India’s Budget:Pro-growth, but no bold effects

Prima facie, the Union budget for the fiscal 2011 fails to address macroeconomic problems like risks from high crude oil prices and rising current account deficit though it offer partial relief to the common man overburdened with spiraling food and oil prices.

Amidst high oil prices, increasing inflationary pressure and scandals galore, Pranab Mukherjee, India’s Finance Minster presented today the Union budget for the financial year 2011-12 in the Lok Sabha. While India Inc has welcomed the budget saying that it is a growth-oriented one, industry captains are of the view that Finance Minister should have given more stress to the health sector and the demand for treatment of healthcare as infrastructure has been overlooked.

The FM duly recognized that the principle concern before the government is high food prices, especially cereals. He highlighted three challenges which will continue to engage the Indian policy-planners for the next few years. These include, sustaining GDP growth rate of 9%, making development more inclusive and strengthening transparency and public accountability.

It is time that Indian policy makers should embark on to renovate the struggling agriculture sector so as to control rising food prices, as the economy fighting with the highest inflation than any leading Asian economy. Critics warn that India need to invest far more in agriculture to boost productivity and enlarge storage facilities to help reduce the spiraling prices of fruit and vegetables.

Highlights of the Budget

Positives

• Current surcharge of 7.5% on domestic companies proposed to be reduced to 5%
• Higher exemption limit of Rs 5,00,000 for very senior citizens, who are 80 years or above
• Allocation to Sarva Shiksha Abhiyan increased by 40% to Rs 21,000 crore
• Excise duty to be reduced from 10% to 5% on parts of specified machinery
• Surcharge for companies cut to 5%, from 7.5%
• Senior Citizen Age Limit reduced from 65 years to 60 years for Income Tax purposes. Citizens over 80 years to have exemption limit of Rs 5 lakh
• Special incentives for hybrid vehicle makers if manufacturing done in India to be positive for auto companies
• Crude palm used in sports exempted from customs duty to be positive for palm oil companies
• Duty reduced on hybrid & electric cars along with batteries imported for such vehicles
• Basic customs duty on agricultural machinery reduced to 4.5% from 5%
• MFs allowed to raise money from foreign investors  
• Tax exemption limit for senior citizens raised to Rs 2.5 lakh from 2.4 lakh

Disappointments

• Central Excise Duty enhanced from 4% to 5%
• AC restaurants serving liquor to come under service tax net
• Health Check-Ups in Private hospitals to become expensive
• Air travel to cost more
• Tax on life insurance service providers could be negative for insurance companies
• Travel, Healthcare to become expensive due to increased service tax
• New service tax on hospitality
• Branded clothes may cost more

Jany, Chief Economist

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Google refines Search Algorithm!

Search engine major Google has gone for a major overdrive by refining its algorithm that ‘may not’ index your site/ blogs in the top list from now on. Thanks to spammers and content farms, more and more users are switching to other search providers like Bing and Yahoo! for better search results after the search engine behemoth indexed results that were not useful for the users.

With the new search algorithm in action, mining information will be based completely on original content, thereby filtering content farms and spammers. However, the move will adversely impact other websites and bloggers that hugely depend on Google Search Engine to drive its traffic to its content.

Google Inc. clarified its move as to feature more “high-quality” sites and providing more value and original content to its search users. It stated that the new algorithm based search results will impact around 12% of the queries worldwide.

The company’s blog stated, “This update is designed to reduce rankings for low- quality sites -- sites which are low-value add for users, copy content from other websites or sites that are just not very useful,” on 24^th of February 2011.

According to Industry Metrics leader, ComScore, Google’s US market share slipped to 65.6% in January 2011 against 66.6% for the same period last year, while its arch rival Microsoft’s Bing rose by 1.1% to 13.1% in January 2011 over 12% last year.

Google is trying hard to retain its web users in more than one way, with its new feature in Chrome web browser, that lets users block/filter unwanted sites, which had negligible impact on the web sites.

As of now the Mountain View based Search Behemoth is facing a intense scrutiny from its web users, if it fails to satisfy them in the long run, might adversely affect its cash-cow (advertisers) and benefit its competitors like Microsoft Bing and Yahoo!

Let’s see if this article gets indexed in Google!

Venky, Signing Off!

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The author covers latest news/events from the world of Gadgets, Internet & Technology.

