U.S. Firms Keen To Invest In India: USIBC

With ease of doing business in India “improving”, US companies are keen to invest in the country which is emerging as a “good market”, the head of a top American industry advocacy group has said.

“There is a sense of hope among US companies that Indian market is going to be a good market. Thats why they are investing into it and we see the momentum picking up from the US companies,” Mukesh Aghi, president of US India Business Council (USIBC), told media.\ According to an estimate, American companies have invested USD 27 billion in India after the NDA government came to power in May 2016, Aghi said.

“But the actual figure could be much higher as a significantly large amount of such investment has been routed through third countries like Singapore and Mauritius, because of treaties, or through countries like Ireland, Norway or Belgium where they have excess money,” he noted. USIBC represents the interest of a top American companies doing businesses in India.

Aghi said that in the last two years under the Narendra Modi government ease of doing business has improved in India, which is reflective in increase in FDI. “The ease of doing business definitely has improved. Is it there up to the global standards? No,” he said.

“I think, what this Prime Minister has done, is trying to do to go in one at a time the issues and challenges which creates difficulty less. He has basically eliminated obscure laws, to make things easier. He has gone to state-level and created that federal competitiveness to make sure that each state is competing with each other,” he said. “I believe that when the new World Bank ranking comes out, Indias ranking would improve on the current 130 ranking number,” Aghi said.

“So what we are seeing is, at least from US companies, I am seeing less issues on the bureaucratic front. We are able to access senior bureaucrats anytime. And you can see the eagerness on their part to support us on any issue which is impeding investmentt or delaying projects,” he said in response to a question. Despite political limitations, Aghi said the government has “achieved quite a lot”.

Association of Indian Pharmacists in America holds annual banquet and business expo

Chicago IL: Harish Bhatt, President of the renowned Association of Indian Pharmacists in America (AIPHA), hosted AIPHA’s Annual Banquet and Business Expo on Sunday, May 15, 2016 at the Meadows Club, 2950 W Golf Road, Rolling Meadows, IL. The AIPHA Banquet and Expo offers a platform in which members can network amongst themselves, as well as gives them an opportunity to meet and greet with the decision makers that influence change.

The Banquet was attended by many dignitaries including Consul General of Chicago, Dr. Ausaf Sayeed, Jay Stewart, director of professional regulation, Dr. Yash Amin, director of drug compliance, Alex Hemsley, director of policy and procedure, Hardik Bhatt, chief information officer, Aarti Parikh, investigator for professional regulation, Marcus Evens, state representative, Thaddeus Jones, state representative, Shahab Udddin, chairman of Qatar Airways, Jeff Brannon & Mike Synor from Cardinal Drugs, Mark Andricks and Tony Ferrante from HD Smith and Raja Krishnamoorthi, next congressman from the 8th district of IL.

Association of Indian Pharmacists in America holds annual banquet and business expo“Tonight, we are celebrating our survival; another year has passed and we continue to level with our big chains and mail order competitors,” said, AIPHA President, Harish Bhatt. “We proudly represent many of the independent pharmacies in the state of Illinois, and remain resilient when faced with doubts of sustainability.” He urged the attendees and everyone concerned about the growing healthcare costs to hold the insurance companies accountable and to make certain that willing providers are permitted to serve the communities. “We need to cut the red tape to help us practice, which will in turn create more jobs and solidify our playing ground. Separate from this detrimental issue, how are we, as independent pharmacy owners, expected to practice when we are being set up to fail. I encourage every pharmacist to come together to negotiate with the state, with one voice.’ he added.

Bhatt congratulated The Department of Professional Regulation for their hard work in standardizing the violation chart so every pharmacist has a clear understanding of what is expected of the thorough pharmacist self-check.

Bollywood singer Shibani Kashyap, an Indian singer, who is actively working in Bollywood film industry, rocked the gala on Saturday night.  Vendors, including Cardinal Drugs, HD Smith Drugs, Amneal Pharmaceuticals, McKesson Drugs, Trividia Health, Smith Drugs, Micro Merchant Pharmacy Software, Colossal Drugs, Pharmancy Automation, Parata, Windmill Vitamins, Alpine Health, Best Rx Pharmacy Software, DAA Pharmacy Software, Tele Pharm, Qatar Airways  and Diva International (feminine products), were recognized on stage for contributing to the success of this event.

The Association of Indian Pharmacists of America is an organization dedicated to increasing cultural awareness and promoting diversity through various pharmaceutical services, promotional, and social events. The national organization of the Association of Indian Pharmacists in America (AIPHA) was founded in 1985 by 20 members. Today, there are over 453 members. The student chapter of AIPHA at the University of Illinois-College of Pharmacy was established in 1996 with the same drive and initiative that was shown in 1985.

Divya Nag, Amit Agarwal among top 10 ‘Most Creative People in Business’ List

Indian Americans Divya Nag and Amit Agarwal have made it to the top 10 on the Fast Company’s 100 “Most Creative People in Business” list. The annual list, in its eighth year dating back to 2009, was released May 16.

Nag was ranked No. 2 on the list, just behind composer, lyricist and performer Lin-Manuel Miranda. She was selected “for moving Apple into the doctor’s office,” according to the Fast Company piece.

She leads the team at Apple that created ResearchKit, an open-source developer toolbox that piggybacked on the company’s HealthKit framework — which allows users to store and share health data — to allow doctors and researchers to create apps that make it easy to participate in medical research, Fast Company explained.

“Through Apple’s new CareKit tools, doctors can automatically alert outpatients when it’s time to take their medications or exercise — while patients can reciprocate with continual updates on their condition,” Fast Company wrote. “Doctors and hospitals are already using CareKit apps to provide better care, staying in touch with post-surgery patients, and there are countless applications for monitoring diabetes, mental health, pregnancy and more,” it added.

Nag dropped out of Stanford and founded Stem Cell Theranostics, a company dedicated toward revolutionizing the drug discovery process. Additionally, she founded StartX Med in 2012 and served as the chief product officer and head of network management and R&D at StartX.

Coming in at No. 10 on the list is Agarwal, who made the list “for extending Amazon’s reach, one vendor at a time,” Fast Company said. Agarwal has been a staple at Amazon since 1999. The IIT Kanpur and Stanford University graduate started with the e-commerce company as a software developer. Throughout his career he has held various roles, including managing director of the Bangalore-based development center, shadow and technical adviser to the CEO, vice president of international expansion and his current role of vice president and country manager at Amazon India.

“In less than three years, Agarwal grew the division to become competitive with homegrown rivals Flipkart and Snapdeal, and is using the country’s underdeveloped logistics and payment infrastructure to his advantage,” Fast Company wrote. He has also established many “India first” innovations, it added.

San Francisco-based Kakul Srivastava was slotted in at No. 25 on Fast Company’s list. The publication said she earned a spot “for seeing the people behind the code.” The MIT and U.C. Berkeley graduate serves as the vice president of product management at GitHub, as well as on the Cure Violence advisory board. Previously, she served as CEO at Project Sublime, product manager at Adobe Systems and chief product officer at WeWork, as well as executive positions with Yahoo, Tiny Speck Inc., Tomfoolery Inc. and Flikr.

“Historically, GitHub users have been engineers working together on open-source projects, but Srivastava is rethinking its capabilities for the masses, in an era when everyone from farmers to animators is learning to program,” Fast Company wrote. Among her additions to the company are word processor-style editing tools and easier ways for members to help improve their code.

Yoga guru Baba Ramdev, who founded Haridwar, India-based Patanjali Ayurved in 2006, was No. 27 on the publication’s most creative list. Fast Company slotted him in the top 30 “for disrupting India’s $49 billion consumer packaged goods market.”

Patanjali Ayurved makes many products, including spices, soaps and cosmetics. Ramdev has helped expand the brand’s product line and “is making global firms like Procter & Gamble and Unilever squirm,” it said.

At No. 65 on the Most Creative People in Business list was Mountain View, Calif.-based Confluent co-founder and chief technology officer Neha Narkhede. She made the list “for teaching businesses to read Kafka.”

Among the companies who rely on software co-developed by Narkhede are Netflix and CA Technologies. The six-year-old Apache Kafka technology, which funnels data from disparate sources of information — web analytics, sales data and social media — into a single stream that employees can use to build or enhance their projects, has become “so integral to the tech world that Silicon Valley engineers brandish Kafka expertise on their resumes,” Fast Company said.

Apple is in India for Next Thousand Years, Says CEO Tim Cook

“I am looking at India holistically and we are here for the next thousand years,” Apple CEO Tim Cook emphasized May 20 as the 55-year-old chief of Cupertino-based tech giant entered the final leg of his four-day India tour. Apple, which recently announced that it’s going to open offices in India with more than 4,000 jobs dedicated to working on Apple Maps, said that it’s going to stay in India for the foreseeable future and far beyond.

In an interview with the media, Cook said: “India is much more strategic. We are thinking about a really long innings in the country. We are here for next thousand years. We are not making the most but the best. We will never make a product that we are not proud of.”

“Apple has a bright future for retail in India. We will sell pre-owned phones with a new warranty. We want India to have best Apple products,” he stressed, adding that he instantly feels like he belongs here in India. When asked about China, Cook said: “India is different than China,” adding that the announcements about Apps development facility in Bengaluru and Maps Development Centre in Hyderabad were just the beginning.

“We are in India for the next thousand years,” Tim Cook said. “Our horizon is very long. We are focused on best, not most. So it doesn’t bother me that we don’t have top market share.”

“If you think about automobiles, brands like Lexus and Mercedes have been selling certified pre-owned cars,” Cook explained. “We have this program in the U.S. and in most parts of the world. When they are sold, they are sold with warranty, just like a new product. We would never sell a product that we didn’t think was right.” Cook also said Apple is going to “logically look at” manufacturing iPhones in India, too.

Deven Parekh confirmed as BOD member at US Overseas Private Investment Corporation

Deven Parekh, 46, has been confirmed by the US Senate to the board of directors of Overseas Private Investment Corporation. President Barack Obamas had nominatedthe top Indian-American global venture capitalist in August 2014. Parekh, currently a managing director at New York-based private equity and venture capital firm Insight Venture Partners, since 2001, was a major fund raiser for Obamas presidential campaigns.

Overseas Private Investment Corporation (OPIC) is the US governments development finance institution. It mobilises private capital to help solve critical development challenges and, in doing so, advances US foreign policy.

Parekh held a number of roles at Berenson Minella & Company between 1992 and 2000, including Principal and Vice President. Previously, from 1991 to 1992, he was a financial analyst for the Blackstone Group. He has served as a Member of the Technological Advisory Council of the Federal Communications Commission since 2011. He is a Member of the Board of Publicolor, which he chaired from 2007 to 2012.

Parekh is Treasurer and Member of the Board of Governors of the National Academy Museum, a Member of the Board of the Tisch MS Research Center of New York, and a Member of the Greater NY Partnership.

He is also a Member of the Council on Foreign Relations and the Economic Club of New York. From 2010 to 2012, he was a Member of the Advisory Board of the Export-Import Bank of the United States. In 2006, he was named a Henry Crown Fellow of the Aspen Institute. Parekh received a B S from the Wharton School of the University of Pennsylvania.

