India Newsletter 09 2014

INDIA NEWSLETTER www.indianembassy.at

Published by the Embassy of India, Vienna Year 4 • Issue 45 • September 2014

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NEWS FLASHES

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The number of employed in India registered a growth of 34.35 per cent at 12.77 crore in eight years till 2013.n

The realty focussed private equity (PE) funds in India have raised US$ 1.6 billion in last seven months.n

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The digital marketing space is expected to generate 150,000 additional jobs in India within the next two years.n

The smartphone segment in India grew by 68 per cent during April-June 2014 over the same period last year.n

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By 2020, India is expected to contribute six per cent of the global big data mining from the present levels of four per cent.n

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The total FII inflows into Indian capital markets in 2014 reached about US$ 26.4 billion in the month of July.n

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Indian banking and securities companies' IT spending is expected to reach Rs 47,000 crore (US$ 7.65 billion) in 2014, an increase of more than 10 per cent over 2013.n

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Foreign direct investment (FDI) in Indian railways is expected to boost the gross domestic product (GDP) growth by 1.5-2 per cent.n

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The number of mergers and acquisitions (M&A) deals involving Indian companies grew by 10 per cent in the six months ended June 2014.n 2 • India Newsletter

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India expects to ensure a smartphone in the hands of every citizen by 2019 under the Digital India programme.n

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India Inc is expected to spend over Rs 2,000 crore (US$ 330.93 million) on advertising, marketing and promotions during the festival season (September-October 2014).n

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Mutual Funds from India have made net investments worth US$ 1.05 billion in equities in the last month.n

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Mobile internet user base in India is expected to treble by 2017 reaching around 480 million.n

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Indirect tax revenue collections in India grew by 3.9 per cent to reach Rs 154,350 crore (US$ 25.39 billion) during April-July 2014.n

The total GSM subscriber base in India grew by 4.85 million in July 2014.n The real estate market in India is expected to reach a size of US$ 180 billion (around Rs 11 lakh crore) by 2020.n

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India created around 13.9 million new jobs during 2009 to 2012.n

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India represents a third of all mobile phone connections in the Asia Pacific, with the figure expected to rise to 1.16 billion by 2017.n

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India is the quickest-expanding smartphone market globally and the third largest market after China and the US.n

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The online costume jewellery market in India is expected to reach a size of Rs 4,200 crore (US$ 694.97 million) in a year from around Rs 200 crore (US$ 33.09 million) at present.n

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With aggregate investment of Rs 2,470 crore (US$ 405.98 million), foreign MNCs have contributed around 43 per cent to the total sales value of commercial offices between January 2012 and March 2014.n

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NEWS ARTICLES Steps Taken by the new Indian Government Starts Showing Results

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hen the new Government came to power around three months ago, it faced various challenges on economic front. The economic growth was showing a downward trend, the inflation was alarmingly high, unemployment rate was worrisome and corruption was touching new heights.

The new government took various steps for boosting growth, controlling inflation and curbing corruption among other measures.

The Union Budget 2014 was its first path breaking effort to tackle all these issues upfront. Now all these efforts have started showing results: GDP growth is showing early signs of recovery. In FY14 India’s economy grew at 4.7 per cent. As per the Central Statistics Office (CSO) data released yesterday Quarterly GDP at factor cost at constant (2004-2005) prices for Q1 of 2014-15 is estimated at Rs14.38 lakh crore, as against Rs13.61 lakh crore in Q1 of 2013-14, showing a growth rate of 5.7 per cent over the corresponding quarter of previous year.

The economic activities which registered significant growth in Q1 of 2014-15 over Q1 of 2013-14 are ‘electricity, gas & water supply’ at 10.2 per cent, ‘financing, insurance, real estate and business services’ at 10.4 per cent and ‘community, social and personal services’ at 9.1 per cent. The estimated growth rates in other economic activities are: 4.8 per cent in ‘construction’, 3.5 per cent in ‘manufacturing’, 2.8 per cent in ‘trade, hotels, transport and communication’, 3.8 per cent in ‘agriculture, forestry & fishing’, and 2.1 per cent in ‘mining & quarrying’ during this period.

■■ GDP growth is one of early signs of economic recovery. In FY 14, India’s economy grew at 4.7 per cent. We expect the economy to

grow at 5.7-5.9% during the current FY and in 2-3 years time reclaim the high growth rate of 7%.

■■ Headline WPI Inflation after remaining persistent around 7-9 per cent during 2011-13 is showing signs of moderation and has come down to 5.19% in July, 2014.

■■ Consumer Price Index has fallen from the levels of 8.6% in April, 2014 to 7.96% in July, 2014.

■■ On account of restored business confidence and improved order book, manufacturing is showing signs of rebound and HSBC PMI has risen to 53 in July, 2014 from 51.5 in June, 2014.

■■ Due to concessions in Excise duty, Passenger Vehicles sales have grown for the third month in a row, growing by 7.1% Year to Year in July, 2014.

■■ Growth of 23% in the Capital goods production IS. a healthy indicator of recovery.

■■ India's annual infrastructure sector growth ( eight core sector) hit a nine-month high of 7.3 per cent in June, led by a surge in cement and electricity output.Due to increased foreign flows India’s Foreign Exchange Reserves have seen a surge and as in July end were USD 320.6 billion. This is USD 43.4 billion higher than a year ago.

■■ Despite less than satisfactory Monsoon, food stock in Central pool is comfortable at nearly 62 million tones.

■■ For ensuring macroeconomic stability Current Account Deficit will be contained within 2% and Fiscal deficit within 4.1% of GDP during CFY. In the first Budget of this Government certain steps which are only the beginning of a journey towards a sustained growth of 7-8 per cent within the next 2-3 years were outlined.

The Government is committed to the principle of “Minimum Government

Maximum Governance”.

In the budget it was committed to constitute an Expenditure Management Commission, which will look into various aspects of expenditure reforms including rationalisation of subsidies, to be undertaken by the Government.

Since then the Commission has been constituted with the noted economist and Ex-Governor of RBI, Dr. Bimal Jalan heading it.

Besides above, the Government has already expressed through the Budget 2014-15 its intent to fulfil the promises made to the electorate.

The Annexure covers: ■■ Some of the key promises made to the electorate and achievements made in that regard.

■■ Pro Poor and Pro Business measures in the Budget 2014-15.

■■ Structural Reforms Announced in the General Budget 2014-15.n

India takes pole position in global food trade

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here are not many lists of the feelgood variety where India ranks first, so this may come as a surprise.

India’s agricultural product export growth was the highest in the world in a decade till 2013, according to a US Department of Agriculture (USDA) report. India’s agricultural exports grew by 21.3%, ahead of countries such as Indonesia, Brazil and China. In absolute terms, exports have risen from $5 billion in 2003 to $39 billion in 2013 ($1 billion equals Rs.6,050 crore at current exchange rates).

According to the USDA report, government subsidies are driving exports, especially for wheat and rice. It estimates that government support for agriculture rose from $68 billion in 2009-10 to $85 billion in 2013-14.

The report also believes that generous increases in the minimum support prices have led to higher India Newsletter • 3

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production and accumulation of stocks. When this stock is released in the open market, it depresses prices and makes Indian agricultural exports more competitive. The report also mentions how the government itself has been exporting wheat at prices that are below its procurement and transportation costs.

Commodity-wise data shows that India’s influence is increasing across commodities. India was the second-largest exporter of cotton in 2013-14, after the US, with China buying up about 60% of its exports.

India’s export of beef (buffalo meat) makes it the second-largest in the world after Brazil in 2013 and 2014, considerably larger than US beef exports. It plays an important role in exports of commodities such as rice, cotton, sugar and beef, according to the report. Other products where it holds sway are soybean meal, guar gum, corn and wheat.

Now, the US remains India’s largest market. However, it is the developing world that has become a major target market for Indian agricultural products. In 2013, 79% of India’s exports went to developing countries, compared with 56% in 1999. After the US, countries importing at least $1billion of products from India were China, Vietnam, Iran, Bangladesh, Saudi Arabia, United Arab Emirates, Indonesia, Malaysia and Pakistan.

Exports have been particularly strong to least developed countries.

India has the potential to lead the global export tables in agriculture, given its vast land resources and low productivity that leaves headroom to improve. This is indeed good for the country’s agriculture sector and for trade. It may also explain why India’s domestic farm policy (indirectly being blamed for its growing export basket) is attracting so much critical attention in global trade forums.

But there is an aside as well. One of the problems cited in the fight against food inflation has been structural issues that are restricting 4 • India Newsletter

supply. But could the increase in exports also be one explanation for the tightness in domestic markets, despite improving output? Gross domestic product (GDP) in constant prices in the agricultural sector is estimated to have risen by 4.7% in 2013-14, compared with 1.4% in the previous year.n

Indian economy sees growth momentum, says OECD

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ndia’s economic growth is gaining momentum, Paris-based think tank OECD said amid the new government initiating various measures to bolster the economy.

Major developed nations, including the United States and Canada, also continue to see “stable growth momentum”.

According to the Organisation for Economic Cooperation and Development (OECD), India is poised for better growth.

The readings are based on Composite Leading Indicators (CLIs), that are designed to anticipate turning points in economic activity relative to trend.

“For the major emerging economies, the CLIs indicate growth around trend in China and Russia and below trend in Brazil, while the CLI for India points to growth gaining momentum,” OECD said in a statement.

India’s CLI inched up to 99.2 in June from 98.9 in May. The country’s economy, which registered sub-five per cent growth in the past two years, is expected to see better expansion rate in the coming months.

Indian economy is likely to expand in the range of 5.4 to 5.9 per cent this fiscal.

