India to drive past China to record world's fastest auto sales growth
India's top gear drive in automobile sales will help it pip China as the fastest-growing market in the world. According to a study by global consultancy firm Ernst & Young, the Indian market will clock the fastest compound annual growth rate between 2009 and 2020, more than double that of China and the triad of North America, Europe and Japan. India's CAGR between 2009 and 2020 is likely to be 14% compared with China's 6%, other emerging markets' 6% (which includes Bric nations) and the triad's 4%. The study, done for component apex body ACMA (Automobile Component Manufacturers' Association), also predicts India's car and SUV sales to double from 2.2 million units in 2009 to just over 5 million units in 2015 and just short of 10 million by 2020.

Reserve Bank of India reports surge in electronic transactions
Catching up with the developed world, India is witnessing a surge in use of electronic means. According to the latest annual report of the Reserve Bank of India (RBI), the use of electronic means, as opposed to using paper, for making payments has gone up sharply in the last three years. As per the RBI report, the share of electronic transactions rose to 88.3 per cent in 2009-10 from 80.4 per cent in 2007-08, in terms of value. Similarly, in terms of volume there was a rise from 27.1 per cent in FY (Financial Year) 2007-08 to 35.3 per cent in FY 2009-10.

States gear up with big budgets to woo tourists
States are gearing up this year for welcoming tourists to unexplored destinations, wooing travelers with ornithology conferences, a taste of tribal hospitality and are offering attractive subsidies for investors. The flavour seems to be offering a unique experience for the traveler. Roadshows by regional markets, such as Karnataka and Assam to name a few, have already started, while actor Amitabh Bachchan has been roped in by Gujarat as its brand ambassador. States have also lined up huge tourism budgets this year for promotion across the country and globally as well. According to the latest World Travel & Tourism Council (WTTC) data, the travel and tourism industry is expected to directly contribute $42 billion to the country's gross domestic product (GDP) in 2010. The data also say that India will be a tourism hotspot during the 2009-2018 period, having the highest 10-year growth potential compared to other countries.

Government approves Rs. 3,000 cr for setting up 16 Central varsities

The Government has agreed to spend Rs. 3,000 crore (US$ 676.8 million) during the 11th Five Year Plan for setting up 13 new central universities and converting three existing state universities into central universities.

FIIs cross US$ 20 billion mark
Net foreign institutional investor (FII) inflows crossed the US$ 20 billion mark on October 5, 2010, surpassing the US$ 17.7 billion high recorded in 2007, according to the Securities and Exchange Board of India (SEBI) data.

BSE launches mobile trading as Sensex hits 20,000
On the day Sensex crossed the 20,000-mark, the Bombay Stock Exchange went live with its mobile trading platform. The larger of the 33 participating brokers were flooded with enquiries from investors interested in the new mode, though little trade happened via the new route. The Securities and Exchange Board of India had cleared the way for trading in securities using wireless technology less than a month ago. According to brokers, there was considerable curiosity among investors, especially office employees who are not allowed to access trading Web sites while at work.

IT parks: Tamil Nadu eases norms for smaller companies
The Tamil Nadu Government has relaxed the eligibility norms to help smaller companies avail space in government promoted information technology parks in tier II cities, according to IT secretary Mr. P.W.C. Davidar. One acre of land will now be given companies to help them build 45,000 sq. ft. of office space. Earlier, it used to be a minimum of five acres. Similarly, minimum revenue requirement of a company has been reduced to Rs. 1 crore from Rs. 5 crore.

RBI permits corporations to work as rural agents of banks
The Reserve Bank of India (RBI) has allowed firms to play the role of an intermediary to spread banking in rural areas, in a move aimed at making banking services available to the unbanked.

Canada, India to tie up for making films in 2011

Canada will be signing a film and new media co-production treaty with India at the 12th edition of the International Indian Film Academy Awards (IIFA) scheduled to be held in Toronto in 2011. This will help Indian filmmakers get access to the North American country's scenic locales, including British Columbia (BC).

Auto component sector to see 4-fold growth by 2020
The Indian auto component industry expects to grow by over four-fold to $113 billion by 2020 as there have been projections of a similar jump in car manufacturing in the country in the next decade, according to Automotive Component Manufacturers' Association. The total passenger car production in the country will jump four times to reach 9 million cars in the next ten years, the industry body siad in its forecast report. Although a major chunk of this will come from the fast growing domestic market, exports are likely to form around 35% of the total market by 2020.

Coconut-based tourism on cards
In a first of its kind venture, the Coconut Development Board has initiated a coconut trail project as part of promoting coconut-based tourism in a big way in the country. The trail will take the tourists from Kumbalangi, the first model tourism village in India, to the other tourist spots in South India, East, North and North-Eastern parts of the country, where they will get first-hand knowledge of the lifestyle of coconut farming community and the various end uses of the nut and other palm parts.

