General Affairs
Yoga Guru Ramdev, Face Of 4,500-Crore Patanjali Group, Says Was Denied US Visa
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INDORE: Yoga guru Ramdev, who is the face of Rs. 4,500-crore Patanjali Group, was once denied a visa to the United States citing his bachelor status and not having a bank account.
But later it invited him and gave him a 10-year visa when he was to address the United Nations, which is headquartered in New York, the Yoga guru revealed today.
Speaking at the Global Investor Summit in Indore, Ramdev recounted how he was first denied a visa and later offered a visa.
"When for the first time I applied for a US visa, I was denied. I asked for reasons, they said Babaji you don't have a bank account, which I still don't have, and you are unmarried.
"There could be some issues there, they said, but I insisted there is no possibility of any of that. Yet they denied me a visa," Ramdev said.
He, however, did not indicate the year in which he had applied for the visa.
"But when they had to call me for the UN programme, they on their own gave me a 10-year visa," he said. "This is a separate matter".
Ramdev, who shared the dais with several industrialists, including Anil Ambani and Gopichand Hinduja as well as Finance Minister Arun Jaitley and Madhya Pradesh Chief Minister Shivraj Singh Chouhan, said spiritual leaders are anyways global citizens.
"I was asked by Finance Minister in what capacity was I here as. I am here as a global citizen," he remarked.
His Patanjali group is reported to be considering investing Rs. 500-crore in setting up a food processing unit at Dhar district in Madhya Pradesh.
Patanjali Ayurveda is considered among the fastest- growing consumer products brand with products ranging from kitchen staples, nutrition, cosmetics to personal care products.
But later it invited him and gave him a 10-year visa when he was to address the United Nations, which is headquartered in New York, the Yoga guru revealed today.
Speaking at the Global Investor Summit in Indore, Ramdev recounted how he was first denied a visa and later offered a visa.
"There could be some issues there, they said, but I insisted there is no possibility of any of that. Yet they denied me a visa," Ramdev said.
He, however, did not indicate the year in which he had applied for the visa.
"But when they had to call me for the UN programme, they on their own gave me a 10-year visa," he said. "This is a separate matter".
Ramdev, who shared the dais with several industrialists, including Anil Ambani and Gopichand Hinduja as well as Finance Minister Arun Jaitley and Madhya Pradesh Chief Minister Shivraj Singh Chouhan, said spiritual leaders are anyways global citizens.
"I was asked by Finance Minister in what capacity was I here as. I am here as a global citizen," he remarked.
His Patanjali group is reported to be considering investing Rs. 500-crore in setting up a food processing unit at Dhar district in Madhya Pradesh.
Patanjali Ayurveda is considered among the fastest- growing consumer products brand with products ranging from kitchen staples, nutrition, cosmetics to personal care products.
Devendra Fadnavis Bowed Before Highhanded Tactics Of MNS: Congress
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MUMBAI: The Maharashtra unit of Congress today expressed "shock" over Chief Minister Devendra Fadnavis mediating over release of a film featuring a Pakistani actor, saying he bowed before highhanded tactics of the MNS.
"Chief Minister's responsibility was maintaining law and order and it was unconstitutional for him to mediate between the film producers and MNS, which had threatened to block release of the movie," Maharashtra Congress spokesperson Sachin Sawant said.
He said the MNS had threatened to block the release of filmmaker Karan Johar's "Ae Dil Hai Mushkil" and damage theatres screening the movie.
"Causing financial loss to the film producers who have made a movie spending crores of rupees is illegal. Banning artists from across the border is a decision to be taken by the Narendra Modi government. Representation to demand ban on Pakistani artistes can be made to the Centre," he said in a statement.
Mr Sawant also said protecting interests of the country was part of the foreign policy which is the jurisdiction of the Centre.
"The state government's responsibility is to protect law and order, till a decision to ban Pakistani artists is taken by the Centre.
"Fadnavis not only bowed before the highhanded tactics of the MNS but also made the state bow before the party," he alleged.
"When Ashok Chavan was the Chief Minister, Shiv Sena had created similar problems for release of Shah Rukh Khan's 'My Name is Khan'. The then Congress government had provided police protection to the movie and ensured there was no law and order problem. Congress showed it does not bow down to any pressure. Fadnavis showed that he was incapable of handling the pressure," Mr Sawant alleged.
The Raj Thackeray-led MNS, which staged high-voltage protests against the release of "Ae Dil Hai Mushkil" featuring Pakistani actor Fawad Khan, today withdrew its agitation after Mr Fadnavis mediated talks between the MNS chief and filmmakers in Mumbai.
"Chief Minister's responsibility was maintaining law and order and it was unconstitutional for him to mediate between the film producers and MNS, which had threatened to block release of the movie," Maharashtra Congress spokesperson Sachin Sawant said.
He said the MNS had threatened to block the release of filmmaker Karan Johar's "Ae Dil Hai Mushkil" and damage theatres screening the movie.
"Causing financial loss to the film producers who have made a movie spending crores of rupees is illegal. Banning artists from across the border is a decision to be taken by the Narendra Modi government. Representation to demand ban on Pakistani artistes can be made to the Centre," he said in a statement.
Mr Sawant also said protecting interests of the country was part of the foreign policy which is the jurisdiction of the Centre.