USIBC applauds U.S. Congress for approving pro-India Defense Amendment

Business advocacy group U.S.-India Business Council (USIBC) has applauded the U.S. House of Representative for approving pro-India amendments to a defence bill which would bolster bilateral defense ties on par with NATO allies of U.S. in terms of sale of weapons and technology transfer.

The amendment which institutionalises the U.S. government’s focus on the U.S.-India security relationship, was passed by a voice vote last week. Moved by Congressmen George Holding and supported by Ed Royce, Eliot Engel and Ami Bera, the amendment was incorporated into the National Defence Authorisation Act (NDAA) 2017.

“It sends a powerful signal to New Delhi that the U.S. is a reliable and dependable defence partner,” USIBC said in a statement. “This legislation will promote defence trade between our countries and will strengthen military ties. We look forward to the Senate taking action on similar legislation,” said USIBC President Mukesh Aghi.

For the U.S., the legislation encourages the executive branch to designate an official to focus on U.S.-India defence cooperation, facilitate the transfer of defence technology, maintain a special office in the Pentagon dedicated exclusively to the U.S.-India Defence Technology and Trade Initiative (DTTI), enhance India’s military capabilities in the context of combined military planning and promote co- production/co-development opportunities.

For India, it encourages the government to authorise combined military planning with the United States for missions of mutual interest such as humanitarian assistance and disaster relief, counter piracy, and maritime domain awareness.

Rajat Gupta appeals to overturn conviction

New York: Rajat Gupta, an India-born former Goldman Sachs director, who was freed rlast month after a 2-year jail term on insider trading charges, has approached a US court to overturn his conviction, arguing that there is no evidence to show that he “received even a penny” for passing confidential boardroom information to his friend.

In an exhaustive brief filed in the Second Circuit Court of Appeals yesterday, 66-year-old Gupta’s team of lawyers argued that the judgement of the Manhattan district court finding Mr Gupta guilty of insider trading “should be reversed” and his “conviction should be vacated.”

Gupta’s appeal comes on the back of a landmark ruling by the Manhattan appeals court that for an insider trading conviction prosecutors must show that a defendant received a personal benefit for passing illegal tips. Gupta’s lawyers have cited the ruling that led to the reversal of insider convictions of hedge-fund managers Todd Newman and Anthony Chiasson in December 2014.

“As this Court has noted, not every disclosure of corporate information violates the insider trading laws. Given the stakes in a criminal case, and the apparently boundless use being made of the securities laws by prosecutors, this Court in Newman imposed a clear rule: The tip must be shown to have been part of a quid pro quo agreement,” the lawyers wrote in the brief.

“Rajat Gupta was severely prejudiced by the erroneous instruction. The government lacked evidence showing Mr Gupta received even a penny from his alleged wrongdoing. There was no quid pro quo,” they said.

Jailed in June 2014 in Devens, Massachusetts, Gupta was freed after receiving credit for good behavior against his 30-month sentence, according to Patrick McFarland, a manager for the Federal Bureau of Prisons program in the New York area which is overseeing Gupta. McFarland declined to provide more details.

A former McKinsey & Co. managing partner, Gupta is the highest-profile executive convicted in a U.S. crackdown on insider trading at hedge funds. Since August 2009, federal prosecutors in New York won 80 convictions. Gupta was found guilty in 2012 of passing illegal tips to Rajaratnam, a co-founder of the Galleon Group LLC hedge fund. He told Rajaratnam about Berkshire Hathaway Inc.’s $5 billion investment in Goldman Sachs and the bank’s financial results for two quarters in 2008.

C. Raja Mohan Named Chicago Council’s First Marshall Bouton Asia Fellow

Chicago, IL: Dr. C. Raja Mohan, the founding director of Carnegie India, has been appointed as the inaugural Marshall M. Bouton Asia Fellow of The Chicago Council on Global Affairs. “Given Asia’s increasing global influence and reach, including in Chicago, the Council established the fellowship to explore the region’s economic and political development, a statement issued by the Council stated.

A highly regarded foreign policy strategist from India, Dr. Mohan will visit Chicago from May 9-13 and deliver the Council’s first Marshall M. Bouton Lecture: “American Retrenchment: Implications for India and Asia.” Dr. Mohan also will meet with civic leaders, corporate executives and local scholars to build relationships and share knowledge about critical issues facing Asia and the United States.

“America’s future is increasingly linked to Asia’s, and Dr. Mohan has a unique vantage point from which to assess the importance of this relationship,” said Ambassador Ivo H. Daalder, president of the Council on Global Affairs. “It is critical that we understand what drives Asia and how we can learn from each other in an increasingly interconnected world.”

Dr. Mohan’s visit marks the beginning of the prestigious fellowship, which the Council’s board of directors established in recognition of Marshall M. Bouton, president of the Council from 2001 to 2013. It is awarded to a prominent scholar, former senior policymaker or public intellectual known for contributions to Asia’s economic and political development or international relations who is invited to spend one week as a visiting fellow at the Council.

In addition to his position at Carnegie India, which opened in April 2016 as the sixth international center of the Carnegie Endowment for International Peace, Dr. Mohan is a visiting research professor at the Institute of South Asian Studies at the National University of Singapore and a columnist on foreign affairs for the Indian Express. He was previously a member of India’s National Security Advisory Board and was a nonresident senior associate with Carnegie before he became director of Carnegie India.

From 2009 to 2010, Dr. Mohan was the Henry Alfred Kissinger Chair in Foreign Policy and International Relations at the Library of Congress. He has been a professor of South Asian studies at the Jawaharlal Nehru University in New Delhi and the Rajaratnam School of International Studies in Singapore, and he also served as the diplomatic editor and Washington correspondent of The Hindu. Dr. Mohan has authored several books on India’s foreign policy, including “Modi’s World: Expanding India’s Sphere of Influence” (Harper Collins India, 2015) and “India’s Naval Strategy and Asian Security” (Routledge, 2016), co-edited with Anit Mukherjee.

The Bouton Asia Fellowship adds to the Council’s growing efforts to engage promising leaders from around the world to visit Chicago and exchange ideas with city officials, scholars and corporate leaders. The Gus Hart Fellowship brings emerging leaders from the Latin American and Caribbean region to Chicago, and the Dr. Scholl Visiting Fellow on U.S.-China Relations is awarded to a Chinese scholar, former policymaker or other expert. These visiting fellowships reaffirm the Council’s commitment to convening leading global voices and raising awareness of issues that transform how people, business and governments engage the world.

Satya Nadella, Indra Nooyi, Bhavesh Patel Among Highest-paid CEOs

Bhavesh Patel, CEO of LyondellBasell Industries, has been placed sixth on the list of highest paid CEOs with a total compensation of $24.5 million while PepsiCo’s India Nooyi was at the eighth position with a pay rate of $22.2 million. Nadella, the Microsoft CEO made the cut at 26th position in the 100 highest-paid CEOs list with a total compensation of $18.3 million.

Oracle’s Mark V. Hurd and Safra A. Catz topped the 100 highest paid global CEOs list with a total compensation of $53.2 million each. Robert A. Iger of Walt Disney ($43.5 million), David M. Cote of Honeywell International ($33.1 million), General Electric’s Jeffrey R. Immelt ($26.4 million), Randall L. Stephenson of AT&T ($22.4 million), Rupert Murdoch of Twenty-First Century Fox ($22.2 million) and James P. Gorman of Morgan Stanley ($22 million) made up the top 10.

According to Equilar, the median pay was $14.5 million in fiscal 2015 which grew by three percent from the previous year. As many eight women CEOs made it to the list. “Median compensation for these eight women was $20 million in 2015, while average pay was $22.7 million,” said Equilar. California-based privately held Equilar generates information on executive compensation packages.

Rajan Jha Among Top 10 New Faces Of Civil Engineering

Rajan Jha, an Indian American engineer, has been named as one of the 10 Best Civil Engineers across the world by American Society of Civil Engineers (ASCE)  – an engineering society that represents more than 150,000 members of the civil engineering profession in 177 countries.

Rajan Jha, 29, from Chhattisgarh, earned his master’s degree from the Via Department of Civil and Environmental Engineering in 2013 and currently works as a Water Resources Civil Engineer for ARCADIS. He currently serves as the first vice president of the Virginia Section and heads the website newsletter and the scholarship committee. In 2014 he founded the Richmond Branch of Environmental and Water Resources Group and started with an initiative called Water Allies. He’s also worked extensively with Engineers Without Borders, serving as the co-chair of the Central Virginia Chapter and also as a planning, monitoring and design lead for a water-supply project in Zambia.

Jha was recognized during Engineers Week and will be honored at ASCE’s annual Outstanding Projects and Leaders Gala in Arlington, Virginia. Every year ASCE selects 10 best civil engineers (under 30) and recognizes them for their profession, achievements and community works. These 10 engineers are titled “New faces of Civil Engineering”.  The ten new faces, represent professionals from Bangladesh, Cameroon, North America and India.

Google acquires start-up founded by Indian-origin entrepreneur

As part of its plans to scale training offerings, Google has acquired Synergyse Training, a business technology start-up founded by an Indian-origin entrepreneur, the California-based search engine giant announced here last week. Toronto-based Synergyse that puts a virtual guide into Google Apps, training you to be productive and stay up to date with changes was founded by Varun Malhotra and his business partners.

“We’re happy to announce Synergyse will be joining Google, and we intend to make the product available as an integral part of the Google Apps offering later this year,” Peter Scocimara, senior director, Google Apps Operations, said in a blog post.

“In 2013, we launched Synergyse Training, with a mission to teach the world how to use Google Apps. Synergyse Training for Google Apps puts a virtual guide into Google Apps, helping users get the most out of their Google Apps experience and training them to be more productive,” Synergyse founders said in an official statement released. “We’re proud to have served more than 4,000,000 people and 3,000 organisations globally,” the statement added.

“By joining the Google Apps team, we can accelerate our mission because we will be working even closer with the teams that build Google Apps,” the statement noted. With the new acquisition Synergyse Training for Google Apps will be free, enabling all Google Apps customers to take advantage of the solution, the company said. Malhotra specialises in training and strategy and has over 10 years of experience in the enterprise space.

Scocimara said Synergyse will be joining Google, and the company intends to make the product available as an integral part of the Google Apps offering later this year.

“By providing the right help at the right time, Synergyse will help our customers with the critical task of change management in the enterprise, and bolster the training and support programs we already offer today,” he said.

