INDIA NEWSLETTER Published by the Embassy of India,Vienna Year 3 | Issue 27 | March 2013
MEDIA AND ENTERTAINMENT India Newsletter | 1
Snapshot of last monthâ€™s Highlights
ugar production in India touched 13.75 million tonnes (MT) during October-December 2012.
he eight core industries have a combined weight of 37.90 per cent in the Index of Industrial Production (IIP).The core industries grew by 3.3 per cent during April-December 2012.
he luxury market in India is he Government expected to touch of India has alUS$ 15 billion by lotted 185 grid conFY 2015. ilmeal exports from India regis- nected solar powO tered an increase of 40 per cent to record 767,646 tonnes in January er plants of 1,172 2013. megawatt (MW) oreign institu- aggregate capacity tional investors in the last 3 years. Natural Gas Corpora(FIIs) have invest- Oiltionand(ONGC) of India has set ed over US$ 7 bil- a world record by drilling at water depth of 3,165 meters (10,385 feet). lion in equities so he Indian mifar in 2013. crofinance inith over 40 million smartW phone users in the country, dustry, the largest India has almost 50 per cent of the users younger than 25 years. in the world, is exndian exports pected to increase stood at US$ by 20 p.c. in 2013. Inc has projected an average 25.58 billion in Jan- India salary increase of 10.3 per cent in the country during 2013. uary 2013. quick-service restaurant inndia has emerged I5.6ndiaâ€™s dustry is expected to touch US$ billion by 2020. as one of the he ready-to- leading countries drink tea and in the semiconduccoffee market in In- tor design, with 23 dia is expected to of the top 25 MNCs touch US$ 400 mil- having their design lion in next 4 years. centres in India.
2 | India Newsletter
T T I
nvestments by foreign institutional investors (FII) in India touched a record high at Rs 147,268.2 crore (US$ 27.2 billion) so far in FY 2012-13.
ublic sector banks in India plan to open more than 60,000 ATMs in
rural areas during the next two years.
rivate equity (PE) investments into the Indian logistics sector saw 43 per cent growth in 2012 to touch US$ 280.87 million.
he India PC shipments stood at 11 million units for calendar year
he index for the Indian manufacturing sector stood at 54.2 points in February 2013.
The Indian Economic Survey 2012-13 Snapshot of the Results
he Indian economy grew at 5.0 per cent in 2012-13 and is expected to grow at 6.1-6.7 per cent in the next fiscal year. Manufacturing and Services sector have registered impressive gains. The Survey reports that the services sector registered a growth rate of 6.6 per cent while the manufacturing sector growth rate was 1.9 per cent in 2012-13. The main highlights of the survey are:
• Indian Economy grew at 5.0 per cent in 2012-13 and is expected to grow at 6.1-6.7 per cent in next fiscal year
• Overall industrial performance, as
• Services sector grew by 6.6 per cent,
reflected by the index of industrial production (IIP) showcased growth of 2.1 per cent in Q3 of 2012-13
its share in gross domestic product (GDP) goes upto 56.5 per cent
• WPI inflation to decline to 6.2-6.6 per cent in March 2013
• Cumulative exports recorded during 2012-13 (April-December) stood at Rs 1,166,439 crore (US$ 217.09 billion), registering a growth of 9.4 per cent
• Imports in 2012-13 (April-Decem-
• Manufacturing sector registered a growth rate of 1.9 per cent in 201213
• Foreign trade performance to remain a key driver of growth
• Central Government spending on social services went up to 13.04 per cent this fiscal (2012-13) from 11.06 per cent in 2007-08
gredient of credible medium-term fiscal consolidation plan
ber) at Rs 1,967,522 crore (US$ 366.20 billion) registered a growth of 29.4 per cent
• Net capital flows stood at US$ 39.3
• India likely to meet fiscal deficit tar-
• Foreign exchange (Forex) reserves
• India’s external debt stock stood at
• Prioritisation of expenditure key in-
get of 5.3 per cent of GDP in 201213
stood at US$ 295.6 billion at end December 2012
billion in the first half of 2012-13 US$ 365.3 billion at end September 2012
MINISTERIAL VISIT TO AUSTRIA India-Austria News
Hon’ble Minister of State for External Affairs Ms. Preneet Kaur led the Indian delegation at the 5th Global Forum for UN Alliance of Civilizations held in Vienna on 27-28 February 2013. The Forum was jointly inaugurated by the UN Secretary General and Austrian Vice Chancellor and Minister for European and International Affairs Michael Spindelegger. She also held bilateral discussions with the Austrian Minister on issues of mutual interest.
austrian spitz launches ‘Power HoRse’ in India India-Austria News
Power Horse, an energy drink from the stable of the Austrian company, Spitz KG, has been launched in South India. At a media conference to mark the occasion, Mr Franz J. Krispel, Chief Executive Officer, Power Horse west Asia, said, “Power Horse is a new product here, a new segment that we are trying to open. We need to educate people in India about energy drinks.” Power Horse is a non-alcoholic drink that contains Taurine and Glucuronolactone (amino acids), caffeine and vitamins. A company release said that Power Horse is highly recommended for athletes and sports people. A 250 ml can
has an energy value of 112.5 kilo calories. Mr Krispel emphasised that the Austrian health authorities had cleared the drink. Power Horse is imported by the Chennai-based Maluram Enterprises for distribution. The drink is available at a price of Rs 96 for a 250 ml can. On the pricing strategy, Mr Krispel said “we don’t want to target everybody; the product is made for a special group.” The officials said that the product did not contain any ingredient of animal origin. Officials from Maluram Enterprises said that, at present, a Port Health Officer checks the contents of the imported drinks and certifies that it is good for consumption.
They declined to forecast volume over
the near future in the light of inadequate
data on the market size. Globally, as well
as in India, Red Bull is the chief competi-
tor for Power Horse. India Newsletter | 3
India launched Austria’s first two satellites India-Austria News
ndia successfully launched PSLV- C20 from the Satish Dhawan Space Centre, Sriharikota on 25th February 2013. The launch placed the second Indo-French satellite ‘SARAL’ in orbit. Six other nano-satellites including TUGSAT-1/BRITE and UniBRITE from Austria, NEOSsat and Sapphire from Canada, STRaND-1 from UK and AAUSAT-3 from Denmark were also placed in the space during this mission. The launch of the Austrian satellites was coordinated by the Institute of Communication Networks and Satellite Communications of the Graz University of
Technology. The purpose of the BRITEAUSTRIA / TUGSAT-1 project, funded by the Austrian Space Program, is the development of the first Austrian satellite. The scientific goal of this nano-satellite mission is the investigation of the brightness oscillations of massive luminous stars by differential photometry. The scientific instrument is an optical camera with a high-resolution CCD to take images from distant stars with magnitude of 3.5.The spacecraft has a size of 20 x 20 x 20 cm and weights 7 kg. It carries three computers: instrument processor, housekeeping and attitude control computer.