"The state government's responsibility is to protect law and order, till a decision to ban Pakistani artists is taken by the Centre.
"Fadnavis not only bowed before the highhanded tactics of the MNS but also made the state bow before the party," he alleged.
"When Ashok Chavan was the Chief Minister, Shiv Sena had created similar problems for release of Shah Rukh Khan's 'My Name is Khan'. The then Congress government had provided police protection to the movie and ensured there was no law and order problem. Congress showed it does not bow down to any pressure. Fadnavis showed that he was incapable of handling the pressure," Mr Sawant alleged.
The Raj Thackeray-led MNS, which staged high-voltage protests against the release of "Ae Dil Hai Mushkil" featuring Pakistani actor Fawad Khan, today withdrew its agitation after Mr Fadnavis mediated talks between the MNS chief and filmmakers in Mumbai.
Varun Gandhi Rebuts Defence Leaks Allegation, Says No 'Grain Of Truth'
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NEW DELHI: BJP lawmaker Varun Gandhi, who is under scanner for allegedly leaking defence secrets to controversial arms dealer Abhishek Verma, today rejected the charges against him as false and frivolous and said he will take legal action against those who deliberately sought to tarnish his reputation.
The Sultanpur lawmaker issued a detailed statement addressed to "my fellow countrymen," in which he made point by point rebuttal to the allegations levelled against him as he insisted that there is "no one grain of truth or one shred of evidence" in them.
While he was a member of both the Defence Standing Committee and the Defence Consultative Committee from 2009, he said he never attended a meeting of the Consultative Committee and very few of the Standing Committee.
"Clearly, I was neither actively seeking out nor passing on any information. Had there been any hidden agenda or motivation as alleged in the letter it would have been reflected in my attendance...
"I would like to point out the false and frivolous nature of its (letter) charges, and the impossibility of these allegations." Mr Gandhi said.
Swaraj Abhiyan leaders Prashant Bhushan and Yogendra Yadav on Thursday had released a letter written by Edmonds Allen, a New York-based lawyer, to the PMO last month that Varun was honey trapped and compromised by Mr Verma.
He alleged that Mr Verma "blackmailed" Mr Gandhi, a member of the Defence Consultative Committee, into sharing sensitive information on crucial arms matters.
Mr Allen, who was a partner of Mr Verma, fell out with him in 2012. Mr Verma is facing trial in the 2006 Naval War Room leak case.
"I have never met Edmonds Allen, who has written this letter containing these allegation. Nor do I have any details of who he is, not what he does except as has been reported in the press of him being a former associate of Abhishek Verma," Mr Gandhi said in the statement.
"I first made acquaintance with (Abhishek) Verma when I was a college student in England. He was introduced as the son of late Veena and Shrikant Verma, both Members of Parliament from a reputed family. We met socially over a short period of time. It has been many years since we last met. At no point did we ever discussed work, neither his nor mine," he said.
Mr Bhushan alleged that despite having all the details, BJP government did not blacklist Thales, the company that sold scam-tainted Scorpene submarines, as Dassault acquired it.
The Sultanpur lawmaker issued a detailed statement addressed to "my fellow countrymen," in which he made point by point rebuttal to the allegations levelled against him as he insisted that there is "no one grain of truth or one shred of evidence" in them.
"Clearly, I was neither actively seeking out nor passing on any information. Had there been any hidden agenda or motivation as alleged in the letter it would have been reflected in my attendance...
"I would like to point out the false and frivolous nature of its (letter) charges, and the impossibility of these allegations." Mr Gandhi said.
Swaraj Abhiyan leaders Prashant Bhushan and Yogendra Yadav on Thursday had released a letter written by Edmonds Allen, a New York-based lawyer, to the PMO last month that Varun was honey trapped and compromised by Mr Verma.
He alleged that Mr Verma "blackmailed" Mr Gandhi, a member of the Defence Consultative Committee, into sharing sensitive information on crucial arms matters.
Mr Allen, who was a partner of Mr Verma, fell out with him in 2012. Mr Verma is facing trial in the 2006 Naval War Room leak case.
"I have never met Edmonds Allen, who has written this letter containing these allegation. Nor do I have any details of who he is, not what he does except as has been reported in the press of him being a former associate of Abhishek Verma," Mr Gandhi said in the statement.
"I first made acquaintance with (Abhishek) Verma when I was a college student in England. He was introduced as the son of late Veena and Shrikant Verma, both Members of Parliament from a reputed family. We met socially over a short period of time. It has been many years since we last met. At no point did we ever discussed work, neither his nor mine," he said.
Mr Bhushan alleged that despite having all the details, BJP government did not blacklist Thales, the company that sold scam-tainted Scorpene submarines, as Dassault acquired it.
Relationship With India Strong And Diverse, Says US
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WASHINGTON: America's relationship with India is very strong and diverse, the US today said even as it welcomed the recently concluded BRICS summit.
The Obama Administration is approaching with its bilateral relationship with India "which is very strong and diverse," State Department spokesperson John Kirby told reporters at his daily news conference.
"We had terrific discussions with India down in Kigali, and we got a very aggressive amendment now. And India's active participation in those negotiations really got us there," Mr Kirby said.
In his response to a question, Mr Kirby welcomed the recently held eighth BRICS Summit in Goa.
