NRI Top Stories ( Page 30 of 32 )

Biomass for Energy Security and Empowerment of Rural India January 09, 2012 06:58

Pravasi Bharatiya Divas (PBD) 2012 organized jointly by Ministry of Overseas Indian Affairs (Government of India), Government of Rajasthan and Confederation of Indian Industry (CII) at Jaipur saw an interesting session on “Enhancing Rural Energy Access”. The Session focused primarily on outlining possible opportunities for NRIs to invest in solutions / initiatives to meet the basic energy requirements of rural India. Biomass was highlighted as the most promising solution. Biomass is expected to constitute almost 70% of household energy source as early as 2030. Its primary advantages include its abundant availability, its renewable nature, has a built in energy storage like fossil fuel and needs no conversion to produce energy. In addition rural communities have a high comfort level with it due to the familiarity with its raw material. The use of gas derived from gasification of biomass as a fuel is hampered by its lower energy density requiring larger flows of gas, but it is still the next best source of energy after electricity. The post-independence model of large centralized power generations systems have their limitations. De-centralised, local power generation systems managed by the community itself are the way forward. Even where rural electrification has been achieved, availability of power is still an issue as rural areas bear the brunt of the power shortages. The session was Chaired by Mr Deepak Gupta, Former Secretary, Ministry of New & Renewable Energy, Government of India. Mr K Krishan, Chairman, CII Task Force on Bio-Energy & Chairman, MPPPL Renewable Energy outlined the various modes available for NRIs to safely invest in various projects including rural electrification through due diligence provided by IDF, CII and CREWA The session also featured Technology and Business Model presentations on Rural Energy Projects. Dr B C Jain, MD, Ankur Scientific Energy Technologies supported the generation of power derived from biomass at the village level. He expressed that energy from biomass would generate employment, carbon credits and most of all would lead to empowerment of rural areas when connected to the grid. Mr Sanjay Kahzanchi, Consultant, Rockfeller Foundation, shared the unique features of the Smart Power for Environmentally Sound Economic Development (SPEED) programme, which supports the setting up of rural electrification projects through a unique business model. Environmental and social advantages of using pine needles as a biomass source were highlighted through a presentation by Mr Rajnish Jain, Avani. Mr Gyanesh Pandey, Co-Founder, CEO & CTO, Husk Power Systems outlined the models employed by his firm in Bihar with case study examples. Ms Swati Bhogle, Secretary, TIDE, Bangalore discussed the model specifically developed by her organization for research into smokeless Commercial Cook Stoves.

