The US has said infrastructure development in India is its top business priority and allayed concerns about protectionism in the American economy. “Infrastructure is an important area and within that power generation, alternate energy… These all are areas where I believe the US companies can contribute,” the US under Secretary of Commerce for International Trade, Francisco Sanchez, said.
US REALIZES THAT INDIAN IT IS KEY TO COMPETITIVENESS: WIPRO
The Economic Times
NEW DELHI: US President Barack Obama’s visit has highlighted that there is an increasing realization in America about Indian IT being key to its competitiveness, the country’s third largest IT firm Wipro today said.
“I think there is an increasing realization that Indian IT is key to competitiveness of corporate America in the globalised world,” Wipro Joint CEO (IT Business) Suresh Vaswani said, hailing Obama’s visit as beginning of a new era.
“There is a realization that the relationship is a win-win for both the countries and there is a large untapped opportunity to develop two-way trade, which is helping create thousands of jobs in both countries,” Vaswani said, adding that it is time to move away from the stereotypes and tap the opportunity that exists in India.
INDIA NOT STEALING US JOBS: PM
The Times of India
NEW DELHI: India asserted that it was not in the business of stealing American jobs, even as US President Barack Obama said that deals with India to create 50,000 jobs back home were aimed at assuaging citizens’ fears.
“India is not in the business of stealing jobs from the US… outsourcing (work to India) has helped improve the productive capacity and productivity of America,” Prime Minister Manmohan Singh said at a joint press conference with visiting US President Barack Obama at Hyderabad House here.
Real Estate and Hospitality Sector
INVESTORS QUEUE UP FOR HOTEL, OFFICE PROJECTS AS ECONOMY REBOUNDS
Madhurima Nandy & Devesh Chandra Srivasta
Institutional investments in office, hotel and warehouse projects have more than doubled in value this year as companies added more space to keep pace with a fast-growing economy. The re-emergence of India’s real estate sector has hinged on robust home sales but non-residential development has been picking up as well, though less visibly, and property analysts see stronger demand ahead.
The hospitality sector is expected to attract $11 billion (Rs 50,000 crore) in investments in two-three years and pan-India demand for office space would touch 240 million sq.ft. by 2014, estimates Cushman and Wakefield (C&W), a property advisory. In the commercial or office real estate space, realty funds are mostly eyeing investments in pre-leased, city-centric properties. And in hospitality, an influx of high-end, niche hotel chains in large cities and mid-market brands in smaller towns have lifted a dreary market.
MOHALI UNITS ADOPT A CLUSTER-BASED APPROACH
Vikas Sharma, Chandigarh
Looking to grow leaner, meaner and smarter with the changing times, industrial units located at Mohali (Chandigarh’s satellite town) are working on a cluster-based approach to enhance operational efficiency.
Policy: Legal status of land
YOU MAY SOON CHECK THE LEGAL STATUS OF LAND
The Economic Times
MUMBAI: Property buyers dreading the antecedents of the land they are planning to buy have reason to rejoice. If the Bombay high court has its way, property records will have to carry additional information on whether the plots are under litigation.
A division bench of Justice B H Marlapalle and Justice U D Salvi has recommended that legal liabilities of a land find mention in the 7/12 extracts (property records).
TOI in its edition dated October 21, 2010 had reported about the high court dismissing a petition challenging the decision of the Nashik collector to start including details of the legal disputes of land in the 7/ 12 extracts.
Finance: Revision on home loans and vehicle loans
CORPORATION BANK REVISES HOME, VEHICLE LOAN RATES
The Hindu Business Line
Consequent to the hike in the base rate by 0.5 percent, Corporation Bank has revised the rate of interest on its home loan (Corp Home Smart) and vehicle loan (Corp Vehicle Smart) schemes, with effect from November 8. A bank release said here on Monday, that the floating rate of interest for loans up to Rs 30 lakh under ‘Corp Home Smart’ scheme is 8.25 percent for the first year. For the next two years, the rate will be 8.75 percent. From the fourth year onwards, it will be one percentage point above the base rate then prevailing.
Under the fixed rate, the rate of interest is 9 percent for the first year. For the next two years, the rate will be 10.25 percent. Fourth year onwards, it will be 4 percent above the base rate prevailing at the time of reset, with reset frequency of five years.
Infrastructure: Airport Expansion
MINISTRY FINALISES TOR FOR BANGALORE INTERNATIONAL AIRPORT EXPANSION
The Hindu Business Line
The Environment Ministry has finalised the terms of reference (TOR) for giving approval to the Rs 978-crore expansion plan of Bangalore international airport aimed at augmenting its passenger handling capacity from 11 million to 17 million. As per the TOR, which set out a road map for the execution of the project, developer GVK Power & Infrastructure Ltd has been asked to submit the details on road and rail link to the project site and the impact of the increase in traffic — both passenger and cargo — due to the proposed activity.
The Expert Appraisal Committee (EAC) of the Environment Ministry in a recent meeting has also asked the project proponent to give the details of the Supreme Court order approval for using a patch of forestland, which the State Government claimed to have denotified.
NAVI MUMBAI AIRPORT TO GET CLEARANCE BY WEDNESDAY
Chetan Chauhan, New Delhi
The Navi Mumbai airport is all set to get environment clearance with a ministry panel having expressed satisfaction over revised proposal submitted by City Industrial Development Corporation (CIDCO). The airport, has been a bone of contention between environment minister Jairam Ramesh and civil aviation minister Praful Patel with the latter accusing the former of getting the project delayed.
The ministry’s Expert Appraisal Committee (EAC), which is meeting on Tuesday and Wednesday, will examine the revised proposal submitted by CIDCO, in which major concerns raised by the panel were addressed.