LISTSERV mailing list manager LISTSERV 16.5

Help for INDIA-E Archives


INDIA-E Archives

INDIA-E Archives


INDIA-E@LISTSERV.INDNET.ORG


View:

Message:

[

First

|

Previous

|

Next

|

Last

]

By Topic:

[

First

|

Previous

|

Next

|

Last

]

By Author:

[

First

|

Previous

|

Next

|

Last

]

Font:

Proportional Font

LISTSERV Archives

LISTSERV Archives

INDIA-E Home

INDIA-E Home

INDIA-E  June 2002

INDIA-E June 2002

Subject:

India Network Economic News - June 13, 2002

From:

Editor <[log in to unmask]>

Reply-To:

[log in to unmask]

Date:

Thu, 13 Jun 2002 09:46:49 -0400

Content-Type:

TEXT/PLAIN

Parts/Attachments:

Parts/Attachments

TEXT/PLAIN (231 lines)

******************************************************************
India Network Economic News - June 13, 2002 Volume 14 Issue 110
********************************************
Brought to you in co-operation with Various News Reports from India
***************************************************
India Network Group Health Insurance Plan for Visitors, Temporary
Workers, and Students is available for 2001-02 year.
Details and forms at http://www.indnet.org or http://health.indnet.org
*********************************************************************
This announcement is solely intended for SUBSCRIBERS of India Network

All members are invited to subscribe to IMMNET - the U.S.
Immigration Law Update Bulletin edited by Attorney SHEELA MURTHY. She has
a Masters Degree in Law (LL.M.) from HARVARD LAW SCHOOL and is an active
member of the American Immigration Lawyers Association (AILA). Her Office
concentrates in U.S.IMMIGRATION LAW and represents individuals and
companies located throughout the U.S. and the world.
            [log in to unmask] * 410-356-5440 * http://www.murthy.com
----------------------------
Today's News Items
------------------
#1. India is key player in emerging biotech boom
#2. Tax mop up signals better economic growth
#3. RBI bank rate to be cut if required: Jalan
#4. Rupee opens at Rs 48.99 against $
#5. Politics, Kashmir, Track Two Keep PM Away From The Economy
------------------------------------

#1. India is key player in emerging biotech boom

NEW YORK, June 12 (PTI)

India is among the key players in the emerging bio-technolgy industry,
along with Australia, China and Singapore, which house over 500 such
companies, a report by leading finance services company has said. In one
of its key findings, a report by Ernst and Young released this week said
biotechnology is an emerging sector in Asia/Pacific experiencing notable
expansion in India, Australia, China, and Singapore.

While 72 per cent of the public company revenues were generated in the
U.S., emerging biotech sectors in Europe, Canada, Asia and Pacific regions
have experienced significant growth in the number of companies, the report
said.

It is estimated that by 2005 the European biotech market could double from
current valuations to more than $100 billion. This growth has lead
companies and experienced investors looking beyond the borders of their
own countries in search of promising technologies, talented people and new
markets.

According to the report, the global biotech industry comprises 4,284
companies (622 public; 3,662 private) in 25 nations. The 622 public
companies generated revenues of $35 billion, spent $16 billion in R&D and
employed more than 188,000 people in 2001.

Glenn Crocker, UK Biotechnology Head, Ernst & Young, said the global
biotech industry has already delivered impressive growth over the past few
years, but this is nothing compared to the potential over the coming
decade as more life-saving products are approved.

Last year, US Biotechs raised nearly $8 billion in equity financing, while
companies in Europe secured more than $2 billion and the Canadian ones
raised approximately $900 million. The strong growth of the global biotech
industry in 2001 was stimulated in part by domestic and cross-border
venture capital (VC) financing.

Science, talent and money are increasingly flowing freely about the globe,
and biotech companies must develop strategies to take advantage of these
global opportunities, said Donn Szaro, Global Health Sciences Director,
Ernst and Young.

Despite the lacklustre performance of the IPO market, the global biotech
industry raised more than $10 billion in VC, and private and public equity
funds, representing its second-best financing year ever, after 2000. The
industrys strong cash position has also led to new partnerships and
licensing agreements with pharmaceutical companies which are anxious to
replace blockbuster drugs going off patent and fill dwindling product
pipelines, the report said.

There were more than 480 pharma-biotech collaborations and almost 550
biotech-biotech partnerships worldwide in 2001, on equal terms, as shown
in $16 billion acquisition of Immunex by Amgen. The purchase put the
combined company on par with some of the worlds major pharmaceutical
players.

In spite of the industry's relative strength in 2001, the report cautioned
its continued financial health faces significant challenges. The next five
years will be particularly challenging for companies until the promise of
recent technological advances is borne out in the marketplace through the
introduction of innovative products, says Scott Morrison, US Director of
Life Sciences, Ernst & Young.

#2. Tax mop up signals better economic growth
Pioneer News Service/New Delhi

Finance Minister Yashwant Sinha on Wednesday said that the economic growth
and revenue collection will be better this year. "I have reasons to
believe that there is pick up in the economy in various sectors. This
gives us hope that the current year will be better for economic growth and
from the revenue collection point of view," Mr Sinha said at the state
finance ministers' meet here.

The signs of revival was on account of better indirect tax collections in
the last two months after the dismal performance in the last fiscal.

Total tax mop has registered a 20 per cent growth at over Rs 15,300 crore
in the first two months and "it showed production and sales have surged in
various sectors," the Finance Minister said. On the interest rates, he
said the present "softer rate" was a conscious policy of the government
considering the lower inflation in the economy.