Tags: Search Engine, Google Search, Algorithm, Bing, Yahoo

Dishtv Scores 10 million mark in subscriber base

India’s Dishtv becomes the first DTH company in Asia to cross 10 million mark in subscriber base.

Dishtv, owned by media tycoon Subhash Chandra Goyal of ZEE TV, has achieved a major milestone in its 8-year nascent history as it becomes the first DTH operator in Asia to cross 10 million mark (1 crore) in subscriber base. The largest DTH operator in the country, which is firing on all cylinders amidst intensifying competition from rivals, notably, Tata Sky, Airtel Digital TV and Reliance Digital TV, in order to maintain its leadership and also grow the viewership pie, has added over 1 million subscriber in less than three months, the company said in a communiqué.

Dishtv became first DTH player to start operation in India in 2003. It currently enjoys a market share of over 32%. “Achieving landmark figures of 10 million restate our subscriber trust in our brand and this has only encouraged us further to work on innovations and serve our customers with something unique always,” said Jawahar Goel, Managing Director, Dishtv India. The company expects to add 3.5 million subscribers in the ongoing fiscal year 2010-11.

“Being the first DTH company in Asia to break the 10 million barrier, we now look forward to exit the current fiscal with a stronger subscriber addition and achieve our guided acquisition target while aiming profitability in the months to come," said R.C Venkateish, CEO, Dishtv India.

According to estimates, India currently has a DTH subscriber base of about 28-30 million (with about 1-lakh subscribers joining every month), which is expected to swell to 45 million by 2014 and further 58 million by 2020, a study by research firm, Media Partners Asia (MPA) forecasts. The report expects total pay-TV subscription revenues in the country to reach $12 billion by 2020, growing at an average annual rate of 10%.

Image courtesy: www.dishtv.in

Amy, Chief Editor

Be spoilt for choice: Motorola’s Xoom debuts

Motorola, the cell phone pioneer which, however, later lost out to rivals, makes its first serious bid for its place in the tablet computer market with the launch of its much-hyped XOOM tablet.

It looks like 2011 is going to be a year of tablets as another tablet computer makes its debut. This time it is the turn of Motorola, the cell pioneer which, however, lost the smart phone race to the likes of RIM’s Blackberry and iPhone later. 

For the consumers already spoilt for choices as this year alone has seen a slew of launches from almost all the top consumer electronics giants from Samsung to LG, Apple to Acer, and more recently HP, now get another option as Motorola unveils its ‘XOOM’ tablet. 

And it seems the new offering from Moto justifies the hype that preceded its launch with tech geeks and fans giving rave reviews to it.  

But first things first. It is the first tablet to feature Google Android’s latest 3.0 Honeycomb o/s, and with a screen size as big as 10.1 inches, XOOM is at par or in fact bigger than that of Apple iPad (9.56 inches). In what seems to be another first, XOOM boasts of dual-cameras, one front-facing and another rear-facing, for a social ‘you’. Another surprising part is its radical new ‘floating’ multi-finger user interface. 

Its other features include 1 GB internal RAM, is fully upgradable to 4G, has screen resolution of 1280×800 pixels, and has also got dual-core processor.

Already on the Facebook, XOOM has hit 17,500 likes, within a few hours of its launch.

Looks like in XOOM, Motorola has got its first big opportunity to present a serious challenge to iPad, the reigning tablet so far. However, for that to happen, Android App store has to beef up its offerings to catch up with Apple’s App Store, as tech geeks point out.

Nevertheless, we’ll say, rivals better watch out.

Amy, Chief Editor

Find more about XOOM below:

Source and images courtesy: Motorola.com

US Economy: Back on Track?

 

Despite challenges, the good news is that the world’s largest economy has picked up steam since the end of 2010 and is now seeing renewed growth trajectory. 

The world's largest economy is regaining the growth momentum  boosted by strongest household spending in more than four years, buoyant exports, activity in the business sector. The growth engine of the world grew at an annualized rate of 3.2% between October and December faster than the third quarter's 2.6% rate, raised optimism that a sustainable recovery is under way, which will facilitate businesses to start hiring again. These positive developments revels that some of the stimulus package of the government has really trickled down to households.