Infosys and Levi Strauss & Co. Highlight American India Foundation Annual Bay Area Gala

San Francisco, CA: The American India Foundation (AIF) hosted its Annual Bay Area Gala, bringing together 600 guests, including some of the San Francisco Bay Area’s most influential corporations, venture capitalists, entrepreneurs, Fortune 500 CEOs, luminaries, and community leaders to raise more than $1.5 million on Saturday, April 30, in support of AIF’s poverty alleviation solutions across India. The evening showcased the organization’s groundbreaking work in vocational training and advocacy for India’s disabled population, the Ability-Based Livelihoods Empowerment (ABLE) initiative.
AIF Co-Founder and Co-Chair Lata Krishnan welcomed the audience, thanking sponsors and supporters, while introducing the organization’s new leadership, Co-Chair Ajay Banga, CEO of Mastercard, and AIF President and CEO Alex Counts, longtime CEO of Grameen Foundation. Dr. Vishal Sikka, Chief Executive Officer and Managing Director of Infosys, and Chip Bergh, President and Chief Executive Officer of Levi Strauss & Co., were each presented with the AIF Corporate Leadership Award at the Hilton Union Square in San Francisco. A longtime supporter of AIF, Dr. Sikka spoke of the growing importance of the India-US relationship, and how Infosys has embedded social stewardship in its business practices on both continents. “It is my deeply held belief that every individual should be encouraged and supported to reach their true potential. All around us are passionate and determined people who have achieved great things, often overcoming significant personal hardship to flourish. Only by sharing what we have with each other can we amplify our human potential,” said Dr. Sikka. “At Infosys we care deeply about purposeful work – since our founding and through our global Foundations, ours is a culture of creating local and lasting impact in the communities we are part of. In the same spirit, the work of the American Indian Foundation aims to not only solve immediate problems but to develop understanding and knowledge that helps bring meaningful change to communities and positively impact future generations. At Infosys, we are proud to share the same values and mission.”
Abra Annes led a stunning live auction and fundraising drive, which raised a remarkable $404,000 dedicated to the Ability-Based Livelihoods Empowerment (ABLE) initiative. The drive was preceded by a captivating personal testimony by Sophia Shetty, a hearing-impaired woman whose life was changed through the ABLE initiative. “For the first time I realized I had choices that I could make,” said Sophia. “I have an identity of my own, which I never thought I would. I love my job. My colleagues respect me. I am the most hardworking person in my department. I love sewing and I always get more work. But there are millions of deaf people in India who don’t have the same opportunities like I do. They will be dependent on others their entire lives. But all of us are capable of doing something; we are not helpless. If we have the training, we can contribute to the society, take care of our families. It is my dream that all the deaf people in India can get to where I am.”
Award-winning comedian Dhaya Lakshminarayanan emceed the event and delivered humor throughout. Guests enjoyed an exquisite menu designed by internationally acclaimed chef and James Beard Foundation winner Madhur Jaffrey, and a lively performance by Britain’s Got Talent top performer Signature.
AIF’s Ability-Based Livelihoods Empowerment (ABLE) initiative is revolutionizing the industry paradigm in India by providing equal opportunity and access to employment for persons with disabilities, based on a simple belief – it is one’s ability, not disability, that defines any individual. ABLE trains persons with disabilities in fundamental and specialized skill sets – and facilitates their entry into the job market through a robust advocacy platform for disability inclusion, promoting
The American India Foundation is committed to catalyzing social and economic change in India and building a lasting bridge between the United States and India through high-impact interventions in education, livelihoods, public health, and leadership development, with a particular emphasis on empowering girls and women to achieve gender equity. Working closely with local communities, AIF partners with NGOs to develop and test innovative solutions and with governments to create and scale sustainable impact. Founded in 2001 at the initiative of President Bill Clinton following a request from Prime Minister Vajpayee, AIF has impacted the lives of 2.3 million of India’s poor and aims to reach 5 million by 2018.

GOPIO Aims AT “Strengthening Connections between India and Indian Diaspora trough Business”

New York City, N.Y.  – Apr. 29, 2016 – GOPIO International, the Global Organization of People of Indian Origin (www.gopio.net), has announce the 27th Anniversary Celebrations and GOPIO Biennial Convention 2016 to be held in New York, USA at the Marriott Hotel near LaGuardia Airport on June 24-25, 2016. The theme of the conference is “Strengthening Connections between India and the Global Indian Diaspora through Business and Technology,” and will provide an opportunity to connect and network with people of Indian origin worldwide.

Delegates from over 25 countries are expected to attend the convention which starts on Friday, June 24 with an inauguration and welcome reception. Next day, June 25 will consist of a full day conference sessions to deliberate on the Global Indian Diaspora; evaluate GOPIO’s progress in 27 years; network, exchange ideas, and connect with PIO/NRI delegates from around the world. The event will end with a Grand Finale Banquet at the World’s Fair Marina Banquet Hall on Saturday June 25 evening.

The conference will evaluate, assess, debate, discuss and deliberate on the current, critical issues of interest and concern that confront over 25 million people of Indian origin, living in countries outside of India. GOPIO International President Niraj Baxi invites all PIOs (People of Indian Origin) and NRIs (Non Resident Indians) to avail of this opportunity to attend, emphasizing “This conference will examine several pertinent issues, providing a unique forum for education, information and interactive participation.”

Baxi continued, “On behalf of the newly elected Executive Council of GOPIO International, I invite all GOPIO members to join us at our 2016 Biennial Convention, and help unite forces as we reach across to Indian community worldwide. We want to be the voice of any and all NRIs and PIOs taking initiatives to grow and strengthen our organization. Given our new motto of “GOPIO means business”, the thrust of this convention will be to help connect the global Indian community, enable and promote intra-Diaspora business ventures, as well as bilateral sharing of business resources with India.”

Lal Motwani, Convener, GOPIO Convention 2016 and GOPIO Tri-State New York Area Coordinator extends his invitation to join in, saying “This convention will have a great emphasis on Diaspora’s involvement and contribution in Business, Technology and Investment. Therefore, it is beneficial for you to participate, network and to be known in the Diaspora. We have a great opportunity for you to provide exposure to your business and/or service as a sponsor of the convention, or to place an advertisement in the souvenir journal brought out at the convention.”

The major thrust of this year’s conference sessions will be on Entrepreneurship, Business, Technology and Investment within the Diaspora and India. A second track of conference will be organized by GOPIO Council chairs to develop their strategy for future actions.

Commenting on the upcoming Convention 2016, GOPIO founder president and Conference program chairperson Thomas Abraham said that GOPIO has come a long way since 1989 to sensitize governments across the world on issues of the Indian Diaspora in a timely manner and seek solutions to them. “In 27 years, the Indian Diaspora has moved from outside the political main stream in many countries to political leadership, and this trend will continue. The objective now is to mobilize the Diaspora resources, both professional and financial to help not only India but the Diaspora itself, and the countries they come from,” said Dr. Abraham.

GOPIO leadership hopes that this convention will help charter its course for the organization. “During the last many years, GOPIO has made rapid strides as there have been several new chapters and increased awareness of GOPIO’s advocacy role for issues of the Indian Diaspora,” said Inder Singh, Chairman of GOPIO International.

“In the past, GOPIO election has been conducted at the General Body meeting at our Biennial Convention. As the previously scheduled General Body meeting got postponed for reasons beyond the control of the convention organizing team, we moved forward with the election, which could not be postponed. So now, as per GOPIO Bylaws the new team has organized the General Body meeting at the 2016 Biennial convention in New York City. With leadership of experienced GOPIO people in New York area taking charge to manage and deliver the convention, and the fact that New York area has many delegates to fulfill Bylaws requirement for this meeting quorum, it was a smart decision to hold the General Body meeting, along with the convention in New York.” continued Singh.  More details of the convention will be available at http://www.gopio.net/  or contact:  GOPIO Convention General Convener Lal Motwani at 516-581-3332.

India will be the world’s largest economy by 2050: Nicholas Burns Says at USIBC Summit

San Francisco, CA: India will be the world’s largest economy by 2050, Nicholas Burns, who served as US Envoy to India, said during the first ever West Coast Summit on April 21. Burns was joined by Venkatesan Ashok, India’s Consul General in San Francisco, for a panel discussion entitled, “The U.S.-India Partnership – Priorities for the Next Administration.”

“India is not difficult. Both parties want to forward the U.S.-India relationship. They agree on nothing, but they are united on this,” he said, noting that Modi has also been very clear on strengthening the partnership between the two nations. Ashok noted the two countries needed to change the strategic content of the relationship. Strategies to counter global terrorism must be an area of cooperation, he said. The two nations must also partner in creating educational opportunities, said Ashok. “India needs a huge amount of innovation. This can only happen by looking at models like Stanford, to make India an innovation power,” said the consul general.

The lives of 1.3 billion people in set to be transformed with the initiative of the Indian Government with the plan to digitalize India, said John Chambers, chairman of the U.S. India Business Council.  “The opportunity is enormous,” said Chambers, the former CEO of Cisco who continues to serve as the company’s executive chairman. “Business and government working together can dramatically change economic growth,” he said. “We will see more impact over the next five years than we have seen in the past 40.”

According to Chambers, India could become “the model nation for the rest of the world, not just the developing world,” with inclusion of all its citizens in the villages and cities. “The window to India will only be open for a couple of years. If you’re not here, you won’t just miss the bus, you’ll be left behind,” he emphasized.

This half-day summit in the Silicon Valley was held to explore how the US-India business corridor is uniquely poised to build the digital future of the global economy. Against this backdrop, Amitabh Kant, the newly appointed CEO of National Institution of Transforming India (NITI) Aayog presented his plans on how the Government of India and industry could coordinate efforts to ensure the success of programs such as Digital India, Start Up India, Skill India, Financial Inclusion and Make in India.

“India is an oasis in the midst of very barren economic growth worldwide,” Amitabh Kant, CEO of the National Institution for Transforming India Aayog (Commission), told the crowd of investors and business leaders in his keynote address. Kant said the challenge for the nation was to get to a 10 percent economic growth rate over the next three decades and create jobs for the 65 percent of its population under the age of 35.

Earlier, USIBC president Mukesh Aghi kicked off the summit, noting that India’s economy is expected to grow by eight percent this year and that inflation is expected to drop by 5 percent. Foreign direct investment in India has grown by 14 percent, while dropping globally by 16 percent. “India’s policies must be streamlined so that we have a better return on investment,” the Indian American executive said. Aghi lauded the new budget released in February as one of “the best budgets the government has ever put together.”

By 2024, every Indian will be equipped with a smart phone and access to the Internet, radically transforming India’s business climate, asserted Kant. Massive urbanization – with more than 700 million villagers moving to “smart cities” — will also dramatically alter India’s landscape, he said.

Vivek Maru, CEO of Namati Named Recipient of Skoll Foundation Awards

Vivek Maru chief executive officer of Washington, D.C.-based Namati, which works to protect community lands, enforce environmental law, and secure basic rights to health care and citizenship around the world; Mallika Dutt, president and CEO, and Sonali Khan, vice president, of Breakthrough, which mobilizes communities to disavow discrimination and violence against women through the use of popular media, leadership training, and advocacy are among the six who have been named recipients of the 2016 Skoll Awards for Social Entrepreneurship.

The three Indian Americans received the coveted award at a special ceremony April 14. The award allots $1.25 million to an organization to scale up its work and increase its impact. The Skoll Foundation has announced the annual awards provide unrestricted funding to social entrepreneurs and organizations that are driving large-scale social change and are poised to have an even greater impact on some of the world’s most pressing problems. This year, the awardees will receive $1.25 million each over three years to scale their work.