10th Pravasi Bharatiya Divas to be Held in Jaipur January 03, 2012 09:37

The 10th Pravasi Bharatiya Divas (PBD) will be held from 7-9 January, 2012 in Jaipur. Addressing a press conference here today, Shri Vayalar Ravi, the Minister of Overseas Indian Affairs and Civil Aviation announced that the Chief Guest of PBD-2012 will be the Prime Minister of Trinidad and Tobago, Ms. Kamla Persad Bissessar. The theme of PBD-2012 is “Global Indian-Inclusive Growth”. He further said that Rajasthan will be the partner State of the 10th PBD, which would provide the Diaspora an opportunity to understand the vibrant culture and potential of State. Shri Ravi said that Prime Minister Dr. Manmohan Singh will inaugurate this annual flagship event of the Ministry on January 8, and the President Smt. Pratibha Devisingh Patil will deliver the valedictory address on January 9 and confer the Pravasi Bhartiya Samman Awards. He also informed that two pre-conference seminars on ‘Solar Energy- Investment’ and R&D’ and ‘Social Entrepreneurship-Water’ will also be organized during the event. The Minister said that more than 1500 delegates are expected to participate in PBD-2012 from all over the world. He said that Government is making efforts to make PBD more meaningful and interactive event that would address issues and concerns of the overseas Indian community effectively. He also announced that the event would be webcast online and summary of proceedings put out each day. The interactive website would provide an opportunity for the Diaspora to participate in the conference from any corner of the world. On the occasion, he also launched the PBD website- www.pbdindia.org. Speaking in the conference, Shri Rajendra Pareek the Minister of Industries, NRI’s, and State Enterprises of Rajasthan said that Pravasi Bharatiya Divas is an efforts to bring Indian Diaspora on one forum, which expresses the concept of Vasudhaiva Kutumbakam. He also extended all kind of support and cooperation from Rajasthan Government to make the 10th PBD successful. Dr. A. Didar Singh, Secretary, MOIA & Mr Chandrajit Banerjee, Director General, CII were also present on the occasion. The 10th Pravasi Bharatiya Divas (PBD) will be held from 7-9 January, 2012 in Jaipur. Addressing a press conference here today, Shri Vayalar Ravi, the Minister of Overseas Indian Affairs and Civil Aviation announced that the Chief Guest of PBD-2012 will be the Prime Minister of Trinidad and Tobago, Ms. Kamla Persad Bissessar. The theme of PBD-2012 is “Global Indian-Inclusive Growth”. He further said that Rajasthan will be the partner State of the 10th PBD, which would provide the Diaspora an opportunity to understand the vibrant culture and potential of State. Shri Ravi said that Prime Minister Dr. Manmohan Singh will inaugurate this annual flagship event of the Ministry on January 8, and the President Smt. Pratibha Devisingh Patil will deliver the valedictory address on January 9 and confer the Pravasi Bhartiya Samman Awards. He also informed that two pre-conference seminars on ‘Solar Energy- Investment’ and R&D’ and ‘Social Entrepreneurship-Water’ will also be organized during the event. The Minister said that more than 1500 delegates are expected to participate in PBD-2012 from all over the world. He said that Government is making efforts to make PBD more meaningful and interactive event that would address issues and concerns of the overseas Indian community effectively. He also announced that the event would be webcast online and summary of proceedings put out each day. The interactive website would provide an opportunity for the Diaspora to participate in the conference from any corner of the world. On the occasion, he also launched the PBD website- www.pbdindia.org. Speaking in the conference, Shri Rajendra Pareek the Minister of Industries, NRI’s, and State Enterprises of Rajasthan said that Pravasi Bharatiya Divas is an efforts to bring Indian Diaspora on one forum, which expresses the concept of Vasudhaiva Kutumbakam. He also extended all kind of support and cooperation from Rajasthan Government to make the 10th PBD successful. Dr. A. Didar Singh, Secretary, MOIA & Mr Chandrajit Banerjee, Director General, CII were also present on the occasion.

U.S. Call Center Bill worries Indian BPOs December 23, 2011 14:14

India is currently going through a phase of challenges. Inflation, economic slowdown, rupee depreciation and now adding to the pressure, is the U.S. Federal bill for call centers. A major chunk of India's revenue comes from the IT -BPO Industry and a bill to cut back its growth is a serious concern for the Indian IT industry. However, many such bills had been proposed by U.S. in the past as well. But it hardly sparked any fear then. Industry experts say, it is just another bill to add to the list of the previous ones but this time it is come with a warning. On December 7, Rep Timothy Bishop and three others introduced the U.S. Call Center Worker and Consumer Protection Act which seeks "to bar corporations that sent U.S. call center jobs overseas from receiving federal grants and loans," the solon said in a statement. Genpact, one of the top 10 BPOs in India said that it was in tune with NASSCOM and NASSCOM had stated that "We have seen attempts to present such bills in the past. However, the bill has only been introduced in the House, there is a long way for this to become legislation and for it to become law the possibility is very low. But it indicates the mindset of a certain set of policymakers and could set the tone for the next year, especially it being an election year.""It is indeed disappointing to see U.S. adopting 'protectionist' measures like these that restrict free trade and are discriminatory trade practices. U.S. lawmakers seem to have developed the practice of unfairly taxing companies working overseas, to pay for domestic issues. In case this bill is passed, not only will it see objection from India but Latin America, Ireland, Philippines and Canada. Companies operating on a global sourcing model, building efficiencies, benefits of this get passed to the common citizen. Laws such as these will increase the cost of service and will see a rejection from common citizens." Keshav R. Murugesh, Group CEO, WNS said, "WNS has a diversified portfolio of clients that are located across the globe. In addition, WNS, being a global player, has been aggressively ramping up and opening delivery centers all around the world in order to mitigate the risks from legislation that could affect location of clients / delivery centers in a single country. WNS has also been evaluating opening of a delivery center in the United States to cater to the onshore outsourcing requirements of its clients. Notwithstanding the above, we believe that legislations such as the one recently introduced, could ultimately impact the competitiveness of American businesses." Mphasis Spokesperson said "The new U.S. Bill seems to be a protectionist bill in with a view of the upcoming U.S. Presidential elections. At Mphasis we do not see an immediate impact in the near term. We will respond as more details emerge." Home grown outsourcing companies like TCS, Infosys and Wipro have laid their foot print across the globe for servicing and many small startups are following their footsteps. The Indian IT Industry has given thumbs down for the U.S. call center bill. Presently the Indian BPO is coping as the slowdown in U.S. market is curbing its growth. "Most of the BPOs do not take any federal loans or aid. So I don't think this would create an impact on the industry," said S Nagarajan, Founder and Chief People Officer 24/7 Customer.