After recovering in 2009-10 and 2010-11, GDP growth slowed down to decade’s low of 4.5 per cent in 2012-13. It picked up marginally to 4.7 per cent in 2013-14.

The new government, which took charge in May, has initiated various measures to attract more investments and remove bottlenecks in the infrastructure,

among others, to boost growth.

Meanwhile, OECD said the indicators for the United States and Canada are also showing stable growth momentum. “This is the case for the United Kingdom as well, where the growth momentum remains abovetrend rates,” it added.

However, Japan is anticipated to see an “interruption in the growth momentum although this probably reflects one-off factors”.

In the euro area as a whole and in France, the CLIs point to stable growth momentum, the statement said.n

Austrian Anadi Bank: EUR 4.9 Mln Profit in H1

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ustrian Anadi Bank with headquarters in Klagenfurt made a EUR 4.9million (USD 6.5 million) profit in the first half of 2014.

As the bank announced, its balance sheet total sank by EUR 65 million to EUR 3.18 million. Core capital ration increased to 12.18 percent. The number of employees amounted to 377.

The bank was taken over by the Indian-British businessman Sanjeev Kanoria last year and was renamed from Hypo Österreich to Austrian Anadi Bank.

In the past months the bank recorded strong demand in the housing construction and corporate financing segments, which is a good starting point for the second half of the year. In the whole year 2014 the bank expects substantially better result than in 2013.n

Austrian Water Management Company Wabag to Shift Operations from Austria to India

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A Tech Wabag, a water and wastewater management company, will increasingly operate its overseas businesses out of India to take advantage of lower costs and higher margins, according to Rajiv Mittal, Managing Director of the Chennai-based multinational.n

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India's ecommerce poised at $43 bn in 5 years: Meet the key growth leaders

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ndian e-commerce is projected to explode from $10 billion to $43 billion in the next five years, according to Nomura's India Internet Report last month. There are 11 categories, and within them 42 players, that are poised to shape this blazing path.

■■ The Bulge Bracket ■■ MARKETPLACE The multi-category segment is on fire this year. The largest pie of the online retail ecosystem is drawing the maximum risk capital and eyeballs.

The top three players — Flipkart, Snapdeal and Amazon — are expected to do $4 billion in sales this fiscal. "Indians are horizontal bazaar shoppers and don't have deep vertical buying experience offline in most categories," says Suvir Sujan, cofounder of Nexus Venture Partners, an early investor in Snapdeal.

Today, all multi-category players are on the inventory-less marketplace model. They are all investing heavily in warehouses and delivery. They are making acquisitions. "You will see us do some very interesting and strategic acquisitions very soon," says Kunal Bahl, cofounder and CEO of Snapdeal.

VC firm Accel Partners expects the product e-tailing market to expand from $2 billion in 2013 to $8.5 billion in 2016. And, for now, the focus is more on growth and less on profitability.

■■ TRAVEL If the multi-product players have the largest share of eyeballs, the travel portals have the wallet. At around $8 billion, online travel accounted for 70% of the overall Indian e-commerce market in 2013, according to IAMAI. Three shifts are underway. One, with air tickets becoming a staple, travel portals are turning their focus to hotel bookings and travel packages.

"Online penetration (of hotel bookings) is only around 7%," says a recent Nomura research report.

"Commissions paid by hotels are

nearly 3x those in the air (ticket) segment." Two, there's a growing emphasis on smartphone traffic and applications. "Mobile is the perfect channel for a travel company to provide real value to the customer and create higher engagement by enabling an easy travel-booking experience," says Deep Kalra, founder & group CEO of Makemytrip, the largest online travel agency. Three, the segment has seen early signs of consolidation.

■■ The Big Specialists ■■ FASHION After electronics, fashion and lifestyle is the largest category in online retail, with a 25% share. But unlike electronics, it is more the domain of specialists than marketplaces.

Myntra, part of Flipkart, and Jabong are the leaders, competing fiercely with discounts and for exclusive brand partnerships. Myntra, which is targeting sales of Rs 2,000 crore this fiscal, has raced ahead by launching several private labels, including Roadster and Dressberry. While external brands give a margin of up to 35%, in-house labels go up to 60%. Jabong, which has exclusive partnerships with international brands and designers, is also lining up its own labels.

Then, there are web-only brands like Fab Alley, Zovi and Yepme. And, lastly, there are the multi-category players. Large players could drive acquisitions. "Don't be surprised, with the advent of online players like Asos and large Chinese players coming into India," says Sudhir Sethi, founderchairman of early-stage venture fund IDG Ventures India. "These players would not like to start ground-up but will look for an acquisition to be the base for their India entry."

■■ FURNITURE Furniture is tipped to become the third largest segment in e-commerce, after electronics and fashion/lifestyle.

The value of goods sold by leading players is on course to increase 3-4 times this fiscal. What makes furniture an interesting category, says Niren Shah, managing director at Norwest Venture Partners India, is that it's a

$15-20 billion market but consumers don't have many offline choices.

Pepperfry and Urban Ladder are the leaders, the latter recording average ticket sizes of Rs 18,000-20,000.

Among marketplaces, Snapdeal has launched, and Flipkart and Amazon are exploring. But they might not find it easy, given that existing players took nearly two years to perfect logistics and supplies. "Furniture is different from all other categories," says Ashish Goel, founder & CEO of Urban Ladder. "Players need to build a specialised supply chain and also help in building the manufacturer ecosystem." Similarly, Pepperfry is working with manufacturers to build furniture that can be assembled on delivery. The pieces of this segment are falling in place.

■■ GROCERY With an estimated market of $350400 billion, the grocery segment is larger than anything else. "What is seductive about the grocery segment is the high frequency of transactions," says Rehan Yar Khan, founder of Orios Venture Partners. It's also challenging. One needs to build hyper-local sourcing, warehouses and supply chain. Hence, expansion across regions is staggered. The exception is BigBasket, which is in three cities. Online players stock 12,000-13,000 products, against 400500 by kirana stores. But, "logistics is a challenge in terms of timing, order sizes and the large inventory," says Vipul Parikh, co-founder and CFO, BigBasket.

■■ The Differentiators ■■ HYPER LOCAL Even as e-tailing explodes, by 2020, 97% of the estimated retail sales of Rs 62,40,000 crore will still happen off line, says Technopak. A large percentage will be made by small shops and establishments. Platforms like Just Dial, Findable, PriceBaba and Zopper are looking to bring them online in multiple ways.

BookMyShow is doing the same with ticket bookings in arts and entertainment. Just Dial, the largest local-search player with revenues of Rs 561 crore in 2013-14, extended into India Newsletter • 5

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transactions this January, enabling services like doctor appointments and flower deliveries. This week, it will venture into products. "Transaction part will be our focus in the near future," says founder and CEO VSS Mani.

Zopper and PriceBaba are also expanding quickly. India has 100120 million internet users, but only around 20-40 million have shopped online. Such shoppers are referred to as ROPOs (research online, purchase offline). With more smartphones and data connections, their numbers are expected to increase.

■■ CUSTOMER NICHES While horizontals and verticals battle for market share, some e-commerce websites are differentiating by targeting niche customer profiles.

GreenDust sells factory seconds and refurbished consumer electronic products at a 10%-76% discount to market price. Limeroad is a socialshopping platform focused on women that also offers users tools to curate and share collections online.

Onemi sells products only on equated monthly instalment even to customers who don't have a credit card. "There is a huge segment of customers who don't speak good English and are not on the Internet, but are hungry for these aspirational products," says founder Abhijit Bhandari, who adds Onemi is recording monthly sales of Rs 20 crore.

While other verticals are expected to feel the heat of multi-product players, the niches could create their own market. "If there is demand-side differentiation, those will continue to exist and continue to thrive," says Avnish Bajaj of Matrix Partners India, which has invested in Limeroad.

■■ The Smaller Specialists ■■ BABYCARE While multi-product players have a large selection of babycare and kidswear products, a few singlecategory players have emerged.

The leader is Pune-based FirstCry, founded by Supam Maheshwari and Amitava Saha in 2011. "Globally, 6 • India Newsletter

and in India, the babycare category has always had a specialised leader that has captured dominant market share. With repeat buying rates above 70%, this category has huge capital efficiency in marketing," says Manik Arora, MD of IDG Ventures Indi, an early investor in FirstCry. FirstCry is flanking its online presence with stores — 70 running and 30 more coming this year. It is partnering international brands to provide free hospital kits to parents of newborns in about 6,000 hospitals in top 18 cities. "We are able to engage with customers at the most important point — the birth of their child," says Maheshwari. Other prominent players, with an estimated potential of $500 million, are BabyOye and Hopscotch. They hope to grow with India's rising population.

■■ HEALTHCARE This is one segment where niche portals have managed to build strong franchisees. While the focus of Healthkart is protein supplements and personal care, that of Lenskart is eyecare. It currently does around 2,000 shipments per day of both prescription glasses and sunglasses, up from 600 a year ago. It expects to post revenues of Rs 100 crore this fiscal.

Healthkart sells products in a range of categories. Other startups in the healthcare segment include Healthadda, Healthgenie and Saralhealth. Players have been looking to personalise their offering to attract customers. For instance, Lenskart also provides eye check-ups at home. "Most spectacle providers are focused on those who already wear glasses. But almost 75% of those who need glasses do not know they need one or don't wear them," says Peyush Bansal, founder of Valyoo Technologies, which runs Lenskart.

"We want to expand to this market and provide access to good quality eyecare."