According to the statement issued by the Federal Open Market Committee, “the economic recovery is continuing, though at a rate insufficient to bring about a significant improvement in labor market conditions.”  Consumer confidence, a widely-watched indicator hit a three year high as Americans are more positive about the economy and their income prospects. The Conference Board Consumer Confidence Index rose to 70.4% in February 2011 from a revised level of 64.8% the month before marking the highest level since February 2008, despite persistent pessimism about the grim but slowly improving US jobs market. 

Challenges Remain

However, analysts are of the view that the present growth was closely linked to ongoing efforts to stimulate its economy, rather than to tackle its growing deficit. Millions of Americas are still out of labor market and the unemployment rate has been stuck above 9% since April 2009. To overcome these challenges, the economy needs to grow by no less than 3% over several quarters against growth estimates at 2.5% to 2.7%, which not strong enough to generate sufficient jobs to reduce unemployment. House prices in 11 biggest cities have fallen to their lowest point since the subprime crisis and in Las Vegas, the fall is even worse. The trade deficit between the US and China  has grown to record $270bn and the budget deficit headed for $1.5 trillion. The trade deficit with China is the largest that the US has had with any country as 23% increase in imports from China exceed rise in exports.

Moreover, ongoing turmoil in the Middle East is adding oil prices a further push, which can become a drag on the economic recovery. However, economists are of the view that the impact of Middle East turmoil to drag down the US recovery is limited as long as Saudi Arabia remains unaffected. Although increasing oil prices are emerged as a serious risk for the global economic recovery, especially in OECD countries.

Outlook

Despite challenges, the good news is that the world’s largest economy has picked up steam since the end of 2010 and is now seeing renewed growth trajectory. But how far the growth tempo can reduce unemployment rate remain to be seen. The economy needs a credible strategy for dealing the burgeoning deficit. Despite, unemployment rate still at 9%, economists are optimistic about the improved sentiment which is seen as a sign of likely spending and investment and could be sustained. Timothy F. Geithner, Treasury Secretary is very confident about the growth sustainability.  He says “It is not a boom or an expansion but it is going to offer a rapid decline in unemployment.”

 Jany, Chief Economist

Middle East Unrest : The Coming Oil Price Shock!

As the Egypt’s contagion continues to spread across nations in the Middle East, it raises fears of a spike in already volatile international oil prices?

Crude prices continue to surge owing to the growing unrest in the Middle East and North Africa and also limited gains in US crude inventories. Crude oil prices just crossed $108 a barrel, highest ever in last two-and-a-half years as worries grow that the distressed public in Libya may cut off some of the worlds oil supplies, ranked as OPEC's 10^th largest crude exporter with 44 billion barrels of proven reserves account more than 3% of the global total oil reserves. The risk of higher oil prices sent stock markets from Tokyo to Paris to New York plummeting while Asian stocks were facing sharp losses. Stock Markets have relatively tranquil despite chaos in Egypt and Tunisia, but growing concerns in Libya is more frightening to investors because it is a major oil producer. Now investors concern that the turmoil in Libya could spread further across the Middle East which contains 57% of the world's total oil reserves and 30% of global oil production.

Global Recovery Trauma

Amidst growing signs of global economic recovery, but rising oil prices is posing a big threat to that recovery. The old rule of thumb was that a $10 increase of crude oil prices reduces global growth by half a per cent. As higher oil prices impact adversely on the cost to produce food and other goods and act as a drag on consumption of all from domestic devices to entertainment.  Rising oil prices is mainly worrying given the feebleness of the global economy. During the conditions of increased global risk, the dollar generally goes up since oil priced in US dollars. However, temporarily stronger dollar will not enough to keep oil prices down and moreover it will cause stress on the US economy. Analyst believes that the US economy and the dollar might be poorly positioned to weather an oil price shock at this juncture.

Against a turbulent background, gold and silver prices are sky rocketing as investors turned to safe assets in the face of mounting unrest across North Africa (third-biggest oil supplier) and the Middle East. Gold prices climbed above $1,400 an ounce for the first time in nearly seven weeks as demand for the precious metal flourished as a haven from risk. Similarly, US gold futures for April delivery rose $18.90 an ounce to $1,407.50.