Chuck Slaughter, founder of Living Goods, which works to support networks of village health entrepreneurs who go door-to-door teaching families better health practices while selling basic health products; Oren Yakobovich CEO of Videre, which gives local activists equipment, training, and the support needed to safely capture footage of human rights violations and distributes the results strategically with the aim of influencing media, political leaders, and courts; and Bryan Stevenson of the Equal Justice Initiative, which seeks to reform the criminal justice system and secure freedom for those unjustly imprisoned in the United States, were the others who have been honored with the awards.

“Each 2016 Skoll Award recipient is guided by a profound commitment to justice and a deep sense of compassion,” said Sally Osberg, president and CEO of the Skoll Foundation. “These social entrepreneurs know that injustice robs the disadvantaged of opportunities and hope, and that justice represents a human need as fundamental as food or shelter. It is their hunger for justice that has fueled their work to transform the lives of those who have been denied justice by building new systems and institutions to strengthen societies.”

“These social entrepreneurs know that injustice robs the disadvantaged of opportunities and hope, and that justice represents a human need as fundamental as food or shelter. It is their hunger for justice that has fueled their work to transform the lives of those who have been denied justice by building new systems and institutions to strengthen societies,” said Osberg.

Vivek Maru, CEO of Namati Named Recipient of Skoll Foundation AwardsAs we work to challenge gender norms and envision a world in which gender-based violence is unacceptable, we are grateful to partners like the Skoll Foundation who recognize innovation and invest in it,” said Mallika Dutt, president and CEO of Breakthrough, in a press statement. “When we come together and pool resources we can dismantle rigid gender norms and create the culture change that will allow us all to reach our full potential.”

Breakthrough works to combat gender-based violence by shifting the focus to prevention and transforming the societal and cultural norms that lead to inequality and violence, noted the organization. Breakthrough uses innovative media and cultural strategies to engage youth and young adults.

The organization has reached 15 million people in rural communities in India and 350 million through its media campaigns, and has contributed to raising the average age of marriage by nearly a year in Bihar and Jharkhand, India.

Breakthrough will use its Skoll grant of $1.25 million to expand its work on 500 college campuses in the U.S. In India, Breakthrough will use Skoll Award funding to engage an audience of 150 million through multiple media channels and increase partnerships with states and advocates at the state and national level.

Vivek Maru founded Namati in 2011 to lend structure to billions of people globally who live outside the protection of the law. They can be driven from their land, extorted by officials, and intimidated by violence. Maru founded Namati to place the power of the law in the hands of the people.

Namati trains and deploys grassroots legal advocates who work with communities to advance justice. The organization trains “community paralegals” who serve low-income people in rural areas to gain access to their legal rights. Together with its partners, Namati has supported more than 40,000 clients in eight countries to protect community lands, enforce environmental law, and secure basic rights to healthcare and citizenship.

“(The award) is a generous recognition of the legal empowerment movement. We hope to use this opportunity to raise the profile of legal empowerment with a wider community of allies and supporters,” said Maru in a press statement. According to Sally Osberg, “These six remarkable people give voice and agency to the voiceless and marginalized, and give us good reason to believe in a radically better future.”

U.S. Wants To Invest More In India: Nisha Biswal

Appreciating the Narendra Modi government’s initiatives to make India investor-friendly, US Assistant Secretary of State for South and Central Asian Affairs Nisha Desai Biswal on Tuesday said US investment in India would be doubled if policies were liberalised further.

Delivering a talk on “US-India Economic Relations” here, Biswal said the Barack Obama administration supports the Modi government’s programmes such as ‘Make in India’ and ‘Start Up India’.

“The Indian government is working hard to make it (India) more investor-friendly,” she remarked, saying that the country would need “huge foreign investment” as urbanisation was taking place very fast. “When we talk about India’s economic growth, we essentially talk about its urbanisation,” she said.

Biswal, an Indian-American who was born in Gujarat and later shifted to the US, also expressed satisfaction on the overall relations between the two nations, and said both were “large vocal democracies”.

“US’ direct investment in India has already surpassed what we invested in China,” she said, adding that the two countries were capable enough to work out differences to ensure better economic growth for their people.

Biswal said India’s economy has the potential to drive the economy of the entire world. She praised the heads of both the governments, saying meetings between Modi and Obama have helped both the nations come closer.

Jagruti Panwala Named Secretary Of Asian American Hotel Owners Association (AAHOA) During Convention In Tennesse

Bruce Patel has been elected as the new chairman of AAHOANashville, TN: April 12, 2016:  Jagruti Panwala was elected as the first ever female Secretary of Asian American Hotel Owners Association (AAHOA) during the four-day annual convention held March 29-April 1 at the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee. Bruce Patel has been elected as the new chairman of AAHOA, while Chip Rogers will continue to serve as the President of & CEO of the three decades long organization.

The election of the association’s first female officer, record turnout and the heightened fervor to play an active role in the nation’s political process with the aim to raise $1 million, were the highlights of the just concluded convention in Tennessee. The event drew a record turnout – 5,000 hoteliers, vendors and franchise CEOs and their cohorts.

“I am extremely honored and very humbled to be AAHOA’s new secretary,” said Panwala, soon after being elected as the first ever woman to raise to the ranks. All of AAHOA can benefit by electing its first female officer. The win is important, she said, for “women hoteliers, young hoteliers, independent hoteliers and small mom-and-pop owners.” Officers hold each post for one year after being elected secretary.

Jagruti Panwala will succeed to chair of AAHOA in 2019, a first for the 27-year-old organization founded by hoteliers to fight ethnic and racial discrimination in the U.S. hospitality industry. Begun by fewer than 100 hoteliers in 1989, AAHOA has more than 15,000 members and ended 2015 with $11.4 million in revenue.

AAHOA officially kicked off its 2016 convention and trade show in Nashville with a packed-house at the opening general session on March 29th. This year’s sold-out conference theme was “Success by Design.” The general session began with an all-star panel of industry CEOs, which included Steve Joyce, president and CEO of Choice Hotels, Geoff Ballotti, president and CEO of Wyndham Hotel Group, David Kong, president and CEO of Best Western, Elie Maalouf, CEO, the Americas, IHG, and Arne Sorenson, president and CEO of Marriott International.

The panel discussed the current state of lodging and hospchiprogers_1428641338_93itality, new technology, the importance of making hospitality visible on Capitol Hill, and disruption in the industry.

Following the panel, Tennessee governor Bill Haslam took to the stage to talk about the growth of travel and tourism in the state, and the opportunities that the hospitality industry presents for business-minded individuals in both Tennessee and all over the country. In closing, Haslam expressed his gratitude to AAHOA for choosing Nashville for its 2016 conference.

A hot topic of the morning general session was the importance of the hospitality industry to the overall U.S. economy. Chip Rogers spoke passionately about AAHOA’s role in lodging. “As the largest hotel owners’ association in the world, we, all of us, are in a unique position of leadership and responsibility. You see we made an industry that is thriving. And it is thriving in no small part because of the incredible efforts made every day by the very people in this room,” Rogers said. “However, we also share a responsibility. An obligation to serve millions of Americans every day in their home away from home. By every measure, we are meeting and exceeding our obligations.”

Citing the latest industry data—like the fact that the travel and tourism industry is responsible for over 8 million jobs in the United States—Rogers detailed how the lodging industry helps to prop up the country as a whole. “While these numbers are impressive, think about what it means in the lives of those who actually make our industry what it is,” he said. “You see the millions of jobs it helps create, and the billions of dollars of economic effect. It ultimately means that kids get to go to college, families get to take vacations, and the American Dream is realized in all corners of our country.”

Rogers also took an opportunity to introduce the inaugural issue of Today’s Hotelier magazine, AAHOA’s new official publication, as well as an upgrade to the AAHOA website. The magazine was completely redesigned from its last iteration. The morning general session closed with a keynote speech from recently retired NFL quarterback Peyton Manning.

Jimmy Patel ended his year as chairman, sharing with the audience what AAHOA had accomplished during the past 12 months. Membership increased by 1,000 to 15,175; Revenue grew by 20 percent, surpassing the $10 million budget by $1.4 million; The political action committee (PAC) fund grew to $450,000; and, Established a franchise department where members can directly take their concerns to attorney Rachel Humphrey.

Bruce Patel, chairman of AAHOA, in his address, informed the delegates that AAHOA will continue to charge full steam ahead on its mission as not only the largest hotel owner organization in the world, but the most powerful. Influencing elected officials in federal, state and local governments and educating them about the U.S. hospitality industry is crucial in warding off bad government laws and policies that will harm and eventually dismantle their businesses.

The 42-year-old hotelier from Dallas, Texas, joined the AAHOA officer ranks in 2013, when the membership (then around 11,000) elected him secretary. Over the next three years, the association expanded its office in Washington, D.C., and repositioned its strategy to become more than an Indian American social club – it intentionally morphed into a business organization intent on influencing change on behalf of its members, who own almost half of all the hotels in the U.S.; comprise more than $1.30 billion in real estate assets; and employ more than 600,000. Along the way, it found its voice as that of the hotel owner in America.

Patel told the Gala audience: “While it’s not always clear what this industry has in store for us, especially over the next few years with an uncertain global economy, bad laws and regulations, and even unconventional competitors in an ever-changing landscape; what is clear is that our voice in this industry and in this country has to be louder; our presence has to be stronger; and our influence has to be greater.”

Bruce Patel told the hoteliers that AAHOA must transform its financial power into political power.  The goal for 2016 is to increase the PAC fund to more than $1 million. The push is significant for the fall political season, which will see nearly 90 percent of congressional seats open for election. Two years ago, almost every candidate that AAHOA backed through PAC funds and public endorsement won the General Election. “You can see that voters across the country are upset with the political gridlock in D.C., and something has to change. We absolutely have to shake things up,” he said.

Panwala is a businesswoman in Ivyland, Pennsylvania, where she is part of a family hotel company and president and CEO of Wealth Protection Strategies, an investment management business she founded in 1999. She has been active in AAHOA for more than a decade, holding leadership positions since 2011 when first elected female director at large, eastern division. Re-elected in 2014, she has also co-chaired the Women’s Hotelier Committee for five years and served on the strategic planning committee for two years. She testified to Congress against proposed harmful labor laws. Her focus repeatedly has been getting more women, independent and young hoteliers involved. In 2011, she received the prestigious AAHOA Chairman’s Award of Excellence.

She is a second-generation hotelier who migrated from Surat, India, with her parents when she was a teenager. She lives in Pennsylvania with her husband and two children. Panwala said the message she wants to AAHOA members to hear is that getting involved in the association can make a difference in their lives and in their businesses. “I want all of our members to value their membership and to get meaningful benefits from AAHOA.  But to get more out of AAHOA, you must put more into AAHOA – not just by attending meetings, but by taking courses, by serving on committees, and by being an ambassador, for example. I learned that first-hand.

