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Apr30
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Just yesterday, I wrote that ADB is worried for the impact of the high oil price on Indian economy and ADB stated that may be the growth of Indian economy can see a decline from its prediction. And today, Indian Finance Minister Palaniappan Chidambaram has expressed his confidence that even the rising oil price may not able to stop the Indian economy from growing. "This year looks good to me. If investments pour in, there will be growth," Chidambaram said.
He also said, ""We have to ensure that there are no financial imbalances, there are no surprises for investors. We have recently managed our finances well". He is confident that if Indian economy is managed well then high oil price would not be able to destroy the good growth.
As for me, I am not so optimistic like Mr. Chidambaram. After the regional elections finish in the 5 states after 2 weeks, the government will have to seriously think of increasing the price of oil in the Indian market. That will be a real tough challenge for the Indian government.
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Apr30
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In the World Cup Cricket 2011, 51 matches will take place and India will host 22 matches, while Pakistan, Sri Lanka and Bangladesh will host 14, 9 and 6 matches respectively. Australia and New Zealand have been awarded the 2015 tournament and England is going to host in 2019.
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Apr29
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3 weeks ago, ADB predicted that Indian economy will grow at 7.6% this year and now ADB is saying that if the price of oil in the international market continues to remain high than it will change its forecast about the Indian economy.
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Sri Lanka is now hopeful that by 2010 the country will have 1 million tourists visiting the island country. In the first quarter of this year (2006), 159,664 tourists came to Sri Lanka. This is a 27.5% increase from the same time of last year (2005).
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Pakistan imported nearly 200,000 tons of refined (sugar). This year local sugar production may even decrease by 1 million ton to 46 million ton. Many farmers are switching to alternative crops like wheat that may bring more cash for them.
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Apr28
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India's economic growth, forecasted at 8 percent GDP in 2006, continues to support the retail industry. The estimated $350 billion retail market is expected to grow 13 percent and the top five retailers account for less than 2 percent of the modern retail market.
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In the local market, the main challenge the software companies are facing is that the size of the market is still very small. Creating new customers is not an easy one in a society where PC penetration is still less than 2%.
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Apr27
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ATI Technologies is going to invest $50 million in for its R$D activities in the next 5 years.
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The immediate priority for the new Prime Minister is to bring back the Nepalese economy in the normal track. His government has to help the stock exchange to perform normally. Girija Prasad Koirala will also have to try his best to convince the donors to provide fund generously. Nepal has got a second chance now.
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Apr26
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This decision will encourage many international companies to set up research centers in India. Germany and India are jointly going to set up a Science research center.
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Right now, Yahoo offers this service in USA, Canada, UK and Australia. So, this shows that Yahoo is giving the Indian market a lot of importance and this is a wise decision of Yahoo bosses.
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Wal-Mart is going to set up offices in Mumbai and Delhi within a few months in its plan to make Mumbai a sourcing hub for gems and jewellery. In 2005, Wal-Mart purchased goods worth of $1.5 billion and in 2004 this figure was $1.2 billion.
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Uzbek President Islam Karimov will be delighted to have the world's largest democracy as his friend. Thus it is a win-win situation for both the countries.
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Apr25
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KfW Bankengruppe works in Germany, Europe and other parts of the world including India. It has now announced that it is going to invest 3 billion euro in the next three years in India. Right now, its investment in India is just 30 million euros in two nfrastructure funds.
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The common people in Nepal have now high expectations about the future of the country. They came to the street and fought against injustice. Their main goal was to see Nepal as a prosperous country. They are fed up with the terrible condition of the Nepalese economy as the growth rate is hovering around 2%-3% annually.
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It is interesting to note that there are many non-Muslim religious sites in the country. Hashim Khan, managing director of Pakistan Tourism has recently said in Berlin that there were more places of interest for non-Muslims than Muslims in the country.
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In the fiscal year 2004-2005 (July 2004- June 2005), about 6,50,000 visitors visited Pakistan and in the current fiscal year (ending in June 30 2006), this number may reach to 1 million.
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If this kind of report was published 10 years ago by World Bank then politicians and the media on both side of the border would start a blame game but now most probably they will take it as mere financial figure and focus on the financial aspect instead of trading blames.
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Apr24
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The common people of the country have suffered to the extreme for the last 2 weeks.