Mangalore to sign MoU with Canadian city
Mangalore City Corporation (MCC) will sign an economic development MoU with Corporation of Delta, a suburban municipality in the southwest portion of Greater Vancouver region, in Mangalore.

IT / Telecom / Biotech News
Mobile subscriber base touched 652 million mark in July 2010
The number of Indian mobile subscribers witnessed a robust growth as it touched the 652.42 million mark in July 2010, with an addition of 16.92 million connections, as per the official data. According to the Telecom Regulatory Authority of India (TRAI), the wireless user base rose by 2.66 percent to 652.42 million in July 2010 from 635.51 million in June 2010. The total telephone subscriber base has touched 688.38 million. The increase in this category was led by Bharti Airtel, which added 2.6 million users to take its subscriber base to 139.2 million users. Similarly, Reliance Communications added 2.5 million new subscribers, taking its subscriber base to 113.3 million, while Vodafone added 2.4 million connections taking its user base to 111.4 subscribers.

Bharti Airtel joins consortium for new undersea cable system
Bharti Airtel has joined a consortium of global telecom operators to announce the launch of the EASSy cable system - the 10,000 km undersea cable connecting Africa to Europe. The cable has been built with an investment of around $263 million and has a capacity of 1.4 terabits per second, making it the largest submarine cable system serving the African continent.

New Internet protocol by December 2011
The Government has set a deadline of December 2011 for major telecom operators to adopt the next generation protocol for Internet services in the country. Called Internet Protocol version 6 (IPv6), the new standard will offer improved address space, quality of service and data security capabilities.

HCL Infosystems enters the gaming zone
First Indian company to launch handheld consoles, set to compete with international brands like Sony and Nintendo. Delhi-based HCL Infosystems became the first Indian company to enter the handheld gaming console market earlier this month. The move is part of the company's plans to expand its hardware, services and ICT systems integration and distribution business.

Jet Airways, IBM sign US$ 62 million IT services deal
Jet Airways and IBM have signed a 10-year $62-million business transformation and information technology services agreement. The agreement is a step towards Jet Airways' journey of technology-led business transformation, which will help the airline achieve significant growth by aligning its IT with business strategy, said a release.

Dr. Reddy's ties up with Israeli company

Israel-based pharma company, SoluBest, has entered into collaboration with Dr. Reddy's Laboratories Ltd to develop a technological platform for solving the problem of drug insolubility. According to the agreement a new, proprietary formulation of one of SoluBest's pipeline compounds would be developed. In return, SoluBest is eligible to upfront, research and milestone and ‘significant royalty' payments.

Transgene Biotek acquires US-based Marillion
The Hyderabad-based Transgene Biotek Ltd has announced that it has entered into an agreement to acquire Marillion Pharmaceuticals Inc, a US Oncology Biopharmaceuticals company based in Exton, Pennsylvania, in an all-share deal.

Mitsui acquires 5% in Arch Pharma
Diversified Japanese conglomerate Mitsui has bought a 5% stake in Indian active pharmaceutical ingredient manufacturer, Arch Pharmalabs, for around Rs 65 crore.

Corporate News

BMW launches auto finance arm in India
World's largest luxury carmaker BMW Group has entered into auto finance business in India through its global finance arm, BMW Financial Services, to support its customers and dealers to boost sales volume in the country.

Airbus sees India's aircraft demand taking off in a big way
Aircraft manufacturer Airbus Industrie has forecast that India will require an additional 1,000 aircraft in the next 20 years. The company is also planning to raise the headcount at its engineering centre at Bangalore from 180 to 400 over the next three years.

Ashok Minda Group completes Aksys buy
Auto component maker Ashok Minda Group announced that it has completed the acquisition of specialist composite moulding manufacturer Aksys Koengen of Germany. After the acquisition, Aksys will now been renamed Minda Schenk Plastic Solutions GmbH, Plant Koengen. The plant is a major supplier of components to Daimler, VW Group, Renault, PSA and GM.

Piramal Healthcare completes $3.7 billion deal with Abbott
Piramal Healthcare's shareholder can expect to soon receive a special dividend as the US-based drugmaker Abbott has completed its $3.7-billion acquisition of the Mumbai-based firm's Indian formulation business.

Tata Motors buys Italian design firm
Tata Motors has bought an 80 per cent stake in Italy-based Trilix Srl, a design and engineering company for €1.85 million (Rs 11 crore). The remaining 20 per cent stake is equally held by the promoters of the target company, stated a release sent by Tata Motors to the Bombay Stock Exchange.