"The second point on the BRICS nation, we welcome both bilateral and multilateral discussions about effective counter-terrorism procedures, processes, tactics, policies, the expenditure of resources; all that's to the good if it can be done in a truly collaborative way that has results. So we certainly welcome that kind of multilateral discussion," he said.
The Obama Administration is approaching with its bilateral relationship with India "which is very strong and diverse," State Department spokesperson John Kirby told reporters at his daily news conference.
"We had terrific discussions with India down in Kigali, and we got a very aggressive amendment now. And India's active participation in those negotiations really got us there," Mr Kirby said.
In his response to a question, Mr Kirby welcomed the recently held eighth BRICS Summit in Goa.
"The second point on the BRICS nation, we welcome both bilateral and multilateral discussions about effective counter-terrorism procedures, processes, tactics, policies, the expenditure of resources; all that's to the good if it can be done in a truly collaborative way that has results. So we certainly welcome that kind of multilateral discussion," he said.
Pakistani Spy Arrested In Jammu And Kashmir's Samba, SIM Cards, Map Found
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A Pakistani spy was arrested in Jammu and Kashmir's Samba sector yesterday. Two Pakistani SIM cards and a map showing the deployment of security forces were recovered from him, authorities have said.
Bodhraj, a resident of Arnia in Jammu district, is being interrogated by security forces to find out if he is part of larger espionage network, police sources said.
Earlier in August, a spy from Pakistan was arrested in Rajasthan. He had maps of the border areas and photographs.
The arrest came on a day when seven Pakistani Rangers or paramilitary soldiers were killed by the Border Security Force or BSF along the International Border in Hiranagar sector in Kathua district of Jammu and Kashmir. Pakistan has denied any casualties.
The strike was in response to Pakistan's targeting of BSF posts from across the border since Wednesday night. A BSF constable named Gurnam Singh was hit by Pakistani fire on Friday.
After 19 soldiers were killed at an army base in Uri in Kashmir last month, Indian forces crossed the Line of Control to target staging areas for terrorists. Pakistan has denied the cross-border raids which came after PM Narendra Modi launched a global campaign to diplomatically isolate Pakistan.
Since the surgical strikes in Pakistan-Occupied Kashmir, cross-border firing has been increased substantially by Pakistan.
Bodhraj, a resident of Arnia in Jammu district, is being interrogated by security forces to find out if he is part of larger espionage network, police sources said.
The arrest came on a day when seven Pakistani Rangers or paramilitary soldiers were killed by the Border Security Force or BSF along the International Border in Hiranagar sector in Kathua district of Jammu and Kashmir. Pakistan has denied any casualties.
The strike was in response to Pakistan's targeting of BSF posts from across the border since Wednesday night. A BSF constable named Gurnam Singh was hit by Pakistani fire on Friday.
After 19 soldiers were killed at an army base in Uri in Kashmir last month, Indian forces crossed the Line of Control to target staging areas for terrorists. Pakistan has denied the cross-border raids which came after PM Narendra Modi launched a global campaign to diplomatically isolate Pakistan.
Since the surgical strikes in Pakistan-Occupied Kashmir, cross-border firing has been increased substantially by Pakistan.
Business Affairs
Mukesh Ambani wealthier than 14 Indian states, UTs
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Reliance Industries chief, Mukesh Ambani's net worth outranks the annual Gross Domestic Product (GDP) of 14 Indian states and union territories at $23.1 billion.
Some of the states include Chandigarh, Uttarakhand, Goa and Puducherry.
The 59-year-old industrialist was also recently named the richest Indian by Forbes for the ninth time in a row.
Forbes India also announced that Mukesh Ambani's fortune is equal to Estonia's GDP.
Following Ambani is Pharma giant Dilip Shangvi with a net worth of $15.8 billion, ahead of 13 Indian states such as Jammu & Kashmir and Himachal Pradesh.
Azim Premji and Lakshmi Mittal follow suit who's wealth beats many Indian states like Arunachal Pradesh and Sikkim.
Some of the states include Chandigarh, Uttarakhand, Goa and Puducherry.
The 59-year-old industrialist was also recently named the richest Indian by Forbes for the ninth time in a row.
Forbes India also announced that Mukesh Ambani's fortune is equal to Estonia's GDP.
Following Ambani is Pharma giant Dilip Shangvi with a net worth of $15.8 billion, ahead of 13 Indian states such as Jammu & Kashmir and Himachal Pradesh.
Azim Premji and Lakshmi Mittal follow suit who's wealth beats many Indian states like Arunachal Pradesh and Sikkim.
PM Modi's Rs 2,500 flight ticket plan: The devil in the details
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The aviation minister Pusapati Ashok Gajapathi Raju formally launched the UDAN (Ude Desh ka Aam Nagrik) scheme that promotes regional connectivity and makes flying affordable for common man. The key highlight of the scheme is that airfares will be capped at Rs 2,500 for one-hour flights on regional routes. The intent of the government is to fly 300 million domestic passengers by 2022 from 85 million in 2015/16. The target looks ambitious; and hence, the capping of fares is necessary.
The opinions are divided on the purpose of UDAN. A lack of clarity on finer details creates ambiguity on the actual implementation. Going by the policy statement, any cost that airlines bear above Rs 2,500 will be borne by the government. But it's not as easy as it seems. For instance, scheduled airlines are free to fix tariffs taking into account cost of operation, characteristic of service, reasonable profit and the generally prevailing tariff. But who will decide the reasonable profits - government or airlines? Since there are no clear definitions of reasonable profits, it is open to various interpretations. Similarly, if an airline flies to a new destination with no flights, then there are no prevailing tariffs to refer to.