Indian Banks Hike Rates to Lure NRI Deposits December 22, 2011 06:56

Interest rates paid by Indian banks on NRE savings, term deposits and ordinary non-resident (NRO) savings accounts were deregulated by RBI. As stated by Central Bank, rates on non-resident deposits cannot go higher than the rates paid on term deposits of same maturities. The revised deposit rates are said to be applied only to latest deposits and on renewal of maturing deposits. To strengthen their non-resident bases, mid-size private banks are looking forward to offer higher rates on deposits followed by deregulation of interest rate on these deposits by the Reserve Bank of India (RBI). A rise of 268-324 basis points has been announced by Federal Bank and South Indian Bank in their Non-resident (External) Rupee (NRE) term deposits. Other private banks are expected soon to follow this. An interest of 6.5 percent on NRE term deposits with one year maturity period will be offered by Kochi-based Federal Bank, compared to 3.82 percent previously. On the other hand, South Indian Bank increased NRE deposit rates from 1 to 10 years to 6.75 percent for maturities. Previously, the rate offered on these deposits was 3.51 to 3.82 across maturities. N. Kamakodi, Managing Director and Chief Executive, City Union Bank, said, "We will be increasing our rates in a week's time. The rates would be closer to domestic deposit rates. The rise is most likely to happen in a one-year bracket." Interest rates paid by Indian banks on NRE savings, term deposits and ordinary non-resident (NRO) savings accounts were deregulated by RBI. As stated by Central Bank, rates on non-resident deposits cannot go higher than the rates paid on term deposits of same maturities. The revised deposit rates are said to be applied only to latest deposits and on renewal of maturing deposits. Banks are supposed to offer uniform rates at all their branches. According to the Central Bank, the banks might take approval of their respective boards or asset liability committees, while fixing interest rates on such deposits. External liabilities arising due to deregulation have to be monitored by bank as directed by the banking regulators and asset-liability compatibility from a systemic risk point of view also needs to be ensured. P. R. Somasundaram, Managing Director and Chief Executive of Laxmi Vilas Bank, said, "We have a small base of non-resident deposits right now. But it would be one of our focus areas. We would take a decision on raising rates on these deposits soon. Our asset-liability committee would meet shortly to decide on this." According to Bipin Kabra, Chief Financial Officer, Dhanlaxmi Bank, the deregulation of non-resident deposit rates has allowed banks to attract non-resident Indians to park their deposits with Indian lenders. The bank's asset-liability committee would soon meet to revise the non-resident deposit rates.The state run lenders are unsure about increasing those rates aggressively or not. Having a major foreign presence, Bank of India is still waiting others to revise their rates. A senior official of Bank of Baroda said, "No firm view has been taken so far. I cannot give a timeline as to when these rates will be revised." Officials at State Bank of India are expecting a rise of 200-300 basis points in non-resident deposits rates. They also added that they are yet to decide the effectiveness of rise in rates. Whereas, State Bank of Travancore can increase the deposit rates before SBI does, because the bank is competing hard with mid-sized private banks in Kerela. In a data revealed by RBI, outstanding deposits in NRE accounts stood at $25 billion and NRO accounts stood at $11 billion at the end of October.

RBI frees rates on NRI deposit schemes December 20, 2011 09:50

The Reserve Bank freed interest rates on various non-resident deposit schemes, a move that will help attract more funds from NRIs and arrest the slide in rupee in the forex market. The decision to de-regulate interest rates on such deposits comes within 24 hours of RBI putting restrictions on forward contract in rupee to check speculations in the forex market. The decision will give banks the freedom to fix rates on Non-Resident (External) rupee deposits and Ordinary Non-Resident (NRO) accounts with immediate effect. In a circular, the central bank said: “With a view to providing greater flexibility to banks in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates (such accounts).” “Interest rates offered by banks on NRE and NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits,” it added. The deregulation in rates on NRE and NRO deposits is intended to make such funds more attractive at a time when the rupee has depreciated sharply during last few months.