Outlook

Going by the bearish US and EU economic outlook reports and high inflation in China driven by food and energy, rising oil prices will certainly weigh on the global markets.  International Monetary Fund (IMF) is of the view that the world economy can withstand the surge in oil prices sparked by unrest in the Middle East and North Africa so long as the increase proves short-lived. There is no doubt that economies are vulnerable to the rising oil price, but business and consumer confidence are relatively strong which will attribute the world growth will surpass 4%  for the second successive year. However, if oil-price spike continued will certainly faces a serious threat to the global recovery. BofA Merrill Lynch strategists suggest that not all economies are safe. Peripheral economies in EU, India, South Korea and Indonesia could start to suffer if oil averaged $110 to $120 a barrel, while a range higher than that would start to pinch Germany, Japan and China.

Jany, Chief Economist

Special Feature: Maruti Suzuki SX4 Diesel unveiled

India’s largest car maker, Maruti Suzuki, has launched the diesel version of SX4, its highly popular sedan. According to the car major, the SX4 Diesel is cleaner and more fuel efficient than all comparable cars in its class and will be offered in three variants: VDi; ZDi and ZDi (with leather upholstery). Further, the company says, the Super Turbo DDiS engine mounted on the SX4, delivers 90PS of peak power at 4000rpm. The engine offers a maximum torque of 200Nm at 1750rpm, which is comparable to higher capacity engines in competing cars. To the customer this implies excellent response and acceleration. Maruti Suzuki, a subsidiary of Suzuki Motor Corporation of Japan, is the leader in passenger cars and MPVs in India. The company enjoys a market share of more than 50% in India, meaning that out of every two cars sold in the country, one is a Maruti Suzuki.

Regarding the diesel version of SX4, the company claims that the car offers an impressive fuel efficiency of 21.5 Kilometers per liter (certified as per CMVR rules), which is 8% more than comparable cars. The diesel version is also the first car in the country to be certified as 'OBD-2' compliant. OBD refers to On Board Diagnostics. OBD-2 informs the customer of any malfunction in the emission control system which may be leading to undue increase in exhaust emissions.

“SX4 with a Diesel engine is one of the most attractive cars in the upper A3 segment. With the changed urban landscape, suburbs have become an integral part of cities and people travel long distances. The new age diesel technology as offered by the SX4 Super Turbo Diesel is high on power and performance while being low on emissions. SX4 Diesel offers an economical and punchier ride,” said Shinzo Nakanishi, Managing Director & CEO, Maruti Suzuki said, at the launch of the car.

SX4 is the only popular sedan in the country to sport petrol, CNG and now a diesel variant.

Expect more actions in diesel cars space?

No points for guessing why car makers in the country are firing on all cylinders to launch diesel versions of their popular models: It's the ever rising prices of petrol that is forcing prospective customers to shift to the diesel-based vehicles.

So, shall we expect more actions from rivals? 


Amy, Chief Editor

view more below:

Source: www.marutisuzukix4.com

RIL-BP deal: Betting Big

BP, the world’s fourth largest oil company, has signed a historic deal with India’s Reliance Industries to pursue joint exploration opportunities in the latter’s 23 oil and gas blocks including its trophy asset KG D6 block.

“I believe our future is in deepwater exploration, and I'm very positive about the east coast of India. BP is the best in deepwater exploration. If you want to climb Mount Everest, you must have the best team.”

- Mukesh Ambani, Chairman, Reliance Industries, on tie-up with BP

The contents of the above quote tell it loud and clear: Mukesh Ambani, Chairman of India’s largest private sector player and one of the world’s top petrochemical companies, is aiming big, as ever, but what is different this time around is that he will be aiming to make it big not alone but in the company of another biggie, British Petroleum or BP, the global oil giant. 

The two companies have just announced a historic partnership wherein the London-headquartered BP will acquire a 30% per cent stake in RIL’s 23 oil and gas blocks including its trophy asset KG D6 block besides forming a 50:50 joint venture for sourcing and marketing of gas in India. Valued at $7.2bn, it is being touted as India’s largest FDI deal so far. And if every thing goes as per plan, RIL will be receiving a total of $20bn from BP that includes future performance payments of up to $1.8bn as well as combined investment over a period of time. “This partnership combines the skills of both companies and will be focused on finding more hydrocarbons in the deep water blocks of India and significantly contribute to India’s energy security,” Ambani told. 