Then, there are issues regarding the revival of airports in smaller towns. As per the national civil aviation policy, India has only about 75 operational airports/airstrips out of a total of 450. The revival of unutilized airports will be done if an airline shows interest in flying to a particular destination. Upon such request, the central government will work on building no-frill airport after taking inputs from concerned state government. But each such airport is expected to cost between Rs 50 crore and Rs 100 crore. The maintenance cost will be additional. What if the passenger demand may not be enough to support that kind of spending on infrastructure and subsidizing air fares? In the past, there are ample examples of airlines suspending operations to cities, especially smaller ones, due to poor passenger demand. That would burn a hole in the government's pocket, and unfair to keep spending taxpayers' money just to make flying affordable for a few.
According to global consultancy AT Kearney, there are about 33 airports in India where narrow-body Airbus and Boeing could land because; the remaining airports have short runways and a lack of high-speed runway exits. "For instance, Mysore, Kohlapur and Jamshedpur have potentially high-traffic airports that are hampered by inadequate flight accommodations. Although airstrips are undergoing some modernization, many would only be capable of handling regional aircraft in the medium term because of runway length restrictions. Even after modernization, demand out of such airports would be ideally served with a mix of both regional and narrow-body aircraft," says AT Kearney report. At the moment, a large chunk of aircraft flown in India (about 468) is narrow body. For instance, the largest carrier IndiGo flies just Airbus A320 (a narrow-body). Airlines would strongly resist introducing regional (or smaller) aircrafts such as turboprops in their fleet because of complexities associated with operating more than one type of aircraft.
A few airlines that BT spoke with says that they are not comfortable with government's involvement in fixing fares, even if it will lead to more passengers flying with them. The constant dealing (and negotiations) with government will be an added burden. However, some think otherwise. "The entire thing will be funded by the government. Of course, the devil is in detail but a policy statement is not supposed to go into detailing. It's for the first time the government has come up with an aviation policy. We should not draw conclusions so early," says Milan Zatakia, chairman and CEO of Millennium Aero Dynamics, an aircraft service provider and manufacturer.
Starting January next year, the first flight - where the tickets will be priced at Rs 2,500 per passenger - is likely to take off. To begin with, the scheme will be funded by a small levy on flight landings at key airports in the country. Flying has an aspirational value attached to it, and the idea of making flying affordable does have a mass appeal. Right now, it's largely driven by sops - given that costs are being borne by existing passengers and the government - rather than free market principles.
The aviation minister Pusapati Ashok Gajapathi Raju formally launched the UDAN (Ude Desh ka Aam Nagrik) scheme that promotes regional connectivity and makes flying affordable for common man. The key highlight of the scheme is that airfares will be capped at Rs 2,500 for one-hour flights on regional routes. The intent of the government is to fly 300 million domestic passengers by 2022 from 85 million in 2015/16. The target looks ambitious; and hence, the capping of fares is necessary.
The opinions are divided on the purpose of UDAN. A lack of clarity on finer details creates ambiguity on the actual implementation. Going by the policy statement, any cost that airlines bear above Rs 2,500 will be borne by the government. But it's not as easy as it seems. For instance, scheduled airlines are free to fix tariffs taking into account cost of operation, characteristic of service, reasonable profit and the generally prevailing tariff. But who will decide the reasonable profits - government or airlines? Since there are no clear definitions of reasonable profits, it is open to various interpretations. Similarly, if an airline flies to a new destination with no flights, then there are no prevailing tariffs to refer to.
Then, there are issues regarding the revival of airports in smaller towns. As per the national civil aviation policy, India has only about 75 operational airports/airstrips out of a total of 450. The revival of unutilized airports will be done if an airline shows interest in flying to a particular destination. Upon such request, the central government will work on building no-frill airport after taking inputs from concerned state government. But each such airport is expected to cost between Rs 50 crore and Rs 100 crore. The maintenance cost will be additional. What if the passenger demand may not be enough to support that kind of spending on infrastructure and subsidizing air fares? In the past, there are ample examples of airlines suspending operations to cities, especially smaller ones, due to poor passenger demand. That would burn a hole in the government's pocket, and unfair to keep spending taxpayers' money just to make flying affordable for a few.
According to global consultancy AT Kearney, there are about 33 airports in India where narrow-body Airbus and Boeing could land because; the remaining airports have short runways and a lack of high-speed runway exits. "For instance, Mysore, Kohlapur and Jamshedpur have potentially high-traffic airports that are hampered by inadequate flight accommodations. Although airstrips are undergoing some modernization, many would only be capable of handling regional aircraft in the medium term because of runway length restrictions. Even after modernization, demand out of such airports would be ideally served with a mix of both regional and narrow-body aircraft," says AT Kearney report. At the moment, a large chunk of aircraft flown in India (about 468) is narrow body. For instance, the largest carrier IndiGo flies just Airbus A320 (a narrow-body). Airlines would strongly resist introducing regional (or smaller) aircrafts such as turboprops in their fleet because of complexities associated with operating more than one type of aircraft.