About 6 W of electrical power will be generated by solar cells. The telemetry operates in the science S-band for the downlink and in the UHF band for the uplink. In addition, a VHF beacon is provided. The data rate lies between 32 to 256 kbit/s and the typical daily downlink volume amounts to 2 Mbyte. Communication Antenna and ground control station are located in Graz/Styria The Graz University of Technology has confirmed that the First successful contact was established with the TUGSAT-1/ BRITE satellite at 4:41pm, during its first orbital pass over Graz.
Indio-austriaN bikes to burn rubber in the US India-Austria News
ome early 2014 Bajaj Auto will be the first Indian automobile company whose made in India motorcycle will burn rubber in the US. The Indian motorcycle giant will maufacture a street bike for its partner KTM AG, the Austrian bike maker in which it has a over 47 stake for the US. KTM till now has been selling only off-road bikes in this market. These, stylish, high performance and race-oriented KTM Duke 390s would be made in Chakan, Pune plant owned by Bajaj Auto. Stefan Pierer, chief executive, KTMSportmotorcycle AG, in an interview to Business Standard says, “It is a strategic decision together with Bajaj to go for sporty, stylish motorcycles even for the saturated markets because cars have become too expensive.We are entering the street bike segment in the US for the first time and beginning next year the Duke 390 built in India by Bajaj will be sold in the US market.” The US is the world’s biggest market for high-end super bikes (above 990cc). However, due to the on-going financial crises consumers are downtrading to suit themselves with more affordable, efficient and easy-on-pocket products. The Duke 390, which prior to the US will be launched in Europe by the middle of this year followed by India, is the result of the joint development program by engineers of Bajaj and KTM.
4 | India Newsletter
The concept of the Duke 390 was developed in Austria but everything else including design and development to the final product was done in India by Bajaj Auto.
In some markets of Asia, Bajaj Auto has a
Bajaj Auto which owns stake in KTM has successfully launched two models – Duke 200 and Duke 125 – built and sold in India and exported to Europe and other markets.
based India’s second biggest bike produc-
These small displacement street bikes, which are very peppy by character are ideal for urban commuting especially in saturated markets such as the US and Europe with increasing demand, adds Pierer. So far no Indian company has been able to set foot in the US automotive market which is widely considered to be the most toughest market.
crease in production from Chakan to at
“What we are talking about is a very powerful (40-44bhp) yet affordable bike, 138kg, so its real powerful agile bike and based on the target price of around Euro 5,000, including VAT, we think it could be a very big success”, added Pierer. Riding high on such India-made smaller bikes KTM achieved its set target of dethroning German giant BMW last year to become Europe’s largest bike maker with sales of 107,000 as against BMW’s 106,000 units. The plan forward is to rapidly ramp up production from India and simultaneously hunt for newer markets in ASEAN region and in the Latin American markets.
strong network of its own while in other areas it taps into resources of its other partner Kawasaki. Similarly the Puneer has a strong infrastructure in the Latin American areas. Pierer expects to do a multi-fold inleast 100,000 units per year from 17,000 units as of last year, in the next five years. This will also be exactly half of what KTM is expected to produce globally by that time. “In all we will produce 200,000 in five years of which 100,000 will come from India. We expect 10,000 units sales from the Duke 390 from Europe and the US. India and other regions will be additional”, added Pierer. For India KTM has committed a new model launch every six months. While the Duke 390 is slated to hit Bajaj-appointed KTM showrooms later this year, a full faired version of the existing Duke 200 and later a full faired version of the Duke 390 will also come in
India:19th largest exporter in world India’s Foreign Trade
ndia is the 19th largest exporter with a share of 1.7 per cent in the worldwide merchandise trade, Parliament was informed. On the other hand, the country is the 12th largest importer with a share of 2.5 per cent in 2011. “As per WTO’s International Statistics, 2012, in merchandise trade, India is 19th largest exporter in the world with a share of 1.7 per cent and 12th largest importer with a share of 2.5 per cent
in 2011,” Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha. In commercial services, the country is the eighth largest exporter in the world with a share of 3.3 per cent and the seventh largest importer with a share of 3.1 per cent, he said. Due to the global demand slowdown, the country’s overseas shipment during the April-January period of 2012-13 shrunk
by 4.86 per cent to $ 239.6 billion. The Minister said that exports played an important role in the economic development of countries and the government has regularly undertaken various policy measures to boost exports. Recently, the government has extended a 2 per cent interest subsidy scheme for labour intensive sectors till March 2014, he said. “Increase in exports generates more employment in the country,” he added.
India second most economically confident country By Ipsos Study
declining inflation rate for the fourth consecutive month has boosted India’s economic confi-
Besides the decline in inflation rate, which stood at 6.62% in January, positive investor confidence was another factor that stoked the country’s economic confidence, according to a report by global research firm Ipsos. According to the “Ipsos economic pulse of the world” survey, India’s economic confidence shot up by 8 points to 68% in the month of January 2013 compared to the month of December 2012, making it the second most economically confident country in the world after Saudi Arabia.
“Shedding its 9-month long hawkish monetary policy stance, the Reserve Bank of India slashed its key interest rates by 0.25% taking cognisance of the moderation in demand side pressures to inflation and greater than anticipated slowdown in growth. Easing of policy rates will bring in additional liquidity into the system to perk up growth through reduced cost of borrowing,” said Mick Gordon, CEO of Ipsos in India. Ipsos is an independent market research company controlled and managed by research professionals. “The year 2013 is likely to see revival in the industrial activity and modest recovery in the services sector which would
support recovery in growth levels. The pace of economic reforms that has been initiated must continue uninhibited and it needs to be effectively implemented so that it translates into tangible investment decisions,” said Gordon. As per the study, 45% of Indian citizens believe their local economy which impacts their personal finance is good, a marginal rise of 1 point and an optimistic 53% people expect that the economy in their local area will be stronger in next six months. The online Ipsos economic pulse of the world survey was conducted in December 2012 among 18,008 people in 24 countries.
