While acknowledging the need to remove trade barriers on both side, American Vice President Joe Biden celebrated the rising bilateral trade between India and the United States.
Speaking at the Bombay Stock Exchange in Mumbai last week, he told business leaders, “Our bilateral trade has increased fivefold to $100 billion over the past thirteen years. We see tremendous opportunities (in India) and there is no reason that if our two countries make the right choices, trade cannot grow fivefold or more,” according to the Atlantic Sentinel.
Biden also stated that India has the full support of the United States for securing a seat on the United Nations Security Council and that Indian prime minister Dr. Man Mohan Singh has been invited to the White House to meet with President Barack Obama at the end of September to discuss this particular topic, on top of other trade related issues.
July 31, 2013 No Comments
A.T. Kearney’s Global Retail Development Index for 2013 views India favorably and realistically. It points to India’s large, young, increasingly brand- and fashion-conscious population. Retail growth of 14 to 15 percent per year is expected through 2015. “Modern retail” remains limited (7 percent in 2012), but it is expected to grow as the country urbanizes and retailers make new investments. The balance of 93% is made up of individually owned stores, typically with small square footage.
In 2012, India’s retail sector reached an important landmark: The government allowed 100 percent foreign direct investment in a single brand retailer for the first time. Kearny points out that several single-branded retailers entered India in many sectors: apparel and beauty (including Brooks Brothers, Kenneth Cole, Sephora via its Singapore franchisee, and Armani Junior), standalone boutiques (including Roberto Cavalli and Christian Louboutin), and food (including Starbucks in a partnership with Tata Beverages and Dunkin’ Donuts). Large retailers such as IKEA are finalizing their India entry strategies but it may be a couple of years before you can buy their furniture in Delhi or Mumbai.
In multi-brand retail, India nominally allowed 51 percent FDI starting in early 2013. However, there are preconditions about investment, sourcing, store locations, and state government approval. Although the government has received multiple investment proposals, many multi-brand players are taking a “wait-and-see” approach due to apprehensions about how the policy will be implemented. Retailers are expanding in tier 2 and 3 cities as real estate costs in major metro areas skyrocket. Carrefour, Metro, and Bharti-Walmart have increased their presence in these markets.
Online shopping is in the early stages, with e-commerce sales equal to less than 1 percent of all retail sales, but growth is expected as more people access the Internet. Mobile phones, electronic appliances, apparel, movies, music, and books are the fastest-growing categories. New entrants, new business models, and new niche categories have flooded the market, yet few players have turned profitable yet.
July 2, 2013 No Comments
According to Aviation Week, India’s first delivery of an ‘in-country’ Boeing P8-i aircraft this month will be followed by two further aircraft in the third and fourth quarters of the year. India has eight P-8Is on firm order and Boeing is optimistic that options on a further four could be taken up later in 2013, or early 2014.
The Indian Navy became the first international customer for the P-8, which is a modified Boeing 737, in the wake of the 2008 terrorist attacks on Mumbai. Besides surveillance, the airplane is also delivered with anti-submarine missiles.
May 28, 2013 No Comments
According to a study by WealthInsight, Mumbai takes the sixth position of the world’s top cities with the maximum number of billionaires, with a count of 26 billionaires. New York tops the list with 70 billionaires, followed by Moscow with 64 and London with 54. Los Angeles counts 19 billionaires which place the city at rank 10.
In terms of countries with the most billionaires, India ranks 11 whereas the United States top the list.
May 16, 2013 No Comments
According to the Times of India, Bangalore hires the highest proportion of returning overseas Indians (NRIs or non-resident Indian as they are still oxymoronically called) in its workforce. It is especially relevant in the IT, pharmacy and healthcare sectors, where they prefer to hire candidates with international exposure, as told by Rajesh Kumar, CEO of a global recruitment consulting firm, MyHiringClub.
Companies that are especially looking into expanding globally need to understand global practices and specific markets. Studies conducted under MyHiringClub indicate NRI professionals accounted for 21% of total lateral hiring in India. The IT & ITES sector has seen the number of NRI hiring at 23%, pharmacy and healthcare accounted for 21%, FMCG 18% and infrastructure 11%.
October 26, 2012 No Comments