NRI Sunita Gupta jumps to death from 14th floor December 20, 2011 09:33

A non-resident Indian woman from the US Sunday committed suicide by jumping off the 14th floor of an apartment block in Ghaziabad, police said. Sunita Gupta, 55, who came to India 20 days ago, jumped off Kaushambi’s Malayagiri Tower in the afternoon. “Prima facie it seems a case of depression,” said Kamlesh Bahadur, police circle officer III. She and her husband Bharat Prakash Gupta, a senior manager US aerospace major Boeing, had come to visit her mother and younger brother here. The two got married 10 years ago. Both had divorced their previous partners. On Saturday afternoon, Sunita climbed up to the 14th floor and jumped to the ground, police said. Her 78-year-old mother was ill and her younger brother had recently been divorced, police said.

A Grand success: UTAA Mahila Sambaralu 2011 December 16, 2011 08:00

The success of UTAA (United Telugu American Association) Mahila Sambaralu 2011 has set a benchmark to all the events of this kind. The event was held at Royal Albert's Palace, Edison NJ on Sunday, Dec 11th 2011. Over 1000 Telugu women and teenage girls participated in the event making it grand success. This is the consecutive third year to organize UTAA Mahila Sambaralu, since 2009. UTAA Mahila Sambaralu 2011 was third event of the kind and its third year this event surpassed all the events of this kind. The resounding success of the event once again proved the faith and commitment of the members and the goodwill for the organization. The event was backed by sponsors, vendors to make it a wonderful journey. Lakshmi Manchu, who was the chief guest and celebrity judge of UTAA Mahila Sambaralu 2011, needs a special mention. She has made the event a special one for every woman present there with her mesmerizing presence. The idea behind this event is to bring all the Telugu women in North America on one stage and also to promote the unity and integrity of the Telugu people. All the participants who gave a grand farewell to the Mahila Sambaralu 2011 are now looking forward to the Mahila Sambaralu 2012. Way to go UTAA!!!

India hopes for early resolution of US visa row issue December 15, 2011 04:53

India today said it has conveyed its concerns to the US over the hiking the fees for H1B and L category visas, and hopes for an “early resolution” of the issue as the move was affecting indian companies. Speaking in the Rajya Sabha, Minister of State for Commerce Jyotiraditya Scindia assured that the government has made efforts at various levels to resolve the issue at the earliest. “The visa fees applicable to H1B and L category visas have been increased by the US under some legislative measures… The matter has been taken up at various bilateral forums and we are hopeful we will arrive at an early resolution,” he said. He also added that the visa fee hike would affect both the countries in the long run, the minister said movement of Indian professionals is also important for the US as they substantially contribute to its economy.

Brit-Indian honeymooner Dewani may kill himself if extradited to South Africa December 15, 2011 04:28

Brit-Indian businessman Shrien Dewani, who has been charged with masterminding his wife’s murder during their honeymoon in Cape Town last year, may kill himself if he is extradited to South Africa, a London court has been told. Dewani’s barrister Clare Montgomery asked two judges to block the extradition order on mental health grounds. Montgomery said that Dewani’s mental health has deteriorated to the point where he was ‘too ill to be extradited’ and was a suicide risk. She also argued that he was at serious risk of violence - including sexual violence - at the hands of other prisoners if kept in custody in South Africa. “It will not be consistent with humanitarian principle to send some for extradition who is not fit to stand trial. Were Mr. Dewani to be extradited today, according to English standards, he would not be fit to stand his trial,” the Daily Mail quoted Montgomery, as saying. “We do submit it will always be unjust to extradite somebody who is unfit - no matter how serious the charge,” she added. Thirty-one-year-old Dewani has been denying any involvement in the death of Anni Dewani, who was shot dead in a taxi in Cape Town last November in an apparent car-jacking. He faces charges of murder, conspiracy to commit murder, robbery with aggravating circumstances and obstructing the administration of justice. Taxi driver Zola Tongo, who has admitted his part in the crime, has been jailed for 18 years for murder, kidnapping, robbery with aggravating circumstances and perverting the course of justice after agreeing a plea bargain.