India has highest increase in share of services in GDP By Press Information Bureau
comparison of the services performance of the top 15 countries for the 11 year period from 2001 to 2011 shows that the increase in share of services in GDP is the highest for India with 8.1 percentage points. These 15 top countries include major developed countries alongwith Brazil, Russia, India and China. While China’s highest services compound annual growth rate (CAGR) stood at 11.1%, India’s very high CAGR of 9.2% was second highest and also accompanied by highest change in its share. This is a reflection of the fact that India’s growth has been powered mainly by the services sector.
tribution to national and state incomes,
Community, social, and personal services
trade flows, FDI inflows and employ-
with 14% share stand in the third place.
ment. For more than a decade the sec-
This is followed by construction at fourth
tor has been pulling up the growth of
place with 8.2% share.
India’s services sector has emerged as a prominent sector in terms of its con
Indian economy with great stability. The share of services in India’s GDP at factor cost (at current prices) increased from 33.3% (1950-1951) to 56.5% in 2012-13, as per advance estimates. Including con-
In 2011-12, although the growth of “trade” sub-sector decelerated to 6.5%, its share improved to 16.6%. The share of the sub-sector “transport by other
struction, this would increase to 64.8%.
means” was 5.4%, while its growth was
With 18%, trade, hotels and restaurants
8.6%. Banking and insurance was the
are the largest contributors to GDP
most dynamic sector in 2011-12 with
among the various sub sectors.This is fol-
growth of 13.2%. “Other services” had a
lowed by financing, insurance, real estate
share of 7.9% in 2010-11 and 2011-12. It
and business services with 16.6% share.
grew at 6.5% in 2011-12. India Newsletter | 5
India poised to emerge key growth engine for Renault The India Opportunity
t was precisely two years ago that Carlos Ghosn targeted India as Renault’s 11th largest market by end-2013. The French automaker’s Chairman and CEO had outlined a strategic plan, ‘Drive the Change’, in which he reiterated that Brazil and Russia, along with India, would be the growth engines of the future. Last month, Ghosn announced that Renault had, for the first time, generated 50 per cent of its sales, totalling over 2.5 million vehicles, outside Europe. What was even more interesting was that Brazil, Russia and Argentina were among its top five markets. There was no direct reference to India though it has been in 10th position for some months now, a slot higher than what was envisioned two years ago. Focus shift Clearly, Renault will increasingly look at emerging markets, with Europe still seeing a free fall. Its 2012 numbers in France were down 13 per cent while Italy’s fall
was a lot sharper at 21 per cent and Spain as alarming, at 15 per cent. In contrast, Russia was up 11 per cent while India was equally impressive with nine per cent growth. Brazil and Mexico grew six and nine per cent each while Japan surged 27 per cent. Ghosn had also indicated that this year would see Renault focusing on expansion in Brazil and Russia while working on a revival plan in Korea. China, he said, was the ‘new frontier’ and India would capitalise on its remarkable turnaround momentum. While there was no specific reference to Europe, auto industry observers believe it will be unpredictable, which means Renault’s sales in the region could fall below 50 per cent globally. The Duster has been the best thing that happened to the company in India, with the order backlog estimated at over 30,000 potential customers. In 2011, Renault had just parted ways with Ma-
hindra & Mahindra for the Logan project and started operations in Chennai with global ally, Nissan. It launched the Fluence and Koleos, followed quickly by the Pulse before the Duster caught the eye of the market and gave the company a huge boost. Compact car Will India’s ranking climb further in the Renault roadmap? The next big thing, due towards 2015, is the global compact car, which will be part of the premium hatchback segment. This is a project spearheaded by Gerard Detourbet, referred to as the father of the company’s entrycar programmes. If everything goes according to plan, India will be a critical global hub for the car along with Brazil, Russia and, perhaps, another country in the Asean region. In the process, it could perhaps end up being one of Renault’s top five markets by 2015-16.
Starbucks expects India to be among top 5 global markets The India Opportunity
S coffee chain Starbucks, which opened its seventh store in the country on Wednesday, expects India to be among the top five global markets for the company in the long term. John Culver, President, Starbucks Coffee China and Asia Pacific, said, “We are committed to the Indian market for the long term and we are looking to grow our business aggressively, expand stores, make investments and offer locally relevant innovations.” He did not specify the company’s expansion plans or investment figures but said that India is expected to be among the top five global markets of the company in the long term. This is the company’s flagship store in New Delhi. It already has presence in the NCR region through two stores at the Delhi International Airport, besides four stores in Mumbai. Starbucks entered the Indian market in October 2012, and its stores operate under a 50:50 joint venture partnership between Starbucks Coffee Co and Tata
6 | India Newsletter
Global Beverages called Tata Starbucks Ltd. He also said that the company was committed to ethically sourcing and roasting coffee through its partnership with Tata Coffee to elevate the story of the Indian coffee farmer, a unique initiative being undertaken in India. The store at Delhi reflected examples of Indian craft of weaving and sported handicrafts made by local artists.The company has kept the Indian palette in mind as the menu includes Indian cuisine like Murg Makhani Pie, Mutton Seek in Roomali Roti, besides also offering Tata Tazo tea which is a co-branded product under its partnership with Tata Global Beverages. On future locations that have been identified for opening new stores, Avani Saglani Davda, CEO, Tata Starbucks, said India offers diverse growth opportunities and the company will thoughtfully open stores in locations, “where customers want and expect us to be.”
India tops list of skilled migrants to Australia Indian Expertise Worldwide
n 2012, India topped the list of nations with skilled employees ‘Down Under’, said Lachlan Strahan, acting Australian High Commissioner. With 30,000 migrants, Indians constituted a fifth of all the migrants to Australia last year, he said at a press conference, adding, “We are looking at skilled employees from a wide range of professionals as well as business people.” In Hyderabad as part of the Oz Festival
events during the weekend, Strahan said tourism between the two countries was growing along with bilateral trade. While 190,000 Australians travelled to India last year, about 160,000 Indians visited Australia. In answer to a question, he said there were a total of 4.3 lakh Indians in Australia. The Oz Festival, which was launched on October 16, 2012, with a glittering show in Delhi’s Purana Qila, has run over a hundred events in 18 locations in an ef-
fort to go beyond ‘Cricket, Commonwealth and English (common language)’ and create more bridges between the two nations, said David Holly, Consul General for South India. The two-way trade touched $20 billion last year, with India’s contribution being $11 billion. The expectations are that it will double in the next five years. Australia came up with a White Paper in 2012, which puts India as one of the top five countries for trade and relations.
