issue is also likely to impact global market sentiment, including markets well beyond the narrow confines of the US. However, any collateral damage imparted on emerging market asset prices should, however, prove a good buying opportunity. Previous panics emanating from the US and other HIDCs (heavily indebted developed countries) have similarly been excellent buying opportunities for emerging market assets. After all, this is a very US-specific problem. Q: RBI has resisted pressure from the government and industry bodies against cutting rates. Do you think the central bank has adopted the right step? A: RBI has been pursuing the right strategy in resisting rate cuts. The combination of policy paralysis and heavy government spending had pushed inflation higher and eroded domestic business confidence. Rate cuts would only have contributed to further inflation
without dealing with the fiscal or confidence issues. By resisting pressure to cut rates, RBI was sending a signal that the government, not the central bank, would have to act. This has now happened, vindicating RBI’s position. Q: Turning to Europe, is the worst over? Is there scope for shocks? A: Having neglected reforms for many years, Europe has now been forced to undertake tough austerity in the middle of a downturn. This will ensure growth remains very weak in 2013. This means we are likely to continue to see frequent market panics arising from the resulting economic and political vulnerabilities, both in so-called core and periphery European economies. Having said that, Europe is a great deal more committed to defending the euro than what markets believe. A breakup of the Euro zone is not likely to happen, in our view. Austerity and reform will slowly achieve their objectives but the key reform in the Euro zone is going to be recapitalisation of banks. Q: What is your outlook for China? Some analysts forecast a hard landing for China. Is 7.4 per cent real GDP growth a hard landing? A: The Chinese hard landing thesis is one of the poorest predictions on record. China’s economy is now picking up, supported not only by a pick-up in global manufacturing, but also by a renewed sense of direction following the recent transition of power in China. Having said that, we do not expect a return to double digit growth in the near future albeit for very good reasons. China has embarked on a major structural transformation of its economy from export to consumptionled growth.This is visionary. China is adjusting in anticipation of the coming unwinding of global imbalances, which will almost certainly involve a major appreciation of emerging market currencies versus the US dollar.
We believe the worst of India’s economic slowdown and corporate earnings downgrade cycle are now behind us. This makes India a very attractive market on a valuation basis. India Newsletter | 13
real estate INDUSTRY Indian Industry Sector Close-Up
The Indian economy has witnessed robust growth in the last few years and is expected to be one of the fastest growing economies in the coming years. Demand for commercial property is being driven by India’s economic growth. Real estate in India contributes about 5 per cent to India’s gross domestic product (GDP).The total revenue generated from the real estate sector in 2010-11 stood at US$ 66.8 billion. Demand is expected to grow at a compound annual growth rate (CAGR) of 19 per cent between 2010 and 2014, with tier I metropolitan cities projected to account for about 40 per cent of this. Growing infrastructure requirements from sectors such as education, healthcare and tourism are also providing opportunities in the real estate sector. Urban population has been increasing and is expected to cross 590 million by 2030.Urbanisation and increasing household income are some of the major factors that influence demand for residential real estate and growth in the retail sector. Market Size The Indian real estate market size is expected to touch US$ 180 billion by 2020. Demand for residential, commercial and retail real estate is rising throughout India, accompanied by increased demand for hotel accommodation and improved infrastructure. Growth prospects and price stability of smaller cities are attracting large real estate developers in such cities in the recent past, according to a report titled ‘Real(i)ty Next: Beyond the Top 10 Cities of India’, released by Crisil. The report estimates that the sale
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of new residential apartments in 10 such smaller cities are at around US$ 4 billion in 2012. Investments Non-resident Indians (NRIs) are looking forward for investment in Indian real estate with the dollar appreciating in value compared to the rupee in the recent times. Foreign direct investment (FDI) inflows in real estate in 2011-12 (AprilJanuary) stood at Rs 2,750 crore (US$ 499.59 million). In fact, FDI in the sector is expected to increase to US$ 25 billion in the next 10 years, as per a latest industry body report. Construction development sector (including townships, housing, built-up infrastructure) has attracted a cumulative FDI worth US$ 21.1 billion from April 2000 to June 2012. FDI flows into the sector for the period April-June 2012-13 stood at US$ 348 million, according to the Department of Industrial Policy and Promotion (DIPP). India needs to invest US$ 1.2 trillion over next 20 years to modernise urban infrastructure and keep pace with the growing urbanisation, as per a report released by McKinsey Global Institute (MGI)-India’s urban awakening. Indian real estate emerged as the popular sector for private equity (PE) funds, investing around US$ 1,700 million in this sector during 2011. PE in real estate projects will fetch considerable returns by next year (2013), according to Vikram Hosangady, Partner, KPMG Some of the major investments in the Indian real estate sector are:
