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Embassy of India, Kyiv India Newsletter: February 2007 Economic News Japan Inc. invited to invest Portraying India as a profitable investment destination, which will require fund inflows to the tune of $500 billion over the next five years, Prime Minister Manmohan Singh has invited Japanese companies to seize the opportunity with an assurance that "all legitimate concerns" of investors are being addressed. During his highly successful four-day visit to Japan, the Prime Minister urged Japanese companies to regain their country's "historic status" of being the most important business partner of India by participating in public-private partnership and outlined various measures undertaken by the government to ease investments, like creating provision for grant assistance through a specially-created 'viability gap funding'. FDI inflows to grow by 100% during 2006-07 The foreign and direct investment (FDI) inflows into the country during 2006-07 are set to grow by around 100 per cent, crossing the $11 billion mark, as compared to $5.5 billion in 2005-06. Giving an overview of the performance of the department of industrial policy and promotion (DIPP) during the current fiscal, Commerce and Industry Minister Kamal Nath said, "Once the reinvested earnings of foreign companies, already present in India, are also taken into account in the inflows, which is a world-wide practice, the total FDI inflows in the fiscal 2006-07 could be as high as $14 billion, compared to $7.7 billion last year". He added that the country is well on its way of reaching the export target of $120 billion set for this fiscal. "Growth in exports is needed to achieve a target of 10% GDP growth," the Minister said. According to him, the software industry, the financial services segment and the manufacturing sector have seen huge investments. IT services, BPO set to log 26% growth in 2007 Riding high on a bullish outlook, IT services and business process outsourcing (BPO) exports from India are expected to witness about 26% growth to log $33.4 billion in 2007 as against $26.5 billion in 2006. This includes revenues from captive operations, MNCs and Indian pure play third party service providers. According to estimates by consulting firm NeoIT, the software and related services exports are likely to post $20.8 billion in 2007 against $17.1 billion in 2006, a growth of 21.6%. The BPO space is predicted to grow at a faster rate of 34% to gross $12.6 billion in 2007 compared to $9.4 billion in 2006. "In the coming 12-18 months, the industry will continue to grow between 25% and 28%, even as the growth will be skewed towards larger players. We expect the top 3 players to grow between 32% and 35%, and the industry will continue to see marginalisation of the mid-tier and smaller companies," said Forrester Research Country Head and Senior Analyst, India Operations, Sudin Apte. India drives global biz confidence to 5-year high Dynamism in emerging markets, mainly India, has driven the global business confidence to a five-year-high, a survey by the Economist Intelligence Unit (EIU) says. The EIU's fifth annual CEO briefing survey found that nine out of ten top global executives rated business prospects during the next three years as "good" or "very good". The main drivers behind the optimism among global business executives were the bustling emerging markets especially India and China. In the survey, a majority of the 1,006 executives from around the world are planning to invest more in developing countries than in developed economies. One of the key findings of the survey shows that India is more upbeat than China. Respondents from India are abuzz with optimism for the years ahead, with 98% of them seeing "good" or "very good" business prospects. India's GDP to be second largest by 2050: Goldman India can sustain an 8% growth rate till 2020 and will overtake UK as the world's fifth largest economy by the middle of next decade at this pace, according to a Goldman Sachs report. The report forecasts that India's gross domestic product (GDP) will surpass Italy, France and the UK by the middle of next decade (around 2015) . It will then overtake Germany, Japan and finally the US before 2050, to emerge as the second-largest economy after China. Audi targets India Autumn of 2007 will see the premier carmakers of the world, Audi, bringing in their newest brand Audi A6 onto the Indian roads. Part-sets manufactured in Germany will be assembled using the Completely Knocked Down (CKD) production in an exclusive part of Skoda Auto India Ltd. site at Aurangabad, Maharashtra. "Audi is in the right place at the right time. India is one of our most important future growth markets. Our goal is to become the leading prestige brand there too. By 2010, we plan to achieve vehicle sales of around 3,000 units. That said, the main priority for us is not volume, but rather a strong brand position and gaining the trust of customers," Ralph Weyler, Board Member for Marketing and Sales at AUDI AG, said. Indian Hospitality Industry Higher room rates, never-before occupancy levels and the promise of a whopping Rs. 200 billion in investments by domestic and foreign players to exploit the huge supply demand gap made 2006 no less than a dream year for the Indian hotel industry. Ranked by the World Travel and Tourism Council (WTTC) as the