■■ LINGERIE Stores, in general, have failed to offer Indian women a wide choice of products or a comfortable shopping

experience. Online players are stepping in, offering a wide variety of products, new categories like shapewear and the privacy to shop without human contact.

All are betting the $2 billion market will grow and will shift online. So do their backers. "If you look at China, the largest category in e-tailing is apparel, with around 35% marketshare. In that, lingerie is 10%-15% of the entire apparel market," says Rehan Yar Khan, an angel investor. He has invested in PrettySecrets, which started as an offline player, grew to 200 stores in six years, and shifted online.

While horizontals do sell lingerie, none has a wide presence. Taking advantage, companies like Zivame are attempting to corner the market with initiatives like try-and-buy.

Going forward, "large players like Flipkart and Myntra could acquire them to make these brands anchor tenants on their website," says Khan.

■■ JEWELLERY Given India's appetite for jewellery, this segment is a no-brainer for e-commerce. Even as physical stores struggle with growth, Caratlane is doubling by the year. "The biggest challenge in jewellery retailing is the cost of inventory," says Mithun Sacheti, founder & CEO of Caratlane.

"We don't maintain inventory and follow just-in-time manufacturing, which allows us to spend on marketing and on acquiring new customers."

But even online has limitations. Highticket products means customer trust has to be built first. Ficci estimates the market at Rs 2,51,000 crore in 2013, with the potential to double by 2018. Market players believe only 1% of this is online.

They also believe it's a business for specialists. "As this segment is driven by innovation in designs and launches, it lends itself to private-label play with higher margins. This will be difficult for horizontals to master," says TC Meenakshisundaram, MD of IDG Ventures India. "Horizontals may find it easy to buy a successful vertical player."n

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India and Czech Republic sign MoU on technical cooperation in the field of Railway Sector

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Memorandum of Understanding (MoU) was signed on 19.8.

2014 at Rail Bhawan, New Delhi between the Ministry of Railways of the Republic of India and Czech Railways (Ceske Drahy) of the Czech Republic and Association of Czech Railway Industry (ACRI) of the Czech Republic on Technical Cooperation in the field of railway sector by Shri Arunendra Kumar, Chairman/ Railway Board and H.E. Miloslav Stasek, Ambassador of Czech Republic.

The potential cooperation areas mentioned in the MoU are Freight operations- Logistics of automotive transport, Passenger operations – raising of speeds upto 200 kmph; Infrastructure building and management – station development and workshop modernization; Information & communication technologies especially for passenger amenities ; Modernisation of rolling stock; Modernisation of signalling & telecom etc.

The MoU is valid for a period of three (3) years which can be extended further for successive periods of one (1) year at a time.n

India to be third largest steel maker by next year

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ndia would become the third largest steel maker, with an installed capacity exceeding 110 million tonnes per annum (mtpa) by next year when the ongoing expansion projects of SAIL and some private steel makers come on stream. This is in line with the Narendra Modiled NDA government's target of achieving steel-making capacity of 300 mtpa to make India the second largest producer of steel in the world by 2025, overtaking US, Japan and European Union.

With the economy coming out of its worst slowdown in years, all major steel makers such as Tata Steel, JSW and SAIL have made detailed

presentations to the government to add an additional 100 mtpa of steelmaking capacity with an investment of over Rs 6 lakh crore ($100 billion) in just over 10 years.

India's current steel production capacity stands at 96 mtpa and produces 81 mtpa of finished steel and 72 mtpa of finished products.

A CEO of a private sector steel firm told TOI, "The government invited us for discussions on capacity expansions to reach 300 mtpa by 2025. We have shared our expansion plans with them. The ministry promised to remove the bottlenecks."

This includes a Rs 1.50-lakh-crore investment by state-owned SAIL alone, which would enable it ramp up capacity to 50 mtpa by 2025 and emerge as India's largest steel maker.

In the private sector, Sajjan Jindalled JSW Steel plans to invest Rs 1.32 lakh crore to ramp up its steelmaking capacity to 40 mtpa to be India's largest private sector steel manufacturer.

Similar investments are lined up by his brother Naveen Jindal's firm, Jindal Steel and Power (JSPL), to reach a capacity of 30 mtpa.

Tata Steel is spending Rs 40,000 crore to scale up its steel-making capacity by another 6 mtpa to reach a capacity of 35 mtpa in the coming years.

The government also plans to revive projects of global steel makers Posco and Arcelor Mittal, which may add another 24 mtpa of capacity with investments of over Rs 1,00,000 crore.n

Tata, Reliance, Airtel are India's most valuable brands

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he Tata group, Reliance Industries and Bharti Airtel, continued to remain the top three brands in India, according to a report titled ‘Best of Indian Brands 2104’, released by Omnicom Group-owned media agency Interbrand, that listed India’s top 40 brands in order of their relevance among consumers.

Technology company Infosys moved down two ranks to number 7 this year from number 5 in 2013, while state-owned Life Insurance Corp. of India (LIC) joined the list at number 5. State Bank of India (SBI) remained steady at number 4.

Others in the list include consumer goods company Asian Paints, car manufacturer Maruti Suzuki India, jewellery retailer Tanishq, and ITC. According to Interbrand, brand value for the Tata group jumped by 15.9% this year, and, for Reliance it rose 12.5%.

“With an impressive growth rate of 14% across brands within table, we can see that investing in brands is a good opportunity for Indian business,” said Graham Hales, global chief marketing officer, Interbrand.

The report, Interbrand’s second such study for India, measured the brand value of companies by looking at their financials and also factoring in how much consumers value their brands.n

Indian firms create a niche in the Forbes' list of world's most innovative companies

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industan Unilever and Tata Consultancy Services (TCS), along with three other Indian companies, have found themselves among Forbes' list of the world's 100 most innovative companies that investors think are most likely to "generate new growth ideas" The annual list of 'World's Most Innovative Companies', has been topped by California-based global cloud computing company Salesforce for the fourth year in a row.

The five Indian companies on the list are Hindustan Unilever, ranked 14th, followed by TCS at 57th, Larsen & Toubro at 58th, pharma major Sun Pharma Industries at 65th and Bajaj Auto at 96th.

Innovation premium is a measure of how much investors have bid up the stock price of a company above the value of its present business based on expectations of future innovative India Newsletter • 7

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results such as new products, services and markets, according to Forbes.

The innovation premium recorded

by Hindustan Unilever was 54.7 per cent, while TCS recorded 39.58 per cent and had a market capitalisation of US$ 71.25 billion, as of May 2014.

Also, Larsen and Toubro had an innovation premium of 39.4 per cent and market cap of US$ 19.81 billion, Sun Pharma with 38.84 per cent and US$ 19.88 billion, and finally Bajaj Auto with 31.73 per cent and US$ 10 billion.

The leader Salesforce which has a market cap of US$ 35.87 billion and an innovation premium of 75.9 per cent, continued its reign as Forbes' most innovative company for the fourth straight year.

The US had the maximum number of companies on the list with 41 firms having their headquarters in the country, followed by Europe with 29 companies.

Honda to set up world’s largest scooter plant in Gujarat

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onda Motors, which is swearing by scooters in India, is setting up the world's largest scooter plant in Gujarat to roll out 12 lakh units annually and achieve leadership position in the Indian two-wheeler market, especially with a growing number of customers shifting to this unisex multi-utility mode that has caught the fancy of many and outpaced almost every other segment.n

Indian Zomato acquires two peers in eastern Europe

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omato, the restaurant discovery service, has acquired Lunchtime. cz and Obedovat.sk, the Czech Republic's and Slovakia's popular restaurant guides, respectively, for a combined amount of $3.25 million, the company said. This is Zomato's third acquisition and takes up the company's presence to 15 countries, from 13 countries earlier.

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Zomato, backed by Info Edge (India), has been expanding its global presence in the past few quarters and strengthening its presence in existing markets. In July, Zomato acquired MenuMania, a leading restaurant discovery service in New Zealand. The latest acquisitions are a strategic move to establish Zomato's presence in central and eastern Europe.

Deepinder Goyal, Founder and CEO of Zomato, said, "Both Lunchtime and Obedovat have strong business models that cater to the local market needs of discovery of lunch menus.

Together, Zomato, Lunchtime, and Obedovat will be able to build the largest resource of restaurant information in the Czech Republic and Slovakia.'' Zomato plans to roll out an integrated product in the next few months and infuse $2.5 million over the next couple of years to strengthen its position in these markets.

“We'll be able to combine our local expertise and focused product offering around lunch menus, with the technology and rich content platform that Zomato brings to the table. The combined product will enhance the user experience by providing them with fresh, more in-depth restaurant information along with lunch menus, and will drive greater value to local restaurant businesses and users,'' said Igor Treslin, Founder and CEO of Lunchtime.

Zdenko Hoschek, CEO of Creative Web Group, added, “The Lunchtime and Obedovat founding teams have spent a significant amount of time getting to know the founding team at Zomato, and are happy to see their strong focus on building a social restaurant discovery product.

We respect their passion, and look forward to the Lunchtime and Obedovat teams becoming a part of Zomato.”

Founded in 2008 by Deepinder Goyal and Pankaj Chaddah, Zomato now has a presence in 15 countries: the UK, the Czech Republic, Slovakia, UAE, South Africa, New Zealand, the

Philippines, Portugal, Brazil, Chile, Turkey, Indonesia, Sri Lanka, and Qatar, and over 100 cities across India.

It claims to provide information on 250,000 restaurants, and currently sees over 23 million monthly visits globally, across its web and mobile platforms. Its core features include menus, photos, and geocoded coordinates for restaurants; users can rate and review restaurants, as well as create their own network of foodies.n

Cadbury parent Mondelez looks to make India manufacturing hub

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ondelez International, the $35-billion global snacking powerhouse that owns Cadbury Dairy Milk, will look at making India a manufacturing hub for the region across multiple product categories in the years to come.