Sweden, India to sign pact for urban development International
weden and India will sign a memorandum of understanding for sustainable urban development sometime in March or April, according to Counsellor, Environment, Climate Change and Energy, Embassy of Sweden, Karl Edberg. The agreement would be signed with the Union Ministry of Urban Development. “Once it is signed, it will be open for the entire country. Each city can utilise it to generate energy from waste in a sustain-
able manner and use the biogas generated for urban transport,” Mr. Edberg said. The Swedish Counsellor was here leading a 15-member delegation that included representatives of Swedish Energy Agency and businessmen to participate in deliberations with officials of Greater Visakhapatnam Municipal Corporation on solid waste management. He said currently a waste-to-energy project was going on in collaboration with Indraprastha Gas Ltd and it would close this year.
The biogas produced can be upgraded to CNG, he said. “Sweden has a proven technology for it,” he said. Delhi has 34 sewage treatment plants and 16 sites. The technology can be adopted for solid waste management by any city, he said. The gains of switching over from fossil fuels to CNG could be immense in terms of reducing pollution and bringing down fuel import.
India and France sign MoU in railway sector International
Memorandum of Understanding (MoU) was signed between the Ministry of Railways, Government of India and the Société Nationale des Chemins de Fer Français (SNCF), the French National Railways, for Technical cooperation in the field of Railways. The MoU was signed by Shri Vinay Mittal, Chairman, Railway Board, from Indian side and Mr G.Pepy, Chairman and CEO SNCF from the French side. The MoU was signed in the presence of H.E. Francois Hollande, the President of France.
Four areas of cooperation have been identified in the MoU. These are: 1. High speed and semi-high speed rail;
This project will be funded by SNCF with a support from the French Ministry of Finance.
4. Suburban trains.
The MoU is valid for a period of 5 years and is extendable by 1 year with mutual consent. Specific cooperation projects would be undertaken under the MoU as agreed by both the parties.
Under the High Speed Cooperation Programme, the Parties have decided to carry out jointly an ‘operations and development’ feasibility project on the Mumbai-Ahmedabad High-Speed Rail.
The French delegation led by SNCF Chairman Mr G. Pepy visited Central Railway and Western Railway installations in Mumbai on15.2.2013 and held meetings with the Railway officials
2. Station renovation and operations; 3. Modernisation of current operations and infrastructure;
Denmark to set up centre in Bangalore International
enmark is setting up an innovation centre in Bangalore, extending the co-operation between the two countries to address the talent shortage and innovate frugally. This is expected to be operational by September. “India, with its ability to develop low-cost
applications and technologies, can be the gateway to Africa. This is a just small step, but we hope for an extended collaboration with Indian corporates and institutions…,” said Danish Ambassador to India, Freddy Svane. It would recruit about eight people — six from India and
two from Denmark — for the innovation centre. Denmark is also inviting Indian firms to set up operations in the country. At present, the Nordic country’s trade with India is just one per cent of its total trade and largely comprises pharmaceutical products. India Newsletter | 7
Indian Power Sector: Future Prospects By Indian Chamber of Commerce Economic Review Report
Renewable energy no more remains a futuristic segment.
for banks and financial institutions. The Cabinet Committee on Economic Affairs recently approved a major debt restructuring scheme for SEBs. There is another silver lining in the recent proactiveness observed in the Regulatory Commissions’ tariff orders wherein successive hikes in retail tariffs have been given to distribution companies so as to move closer towards cost reflective tariffs. The bailout package along with recent significant tariff hikes should help SEBs come out of the financial mess gradually. However, beyond the onetime cleanup, regulations need to ensure that distribution companies don’t accumulate new unserviceable debts. While retail tariffs should remain in tandem with costs, the Discoms must also ensure that AT&C losses are brought down to reduce the cost per unit billed. Electricity demand for many is highly price elastic; when AT&C losses come down and everyone pays for their usage, prudence in consumption is bound to set in.
hile there is little doubt that the power sector has a bright future, challenges like low fuel availability, rising fuel prices and weak financial health of state electricity boards are daunting. The grid collapse on 30 and 31 July 2012 has reinforced the need to address the issues being faced by the power sector on an urgent basis and has resulted in a growing chorus for power sector reforms ever since. The rising price of coal, its transportation and low domestic fuel availability pose a great challenge on providing electricity to the end consumer at affordable rates. Acute shortage of coal is keeping power plants on tenterhooks as supply continues to struggle to keep pace with demand because of productivity problems, logistics and environmental concerns. According to the latest figures of the CEA, as many as 52 power plants have a “critical” level of coal stock of less than seven days of which 35 power plants have stock for less than four days (as against the normal levels of 20 and 30 days). The gas based power plants are reaching “critical” position in terms of PLF and
8 | India Newsletter
are operating at poor heat rates due to shortage of gas. There is an urgent need to launch reforms to accelerate coal and gas development. Regulators and policy makers need to focus even more to bring in better governance. With respect to the issue of use of high price imported coal, reforms such as the ‘Coal Pooling Formula’ for coal pricing has been suggested by policy makers which should get sorted out one way or the other. Regulatory commissions may consider approving a fuel mix to allow a certain minimum amount of blending of imported coal by generators so as to ensure energy security and at the same time prevent a situation of sudden overdependence on imported coal in future. Energy (conversion) efficiency through adoption of new technologies, advanced maintenance and operation techniques will also play a key role in solving the fuel problem for eg efficient super-critical technology based coal plants and advanced combined-cycle gas plants. The rising fuel cost is compounding the problem of poor financial health of SEBs which has become a major concern
On the policy front, discussions are currently underway to finalise the power procurement methodology for Discoms and it is likely that going forward, power procurement bids will be fuel source specific which hitherto was never a fair play with power projects using different fuel sources competing on a single tariff number. At the same time, fuel costs are most likely to be fully passed through and generation projects would have to compete based on the ‘Best Convertor’ evaluation, which means innovative financing, equipments costs, and equipment efficiency in terms of fuel consumption, collectively termed as ‘Conversion Cost’ will be the evaluation criteria and this will encourage innovation on these fronts. This is surely a welcome step for future bidding guidelines. Renewable energy no more remains a futuristic segment and is fast becoming a mainstay. However, a few issues need quick resolution for large scale development of renewable energy projects. Under the Generation Based Incentive (GBI) scheme for wind power projects, the government of India gave a subsidy of 50 paise/kwh of wind power generated (for a period of 10 years) to the projects registered by the cut-off date of March 31, 2012. Since then, the wind industry