fastest-growing tourism destination with a projected demand of over 100,000 new rooms, India saw its hospitality industry literally go into fast-forward mode in 2006, continuing the revival after the 9/11 attacks in the U.S. The industry had some of its best moments in the year. Peak tariffs failed to dampen the high occupancy rates, as the foreign tourists inflow rose to 3.88 million during January-November 2006, compared to 3.43 million a year ago. And many factors justify the industry's bullish outlook. WTT Chas predicted that the Indian hospitality sector, which has been growing at an annual rate of 8.8 percent, has the potential to earn $24 billion in annual foreign exchange by 2015. Add to this the 2010 Commonwealth Games, which in itself is a great catalyst for spurring growth and attracting more players to the sector. Leading the pack were giants like Marriott, Hilton, Wyndhamand Accor, who announced different investment plans. At last count, around 50,000 branded hotel rooms were in various stages of planning and development in 10 cities, which are expected to be completed by around 2010. However, to tide over skyrocketing land prices, many of the players joined hands with realtors who are sitting on massive land banks. Marriott took the lead when it signed an agreement with Unitech, India's largest publicly-traded real estate firm, to manage its three hotels, slated to open by 2009, with 659 rooms. The U.S.-based Hilton announced its much-awaited joint venture with domestic real estate major DLF to develop and own 75 hotels and service apartments. The venture would invest $550 million over the next seven years. Similarly, European hospitality leader Accor forged partnerships with realty firms to expand its presence in India. In addition to its earlier joint venture to set up 25 'Ibis' brand economy hotels in India with Interglobe, Accor formed anew company with Emaar MGF to build100 budget hotels in the next 10 years at an investment of $300 million. Accor also signed deals with Hindustan Construction Company (HCC), GMR Infrastructure, developer Nirmal Lifestyles and Naman Developers for operating their hotels. Sri Lanka's biggest hotel chain John Keells Holdings also announced plans to invest $100 million to build resorts in Goa and Kerala, while London-based India Hospitality Corporation has raised$100 million to build or acquire midlevel hotels. Wyndham, one of the world's largest hospitality firms, also entered into an agreement with Bangalore-based Royal Orchid Hotels to develop 10 Ramada hotels totalling at least 1,000 rooms, in which the latter would invest Rs. 5 billion. Price Waterhouse Coopers, the global consulting firm, has said a reason behind the international players' decision to invest heavily in India was due to slower growth at home that drove them to the booming markets in emerging economies such as India and China. From the revenues point of view, too, 2006 was a rollicking year. Average room rates – at $150-$300 in premium hotels, going upto as much as $550-$650 in the peak tourist season – were among the highest in the Asia-Pacific region. To sum up, it was a dream year for the Indian hospitality industry as it underwent rapid transformation with global hotel giant sand the domestic majors deciding to exploit the demand potential. (Source: India Digest, HCI London) Do You Know? US firms to send staff to India for treatment At least 40 American corporations have signed a health plan, which allows sending employees abroad, including to India, Malaysia, Thailand and Singapore, where they could save more than 80 per cent on the cost of medical procedures. Newsweek reported that more than 1,50,000 North American and European are currently seeking medical treatment abroad, it said. Giving instances of the savings, Newsweek quoted GlobalChoice Healthcare, a firm arranging foreign procedures, as saying that angioplasty which costs $50,000 in an American hospital can be performed for merely $6,000 in Mohali in India. The magazine quotes Abacas International, a leading travel facilitator, estimating that medical tourism to Asia could generate up to $4.4 billion by 2012. For invasive surgeries, the magazine says preferred destinations include India, Thailand, Singapore and Malaysia where large hospitals, like the Apollo chain in India and Bumrungrad in Bangkok in Thailand, actively court American, European and Middle Eastern patients. Tourism - India CallsKodaikanal – The Queen of Hill Stations Kodaikanal, also known as Kodai, located at an altitude of 2,133 m above sea level amidst the folds of the verdant Pali hills in Tamil Nadu, is one of the most popular serene hill stations of south India. The charm of Kodaikanal lies in its wooded slopes and gigantic trees. In fact the name itself means 'gift of the forest' in Tamil. The mighty rocks, bowers, creeks and slopes captivate the visitors. The meadows, the long stretches of forests, beautiful spots and the flocks of sheep grazing on green pastures are a source of joy, delight and thrill to onlookers. The climb to the various jutting rocks at Kodai is rewarding. The arduous climb tothe Pillar rocks, to a height of 400 ft, is a must for every visitor to this hill resort. The hill town is renowned for its educational institutions of international repute. The pride of Kodaikanal is the 'Kurinji-flower,' which blossoms once in12 years. Attractions Berijam