Mondelez, which has invested $400 million in the country over the last four years, expects India to continue growing at double-digits, thus incrementally improving its contribution to global revenues over a period of time. The Indian subsidiary, which recently adopted the name Mondelez India Foods from Cadbury India, currently contributes 3% to global revenues and is among the top three markets for Mondelez in the Asia- Pacific.

"Depending on the economics, without a doubt, we have a great opportunity to source from India to nearby countries. The plant in Sri City (in Andhra Pradesh, where the company is investing $200 million or Rs 1,000 crore) will have the opportunity to supply to other locations," Irene Rosenfeld, chairman & CEO, Mondelez International, said at a select media gathering.

Rosenfeld, who was on a visit to India, inaugurated the new head office in Mumbai, interacted with shopkeepers and merchandisers during her tight-schedule that was packed in 40-odd hours. "India is a critical part of our business in which

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we have invested $400 million and that's why I am here. We have also increased our workforce here by about 40% in the last three years. Our Tang business grew by 65% in the first six months and we are getting good ROIs (return on investment),'" Rosenfeld (61) said.

A year after the erstwhile Kraft Foods had acquired Cadbury globally in 2010, the parent company had said it was issuing "a blank cheque"?in a manner of speaking?to India, to prepare a business plan and deliver results. A few years down the line, Rosenfeld said she is happy that those blank cheques are bearing fruit. This is despite the fact that the rate of growth has come off its peak. The growth of flagship brands Cadbury Dairy Milk which was around 40% plus then, too has slowed down this year in line with the general slowdown in the FMCG sector.

"A lot of those blank cheques are bearing fruit now and we are beginning to generate some terrific results. We clearly outgrew our capacity," said Rosenfeld. Mondelez, she said, would bring in more products and brands from its global portfolio of power brands, which include biscuits, over a period of time.

Mondelez International is a world leader in biscuits, chocolate, gum, candy, coffee and powdered beverages, with billion-dollar brands such as Oreo, LU and Nabisco biscuits; Cadbury, Cadbury Dairy Milk and Milka chocolate; Trident gum; Jacobs coffee and Tang powdered beverages.

Mondelez International is moving into a new globally consistent operating model based on a regional, category-led approach and focuses on the key categories of which include chocolates; gum, candy and powdered beverages; biscuits; and cheese and grocery. As part of this, Manu Anand, the India head, will move to a regional role as head of regional category team for chocolate, while Chandramouli Venkatesan (Mouli) will replace

Anand as India MD. Rosenfeld said the move will bring growth and build capabilities across countries.

"I am equally bullish about unlocking the potential from this model to accelerate our growth here in Asia Pacific," said Tim Cofer, executive VP and president, Asia Pacific, Eastern Europe, Middle East & Africa.

Talent wise, too, India is being used as a sourcing hub for Mondelez International. With around 40 Indian leaders placed in critical leadership roles in Asia Pacific, Cofer said India plays a critical role.n

India offers training to Czech scientists

U

nion Minister of State (Independent Charge) for Science & Technology and Earth Sciences, MoS in Prime Minister’s Office (PMO), Personnel, Public Grievances and Pensions, Space & Atomic Energy, Dr Jitendra Singh stated to the Ambassador of Czech Republic, Mr. Miloslav Stasek that India will offer training to Czech scientists.

Dr Jitendra Singh said that though a small country, the Czech Republic has assumed importance in the international domain, particularly in the area of automobile technology by the sheer dent of hard work and determination.

The Czech Ambassador informed the Minister that in the month of October, a group of scholars from various Czech universities will be coming to India for interaction with Indian scholars in the union capital as well as other major cities including Bengaluru, Chennai, Kolkata, Mumbai and Bhubaneshwar. He requested Dr Jitendra Singh to spare some time for appointment with these visiting scholars and also offered courses like Ph.D and automobile training for students from India.

Giving his consent for a meeting with the Czech scholars, Dr Jitendra Singh said that right from ancient times, India has been a favourite

destination for scholars, researchers and explorers from other continents and in the present context, India also offers exclusive opportunities for affordable innovation which could help in supplementing knowledge based economy in a global world.

Dr Jitendra Singh also disclosed that the Indian Embassy in Pregue has been asked to get in touch with the Czech Government and expedite the proposals related to Science & Technology. He also emphasized the need to be flexible in implementing bilateral programmes in order to accommodate the constraints and diversities of the two countries.n

Why Indian managers are top draw for global companies

T

he appointment of Hindustan Unilever's chief financial officer R Sridhar to the position of senior vice-president (finance) at Unilever in eight months following former managing director Nitin Paranjpe's elevation to the post of president, home care, points to the growing importance of Indian managers at global firms.

Indian managers are becoming a key asset, prompting global majors to tap into them whenever the opportunity permits.

Consider this: HUL alone has over 200 managers (13 per cent of its managerial strength) working in markets abroad for Unilever.

The trend is no different for companies such as Coca-Cola and PepsiCo, which routinely export as well as import Indian talent.

According to human resource experts, Indian managers are also open to the prospect of working abroad, prompting their international parents to pick up them at the opportune time.

A 2012 study by HR firm Randstand, for instance, said 39 per cent of Indian managers were willing to move abroad for better prospects.

The trend, say HR experts, would not have been different in 2013 as the thirst for knowledge and India Newsletter • 9

Embassy of India, Vienna

international exposure prompted a number of Indian managers to make the switch to global positions abroad.

“Indian managers are considered valuable assets thanks to the grounding they have in a complex market such as India.

“They are also perceived to be humble and keen to take up challenging roles abroad,” says Sunil Goel, director at HR firm GlobalHunt.

An affirmation of this is the appointment last month of Satya Nadella, executive vice-president (cloud and enterprise group) at Microsoft, to the position of CEO, the third man to take up this role after Bill Gates and Steve Balmer.

The Hyderabad-born techie had spent over 20 years at the firm and was believed to be the best choice among a number of internal and external candidates.

Four months before Nadella's ascension to the top, Sameer Suneja became global CEO of confectionery major Perfetti Van Mella after spending years heading

the company's Indian operations.

He joined a select group of members in the CEO club, who have an Indian lineage including Rakesh Kapoor of Reckitt Benckiser, Indra Nooyi of PepsiCo, Vikram Pandit (former CEO, Citi Group), Ajay Banga of MasterCard and Anshu Jain (Co-CEO of Deutsche Bank AG).n

Ministry of Tourism launches the ‘Incredible India’ Mobile Application

T

he Union Tourism Secretary Shri Parvez Dewan here today launched the 'Incredible India' mobile application that will assist international and domestic tourists to access information about Ministry of Tourism recognized tourism service providers namely approved Inbound Tour Operators, Adventure Tour Operators, Domestic Tour Operators, Tourist Transport Operators, Travel Agents, Regional Level Guides, Classified Hotels available in respective cities / Tourist centers. Details of the same will be given through this application to

the tourists on their mobile phones based on their current location.

Tourist can also query similar details for any other city he plans to travel to in future. In addition to this, the application will provide places of interest.

This mobile application has been developed as part of the initiative of the new Government in taking important positive decisions, especially, affecting the general public since its taking over the charge.

This new application developed by the National Informatics Centre (NIC) will help the tourists in seeking services from Government of India recognized service providers and receive quality & reliable services from them.

The app demonstrates Ministry of Tourism's commitment use of technology for service delivery.

Incredible India Mobile Application is available for the Android Phones on the Google Play store and for i phone this will available in App Store during coming week.n

INDIA PERSPECTIVES MAGAZINE ONLINE

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10 • India Newsletter

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INDUSTRY The Indian Infrastructure Sector

I

ndia’s Planning Commission has projected an investment of US$ 1 trillion for the infrastructure sector during the 12th Five-Year Plan (2012– 17), with 40 per cent of the funds coming from the country’s private sector. India’s focus on infrastructure since the turn of the millennium has helped make it the second fastest growing economy in the world. The country’s constant growth gives investors, domestic and foreign, a tremendous opportunity for investment in its infrastructure sector.

The demand for construction equipment in India is expected to grow to US$ 9.9 billion by 2015, a compound annual growth rate (CAGR) of 24.1 per cent (from 2011). The construction equipment industry’s revenues are expected to reach US$ 22.7 billion by 2020 from US$ 5.1 billion in FY 12.

Unit sale of construction equipment is expected to grow to 82,000 by 2016 from 61,745 in FY 12.

The private sector is emerging as a key player across various infrastructure segments, ranging from roads and communications to power and airports. Of the total planned infrastructure investments worth US$ 1 trillion during the 12th Five-Year Plan, the share of the private sector is estimated to be 47 per cent, up from 25 per cent during the 10th Five-Year Plan.

While the role of foreign investment in the sector cannot be overstated, domestic companies too are making a mark abroad, as attested by Larsen & Toubro’s (L&T) contract for the Doha Metro project and GMR Infrastructure’s contract to upgrade the Philippines’ Mactan–Cebu International Airport.

A strong infrastructure sector is vital to the development of a country’s economy. Here, the Indian government has played an important role. Just recently, it allowed 100 per cent foreign direct investment

(FDI) under the automatic route for port development projects.

The government has also, this year, decided to convert roads into national highways, and has sought collaboration with Sudan in the field of renewable energy.

The Government of India has also de-licensed the material handling equipment industry and allowed 100 per cent foreign direct investment (FDI) under the direct route. The government has also given approval to some financial institutions to raise money through tax-free bonds.