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The demand for bandwidth is always on the rise and now we have news that Videsh Sanchar Nigam Ltd. (VSNL) is planning an India-Europe undersea cable project which will directly link India and Europe. The distance is nearly 10,000 Kilometer and the investment of the project will be $300 million.
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Asian Development Bank (ADB) may double the amount of money that it gives to India as loan and in the next three years India may receive $ $7.3 billion as loan from ADB. Indian Finance Minister P Chidambaram has informed this matter today.
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India, Japan and UK are the top 3 countries from which tourists come in largest number to Nepal and tourists from these 3 countries accounted for nearly half (47%) of all tourists on March 2006.
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20% of output in Indian economy is added y farming activities but it is the largest source of livelihood for Indian people in rural areas.
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Apr23
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India is shining now but the shine is visible only in some cities and except the top 5-10 cities people in the rest of the country are struggling to have a decent life. The people belonging to the lower caste in Indian social stratum are also being marginalized day by day and this is indeed the recipe for social instability.
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South Asia is very diverse- much more diversified than China. Think of India, there is language that is spoken by more than 50% of the population. So, if you want to diversify your company name which language to select?
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There is very strong demand among the Pakistanis about Indian movies and sooner or later Indian and Pakistani leaders will realize the fact that in this age of free market economy you cannot shut down any culture if it has popular demand.
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One interesting fact about India is that 17% of the total cars in the country run in the capital city Delhi. The urban poor living in the slums in the cities suffer most from the growing pollution.
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Many foreign companies are outsourcing their jobs to India and it seems that the investment is heading more in the service sector than in manufacturing. So, Manmohan Singh and his Commerce and Industry Minister Kamal Nath should be delighted to see that companies like BMW, Bosch and Mann are going to invest or extend their activities in India.
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Apr22
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India, Maldives and Sri Lanka will get the loans for post Tsunami rehabilitation of the common people.
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According to a report published in the Times of India, the government is losing at least Nepali Rs.3.5 billion as a result of the continuous general strike.
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Apr21
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Now DHL has come forward to address this issue and it has tied up with Transmile to deliver consignments from South Indian cities like Bangalore and Chennai to any part of USA in just two days.
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Well, at first the opposition parties have to reach to a consensus and the King has to keep his word. Nepalese history of last 20 years suggests that both of these are very difficult things.
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Apr20
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I got happy to find that a poultry farm owner has been given Rs 200,000 for the 3,500 chickens that were culled from his farm a few days ago. Well, this man will get some respite and he will not think of committing suicide like some Indian farmers have already done after suffering huge financial losses.
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Last year, 277,000 tourists visited the country. However, many tourists in Nepal have seen the worst and the current condition have forced many tourists to cancel their trips.
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Norwest Venture Partners (NVP), a leading global venture capital firm, has now $650 million to invest in the global information technology sector. Well, you cannot find a better place to invest than India in IT companies
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Armani has 25 outlets in China and 55 in Japan- so why not India? After all, India has the third largest economy in tAsia. Armani has now announced its intention to enter in the Indian market by opening 4 outlets in Delhi and Mumbai by mid 2007.
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Two weeks of all out protests means two weeks of loss of National production. There is hardly any activity in Nepal's Stock Exchange.
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Apr19
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In the fiscal year 2005-06 (ended on 31 March 2006) foreign direct investment (FDI) in India reached to $7.5b. In the previous fiscal year this figure was $5.3bn and thus more than 40% increase has taken place in just one year.
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A survey on Indian rural areas done by world famous McKinsey has found out that by 2020 rural India will become a market worth $500-600 billion.
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Sarthak Behuria, CMD of IOC has called on the government to increase the selling price of oil in the Indian market. He has stated that if IOC continues to suffer loss this way then in the current fiscal year the company may lose Rs 30,000 crore (nearly $6.65 billion).
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The major concern for Wipro right now is not competition from other companies but its high attrition rate. It has one of the highest attrition rates among Indian IT heavyweights.
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Standard & Poor's (S&P) has raised the outlook rating for India from 'stable' to 'positive'.
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Apr18
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Pakistan is still a poor country but it has now a teledensity fo 22% (22 phone connections per 100 persons). Just 2 years ago, teledensity in Pakistan was just 4% and after 2 years from now it will reach to 35% if the current growth in telecom continues.