Lake: The lake, about 21 km from the main town, is one of the most main picnic spots in Kodai. Considered to be one of the most beautiful lakes in south India, the lake covers an area of 24hectares. It holds promise of exciting treks, fishing and boat rides. Shenbaganur Museum: This flora and fauna museum was founded in 1895. It is maintained by the Sacred Heart College. The museum has one of the best orchidoriums in the country with more than 300species of orchids. A wide-ranging collection of birds can also be seen here. Coaker's Walk: Coaker's Walk derives the name from Lt. Coaker, who prepared the map of Kodai. It runs along a steep slope on the southern side of the Kodai. From Coaker's Walk one can have a breath-taking view of the plains below. Kodaikanal Lake: A magnificent man made lake, which spreads out in a star shape over 60 acres is a main attractionas it is set among the greenery. The boat club here offers several pleasure and racing trips. The Perumal Peak: About 11 km from Kodaikanal, the Perumal Peak is a trekkers' delight. Climbers begin their ascent from the Neutral Saddle. How to reach By Air: Nearest airport is at Madurai, about 120 km away. By Rail: Nearest railway stations are Kodai Road Station, about 80-km away and Palani Railway Station about 64 km away. By Road: Well-connected by road from Coimbatore and other important cities. Climate Winter Maximum temperature is 17.3 degrees Celsius; minimum 8.3 degrees Celsius. Summer Maximum temperature is 19.8 degrees Celsius; minimum is 11.3 degrees Celsius. Best time to visit: April-June and September-October but can be visited throughout the year. Where to stay: Kodai International; Kodai Resort Hotel; Carlton Hotel; Valley View Inn. For more on India tourism, visit: www.tamilnadutourism.org www.tourindia.com www.tourismofindia.com Popular Indian Recipes: Crispy Cheese Rolls Serves: 4 Ingredients: 2 tablespoon(s) grated cheese 1/2 cup(s) milk 2 small onion(s) finely chopped 2 green chilli(es) chopped fine (optional) 1 teaspoon(s) ginger finely chopped 8 bread (white) slices 1 tablespoon(s) finely chopped coriander leaves oil for deep frying salt to taste Method: Mix the milk, grated cheese, chopped onions, green chilli(es), ginger, coriander leaves and salt in a bowl. Spoon the mixture on to each bread slice and roll it tight. Heat the oil for deep frying on high flame. Drop in the rolls slowly. Reduce the heat and fry on medium flame stirring frequently till the rolls are crisp and light brown in color. Drain on a paper towel. Serve hot with: tomato ketchup. NRI/PIO Corner Things you should know Q. Who is non-resident Indian (NRI)? Ans. An Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident Q. Can accounts be maintained by NRIs with any bank in India? Ans. Banks holding authorised dealers' licences (i.e. banks authorised to deal in foreign exchange) or banks specifically authorised in this behalf by Reserve Bank can only maintain accounts in the names of NRIs. Investing in India Q. Can NRIs invest their funds in Government securities or Units of Unit Trust of India (UTI)? Ans. Yes. NRIs are freely permitted to invest their funds in Government securities or Units of UTI through authorised dealers. Units can also be purchased directly from UTI. Portfolio Investment Scheme Q. What is the Portfolio Investment Scheme? Ans. Under this scheme, NRIs are permitted to acquire shares /debentures of Indian companies or units of domestic Mutual Funds through the stock exchange/s in India. Import of Gold and Silver Q. Can NRIs bring gold into India? Ans. Yes. NRIs can bring into India gold up to 10,000 grams as part of their baggage once in six months provided they have stayed abroad for a continuous period of six months. Q. In what form can the gold be brought into India? Ans. The gold may be brought into India in any form, including ornaments (other ornaments studded with stones and pearls). Q. Are NRIs required to pay customs duty on the gold brought by them into India? Ans. Yes. They are required to pay customs duty in any convertible foreign currency at a rate equivalent to Rs.220/- per 10 grams of gold. Q. How often can a NRI bring gold into India? Ans. A NRI can bring gold into India once in six months. Q. Is it necessary that the NRI should have stayed abroad at least for a minimum period of six months prior to his return to India for being eligible to bring gold? Ans. Yes Import of Silver Q. Can NRIs bring silver into India? Ans. Yes. NRIs can bring to India silver up to 100 kilograms as part of their personal baggage. Q. What is the rate of duty payment on such import? Ans. The rate of duty on import of silver is Rs. 500 per kilogram which is payable in foreign currency. Q. Can they bring both gold and silver? Ans. Yes. Q. Can NRIs sell gold/silver imported by them to residents? Ans. Yes. Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed chequecheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller. Economic News Indian Hospitality Industry Do You Know? Kodaikanal – The Queen of Hill Stations Popular Indian Recipes: Crispy Cheese Rolls NRI/PIO Corner © Embassy of India, Kyiv, 2001 – 2008 | design/implementation – SmartWeb Disclaimer: Embassy of india, Kyiv does not guarantee the accuracy and assumes no responsibility for the use of information available at this world wide web site. 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