The equipment rental and leasing business in India is smaller compared to Japan, USA and China. Demand for rental equipment is set to witness strong growth in the medium term due to large investments in infrastructure. New players can also explore opportunities in the equipment finance business.

■■ Market Size The value of total roads and bridges infrastructure in the country is projected to grow at a compound annual growth rate (CAGR) of 17.4 per cent over FY 12–17. India’s roads and bridges infrastructure, which was valued at US$ 6.9 billion in 2009, is expected to reach US$ 19.2 billion by 2017.

The total approximate earnings of the Indian Railways on originating basis during FY 13–14 were Rs 140,485.02 crore (US$ 23.34 billion) as against Rs 121,831.65 crore (US$ 20.25 billion) during FY 12–13.

The capacity of ports in India by the end of the 12th Five-Year Plan is targeted to touch 2,493.10 million tonnes per annum (MTPA) as compared to 1,245.30 MTPA at the end of the 11th Five-Year Plan (2007– 12).

■■ Investments The FDI inflows in construction (infrastructure) activities during the period April 2000 – March 2014 stood at US$ 2,575.79 million, as per the data released by Department of Industrial Policy and Promotion (DIPP).

Recent months have witnessed key investments and developments in the India’s infrastructure sector, some of which are summarised below: In the roads segment, Punj Lloyd has received a ‘Letter of Award’ for the construction of a 42 km, 2x3 lane dual carriageway project between Doraigh and Noubat Dokaim from the Ministry of Public Works and Highways, Yemen.

The project, which is the company’s first major expressway project in the Middle East, is valued at Rs 1,270 crore (US$ 211.070485 million).

Similarly, IRB Infrastructure Developers has received a ‘Letter of Award’ from the National Highways Authority of India for four-laning the Yedeshi–Aurangabad section of NH211. The estimated cost of the toll project, which totals to about 190 km, is Rs 3,200 crore (US$ 531.87 million) and it will be undertaken on design, build, finance operate and transfer basis.

In the railways segment, online railway ticket bookings grew almost three-fold to reach 14.02 million units in March 2014, a year-on-year growth of 286 per cent over March 2013, as per the monthly tracker of Internet and Mobile Association of India and IMRB. In another development, Larsen & Toubro (L&T) received a Rs 4,510 crore (US$ 749.65 million) order from Qatar Railways Company in April 2014, for design and construction of the Gold Line of the Doha Metro project.

In the ports segment, Adani Ports and Special Economic Zone acquired Dhamra Port Company for Rs 5,500 crore (US$ 914.21 million) in May 2014. Dhamra Port is a major and newly developed port in Odisha’s Bhadrak district.

India Newsletter • 11

Embassy of India, Vienna

Also, Jawaharlal Nehru Port Trust (JNPT) and Port of Singapore Authority (PSA) signed a concession agreement for JNPT’s fourth container terminal, on May 6, 2014. The Rs 8,000 crore (US$ 1.32 billion) project is being funded through 100 per cent FDI and is PSA’s fourth project in India.

In the power segment, Bharat Heavy Electricals Ltd (BHEL) has commissioned a 160 megawatt (MW) gas-based power plant at Jaisalmer in Rajasthan for the state’s power generation company. Rajasthan Rajya Vidyut Utpadan Nigam Ltd had placed the order on BHEL for setting up the power plant as an expansion of the existing Ramgarh power plant.

Also, Swelect Energy Systems has commissioned its 15 MW solar energy park set up with an investment of Rs 106 crore (US$ 17.61 million) near Vellakoil in Karur district. The company has already established over 1,500 rooftop projects across India.

In the aviation segment, GMR Infrastructure has received a contract to upgrade Mactan–Cebu International Airport in the Philippines.

GMR and its partner, Philippine firm Megawide Construction will make an upfront concession payment of US$

ADVANTAGE INDIA

12 • India Newsletter

325 million and invest US$ 375 million over the next five years to construct a new terminal and improve the current one.

■■ Government Initiatives Some of the Indian government’s recent initiatives in the infrastructure sector are summarised below: The Union Cabinet in February 2014 gave its approval for declaration of around 7,200 km of State Roads as new national highways. Other road development projects in the pipeline include existing national highways network totalling 21,271 km, which are not covered under any programmes/schemes as of now.

Also, in a move to enhance energy efficiency of the Indian Railways, a web-based Electrical Energy Management System, RAILSAVER, was inaugurated by Mr Kul Bhushan, Member Electrical, Railway Board, in April 2014. The portal will be used for tackling the challenges of global warming and sustainability of the environment.

In another development, the Indian government has facilitated 100 per cent FDI under the automatic route for port development projects. A 10-

year tax holiday has been accorded to enterprises that are engaged in the business of developing, maintaining and operating ports, inland waterways and inland ports.

The country is also looking to collaborate with foreign partners. India and Sudan have good potential for enhancing cooperation in promoting renewable energy, as per Dr Farooq Abdullah, Union Minister of New and Renewable Energy, Government of India. The Minister has also offered Indian assistance for developing renewable energy resources in Sudan.

■■ Road Ahead With India’s rapid urbanisation and an ever-increasing middle class, the need for sound infrastructure is paramount.

About 590 million people—the figure was 377 million in 2011—will reside in cities by 2030, and could have a direct bearing on 70 per cent of the country’s gross domestic product (GDP), as per a McKinsey report. Research from the Economist Intelligence Unit expects that infrastructure spending and the growth of the country’s lower middle class will prop GDP growth over the coming years, achieving 4.5 percent in 2014 and 5.7 percent by 2017.

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FAVOURABLE POLICIES SUPPORTING THE DEVELOPMENT OF THE SECTOR

LATEST INDUSTRY NEWS India and Germany

Shri Narendra Modi to revive the

two countries. He urged the business

hold high level talks on

economy of the country. Prime

delegation to explore investment

Minister is impressive both in his

opportunities in various projects like

words and deeds.’ Referring to his

the Smart Cities, Urban Rejuvenation

meeting with the Prime Minister,

of 500 identified Urban Habitations

Foreign Affairs Mr Frank-Walter

the German Minister informed that

and Urban Housing.

Steinmeier leading a 12-member

India would be a partner country for

Mr.

the ‘Hanover Fair’ to be organized in

investment proposals would be

April next year. He further said that

Minister of Urban Development,

formulated

this international fair would focus

Housing & Urban Poverty Alleviation

business delegations between the

on clean energy, skill development,

two countries. He said Germany can

and

cleaning of rivers and infrastructure

benefit from the young and skilled

development.

manpower of India.

Welcoming the delegation, Shri

Representatives

Naidu said that India’s efforts for

companies shared their experiences

Mr. Steinmeier during the course

converting growing urbanization

of operating in India and said

of talks observed that ‘Germany

into an engine of economic growth

they are keen to further expand

is impressed by the clear vision

offered immense opportunity for

their operations in the context of

and resolve of Prime Minister

bilateral cooperation between the

emerging opportunities.

cooperation in urban development, infra sectors

G

ermany’s Minister

Business Delegtion held talks with

Parliamentary

M.Venkaiah

Naidu

Affairs on

Shri

bilateral

cooperation in areas pertaining to urban development in India.

Steinmeier after

said

concrete

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of

various

India Newsletter • 13

Embassy of India, Vienna

EXPERT BUSINESS ADVICE This article has been authored by Mr. Azeem Merchant, Founder & CEO, Messung Global Connect - A global advisory & implementation organisation based in India which helps global companies Enter, Set-Up and Expand their business in India. For further details or to contact the firm, please email Mr. Jaideep Patil under jaideep@messungglobalconnect.com or visit messungglobalconnect.com

F

ollowing our last article wherein we covered the intricacies of forming a Joint Venture with an Indian company in order to benefit from the inherent advantages which the local partner has to offer. This article aims to showcase the direct entry method and the many advantages that a foreign company can avail when setting up its operations in India.

■■ Setting up Branch Offices A company expands its business by opening up its branch offices in various parts of the domestic country as well as in other countries. A branch office refers to an establishment which carries on substantially the same business and activity as is carried out by its Head Office. Such offices help the company in:i. Spreading its business to diverse locations and thus increasing the customer base ii. Bringing its product closer to the customers by increasing their accessibility to it iii. Making the distribution and marketing of its goods and services easier and more effective.

In other words, branch offices help in expanding the size of the market for a company’s product by attracting more customers; widening the scope of its trading and manufacturing activities as well as bringing more opportunities and opening unexplored avenues for it.

Thus, these offices help to fuel the growth of the company and enhance its profitability on a sustained basis.

14 • India Newsletter

■■ What is a Branch Office?

According to the Companies Act, 1956 a Branch office in relation to a company means:i. Any establishment described as a branch by the company; or, ii. Any establishment carrying on either the same or substantially the same activity as that carried out by the head office of the company; or, iii. Any establishment engaged in production, processing or manufacture ■■ How can a foreign company open a Branch office in India?

A foreign company can set up Branch Offices in India after obtaining prior approval from Reserve Bank of India.

■■ What is the procedure for setting up a Branch office?

Permission for setting up branch offices is granted by the Foreign Exchange Department, Reserve Bank of India. The Reserve Bank of India considers the track record of the applicant company, existing trade relations with India, the activity of the company proposing to set up office in India as well as the financial position of the company while scrutinising the application.

The application form needs to be submitted to the Reserve Bank through the Authorised Dealer bank.

■■ What are the procedural requirements for setting up a Branch office in India?