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The price of vegetables has gone up too much too and fresh vegetables are becoming scarce. There may be debate about whether the salt crisis is real or not but there is no doubt that serious shortage of water is looming over Katmandu.
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I just feel that the plight of the South Asian poor farmers is very tragic. They are losing their chickens in thousands without receiving any compensation. Suffering huge losses, several farmers in India have committed suicide and if the situation becomes worse then most probably we will see more deaths from India and other South Asian countries. I just wish that these lives can be saved.
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The company has announced its financial results for the last fiscal year (ended on March 31, 2006). The company has informed the media that it expects 12%-15% increase in the sale of two wheelers in the current fiscal year (ending on 31 March 2007).
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With his experience in Wall Street Journal behind him, Raju Narisetti will surely be able to do something for business journalism in India. At least, I am hopeful about it. What about you?
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Dubai may have 400,000 leisure tourists from India this year, I touched the nature of development of Indian economy. Officials of Dubai's Department of Tourism and Marketing (DTCM) are now in India to arrange a four day long road show to attract Indian visitors.
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Apr17
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It is expected that in 2006 the bilateral trade will reach to $20 billion and Saroj Kumar Poddar, chairman of the Federation of Indian Chambers of Commerce and Industry is hopeful that this figure can reach to $100 billion within 6 years.
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Most people live in rural areas in the South Asian countries and raising poultry is a common thing for almost every family. So, if bird flu attacks South Asian countries in a large scale then it will take a disastrous turn because most people in the rural areas do not have access to even basic health facilities.
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TCS added more than 21,140 employees- a lot of jobs, isn't it? If you think that it is a lot then what you will say to hear that the target for this year is 30,500.
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Today belonged to Tata Consultancy Services Ltd. (TCS), one of the top Indian software exporters. The company has announced financial results for Q4 & FY, 2005-06 and in this it is found that quarterly profit for the fourth quarter has increased to 72.31%. The annual profit increased 41.16%.
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Apr16
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MoneyWise Property Consultants, a leading UK based company on financial planning, mortgage broking and investment property sourcing, has announced that it is taking the Indian market seriously and in the next one year it is going to spend £100,000 to set up offices in India.
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1,022,000 passengers have travelled by domestic air service and 127,000 passengers by international flight to and from the Tribhuvan Airport in the 11 months of 2005
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Nepalese economy depends a lot on tourism both in terms of foreign exchange income and job creation. From the Official website of Nepal Tourism Board, I came to know that in March 2006, 25,553 visitors came to Nepal by Air from different countries.
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Like every big city of the world, Katmandu depends on the supplies of food and fuels from the neighboring small towns, villages and land ports (since Nepal is a landlocked country supplies from India is vital for its economy).
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In 2004, egg production increased to 8,247 million and poultry meat to 4,02,000 tons."
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Apr15
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India is the fourth largest power in wind energy and among the Asian countries India is the first. Yes, India is ahead of all the Asian countries including China. According to a report, India has an overall capacity of 4,430 MW in wind energy.
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In 2005, DaimlerChrysler sold more than 2000 cars in the Indian market. This is perhaps nothing compared to the 1.46 million units sold globally but Indian market has huge prospect for growth because of the success in Information Technology and outsourcing, many people are getting rich in India every month.
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Even all the political problems get solved tomorrow in Nepal, the economy of the country will continue to bear the burden for a long long time.
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Pakistan imports more than 100 million KG of tea through the legal channel. Majority portion of tea is imported from Kenya. On the other hand, according to Pakistan Tea Association (PTA), 33 million KG of tea entered Pakistan illegally in FY 2005.
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Technorati Profile...
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Apr14
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It is normally thought that more than 60% cost is saved. Now, a study by TPI (a famous sourcing advisory firm), has stated that by outsourcing a company actually can save 15% on an average
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N R Narayana Murthy is among the few pioneers who guided India to become an IT super power.
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Chairman and Chief Mentor of Infosys Technologies N R Narayana Murthy has talked about his vision in the media of turning Infosys into a multi-cultural organization.
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The company issued a press release yesterday in which it stated that it would investing $25 million over the next two years. Agilent will build a 10-acre campus near Manesar, Haryana which will be one of the largest research centers of the company.