A few airlines that BT spoke with says that they are not comfortable with government's involvement in fixing fares, even if it will lead to more passengers flying with them. The constant dealing (and negotiations) with government will be an added burden. However, some think otherwise. "The entire thing will be funded by the government. Of course, the devil is in detail but a policy statement is not supposed to go into detailing. It's for the first time the government has come up with an aviation policy. We should not draw conclusions so early," says Milan Zatakia, chairman and CEO of Millennium Aero Dynamics, an aircraft service provider and manufacturer.
Starting January next year, the first flight - where the tickets will be priced at Rs 2,500 per passenger - is likely to take off. To begin with, the scheme will be funded by a small levy on flight landings at key airports in the country. Flying has an aspirational value attached to it, and the idea of making flying affordable does have a mass appeal. Right now, it's largely driven by sops - given that costs are being borne by existing passengers and the government - rather than free market principles.
Survey companies hit the streets to fill India's data gaps
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Sachin Bhadrasen Jaiswar goes from door to door in a middle class neighbourhood outside Mumbai measuring country's economic pulse, one of hundreds of survey takers working for private firms aiming to fill a gap - the lack of reliable data.
There has long been deep scepticism about the accuracy of economic indicators in India, a country of 1.2 billion people of whom 90 per cent are estimated to be part of the grey economy.
Independent economists question the government's assessment of everything from industrial output to unemployment, but the main data "black hole" is consumer indicators including retail sales, and that is where people like 29-year-old Jaiswar come in.
On a recent visit to an apartment, he spent an hour asking questions ranging from how much the family there spent on vegetables to whether they expected their financial situation to improve, tapping the answers into a special app on his iPhone.
"We are building the most advanced survey execution machinery in the world," said Mahesh Vyas, chief executive officer at Centre for Monitoring Indian Economy (CMIE), for whom Jaiswar works.
"The government machinery will take a long time to reach the levels we have reached already."
CMIE employs 350 survey takers on long-term contracts, and they cover 158,000 households across the country, with each one interviewed three times a year.
Rival Kantar, a market research firm tracking consumer behaviour, says it surveys more than 80,000 Indian households a month for their retail demand survey, and taps a database of 5,000 survey takers to conduct interviews when required for clients including big corporations and even the government.
Such companies rely heavily on visits, with large segments of the Indian population neither online nor accessible by phone, especially in rural areas.
The accuracy of their findings is also questioned by experts, but the business can be lucrative in a country where foreign and domestic investors, attracted by rapid economic expansion, are hungry for information and trends.
POOLING DATA
Madan Sabnavis, chief economist of CARE Ratings, said he frequently incorporated data provided by private companies into his forecasts, including unemployment, retail indicators and corporate investments.
"They may not always be reliable as the numbers are based on surveys, but in the absence of any other information we do look at it. I need to get some idea of what's happening, and at least they give you that," he said.
CMIE has tied up with India's BSE Ltd, formerly known as Bombay Stock Exchange, to provide an alternative to official jobless figures.
According to CMIE and BSE, India's unemployment rate was 8.85 percent in September, and higher in urban areas than in rural ones.
By contrast, India's Labour Bureau, in its annual unemployment report out last month, put the rate at 5 percent as of December 2015 and drew the opposite conclusion: that it was running higher in rural areas than urban ones.
Pronab Sen, the former Chief Statistician of India and now a country director for think-tank International Growth Centre, said a key difference between state and private surveys was that the government lacked staff to do them often enough.
But Sen also noted that the private providers' use of contract survey takers raises questions about quality, and said the government used rigorously trained officials, even if less frequently.
"As far as surveys are concerned that's a lot trickier. There, one needs to be careful about the sample size but also upon the nature of the persons collecting the data," he said.
CMIE said its survey takers were no less qualified than those working for the government, and underwent thorough training.
A senior official at the Labour Bureau said it used "international accepted methodology and concepts" to compile its unemployment report, and added more than 1,000 people were involved in collecting the data, including supervision and processing, more than at CMIE.
GROWING NICHE
Selling data in India can be highly lucrative, with consumer trends in particular valued by companies and investors.
Industry body National Association of Software and Services Companies (NASSCOM) estimates that India's data analytics business will grow to $16 billion by 2025 from $2 billion today.
CMIE, for example, charges from Rs 100,000 to 15 lakh ($1,500-$22,500) a year, with an average of Rs 200,000 for subscriptions to its data bases.
Kantar would not disclose how much it charged, but said it was witnessing strong growth.
"If we look at the last few years, the market research industry has been growing in double digits - a reflection of the frequency and intensity of usage," said Preeti Reddy, CEO, Kantar Insights, South Asia, in emailed answers.
The data can also provide investment opportunities. Mumbai-based ZyFin Holdings started out gathering consumer confidence data as a research firm.
The data, its chairman Sanjay Sachdev said, was sold to major companies that "wanted to get an inkling and an understanding of what is happening to the real India."
But Sachdev said he stopped selling the data after realising he could make more money by starting an equity-traded fund that invested based on his numbers.
It has given absolute returns of 7.3 per cent in dollar terms since its inception in November 2015 to September 2016.
Sachdev said using surveys allowed him to get details within trends that is not captured elsewhere, including urbanisation and modernisation in India.
"People call real India 'Bharat'," he said. "There's a difference between Bharat and 'India'."
