NO. 11 November 2010 Prince of Liechtenstein visits India
23.2% during September 2010, at US $ 18.02
billion. Stating this at a press interaction, Mr.
H.S.H. Hereditary Prince Alois Von und zu
Rahul Khullar, Commerce Secretary, informed
Liechtenstein accompanied by his wife H.R.H
that during the period April-September 2010,
Hereditary Princess Sophie Von und zu Liech-
exports have reached a level of US $ 103.3
tenstein, Foreign Minister Ms. Aurelia Frick, an
billion at a growth of 27.6% Mr. Khullar also
stated that as we have already achieved a level
member business delegation visited India on
of US $ 103.3 billion, we are on course to
15-19 November 2010 at the invitation of
achieve the target of US $ 200 billion during
Hon’ble Vice-President of India. This was the
the financial year 2010-11. Commerce Secre-
first ever high level official visit from Liechten-
tary also highlighted that some sectors includ-
stein since the establishment of diplomatic re-
ing engineering, gems & jewellery, readymade
lations with Liechtenstein in 1993. During the
garments, marine products, leather & leather
visit, H.S.H. Hereditary Prince Alois had meet-
ings with Hon’ble President of India, Vice-
President, Finance Minister, Leader of Opposi-
India to grow at 9.7 per cent in 2010: IMF
tion, Minister of State for External Affairs and
UPA Chairperson. During his visit to Mumbai,
India's growth projection has been revised up-
he called on the Governor of Maharashtra. The
wards by the International Monetary Fund
main objective of the exploratory visit was to
(IMF) to 9.7 per cent for 2010, from the earlier
deepen and broaden the existing bilateral rela-
estimate of 9.4 per cent. It is the third straight
tionship between India and Liechtenstein and
revision of IMF's growth projections for India.
the evaluation of future cooperation particu-
The economy was projected to expand by 8.8
larly in the areas of economy and culture. The
per cent, earlier. IMF's projection for India is
views on foreign policy issues and current chal-
lenges of the international, the commercial and
agencies. The government and Reserve Bank
trade policies were also exchanged during the
of India (RBI) have estimated gross domestic
meetings. H.S.H. Hereditary Prince Alois also
product (GDP) growth at around 8.5 per cent
visited India International Trade Fair (IITF).
for 2010-11. RBI pointed out in its latest Mac-
During a reception organised by the trade
chambers CII, ASSOCHM and FICCI in Delhi,
port that IMF's growth projections were for
the two sides expressed their interest in
GDP at market prices, which includes the trend
strengthening and diversifying the existing
in indirect taxes net of subsidies. The upward
trade and investment flows between the two
trend in indirect tax collections has continued.
countries, fully exploiting substantial synergies
According to the latest data released by the
arising from their complementary economic
Ministry of Finance, April-August 2010 wit-
nessed the increase in these taxes by approxi-
mately 46 per cent to over US$ 28.05 billion.
Bilateral India-EFTA Agreement Outbound M&A deals set to touch $100
The 6th round of negotiations on the bilateral
billon this year
India-EFTA Agreement on Trade and Invest-
ment was held in Geneva on 11-12 November,
India has climbed seven notches to the 10th
position in the global takeover league table and
is poised to set a record this year on abundant
Export grows 23 2 percent in September
funding as companies go in search of tech-
and acquisitions rose 226% in the first nine
India’s exports have registered a growth of
months of this year to $56.7 billion in 948
deals, compared with $17.4 billion in 747
Europe, the Sensex traded on the Eurex, the
transactions a year earlier, data provider
region’s derivative leader, controlled by Ger-
Daelogic showed. Indian outbound M&A was
man operator Deutsche Börse and SIX Swiss
$24.8 billion, up from $785 million, led by
Exchange AG. Currently, NSE’s key index, the
Bharti Airtel’s $10.7-billion acquisition of Zain
S&P CNX Nifty, is traded on the Singapore
Africa. The opening up of loan markets after
Stock Exchange in Asia and CME in the US. In
the credit crisis and the surge in confidence of
Europe, NSE has expressed its intention to
Indian corporates due to more than 25% earn-
launch Nifty options contracts on the London
ings growth is raising interest in deals. Reli-
Stock Exchange, ranked a distant third after
ance Industries, the nation’s biggest company,
the Eurex and Liffe. The Sensex may have a
which in the past mostly depended on the do-
first-mover advantage over Nifty in Europe,
mestic market has been aggressive in acquir-
said market players. Interestingly, the Sensex
ing shale gas assets in the US which is tipped
will be trade from 7.50 am Central European
to be a game changer in the energy economy.
Time for 22 hours on the Eurex, which will ef-
fectively capture the trading hours of Europe,
40% stake in the US-based Atlas Energy for
the US and Asia. The Eurex will offer two mar-
$1.7 billion in April 2010, besides two other
ket-making schemes for the index: one to sup-
small buys. It held $3 billion in cash as of
port liquidity during the overlap of Indian and
March 2010. According to a study by ET Intelli-
gence Group showed that Indian companies
scheme in Sensex options contracts. The con-
were sitting on a cash pile of about $75 billion,.
tracts will be dollar denominated and settled in
That gives them an edge in negotiations over
cash. The lot size of Sensex F&Os on Eurex will
their rivals from developed markets which are
be one, and the value will be as per the value
over leveraged. India ranks 11th in acquirer
of the index. This means one lot would be of
nation transactions and 10th in inbound M&A
$20,000, if the index is trading at a level of
deals while China is the third largest acquiring
nation with deals worth $131.2 billion, behind
GSM operators add 12.4 mn users in Sept FII inflows help Sensex reach 33 month
GSM-based mobile operators added 12.4 mil-
lion subscribers in September to take their to-
The benchmark stock indices reached a 33
tal tally to 494 million. BSNL was the top op-
month high on 1 October, 2010 as foreign in-
erator in terms of subscriber addition with 2.3
stitutional investors (FII) continued to show
million users. This was the first time in the last
their confidence in India's future. In just a pe-
five years that BSNL has emerged the top op-
riod of two days in the week ending 1 October,
erator. BSNL now has 72.7 million subscribers
2010 FIIs invested more than US$ 899.77 mil-
and was ranked fourth among GSM operators.