Articles/Interview has been clamouring for another version of this scheme. Fresh installations of wind power capacity in the country in the first six months of the current financial year have however fallen by 40% compared with capacity addition in the same period last year perhaps due to removal of accelerated depreciation and lack of clarity on roll out of GBI post March 31, 2012. Discussions are currently ongoing to restore the GBI scheme and it is understood that the Ministry of New and Renewable Energy has recommended renewal of GBI. It is hoped that the government will continue with this income stream or else the feed-in tariffs will have to be adjusted upward by the states. Since the Renewable Energy Certificates (REC) mechanism came into force (effectively) in April 2011, no Discom has fully
complied with its Renewable Energy Purchase Obligation (RPO) requirements. Also enforcement by SERCs has been lenient because the financial health of most Discoms does not allow room to pay more for green power. This has depressed the REC market and non-solar RECs are being traded at floor price of Rs 1.50 per unit in power exchanges for the last six months. The ongoing financial restructuring of Discoms will improve their financial health. Going forward the SERCs can be expected to be strict with Discoms in enforcing RPO obligations. Enthused by the success of the first phase of the Jawaharlal Nehru National Solar Mission, the government is expected to scale up the secondphase (2013-17) target to a higher capacity. The government has set aggressive growth targets
for renewable energy. While project execution and policy implementation issues exist, there are many encouraging factors – a) it is expected that renewable energy sources will soon achieve grid parity, wind power is already almost at grid parity and solar is fast approaching that level b) reinforcement of renewable purchase obligations and internal sustainability targets of many corporations shall increase demand for green power c) players in the Indian power market are very optimistic on the ‘rise’ of renewable energy and are building long term strategies. To conclude, the long term outlook on the Indian power sector still looks optimistic and hence holds promise for the stakeholders. There are clear signs of seriousness on the part of policy makers to reform the sector.
Indian engineering talent is sought after the world over Interview with William Kofahl, corporate VP, HR at Emerson for India, the Middle East and Africa Q: How does Indian engineering talent compare with other global markets? A: There are lots of similarities in emerging markets, and there is a lot of good engineering talent in India that can build, innovate and design products for customers in markets like the Middle East and Africa. Last year, we clocked over a million hours of engineering and innovation in India across our four major engineering centres here. A large part of our talent in the Middle East is from India, and we are also seeing a spurt in demand for Indian engineering talent across Africa. We have 8,700 employees in India and about half of those are engineers. There is a thirst among Indian employees to learn, a willingness to try new things and the ability to adapt to different cultures. That has made the use of Indian talent a very effective strategy for us. We have doubled our headcount over the past 3 years and I do not see a change in that number. We are committed to building engineering talent in India to serve the world. Q: How has the concept of talent mobility changed over the years? A If I compare my father’s generation, my generation and the current generation, then the concept of talent mobility has changed dramatically over these three generations. In my father’s generation, it was fairly limited and was about the western markets setting partnerships in other parts of the world. The people
were more interested in an international lifestyle than a career in other markets in those times. In my generation, the shift was also from West to East, but it was about tapping into the emerging markets and setting up our own operations and partnerships. It was about building a career and getting that exposure. In the current generation, talent is going in every direction, and I see a shift from long assignments to mission based assignments, which might be as short as 6 months to 2-3 years as opposed to 7-8 year assignments, and the emphasis in these assignments is on getting that exposure and experience of working in cross cultural environments and learning from it. Over 80% of the global population is interested in international assignments. About 20 years ago, it was less than 40%. Q: Tell us about the leadership development initiatives in the company. What do you demand from leaders at Emerson? A: We like to be number one in all markets, and look for individuals that have that drive and talent. We have been collecting data on successful Emerson executives for 20 years. So we have a profile of what it takes and we want somebody who can be direct but sensitive and supportive. In emerging markets, taking the time to build a relationship with an employee is much more important than it is in some of the developed markets so we have a leadership model in our organisa-
tion which says, ‘we want you to be challenging but supportive’. Our fiscal year starts in October, and we are rolling out a programme called Leading at Emerson in India this year that emphasises on this leadership model that is not just about micro management but about building relationships. We need leaders who are not just giving directions, but are also supportive. Q: The numbers of women engineers in an engineering company are few and far between. How does the company work on promoting gender diversity and inclusion? A: Emerson has looked at several different ways to engage women engineers. If they are half of our talent pool, it would be naive of us to not leverage all the possible opportunities to encourage women to think of an engineering career at Emerson. We have several partnerships with engineering schools, we are also trying to engage female students at the preuniversity level to tell them if they have an aptitude for it, they should think of engineering as a career.We have had several projects over the past year where some of the most talented women engineers took the lead role in making sure the projects were completed. Across our 6 largest design, engineering and innovation centres in India, over 18% of the staff is female. We aim to increase that number to 25% through our growth initiatives by the end of 2015. India Newsletter | 9
Media & Entertainment INDUSTRY Indian Industry Sector Close-Up
ising disposable incomes, coupled with macro-economic stability, have brought a paradigm shift in Indian consumers’ lifestyles wherein they have started giving huge importance to the ‘entertainment’ quotient in their lives. India’s media and entertainment (M&E) industry, which was pegged at Rs 80, 000 crore (US$ 14.68 billion) in 2011, is largely driven by this new trend. The Indian M&E industry is the fastest growing industry followed by China (14 per cent), Russia (12 per cent) and Brazil (11 per cent) as it is projected to grow at 17 per cent compounded annual growth rate (CAGR) between 2012 and 2016, according to the ‘Indian Entertainment & Media Outlook 2012’ report prepared by industry body Confederation of Indian Industry ( CII) and consulting firm PricewaterhouseCoopers (PwC).
to the rising popularity of mobile and online and social media gaming.
The report identifies rising advertising and consumer spends, infrastructure and policy support, as the major game-changers for the industry. The industry growth will be further propelled by technological innovation, leading to better quality of media content being consumed wherein internet access will be the key enabler.