A win-win deal

The deal is a win-win proposition as the two companies bring complementary skills to the table. While Reliance brings with it its outstanding project management track record and operations expertise, in BP it finds a partner that is counted among one of the finest deep water exploration companies in the world. In other words, BP’s expertise in deep water technology would come handy to the Indian oil major; the output at RIL’s D6 field, owing to some technical issues, has reportedly fallen, , from a peak of 60 million standard cubic meters a day (mmscmd) a year ago to 50.97 mmscmd (1.8 billion cubic feet per day). Also, the deal would help RIL pursue its foray into the promising LNG segment.

The deal, which is BP’s largest ever investment in any single basin anywhere in the world and is also the largest ever FDI in India, marks BP’s shift in focus towards emerging economies, notably BRIC, away from the traditional western markets where it faces growing scrutiny over oil spill, maturing reserves, and dwindling profits. Last month, it entered into a $16bn share-swap deal with Russia’s state-owned oil company Rosneft to jointly pursue exploration opportunities in three Arctic offshore blocks said to be containing some 60 billion barrels of oil and gas.

The latest deal which is being projected as a ‘Transformational Partnership’ fits perfectly into the CEO Bob Dudley’s scheme of things as he looks to forge alliances in emerging economies with rich haul of natural resources.  

As per the terms of the deal, RIL will continue to be the operator under the production sharing contracts, whose blocks lie in water depths ranging from 400 to over 3,000 meters. These currently produce about 1.8 billion cubic feet of gas per day (bcf/d), over 30 per cent of India’s total consumption, and over 40 per cent of India’s total production. According to BP’s Energy Outlook 2030, energy consumption in India is forecast to more than double over the next 20 years, growing at a rate of over 4% per annum while it predicts the demand for gas to grow at nearly 5% a year between 2010 and 2030.  

The aggregate gross profits attributable to BP’s 30 per cent share of the 23 production sharing contracts to be acquired is Rs. 1336 crore ($300mn), as derived from the aggregate EBIT under the production sharing contracts for the financial year ending 31 March 2010, a company estimate suggests.

However, the deal is subject to approval from the government and the regulators. And as the Cairn-Vedanta deal, which is currently facing regulatory hurdles, underlines, never undermine political risks.

(image courtesy: BP)

Amy, Chief Editor

Biz Quiz, No. 1

Q.1 Who are Biz Stone and Evan Williams?

Q.2 Which news Web site AOL recently bought?

Q3 Rejoice, Always, and Mr. Clean are the brands of which global consumer non-durables company?

Q.4 On which stock exchange makemytrip.com is listed?

Q.5 What is the fullform of DOCOMO?

Q.6 Which country ZTE Corporation belongs to?

Q.7 Name the management gurus who coined the term, “Strategic Intent”.

Q.8 Which is the world's largest chemical company?

Q.9 Which bank holds the Guinness Book of World Record of 56 million transactions happening per day?

Q.10 Which company owns the popular instant noodles brand, “Foodles”?

See the answers below:

Answer 1: Founders of Twitter.

Answer 2:  The Huffington Post

Answer 3: P&G

Answer 4: Nasdaq

Answer 5: Do Communications Over the Mobile network

Answer 6: China

Answer 7: CK Prahalad and Gary Hamel

Answer 8: Germany's BASF

Answer 9: State Bank of India

Answer 10: GlaxoSmithkline Consumer Healthcare

(image courtesy: TataDoCoMo)

Global Imbalances: Another Crisis Round the Corner?

To keep the global economy on the growth track, balancing the global imbalances is need of the hour. If not there will be a weak world recovery; at worst, the seeds of the next financial crisis will be sown.

The outline of the Group of 20 nation’s summit of financial leaders in Paris limited both optimistic and pessimistic views on global economic recovery. The two-day financial summit issued a statement on February 19, 2011 saying that economic recovery was strengthening, but is still uneven, although there was a “persistent misalignment" of exchange rates. Given that, the G20 finance ministers have arrived at a cooperation deal to correct global economic imbalances while expressing concern over excessive commodity price volatility impacting the world food security, an issue pressed by India. The world’s mighty group, The G20 was formed in 1999 and accounts for 85% of worldwide trade.