“It’s why I want more members to participate; it’s why I will continue to champion those things that make it worth both your time and your money to be an active member of AAHOA. My new position represents trust by the members that is special and sacred, so I intend to serve in a way that justifies this faith in me – serve in a way that makes all of us proud to be part of the hospitality industry and to be members of AAHOA.”

Chip Rogers, former Georgia State Senate majority leader, has been serving as the President of the Asian American Hotel Owners Association (AAHOA) for over one year. Rogers was named interim president of AAHOA last year and has been with the organization nearly five years after having previously served as the association’s VP, government affairs and public relations. Rogers took over from Fred Schwartz, who stepped aside as president in December 2014 after 18 years with AAHOA. Rogers previously served in the Georgia General Assembly, and was elected to six terms, serving two as Senate majority leader.

AAHOA in recent years has leveraged its power and influence on Capitol Hill and is expanding its legislative advocacy to state and local levels. Rogers is well versed in government affairs, having served as a lawmaker in the Georgia State Legislature from 2003 to 2012. He was first elected to the House of Representatives, and in 2004 was elected to the Senate. A Republican, Rogers also elected as the Senate Majority Leader in 2008 and 2010. He resigned from the Senate in 2012.

Rogers, began working with AAHOA in 2009 and previously served as the association’s Vice President of government affairs and public relations. As a lawmaker Rogers earned more than two dozen Legislator of the Year awards, including twice from the Georgia Chamber of Commerce, and was a three-time winner of the Golden Peach award given to the lawmaker most dedicated to digital learning in Georgia.

In the private sector Rogers has been a long-time small business owner with interests in broadcasting, marketing and real estate. He founded and led Rogers Communications for two decades. He earned his undergraduate degree from Georgia Tech and an MBA from Georgia State. He and his wife Amy have four children and live in metro Atlanta.

Rogers said, his vision is, when it comes to Congressional influence in the case of laws and policies that impact the lodging industry, that AAHOA be the most powerful lobbying group on Capitol Hill, in state capitols and on the municipal level.

Global Tax Avoidance Huge Problem: Obama

In his first reaction to the leaked ‘Panama Papers’ that revealed names of thousands of world leaders and celebrities who have stashed money in tax havens, President Barack Obama has said that global tax avoidance may be running into trillions of dollars worldwide. “There is no doubt that the problem of global tax avoidance, generally, is a huge problem,” Obama said adding the issue has been brought up in G7 and G20 meetings.

“There has been some progress made in coordinating between tax authorities of different countries so that we can make sure that we’re catching some of the most egregious examples,” he said. “But as I said before, one of the big problems that we have is that a lot of this stuff is not illegal. Unless the United States and other countries lead by example in closing some of these loopholes and provisions, then in many cases you can trace what’s taking place, but you can’t stop it. There is always going to be some illicit movement of funds around the world. But we shouldn’t make it easy. We shouldn’t make it legal to engage in transactions just to avoid taxes,” he asserted.

“That’s why I think it is important that the Treasury acted on something that’s different from what happened in Panama. The corporate inversions issue is a financial transaction that is brokered among major Fortune 500 companies to avoid paying taxes,” he said.

“But the basic principle is making sure that everybody is paying their fair share, and that they don’t just have a few people who are able to take advantage of tax provisions, that’s something that they really have to pay attention to.

“This is all net outflows of money that could be spent on the pressing needs here in the United States. The volume that you start seeing when you combine legal tax avoidance with illicit tax avoidance, or some of the activities that we’re seeing, this is not just billions of dollars. It’s not even just hundreds of billions of dollars. Estimates are this may be trillions of dollars worldwide, and it could make a big difference in terms of what we can do here,” Obama said.

Obama urged the Republican-controlled Congress to close legal loopholes so as to prevent American companies from evading taxes and shipping jobs overseas. “We should keep building an economy where everybody has a fair shot, and everybody plays by the same rules,” Obama said a day after the US Treasury Department issued new set of rules making it more difficult for US companies to save taxes by shipping jobs abroad.

Americans, he stressed, should be able to know that big corporations aren’t playing by a different set of rules. “In the news over the last couple of days, we’ve had another reminder in this big dump of data coming out of Panama that tax avoidance is a big, global problem. Its not unique to other countries because, frankly, there are folks here in America who are taking advantage of the same stuff. A lot of it is legal, but that’s exactly the problem,” Obama said.

2 Million Dollar Car in New York Auto Show

At the New York Auto Show on Thursday (March 24, 2016), Koenigsegg showed its $2 million Regera “hypercar” for the first time ever in the United States. It’s a big deal because while the small Swedish company has never had much of a presence stateside, it is billing this futuristic coupe as the ultimate “Bugatti killer.”

“There is something very natural about it, very intuitive,” company founder Christian von Koenigsegg said during the unveiling. “And it’s attainable. We can reach 200 miles per hour in 0.6 miles. And that’s pretty much unheard of. So if you have a racetrack with that straight, you can go 200 miles per hour pretty easily. So it’s attainable speed, attainable power.”

Indeed, the 1,500-plus-horsepower Regera combines three electric motors with a traditional combustion engine: There is a 1,200-horsepower twin turbo 5-liter V8 (attached to one of the electric motors), plus two electric motors at the back wheels that help produce a combined 720e horsepower. Von Koenigsegg boasted that despite the 1,500-plus-hp official report, the true power rating may be closer to 1,800.

Regera also has a unique direct drive system that replaces the traditional transmission system. “This is the only combustion-engine sports car I know that doesn’t have a transmission,” von Koenigsegg said, adding that he had the idea for the car years ago but developed the necessary technology only recently. “The engine is also directly connected to the rear axle. That was possible because of the electrification.”

At 3,000 pounds, with carbon fiber construction and totally automatic doors and rear half, the Regera is still extremely light. “To keep the car light, we didn’t want to add things we don’t need,” von Koenigsegg said. Translation: While the car has Apple Car Play and Internet access inside, don’t expect to see a cup holder.

That devotion to shedding ounces helped give the car a seamless acceleration to its top speed of 248 mph, which it can hit in just under 20 seconds. Zero to 60 mph takes 2.8 seconds. Those specs aren’t quite as impressive as Bugatti’s new Chiron (288 mph top speed and 2-second-flat sprint time), but von Koenigsegg said it’s the nuance that makes the difference.

“No other car can go faster up to 230 mph—or in such a short distance,” he said. Look for the Regera to come on sale at the Manhattan Motorcars dealership later this year. The plan is to build 80 of them; half have already been sold.

Vasudeo S. Gaitonde’s Painting Sold for $2.8 Million at Sotheby’s Auction

NEW YORK —Vasudeo S. Gaitonde, one of India’s most important abstract artist’s masterpiece painting ‘Untitled’ fetched a whopping $2.8 million at Sotheby’s, leading the sales at a week-long auction of Southeast Asian works of art at the auction house here, last week, during ‘Asia Week New York.’

Sotheby’s sales of Indian, Himalayan and Southeast Asian works of art altogether raised $55 million. Gaitonde’s painting, the largest-known canvas by the artist, led both the sales and all of Sotheby’s Asia Week New York auctions. The art sale included works by India’s modern masters, including Amrita Sher-Gil and Raja Ravi Varma.

The auction was commissioned by Air India to commemorate the addition of transatlantic flights to their schedule, the auction house said in a statement. “Our sale built on the growing western interest in modern and contemporary South Asian art with great results for artists, such as Nasreen Mohamedi and Bhupen Khakhar, who are soon to be the subjects of exhibitions at the newly-opened Met Breuer… They joined the likes of V.S. Gaitonde and Amrita Sher-Gil at the highest echelons of the auction market,” Yamini Mehta, international head of department of Indian and South Asian art at Sotheby’s, said.

An untitled portrait of a lady in a russet and crimson sari by Varma, India’s earliest oil painter, went for almost 2.5 times its estimate, selling at $586,000. Henry Howard-Sneyd, chairman of Asian Arts, Americas and Europe at Sotheby’s, said the Asia Week total of about $55 million was at the “top of pre-sale expectations, proving that clients across the globe remain actively engaged in collecting the finest examples of Asian Art.”

India likely to Surpass up-and-coming Markets in 2016

India is likely to surpass up-and-coming markets in 2016, according to a survey conducted by Morgan Stanley. Even as it was predicted that there would be a sizeable weakening of conviction among investors of the country when compared with that in the second half of 2015, media reports suggest.

The American multinational financial services company said that 52 percent of the respondents in the poll projected India to surpass emerging markets this year. On the other hand, 85 percent of the respondents had predicted the same in the previous survey conducted in the second half of 2015.

Apprehension has risen over the current shape of global economy and has set off a risk averse sentiment among global investors. This has induced several of them to withdraw money from riskier assets—including India—and move to gold and developed world bonds.

It is however, important to note that the survey conducted by Morgan Stanley showed a greater part of foreign investors to continue the course of their steadfast hope in India’s growth story. Underpinning this is the fact that the Sensex has climbed up 10 percent since Union finance minister, Arun Jaitley, presented the Budget for 2016-17 on February 29.

Foreign investors have injected nearly Rs 13,000 crore into Indian equities after pulling out nearly Rs 26,200 crore between the months of January and February this year. For the third time in a row, market participants support the claim that earnings growth is a key driver of market performance while all other factors have lost their place.

2016 AAHOA Annual Convention & Trade Show In Nashville, TN

Washington, DC: March 28, 2016: Peyton Manning, the NFL’s only five-time Most Valuable Player and a 14-time Pro Bowl selection, who has earned his place among the greatest quarterbacks in league history, and Kevin O’Leary, Entrepreneur, Investor, Journalist, Commentator and TV Personality, currently serving as the chairman of O’Leary Funds and the Manager of the publically traded family of O’Leary Global Equity and Income Funds, are the keynote speakers at the 2016 AAHOA Convention & Trade Show being held in Nashville, TN from March 29th to April 1st.

Expected to have over 4,000 in attendance, the 2016 AAHOA Convention & Trade Show offers something for everyone. From the trade show floor that offers one-stop shopping for every hotelier to the educational programs and esteemed guest speakers, this is sure to be an experience you’ll never forget. As always, the entire event also will feature authentic Indian cuisine, world-class entertainment, thrilling Bollywood performances, and much more.

Sunidhi Chauhan, Kumar Sanu, Karan Patel, M0uni Roy, Rithvik Dhanjani, Sanjeeda Shaik, Gunjan Singh, Rishikeash Ranade, and Torsha Sarkar are among from the Bollywood world, who will be performing on stage to entertain the packed audience from around the world.

The Convention is one of AAHOA’s most exciting events of the year. With more than 4,000 attendees per year, the AAHOA Annual Convention is the largest convention and trade show in the industry. At the convention, the Government Affairs team will host a number of seminars to discuss key issues facing the hospitality industry in state capitals and on capitol hill. Additionally, the Government Affairs team will have a booth where attendees can stop by, and find out what our team is doing for you.

In 1965, the Immigration and Nationality Act created the opportunity for more than 300,000 Asian Indians to come to the United States over the course of the succeeding two decades.  Many of these new immigrants arrived in America with backgrounds as entrepreneurs and business owners.  During the 1970s, Indian Americans saw tremendous opportunities for prosperity in the hospitality industry, and many began to save their money in order to purchase hotels.  Word quickly spread throughout the community about the potential of the hotel industry as a niche market, and the Indian American influence in hospitality began.