Sachin Bhadrasen Jaiswar goes from door to door in a middle class neighbourhood outside Mumbai measuring country's economic pulse, one of hundreds of survey takers working for private firms aiming to fill a gap - the lack of reliable data.
There has long been deep scepticism about the accuracy of economic indicators in India, a country of 1.2 billion people of whom 90 per cent are estimated to be part of the grey economy.
Independent economists question the government's assessment of everything from industrial output to unemployment, but the main data "black hole" is consumer indicators including retail sales, and that is where people like 29-year-old Jaiswar come in.
On a recent visit to an apartment, he spent an hour asking questions ranging from how much the family there spent on vegetables to whether they expected their financial situation to improve, tapping the answers into a special app on his iPhone.
"We are building the most advanced survey execution machinery in the world," said Mahesh Vyas, chief executive officer at Centre for Monitoring Indian Economy (CMIE), for whom Jaiswar works.
"The government machinery will take a long time to reach the levels we have reached already."
CMIE employs 350 survey takers on long-term contracts, and they cover 158,000 households across the country, with each one interviewed three times a year.
Rival Kantar, a market research firm tracking consumer behaviour, says it surveys more than 80,000 Indian households a month for their retail demand survey, and taps a database of 5,000 survey takers to conduct interviews when required for clients including big corporations and even the government.
Such companies rely heavily on visits, with large segments of the Indian population neither online nor accessible by phone, especially in rural areas.
The accuracy of their findings is also questioned by experts, but the business can be lucrative in a country where foreign and domestic investors, attracted by rapid economic expansion, are hungry for information and trends.
POOLING DATA
POOLING DATA
Madan Sabnavis, chief economist of CARE Ratings, said he frequently incorporated data provided by private companies into his forecasts, including unemployment, retail indicators and corporate investments.
"They may not always be reliable as the numbers are based on surveys, but in the absence of any other information we do look at it. I need to get some idea of what's happening, and at least they give you that," he said.
CMIE has tied up with India's BSE Ltd, formerly known as Bombay Stock Exchange, to provide an alternative to official jobless figures.
According to CMIE and BSE, India's unemployment rate was 8.85 percent in September, and higher in urban areas than in rural ones.
By contrast, India's Labour Bureau, in its annual unemployment report out last month, put the rate at 5 percent as of December 2015 and drew the opposite conclusion: that it was running higher in rural areas than urban ones.
Pronab Sen, the former Chief Statistician of India and now a country director for think-tank International Growth Centre, said a key difference between state and private surveys was that the government lacked staff to do them often enough.
But Sen also noted that the private providers' use of contract survey takers raises questions about quality, and said the government used rigorously trained officials, even if less frequently.
"As far as surveys are concerned that's a lot trickier. There, one needs to be careful about the sample size but also upon the nature of the persons collecting the data," he said.
CMIE said its survey takers were no less qualified than those working for the government, and underwent thorough training.
A senior official at the Labour Bureau said it used "international accepted methodology and concepts" to compile its unemployment report, and added more than 1,000 people were involved in collecting the data, including supervision and processing, more than at CMIE.
GROWING NICHE
Selling data in India can be highly lucrative, with consumer trends in particular valued by companies and investors.
Industry body National Association of Software and Services Companies (NASSCOM) estimates that India's data analytics business will grow to $16 billion by 2025 from $2 billion today.
CMIE, for example, charges from Rs 100,000 to 15 lakh ($1,500-$22,500) a year, with an average of Rs 200,000 for subscriptions to its data bases.
Kantar would not disclose how much it charged, but said it was witnessing strong growth.
"If we look at the last few years, the market research industry has been growing in double digits - a reflection of the frequency and intensity of usage," said Preeti Reddy, CEO, Kantar Insights, South Asia, in emailed answers.
The data can also provide investment opportunities. Mumbai-based ZyFin Holdings started out gathering consumer confidence data as a research firm.
The data, its chairman Sanjay Sachdev said, was sold to major companies that "wanted to get an inkling and an understanding of what is happening to the real India."
But Sachdev said he stopped selling the data after realising he could make more money by starting an equity-traded fund that invested based on his numbers.
It has given absolute returns of 7.3 per cent in dollar terms since its inception in November 2015 to September 2016.
Sachdev said using surveys allowed him to get details within trends that is not captured elsewhere, including urbanisation and modernisation in India.
"People call real India 'Bharat'," he said. "There's a difference between Bharat and 'India'."
Baba Ramdev open to setting up Patanjali unit in Pakistan
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World renowned Yoga Guru Baba Ramdev on Wednesday said that he was open to the idea of holding yoga camps in Pakistan as "yoga is also an art".
Speaking to the Indian Express, Baba Ramdev said that he was also open to setting up a Patanjali unit in Pakistan, adding that "unlike the Pakistani artistes", he was not going to "bring back any profits". He said he would use the earnings for the welfare of the people in Pakistan.
He criticised pakistani artists for not condemning the Uri attacks. "Artistes are not terrorists. But do these people have no souls? They are only concerned about their films, earning crores and eating biryani. Why can't they condemn the brutal killings of Indians in Uri or elsewhere?" Patanjali has already set up its units in Nepal and Bangladesh.