One of the main reasons behind threatening global imbalances is: as major economies are rationally pursuing their own self interest, these actions had collective consequences which threaten the sustainability of the recovery in global demand. Mervyn King, Bank of England’s Governor, has warned that a failure in addressing this issue will lead to another crisis. He suggests that policymakers should reach in an agreement on the right speed of adjustment to the real pattern of spending and should take many policies in addition to exchange rate changes.

 It is often said that the key cause of the global financial crisis is regulatory failure in the mortgage and finance industry. However, along with regulatory failure there was a large global imbalance between East (mainly China and rest of Asia) and West (mainly US and UK) caused, or at least exacerbated, by the financial crisis in the recent past. The graph on current account balances of different countries clearly explains this dichotomy. Economists say the persistency of global imbalances is mainly the policies of the US economy. The world’s largest economy is depending on capital inflows to sustain its ever-rising current account deficits mainly because the rest of the world is dependent on the US market and its buoyancy for growth.

China’s Connection

During the last decade, both advanced and developing nations have grown in fundamentally different ways. The trade and financial relationship between China and America (the consumer of last resort) has been best illustrated for growing global imbalances. China invests a large portion of its surplus in the US debt, implying that it essentially lends to America the capital to buy Chinese exports. This results into the enduring imbalance between the two and also involves a trade imbalance and an imbalance of financial flows. Thus, the dragon has an excess of savings after investing in its burgeoning economy, while the US national debt has grown to about $14 trillion, equivalent to about 100% of its GDP. Similar imbalances are then replicated as many countries such as the UK and Spain run deficits, and Japan, Germany and the major oil-producer countries run surpluses. Thus the growing imbalances between nations have come to be seen as particularly taxing because of their role in the financial crisis.

Rebalancing or Restructuring?

Thus rebalancing is one of the key concerns that global policy makers are facing today. Most emerging nations blame the advanced world’s slow recovery from the financial crisis, on the other hand, the US criticizes China’s yuan policy. But on the whole, there seems little commitment to make the necessary restructuring changes. Against this context, economists suggest that it would be better to have the aim of restructuring and rebuilding rather than rebalancing. And through these efforts a more balanced economy is likely to emerge soon.

Jany, Chief Economist

ICC Cricket World Cup Fever 2011 Photos

Fans preparing to Cheer India for the World Cup! 

 

Hairdressers prepare a special hairstyle for a cricket fan ahead of the Cricket World Cup opening ceremony in Mumbai. AFP PHOTO/Sajjad HUSSAIN (Photo credit :SAJJAD HUSSAIN/AFP/Getty Images)

 Indian Hindu priests hold a replica of the Cricket World Cup trophy during a special prayer organised to seek blessings of Hindu god Lord Ganesha for the victory of the Indian cricket team in the tournament at the Siddhivinayak Temple in Mumbai. AFP PHOTO/STR (Photo credit : STRDEL/AFP/Getty Images)

Hairdressers paint Indian and Pakistani national flags on the face of a cricket fan ahead of the Cricket World Cup opening ceremony in Mumbai. AFP PHOTO/Sajjad HUSSAIN (Photo credit : SAJJAD HUSSAIN/AFP/Getty Images)

Indian artist Harwinder Singh Gill displays a miniature cricket stadium model ahead of the 2011 Cricket World Cup in Amritsar. AFP PHOTO/NARINDER NANU (Photo credit :NARINDER NANU/AFP/Getty Images)

 A Sri Lankan shopper browses through Cricket World Cup 2011 souvenir slippers for sale on display at Colombo's biggest shopping mall Odel . AFP PHOTO/Ishara S. KODIKARA (Photo credit : Ishara S.KODIKARA/AFP/Getty Images)

Courtesy:  Photo credit : NARINDER NANU/AFP/Getty Images)

Watch the ICC Cricket World Cup 2011 Official Theme Song

 

Watch out the Official Theme Song for ICC Cricket World Cup 2011

Rare Interview of Sachin Tendulkar: Truly Maestro

Watch out the Rare interview of India's Batting Maestro Sachin Ramesh Tendulkar on 19th January, 1989 in Mumbai.

Truly a humble person and definitely class apart!

ICC Cricket World Cup: Matches in India

Lets check out the stadiums hosting ICC Cricket World Cup 2011 in India

 

Spectacular Opening Ceremony ICC Cricket World Cup 2011

Watch out the spectacular event at the ICC Cricket World Cup 2011 Opening Ceremony in Dhaka, Bangladesh