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India Abroad May 21, 2010
the week that was
5 Indian oil companies may face
US sanctions
The US has named India’s Oil and Natural Gas
Corporation, Indian Oil Corp, ONGC Videsh Ltd, Oil India
Ltd and Petronet LNG Ltd among the 41 firms worldwide
having energy ties with Iran, for which it may impose sanc-
tions on them. The names were listed on a United States
Government Accountability Office report.
India set to create futuristic cities
Over the next 18 months, India will complete the pilot
projects for creating world-class futuristic cities with mini-
mal pollution levels, maximum recycling, optimized energy
supplies and efficient public transportation. Japanese cor-
porations like Hitachi, Mitsubishi, JGC Corp and Toshiba
will design and build these eco-friendly towns along the
Dedicated Freight Corridor between Delhi and Mumbai,
passing through six states — Uttar Pradesh, Delhi,
Haryana, Rajasthan, Gujarat and Maharashtra.
India to be among top 3
economies by 2030
India is poised to figure among the top three economies
of the world by 2030, Anand Sharma, India’s commerce
and industry minister, has said. He said the Indian economy had recovered fast from the economic recession.
PAWAN KUMAR/REU TERS
A woman shops in Lucknow, Uttar Pradesh, May 13. Inflation in India eased marginally to 9.59 percent in April, but Dr Kaushik Basu,
chief economic advisor, finance ministry, said it would continue to fluctuate over the next three months before it starts falling steadily
IITs slip in Asian university
rankings
India plans infrastructure fund
tract worth $250 million. To cut operating costs, more util-
ity companies are renewing outsourcing contracts for
cheaper rates.
A majority of premier Indian Institutes of Technology
have not scored well in the 2010 QS Asian University
Rankings, which lists the 200 top Asian universities. IIT-Bombay fell six places to 36. IIT-Kanpur slipped three
notches to be ranked 37 and IIT-Delhi fell from 36 to 39.
IIT-Kharagpur climbed 84 positions up to figure at 57,
while IIT-Guwahati stood 66th this year against 171st last
year. Apart from the seven IITs, five Indian universities feature on the list, including University of Hyderabad — a new
entrant to the list — that was ranked 81st.
The Indian government plans to create a $11 billion global infrastructure fund to uplift the country’s infrastructure.
It is likely to raise 40 percent of the corpus from overseas
investors.
SBI to reach 12,000
unbanked villages
Indian IT cos bag Britain’s
National Grid deal
Britain’s National Grid, which manages the country’s nat-
ural gas and electricity networks, has selected Infosys,
Mahindra Satyam and Cognizant for an outsourcing con-
The State Bank of India wants to expand its services to
reach 11,943 unbanked villages, with a population of at
least 2,000, this financial year. The country’s largest lender
recently submitted its plan to the Reserve Bank of India.
India’s car exports up 28%
in April
According to the Society of India Automobile
Manufacturers, India’s car exports rose 27.88
percent in April with 37,479 cars exported,
against 29,307 units in the corresponding
month last year. Motorcycles exports during the
month jumped by 95.71 percent at 127,336 units
against 65,064 units in the same month last
year. The overall export of vehicles increased by
87.61 percent at 201,543 units as against
107,424 units in the same month last year.
Hyderabad, Delhi among
world’s best airports
Airport Council International has ranked
Hyderabad’s Rajiv Gandhi International Airport
the world’s best — in the 5-to-15-million-pas-
sengers category — and Delhi’s Indira Gandhi
International Airport the fourth best in the
world in the 15-to-25-million category. The lat-
ter has also been ranked the Best Improved
Airport in the Asia Pacific Region.
Indian BPO to employ
prisoners
Radiant Info Systems, an Indian outsourcing
company that has Royal Bank of Scotland and
Goldman Sachs as clients, is planning to hire
inmates at Hyderabad’s Cherlapally central jail to
help process bank paperwork. According to The
Times, about 250 prisoners, both convicts and
those awaiting trial, will carry out work for Indian
banks and insurance companies.
Buffett eyes stake in
state-owned insurance firm
Warren Buffett is keen on acquiring a majority
stake in an Indian government-owned general
insurance company. Current regulations bar the
government from selling stake in the four public
sector general insurance companies — New India
Assurance, United India Insurance, National
Insurance and Oriental Insurance. Buffett, who is
expected to visit India next year, is likely to hold
talks with the government.