The application form for setting

up the branch office needs to be supported by the following documents of the applicant i. Copies of last three years audited Balance Sheet, Profit & Loss Account of the parent company. ii. Undertaking that the Branch Office will not carry out any trading and commercial activity in India. iii. Translated English version of the Company’s Certificate of Incorporation/Registration, Memorandum & Articles of Association iv. English version of the Copy of the Board resolution for opening office in India v. Reasons for opening office in India like business transacted, details of customers, vendors etc. vi. Company’s profile with brief history, product details, group companies etc. vii. Special power of Attorney in favour of a local representative duly notarized ■■ What are the permitted activities of Branch Offices?

Companies incorporated outside India and engaged in manufacturing or trading activities are allowed to set up Branch Offices in India with specific approval of the Reserve Bank. Such Branch Offices are permitted to represent the parent / group companies and undertake the following activities in India: i. Export / Import of goods. ii. Rendering professional or consultancy services.

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iii. Carrying out research work, in areas in which the parent company is engaged. iv. Promoting technical or financial collaborations between Indian companies and parent or overseas group company. v. Representing the parent company in India and acting as buying / selling agent in India. vi. Rendering services in information technology and devel¬opment of software in India. vii. Rendering technical support to the products sup¬plied by parent/group companies. viii. Foreign airline / shipping company.

Normally, the Branch Office should be engaged in the activity in which the parent company is engaged.

■■ Restrictions i. A branch office cannot carry on any manufacturing activities.

Manufacturing activities can be carried on only through the means of a company incorporated in India. ii. A branch office of a foreign company in india is taxed at higher rates of corporate income tax than a domestic company. iii. Retail trading activities of any nature is not allowed for a Branch

Office in India.

■■ Are Branch Offices permitted to remit profit outside India?

Branch Offices are permitted to remit outside India profit of the branch net of applicable Indian taxes, on production of the following documents to the satisfaction of the Authorised Dealer through whom the remittance is effected: a. A Certified copy of the audited Balance Sheet and Profit and Loss account for the relevant year; b. A Chartered Accountant’s certificate certifying i. The manner of arriving at the remittable profit ii. That the entire remittable profit has been earned by undertaking the permitted activities iii. That the profit does not include any profit on revaluation of the assets of the branch.

■■ What are the documents to be submitted to the AD bank at the time of closure of the Liaison/ Branch Office?

At the time of winding up of Branch offices, the company has to approach the designated Authorised Dealer bank with the following documents: a) Copy of the Reserve Bank’s permission/ approval from the sectoral regulator(s) for establishing

the Branch Offices. b) Auditor’s certificate i) indicating the manner in which the remittable amount has been arrived at and supported by a statement of assets and liabilities of the applicant, and indicating the manner of disposal of assets; ii) Confirming that all liabilities in India including arrears of gratuity and other benefits to employees, etc., of the Office have been either fully met or adequately provided for; and iii) Confirming that no income accruing from sources outside India (including proceeds of exports) has remained unrepatriated to India. c) No-objection / Tax Clearance Certificate from Income-Tax authority for the remittance/s. d) Confirmation from the applicant/ parent company that no legal proceedings in any Court in India are pending and there is no legal impediment to the remittance. e) A report from the Registrar of Companies regarding compliance with the provisions of the Companies Act, 1956, in case of winding up of the Office in India. f ) Any other document/s, specified by the Reserve Bank while granting approval.

India Newsletter • 15

Embassy of India, Vienna

PERSPECTIVES ON INDIA Vision for a digitally empowered India

by Aparna Dutt Sharma, CEO, IBEF

A

t a meeting chaired by Prime Minister Mr Narendra Modi on August 21, the Union Cabinet has formally approved the Digital India programme. The programme, extremely comprehensive in nature, aims to transform India into a digitally powered society and knowledge economy. Various projects to be implemented under the programme are expected to cost around Rs 1 trillion.

The execution of the programme has been planned in multiple phases starting from the current year and extending till 2018. It will

ensure that Government services are delivered to the people of India electronically. A Unique ID and an e-Pramaan is planned to be issued on the basis of authentic and standard based interoperable and integrated government applications.

The programme aims to give a major boost to nine pillars of growth - broadband highways, universal access to mobile connectivity, public internet access, e-Governance, electronic delivery of services, information for all, electronics manufacturing, IT for jobs and early harvest programmes.

The Government aims to connect 2.5 lakh villages through broadband and phones, bring down telecom

imports to nil, install wi-fi facilities in around 2.5 lakh schools and all universities and set up public wi-fi hotspots. It is expected to create around 1.7 crore direct jobs through training in the fields of IT, telecom and electronics and 8.5 crore indirect jobs.

At the core of the programme is the vision provided by Prime Minister Narendra Modi that IT (Indian Talent) + IT (Information Technology) = IT (India Tomorrow). The holistic approach towards leveraging IT across all areas of governance is certainly laudable and promises to catalyse the Government’s efforts towards inclusive development and citizen welfare.

TRADE FAIRS 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 marketingofficer@indianembassy.at to get more information about possible assistance/subsidies.

16 • India Newsletter

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India Newsletter • 17

Embassy of India, Vienna

India International Leather Fair is a 3 day event being held from 1st February to 3rd February 2015 at the Chennai Trade & Convention Centre in Chennai, India.

This event showcases products like Leather, leather products, fashion accessories, machinery and equipment, chemicals etc. in the Leather & Leather Products industry.

2-4 February Hyderabad INDIA

BioAsia seeks to enhance, enrich and encourage newer innovations, path-breaking discoveries and effective solutions in the industry by offering a vibrant global platform for convergence of the key stakeholders - Biotech & Biopharma Companies, research institutions, investors, service providers, policy makers, regulators and analysts.

18 • India Newsletter

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INVEST INDIA Federation House, Tansen Marg New Delhi—110 001 0091-11-23765085, 23487278 investindia@ficci.com www.investindia.gov.in

I

nvest India is the country’s official agency dedicated to investment promotion and facilitation. Set up as a joint venture between FICCI (51% equity), DIPP (35% equity held by the Department of Industrial

policy and Promotion, Ministry of Commerce & Industry) and State Governments of India (0.5% each), its mandate is to become the first reference point for the global investment community.

It provides granulated, sectorspecific and state-specific information to a foreign investor, assists in expediting regulatory approvals, and offers hand-holding services. Its mandate also includes assisting Indian investors make informed choices about investment opportunities overseas.

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Embassy of India, Vienna

MAKE IN INDIA CAMPAIGN PM Modi to launch ‘Make in India’ campaign on September 25th

O

n September 25th, India’s Prime Minister Narendra Modi will launch the “Make In India” campaign, aimed at reviving the job-creating manufacturing sector — key to taking the economy on a sustainable high growth path.

The event will take place in Vigyan Bhawan at 10:30 am IST on 25th September and will be streamed live under the following links both in English and Hindi: ■■ https://www.youtube.com/user/ PMOfficeIndia ■■ http://pmindiawebcast.nic.in/ ■■ h t t p : / / d i p p. n i c . i n / E n g l i s h / default.aspx The drive, the Modi government hopes, will do for investment

20 • India Newsletter

sentiment what the “Incredible India” campaign has accomplished for tourism. With his “Come, make in India” slogan in his Independence Day speech, Mr. Modi had invited global companies to set up manufacturing units in India to supply to the rest of the world.

The campaign includes invitations to the world’s top 3,000 companies to explore investment possibilities in India. Indian Embassies around the world are expected to join the campaign.

Due to the IAEA General conference in the week from 22-26 September, the Indian Mission in Vienna would not be able to hold the Business Event on 25th September. The mission will however be organising a business event focussing on “Make in India” on 9th November at the Austrian Chamber of Commerce in Vienna, followed by events in other

provinces.

The ‘Make in India’ campaign will eventually take up policy reforms involving changes in laws to ensure ease of doing business in the country. An infrastructure push and tax issues are also on the cards, with the setting up of an eight-member expert panel by the Department of Industrial Policy and Promotion.

Besides interfacing with investors, team Invest India will also work with Central and States departments to resolve policy and other issues.

“We will work with the States to accomplish de-bureaucratisation and deregulation and to ensure officials mindsets change from being permits issuers to partners in investment processes,” an official said. This all means that the campaign’s main role will be to provide information and solve investors problems.

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SPECIAL ARTICLE - FOOD DIPLOMACY

I

ndian cuisine reflects a 5000-year history of intermingling of various communities and cultures, leading to diverse flavours and regional cuisines. The arrival of the Mughals, the British, and Portuguese further added variety to Indian cuisine.

The consequent fusion in cuisines resulted in what is today known as ‘Indian Cuisine’. Indian cuisine also means a wide variety of cooking styles. Sometimes it seems referring to it as Indian cuisine is a misnomer, since regional dishes vary tremendously from region to region.

Indian cuisine has also shaped the history of international relations; the spice trade between India and Europe is often cited by historians as the primary catalyst for Europe’s Age of Discovery. Spices were bought from India and traded around Europe and Asia. It has also influenced other cuisines across the world, especially those from Southeast Asia, the British Isles and the Caribbean.

As food influences travelled to India, so has Indian cuisine travelled abroad. Particular dishes have gained popularity or subtle influences through spices have seeped into cuisines the worldover.

■■ History of Food There is no concrete record of the food habits of the Indus civilization.

With the coming of the Aryans around 1500 BC, literary sources reveal distinct dietary behaviour.

The food was simple as the early Aryans were semi-agriculturist, semi-nomadic people. As they began around 1000 BC to settle down in the fertile Gangetic plains their food became more complex and elaborate.

Barley and wheat seem to have been the chief produce of the field, and consequently the principal articles of food. Various kinds of cakes were prepared from these

grains and used as food and offered to the gods. Frequent allusions to animal sacrifices and to the cooking of meat, roasted and boiled, meant that the early Aryans were non vegetarians.