Market Dynamics The advertising segment, which contributes about 35 per cent of revenue in the M&E industry in India, is dominated by television (TV) and print that constitute about 80 per cent of the pie, according to the PwC-CII study. The report further pointed out that both the segments will continue to dominate the industry over the next five years. It also estimated that the Indian M&E sector’s boom is largely attributed by burgeoning internet segment, which has the potential to outshine the print sector by 2014. Achieving the target to cross US$ 100 billion-mark will not only benefit the industry, but will also create large-scale employment, and help achieve India’s goal of being a knowledge-driven economy through effective media. Moreover, internet and gaming segments have emerged as the fastest-growing subsegments at 57 per cent and 33 per cent CAGR, respectively. Gaming segment has been recording substantial growth owing 10 | India Newsletter
Television and Print Media Television still dominates as the most effective medium for video and content consumption followed by the internet, according to Deloitte’s State of the Media Democracy Survey - India 2012. TV, along with newspapers has been rated as the most influential way for advertising while almost 72 per cent of the consumers use the web on daily basis. Moreover, accessibility to social networking sites has increased tremendously as 2009 survey indicated much lower figures at 3-4 per cent as against current statistics of 45-47 per cent.
India’s radio industry expanded by 15 per cent in 2011 to Rs.1, 150 crore (US$ 211.22 million) in revenue from Rs.1, 000 crore (US$ 183.67 million) in 2010, according to an M&E industry report by an industry lobby and consulting firm KPMG. The radio broadcasting sector is projected to grow at a CAGR of 16 per cent till phase-three stations commence operations by mid-2013, pointed the report, adding that the Government is expected to earn revenues worth around Rs.1,5001,700 crore (US$ 275.51-312.24 million) from the third auction of FM radio spectrum. The Government might hold the third auction for FM radio spectrum by March 2013. Phase three is expected to cover 227 new cities, in addition to the current 86, while 245 FM channels are operational in 86 cities under phase two. Mobile Entertainment TV and mobile devices are being used increasingly for watching online content, according to a latest survey by market researcher NPD DisplaySearch. The study indicates that even though consumers view online content majorly from desktop computers and laptops, mobile devices such as tablets and smart-phones, and television sets are becoming popular
medium for the purpose.The study found that 18 per cent of consumers access online content on their television on daily basis.Another survey conducted by Nielson on behalf of Google India indicated that 7 out of 10 of the buyers know the exact brand and model they want to buy with the help of online research before entering the store. This shift in consumer behaviour is attributed to easy access to information on the Internet - which has immensely boosted the concept of ‘research online and shop offline’. Films The Indian film fraternity will complete its century in 2013.The industry is anticipated to grow by 9 per cent per annum till 2015 to mark US$ 2.8 billion as its value, according to Deloitte. Anticipating major cost benefits and effective synergies, PVR Cinemas has decided to acquire 69.27 per cent stake in Cinemax India for Rs 395 crore (US$ 72.55 million). PVR would become the largest movie exhibition chain in the country post this deal, as the strategic move will take its total screens to 351 across 85 locations giving the company access to eight new markets. However, Cinemax will continue to operate as a separate entity and its cinemas will not be re-branded. Investments
• Hungama Digital Media Entertain-
ment Pvt Ltd has partnered with global mobile media buying platform Adsmobi Inc for mobile advertising to monetise all-India inventory. As per the agreement, Hungama India will monetise Adsmobi’s premium advertising traffic in the country, bringing more brand advertisers to the space of mobile advertising.
• Adsmobi is a US-based mobile me-
dia buying platform that operates to place successful mobile campaigns for mobile advertisers, delivers premium advertising traffic for advertisers through partnerships with leading mobile mediation and optimisation platforms.
• Sony Pictures Entertainment’s whol-
ly-owned subsidiary Sony Pictures Television has recently bought 32 per cent stake in its Indian television channels holding firm, Multi Screen Media for US$ 271 crore. The deal, which increased Sony Pictures’ stake in MSM to a little over 94 per cent, reflects the company’s robust confidence on the potential of the Indian M&E sector.
• Meanwhile, Los Angeles-headquar-
tered entertainment and sports agency Creative Artists Agency (CAA) is marking its debut in the Indian market through an equal joint venture (JV) with KWAN Entertainment & Marketing Solutions. The venture, to be known as CAA KWAN, will represent local talent in India and SAARC nations, and create global opportunities for clients in areas such as motion pictures and television (including packaging and sales), music, commercial endorsements, sports consulting, licensing and merchandising, live events and business development.
• Intel Capital, Intel Corporation’s
global investment and mergers & acquisitions (M&A) organisation, has decided to invest up to US$ 40 million in 10 innovative technology companies (which include Hungama. com, FocalTech, Jelli, LIFO Interac-
tive, NewAer, PagPop, cloud services provider Tier 3, 3-D game developer Transmension, and mobile advertising provider UUCun). Intel Capital, which ventured into Indian landscape in 1998, has invested over US$ 300 million in more than 80 companies across 10 cities in the country since then.
Moreover, the Indian Government intends to make India a teleport hub, enabling it to become an up-linking/downlinking centre, just like Hong Kong and Singapore. The Ministry of Information and Broadcasting (I&B), in consultation with the industry, will explore modalities, challenges and finalise the road map
for the same. The initiative is expected
In a bid to establish a stronger bi-lateral people-to-people and media partnership, the Australian Broadcasting Corporation (ABC) and Prasar Bharati have signed a memorandum of understanding (MoU), wherein the two entities will share program content by utilising the extensive Doordarshan and ABC networks, allowing audiences in both the countries develop a more accurate and up-to-date appreciation of contemporary developments in the other nation.
to facilitate foreign investments, better
The ABC-Prasar Bharati MoU endorses co-production (with both parties to explore the possibility of executing television co-productions), programming exchange (to make content available on each other’s network), the supply of English language learning programs by the ABC to Doordarshan, and the possible co-production and sharing of digital content.
technology and sustainable employment opportunities in the country. The Government has recently given its nod to 74 per cent of foreign direct investment (FDI) in direct-to-home (DTH), IPTV, and mobile TV. Road Ahead India’s M&E industry is expected to grow at a compounded annual growth rate (CAGR) of 17 per cent between 2012 and 2016 to touch Rs.1.75 trillion (US$ 32.14 billion), according to the CII-PwC report. Print and television will continue to be the leaders in the advertising industry, wherein TV would have a 43 per cent share of total advertising in 2016, compared with print’s 41 per cent. India Newsletter | 11
An overview of india’s taxes on business By Dezan Shira
At time of writing, Indian states impose a Value-added Tax (VAT) on most types of goods at a standard rate of 12.5%, with lower rates of 4% and 1%. There is no VAT on imports into India and exports are zero-rated. Businesses with less than Rs500,000 turnover are exempt from VAT.