These new hoteliers faced discrimination within the industry, particularly from banks and insurance companies.  To overcome these obstacles, hoteliers collaborated to form various groups, culminating in the creation of the Asian American Hotel Owners Association (AAHOA) in 1989.

In 2014, AAHOA celebrated its 25th anniversary and is currently one of hospitality industry’s most respected and influential organizations.  AAHOA represents more than 14,000 members nationwide, who own more than 20,000 properties, amounting to more than 40% of all hotels in the United States.  AAHOA members employ nearly 600,000 American workers, and account for nearly $10 billion in payroll annually. AAHOA truly represents America’s hotel owners.

AAHOA promotes and protects the interests of its members by inspiring excellence through programs and initiatives in advocacy, industry leadership, professional development, membership benefits and community involvement. The Convention is the premier event of the year by AAHOA that one can’t afford to miss. For more details on AAHOA and the 2016 convention, please visit: www.aahoa.com

ARP Foundation Tax-Aide Provides Free Tax Assistance and Preparation

WASHINGTON, D.C., March 14, 2016 – This year, AARP Foundation is again providing free tax assistance and preparation for taxpayers with low- to moderate- income through the AARP Foundation Tax-Aide program. AARP Foundation Tax-Aide, in its 48th year, is the nation’slargest free tax assistance and preparation service, giving special attention to the older population.  Taxpayers do not need to be a member of AARP or a retiree to use this service.

AARP Foundation Tax-Aide has more than 5,000 locations in neighborhood libraries, malls, banks, community centers and senior centers. There’s no fee and no sales pitch for other services and AARP membership is not required. Some locations offer assistance in additional languages, including Chinese, Tagalog, Korean, Japanese, and Vietnamese.

“Our bilingual volunteers generously give their time to help taxpayers who don’t speak English or speak English as a second language prepare their returns,” said Daphne Kwok, AARP Vice President of Multicultural Leadership, Asian American and Pacific Islander Audience Strategy. “We need more bilingual volunteers so if you can help translate, please join our Tax-Aide volunteer team so that we can expand our services to Asian American & Pacific Islander communities.”

In 2015, AARP Foundation Tax-Aide’s 35,000 volunteers have provided 2.6 million people with free tax help. AARP Foundation Tax-Aide volunteers are trained and IRS-certified each year to ensure their knowledge of revisions to the U.S. tax code. Taxpayers who used AARP Foundation Tax-Aide received $1.3 billion in income tax refunds and more than $250 million in Earned Income Tax Credits (EITCs).

For more information on documents to bring to the tax site or to locate an AARP Foundation Tax-Aide site, visit www.aarp.org/findtaxhelp or call 1-888-AARPNOW (1-888-227-7669). AARP Foundation Tax-Aide is offered in conjunction with the IRS.

AARP Foundation is working to win back opportunity for struggling Americans 50+ by being a force for change on the most serious issues they face today: housing, hunger, income and isolation. By coordinating responses to these issues on all four fronts at once, and supporting them with vigorous legal advocacy, the Foundation serves the unique needs of those 50+ while working with local organizations nationwide to reach more people and make resources go further. AARP Foundation is a charitable affiliate of AARP. Learn more at www.aarpfoundation.org.

Asia Society Policy Institute Says “It’s Time for India to Join APEC”

The Asia Society Policy Institute (ASPI) released a report this week calling for India’s membership in the Asia-Pacific Economic Cooperation (APEC) forum. At the report’s release event at the Indian Embassy in Washington, D.C., ASPI President Kevin Rudd remarked that “Indian membership in APEC … is good for India, good for APEC, good for the region, and good for the world.”

The report India’s Future in Asia: The APEC Opportunity makes the case for Indian membership by outlining the significant benefits of including the country, the world’s fastest growing major economy and the third largest in Asia. My co-author Harsha V. Singh and I also suggest steps that India and APEC could consider to ease the country’s path toward membership.

India’s economy is only partly integrated into the global economy, particularly regional trade arrangements in a dynamic Asia-Pacific. The emergence of regional trade agreements such as the Trans Pacific Partnership (TPP) threatens to further distance India from the global supply chains critical to Prime Minister Modi’s “Make in India” initiative. India’s entry into the Asia-Pacific Economic Cooperation forum (APEC), which accounts for nearly 60 percent of global GDP, would provide a pathway for greater integration into the region’s economy. It would also ensure that trade remains a unifying force in the region, where competing trade regimes are straining ties.

With this in mind, ASPI had convened a high-level, international task force to develop a strategy for India’s membership in the Asia-Pacific Economic Cooperation (APEC) forum. The project has developed the case for India’s membership in APEC, identifying the benefits and obstacles to it, and is seeking to generate support for India’s membership in India and among APEC members.

Some of the members of the Task Force included are, Kevin Rudd (chair), who is the President of the Asia Society Policy Institute. He served as Australia’s 26th Prime Minister and as Foreign Minister. As Chair of the Independent Commission on Multilateralism, Mr. Rudd is leading a review of the UN system. Ajay Banga (co-chair) is President and Chief Executive Officer of MasterCard and a member of its board of directors. He serves as a member of President Obama’s Advisory Committee for Trade Policy and Negotiations. He chairs the U.S.-India Business Council and serves on the U.S.-India CEO Forum. Amb. Shyam Saran (co-chair) was Foreign Secretary of India from 2004 to 2006 and currently serves as Chairman for the Research and Information System for Developing Countries (RIS), a think tank specializing in studies on economic and trade issues.

Founded in 1989, APEC is a 21-member organization dedicated to regional economic integration and helping its members improve their trade and investment ties. India has wanted to become a member since the mid-1990s, but has thus far not been included.

At the report’s launch, India’s Ambassador to the United States Arun Kumar Singh called on APEC to welcome India, arguing that “for APEC to fully realize its potential in the Asia-Pacific and the world at large, it needs to reflect 21st century realities. This would entail inclusion of economies such as India, given their economic size and potential.”

“This is a particularly opportune moment to push forward for India’s membership in APEC,” Rudd emphasized. “The United States, China, Japan, and Russia — four key APEC economies — have welcomed, formally, India’s interest in becoming a member of APEC. Prime Minister Modi has developed constructive relationships with many of these countries, and this can prove useful in building support for Indian membership.”

There is today a striking alignment between APEC’s interests and India’s economic agenda. It’s time for India and APEC to seize the opportunity. India has expressed interest in APEC membership since the mid-1990s but has not been included as a member. Despite the growth in India’s trade and investment relationships with the region over the past 15 years, current members continue to have concerns about including India as a member.

Seven Indian Americans On Forbes World’s Richest People List

At least seven Indian Americans were named among the 1,810 individuals on Forbes’ World’s Billionaires List. The 30th annual list released March 1 had a familiar name at the top, with Bill Gates and his $75 billion net worth claiming the top spot for the 17th time in 22 years. The aggregate worth of the billionaires on the list is $6.48 trillion, down from $7.05 trillion last year.

Symphony Technology Group founder and chairman Romesh T. Wadhwani had the highest net worth among Indian Americans on the list. Ranking at No. 612 overall, Wadhwani boasts a total net worth of $2.8 billion.

Bharat Desai and his wife Neerja Sethi Desai founded IT consulting and outsourcing company Syntel in their apartment in Troy, Mich., in 1980. They turned it into a multi-million dollar operation and now have a net worth of $2.6 billion and are No. 688 on the list.

At No. 906 on the Forbes list is John Kapoor with his $2.1 billion net worth. Kapoor, 72, made his wealth in healthcare. He is the chairman and majority owner at drug companies Akorn and Insys Therapeutics.

India airline IndiGo co-founder Rakesh Gangwal made his first appearance on the list. The 63-year-old Miami, Fla., resident has a net worth of $1.9 billion and slides in at No. 959 on the list.

Kavitark Ram Shriram made his $1.85 billion with Google and as a venture capitalist. The 59-year-old has been investing in early-stage tech firms and has remains on Google’s board since 1998 when it was founded. He is No. 1011 on the list.

Vinod Khosla, 61, partner at Khosla Ventures comes in at No. 1198 on the world’s richest list. The Indian American has raked in his $1.51 billion as a venture capitalist for two decades, first at VC firm Kleiner Perkins before starting his own firm in 2004.

Brian Sheth, 40, of Austin, Texas, co-founded Vista Equity Partners in 2000 and is the firm’s president. Since then, Sheth has racked up a net worth of $1.1 billion and slides in at No. 1577 on the list. Additionally, he helped boost is net worth by buying and fixing up a less-than glamorous collection of enterprise software companies.

Outside of Indian Americans, another 84 Indians were part of the Forbes list. At the top of the list was Reliance Industries chairman Mukesh Ambani, whose net worth of $19.3 billion puts him at No. 36 on the list.

The 84 Indians comprise the fourth most of any country on the list. The U.S. had the most billionaires on the list, with 540, more than double the next country, China, which had 251. Germany had the third most billionaires with 120, and Russia was just behind India with 77.

China had the most of 198 newcomer billionaires, adding 70 to the list. Thirty-three newcomers were from the U.S., eight from India and 28 from Germany.

Notable newcomers included Flipkart co-founders Sachin Bansal and Binny Bansal (No. 1476) of India. India’s top ten included Ambani; Dilip Shanghvi (No. 44) at $16.7 billion; Azim Premji (No. 55), $15 billion; Shiv Nadar (No. 88), $11.1 billion; Cyrus Poonawalla (No. 133), $8.5 billion; Lakshmi Mittal (No. 135), $8.4 billion; Uday Kotak (No. 184), $6.3 billion; Kumar Birla (No. 196), $6.1 billion; Sunil Mittal (No. 219), $5.7 billion; and Desh Bandhu Gupta (No. 233) with a net worth of $5.5 billion.

Behind Gates, Spanish clothing retailer Amancio Ortega with a net worth of $67 billion, Warren Buffet at $60.8 billion, Telecom mogul Carlos Slim Helu with $50 billion dropped the most in value on the list, previously boasting a $77.1 billion net worth and Amazon’s Jeff Bezos at $45.2 billion rounded out the top five.

Bezos jumped up 10 spots from No. 15 last year while Facebook’s Mark Zuckerberg moved into the top 10 for the first time at No. 6 while making the biggest leap in value at $11.2 billion to a total net worth of $44.6 billion.

Sunil Sabharwal Is Alternate Executive Director of the International Monetary Fund

Sunil Sabharwal, who was confirmed by the US Senate after a long waiting, assumed the position as Alternate Executive Director of the International Monetary Fund on Wednesday, March 1st, 2016. US President Barack Obama nominated him for the post in April 2014 and then re-nominated Sabharwal in March 2015.

Given that the US commends more than 16.81 per cent of the total IMF voting share, this is described as one of the most powerful position in the International Monetary Fund. Sabharwal served as board chairman of Ogone, a European e-commerce payment services firm, from 2011-13 and advised Warburg Pincus on its acquisition of easycash, a German network services company, subsequently becoming a board adviser there from 2006-2009.