As the agrarian economy grew, cattle and other domesticated animals became more useful in agrarian and related food production activities; it became increasingly expensive to slaughter animals for meat. This was the beginning of vegetarianism in India. With the rise of Buddhism and Jainism in the 6th century BC, the doctrines of non-violence took religious connotations and meat eating became taboo in the Aryan culture.

Till early medieval times, vegetarianism was the mainstream food habit of the Aryan people; they ate grains, fruits and vegetable and milk products. A warm climate and cultivation of a large number of herbs and spices, the preparations became more complex. This remained for two thousand years as the main food habit with large sections of traditionally vegetarian Indian families – particularly in North India.

During this period, Indian cuisine gained immensely from interaction with foreigners who came to the subcontinent as migrants, traders and invaders -- making it a unique blend of various cuisines.

India’s first taste of foreign flavours came with the Greek, Roman and Arab traders who used many of the important herbs and spices, and most importantly, saffron.

Another important influence from a different culinary world was from Arabs traders who introduced coffee.

The Arabs also left an indelible mark on Kerala’s cuisine now known as Kerala Muslim (or Moplah) cuisine.

Syrian Arab Christians fleeing persecution at the hands of the Muslims took refuge under the King of Kerala and also left a heavy

influence on the cuisine of Kerala.

Persian Zoroastrians arrived next and gave to India what is known as Parsi cuisine. Some believe that it was the Zoroastrians who first brought biryani to India, before the Mughals made it popular.

The Mughals revolutionized Indian food with their penchant for elegant dining and rich food with dry fruits and nuts, a style which eventually came to be known as Mughlai cuisine.

Tomato, chilli, and potato, which are staple components of today’s Indian cuisine, were brought to India by the Portuguese. The Portuguese also introduced refined sugar, before which only fruits and honey were used as sweeteners.

Hindu refugees from Afghanistan brought with them a style of an oven, which led to an entirely new stream of dishes – tandoori.

The British infused in Indians their taste for tea. With an ideal tea growing climate, India rapidly joined the ranks of tea lovers of the world.

The British not only influenced what Indians ate, they also changed “how” Indians ate. For the first time Indians used knives and forks. The dining table replaced the kitchen floor.

■■ Flavours of India Herbs and spices, or masalas, play a vital role in Indian food. Masala means a ‘blend of several spices’ which varies from dish to dish.

Garam masala is the most important blend and an absolute essential for an Indian preparation. Each state in India has its own particular blend of garam masala.

The role of spices and herbs, in fact, goes beyond just cooking. Ancient Ayurvedic texts prescribe them for curative and therapeutic functions.

Though knowledge of the medicinal properties of herbs and spices have been lost to most of today’s generation, with flavor and palette becoming dominant but the fact India Newsletter • 21

Embassy of India, Vienna

remains that locked in traditional wisdom are age-old secrets of the benefits of herbs and spices.

The story of Indian spices is more than 7000 years old. Centuries before Greece and Rome had been discovered, sailing ships were carrying Indian spices, perfumes and textiles to Mesopotamia, Arabia and Egypt. It was the lure of these that brought many seafarers to the shores of India.

Long before the Christian era, Greek merchants thronged the markets of South India, buying many expensive items amongst which spices were included. It is believed that the Parthian wars were being fought

by Rome largely to keep open the trade route to India. It is also said that Indian spices and her famed products were the main lure for crusades and expeditions to the East.

It was in AD1492, that Christopher Columbus discovered the New World. Five years later, under the guidance of Captain Vasco Da Gama a new route to the spice lands of Asia was being searched. While Columbus failed to achieve this goal, Da Gama succeeded. The ships brought back a cargo of spices and other products worth 60 times the cost of the said voyage. Da Gama`s successful voyage intensified an international power struggle for control over the spice trade. For three centuries the nations of Western Europe -- Portugal, Spain, France, Holland, and Great Britain -- fought bloody sea-wars over the spice-producing colonies.

By the year AD1000, Arabians had conquered the Indus valley. They brought cumin and coriander that was mixed with Indian pepper, ginger and turmeric, that centuries later British sailors spread throughout the world as curry powder. In India, Arabian traders got rare and exotic spices of the Far East from local spice merchants.

India had spent the previous two millennia spreading its culture to the Spice Islands of the east.

22 • India Newsletter

■■ Culinary styles Cuisine differs across India’s diverse regions as a result of variations in local culture, geographical locations and economics. It also varies seasonally.

■■ North India This cuisine is perhaps the most popular and widely served in restaurants around the world. It is broadly characterized by meats and vegetables cooked in the tandoor (coal fired barbecue), use of cream in dals and yogurt in marinades.

Wheat is produced in the north and therefore a range of breads - naan, tandoori roti, chapatis or paranthas are traditionally eaten with foods of this region.

The best known North Indian food is Mughlai cuisine. Mughlai cuisine is a style of cooking developed by the imperial kitchens of the Mughal Empire and broadly nonvegetarian in content. This cuisine is characterized by the use of yogurt, fried onions, nuts and saffron. There are tender kebabs, creamy kormas, rich pasandas….

The most notable ingredient in Kashmiri cuisine is mutton, of which there are over 30 varieties.

Traditional Kashmiri cooking is, almost like an art called Wazwan reflecting strong Central Asian influences. The Wazwan experience means primarily non vegetarian dishes, each aromatic with herbs and the fresh produce of the region.

The unique feature of Kashmiri cuisine is that spices used are boiled rather than fried, which gives them a unique and distinctive flavour and aroma.

Punjabi cuisine is not different from other cuisines in the sense that most of the cuisine is inspired by the Central Asian and Mughlai cuisines since it was the entry spot for Muslim invaders. Punjab has also bequeathed the institution of dhaba, a wayside eating joint, especially on highways. Mah ki Dal, Sarson Da Saag and Makki Di Roti, meat curry like Roghan Josh and stuffed paranthas are some of the popular dishes of this cuisine.

Awadhi cuisine bears similarities to those of Persia, Kashmir, Punjab and Hyderabad. The bawarchis and rakabdars of Awadh gave birth to the dum style of cooking. Dum, i.e., the art of sealing ingredients in a large handi and cooking over a slow fire, which relates very well with the relaxed outlook and attitude of the people of the region. The richness of Awadh cuisine lies not only in the variety of cuisine but also in the ingredients used like mutton, paneer, and rich spices including cardamom and saffron.

■■ South India In South India, food is characterized by dishes cooked on the griddle such as dosas, thin broth like dals called sambar and an array of seafood. The region is also known for its heavy use of ‘kari’ leaves, tamarind and coconut.

Andhra Pradesh is known for its Hyderabadi cuisine which is greatly inspired by the Mughlai cuisine. The wealthy and leisured aristocracy of the erstwhile Nizam State as well as the long peaceful years of their dominance contributed largely to the development of this cuisine.

Some of the most traditional Hyderabadi dishes are biryani, chicken korma and sheer khurma.

Varieties in the cuisine of Karnataka has similarities with its three neighbouring South Indian states, as well as the states of Maharashtra and Goa to its North. Karnataka has two main styles of cooking, the Brahmin cuisine that is strictly vegetarian and the cuisine of Coorg which is noted for its pork dishes.

The Chettinad cuisine of Tamil Nadu has transcended the boundaries of the state to carve a worldwide following. Generally the dishes are hot and pungent with fresh ground masalas and a typical menu resembles the aristocratic way of the Chettinad people.

The rich intermingling of cultures in Kerala has contributed to a vast melting pot of mouth-watering delicacies that are churned out.

Appam and stew, ulli theeyal and of course the ubiquitous banana chips

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is something most are familiar with, however, in the northern region of Kerala or the Malabar coast Muslim Moplah cuisine rules the roost.

Arab influence is predominant in many of its dishes like the Alisa, which is a hearty wheat and meat porridge. South of Central Kerala is where the art of Syrian Christian cooking remains the pride of many a homemaker. Their contribution to the Kerala cuisine has been manifold and the most noted are the hoppers, duck roast, meen vevichathu (red fish curry) and the isthew (stew).

■■ East India Bengali cuisine is the only traditionally developed multicourse tradition from the Indian subcontinent that is analogous in structure to the modern service à la russe style of French cuisine, with food served course-wise rather than all at once. Bengali cuisine has a high emphasis on chilli pepper along with mustard oil and tends to use high amounts of spices. The cuisine is known for subtle flavours with emphasis on fish, vegetables, lentils, and rice. Fresh sweet water fish is one of its most distinctive features; Bengalis prepare fish in many ways, such as steaming, braising, or stewing vegetables and sauces based on coconut milk or mustard.

The flavours of Oriya cuisine are usually subtle and delicately spiced and fish and other seafood such as crab and shrimp are very popular.

The food of India’s eastern states such as Sikkim, Manipur, Meghalaya, Mizoram, Assam, Nagaland, Manipur varies quite dramatically due to their geographical location. These areas are heavily influenced by Tibetan, Chinese, and even Western Cuisine.

■■ West India Rajasthani cuisine is quite diverse.

On one side of the spectrum, the love for shikaar (a good hunt) among the erstwhile royalty creates a culinary art form that is unimaginable. And on the other side of the spectrum, is the equally grand all vegetarian food of Marwar or Jodhpur with popular dishes such as choorma laddoo and daal baati.

Gujarat has a large populace that has been mainly vegetarian for religious reasons and therefore Gujarati cuisine is strictly vegetarian.

The popular dishes in this cuisine are oondhia, patra, khaandavi and thhepla. Gujarati food tends to be sweet.