Ramdev's brainchild Patanjali is India's largest Ayurvedic organisation. It has created a wave of nationalism among the yoga guru followers Indians with the call for 'Swadeshi' at the centre. He recently announced Rs 500 crore on research on food and cosmetics among other product lines with the aim of replacing big multinational companies.
Not only this, Patanjali is also planning to launch the dairy products. Explaining the thought behind expanding his research in dairy products, Baba Ramdev said,"After all, why should a Nestle make profit out of Indian cows."
Earlier in September, Baba Ramdev announced that Patanjali would launch `Swadeshi' jeans. Ramdev said the idea behind his expanding business ventures is to end the dominance of multinational corporations that have for decades been capitalising on the country's market.
In an interview with the telegraph, Ramdev had said: "We will make men's and women's wear, not just traditional Indian clothing but also modern wear like jeans for example. Just because I am a baba does not mean we cannot marry modernity with spirituality, we can make, let's say desi jeans. There is a great demand from youths, and therefore Patanjali has decided to launch the Indianised jeans to compete with foreign brands."
World renowned Yoga Guru Baba Ramdev on Wednesday said that he was open to the idea of holding yoga camps in Pakistan as "yoga is also an art".
Speaking to the Indian Express, Baba Ramdev said that he was also open to setting up a Patanjali unit in Pakistan, adding that "unlike the Pakistani artistes", he was not going to "bring back any profits". He said he would use the earnings for the welfare of the people in Pakistan.
He criticised pakistani artists for not condemning the Uri attacks. "Artistes are not terrorists. But do these people have no souls? They are only concerned about their films, earning crores and eating biryani. Why can't they condemn the brutal killings of Indians in Uri or elsewhere?" Patanjali has already set up its units in Nepal and Bangladesh.
Ramdev's brainchild Patanjali is India's largest Ayurvedic organisation. It has created a wave of nationalism among the yoga guru followers Indians with the call for 'Swadeshi' at the centre. He recently announced Rs 500 crore on research on food and cosmetics among other product lines with the aim of replacing big multinational companies.
Not only this, Patanjali is also planning to launch the dairy products. Explaining the thought behind expanding his research in dairy products, Baba Ramdev said,"After all, why should a Nestle make profit out of Indian cows."
Earlier in September, Baba Ramdev announced that Patanjali would launch `Swadeshi' jeans. Ramdev said the idea behind his expanding business ventures is to end the dominance of multinational corporations that have for decades been capitalising on the country's market.
In an interview with the telegraph, Ramdev had said: "We will make men's and women's wear, not just traditional Indian clothing but also modern wear like jeans for example. Just because I am a baba does not mean we cannot marry modernity with spirituality, we can make, let's say desi jeans. There is a great demand from youths, and therefore Patanjali has decided to launch the Indianised jeans to compete with foreign brands."
Pierce Brosnan deeply shocked to learn Pan Bahar may cause cancer
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Hollywood star Pierce Brosnan says he is distressed by the deceptive use of his image in Indian pan masala brand's advertisement.
The actor said that he was deeply shocked and saddened to learn the pan masala product he was advertising may include ingredients that can cause cancer, reported People magazine.
Brosnan said he has the "greatest love and affection for India and its people."
"As a man who has spent decades championing women's healthcare and environmental protection, I was distressed to learn of Pan Bahar's unauthorized and deceptive use of my image to endorse their range of pan masala products.
"I would never have entered into an agreement to promote a product in India that is dangerous to one's health," Brosnan said in a statement.
The 63-year-old James Bond star said his contract stated that he was to advertise a "breath freshener/tooth whitener," which wouldn't include an ingredient that turns saliva red.
According to the actor he agreed to advertise a single product only, and that it was presented as "all-natural containing neither tobacco, supari, nor any other harmful ingredient."
"Having endured, in my own personal life, the loss of my first wife and daughter as well as numerous friends to cancer, I am fully committed to supporting women's healthcare and research programs that improve human health and alleviate suffering," the statement continued.
Brosnan has demanded the company to remove his image from all their products, and assured that he had no knowledge that he was endorsing items that would have a negative or painful reaction in India.
"I shall endeavor to rectify this matter. In the meantime, please accept my sincerest and heartfelt apologies to all whom I have offended," the statement concluded.
The actor received a lot of flak and was even trolled on Twitter for featuring in advertisement of the pan masala brand.
Hollywood star Pierce Brosnan says he is distressed by the deceptive use of his image in Indian pan masala brand's advertisement.
The actor said that he was deeply shocked and saddened to learn the pan masala product he was advertising may include ingredients that can cause cancer, reported People magazine.
Brosnan said he has the "greatest love and affection for India and its people."
"As a man who has spent decades championing women's healthcare and environmental protection, I was distressed to learn of Pan Bahar's unauthorized and deceptive use of my image to endorse their range of pan masala products.
"I would never have entered into an agreement to promote a product in India that is dangerous to one's health," Brosnan said in a statement.
The 63-year-old James Bond star said his contract stated that he was to advertise a "breath freshener/tooth whitener," which wouldn't include an ingredient that turns saliva red.
According to the actor he agreed to advertise a single product only, and that it was presented as "all-natural containing neither tobacco, supari, nor any other harmful ingredient."
"Having endured, in my own personal life, the loss of my first wife and daughter as well as numerous friends to cancer, I am fully committed to supporting women's healthcare and research programs that improve human health and alleviate suffering," the statement continued.
