US economic problems & India

You are here: Home » Business » We are better prepared, says Govt We are better prepared, says Govt New Delhi, Aug 8, (DHNS and PTI): Admitting that US economic problems could have some impact on Indian economy, Finance Minister Pranab Mukherjee, on Monday, said that India’s fundamentals are strong and the government is ready to address any concern that may arise. “We would focus on encouraging greater domestic consumption and give impetus to the drivers of domestic growth,” Mukherjee told reporters while reacting to economic situation in US. Mukherjee’s confidence was reflected in a sharp bounceback of Indian shares on Monday, as the stock markets plunged by over 500 points before witnessing some recovery. The Finance Minister also said that the government will put some of the long stalled reforms measures in fast track to help stimulate local consumption. “India is better position than other nations to meet the challenge posed by the developments in the US and the euro zone”, he said adding that India could see faster and greater FII inflows unlike after 2008 meltdown, in view of the higher returns that global investors could get here. The recent developments in the US and the euro zone have injected certain uncertainty in global markets. Though there could be “some impact” on capital and trade flows “but as India’s growth story is strong we could see FIIs viewing India as an attractive investment destination even if there is any temporary outflow”, he said. The finance minister said softening of global commodity prices, especially oil, will help check inflationary pressures. Meanwhile, Chief Economic Advisor Kaushik basu termed the slump in the stock market as a “panic reaction”, affirming that the country’s growth story remains intact, with now policy intervention required. “Right now, we don’t need any special measures. Should the need arise, the government and the central bank are in a position to step in. But barring the immediate reaction to what is happening now, the India story remains robust,” Basu said. Though the downgrade of the US sovereign rating is a matter of concern, Basu said there was no need for alarm and people should not overreact to the development, adding that the American economy has been facing difficulties for the past many months and hence, the stock market has already factored in the troubles in the US. If there is a slowdown in the US economy, “which is possible”, he said Indian exports could suffer, as the US is one of the country’s largest trading partners, but the the impact would be short run. He further said there are signs of the tectonic plates of the global economy shifting toward the eastern part of the world. “In the next months and in the medium to long run, there will be global capital in search of safe haven. India can become the safe haven that a lot of global capital will be seeking,” Basu added. Basu said the S&P downgrade could lead to an increase in borrowing costs in the US and could impact its economic growth going forward. The crisis in the global economy following downgrading of US sovereign rating has a silver lining for the Indian economy, grappling with high inflation. As prices of global commodities, mainly crude oil, have started coming down, the pressure on inflation would ease, Basu added.India imports 75 per cent of its crude oil requirements and the volatility in its prices have been fuelling inflation, which was 9.44 per cent in June. Weakening of crude oil prices will help moderating the price rise. On Monday, The Deputy Chairman of the Planning Commission Montek Singh Ahluwalia mentioned that the Indian economy is mostly driven by domestic factors and markets here will stabilise in the short-run, despite the recent meltdown due to US downgrade. “The high growth of Indian economy is largely driven by internal factors. I feel the market will stabilise in the short-run. I don’t expect to see a big negative impact but we have to watch the situation,” Ahluwalia said. “The impact on India depends on what happens in the world. If there is financial instability, there will be some impact,” he added. Ahluwalia said that if there is financial instability globally, it will affect the Indian economy to some extent.

Indian Market in Vietnam

Vietnam tourism cannons attention to Indian market

August 7, 2011 about News, Travel

LookAtVietnam - Vietnam, for the first time, has added India into the group of potential visitor-generating markets which the local tourism industry should carry out promotion activities and build products to woo visitors, an official said.
Hoang Thi Diep, deputy director general of Vietnam National Administration of Tourism (VNAT), said that VNAT would conduct the first-ever market survey in India at the end of 2011 for market expansion.
“This is a large and potential market which should be approached by now,” she said.
At present, Indian visitors are arriving in large numbers in neighboring countries like Thailand or Singapore. However, the number of Indian tourists to Vietnam was still scanty, mainly under MICE (Meeting, Incentives, Conventions, and Exhibitions) tourism instead of pure travel, and the number of tourist companies to explore this market was trivial.
Indian tourist source is quite good but hard to exploit as such travelers know little about Vietnam. Moreover, high tour fee and lack of direct flights make it inconvenient for them to visit Vietnam as tourists have to transit in Singapore or Bangkok of Thailand, said the director of a HCMC-based travel firm.
“Therefore, direct flights are needed so as to develop the market, especially to lure travelers,” he said.
Doan Thi Thanh Tra, head of the Marketing Department of Saigontourist Travel Services, said that the Indian tourist market was harder to exploit than other markets. The company explored the market and received some Indian tourists, mainly business visitors but the amount grew sluggishly.
“There are a great number of problems related to tour prices, flight routes, and food as well. It is very hard to find Indian restaurants in Vietnam and most of Indian tourists cannot eat Vietnamese food as other ones,” she added.
Diep of VNAT said “the tourism industry took many issues into consideration before adding India into its potential market groups.”
“There was so much work to be settled such as the lack of Indian restaurants. But first of all, the industry has to do some surveys on tourists’ need to prepare services and marketing,” she explained.
In addition to India, the industry’s major markets also include Northeast Asia, Southeast Asia, Europe, and North America.
Source: SGT

Indian Idols in Concert

Photography Times: Indian Idols - Live in Concert

Posted: 26 Sep 2010 08:16 AM PDT

Hyderabad played host to local boy and the Indian Idol 5 winner Sreerama Chandra Mynampati (more popularly known as Sreeram Chandra), runner up Bhumi Trivedi and finalist Swaroop Khan in a live concert - first time in Hyderabad after Sreeram was named the Indian Idol 5 on August 15 this year. Indian Idol is an adaptation of the Pop Idol format and has run five successful seasons.
The concert was held at Shilpakala Vedika - a rather beautifully maintained concert hall amidst towering hubs of IT Parks at the famed Hi-Tech City area of Hyderabad. Parking was surprisingly hassle-free and the crowd was well behaved and that added to making the high-energy performance of the talented youngsters a memorable evening.
Swaroop Khan kicked off with his trademark folk number that was an instant hit with the audience. The shy youngster strode off the stage as soon as he was done singing his number prompting the host of the show to comically remark - "If a girl were to say 'I Love You' to Swaroop, he would bow with utter humility and say 'Thank You, Madam' and go his way". He was followed by runner up Bhumi Trivedi who performed a mix of Hindustani and the rap version of Spice Girls' Wannabe.
Eventually the audience was treated to the man of the moment they were all waiting for and Sreeram Chandra did not disappoint. From a hip shaking movie song, to a Telugu classical to a Bhangra mix where Swaroop and Bhumi joined him - he only reinstated his talent that got him to be the Indian Idol.
It was also my first attempt at a full-fledged Concert Photography, ending up watching pretty much the whole show through my Viewfinder. I'd devote a separate post on the unique technicalities of shooting under tricky and unpredictable lighting of concerts, but here is a collection of photographs summing up the event.
Swaroop starts off with a folk number.

Bhumi Trivedi - Indian Idol 5 Runner-up.

Audience was on its toes for the percussion-filled rap of Spice Girls Wannabe.

Sreeram Chandra - Indian Idol 5 Winner.

Play of lights.

Bhumi joins Sreeram with the Bhangra approaching.