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All of the above have raised expectations on the Indian side to a fever pitch. But a reality check is in order. While reduction of its widening trade deficit with China — India’s imports from China were to the tune of $51.05 billion, and exports a meagre $14.83 billion, resulting in a $36.22 billion trade deficit in 2013-14 — is high on New Delhi’s agenda, from China’s perspective, the Sitharaman-Gao agreement is merely reflective of the country’s changing economic growth priorities in the wake of the recent slowdown in its gross domestic product (GDP) growth. In fact, China’s current five-year plan gives more importance to raising household income and boosting consumption than to pure export-oriented growth to sustain and grow its national wealth or GDP. In this connection, it wants to move some of its manufacturing activities out of the country — hence an assurance to invest in Gujarat and Maharashtra to set up industrial parks — even as it boosts domestic consumption and household income through growth in its services sector. While many see China’s outreach as an effort to counter India’s growing cosiness with Japan and the US, the fact is that the engagement is largely driven by the changes taking place within the Chinese economy. Shrinking Trade“There was an opportunity, but unfortunately, we made ourselves inconsequential,” says Basant Poddar, vice-chairman, Federation of Indian Mineral Industries, the largest miners’ representative body in India. Poddar is referring to the Supreme Court decision — to lift the ban on iron ore mining and allow mining companies to export ores —that came after two long years. The China connection to this development is that most of the pre-ban ore exports were to it. India, in fact, was the second largest exporter of iron ore to China. Two years on, it is out of the reckoning. Mining companies from other countries have ramped up production to fill the gap left by India. “The confidence of the Chinese buyer has been shaken. It is extremely difficult to re-establish it,” says a Kolkata-based miner.While the mining industry is keen to regain a slice of the Chinese market, the government is even more so, as was evident from the recurring theme of “trade deficit” in the talks between Prime Minister Narendra Modi and Xi. Deficit apart, the overall volume of trade between India and China has also seen a sharp fall. According to commerce ministry data, the total trade between the two was $65.9 billion in 2013-14, compared to $73.4 billion in 2011-12. Experts see the decline as an early indicator of the policy shift that has begun to take effect in China. China has embarked on a correction in its economic growth pattern — skewed due to mass exports (resulting in a glut of made-in-China products) and massive infrastructure development — to generate a more sustained, albeit slower, growth. Whether India will lose, gain, or only be marginally impacted by the changes in the Chinese economy are questions that remain unanswered at the moment. Even the $20-billion commitment and the promise of industrial parks are inconclusive steps.Time To Slow DownWhy did China need a course correction? Experts believe it was brought on by the need to correct serious anomalies associated with its fast-paced economic growth in recent times. “The slowdown in China is occurring for the same reasons that caused sharp slowdowns, even crises, in every country that has had a growth miracle driven by very sharp investment growth,” says Michael Pettis, a professor of finance at Peking University, Beijing.According to him, in every such case, the early years of rapid growth are transformed into growth driven by investments that are increasingly and systematically misallocated to create manufacturing overcapacity, overly expensive infrastructure, excess commercial and residential real estate, trophy projects, etc. — all driven by credit expansion and excessively low interest rates. “When this happens, debt begins to rise much faster than debt-servicing capacity and, at some point, the country is saddled with far too much debt and must rein in credit growth. China has long passed that stage, and debt levels have become among the worst in the developing world,” notes Pettis. The problem is that China’s economic activity is very dependent on rapid credit growth. “Beijing must continue to rein in credit growth over the next three to four years and, as it does so, economic growth will continue to drop sharply. I don’t expect (China’s) GDP growth to exceed 4 per cent on average during 2012-22,” he says.