#3. RBI bank rate to be cut if required: Jalan
Press Trust of India

New Delhi, June 13: Favouring a soft interest rate regime, Reserve Bank of
India (RBI) on Thursday said bank rate would be cut if the liquidity
conditions demand so. "If the liquidity conditions change in a way which
require bank rate cut, we will cut it," RBI Governor Bimal Jalan, who is
in the Capital to meet Finance Minister Yashwant Sinha, said.

Jalan, however, said liquidity conditions are comfortable now. "We are
maintaining adequate liquidity. The interest rates are soft. Inflation is
low at 1.56 per cent. We have said that as long as this continues, we
shall maintain soft interest rate policy."

"Once it is required, it (bank rate cut) will be done. The idea is that it
has to be done in such a way that it is sustainable," Jalan said.

RBI had reduced bank rate to 6.5 per cent last fiscal. Jalan had also
stated in the last credit policy that bank rates would be cut by another
0.5 per cent but had not given any time frame.

He also said there was no problem in carrying out government's borrowing
programme as the market was favourable.

Government targets to mop up over Rs 1,40,000 crore in the current
financial year.

$4. Rupee opens at Rs 48.99 against $
PTI [ THURSDAY, JUNE 13, 2002  10:43:08 AM ]

MUMBAI: The rupee weakened slightly against the US currency early on
Thursday on renewed dollar demand from banks but the general outlook for
it remained positive due to receding war fears. In moderately active but
cautious trade at the Interbank Foreign Exchange market here this morning,
the rupee is currently quoted at Rs 48.9950/49.0050 per dollar, lower from
Wednesday's finish of Rs 48.9775/9825. The rupee opened weak at Rs
48.99/49.00 per dollar.

Steady dollar demand from banks at relatively lower levels put some
pressure on the rupee early today but there is adequate local dollar
supplies to cope with the buying, a forex dealer said.

India's forex reserves touched a record peak of $56.14 billion recently,
according to the Reserve Bank of India weekly statistics. Turning to cross
currency trades, the euro was quoted at Rs 46.20/22, Pound Sterling at Rs
71.93/95 and Japanese Yen (100) at Rs 38.92/94.

#5. Politics, Kashmir, Track Two Keep PM Away From The Economy

Meet with industry, economists put off for July 10, 13; but India Inc says
it isnt cheesed off about the postponement

Rohit Bansal

New Delhi, June 12:  Late Tuesday evening, it dawned on the Prime
Ministers Office (PMO) that theres too much stacked up against the PMs
back to business meeting on sectoral reforms with India Inc on Wednesday.
For one, there were briefings to be done for a meeting with visiting US
defence secretary Don Rumsfeld, and a plan finalised on what messages to
send to Washington on Kashmir after the sudden de-escalation along the
line of control. Then, Tamil Nadu chief minister J Jayalalithaa had sought
the Prime Ministers time to discuss matters ranging from New Delhis
handling of Sri Lanka to elections to the Rashtrapati Bhavan in July. This
wasnt all. As a senior industry association official said, the number of
RSVP confirmations was much too meagre, also many members are, including
guys from the government, are in the US either on track two work
(unofficial diplomatic missions) or roadshows.

Asked for comment, a PMO aide confirmed all these odds, besides adding
cryptically that there was, or there might have been, important file work,
on which I am not authorised to comment on.

Result? For the second time this year, messages were sent out to the
members and the meeting cancelled. The new set of dates, affixed for now,
are July 10 for the trade and industry council (comprising captains of
Indian Industry), and July 13 for the meeting with the economic advisory
council (comprising economists).

The last time these apex bodiesconstituted amidst some hype in 1998to
provide Prime Minister Atal Bihari Vajpayee with counsel from some of the
more outstanding business and economics talent in the country met was way
back in September last. The agenda then was fiscal stimulus. The next
meeting was scheduled in February, but it had to be cancelled because Mr
Vajpayee was pre-occupied with state elections and overseas travel. So, by
convening these councils after a gap of more than eight months, the PMO
was hoping to send out the business as usual message, more so on account
of the fact that the PM would be spending nearly half of two working days
on nitty gritty issues concerning the nuts and bolts of power and
petroleum reforms.

So, how disappointing is the cancellation? Surprisingly not too much! If
you ask senior functionaries in CII (president Ashok Soota and director
general Tarun Das are travelling) the sense is one of optimism. We have
found that this government has squeezed through more reform legislation
than previous governments, but none of that has been packaged at one
place, said a senior CII official, informing that this list is being put
together now. (At FICCI, both president RS Lodha and secretary Amit Mitra
were overseas and it wasnt possible to discuss the sentiment.)


------------------------------------------
End of India Network Economic News Digest
==========================================

***************************************************************************
Do you know about the India Network Health Plan specially designed for Visiting
parents, temporary workers and their families? Visit http://health.indnet.org
for more info, premiums and plan details.
*****************************************************************************
This message is not a spam. You are receiving this because of your subscription
to the listserv list. If you wish to be removed from the list, visit
http://listserv.indnet.org and signoff using the options on the page. or
send e-mail to [log in to unmask] with one line

Signoff *

to be removed from all lists. Please note that the address subscribed with
should match with the From: address from which the mail request originated.
****************************************************************************

Top of Message | Previous Page | Permalink

Advanced Options


Options

Error during command authentication.

Error - unable to initiate communication with LISTSERV (errno=111). The server is probably not started.

Log In

Log In

Get Password

Get Password


Subscribe or Unsubscribe

Subscribe or Unsubscribe


Archives

ATOM RSS1 RSS2



LISTSERV.INDNET.ORG

CataList Email List Search Powered by the LISTSERV Email List Manager