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Infosys Technologies Ltd. is the second largest software exporting company in India and today it announced that in the last fiscal year (ending in 31 March 2006) the company's yearly revenue crossed $2 billion.
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Apr13
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City dwellers in the Bangladeshi capital, Dhaka are buying a lot of sweets, yoghurt and fish to celebrate the new year. Yes, fish and rice are the main food for Bangladeshi people and of course fish is cooked with a lot of spice. Many shops will open their new (account) book from tomorrow and entertain their clients with sweets.
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SLT bosses are hoping that with full implementation of Infinys software, now SLT will be able to respond to the market demand quickly and the customers will get benefited too. Convergys has supported SLT in ' Implementation and migration for over 1.2 million pre- and post-support customer services migrated to Infinys'.
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The control of Pakistan Telecommunications Company Limited (PTCL) has been handed over to its buyer from UAE, Etisalat which has paid $1.4 billion already and will pay another $1.2 billion in 9 installments. Etisalat bought 1.33 billion shares out of a total of 5.1 billion of the company.
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Chevron Corp is world's fourth-largest oil company and it has strong presence in many parts of the world. Now, it is in pursuit of strengthening its position in India by buying 5% of Reliance Petroleum Ltd. It is an investment of $300 million and there is a provision that Chevron can increase its stake up to 29%.
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India is seeking new places from which it can get oil and gas easily. Of course, price is a factor but now getting energy on a regular basis is becoming a more important factor. Perhaps, India is now looking Uzbekistan as a possible source. Prime Minister of India Manmohan Singh will visit Uzbekistan on April 25.
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The leading aircraft manufacturer in the world Boeing is showing a strong interest about opening of a maintenance, repair and overhaul (MRO) in India. The investment made by Boeing will be nearly $100 millio and 3,000 jobs will be created here.
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Apr12
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According to the Department of Industries (DoI), altogether 76 FDI projects, valued at Rs. 2,146 million, were registered in 2005, compared to 35 projects worth Rs 546 million registered the previous year.
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Currently DrukNet has capacity of 10 MBPS. The reason behind the increase of bandwidth is growing demand of Internet use in the country. Many Bhutanese people are interested about Internet and browse Internet. That is why the demand for bandwidth is growing all the time.
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The export earning for India from this sector in the last fiscal year (2005-2006) was $16.67 billion while in the previous fiscal year (2004-2005) it was $15.68 billion. Bakul Mehta, chairman of GJEPC has blamed slowdown in the US market behind it.
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The committee members have agreed on principle to grant USA and South Korea observer status to this South Asian association. The committee members have also prepared a 4-point guideline to help China and Japan get observer status to the South Asian Association for Regional Cooperation (SAARC).
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In the fourth quarter of 2005 spending on Visa cards have increased 49%. Today, Visa Asia Pacific issued a press release in which it said, "India emerges as the fastest growing market for domestic Visa card spending with 49 percent year-on-year growth."
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Apr11
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Right now 25% of Pakistani garments export is directed towards the US market and if this increases then it is really a good for RMG owners in Pakistan.
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Sale of tea in GCC countries in 2005 was $281 million in 2005 and this will increase a lot in the next few years. Many Arab people are leaning towards tea as they believe that it is a healthy drink.
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The two new cities that will be covered by Air Arabia are and Kochi of Kerala and Jaipur. Thus from next month, Air Arabia will have weekly 26 flights into India.
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The state run oil firms suffered a net loss of 97 billion rupees in the first three quarters of the last fiscal year. State run oil firms have to sell oil at a discounted price to the people and this way their loss is only increasing every day.
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Indian Minister for Petroleum and Natural Gas Minister Murli Deora told the reporters today,"We hope that all 55 blocks will be snapped up. We expect over $7 billion investment within 24 months."
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Apr10
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in the last 5 years, "1,835 farmers have committed suicide in Andhra Pradesh, 5910 in Karnataka, 981 in
Maharashtra and 201 in Kerala" of India.
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All of a sudden, we could hear that there have been 100-plus bird flu outbreaks in Myanmar (formerly known as Burma). This news came not from Myanmar government but from He Changchui, FAO representative for Asia-Pacific.
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The KSE-100 had an increase of 3.9% or 451 points and in the end of the day the index stood to 11,937 points (all time high for the market). This record breaking performance was a sharp contrast to the 13% drop in index between Feb. 23 and March 13.