From 2003-2006, he was senior vice president, strategic investments, at First Data Corp/Western Union and from 1997-2003, held executive posts at GE Capital, including managing director. From 1992-96 Sabharwal worked at the European Bank for Reconstruction and Development, lastly as principal banker. He has a BS from Ohio State University and an MS from the London Business School. Born to an Indian father and a Hungarian mother in New Delhi, his parents separated when he was 9 years old and he later moved to Budapest.

NRI Summit in Haryana cancelled due to Jat Stir

Haryana chief minister Manohar Lal Khattar has announced that the ‘Pravasi Bharatiya Divas’ to be held here on March 9 has been cancelled following the Jat protests for job quotas that led to widespread violence in the state. Hundreds of Non-Resident Indians (NRI), specially belonging to Haryana, had registered themselves for the event.

Khattar said the state had witnessed “unhappy stories and we cannot go forward comfortably with events like an NRI summit though it was a dream event. We will plan it for some other time”.He said the cultural programmes scheduled to be presented during the ‘Happening Haryana’ Global Investors Summit on March 7-8 had also been cancelled. Khattar, however, said the two-day business meet, focused on attracting investment, will be held as per schedule on March 7 and 8.

Properties, business establishments, factories and vehicles belonging to non-Jats were looted and torched at several places in the state. The nine days of violence left 30 people dead and over200 injured.

MoneyGram Cricket Bee Launched: Cricket Fans Get A Chance To Win $10,000

New York, NY: Leading multicultural marketing firm, Touchdown Media Inc. and MoneyGram, (NASDAQ: MGI) a leading global money transfer service, have announced the kick-off of the first annual Cricket Bee sponsored by MoneyGram on February 24th. The new competition allows cricket fans to compete for prizes while sharing their knowledge of the game in an effort to win a cash prize of $10,000.

Open to those 18 and older, the contest will begin with regional rounds in New Jersey, San Francisco and Toronto, each testing participants’ general cricket knowledge. The regional contest will have two components, a written test and an oral test. In the written qualifier, contestants will be asked 35 questions. They must get at least 25 correct in order to advance to the oral round. In the oral round, the contest will be held on a miss and out basis; simply if a contestant misses the right answer, they are eliminated.

The three finalists in each regional round will move on to the grand finals. Unlike quiz shows, the Cricket Bee will be conducted so that contestants are actually competing with themselves and the question posed to them as opposed to their peers. In the oral round, the initial rounds will be category wise.

Contestants can register to compete in the game of their choice at www.cricketbee.com. A sample set of questions and sources will be provided for the participants. “We are proud to sponsor the 2016 Cricket Bee,” says Joann Chatfield, MoneyGram’s vice president of marketing. “We know that the passion for cricket unites friends and loved ones around the world and brings them closer together. It’s always exciting to be a part of initiatives that support our South Asian communities.

Expressing her keen interest and understanding of cricket and the enthusiasm it generates among South Asians, while addressing a gathering of media persons at a Midtown Manhattan restaurant, Joann Chatfield, MoneyGram’s vice president of marketing had said last year, “We are proud to sponsor the 2016 Cricket Bee. We know that the passion for cricket unites friends and loved ones around the world and brings them closer together. It’s always exciting to be a part of initiatives that support our South Asian communities”.

Joann has served as vice president of marketing, since January 2013, most recently responsible for the US, Canada, UK, Ireland and northern Europe. Chatfield previously served as vice president, global marketing and services, and director of marketing, US and Canada. Since joining MoneyGram in May 2011, Chatfield has a proven track record of building and leading highly productive global teams, as well as demonstrated her proficiency in the intricacies of a complex, global, multi-cultural brand.

Joann has taken on several leadership roles and has consistently shown her business acumen with her innate ability to drive a wide range of internal and external marketing and communication strategies designed to establish market presence, and increase revenue and profitability.

Prior to joining MoneyGram, Joann served in a number of business development and marketing roles within the finance and telecommunication industries. She is a graduate of the University of New Mexico with a Bachelor of Arts degree in Communications.

Kawan Foods will serve as the powered by sponsor for the innovative event and has been deeply involved with the South Asian community through various initiatives and hopes to connect with the entire Cricketing community here in the US and Canada. “Cricket is an integral part of the demographic and as a household brand, we want to involve ourselves with initiatives that bring the community together,” said Tim Tan, MD Kawan Foods.

The brainchild of Founder Rahul Walia, who is credited with launching the successful South Asian Spelling Bee and other multicultural platforms, the Bee promises to attract all Cricket enthusiasts to test their knowledge and skills.

“The game of Cricket is an integral part of any commonwealth Expat community in North America and the objective is to leverage the passion of the sport to engage the diaspora in a fun and informative manner while promoting the game to the next generation,” said Walia.

TV Asia will serve as the exclusive broadcaster for the event and has been a strong proponent of promoting Cricket in the country. The broadcaster has been avidly involved with American College Cricket and also sponsors school children to play cricket in India.

“As the oldest broadcast medium for the community, it’s definitely an honor to be the exclusive broadcaster for the first ever MoneyGram Cricket Bee. We pride ourselves with connecting with our community and this initiative is in line with our continued commitment to the diaspora in North America,” said HR Shah, chairman and CEO of TV Asia and an avid cricketer himself.

MoneyGram is a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.

TV Asia is a New Jersey based Pay TV Channel with more than 30 bureaus in major cities of North America. It is the only South Asian channel to cover the community coast-to-coast in this part of the world, making it the voice and mirror of the community. The channel is the only South Asian network to produce a major portion of its programming in North America. It is available in USA in HD on Dish Satellite Channel 700, Sling International IPTV and in SD on major Cable systems such as Comcast Xfinity, Time Warner, Cablevision etc including Verizon FIOS & AT & T U Verse. TV Asia is celebrating 23 years in the United States. For further information, visit www.tvasiausa.com

Touchdown Media Inc. is a specialized South Asian advertising and promotions firm based in New Jersey. Now in its 12th successful year, Touchdown has helped clients- both mainstream and otherwise, reach out to the lucrative South Asian market, Touchdown Media represents more than 35 years of collective experience in this niche market. As a full service ad firm, Touchdown has helped many clients achieve their media and marketing goals within the South Asian Diaspora in the US.

Alex Counts Is The New President And CEO Of American India Foundation

New York, NY: Alex Counts has been named as AIF’s next President and Chief Executive Officer, effective March 29. Courts worked extensively in microfinance and poverty reduction and will continue to build and scale AIF’s presence by leveraging its strong spectrum and networks as well as ensuring that AIF stays at the cutting-edge of innovative solutions for poverty alleviation and economic development in India, said a statement made available to The Indian Panorama by AIF

After training under Nobel Laureate Muhammad Yunus, the founder and managing director of Grameen Bank, Counts became president and CEO of Grameen Foundation in 1997 where he leveraged a $6,000 seed grant to grow Grameen Foundation to a global leader in international development with a $20 million annual budget.

Counts’ thought leadership in the field include the award-winning book, Small Loans, Big Dreams: How Nobel Prize Winner Muhammad Yunus and Microfinance Are Changing the World and Voices From the Field, and numerous contributions to The Washington Post, the International Herald Tribune, the Stanford Social Innovation Review, and many more.

“Alex is a highly regarded development leader who built one of the most successful international humanitarian organizations in the world,” said co-founder of AIF and Co-Chair Lata Krishnan. “He not only has the management experience, passion and drive, but also deep experience in India and South Asia to create the strongest development programs in India.”

“I am honored to have been selected to lead AIF in its next phase of growth. The achievements and capabilities of this organization are remarkable,” said Counts. “I look forward to leading the team to build on its impressive achievements and become an even more impactful, respected, and resilient organization that disrupts poverty and accelerates poverty reduction in exciting and innovative ways.”

Counts succeeds M.A. Ravi Kumar, who joined AIF as CEO in September 2012, and led the company through a significant growth trajectory. “I’m proud of the AIF team and I’m optimistic about how we will build on a foundation of innovation to succeed in the future,” Kumar said. “It’s been an honor to have led such dedicated teammates for more than three years, and I am deeply thankful to the Board, Trustees, Chapter leaders, volunteers and all supporters and well-wishers.”

“Alex is a rare professional who combines the drive of a social entrepreneur with the intellect of an academic. We look forward to working closely with Alex to innovate, build and scale AIF across India in the years to come,” remarked AIF Co-Chair Ajay Banga.

IMF warns the global economy is ‘highly vulnerable’

The International Monetary Fund (IMF) has said the global economy has weakened further and warned it was “highly vulnerable to adverse shocks”. It said the weakening had come “amid increasing financial turbulence and falling asset prices”.

The IMF’s report comes before the meeting of G20 finance ministers and central bank governors in Shanghai later this week. It said China’s slowdown was adding to global economic growth concerns.

China’s economy, the second-biggest in the world, is growing at the slowest rate in 25 years. “Growth in advanced economies is modest already under the baseline, as low demand in some countries and a broad-based weakening of potential growth continue to hold back the recovery,” the Washington-based IMF said.

“Adding to these headwinds are concerns about the global impact of China’s transition to more balanced growth, along with signs of distress in other large emerging markets, including from falling commodity prices.”

The IMF also noted any future prospects for global growth “could be derailed by market turbulence, the oil price crash and geopolitical conflicts”. The agency has called on the G20 group to plan new mechanisms to protect the most vulnerable countries.

Earlier this year, the IMF downgraded its forecast for global economic growth. It now expects economic activity to increase 3.4% this year followed by 3.6% in 2017. It now expects economic activity to increase 3.4% this year followed by 3.6% in 2017.

That means growth of 0.2% less each year than when the agency last published a forecast in October. And there are warnings about the risks. The report says that if key challenges are not successfully managed, “global growth could be derailed”.

In many respects, the picture is a familiar one. The recovery after the financial crisis continues. But in the rich countries, it is still “modest and uneven”. Only three large advanced economies are forecast to beat 2% growth this year: the US, the UK and one of the eurozone’s crisis-hit nations, Spain, which has had its forecast upgraded. The forecast for the UK is unchanged, at 2.2% for both years.

The report describes the picture for many emerging and developing economies as “challenging”.

The largest downgrade for any individual economy is Brazil, where the IMF now predicts a contraction of 3.5% this year and no growth at all in 2017. That reflects the political uncertainty arising from the investigation into corruption at the oil company Petrobras. Russia, hit by the decline in prices of its oil exports, is also likely to remain in recession this year before returning to modest growth next year.

Beijing overtakes New York as new ‘billionaire capital’

Beijing has overtaken New York as the city with the highest number of billionaires for the first time, a new report by China-based firm Hurun says. A total of 100 billionaires are now living in the Chinese capital, compared with 95 in New York, the report says. Shanghai, China’s centre of commerce, comes in fifth place.

Hurun, which tracks wealth in China, has released an annual Global Rich List for the past five years measuring billionaires’ wealth in US dollars. The private research firm, which also publishes luxury magazines, uses a mixture of information from publicly traded companies plus interviews to compile its data.

