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MOTLEY COLLECTION OF BUSINESS AND ECONOMIC NEWS |
 INDIA TOP DESTINATION FOR RETAILERS
India has emerged as the most attractive destination for mass merchant and food retailers, outperforming China for the second year in a row, according to global consulting firm A T Kearney. “The Indian retail market is gradually but surely opening up, while China’s market becomes increasingly saturated,” said Mr Fadi Farra, a principal in AT Kearney’s Consumer Industries and Retail Practice and leader of the Global Retail Development Index study.
“India is at the peak of attractiveness for retailers right now, with a $350-billion retail market expected to grow 13 per cent this year,” said Raman Mangalorkar, head of consumer and retail practice in India for AT Kearney.
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 FIVE NRIS AMONG UK’S TOP 10 RICHEST
Five Indian-born people feature in the top 10 list of Britain’s richest, with L.N. Mittal continuing to lead the league tables with a $26 billion fortune, the Hinduja brothers at number seven with $6.4 billion and Mumbai-born Baghdadi Jews, David and Simon Reuben at eighth place. The Indian spike on the 2006 wealth list includes the startling fact that as many as 30 Britain-based NRIs, including Lord Swraj Paul, have fortunes worth over £60 million each. The rich list also records the rise in wealth of other Indian-born businessmen, including Anurag Dikshit, whose online poker firm PartyGaming floated on LSE last year and beauty products czars George and Mike
Jatania.
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 EURO FIRMS LOOK AT INDIA FOR OUTSOURCING
European manufacturing companies are look at India for outsourcing vast swathes of their operation. ‘India Everywhere’, is much more than the fashion event at the inauguration of the Hannover Industrial Fair. It is the theme for the fair too, which has brought together over 5,200 of the world’s largest manufacturing companies. Talking to them would be about 370 Indian companies, triple the number who came here last year. “Large number of our companies want India as a sub-contracting, R&D and manufacturing base,” said Wolfgang Pech, MD of the company that runs the world’s largest industrial fair.
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 INDIA INC IN INVESTMENT MOOD
Indian industries are back in investment mood again. Margins are growing, demand is picking up and India Inc swears by a prosperous future. The investment scenario, which had looked indifferent only recently is looking brighter once again following higher industrial growth—the Index of Industrial Production has grown by about 8 per cent during the last two years compared with an average annual growth of 5.4 per cent during five years, between 1998-99 and 2003-04. What is significant is that India Inc’s investment drive this time was not confined to increasing existing capacity or modernising production process alone. It now plans to invest in new projects.
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 INDIA INC GAINED COMPETITIVE EDGE DUE TO ECONOMIC POLICIES: PM
Prime Minister Manmohan Singh has said his government’s policies relating to investment, banking, finance and capital market have made the Indian industry more competitive. According to Singh, the government’s new policies are enabling public-private partnership in the areas of modernisation of roads, railways, airports, power and the entire urban infrastructure. The transformation India is going through will be one of the most exciting in this century as over one billion people move towards growth and prosperity.
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 SINGAPORE WOOS PUNJAB ENTREPRENEURS
Recognising the success of entrepreneurs from Punjab all over the world, the government of Singapore is making efforts to woo the entrepreneurs of Punjab to trade there. Officials in the Singapore High Commission say global business opportunities in Singapore are likely to enhance the entrepreneurial and enterprising skills of entrepreneurs in Punjab to a great extent. Indo-Singapore trade relations have witnessed impressive growth from S$7.9 bn in 2003 to S$16.6 bn in 2005, an increase of over 110 per cent. The signing of the Comprehensive Economic Cooperation Agreement (CECA) between Singapore and India has opened areas for intensifying trade and investment exchanges.
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June 2006
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