Brosnan has demanded the company to remove his image from all their products, and assured that he had no knowledge that he was endorsing items that would have a negative or painful reaction in India.
"I shall endeavor to rectify this matter. In the meantime, please accept my sincerest and heartfelt apologies to all whom I have offended," the statement concluded.
The actor received a lot of flak and was even trolled on Twitter for featuring in advertisement of the pan masala brand.
General Awareness
RBI relaxes norms for foreign investment in startups
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The RBI relaxed foreign investment norms in financial services firms, startups and in investments by foreign regulated capital investors.Foreign Venture Capital Investors (FVCIs) can invest in Indian startups without prior permission of the RBI.
- Sebi-registered FVCIs have also been permitted to invest in unlisted firms in sectors like biotechnology, nanotechnology and dairy without prior permission of the RBI. They will not require any approval from Reserve Bank and “can invest in equity or equity linked instrument or debt instrument issued by an Indian ‘startup’ irrespective of the sector in which the startup is engaged,”
- These relaxed norms will helprationalise the investment regime for FVCIs and give a fillip to foreign investment in the startups
The RBI defines a ‘startup’ as any private limited company, partnership or a limited liability partnership, registered in India less than five years ago, with a turnover of less than Rs 25 crore during any of the preceding financial years. Such entities, the central bank stipulates, should be “working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.”
RBI decides to allow FDI up to 100% in other financial services
The Reserve Bank of India (RBI) has opened the gates for more overseas investment coming to India by a series of steps liberalising the foreign direct investment rules, even as it braces for a possible $26-billion outflows on account of FCNR-B deposit (foreign currency nonresident-bank) maturities.
- Such FDI shall be subject to conditionalities, including minimum capitalisation norms as specified by the concerned regulator or government agency.
- In the financial services activities that are not regulated or are partly regulated by any financial sector regulator or where there is a lack of clarity regarding regulatory oversight, FDI will be allowed up to 100 per cent under the government approval route.
- The present regulations on non-banking finance companies (NBFCs) stipulate that FDI would be allowed on automatic route for only 18 specified NBFC activitiesafter fulfilling prescribed minimum capitalization norms mentioned therein.
- Other salient features of the revised regulatory framework include downstream investment by any entity engaged in ‘Other Financial Services’ and will be subject to extant sectoral regulations.
India central bank allows banks to approve extension of offshore company’s debt
The Reserve Bank of India has allowed banks to approve extension of external commercial borrowings on their own provided the debt is unpaid and has not defaulted before.
- Earlier banks had to seek approval of the central bank before restructuring any such offshore borrowings.
- Any extension of tenure, or conversion of unpaid ECBs into equity will be subject to consent of other lenders to the same borrower
RBI :
♦ RBI Governor: Urjit Patel
♦ Founded: April 1, 1935
♦ Headquarters : Mumbai
The RBI relaxed foreign investment norms in financial services firms, startups and in investments by foreign regulated capital investors.Foreign Venture Capital Investors (FVCIs) can invest in Indian startups without prior permission of the RBI.
- Sebi-registered FVCIs have also been permitted to invest in unlisted firms in sectors like biotechnology, nanotechnology and dairy without prior permission of the RBI. They will not require any approval from Reserve Bank and “can invest in equity or equity linked instrument or debt instrument issued by an Indian ‘startup’ irrespective of the sector in which the startup is engaged,”
- These relaxed norms will helprationalise the investment regime for FVCIs and give a fillip to foreign investment in the startups
The RBI defines a ‘startup’ as any private limited company, partnership or a limited liability partnership, registered in India less than five years ago, with a turnover of less than Rs 25 crore during any of the preceding financial years. Such entities, the central bank stipulates, should be “working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.”
RBI decides to allow FDI up to 100% in other financial services
The Reserve Bank of India (RBI) has opened the gates for more overseas investment coming to India by a series of steps liberalising the foreign direct investment rules, even as it braces for a possible $26-billion outflows on account of FCNR-B deposit (foreign currency nonresident-bank) maturities.
- Such FDI shall be subject to conditionalities, including minimum capitalisation norms as specified by the concerned regulator or government agency.
- In the financial services activities that are not regulated or are partly regulated by any financial sector regulator or where there is a lack of clarity regarding regulatory oversight, FDI will be allowed up to 100 per cent under the government approval route.
- The present regulations on non-banking finance companies (NBFCs) stipulate that FDI would be allowed on automatic route for only 18 specified NBFC activitiesafter fulfilling prescribed minimum capitalization norms mentioned therein.
- Other salient features of the revised regulatory framework include downstream investment by any entity engaged in ‘Other Financial Services’ and will be subject to extant sectoral regulations.
India central bank allows banks to approve extension of offshore company’s debt
The Reserve Bank of India has allowed banks to approve extension of external commercial borrowings on their own provided the debt is unpaid and has not defaulted before.
- Earlier banks had to seek approval of the central bank before restructuring any such offshore borrowings.
- Any extension of tenure, or conversion of unpaid ECBs into equity will be subject to consent of other lenders to the same borrower
RBI :
♦ RBI Governor: Urjit Patel
♦ Founded: April 1, 1935
♦ Headquarters : Mumbai
♦ RBI Governor: Urjit Patel
♦ Founded: April 1, 1935
♦ Headquarters : Mumbai
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