• Realty firm Avalon Group to invest
Rs 200 crore (US$ 36.32 million) to develop a group housing project at Bhiwadi in Rajasthan. The company would develop 800 housing units in the 12-acre project ‘Avalon Regal Court’
• Canada-based NRI billionaire Bob
Dhillon is considering investing up to US$ 100 million (about Rs 540 crore) in the Indian real estate market and is planning to approach the Haryana Government for developing a township near Chandigarh
• Sahara India has set up a construc-
tion joint venture with 110-yearold American real estate company Turner Construction Co, a subsidiary of German construction group Hochtief, and the Acropolis Capital Group, a special situation investment and development firm. The JV Company will build integrated townships called Sahara City Homes and other Sahara India projects in India worth US$ 25 billion over the next 20 years
• Berggruen Hotels, a mid-market
business hotel chain funded by USbased Berggruen Holdings, plans to double its room inventory and invest at least Rs 450 crore (US$ 81.72 million) in new projects across the country. The company operates under the brand Keys Hotels and aims to add 2,300 rooms over the next 18-24 months
• Kotak Realty Fund, the real estate
private equity fund of Kotak Mahindra Group, has entered into a joint venture with Chennai-based Akshaya Homes for construction of residential units on a 20-acre plot of Chennai’s Old Mahabalipuram road
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Real estate being driven by policies and growing economy
The Government of India has allowed FDI up to 100 per cent under the automatic route in townships, housing, builtup infrastructure and construction development projects to increase investment, generate economic activity, create new employment opportunities and add to the available housing stock and built-up infrastructure.
Real estate plays an important role in the Indian economy. This sector happens to be the second largest employer after agriculture and is expected to grow at the rate of 30 per cent over the next decade.
The Confederation of Real Estate Developers’ Associations of India
The real estate sector in India is ready to take a big leap in the coming years. Since 2010, the residential sector has been on a strong growth trajectory and with increasing urbanisation the momentum is expected to continue. Strong demographic mix and increasing salary levels will be the key triggers for growth of the residential market in 2012.
Emergence of nuclear families and growing urbanisation has given rise to several townships that are developed to take care of the elderly.With a number of senior citizen housing projects been planned, the segment is expected to grow significantly in the future.
The Union Budget 2012-13 gives major thrust on accelerating the pace of investment in infrastructure, as this is critical for sustaining and accelerating an overall growth. Efforts to attract private investment into infrastructure through the Public-Private Partnership (PPP) route have met with considerable success at both Central Government and State Government levels. In the Union Budget 2012-13, Rs 10,000 crore (US$ 1.82 billion) is allocated for the development of National Highways. In the next five years, the total investments in the real estate will be US$ 1 trillion. Government of Gujarat plans to build a 600-hectare township near the proposed Maruti Suzuki India Ltd.’s (MSIL) manufacturing factory in Hansalpur near Mehsana. The cost of development is estimated to be about Rs 80 lakh (US$ 145301) to Rs 1 crore (US$ 181672) per hectare.
Increase in the number of tourists has resulted in demand for service apartments. This demand is likely to be on uptrend and presents opportunities for the unorganised sector. The number of hotel beds in the country is expected to increase to 461,000 by 2015 from the current capacity of 235,000.
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INDIA’S LARGEST INTERNATIONAL ENGINEERING SOURCING SHOW Indian Engineering Sourcing Show (IESS) is India’s largest display of Engineering Products and Services and focuses on building global partnerships for India. IESS is recognized as the only sourcing event in India – a showcase of the latest technology, and a preferred meeting place for buyers and sellers from all over the world. International companies keen to enter Indian markets find IESS as an ideal event for product launches, India distributor / partner search etc.
