Economy

GE sees India revenue rising more than 30% in 2011
Economic Times

NEW DELHI: General Electric Co expects its revenue in India to rise more than 30 percent this year, its chief executive for the country said on Thursday, as demand for energy and healthcare products remain strong in Asia’s third-largest economy.

GE, which makes goods ranging from jet engines to medical diagnostic equipment, plans to add 3,000-5,000 staff in the next two years in India, John Flannery told Reuters in an interview. The company currently has 14,000 employees in India.

India to create 1.6 million jobs in 2011: Survey
Economic Times


CHENNAI: For the second successive year, more than one million new jobs will be created in India’s organised sector in 2011, led by the healthcare sector, but there will be no attractive pay hikes for those in harness, states a survey on employment opportunities released Thursday.

Another dampening factor is that there will not be any attractive compensation package for freshers as the wage bill hike across sectors for 2011 is pegged between 8.82 percent and 12 percent, says the Ma Foi Randstad Employment Survey.

Indian companies have saved thousands of jobs in the US: Report
Economic Times

WASHINGTON: India-based companies have been responsible for saving thousands of jobs in the US in recent years, as they have continued to hire locally wherever they have put down roots, according to a new report by the Confederation of Indian Industry (CII).

The study “Indian Roots, American Soil: A Look at Indian Companies in the US Economy” was released on Capitol Hill during CII’s event highlighting the jobs and investments created by Indian companies in the US.

Infrastructure

Rs 21,000 crore allotted for developing cities
Noida
The Tribune

A budget of Rs 21,000 crore has been approved by the three boards of Noida, Greater Noida and Yamuna Expressway Industrial Development authorities at a board meeting held here yesterday. Mohinder Singh, chairman of three authorities briefing after the meeting, said, “Rs 4,955 crore has been approved for Noida, Rs 5,780 crore for Greater Noida and Rs 11,055 crore for the Yamuna Expressway authority development area.” The Greater Noida budget includes Rs 665 crore for Gautam Buddha University development and Rs 240 crore for rural development.

Rapid Metro plans sleek stations
Dipak Kumar Dash, Gurgaon
The Times of India (Delhi edition)

The country’s first private Metro has decided to build sleek stations in Gurgaon. For one thing, land prices have skyrocketed. For another, there is a paucity of space. The Rapid Metro Rail Gurgaon Ltd (RMGL) has released models of three stations that will be constructed between Sikanderpur and Gateway Tower. The Rapid Metro Rail Corridor (RMRC) will have six stations — Sikanderpur, DLF Phase-II, Belvedere Tower, Gateway Tower, Mall of India and DLF phase-III. An RMGL official said the stations will be sleek and oval-shaped and will be similar to state-of-the-art elevated Metro stations across the world.

Delhi-Noida connector Kalindi Kunj bridge to be 8-lane road
Hindustan Times

Construction of a bridge (addition of four lanes to the existing Kalindi Kunj bridge) over the Yamuna will begin from May. The Delhi-Noida connectivity project, an alternative to DND toll flyway, will cost Rs 300 crore. A detailed project report (DPR) has already been approved.

Japanese funds to Metro Rail will not be hit
Chennai
The Times of India (Chennai edition)

Japanese funding for Chennai Metro Rail will not be affected even as the country struggles to recover from the losses and destruction caused by the recent earthquake that triggered a tsunami and caused a nuclear accident. “The money has already been sanctioned and allocated. Funding for the project will continue,” said Japanese deputy consul in Chennai Takayuki Kitagawa on the sidelines of a function organised to discuss Japan after tsunami by M S Swaminathan Research Foundation.

PE investors retain interest in infrastructure projects
Shraddha Nair
Mint

Private equity (PE)-backed infrastructure projects worth $45 billion have been stalled over the past decade, but investors remain eager to finance new projects. Regulatory hurdles, ecological concerns and opposition to land acquisition are mainly responsible for delaying infra projects worth nearly $150 billion, of which 30 percent were funded by PE firms, says a study by Orkash Services Pvt. Ltd, a risk advisory firm.

“Infrastructure assets generate cash flows over a long period, which could be longer than the fund life of the infrastructure fund. Post stabilization of the project, these cash flows become quite stable,” said Bhavik Damodar, executive director and head of infrastructure transaction services, KPMG India Pvt. Ltd.

Real estate and home financing

Future perfect
Mumbai
Financial Chronicle

Buying a home is a major step in one’s life – it’s perhaps the most critical investment decision most people make. And a home today is much more than the conventional roof over one’s head. With increasing demand for smart or space-age homes, developers are adopting new technologies to cater to the desires of a new generation of homebuyers who have the pocket to match.

Said Ramesh Nair, MD – west India, Jones Lang LaSalle, “Given the rapid pace of change in technology, the real estate industry has to gear up for the future. Buildings will increasingly be designed around work to provide the knowledge worker of the future with incredibly fast and powerful resources. They will be filled with sensors interacting with each other, without involvement of people, to improve the efficiency and performance of buildings. Developers will realise that connectivity is crucial, appearance is less important and flexibility is the key.”

SBI extends teaser home loans scheme
Economic Times

MUMBAI: State Bank of India (SBI) today extended its controversial special interest rate home loans product (teaser loans) till further notice.

The product, which has faced flak from the sector regulator Reserve Bank, will continue to be sold till further notice from the lender, a highly-placed bank official told PTI.

The apex bank feels that teaser loans attract new customers with low interest rates, but existing customers who have to pay more are disadvantaged vis-a-vis the new ones.

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