— A Monthly Economic Newsletter

 

ECONOMY & TRADE

 

Data Conversion Next big job regime

2

Japan Plans to Source Chip Designs from India

2

Minister of Commerce & Industry Launches Digital Signature

2

TCS Bags £ 120 m Contract from UK Health Service

2

ADB Backs India’s first LNG Terminal

3

100% FDI in Petroleum Sector notified

3

Euro-India Business Meet on Industrial Sub-Contracting

4

 Three Danish firms to invest $12.4 m in steel parts EOU


Three Danish companies, Jensen, Rool and ECM, have joined hands to set up a 100% EOU in Bangalore with an investment of $12.4 million in the first phase. The unit, which will make stainless steel sub-components for hi-tech dairy machinery and wind mills, will come up at Bommasandra, near Bangalore. The project will employ 150 people in the first phase and is expected to commence production in August. The second phase will involve an investment of another $12 million and the staff strength will be doubled.

 

These components manufactured in India are expected to compete directly in the European market with components made in Poland and Czechoslovakia.

 

                                    

INFORMATION TECHNOLOGY SECTOR

 

Minister of Commerce & Industry Launches Digital Signature

In a major initiative to boost exports on the Electronic Data Interchange (EDI) Front, the Union Minister of Commerce & Industry, Mr. Arun Jaitley launched the Digital Signature and Electronic Fund Transfer Facility on January 28, 2004 with the purpose of enabling          exporters to submit online import/export applications to the offices of the Directorate  General of Foreign Trade (DGFT). DGFT has tied up with M/S Safescrypt, a licensed       certifying authority, to provide technical support for integration of the Public Key             Infrastructure (PKI) and encryption technology to its EDI network. Memoranda of       Understanding have been signed with the ICICI Bank, HDFC Bank and the State Bank of India for providing Electronic Fund Transfer Facility for depositing the    import/export license fee as per the requirements of the EXIM Policy.

To encourage electronic filing by the export community, DGFT has reduced the license fee to 50% in cases where online digitally signed applications with electronic fund transfer are submitted to its website. With this facility, an exporter will not be required to submit paper applications for interacting with DGFT offices. Such e-commerce initiatives will not only  reduce transaction costs for the exporting community but also impart greater transparency.

Data Conversion Next Big Job Regime

 

After becoming the global hub for R&D and call centres, India is all poised to become the heart of world’s data conversion centre for Geographic Information Systems (GIS) opening another door for increased job opportunities for the techies in the country. Major importers from the US, Europe, Japan and Australia have already started operating directly or subletting work to Indian IT companies.

 

Nasscom president Kiran Karnik at an international conference on mapping technologies - Map India 2004 - pointed that the present export size of the Indian GIS industry was about $100 million with 60% being exported to North America alone.

 

The GIS export industry alone employs over 10,000 people. Centre for Spatial Database Management Services (CSDMS) predicts that the US alone could give India's GIS services exports a 15-20% growth in the next couple of years. The global market for GIS is more than $7 billion, with the US accounting for $2.5 billion.


GIS is a computer system capable of assembling, storing, manipulating and displaying geographically referenced information. The computerized integration of information through spatial links has the ability to enhance decision-making across a wide range of applications.

Infosys, Microsoft, Intel Join Hands In Philippines


Infosys Technologies said that its banking business unit was partnering with Microsoft Philippines and Intel Micro Electronics Philippines to provide e-banking solutions to banks in the Philippines. The solution is based on Infosys’ Finacle running on Microsoft .Net and Intel platform.

 

The combined solution offers customers lower total cost of ownership (TCO), a Infosys release said.

ENERGY SECTOR

 

100% FDI in petroleum Sector notified


The Government on India notified the liberalised FDI norms for petroleum sector by which up to 100% FDI would be allowed by the automatic route in petroleum product market, oil exploration in small and medium sized fields and petroleum product pipeline.

 

FDI up to 100% has been allowed in natural gas/LNG pipelines with prior government approval. FDI for petroleum product marketing would, however, be subject to the existing sectoral policy and regulatory framework in the oil marketing sector. As for the small and medium sized fields, foreign investment would be allowed for exploration of oil and in discovered fields of national oil firms.

FORTHCOMING EVENTS  

EURO-INDIA BUSINESS MEET

on Industrial Sub-Contracting

 

(March 8th—11th 2004)

 

Venues: New Delhi — Mumbai — Coimbatore

 

For additional information and application forms, please contact the Organizers:

 

Engineering Export Promotion Council of India

Mr. V. K. Duggal,

Resident Director
European branch office

59, Immermannstrasse

D-40210 Duesseldorff

Germany

Phone: +49 211 359011/12

Fax: +49 211 358456

E_Mail: eepcddorf@aol.com

 

 

Healthcare & Herbal Expo & Seminar 2004

‘India as a Healthcare Destination’

 

(April 2nd—5th 2004)

 

Venue: Pragati Maidan, A/C Halls, New Delhi

 

Organizers:

Federation of Indian Chambers of Commerce & Industry (FICCI)

Federation House,
Tansen Marg,
New Delhi-110001

Tel: 00 91 11 23738760 - 70

Fax: 00 91 11 23 32 07 14

E-Mail: ficciexhibition@vsnl.net

Website: https://www.ficci.com/

 

 

18th India Knit Fair—Spring/Summer Collection 2005

(May 12th—14th 2004)

Venue:  Tirupur


Organizers: India Knit Fair Association (Admn. Office: Apparel Export Promotion Council)

No. 3, 3rd Street, Indira Nagar, Off. Avanashi Road, Tirupur-641603

Phone: 00 91 421 22 05 022  /  Fax: 00 91 421 22 00 022

E-Mail: aepctir@md3.vsnl.net.in  /  Website: https://www.indiaknitfair.com/

 

 

 

Published by Embassy of India, Copenhagen, 15, Vangehusvej, 2100, Copenhagen Tel:39290854 Fax:045-39270218 Email: india@email.dk

India's Exports to Denmark:

 1, 299.48

India's Imports from Denmark

      974.34

Total Trade

  2,273.82

Trade Balance

  + 325.14

India's Exports to Denmark:

 1, 853.75

India's Imports from Denmark

 1,288.95

Total Trade

  3,142.70

Trade Balance

  + 564.80

OTHER FORTHCOMING EVENTS

TEX-STYLES INDIA 2004

February 29 - March 4, 2004

Pragati Maidan, New Delhi
 

INDIA STONE MART 2005

January 28 - February 1, 2005

Export Promotion Industrial Park, Sitapura, Jaipur,
Rajasthan