Some delegates from Pakistan miss event

Some delegates from Pakistan miss event

Mumbai: Some Pakistani delegates could not attend the India Economic Summit of the World Economic Forum in Mumbai, despite registering for the event, as India could not grant them visas in time.

Sushant Palukurthi Rao, senior director and head of Asia for the World Economic Forum, said, “many friends from Pakistan could not come here because of visa challenges." Rao said these delegates got their visas only on Friday, after which there was no flight from Pakistan that would have brought them in time for the event.

At least three delegates could not attend, Pakistani journalist Munizae Jehangir said during a session.

aveek.d@livemint.com

************

Scrap carbon tax: Australia provincial head

Mumbai: New South Wales Premier Barry O’Farrell on Sunday spoke out against Australia’s recently passed carbon tax.

O’Farrell has been a strident opponent of the carbon tax. He has even been accused in the Australian media of exaggerating it.

Arun Kumar Jagatramka, managing director of Gujarat NRE Coke Ltd, said though the tax will drive up the price of steel and coke, Indian buyers will be forced to swallow it.

O’Farrell also said he was against the current ban on the sale of uranium to India.

—David Shaftel

************

Rent?Act has?negative?effect?on?realty market

Mumbai: Participants lamented the negative effects on the real estate market because of the Rent Control Act during the session ‘Spotlight on Mumbai: Getting Urbanization Right".

“From 1985 onwards, whatever buildings are constructed in Mumbai, for them the rent control law is not applicable… I think building life is only 40 or 50 years; so in another 10 years, the problem will be solved," Brihanmumbai Municipal Corporation (BMC) municipal commissioner Subodh Kumar joked, to scattered applause.

—Aveek Datta

************

Carriers lose Rs900 per seat on jet fuel cost

Mumbai: Every Indian carrier loses an average Rs900 on every seat that it flies due to high jet fuel cost, said Dinesh Keskar, president of the Indian unit of US-based aircraft manufacturer Boeing Inc.

He said the loss is estimated on the basis of crude oil prices at $100 a barrel, Keskar said. The domestic airline industry is estimated to lose Rs3,500 crore this year and the figure may even go up, he said.

“The Indian airline industry is growing in double digits and we still believe that Indian carriers will handle 60 million passengers this year,’’ he said. “Any industry that cannot cover the cost, that is going up, you will end up in losses."

The recent depreciation of the Indian rupee has also hurt the aviation industry, Keskar added. He said airlines can survive only by a gradual increase in fares.

Watch a video

Boeing India’s president, Dinesh Keskar, talks about growth in the aviation industry and its problems from high fuel costs to low ticket prices.

Loading video

—P.R. Sanjai

************

A global platform for youth

Mumbai: The World Economic Forum on Sunday announced the creation of a “global shapers community" to “tap into the potential of the youth generation".

The community will provide talented 20- to 30-year-olds with a global platform to shape the future and with the opportunity to develop their leadership potential to serve society, the World Economic Forum said in a release.

—A Staff Writer

************

GMR Infra eyeing foreign aviation ventures

Mumbai: Infrastructure firm GMR Infrastructure Ltd is looking at bidding airport development opportunities overseas, according to Subbarao Amarthaluru, group chief financial officer at GMR group.

’’There are no domestic opportunities available in India. We continue to look outside for airport opportunities, if it is probable. But I cannot comment on project specifics ," he said.

Watch a video

Subbarao Amarthaluru of GMR Infrastructure talks about airport operations and why the company isn’t scouting for overseas coal anymore.

Loading video

GMR is currently controlling two airports in India—Delhi and Hyderabad—and two overseas—Turkey and Male.

Subbarao said despite the economic slowdown the footfalls at airports are encouraging. “We have witnessed 23% footfalls at Delhi airport, 15% in Hyderabad, 23% in Turkey and 20% in Male,’’ he said.

—P.R. Sanjai

************

Electronics imports could surpass oil: Pitroda

Mumbai: From chip plants to research parks, India must invest in an electronics manufacturing base to sate the swelling demand for smartphones, laptops and other gear or risk an import bill larger than for oil, a top adviser to the prime minister said.

Watch a video

Pitroda talks about connecting a billion people and what can be done in the future.

Loading video

Information technology and services may have powered India to be one of the world’s fastest-growing major economies, but manufacturing accounts for just 16% of output, roughly half of the share in China and far behind India’s targeted 25% over the next decade. “We have lost all of the electronics manufacturing base, whatever little we had," said Sam Pitroda in an interview on the sidelines of a World Economic Forum event in Mumbai.

“Electronic hardware (imports) could be $400 billion if we’re not careful, in the next 10-15 years." he said. “It could be more than oil."

India wants to upgrade its industrial base to diversify from service sector-led growth, create more jobs, and curb a swollen trade deficit that could more than double in three years, due in part to billions of dollars worth of Chinese imports.

—Reuters

************

Watch a video

The World Economic Forum’s India Economic Summit 2011 is exploring this country’s role in the world. Mint’s Leslie D’Monte tells us why.

Loading video

************

Watch a video

Rahul Bajaj, chairman of Bajaj Auto says it’ not just the economy that’s slowing down- government decision making also seems to be grinding to a halt.

Loading video

************

Watch a video

Swami Nikhilananda of the Chinmaya Mission says corporate India isn’t doing enough for society and calls for more accountability.

Loading video

************

Watch a video

Sanjiv Bajaj, managing director of Bajaj FinServ, talks about the effects of the slowdown and high interest rates.

Loading video

************

Watch a video

N. Chandrasekaran, the CEO of Tata Consultancy Services, talks about the company’s new mega deal with U.K.-based Friends Life.

Loading video

************

Watch a video

ICICI Bank’s CEO and managing director, Chanda Kochhar, gives her take on the macroeconomic situation

Loading video

************

Watch a video

Chengal Reddy of the Consortium of Indian Farmers Associations says the right policies can drastically increase the country’s agricultural output.

Loading video

Close