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Siddaramaiah woos US aerospace firms to ‘Make in Karnataka’

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Bengaluru: Pitching for investments to boost the state’s growth story, Chief Minister Siddaramaiah on Wednesday urged US aerospace firms to make products and components for domestic and global markets in Karnataka.

“I appeal to this august gathering of industry to invest in the aerospace sector and be part of ‘Make in Karnataka’,” Siddaramiah said at the US-India aviation summit here.

Noting that Bengaluru was India’s aerospace hub with 65 percent of the country’s investment in the sector, the chief minister said Karnataka was the first state to have an aerospace policy (2013-2023) to attract investments and new technologies.

“The growth potential of aerospace and defence industry has attracted global majors like Boeing, Honeywell, Airbus, EADS, Pratt & Whitney, Rolls Royce and UTC Aerospace to set up their engineering and design services in this tech hub,” Siddaramaiah told at least 300 delegates participating in the three-day event.

Assuring the prospective firms of the state government’s support to facilitate their investments with incentives, Siddaramaiah said a dedicated Aerospace Park has been formed near the Bengaluru international airport at Devanahalli on 984 acres of land, with a special economic zone (SEZ) and the country’s first aerospace SEZ at Belagavi in the state’s northern region, about 500 km from Bengaluru.

Home to the state-run Hindustan Aeronautics Ltd. (HAL) and other major defence units such as Bharat Electronics Ltd. (BEL), Aeronautical Development Agency (ADA), Aeronautical Development Establishment (ADE), National Aerospace Laboratories (NAL) and Defence Research and Development Organisation (DRDO), Bengaluru has pioneered the growth of the aerospace industry across the country.

“Growth potential of our aerospace and defence industry is making global majors to set up their subsidiaries in India and collaborate with our industry for joint ventures, as the defence offset policy offers a huge opportunity to make for us and exports,” Siddaramaiah pointed out.

In this context, the chief minister said Maintenance, Repairs and Operations (MRO) segment in the civil aviation sector was estimated to be Rs.1,300 crore by 2020.

“Given the labour-intensive nature of MRO, leading MRO firms, Original Equipment Manufacturers (OEMs) and international airlines are looking forward to outsource this work to Indian firms, as they are being done outside the country in Dubai, Sri Lanka and Singapore,” Siddaramaiah added.

The state has recently launched e-udyami, an online one-stop shop which allows investors to apply for approvals and monitor status of their projects’ implementation.

Union Civil Aviation Minister Ashok Gajapathi Raju and US Ambassador to India Richard Verma addressed the gathering at the inaugural session.

Sponsored by the US Trade and Development Agency in partnership with the central government, the summit is meant to assist Indian stakeholders to identify and specify US technology and practices to suit their expansion and modernisation needs.

The Indian civil aviation market is expected to be $110 billion by 2020, as the country is projected to become the world’s third largest aviation market, handling 336 million domestic and 85 million international passengers.

The summit is also aimed at promoting sale of US equipment and services in a competitive Indian aviation market.

(IANS)

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Key Pointers before investing in Plots of Land

Apart from constructing a house, a plot of land is a great investment

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Land Plots (Representational Image), Pixabay

March 10, 2017: Building a home from brick to brick and having the sovereign choice of the floor plan is a dream that many of us harbor but only a few accomplish.

Apart from constructing a house, a plot of land is a great investment. There are many who like to invest in land instead of a flat and argue that buying a flat is high maintenance and does not give good returns on investments when compared to a plot for sale in Chennai.

It is generally the second home buyer or investor who invests in land or a plot for sale in Chennai or any other flourishing city. Investment in both land and apartment has its own merits and demerits.

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The few important merits of investing in a plot of land are:

  1. There is a lot of freedom to design and shape a plot, which is not possible in an apartment.
  2. With space availability vanishing quickly in the city, the rate of land is expected to appreciate very quickly.
  3. Flexibility to build as per the city’s future requirement helps the cost of land and property to appreciate very fast.
  4. The land is always in demand. The value normally appreciates due to zero depreciation of land.
  5. There is little or no competition for raw land, so being the only prospective purchaser is a huge negotiating advantage.

But, there are some demerits to investing in a plot.

  1. Land generates very low income if rented sometimes. It is difficult to reoccupy a land if tenant pushes it into litigation.
  2. Banks do not provide finance for buying a land/plot.
  3. It is essential to make legal checks on ownership history.

The key to a good investment is research and complete knowledge about the investment. Some of the things to keep in mind before buying a property are:

  1. Clear land title with no outstanding loans, taxes or mortgages must also be investigated. A buyer must ensure that the land parcel is not reserved for any government projects and does not belong to the agricultural category.
  2. Investigation on infrastructural development around the area should be made. Inquire availability of proper roads and Infrastructure in the area, also amenities within the projects and other developments coming up around the property needs to be researched.
  3. Landlocked properties or oddly shaped properties should be avoided. Required building setbacks could make a narrow plot worthless.

In the recent times, the southern state of Chennai has emerged as one of the top destinations for investing in land/ plot. Chennai is more appealing than other metros of the country, as it is a rapidly expanding manufacturing hub of India.

The state houses manufacturing units of top carmakers, as well as, other industries like IT industries, Telecom, etc. All these establishments are creating a big investment opportunity in the city with high growth and shooting prices.