“Tight lending meant that hitherto sprawling infrastructure investments (in China) saw a slowdown,” says Joe Thomas Karackattu, assistant professor, China Studies Centre, Indian Institute of Technology, Madras. This hit Indian exports to China as it resulted in a slump in the demand for iron ore, minerals and metals. In 2012-13, India’s exports to China saw a 9.4 per cent fall from the previous year, to $17.03 billion. Anne Stevenson-Yang, managing principal at Beijing-based J. Capital Research, says Indian exports to China will remain affected by the slowdown. “India is more of a commodity supplier to China than a competitor for manufacturing contracts so, in this sense, the slowdown is bad for India.” break-page-breakIn the same period, China’s exports to India, mostly machinery, did not slip into the negative territory, though the growth was nominal (1.6 per cent). This, because India is trying hard to push infrastructure growth through investment in roads, energy, manufacturing, etc. While India’s infrastructure push will continue, what remains to be seen is whether China will continue to ramp up exports to India or choose to set up manufacturing hubs here to cater to the demand.Losing Edge Karackattu notes that China’s manufacturing sector has been witnessing rising production costs (land and labour), a reduced preference for the east coast for setting up new units (re-balancing economic prosperity between provinces) and an increased demand to move up the technology ladder in recent times. This has resulted in Chinese products losing their cost competitiveness in some segments. “One of the consequences of the rebalancing is an erosion of China’s export competitiveness as wages, currency and interest rates continue to rise in real terms,” says Pettis. “These factors were at the heart of China’s rapid growth, and are also the main reason for China’s huge economic imbalances and enormous overcapacity. So they must and will be reversed over the rest of this decade. China’s manufacturing exports to India, in other words, will see a rise in prices. This is bad for Indian consumers but good for Indian producers.”For instance, the second-biggest component of India-China trade after ores, namely, intermediates and final bulk drugs, will witness the fallout of rising production costs, impacting consumers here.Nipun Jain, managing director of Pharmchem, says the competitiveness of Indian formulation (final medicine) manufacturers who use Chinese intermediates will be affected. “Prices are already rising. China was the only source for several fermentation-based raw materials. We cannot, overnight, set up drug manufacturing facilities to produce them more effectively,” he explains. The $20-billion Opportunity The impact of the economic rebalancing in China is not limited to trade. It will alter the investment climate in the country and change China’s priorities for outbound investments as well. Seen in this context, the country’s $20-billion investment commitment turns significant. China’s current 12th Five-Year Plan is aimed at raising household income, boosting consumption and facilitating expansion of services. However, it is not an easy task, says Karackattu. “As for consumption, China accounts for only 3 per cent of the world’s imports of consumer goods and, therefore, has to undertake long-drawn internal reforms to achieve a rebalancing. Hence, in the short to medium term, the role of large consumer markets and investment sites such as India cannot be ignored,” he says.So far, Chinese investments in India have been in areas such as telecom and electronics (Huawei, ZTE, TCL, Haier, etc.), power (Mingyang Wind Power Industry Group, Shanghai Electric, China Datang Corp, etc.) and transport (Shanghai Automotive Industry Corporation, China CNR Corp, CSR Corp, etc.). Indian corporates known for their Chinese investments and joint ventures include the Tatas, Mahindra & Mahindra and Bharat Forge. IT majors such as Infosys Technologies, HCL Technologies and Genpact also have a presence in China. Room For AllAnother dimension to the Chinese slowdown is its potential impact on global markets and its possible consequences for India. Jabin T. Jacob, assistant director, Institute of Chinese Studies, New Delhi, says the growth opportunities for India and China are complementary and not competitive. Karackattu agrees: “The benefits from any slowdown in China will be reaped by countries that directly compete with it. (Based on the corelation) India doesn’t really stand to gain from a slowdown in China. The loss also is too early to speculate upon”. The logic behind this argument is that India and China are competing in the global market with different skill sets and products. “India’s key advantages are in services and the manufacture of precision engineering goods (unlike China’s, whose advantage lies in low-cost, low-tech manufacturing),” says Karackattu.According to him, China should focus on horizontal investments and disaggregated production with an India focus. “China should prepare the ground for its companies to shift from export of equipment to India to an ‘integrated service model’ with a strong investment component that serves the additional purpose of job creation in India,” he says.Karackattu also proposes that India and China be part of a South Asian value chain. “China’s trade with South Asia is less than 5 per cent of its trade with the Asia-Pacific; thus, South Asia remains on the periphery of China’s active economic engagement.”China could be India’s biggest trading partner, but the converse is not true. In 2012, India ranked 15th among China’s trading partners, with a 1.72 per cent share of its overall trade, recording a decline of almost 10 per cent year on year. In terms of exports to China, India stood 19th, with a share of 1.1 per cent. The negligible share of trade is one reason why India