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Social Security Agreement between India and austria Indian Industry Sector Close-Up
Social Security Agreement was signed between India and Austria on 4th February 2013. From the Indian side it was signed by Honâ€™ble Minister of Overseas Indian Affairs H.E. Vayalar Ravi and on the Austrian side by the Minister for Labour, Social Security and Consumer Protection Rudolf Hundstorfer. The Social Security Agreement between India and Austria will enhance cooperation on social security between the two countries. The Social Security Agreement will provide for the following benefits to Indian nationals working in Austria: a) For short term contract up to 5 years, no social security contribution would need to be paid under the Austrian law by the detached workers provided they
continue to make social security payment in India. b) The above benefits shall be available even when the Indian company sends its employees to Austria from a third country. c) Indian workers shall be entitled to bring back the social security benefit if they relocate to India after the completion of their service in Austria. d) The self-employed Indians in Austria would also be entitled to bring back social security benefit on their relocation to India. e) The period of contribution in one contracting state will be added to the period of contribution in the second contracting state for determining the eligibility for
social security benefits. There are about 17000 Indians in Austria most of whom are working as professionals and self-employed. However, there is potential for Indian workers to take employment in Austria. As such, a bilateral Social Security Agreement with Austria is a significant requirement from the futuristic point of view to take advantage of the emerging employment opportunities and to strengthen the trade and investment between the two countries. This bilateral Social Security Agreement is expected to enhance trade and investment between the two countries.
Reception hosted by H.E. Ambassador R. Swaminathan in honour of H.E. Minister for Overseas Indian Affairs Mr. Vayalar Ravi at the India House, which was attended by a large number of guests from the Indian community in Austria.
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MEGHALAYA Indian State Profile
eghalaya is one of the country’s newest states with its capital at Shillong. Shillong the capital of
Meghalaya is a very attractive hill station. Its sparkling lakes and dazzling waterfalls spring from lush green mountains and pine tree forest. The climate is pleasant throughout the year. When you explore its enchanting places, you will realize that your search for eternity and serenity has reached its terminus. Shillong has a host of attractions- 18-hole golf course known as Glen Eagle of the East, Don Bosco Museum, a seven-floor Museum offers 14 aesthetically pleasing and informative galleries about North East, Cherrapunjee, a very scenic 120 km drive from Shillong famous as the wettest place on earth. For those who enjoy caving, Meghalaya is just the place, for it has about 788 caves, many of them unmapped and unexplored. Numerous waterfalls with mesmerizing surroundings worth visiting. Meghalaya’s main ethnic communities, each having its own distinctive customs and cultural traditions are the Khasis (of Mon-Khmer ancestry), the Garos (of Tibeto-Burman origin) and the Jaintias said to be from South East Asia. The common trait binding all three communities is its matrilineal system in which the family linage is taken from the mother’s side. The people of Meghalaya are known to be hospitable, cheerful and friendly.Tra-
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ditionally, the Khasis believe that their religion is God given and is based on the belief of one supreme God, the creator ‘U Blei Nongthaw’ A Khasi is a deeply religious person, who has an intense love of life. He believes that life is God’s greatest gift and he has to account for it again in
India Tourism Frankfurt Baseler Str. 48 / D-60329 Frankfurt Tel: +49 (69) 242949-0 Fax: +49 (69) 242949-77 www.india-tourism.com firstname.lastname@example.org
the hereafter. India Newsletter | 19
India in Austria
INDIAN MOVIE EVENING: Jab we met (Als ich Dich traf)
Friday, February 22nd, 18:00 | Indian Embassy Business Centre (1st Floor, Kärntner Ring 2, 1010 Vienna) Due to limited capacity, seats will be given on a first come, first served basis. Therefore, you are highly encouraged to reserve your seats online at www.indianembassy.at or via phone at +43 1 505 866633 (Ms. Lily John). Genre: Comedy / Romance Directed by: Imtiaz Ali Starring: Shahid Kapoor Kareena Kapoor and Tarun Arora Released: 2007 Duration: 138 Minutes Language: Hindi Subtitles: German Synopsis: Depressed after the passing of his father, Dharamraj; as well as his gor-
geous girlfriend ditching him, Mumbaibased businessman Aditya Kashyap takes a BEST bus, goes to Chatrapati Shivaji Train Terminus, and boards a train. This is where he meets Geet Kaur Dhillon, who is returning home to Bhatinda, and who pays for his ticket. At Bar Nagar, he decides to leave, but she follows him, missing her train. They manage to get a ride to Ratlam, miss the train again, but eventually make it to Bhatinda. Once there, he gets to meet her family; her pretty sister, Roop; as well as her to-be betrothed, Manjeet Singh Mann. Before the engagement could be finalized, she manages to convince her family that she wants to marry Aditya, and they welcome him with open arms. Before he could take stock of these new developments, she elopes with him - not to get married but to re-locate to Manali - where her true love, Anshuman, is waiting, and who she hopes to get married to.
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