The ideal destinations for investment in the city include:

  1. Gandhi Salai and Oragadam: They are the hubs of activities for the IT and manufacturing sectors. While Rajiv Gandhi Salai is an attractive choice due to its proximity to the various IT Parks and IT-SEZs, plots near Oragadam are ideal for investment, as it is an automobile hub. These locations are well connected by road and rail, and the presence of various multinational companies has triggered the real estate growth.
  2. Vandalur-Kelambakkam Road is one of the future growth corridors of the city, as it connects two important arterial roads Grand Southern Trunk Road (GST) with Rajiv Gandhi Salai. Easy connectivity and presence of many educational institutions in the vicinity have positively impacted the real estate sector in this area.

The land prices in these areas range between INR 500-2,500 per sq ft. The buyers have a variety of options to choose what can fit their budget.

In a city whose demographic is changing constantly with apartments becoming the norm rather than the exception, a plot as a mode of investment is becoming highly lucrative. The severe space crunch in the city has resulted in land prices going through the roof, sending plot developers and buyers scout for land on the outskirts. It has resulted in a spurt of real estate development in these localities.

 

 

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Korea is Emerging as an Important Economic Partner for India

Fast growing economic relations between Korea and India

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economic
Representational Image, Source-pixabay

Feb 28, 2017: When India liberalized in 1990s, international companies were reluctant to invest in India. Korea was the first country which dared to invest in India when other countries were reluctant to take the economic risk of investing in the 1990s. Korea subsequently became the 4th largest investor during the 1990s.

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Bilateral economic relation between India and Korea is important for both India and Korea, Korea’s Trade Minister Joo Hyung-hwan had said last year, “Fostering close economic ties with India is the top priority for Korea.” Further, the Federation of Korean Industries (FKI) had said last September,  “Korea needs to deepen economic ties with India and Vietnam for its economic growth,” reported Korea Times

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Economic relations with India is important for Korea as its relation with its 3 important trading partners- US, Japan and China is declining. Relations with US are fast declining due to America’s policy of protectionism and the new policies of Trump. Historical issues with Japan and Japan’s economic stagnation, as well as Korea’s decision to deploy US missile system, has soured Korea’s relation with both these two countries, hence relations with all 3 countries have become precarious.

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In January last year, a Memorandum of Understanding (MoU) was signed between the India and Korea for establishing the platform “Korea Plus” a joint initiative of Ministry of Commerce and Industries of both countries, a platform established to promote and facilitate Korean investments.

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Few of the Korean startups are also doing business with Indian companies. Bangalore based real estate portal NoBroker had announced that it has raised $7 million (Rs 50 crore) in one round led by KTB Network, a Seoul-based VC firm in December last year. Softbank of South Korea had had led one round of funding for the Gurgaon-based True Balance, the CEO of True balance is Cheolwon (Charlie) Lee, a Korean.

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Prepared by Upama Bhattacharya. Twitter @Upama_myself

 

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Cultural Innovation: British Council launches £50,000 seed fund to boost India-UK Cultural Ties

It is a culmination of a five year programme that aims to introduce an enthusiastic Indian audience to the best contemporary arts of UK

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British Council. source- http://alexandria.aaschool.ac.uk/
  • British Council India is investing £50,000 in a one of its kind cultural project
  • It is a culmination of a five year programme that aims to introduce an enthusiastic Indian audience to the best contemporary arts of UK
  • PM Narendra Modi and PM David Cameron announced a year long programme in 2017

In an attempt to strengthen the cultural ties between the nations of UK and India, British Council, India is funding a one of its kind cultural project. It plans on investing £50,000 (Rs 50 lakh approximately) in this project. In this innovation funding, the Council will select five projects by the end of July 2016. It will invest £10,000 in seed funding of each project.

In the Open Call, the details of the funding have been provided clearly. They are claiming that this is a culmination of a five year programme that aims to introduce an enthusiastic Indian audience to the best contemporary arts of UK. They have an ambitious aim for online audience, which are 10 million people in 2016 and 50 million people in 2017.

In the eligibility criteria, they’ve mentioned that the participant should be based in UK or India. He or she should have a track record of creating new digital projects or successful experiences that have reached new audiences. They have specified that it is acceptable if the audience that had been reached before had not been of the scale that the British Council is currently aiming for.

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“We want to have ideas from India and Britain and bring those ideas together to make brilliant new things. In return for this seed funding, we would like to see a prototype or proof of concept of your project that we can test with potential audiences in September and October 2016. Following user testing in autumn, we will make a number of commissions based on potential audiences and costs of projects. Full commissions must launch during 2017” said Alan Gemmell, director of British Council, reports business-standard.com.

Noon, UK time, Friday 08 July 2016 has been declared as the deadline for submission of applications.

The British Council is partnering with Manchester International Festival on a digital co-commission for 2017. If the project submitted to this open call is selected, it will be launched during the festival in June/July 2016.

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India's Prime Minister Narendra Modi's walks with Britain's Prime Minister David Cameron as they leave 10 Downing Street after their meeting, in London, November 12, 2015. Photo: Reuters
India’s Prime Minister Narendra Modi’s walks with Britain’s Prime Minister David Cameron as they leave 10 Downing Street after their meeting, in London, November 12, 2015. Photo: Reuters

During the November 2015 visit of PM Narendra Modi to London, he and PM David Cameron has announced a year long programme in 2017. It is to celebrate the cultural ties between the two countries and the 70th year of independence for India.

According to business-standard.com, Gemmell added: “With the British Council, we believe that culture has a powerful role to play in helping people understand one another. India’s cultural relationship with Britain is incredibly important. We want to develop stronger cultural relations between Britain and India. We want to celebrate, reconnect, revive and inspire the next generation of people culturally. We want to develop stronger cultural relations between Britain and India.”

The British Council is one of UK’s international organisations that take various measures to strengthen the cultural ties between different nations. It also works at providing educational opportunities to the masses.

-The report is compiled by a Staff-writer at NewsGram.

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