Indian Economy

INDIAN IT INDUSTRY HIRING TO HIT RECORD HIGHS
The Economic Times

CHENNAI: With campus recruitments by technology companies only weeks away, early indicators suggest this year recruitments may touch a historic high, as top Indian tech majors, including TCS, Infosys and Wipro, will alone recruit close to one lakh engineers, if not more.

“According to our original plans, we were to recruit 30,000 people this fiscal, but we will close the current year with 50,000 persons added. For the next fiscal, we could hire as much as this year, if not more,” N Chandrasekaran, CEO and MD of TCS, which has a total employee headcount of 1.77 lakh people, said.

TCS follows a policy where it recruits 70% of its annual intake from campuses. The company recruited 24,000 persons in the fiscal ended March 2010.

INDIA TO GROW AT FASTEST PACE GLOBALLY BY 2012: REPORT
The Times of India

MUMBAI: India is set to become the fastest growing major economy in the world by 2012 and the third largest by GDP-size in the next two decades, behind China and the USA, a global study by British banking giant Standard Chartered said.

“India would have overtaken Japan and will be trailing the US by a slim margin by 2030. China would be at a comfortable number one position ,” StanChart’s Head of India Research, Samiran Chakraborty said, citing the findings of the ‘Super-Cycle Report’ here on Monday.

The country’s contribution to global GDP will go up to 10% of the total pie of approximately $600 trillion, while China’s will be 24%, he added.

Related Articles: The Economic Times

INDIRECT TAX COLLECTIONS UP 42 PERCENT IN APRIL-OCTOBER
The Economic Times

NEW DELHI: The government kitty swelled by Rs1.80 lakh crore as indirect tax collections recorded a jump of 42 per cent during the first seven months of the current fiscal.

“Total revenue collections from the indirect taxes at all India level during April-October stood at Rs1,80,261 crore, which is 57.5 per cent of the budget estimates of 2010-11,” the Finance Ministry said in a statement.

BANK LENDING TO REALTY SECTOR JUMPS FIVE-FOLD
Vidya Bala
The Hindu Business Line

Bank lending to real estate developers seems to have jumped in recent months after a slump until June 2010. Net credit flows to the real state sector from banks jumped to Rs 9,604 crore in this financial year up to September 24, a five-fold jump compared with a similar period a year ago. Lower debt on balance sheets and possible repayment of restructured loans post June (when many of them fell due) may have improved banks’ confidence to lend to the sector. In fact, real estate is the sector to receive maximum credit inflows from banks for this financial year so far, next only to the education industry.

That much of this leap in lending has happened in recent months is clear when one compares recent numbers with the Macro Economic and Monetary Development First Quarter Review (June) of the RBI. According to the June policy review, annual inflows into realty for a 12-month period ended May 21, were Rs 1,115 crore. As against this, the first six months of this fiscal have seen inflows eight times this figure. Clearly, it is between May and September this year that credit to the sector picked up.

This could be due to a couple of reasons: one, a number of real estate companies have reduced their high leverage by raising equity, either by way of qualified institutional placements or through private equity funding. Real estate players raised about Rs 12,000 crore through QIPs last year and have lined up quite a few issues in 2010 as well. Private equity and venture capital funding of the sector too has brought in fresh equity. According to Venture Intelligence, a research service focused on Private Equity & M&A, investments in real estate through the private equity/VC route stood at $1,338 million or about Rs 6,000 crore between January and October. Top listed players such as Unitech and DLF now have their net debt to equity ratio between 0.5 and 0.75.

Infrastructure: Metros to change commuting in India

DELHI WILL NEED 370 KM OF BRT, MORE METRO LINES: STUDY
The Indian Express

A Decade on, the best way for you to commute in the city would be by public transport. The government has been told to prepare for mass transit systems and increase parking rates to tackle the pressure of a population of around 2.4 crore by 2021.

On Monday, the Delhi Cabinet in principle approved a ‘Transport Demand and Forecast Study as well as ‘Development of Public Transport Network’ report put forth by RITES on which all plans for road development and transport till year 2021 will be based. “All departments including the PWD and transport will have to follow this study closely,” said Chief Secretary Rakesh Mehta.

PUNJAB SEEKS VIABILITY GAP FUNDING FOR LUDHIANA METRO PROJECT
Charanjit Ahuja, Chandigarh
The Financial Express

The Punjab government has asked the Centre for viability gap funding for the Rs 9,000 crore Ludhiana Metro Rail project considered to be lifeline for the state’s burgeoning industrial town.

The viability gap funding scheme provides financial support in the form of grants, one time or deferred, to infrastructure projects undertaken through public-private partnerships with a view to make them commercially viable. The Union government has established a viability gap fund to aid infrastructure projects which face the viability gap due to inherent nature of projects. The scheme administered by the finance ministry comes in aid of projects under public private partnership (PPP) mode.

Hospitality Sector

JW MARRIOTT OPENS PROPERTY IN PUNE
Pune
Business Standard

Luxury hotel brand Marriott International opened a Hotel and Conventional Centre in the city. The 416-room hotel is the 500th Marriot property worldwide and 12th in India.

NRI News

INDIAN WORK VISAS, OCI CARDS IN HIGH DEMAND IN CANADA
The Economic Times

TORONTO: There is virtually a rush among NRIs in Canada to acquire the Overseas Citizenship of India (OIC). Also, the number of people, mostly white Canadians, seeking work visas for India is also going up rapidly.

Since 2006 when the OCI scheme was introduced, the number of Indo-Canadian seeking the OCI card has almost doubled to more than 10,000 annually at the Indian mission in Toronto alone.

Mohali

MOHALI SET TO GO VERTICAL
Rajmeet Singh, Mohali
The Tribune

Mohali is going the Metro way. With Punjab’s Department of Housing and Urban Development allowing high-rise commercial and residential towers in Mohali’s periphery, the town’s skyline seems all set to change.

In fact, this town’s architecture will present a study in contrast in the years to come as the height restrictions of about 45 metres will continue to govern the traditional sectors while the new sectors will have 30-storeyed buildings up to as high as 100 metres or twice the earlier permissible limit. The government’s decision is a result of recommendations in Mohali’s new master plan, prepared by Singapore-based consultancy firm Jurong Limited.

GMADA REFUNDS EARNEST MONEY OF AEROCITY DRAW
SAS Nagar
Hindustan Times (Chandigarh edition)

Greater Mohali Area Development Authority (GMADA) on Monday transferred earnest money of all unsuccessful Aerocity applicants to the banks. The applicants would get the money from the banks after three days. Nearly Rs 8,500 crore is to be refunded.

GMADA additional chief administrator Balwinder Singh Multani said those who had applied through the banks will get their refund in the next three days since the money was transferred on Monday.

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