doesn’t figure in China’s economic strategies the same way as China figures in India’s. “One problem in China, and I see this even among my Peking University students, is that they do not seem to take India seriously enough,” says Pettis. “I have told my students that this is a serious mistake, and that they must remember that China has far more in common with India and the developing world than with the developed world, but not too many are eager to hear this. Anyway, it is a widely and deeply held system of belief,” he adds.The success of the Modi-Xi engagement will largely hinge on the extent to which the two countries can find a commonality of interest amid differing priorities and national interests. It matters little that Xi finally did not commit to the much-talked-about $100-billion investment. The $20-billion that he’s promised could be the start of a beautiful romance. joe@businessword twitter: @joecmathew(This story was published in BW | Businessworld Issue Dated 20-10-2014)
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India's balance of payments turned to a $19.1 billion surplus in the October-December quarter of last year after two quarters of deficit as the slowdown in gold imports sharply narrowed the country's current account deficit. The current account deficit for October-December 2013 narrowed to $4.2 billion, or 0.9 per cent of gross domestic product, from $31.9 billion year ago, when it was at 6.5 percent, the Reserve Bank of India said on Wednesday. The current account deficit had reached $5.2 billion, or 1.2 per cent of GDP in the July-September quarter of last year. India's current account deficit has narrowed from a record high of 4.8 per cent of GDP in the 2012-13 fiscal year as the government has imposed stringent curbs on gold imports. The trade deficit in the October-December period stood at $33.2 billion compared with $58.4 billion a year ago, while the capital and financial account surplus fell sharply to $4.8 billion versus $30.8 billion a year ago. (Reuters)
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Deepak Agarwal, Sr. Manager, Deloitte - Indirect Tax explains to BW|Businessworld's Neeraj Thakur about the gainers and losers in case of indirect tax in Finance Minister Arun Jaitley's maiden Budget Also Watch Sujit Parakh, Director, Deloitte talks to BW|Businessworld's Neeraj Thakur on Direct Tax
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The rupee rose to its highest in six weeks on Wednesday (5 March), as the BSE share index approached a record closing high on strong foreign flows, while sentiment was helped as emerging market currencies benefited from tentative hopes of easing tensions in Ukraine. The Sensex closed just around 0.5 percent away from a record closing high hit on January 13 as foreign investors have bought a net $800 million over the previous 13 sessions to Tuesday. Investors will be eyeing whether those flows can sustain ahead of general elections, which are due to start on April 7 and conclude by May 12, with results due out on May 16. Traders hope elections will see the opposition Bharatiya Janata Party, which is perceived to be more business-friendly, winning a majority to usher in reforms and pull the economy out of the current slow growth, while they most fear a split outcome. "The conviction in the rupee strengthening in widening. With news of election and exit polls showing a strong performance for the opposition, the chances of a stable government coming in are rising. I expect more flows to come in," said Subramanian Sharma, director at Greenback Forex. The partially convertible rupee closed at 61.75/76 versus Tuesday's close of 61.845/855 per dollar. It rose to 61.6650 intra-day, its highest since January 21. The rupee benefited from gains in emerging market currencies such as the South Korean won and even the Chinese yuan, which had been under pressure recently. But caution over military tensions in Ukraine remain, with Russian shares slipping and the rouble headed towards record lows. In the offshore non-deliverable forwards, the one-month contract was at 62.16 while the three-month was at 62.91. (Reuters)
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Gold ticked lower on Monday (14 July) as Asian share markets gained strength, but the metal stayed close to a four-month high hit last week on safe-haven demand from escalating tensions in the Middle East and Ukraine.Spot gold fell 0.2 per cent to $1,334.89 an ounce by 0301 GMT after posting its sixth straight weekly gain last week.The metal had hit $1,345, its highest since March, on Thursday (10 July) after worries about the financial stability of Portugal's largest listed bank Banco Espirito Santo hammered equities and stoked fears of an European banking crisis."The Portugal fears have subsided as markets don't think it is going to be another widespread crisis," said one trader in Tokyo."However, the safe-haven demand for gold is still there due to the tensions in the Middle East. Portugal was only one reason for safe-haven bids, the geopolitical situation has not changed," the trader said.Israel appeared to hold off on a threatened escalation of its week-old Gaza Strip barrage on Monday despite balking at Western calls