Parsi food is the hallmark of India’s Zoroastrian community - ancient Persians. The Parsis’ main dish is Dhansakh (caramelized onions and brown rice served with a mix of dals, vegetables and meat) which is eaten on Sundays and at all weddings and functions. Goan cuisine has a strong Portuguese influence since it was previously a Portuguese colony.

The gravys are chilly-hot, spices are ground with vinegar and coconut.

Some examples of this cuisine are Balcao, Xacuti, Vindaloos, Sorpotel and Moehlos.

Malvani/Konkani cuisine is the standard cuisine of the Hindus in the Konkan region of Maharashtra, Goa and northern parts of West Karnataka. Although Malvani cuisine is predominantly non-vegetarian, there are many vegetarian delicacies. Malvani cuisine uses coconut liberally and is usually very spicy; however, the ‘Konkanastha Brahmin’ style of food of the region is quite bland and also vegetarian.

■■ Celebrating with Food Due to the diversity of geographical features and religions, festivals, small or big, are celebrated all year long in India. These festivals offer a great opportunity for people to enjoy traditional delicacies that are associated with each festival.

Special dishes are prepared and offered to the respective deities. For example, milk pudding, butter, and curd preparations signify cowherd Krishna’s birthday, Janmashtami, while Modakas of fresh coconut, regional varieties of murukku, laddu and kajjaya are thought to be favourites of Ganesh and are offered on Ganesh Chaturthi.

There are so many varieties of mithais as one moves from North to South or East to West and within

different ethnic groups that one gets overwhelmed. While rasgulla, cham cham, sandesh and laddoo, gulab jamun, kaju katli are popular in West Bengal and North India respectively, messu, monthar and ghevar are the order of the day in Gujarat and Rajasthan.

■■ Indian Food the Worldover Indian migration has spread the culinary traditions of the subcontinent throughout the world.

These cuisines have been adapted to local tastes, and have also affected local cuisines. For example, curry’s international appeal. Indian tandoor dishes such as chicken tikka enjoy widespread popularity.

Indian cuisine in the Middle East has been influenced greatly by the large Indian diaspora. Centuries of trade relations and cultural exchanges have resulted in significant influence on each region’s cuisines, the most notable being the Biryani.. It was introduced by Persian invaders into Northern India and has since become an integral part of the Mughlai cuisine.

Indian cuisine is very popular in Southeast Asia, due to the strong Hindu and Buddhist cultural influence in the region. Indian cuisine has also had considerable influence on Malaysian cooking styles and also enjoys popularity in Singapore.. Singapore is also known for fusion cuisine combining traditional Singaporean cuisine with Indian cuisines. The spread of vegetarianism in other parts of Asia is often credited to Hindu and Buddhist practices that originated in India.

Chicken tikka masala has been called “a true British national dish.” In 2003, there were as many as 10,000 restaurants serving Indian cuisine in England and Wales alone. According to Britain’s Food Standards Agency, the Indian food industry in the United Kingdom is worth 3.2 billion pounds.

India Newsletter • 23

Embassy of India, Vienna

TOURISM

The Pols of Ahmedabad

by Hugh & Colleen Gantzer The legendary enterprise and acumen of the people of Gujarat have created a unique architectural style. .

We discovered this when the wellinformed Girish took us on his fascinating Heritage Walk through Ahmedabad’s unique Pols. As we walked, we began to realize us how closely, and creatively, the city’s traditional trading families had cooperated to meet their special needs; including their spiritual ones!

As most trading families do, they believed that success in their profession often depended more on chance than on skill. The deities had to be propitiated. Fittingly, our morning tour started with the evocative lightceremony of aarti in the Swaminarayan Temple. We noticed that the idols were black and had the inserted glass or metal eyes which we have seen, most often, in tribal and Jain icons. Gujarat’s powerful Jain traditions probably influenced the iconography in the temples of the Pols.

These community clusters are unique..

According to Girish, every Pol held small, interconnected, family-owned 24 • India Newsletter

residences served by narrow zigzagging streets, a temple, open congregational areas and secret escape corridors into the neighbouring Pols.

They were overseen by committees of five elderly people, drawn from the families living in each Pol, known as the Panch.

When we entered the first Pol we noticed an unusual structure. Built on top of a tall column was a tiny, roofed, shelter. A ladder led up to it.

At its base, on the level of the road, was a feeding trough and containers of food had been stacked against it. True to their conviction that life was precious, the Pol’s residents had erected bird baths and feeding trays and from the first meal, cooked by the Pol’s families, a portion was offered to free-ranging animals like cows and dogs. In one of the Pols we spotted mynahs nesting in holes created for them. Long before ‘eco-consciousness’ became a fashionable catch phrase, the people of the Pols had realized the value of fostering the web of life. Busy flocks of mynhs, foraging in the nooks and crannies of the Pols are far more effective than noxious chemical sprays and insecticides. The birds and animals that contributed to the well being of

the Pols were encouraged to share in the Pol’s prosperity.

Clearly, the families living in the Pols were affluent. Wooden facades and pillars were beautifully carved, Though there were an estimated 12,000 properties massed in 120 Pols there was an assertive sense of pride in these unique dwellings in marked contrast to the tenement griminess that is normally associated with such cheek-by-jowl living. In fact the 600 year Muharat Pol, had been an enviable river-side complex built on the banks of a seasonal stream that fed into the Sabaramati river. The British had spanned it with the Fernandez Bridge and then filled up the brook to create living spaces and a road. The absence of the watercourse had been compensated for by rainwater pouring into subterranean cisterns which then recharged wells in the courtyards of every Pol. The old architects of the Pols had also adapted their designs to the evolving needs of their communities. There was a temple meant exclusively for women possibly because their men spent much of their time away from home. Another temple had been built underground to circumvent the rule

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that permission had to be sought from the government to construct such places of worship during the reign of the Mughals. Then, because arthritic worshippers might find it difficult to climb up and down the flight of stairs, a mirror had been installed near the start of the steps. It captured a reflection of the idol so devotees could worship it without taxing their aching knees!

We also spotted a bracket carved with effigies of writhing dragons, a tribute to trade links with distant China.

Such international trade amassed wealth generation after generation tempting marauders. The Pols were designed to handle this threat.

Narrow, winding, streets which, even today, could take only pedestrians and two-wheeled vehicles deterred plunderers. We saw a woman step through a door that looked like the entrance to a house. It was a secret escape route. In case of attack, the one hundred families in a Pol could disperse through the entire maze of stacked apartments while belligerent defenders bombarded invaders with missiles from the balconies and rooftops. Moreover, some of the Pols we visited had detachable ladders leading to trap-doors accessing higher floors. A tug and a slam could isolate every floor, sequestering it from unwelcome intruders. Particularly impregnable was the Javeri Pol Wad. It was the rich complex of the jewellers.

While its carved façade proclaimed the affluence of its residents, its massive gate, crowned by a guardhouse, deterred would-be brigands. It captured the entire ethos of the Pols.

In fact, the word ‘Pol’, we were told, is derived from the Sanskrit word ‘Pratoli’, similar to its Latin cousin ‘Portal’. It means a gate or an entry. Walled and fortified cities, hamlets and villages had their gates, closed at sunset, protcting multi-disciplinary societies. The Pols, however, seem to protect groups of trade-related families who have chosen to live in mutually supportive proximity.

These elegant mazes of Ahmedabad are an architectural expression of the phrase ‘One for all and all for one!” The Pols are, probably, the world’s earliest urban gated communities.

India Newsletter • 25

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26 • India Newsletter

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EMBASSY EVENTS REPORT On the occasion of the 68th Anniversary of India’s Independence Day on Friday , August 15th, 2014, the Embassy of India, Vienna, welcomed several guests at the India House for a flag hoisting ceremony.

Some impressions of the event follow:

India Newsletter • 27

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INDIAN MOVIE EVENING AT THE EMBASSY 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, via email under marketingofficer@ indianembassy.at

Ein unschlagbares Team Chak De! India ■■ Synopsis: Shimit Amin’s Bollywood sports drama Chak De India stars Shah Rukh Khan as a coach for a girl’s hockey team. He wants nothing more than to do his country proud by having the team be successful. One of the players, Vidya (Vidya Malvade), must convince her stern parents that she should play on the squad. Eventually the team travels to Australia in order to contend for the World Cup. ■■ Genre: Drama / Family / Sport ■■ Directed by: Shimit Amin ■■ Starring:

Shah Rukh Khan, Vidya

Malvade and Tanya Abrol ■■ Released: 2007 ■■ Duration: 152 Minutes ■■ Language: Hindi ■■ Subtites: German

Showtime

NEW TIME!

September 26th, 17:30 Indian Embassy Business Centre (1st Floor, Kärntner Ring 2, 1010 Vienna) 28 • India Newsletter

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NOTICE BOARD EMBASSY’S LIBRARY ■■ The EMBASSY’S library is opened DAILY from 10am to 1pm without appointment. NEW OPENING HOURS! ■■ For scheduling an appointment outside the opening hours, please contact the information assistant under infoasstt@indianembassy.at or 01 505 8666 33

BUSINESS CENTRE ■■ The EMBASSY’S Business Centre is opened DAILY from 10am to 1pm. NEW OPENING HOURS! ■■ For scheduling an appointment outside the opening hours, please contact the commercial wing under the contacts given below.

■■ Marketing Officer: marketingofficer@indianembassy.at or 01 505 8666 30 ■■ Marketing Assistant: marketingassistant@indianembassy.at or 01 505 8666 31

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: 0043 1 505 866 15 and cpolitical@indianembassy.at

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