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Now, you can find 123 international and domestic call centers in Pakistan and another 30 are coming very soon. To train up the workforce, Pakistan needs experts in this field and who can boast better success and experience in this field than India?
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A few days ago, I praised the rise of Chennai as a serious contender to Bangalore in one of my entries. If you have read the post then you know already that Chennai was declared as the most attractive destination...
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Apr 9
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We are still a long time away from the prospect of USA holding the world cup cricket. However, India is going to play some of its matches in USA in the coming years and that can help. I think that Pakistan and Bangladesh should also consider playing some of their home matches in USA.
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The workers of State Bank of India (SBI) had agreed to call off their weeklong strike. SBI is the largest commercial bank in India and an all our strike since 3 April has crippled not only the banks but many small businessmen too. The union leaders call the strike in demand of a substantial rise in pension and they have got almost what they wanted.
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Lakshmi Mittal is from India and he studied in St Xavier's College Calcutta but in the world economy, he is literally 'the man of steel'. Last year, in the lsit of billionaires in Forbes, he was in the third position. Lakshmi Mittal knows to strike when the iron is hot and in the website of his company, you can find a list of the acquisitions of other steel companies, he has made so far since 1989.
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"Wealth of 's richest Asians jumps by nearly half"- it was the headline of the report in the website of Times Online (UK
). Yes, the value of total wealth of the top 300 Asians have increased more than 40% in just one year.
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Apr 8
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I agree with Mr. Babu 100% that something needs to be done immediately to save the Indian poor farmers.
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BCCI has sold TV rights of at least 25 matched that will be played outside of to Zee Telefilms Ltd for a sum of $219 million. As a result, BCCI's total earning from selling of different properties has reached to $1.052 billion.
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India now
has 90.54 million. This is really a huge market. However, compared to a population of 1 billion this is really nothing. The Indian economy can now accommodate another 100 million mobile phone connections very easily.
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Despite the fact that Sri Lankan government is engaged into a massive infrastructure rebuilding program after the devastation of Tsunami, Sri Lankan GDP growth remains to be healthy (in the range of 5%-6%). ADB thinks that for , civil war is a larger threat than Tsunami.
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The only good news for Nepalese economy according to ADB report is that in FY 2007, GDP growth may reach to 3.4%. This will happen only if Nepalese government can manage to reach a peaceful solution to the violent conflict.
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Apr 7
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Pakistan had 8.4% GDP growth in FY2005 (ended 30 June 2005) and it was the highest in the last two decades. However, ADB has predicted a growth rate of 6.5% for FY 2006 and 7.3% for FY 2007.
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Before Tsunami hit along with the other parts of
Asia in December 2004, everything seemed to be working well for the country. The growth rate was 8.8%. But since then, the country has remained engaged in rebuilding the infrastructure
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7.6% is not bad but I am sure that most Indians would prefer a growth rate of 8% or higher. ADB report clearly states, "The annual average growth rate over 2006–2010 is unlikely to exceed 8–8.5%."
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According to the report of ADB, Bhutan's economy grew at a rate of 8.8%. If you think that this rate is impressive then what you will say to know that the prediction of ADB for the year 2006 is 10%. This is even better than the growth rate of China.
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In the current fiscal year (ending in June 2006), Bangladesh will have a GDP growth of 6.5%- this is the prediction of ADP for . Two factors are supporting Bangladeshi economy- growth in the service and industry and growing flow of remittance sent by Bangladeshis working around the world.
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The report identified increasing fuel price as a big problem for Asian countries. It praised 's economic growth in last year. I came to know from the publication that Indian economy is having more weight in the overall economy of ADB members and Bangladeshi economy is moving ahead against all the odds.
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Apr 6
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The explosive economic growth in India has played the leading role in the increase of mobile devices like handsets, tablet PCs, pocket PCs and PDAs. Microsoft, with its strong presence in India is preparing to tap into this market.
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85% of the Indian cars are sold through a financed package (the world average is 70%).
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Referring to the fact that 65% of Indian population earn less than a dollar a day, Mr. Murthy said that must learn to think beyond software outsourcing. Most of them are either illiterate or semi-literate and Indian success in software outsourcing has hardly any importance in their life. The only way out for them and for
is to focus on creating jobs in the manufacturing sector.