India world’s 2nd most confident about economy after Saudi November 30, 2011 13:33

"The Indian economy has been well insulated from global economic conditions as it has been fueled by domestic consumption and the increased FDI into the country. Our economy has remained steady at a robust 8.1 per cent and this positive consumer sentiment is seen reflected in our survey," Ipsos India Managing Director Mick Gordon said. Indians have emerged as the second most confident people about their economy, across the world, on account of higher consumption and increased foreign investment, according to a report by research firm Ipsos. The report said that India's economic confidence grew by 6 points to 75 per cent in the month of October compared to the previous month, becoming the second most economically confident country after Saudi Arabia. The report, which examined citizens' assessment of the current state of their country's economy, said that the overall global average economic confidence was down by one point to 38 per cent last month. In terms of gains, two countries-- India and South Africa-- gained maximum economic confidence by five points and six points, respectively. Individually, Saudi Arabia experienced a six-point drop to 83 per cent but continued to hold its pole position, followed by India (75 per cent), Sweden (69 per cent), Canada (66 per cent ) and China (65 per cent). The countries at the bottom of the heap were -- Hungary which lost two points and was at 2 per cent, Spain gained 2 points but was low at 5 per cent, Japan further lost two points to stood at 6 per cent, France lost 1point and was at 6 per cent and Italy was unchanged at 8 per cent. The global aggregate national assessment was dragged by Europe, which was down 2 points to 24 per cent), North America (40 per cent). In fact, all the regions have reported declining national economic assessments – the Middle East and Africa was down 2 points to 60 per cent, Asia Pacific dropped by 1 points to 41 per cent. However, Latin America experienced no change in October and stood at 46 per cent. Looking ahead, 24 per cent global citizens surveyed said their local economy would be stronger six months from now, which was unchanged since August 2011. The natives of Brazil are the quite optimistic about about the state of their economy in the next six months, followed by India and Saudi Arabia. The survey was conducted in October among 18,682 people in 24 countries such as Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Great Britain, Hungary, India, Indonesia, Italy, Japan, Mexico, Poland, Russia, Saudi Arabia, South Africa, South Korea, Spain, Sweden, Turkey and the US.

Anna Hazare protest at Jantar Mantar on Dec11 November 28, 2011 11:47

Anna Hazare is planning to hold a day-long protest at Jantar Mantar here Dec 11 if the parliamentary panel examining the Lokpal bill does not come up with recommendations for a strong anti-graft ombudsman, an activist said Monday. “If the standing committee does not give recommendations for a strong Lokpal, Anna will sit on a day-long protest at Jantar Mantar Dec 11 with other civil society activists,” a Team Anna member Said.\ The standing committee is expected to submit its recommendations to parliament Dec 7 during the ongoing winter session. The government will be able to introduce the Lokpal bill only after that. The winter session is slated to end Dec 21. “We have approached Delhi Police, seeking permission for the day-long protest,” the source added. Earlier, a spokesperson for India Against Corruption (IAC) said the Municipal Corporation of Delhi (MCD) has given the go-ahead to Hazare and his associates to stage a demonstration at Ramlila ground Dec 27-Jan 5. The 74-year-old social activist was on a 12-day hunger strike here in August this year, demanding the government enact a strong law to deal with corruption in India.

Temple treasure value revised to Rs.5 lakh Cr July 07, 2011 08:10

Fresh estimates of the treasure unearthed from the secret chambers of the Anantha Padmanabha Swamy temple in Thiruvananthapuram in Kerala has been revised to Rs. 5 lakh Cr. though no one was willing to state the value of the treasure officially. Supreme Court, based on a petition by the members of the Travancore Royal family, has directed all concerned not to reveal the value of the treasure to any one and also not to disclose the details of the treasure unearthed. The apex court also directed the members of the committee not to give interviews to media persons also during the unearthing of the treasure and their inventory. Naga Bhandam The special committee appointed by the Supreme Court is yet to open the chamber number 6 which has the symbol of a snake on its doors. Temple pundits say the chamber has a Nagabhandam and can’t be opened. “If it is opened, there may be some disaster or some unforeseen trouble,” some of the temple pundits said. “One of the counting staff members lost his leg and the mother of another counting member died while taking inventory,” said temple pundits. “So, it is not good to open the sixth chamber.” When there was a famine a century ago in Kerala, temple pundits wanted to open the chamber. But when they tried to open it, they heard the sound of water flowing from it and dropped the idea, according to some old people in the capital city of Kerala.