for a ceasefire with an equally defiant Hamas.On Sunday, the Israeli military had warned residents of the northern border town of Beit Lahiya to leave or risk their lives when, after nightfall, it planned to intensify air strikes against suspected Palestinian rocket sites among civilian homes.Elsewhere, Russia threatened Ukraine on Sunday with "irreversible consequences" after a man was killed by a shell fired across the border from Ukraine, an incident Moscow described in warlike terms as aggression that must be met with a response.Gold is seen as an alternative investment to riskier assets at times of geopolitical and financial uncertainties.Data from the Commodity Futures Trading Commission showed that hedge funds and money managers increased their bullish bets on gold and silver futures and options in the week to July 8, underscoring the metal's safe-haven appeal.For this week, markets are eyeing Federal Reserve Chair Janet Yellen's congressional testimony for clues about the U.S. economy and the timing of expected U.S. central bank interest rate hikes.Investors are also eyeing physical buying in Asia, which has been subdued due to the recent price gains."There isn't much demand from India, China or anywhere in Southeast Asia for the last few weeks," said a dealer in Singapore. "Unless prices drop sharply in a short period of time, I don't think we can expect any price support from the physical markets."(Reuters)
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The rupee is steady at 59.93/94 compared to Friday's close, as the stock market trades flat on back of foreign investor sales, even as Asian currencies trade mixed against the dollar.Overseas investors sold Indian shares worth 7.23 billion rupees ($120.60 million) on Friday (11 July), provisional exchange data shows.The rupee is seen moving in a 59.70 to 60.50 range during the session.The Nifty was trading up 0.1 per cent. The local sharemarket will provide cues on the direction of foreign fund flows.(Reuters)
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Congress Vice President Rahul Gandhi on Wednesday (5 March) said whether he becomes the Prime Minister or not is immaterial but what matters is that all Indians, including women and youth, feel it is their country. The Congress leader was interacting with tribal youth at an engineering college at Shirpur in Maharashtra, as he began his two-day Maharashtra tour. Responding to best wishes from a youth for becoming the Prime Minister, Rahul said, "My becoming or not becoming PM does not matter. What is most important is that everyone here, specially women and youth in country feel that this is their own country." Asking youth to enter mainstream politics, the Congress leader said there should not be even one youth who says he is afraid in his own country. "I want to see MLAs, MLCs and MPs from amongst you in the next 10 years, maybe even a Prime Minister also," he said. Comparing Mahatma Gandhi and Hitler, Rahul said the German dictator shouted as he lacked confidence. But did Gandhiji ever shout? That was because he was confident." "Like Mahatma Gandhi, humbleness while speaking is a sign of extreme self-confidence. Confidence should not be seen as aggression," he said. "There is no need for saying things aggressively. You can say it with love. Many people will be with you," he said. "If anyone, be it Rahul Gandhi or Prithviraj Chavan, says he knows better than you, he is telling a lie," he said. "My request to you, specially tribal youth, is to join mainstream politics," Rahul said. "My message to the country's youth is that the talent and capability the youth here have is not there anywhere else," the Congress leader said. On the progress the country has made since Independence, Rahul pointed out that today there were several rich people in India. "Around 50 to 70 years ago there was not even a single rich person here. The only rich were maharajas and British," he said. "My vision is of fearless Indian in India, that is the kind of country I want to build," Rahul said. "India is the most talented nation in the world. Use that talent and be humble in your approach and respect each other," he said. "Change how the world perceives you. It will start believing in you when you start believing in yourselves...You are not less than anyone, be self confident," Rahul said. "Cultural history of India should never be forgotten, take pride in your history, it never goes out of fashion," he said. Defending FDI in retail, he said it will prevent wastage of agricultural produce and cold storage chains will be developed. Representation of tribals is key to their empowerment, Rahul said. "I want your voice to be heard at state and national level," the Congress leader said. Tribal youths should join the political system, and change how the system perceives tribals, he urged. Rahul, at whose behest Congress is selecting 16 candidates from across the country through the "primary" system, said, "People must have a say in candidate selection." In the afternoon, he will address a public rally at Aurangabad, after which he will interact with people on the Dhule-Shirpur road. Tomorrow, the Congress leader will interact with fishermen at Versova, after which he will address a public rally at Sonale village on Bhiwandi bypass in Thane district. (PTI)