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Apr 5
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Pakistan needs sugar something which India has while India needs wheat something which Pakistan can supply. Thus, it is completely a win-win situation for the two countries.
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There has been 23% increase of remittance in the first three quarters of the current Bangladeshi fiscal year (1 July to 30 June). In the period from July 2005 to March 2006, remittance earning for the country was $3,476 million while this figure was $2,822.86 million during the period July 2004-March 2005.
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Many things have changed for Indian economy in the last 10-15 years. When India adopted free market economy nearly 15 years ago, it was like a backbencher in the world economy. Now India is coming to the forefront in the world economy and its future only looks to be bright. So, India needs a new Foreign Trade Policy.
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It seems that he has made a strong comeback with his plan to create a “
Nano
City ” in the Indian state of Haryana. He is now in serious discussion with the state government of Haryana and both of them are eager to build something similar to
Silicon Valley . It is expected that after the project is finished, it will attract $2 billion of investment and create many job opportunities.
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He said that India's 'total primary energy requirements, which are close to 360 million tons of oil equivalent per annum, are projected to go up to 1.6 billion tons of oil equivalent by 2030'. He also informed that demand for oil and gas in
, will increase at a rate of 4.3 per cent and 7.3 per cent respectively during 2005 to 2025.
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Apr 4
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Only a decade ago air-conditioner was considered to be a luxurious item for common mass in every South Asian country. The condition has dramatically changed now.
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The sheer size of telecommunication industry of India is going to attract many foreign companies in the coming days. However, what I feel is that this is the best time to enter in this market as the boom has just started.
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Local and International media like BBC, Asia News TV program, ETV and BTV have given coverage to the activities of this NGO. Academicians and researches from Media Lab of Massachusetts Institute of Technology (M.I.T) and Oxford University Student Exchange Program under Travel Aid have cooperated with Learn Foundation.
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India is by no means a rich country but large companies like LG, Philips, Ford and Nokia have started to make products keeping the Indian market in mind.
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China imported 68.5 million tones of iron ore from on spot basis in the last financial year. Now, is keen to have a long term deal with about iron ore. has similar deal with .
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Apr 3
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Bangladesh gets most of its export income from the ready made garments (RMG) sector and members of BGMEA contribute directly to this. BGMEA was established in 1977 with just 19 members. This figure has now grown into around 3,500.
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According to IDC, the compounded annual growth rate (CAGR) for Pakistan,Bangladesh and Sri Lanka will be 19%, 22% and 11% respectively during this period. Increasing demand from the public sector, telecommunications and financial services industries have been identified as the main reasons behind this growth. The report also mentioned that 851,735 units of PCs were sold in these 3 countries in 2005.
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The U.S. goods trade deficit with Pakistan was $2.0 billion in 2005, an increase of $945 million from $1.1 billion in 2004.
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When it comes to Information Technology, Uttar Pradesh is a back bencher. Soon, this position can change as Microsoft is joining hands with the state government of Uttar Pradesh to develop ICT in the state.
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You may call it is a marketing strategy but to many people living in South Asia, Western Digital's (Western Digital Corp) announcement of 'WD Express' warranty replacement program is like a new era of customer service.
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Apr 2
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There are now approximately 75 million mobile phone subscribers in India and this number is increasing very rapidly in a country of 1 billion people. It is a win-win situation for everyone.
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Intel Capital is the investment arm of Intel Corporation and invests in promising companies globally. In India, it has a very strong presence and according to Mr. Sodhani, Intel Capital is the largest tech VC in India.
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Apr 1
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Pakistan recently held important discussion with India about improving economic ties. It seems that Pakistani government has decided to give economic concerns the number one priority in its foreign policy.
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'Economic growth in Nepal declined from a rate of 3.7 per cent in 2004 to 2.6 per cent in 2005 owing to weak performance of the agricultural sector, which accounts for 40 per cent of the country’s GDP
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At last, Puma bosses realized that India is a very attractive market for the company. German sporting goods company, Puma has decided to open a chain of stores across India
and will introduce a range of products
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'Nearly 800 Americans are working or interning at information technology companies in India
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In its 'Indian city services attractiveness index', the company has found Chennai to be the most attractive destination in India for offshoring services.
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