n this article, Dezan Shira and Associates gives a brief overview of India’s major taxes and duties on business, including Corporate Income Tax, Dividend Distribution Tax, Minimum Alternative Tax, Value-Added Tax, Central Sales Tax, Goods And Service Tax, Customs Duty, Excise Duty (CENVAT) Service Tax, Capital Gains Tax, Wealth Tax, and Withholding Tax. The central and state governments provide various tax incentives for foreign investors establishing companies in India, including indirect and direct tax incentives, reductions in indirect taxes (sales tax and tax depreciation allowance), tax deduction for the first ten years of operation of new industrial units in specific areas, and special tax provisions for 100% export-oriented operations. Special economic zones offer additional important benefits and tax reductions. 1. Corporate Income Tax Corporate income tax is levied against profits and income under the provisions of the Income Tax Act. Corporate income tax must be paid by all types of foreign-invested entities, except for liaison offices, which are not permitted to earn income. Foreign and domestic companies are subject to different corporate income tax rates. A company is considered a foreign company if its core management (i.e. where key decisions on management are made) is located outside of India for the duration of the year. Corporate income 12 | India Newsletter
tax must be paid in increments throughout the year according to the advance corporate tax (ACT) payment schedule. Corporate Income Tax Rates*
• Domestic Companies: 30% plus education fees of 3%
• Foreign Companies: 40% plus education fee of 3%
*surcharge may be applicable if total income is in excess of INR 10,000,000 2. Dividend Distribution Tax Dividend distribution tax (DDT) is levied against the distributing Indian company, not its shareholders, at 16.22% on dividends. 3. Minimum Alternative Tax Previously, there were large number of companies who had book profits as per their profit and loss account, but were not paying any tax because their income computed as per provisions of the Income Tax Act was either nil or negative. To tax such companies, minimum alternative tax (MAT) is levied on companies for which income tax payable on he taxable income according to normalprovisions of the Income Tax Act is less than 18% of the adjusted book profits. MAT is levied at 18.5% on book profits, plus surcharges and education fee 4. Value-added Tax, Central Sales Tax, and Goods and Service Tax
Central Sales Tax applies to goods traded interstate. If registered dealers buy and sell goods for the purpose of trading, for manufacturing inputs, or for specified activities, 2% sales tax applies. The government plans to introduce Goods and Service Tax to replace Central Sales Tax (CST), with planned implementation in April 2013. The dual GST model would come with two tax rates: one that will be charged uniformly across the states and another by the central government. Legislation is still being shaped, but it is likely that virtually all goods and services will be included, with minimum exemptions including alcohol, tobacco and petroleum products. 5. Customs Duty Customs Duty is applied to certain goods being imported into and being exported from India. For most goods, customs duty rates are up to 10% on the transaction value of imports or exports. An education fee of 2% is levied on the aggregate of the customs duty on imported goods. The rate of customs duty depends on classification under the Customs Tariff Act, which is aligned with the World Customs Organization’s Harmonized Commodity Description and Coding System of Tariff Nomenclature (HSN). 6. CENVAT (Excise Duty) Central Value-added Tax (CENVAT) is levied on the manufacturing or production of moveable goods at rates according to classification in the Central Excise Tariff Act. Most products attract excise duties at a rate of 10%, with the peak at 12%. 7. Service Tax Those providing taxable services are liable to pay Service Tax, which is levied at 12.36%. Small service providers are exempted from Service Tax where value of taxable service does not exceed Rs1,000,000 in the previous financial year.
In October 2012, CBEC (Central Board of Excise and Customs), the governing authority of Service Tax, changed the service tax return filling from half yearly to quarterly. 8. CAPITAL GAINS TAX The tax rate on capital gains in India varies based on the type of asset (shares, property, debt instruments), the length of time the investor has held the asset, and whether the transactions have taken place on a recognized stock exchange in India. When the income from a sale is classified as business income under Indian law, it will be taxable in India, but only if such income accrues or arises in India or is attributable to a “business connection” in India. The rate of tax applicable to the business income of non-residents is higher than the rate applicable to domestic entities: approximately 42%.Equities held for more than one year, other assets held for more than three years, and real estate are considered long-term capital and generally taxed at a basic rate of 20%. Short-term capital gains (securities held for less than one year, three years for other assets) are taxed at the normal corporate income tax rate, which is usually 30%. Relief from certain types of capital gains is often sought through double taxation avoidance agreements. 9. Wealth Tax Wealth tax is charged annually at a rate of 1% on individuals and companies with over INR3 million in non-productive assets. 10. Witholding Tax The Income Tax Act provides for deduction of tax at source on payments. These provisions are also applicable in case of payment made to non-residents. The person responsible for payments to non-
resident should deduct tax at source at the time of payment or at the time of credit of the sum to the account of the non-resident. Withholding tax rates for payments made to non-residents are determined by the Finance Act passed by the Parliament.
from countries like China, the press release stated.
• Increasing the exemption threshold for personal income tax to INR300,000 (US$5,500), to improve
Withholding Tax Rates*
tax compliance rates, and boost con-
Interest 20%, Dividends 0%, Royalties 10%, Technical Services 10%, plus applicable surcharge and education cess, Any other Services (Individuals 30% of net income and Companies/Corporate 40% of net income)
sumer consumption and savings.
*The above rates are general and in respect of the countries with which India does not have a Double Taxation Avoidance Agreement (DTAA) ASSOCHAM Tax Proposals for 2013-2014 National Budget The Associated Chambers of Commerce and Industry of India (ASSOCHAM) 2013-2014 pre-Budget memorandum, released in December 2012, called upon the government to make a number of tax cuts. “The Indian industry is facing competitive disadvantages due to complex multi-layered tax indirect tax structure having cascading effect on cost, high compliance cost and prolonged tax litigation,” the pre-Budget memorandum stated. Tax proposals in the memorandum included:
• Bringing the effective rate of corpo-
• Industry-specific adjustments: • Addressing the tax treatment of the synthetic fiber industry, which attracts an excise duty rate of 12%, up from 4% in 2008, while cotton fiber is exempt from excise duties.