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Alibaba’s initial public offering (IPO) has become the biggest ever, at $25 billion. This, after the company’s bankers exercised an option to boost the deal size by 15 per cent. The underwriters bought an additional 48 million American depository shares from the company at the IPO price of $68 each, according to a statement from Alibaba. Including the “greenshoe option”, Alibaba was able to surpass the current IPO record held by Agricultural Bank of China — $22.1 billion in 2010. “Expectations for this company are sky high,” said Li Muzhi, a Hong Kong-based analyst, and added, “The market seems to be using Alibaba as a proxy for the macroeconomy and consumer economy.” Faking ItChina uncovered $10 billion in fraudulent trade nationwide as part of an investigation that started in April last year. The probe also uncovered many irregularities in the port of Qingdao, the country’s currency regulator said. Companies “faked, forged and illegally re-used” documents for exports and imports, Wu Ruilin, deputy head of the State Administration of Foreign Exchange’s inspection department, said. The trades “increased pressure from hot money inflows and provided an illegal channel for criminals to move funds”, Wu said, adding that those involved would be punished. Brewing A DealStarbucks will buy the remaining 60.5 per cent share of Starbucks Coffee Japan that it does not own in a two-step deal valued at $913.5 million. Starbucks Japan has operated as a joint venture between Starbucks and its partner Sazaby League since 1995. Sazaby approached the world’s biggest coffee chain about selling its stake in Starbucks Japan, Starbucks said. Diet FizzThe three largest soda companies, Coca-Cola, PepsiCo and Dr Pepper Snapple, promised to reduce calories in sugary drinks by 20 per cent over the next decade, an unprecedented effort by the beverage industry to fight obesity in the US, and a tacit recognition of consumers’ increasing aversion for high-calorie soft drinks. The firms will expand the presence of low- and zero-calorie drinks and sell them in smaller portions, and also provide calorie counts and promote calorie awareness where the beverages are sold, the American Beverage Association said. Breach Of TrustThe European Union’s (EU) anti-trust commissioner, Joaquín Almunia, said Google could face a fine of up to $6 billion if it failed to come up with a better proposal to settle a four-year antitrust probe. A hard-fought deal announced in February, initially backed by Almunia, collapsed following a wave of criticism from senior European politicians and powerful publishing houses. The commissioner has admitted that a final decision on the case will now fall to his successor, former Danish economy minister Margrethe Vestager, who will assume the post in November, when the current commission’s five-year term ends. Big Bang EntryGermany’s Siemens has agreed to buy US oilfield equipment maker Dresser-Rand Group for $7.6 billion in cash, paying a relatively rich price to belatedly beef up its presence in the US shale oil and gas industry. The acquisition, which ranks among the biggest in the history of the industrial group, will strengthen Siemens’ position in the US, its weakest region, and bring it nearer catching up with rival General Electric. Siemens’ oil and gas revenue will increase to around $11 billion, including the acquisition of Rolls-Royce’s energy gas turbine and compressor business, announced in May, from less than $7 billion before the two deals. Faulty MembersTesco cut its profit forecast by $408.5 million for the third time this year and suspended four members of its staff after finding fault in its accounts, another blow to the reputation of UK’s biggest grocer. It called in new accountants to investigate the error. A profit warning overstated expected first-half profit by 23 per cent. The error, caused by an early booking of revenue and delayed recognition of costs, was discovered during preparations for its forthcoming interim results. New LineGeneral Motors’ premium Cadillac brand will adopt a new naming scheme to compete with overseas luxury rivals as the company’s new leader Johan de Nysschen continues to overhaul the unit. The first of those new products will be christened the Cadillac CT6, a flagship sedan due late next year and aimed at high-end models such as BMW’s 7-series, Mercedes’ S-class, Audi A8 and the Jaguar XJ, GM said. To be built at GM’s Detroit-Hamtramck plant, the CT6 will debut as a 2016 model, slotted above Cadillac’s XTS and CTS sedans. Expected to be priced above $50,000, the CT6 will be a new offering rather than a replacement for an existing model. The rear-wheel-drive sedan will use a new vehicle architecture that is known internally as Omega. It will employ advanced driver-assistance technologies. Aerial DeliveryDeutsche Post DHL will use a drone to deliver medication to a German island in the North Sea, marking the first routine drone delivery to customers, and another step in the rapid advancement of the technology. DHL said, as part of a month-long feasibility project, it will start using unmanned aircraft to