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Believe it or not: Zimbabwe inflation hits 2.2 million percent and "has shot as high as 70 million percent in the past year for some basic goods sold on the black market" according to official reports... [AP] [AFP] [Reuters] (July 18, 2008)

India's Innovation System: German university seeks to comprehend India's 'Innovation System' [more]

Global Innovation: TU Hamburg launches research project to investigate internationalization of R&D [more]

Mumbai flat sold for a record Rs 73,000/sq ft [more]

Ratan Tata bags award for "Responsible Capitalism" [more]

Volkswagen Ready to Conquer Indian Roads [more]

"The Challenge That Is India": A report by Deutsche Welle [more]

Road to Indian Market Full of Potholes for German Retailer [more]

Air India orders engines worth $2.2 billion from GE [more]

Mobile Banking stages a remarkable come-back in Germany [more]

India should be in G8, demands Goldman Sachs [more]

India's per capita income grows at 11% [more]

India may take over China [more]

Indian economy grows 7% in first quarter of 2005 [more]

TATA is world's best steel producer [more]

Corruption in India: "Indians paid over Rs. 21000 Crores as bribes in last year!" [more]

India helping create jobs in USA [more]

McKinsey: India's growth rate between 1993-2003 higher than that of China [more]

Sethusamudram: India's Suez Canal gets approval [more]

India's exports grow in April by 17%, imports by a whopping 51% [more]

India's economy expected to grow by 7.2% in current fiscal year [more]

Australia keen to deepen investment ties with India [more]

Indians look to emigrate as local job market shrinks [more]

China to increase tariffs on textile exports [more]

Air India to buy 50 Boeing planes [more]

47% rise in net profits for Reliance [more]

Outsourcing: British exam papers to be checked in India [more]

Hamburg sets up office in India [more]

Arun Shourie: De-nationalisation of India, Macaulay's education and the role of pseudo secularism [more]

Hindi: पोप की मृत्यु पर भारत मे॑ राष्ट्रीय शोक – धर्मनिरपेक्षता के नाम पर भौ॑डा मज़ाक ( The rampant pseudo secularism in India) [article as PDF]

China, India plan a free trade area [more]

Jobless in Germany? Check out the local brothel [more]

China and India eye cooperation despite suspicions [more]

Rolls Royce to return to India with Rs. 3 Cr. model [more]

Weather in Hamburg

Mobile Banking Workshop in Hamburg

Hamburg (13.02.2006): Team members of Research Project "Mobile Commerce" at the University of Hamburg are organizing a one-day workshop to discuss the growing role and importance of Mobile Banking. The workshop is based on a recent study, titled "The Mobile Commerce Prospects: A Strategic Analysis of Opportunities in the Banking Sector" and authored by Dr. Stephan Buse and Mr. Rajnish Tiwari [more]

An Astonishing Report

Indian Job Market Schrinks! Urban unemployment on the rise

New Delhi (20.05.2005/26.06.2005): The Economic Times reports: "The government’s employment generation schemes are facing a paradox. They may be creating more jobs but are unable to check the rise in unemployment rate. According to the latest report of the National Sample Survey Organisation (NSSO), the unemployment rates in both rural and urban India have increased during the last six years between 1997 (53rd round) and 2003 (59th round)."

"Indian labour is going abroad. Between 1998 and ’04, a huge 23.9 lakh Indian workers emigrated abroad. They couldn’t have done better. The job market at home has shrunk over the years despite higher GDP growth."

"Total employment in the organised sector has declined by a massive 12.5 lakh or 4.4%, from 282.5 lakh in 1996-97 to 270 lakh in ’02-03.

"That employment in the public sector has declined over the years isn’t surprising — while new investment was missing, a number of PSUs have reduced their workforce through voluntary separation schemes.

"Total public sector employment has dropped by 9.8 lakh between 1996-97 and ’02-03. What’s surprising, however, is that even in the private sector, which undertook expansion and modernisation programmes in the period, employment has declined, though at a lower rate. Total employment in the private sector fell by 2.3 lakh during this period." [more]

McKinsey claims: "India grew faster than China between 1993-2003"

New Delhi (20.05.2005): "In its recent report on a comparison of Indian and Chinese financial systems, the McKinsey Quarterly has trotted out some pretty impressive growth stats for India", reports The Economic Times.

"Entitled 'India’s Lagging Financial System', the report makes a point-by-point comparison of the two “emerging economic giants”. But the real surprise lies in the fine print. According to the report, India’s GDP growth in the ‘93-03 period at 8.4% is higher than China ’s 8.1% — the only parameter where the Indian economy scores over China."

"This is quite in contrast to the more plebeian numbers the government’s own Central Statistical Organisation (CSO) dishes out annually. According to the CSO, the decadal growth of the Indian economy is less than 6%."

"The McKinsey report is, however, less euphoric about the India story in other respects. 'As powerful as the progress of both countries has been, China’s industrial development is clearly outstripping that of its neighbour, not only because of China’s headstart in economic liberalisation but also because of a commonly overlooked factor: India’s financial system,' it says."

"The report says that even after discounting the huge NPAs of the Chinese banking system, its financial stock was more than $4 trillion in ’03, nearly four times the size of India’s stock. It is this difference and the lower domestic savings ratio and FDI inflow, due to which 'India has been less able to finance investment and accumulate physical capital' (including infrastructure)." [more]

Indian red-tape: It takes too long to start a business in India, says WB

"We all knew that starting, establishing — and even exiting — a business in India is not for the faint-hearted. But the latest World Bank survey on India’s investment climate shows just how badly India fares on this front at a time it is desperately trying to ramp up foreign direct investment (FDI) inflows", according to a report appearing in The Indian Express.

Compared to most other countries, including those in South Asia (Nepal 21 days, Pakistan 24 days), the time for entry, exit and for contract enforcement are much higher in India (89 days), says the report (‘‘Doing Business in 2005: Removing Obstacles To Growth’).
[more]

Govt. expected to permit higher FDI in retail sector

"Media reports indicate that the government might permit 49 per cent foreign investment in retail. This is an improvement over the cap of 26 per cent that was expected to be the limit on FDI in retail until now. At the same time, there is no fundamental difference as it will still not give controlling share to FDI. The Left should therefore not have any objection", reports Indian Express. [more]

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