• Introducing a concessionary 2% service tax to support the construction services industry and partially offset the revocation of the service tax credit that was in place prior to April, 2011.
• Exempting the domestic repairs, maintenance and overhaul services sector from service tax to encourage foreign direct investmentin the aviation sector.
• Removing the additional levy
rate tax down from 32.45% to 25%.
of tax by way of surcharge and
• Reversing recent increases to ser-
education cesses on corporate
vice tax rates from the current 12% rate, back to the 8% rate in place two years ago, with revenue loss offset by higher customs duty rates. By increasing customs rates, the government can protect the domestic industry from unfair competition
assesses and education cess on non-corporate
surcharges, including the education cess, were levied as a temporary measure.
This article was extracted from Dezan Shira & Associates’s publication entitled “India Briefing” .For further corporate assistance, consider contating Dezan Shira & Associates, a specialist in foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. For further details or to contact the firm, please email Mr. Olaf Griease under firstname.lastname@example.org or visit www.dezshira.com
India Newsletter | 13
Trade Shows & Events
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.
14 | India Newsletter
Trade Shows & Events
INTERESTED IN VISITING A TRADE SHOW IN INDIA? In case your company is interested in visiting a tradeshow/B2B event in India, be it one listed here or another one that came to your attention, get in contact with us via email@example.com to get more information about possible assistance/subsidies.
India Newsletter | 15
STUDENTS WELFARE OFFICER Mr. Pawan T. Badhe, Third Secretary in this Embassy has been designated as Officer to look after welfare of Indian Students in Austria and Montenegro. His contact details are: Tel: +43-1-505866614 Email: firstname.lastname@example.org
LIBRARY The EMBASSYâ€™S library is opened mondays and wednesdays from 11am to 1pm
without appointment. For scheduling an appointment outside the opening hours, please contact the information assistant under email@example.com or 01 505 8666 33
BUSINESS CENTRE The EMBASSYâ€™S Business Centre is opened DAILY (NEW!!) from 11am to 1pm without appointment. For scheduling an appointment outside the opening hours, please contact the commercial wing under the contacts given below. Marketing Officer: firstname.lastname@example.org or 01 505 8666 30 Marketing Assistant: email@example.com or 01 505 8666 31
16 | India Newsletter
MADHYA PRADESH Indian State Profile
he State of Madhya Pradesh is centrally located and is often called as the “Heart of India”. The State is home to a rich cultural heritage and has practically everything; innumerable monuments, large plateau, spectacular mountain ranges, meandering rivers and miles and miles of dense forests offering a unique and exciting panorama of wildlife in sylvan surroundings.
In Madhya Pradesh, Gwalior is the state’s northernmost city and a convenient entry point. Gwalior’s landmark is its hilltop fort which contains a fine museum and an ancient temple, among, other monuments. 120 km from Gwalior is the medieval city of Orchha with exquisite palaces and cenotaphs. Built by an 11th century king of the Bundela dynasty, Orchha is now a ghost city containing the remains of what must have been once spectacularly lovely monuments, and which combine Hindu and Muslim architectural. traditions. Shivpuri, atop a plateau, contains two picturesque lakes and a national park that abounds in species of deer and antelope. Khajuraho, an obscure village, no more than a clearing in the jungle, now captures world attention for its 22 temples built by rulers of the Chandela dynasty. Each temple, built of stone, is distinguished by carved spires and walls, where the subjects range from aesthetic depictions of major and minor deities and celestial beings to a variety of erotic sculptures. FOR MORE INFORMATION ON INDIA TOURISM:
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
India Newsletter | 17
India in Austria
INDIAN MOVIE EVENING: Rab Ne Bana Di Jodi (Ein göttliches Paar)
Friday, March 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).
Synopsis: Surinder is married to Taani but there is a huge age gap between them. There is no real romance in the marriage. Then, a dance reality show called “Rab Ne Bana Di Jodi” airs and Taani wants to participate but can’t because her husband is not hip and happening. She has a
Genre: Comedy / Romance
fear of losing, and she also fears that her
Directed by: Aditya Chopra
friends will laugh at her. Surinder over-
Starring: Shahrukh Khan, Anushka Sharma and Vinay Pathak
hears her problem and decides to go in
and learns to dance in order to woo his
Duration: 167 Minutes
young wife. Throughout the show, Taani
keeps falling in love to with this new-and-
improved Surinder without once realiz-
Image Quality: HD
ing that he’s really her husband.
for a makeover. He watches some movies
INDIAN EMBASSY / WIRTSCHAFTSKAMMER JOINT BUSINESS EVENTS IN LINZ AND GRAZ Wednesday, March 20th - Linz | Thursday, March 21st - Graz The Embassy of India, in a joint initiatuve with the Chambers of Commerce Upper Austria and Styria, invites all interested parties to join the upcoming events to take place in the month of March in the Linz and Graz. Both events are targeted at Austrian corporates who wish to gather more information about doing business with and in India. H.E. Ambassador R. Swaminathan shall deliver a speech on current opportunities for Austrian corporates in the Indian markets. Invited guests include specialists in the fields: legal and tax issues of opening and starting a business in India (by Rödl & Partner), logistics (by Cargo Partner) , investment and export risk insurance (by Oberbank and Austrian Development Bank) as well as the cultural impact of doing business with India (by Impact KEG) among others. Erfolgreiche und nachhaltige Geschäfte in Indien und Emerging Markets Wednesday, March 20th 10:00 Uhr WKO Oberösterreich (Julius-Raab-Saal,) Hessenplatz 3, 4020 Linz More information and registration under http://portal.wko.at/wk/startseite.wk
18 | India Newsletter
Wirtschaftsforum Indien Thursday, March 21st 09:30 Uhr WKO Steiermark Erzherzog Johann Zimmer 7. Stock Körblergasse 111-113, 8021 Graz More information and registration under http://www.ic-steiermark.eu
India in Austria
Indian Classical Concert
Rina Chandra - Bansuri Gerhard Rosner - Tabla Theater Experiment Liechtensteinstrasse 132 1090 Wien www.theater-experiment.com Entrance: € 15,Reservation: rinaßute@gmail.com 0650/5706990
A-1090 Wien, Liechtensteinstraße 132 ____Theater am Liechtenwerd___direktion: fritz holy /erwin bail
India Newsletter | 19