carry medicine from the harbour town of Norddeich, Germany, to the small island of Juist. Each day, depending on the weather, the drone will fly autonomously on a pre-programmed seven-and-a-half-mile route, the first routine mission in Europe in which a drone will operate beyond the pilot’s eyesight, DHL said. Cutting The CordPhilips, which started life making light bulbs 123 years ago, is splitting its lighting business in a step aimed at expanding its higher-margin healthcare and consumer divisions. Putting the lighting business in a separate company is part of a wider strategy that began with Philips moving out of less profitable consumer electronics and into fast-growing healthcare markets, largely in emerging Asian markets. The decision to split into two marks a definitive break from its origins in the southern Dutch town of Eindhoven, where Gerard Philips and his father Frederick founded one of the earliest makers of incandescent light bulbs in 1891. (This story was published in BW | Businessworld Issue Dated 20-10-2014)
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India's inflation probably eased marginally in June after the new government curbed farm exports, but a growing risk that drought will shrivel summer crops could encourage the Reserve Bank of India to keep interest rates on hold.Prime Minister Narendra Modi, elected in May amid anger over rising prices, has ordered a crackdown on hoarding to hold down food prices and set limits on the export of staples, such as onions and potatoes.Presenting his first budget on Thursday, Finance Minister Arun Jaitley vowed to keep the fiscal deficit at 4.1 percent of gross domestic product in this fiscal year, while allocating more funds to ease inflationary pressures."The monsoon this year appears more unpredictable," he told lawmakers, adding that the government would take all steps necessary.Consumer price inflation probably eased to 7.95 percent last month, down from 8.28 percent in May, while wholesale price inflation eased to 5.80 percent, the Reuters poll of economists found.The government will release the data on wholesale prices on Monday around 12:00 p.m. Consumer price data is due at 5:30 p.m.Modi faces his first challenge as soaring prices for basic food items, such as milk and potatoes, lifted retail food inflation to 9.4 percent in May, driving wholesale inflation to a five-month high of 6.01 percent.The government is banking on stocks of food such as rice, wheat and sugar from recent bumper harvests, but has few ways to cap prices of fruits and vegetables that drive food inflation."The measures may prove to be inadequate in light of the supply-demand dynamics associated with perishable products, absence of adequate cold storages and inefficiencies in the domestic supply chain," said Aditi Nayar, an economist at ICRA, the Indian arm of rating agency Moody's.Retail inflation has eased to about 8 percent, after staying in near double-digit figures for the past two years, the highest among the BRICS group of emerging economies - Brazil, Russia, India, China and South Africa.Economic growth has been stuck below 5 percent for two years - the longest slowdown in more than a quarter of a century. The economy is expected to grow slightly above 5 percent in this fiscal year to March 2015.In 2009 benchmark New York futures swept to a 30-year high after the worst drought in nearly four decades forced India, the world's top sugar consumer, to buy large quantities of the sweetener from top producer Brazil.The farm sector accounts for around 14 percent of India's nearly $2 trillion economy, and two-thirds of its population of 1.2 billion live in rural areas.Weak investments and industrial performance have hurt economic growth, but figures on Friday showing that industrial output grew 4.7 per cent in May on the year bettered expectations for a rise of 3.8 per cent.Output gained just 0.1 per cent in the fiscal year that ended in March.Relief Far Away?Weak rainfall since a delayed start to the monsoon season could push up food prices - further delaying a decision by the Reserve Bank of India to cut interest rates and ease the flow of credit to the economy."We believe a rate easing cycle is unlikely to commence before the second half of the current fiscal, keeping interest costs elevated for the productive sectors," said Nayar of ICRA.Reserve Bank of India Governor Raghuram Rajan held benchmark interest rates at 8 percent in the June policy meeting. He has raised rates three times since taking charge last September. The next policy review is due on Aug. 2.On Thursday, Rajan said the central bank was "determined" to make sure consumer inflation follows a "glide path" lower.An RBI panel has recommended bringing down consumer price index (CPI) inflation to around 8 per cent by the end of January 2015 and to 6 percent by the end of the following year.(Reuters)
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The Vote on Account offers little or no room for financial jugglery. But P. Chidambaram managed to pull off a few tricks nonethelessCompiled by Joe C. Mathew Graphic by Prashant Chaudhary(This story was published in BW | Businessworld Issue Dated 24-03-2014)
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