lion in the Indian stock markets. The Sensex
closed at 20,445 on 1 October, 2010, 375
India to overtake Japan as largest small
points higher than 30 September, 2010, reach-
ing an intra-day high of 20,475. The Sensex, in
the last one month, has gained more than
India aims to become the small car hub of the
2,500 points. Net FII inflow in the same period
world by dethroning Japan, the biggest maker
has amounted to US$ 5.72 billion. Positive
of compact cars, a majority of which is con-
trends in the Asian and European markets led
sumed domestically. Last year, it had pipped
to an upswing in the Sensex on 1 October,
Brazil to become the second-largest producer
2010. Also, according to brokers, the record
of such cars. While Japan produced 3.4 million
monthly auto sales announced by major do-
small cars between January and December in
mestic manufacturers gave a boost to the mar-
2009, India manufactured 1.48 million units in
the same period. According to a top official
from Tata Motors, the country’s biggest vehicle
Sensex goes live in Europe
maker, India would certainly become the big-
gest manufacturer of compact, fuel-efficient
Futures & options (F&O) contracts of the Sen-
cars, as there is a growing demand for such
sex — India’s popular blue-chip index, owned
versatile cars worldwide. Top manufacturers
by the Bombay Stock Exchange (BSE) started
like Maruti Suzuki, Hyundai Motor India and
trading in Europe on 4 October, 2010. It was
Tata Motors collectively sold 720,000 units of
country’s first equity index traded there. In
compact cars during the first six months of
the year, reporting 32 per cent growth com-
during the same period in 2009. Asian project
pared to the same period in the previous year.
volumes increased 55% with a value of $93.2
The industry also collectively exported 191,000
billion. India was the leading nation with $56.8
compact vehicles during the first half of the
billion with 97 projects during this period
current financial year. This was lower than the
previous year by 2.6 per cent when the indus-
GSK to make India a hub for anti-parasite
try reported exports of 197,000 vehicles, pri-
marily because of lower penetration levels,
coupled with a stagnant demand in the Euro-
The world’s second-largest drug maker,
GlaxoSmithKline (GSK), is making India a ma-
jor manufacturing hub for its free global drug
Indian law firms still on top in global
supply to treat neglected diseases. GSK would
make additional investments in India and
South Africa to increase production of anti-
Indian law firms, which beat some of the
parasite drug albendazole to one billion tablets
world’s biggest to emerge as top legal advisors
a year from 2012, Andrew Witty, chief execu-
to global deals last year, have retained their
tive officer of GSK, said in a tele-conference
edge with three domestic firms finding pride of
call from Japan. GSK supplies about 600 mil-
place in the top 10 ranking. In the area of pub-
lion tablets a year. India produces half of these
lic private partnerships (PPP), Luthra & Luthra
pills, while the rest comes from GSK’s factory
retained the No. 1 slot as a global player for
at Cape Town in South Africa. The drug is used
the second year in a row with a 7.6% market
to treat children at risk of intestinal worm
share, valued at $3.29 billion for the first nine
months of 2010 (see chart). This cemented its
advantage over some of the world`s largest
University of Atlanta opens study centre
firms like Clifford Chance, Allen & Overy, DLA
in Ahmedabad
Piper and Linklaters. India Law Services se-
cured the No. 3 position with a 5.4% market
The University of Atlanta has opened its first
share, valued at $2.35 billion. However, DSK
study centre in Indian Subcontinent at Ahmed-
Legal, which was at No. 2 in 2009, failed to
abad. The Ahmedabad centre is being equipped
make it to the top 10 this time. Luthra & Lu-
with the most advanced teaching – learning
technologies using the Credit system. The US
Linklaters in the global project finance category
methodology and pedagogy of Assignments,
with a market share of 3.7% by offering legal
practical live training and meaningful interac-
advice for 17 deals worth $15.5 billion. Amar-
tion and team work will be followed in deliver-
chand, Mangaldas and Shroff slipped from No.
ing the syllabi both at the BBA and MBA levels.
3 position in 2009 to the 7th slot in the top 10
ranking with a 3.9% share across 13 deals val-
ued at $8.3 billion. Overall, India`s market
share in global PPP in the top 10 category for 2010 was 13%, accounting for $5.6 billion and 11.2% in global project finance, accounting for $23.9 billion, according to a report by Dealogic Global Investment Banking. Global project vol-umes rose to $244.3 billion in the first nine months of 2010, up 21% from $201.7 billion
DISCLAIMER The information given in the Newsletter is prepared on the basis of various inputs available to the Embassy and is for general reference. It should not be construed asan endorsement of the views contained therein EMBASSY OF INDIA, SWITZERLAND
December 17, 2008- The day, at the age of 38, I was told that I had breast cancer and my life was changed forever. Surprisingly my cancer diagnosis, although terrifying in the beginning, has actually made me stronger and happier in a lot of ways. My diagnosis was a result of my normal, yearly mammogram. Due to my strong family history of breast cancer, I had my baseline mammogram at 30 and the
Close Window May/June 2006 Prepare for avian flu Since 2003, there have been 206 human cases of avian flu, including 114 fatalities, according to the World Health Organization (WHO).* Birds migrating from infected nations are expected to reach the continental United States later this year. U.S. public health officials are concerned that a mutation in the H5N1 strain could oc