Other companies such as Forbes and Bloomberg use different methodology and arrive at different conclusions. Hurun found that Beijing had welcomed 32 new billionaires since last year, allowing it to vault past New York which it calculated only saw four new billionaires.

Moscow was in third place with 66 billionaires, according to Hurun. Overall, China has overtaken the US as the country with the highest number of billionaires. However, the top 10 billionaires in Hurun’s list is still dominated by Americans.

China has 568 billionaires after gaining 90 new ones, compared with the US which has 535. China’s billionaires boast a combined net worth of $1.4 trillion (£1.01 trillion), which is similar to the GDP of Australia.

Hurun’s chairman Rupert Hoogewerf noted that the growth in China’s wealthy took place despite an economic slowdown and stock market instability. He told the AP news agency that it could be due to Chinese market regulators allowing a flood of new share issues after holding back Initial Public Offerings for several years.

Hurun found that the richest man in China is still Wang Jianlin, with an estimated worth of $26bn (£18.8bn). But he has not cracked the top 10 billionaires in Hurun’s list, which is dominated by Americans. It is topped by Bill Gates with a net worth of $80bn, followed by investor Warren Buffett with $68bn. In third place is Spanish fashion tycoon Amancio Ortega with a net worth of $64bn. The report found that overall there are now 2,188 billionaires in the world, a new record.

Ties with India on an upward swing: US envoy

Economic ties between India and the US are on an upward swing and American investment in the country has seen a more than three-fold jump in 2015-16, US ambassador to India Richard R Verma said on Tuesday while noting that a “stable tax regime and legal certainty” were key for growth in this area.

In Patna, to make a tour of “fast-progressing Bihar”, Verma underlined the utility of the single-window clearance system for attracting investment and hailed the southern states for having implemented such processes.

Lauding Bihar for the turnaround it has achieved in recent years, he said, “We hear about positive success story of Bihar in last few years. When I meet chief minister Nitish Kumar and governor Ramnath Kovind, we will identify specific areas where American establishments could have involvement.”

Verma pointed to the American multinational General Electric company manufacturing locomotives in Marauhra and Madhepura in Bihar at an investment of 2.5 billion dollar. The US company is to make 900 locomotives in Bihar, he said.

The US ambassador said that economic ties between his country and India would increase in the future. He added that American companies have two prime concerns before making any investment — “they look for stable tax regime and legal certainty for their investment”.

“US investment in India increased to $105 billion in 2015-16 as compared to $30 billion 10 years back,” he told reporters.  “About 200 US companies were present in India in 2005, which has increased to 500 in 2015-16,” added Verma.

More than 1.2 millions Indian got US visas in 2015, said Verma, who was accompanied by the US Consul General Craig L Hall on his visit to the state capital.  Asked about the JNU row, he underlined the importance of freedom of speech in a democracy, but refused to comment further, saying “the government is looking into the matter”.

On the sale of F-16 fighter aircraft to Pakistan, he said the US Congress was looking into it. As to India raising its concerns over terror outfits operating from Pakistani soil, Verma said, “We take the concerns seriously and have asked Pakistan to take more effective steps to check terrorism and demolish safe heavens of the terrorists.”

TCS, Infosys, Wipro Join Obama’s ‘Computer Science for All’ Plan

WASHINGTON, D.C. — Three major Indian IT companies — Infosys, Tata Consultancy Services and Wipro — have joined President Barack Obama’s ambitious Computer Science for All initiative as part of a public-private collaboration, pledging thousands of dollars in grants.

Obama announced his “Computer Sciences for All” plan in his weekly address Jan. 30 as he emphasized the need for teaching the subject as a “basic skill” to all children across schools in the country in a changing economy.

While Infosys has pledged a $1 million in donation, Tata Consultancy Services is providing support in the form of grants to teachers in 27 U.S. cities, the White House said in a fact sheet, also issued Jan. 30.

Wipro announced a $2.8 million grant for multi-year project in partnership with the Michigan University to involve over a hundred school teachers, with the aim of nurturing excellence in science and mathematics. This would start with the public school systems of Chicago, Obama’s hometown.

According to White House, the TCS and Infosys pledge is part of the National Science Foundation’s effort to collaborate with the private sector to support high-school computer science teachers.

“Infosys Foundation USA will be a founding member of this public-private collaboration with a $1 million philanthropic donation, and, as an initial participant, Tata Consultancy Services is providing additional support in the form of grants to teachers in 27 U.S. cities.

“This collaboration will ultimately provide opportunities for as many as 2,000 middle- and high-school teachers to deepen their understanding of CS,” said the White House.

A joint Wipro and Michigan University statement said the Wipro STEM Fellowship Program will focus on building leadership in these disciplines in urban schools by leveraging on research validated expertise of the college of education at the university in designing transformative and innovative instructional experiences.

Aarti Dhupelia, chief officer of College and Career Success at Chicago Public Schools, said this partnership with Wipro and Michigan State University will have a transformational impact in classrooms and communities.

Manoj Saxena Elected Board Chairman of Dallas Fed’s San Antonio Branch

DALLAS, TX — Manoj Saxena of Austin, an Indian Americvan, has been elected chairman of the Federal Reserve Bank of Dallas’ San Antonio Branch by its board of directors. Manoj Saxena has served on the San Antonio Branch board as a Dallas Fed appointment since 2012 and was appointed to the board of directors by the Federal Reserve Board of Governors for a three-year term on January 7, 2015.

In his new role as board chairman, Saxena will contribute to Federal Reserve’s monetary policy formulation by weighing in on regional economic and credit conditions on a regular basis. Saxena is a business leader, IT executive, and venture capitalist who serves as chairman of CognitiveScale, a provider of machine intelligence powered cognitive clouds. He is also the founding managing director of The Entrepreneur’s Fund IV, and also serves as a special advisor to IBM senior leadership.

Before joining The Entrepreneur’s Fund IV, Saxena was general manager, IBM Watson. He received the IBM Chairman’s Award for Watson commercialization and helped with the formation of Watson Business Group in January 2014. He holds two U.S. patents for web services technologies and is an author of several others.

Saxena holds a master’s degree in business administration from Michigan State University and a master’s in management sciences from the Birla Institute of Technology & Science in Pilani, India.

Saxena is a business leader, IT executive, and venture capitalist who serves as chairman of CognitiveScale, a provider of machine intelligence powered cognitive clouds. He is also the founding managing director of The Entrepreneur’s Fund IV, and also serves as a special advisor to IBM senior leadership. The San Antonio Branch board consists of seven members, four appointed by the Dallas Fed board and three by the Federal Reserve Board of Governors in Washington, D.C.

6 Researchers Of Indian Origin Named Presidential Early Career Award Recipients

President Obama has named six Indian American researchers among 106 individuals as recipients of the Presidential Early Career Awards for Scientists and Engineers, the highest U.S. government honor for young independent researchers.

Milind Kulkarni, Purdue University; Sachin Patel, Vanderbilt University; Vikram Shyam, NASA Glenn Research Center and Shwetak Patel, University of Washington,Kiran Musunuru, Harvard Department of Stem Cell and Regenerative Biology and Rahul Mangharam, University of Pennsylvania, the winners will receive their awards in Washington, DC this spring.

“These early-career scientists are leading the way in our efforts to confront and understand challenges from climate change to our health and wellness,” Obama said. “We congratulate these accomplished individuals and encourage them to continue to serve as an example of the incredible promise and ingenuity of the American people.”

Kulkarni of Purdue University is an associate professor of electrical and computer engineering who graduated in 2002 with a B.S. in both computer science and computer engineering from North Carolina State University and received his Ph.D. in Computer Science from Cornell.

Sachin Patel is an associate professor of psychiatry and molecular physiology and biophysics. His overall research goal is to understand the role of ‘neuronal cannabinoid signaling’ in brain function relevant to psychiatric disorders.

While Vikram is a member of the Turbomachinery and Heat Transfer Branch at NASA Glenn and a member of the graduate faculty at Cleveland State University Shwetak N. Patel is the Washington Research Foundation Entrepreneurship Endowed Professor in Computer Science and Engineering and Electrical Engineering at the University of Washington.

“These early-career scientists are leading the way in our efforts to confront and understand challenges from climate change to our health and wellness,” President Obama said. “We congratulate these accomplished individuals and encourage them to continue to serve as an example of the incredible promise and ingenuity of the American people.”

This year’s recipients are employed or funded by various government departments and agencies. These departments and agencies join together annually to nominate the most meritorious scientists and engineers whose early accomplishments show the greatest promise for assuring America’s preeminence in science and engineering and contributing to the awarding agencies’ missions.

The Presidential Early Career Awards highlight the key role that the administration places in encouraging and accelerating American innovation to grow the economy and tackle America’s greatest challenges. The awards, established by President Clinton in 1996, are coordinated by the Office of Science and Technology Policy within the Executive Office of the President.

Awardees are selected for their pursuit of innovative research at the frontiers of science and technology and their commitment to community service as demonstrated through scientific leadership, public education, or community outreach.

Established by President Bill Clinton in 1996, the awards recognize pursuit of innovative research at the frontiers of science and technology and awardees’ commitment to community service as demonstrated through scientific leadership, public education, or community outreach.

Asian Americans Rally to Support Key Data Equity Bills

New York, NY: New York City’s Asian Pacific American, LGBTQ and multiracial communities held a press conference and rally on the steps of New York City Hall on February 6th in support of  Intro 251, 551, and 552. The bills, sponsored by Councilmember Daniel Dromm and Councilmember Margaret Chin, would create standards for the collection and reporting of demographic data by city agencies on Asian Pacific Americans, gender identity and sexual orientation, and multiracial New Yorkers. Together these bills share a similar goal of ensuring that the City collects more accurate demographic data that reflects the diversity of NYC.

Mandate standard approach to the collection, disaggregation and reporting out of demographic data on New York City’s diverse communities. Specify disaggregation of 19 Asian American ethnic categories: Bangladeshi, Bhutanese, Burmese, Cambodian, Chinese, Filipino, Indian, Indonesian, Hmong, Japanese, Korean, Malaysian, Nepalese, Pakistani, Sri Lankan, Taiwanese, Thai, Tibetan, and Vietnamese and 5 Pacific Islander ethnic categories: Guamanian, Fijian, Native Hawaiian, Samoan, Tongan. Include option to fill in for Other Asian or Pacific Islander Group.

They demanded that the government collects information on place of birth or country of origin and require collecting/reporting information on primary language. They also wanted specific categories for sexual orientation be included, identifying that one’s heterosexual, gay, lesbian, bisexual, or queer and the categories for gender identity would include cisgender, transgender, intersex or gender non-­-conforming.

They wanted to require development of a training and a manual for City agency staff on how to appropriately conduct intake regarding sexual orientation and gender identity. Make certain that any City agency which collects demographic information regarding the responder’s ancestry or ethnic background on any form or document, include an option for multiracial ancestry or ethnic origin. Ensure data is made publicly available at regular intervals. Together, there are currently 41 co-sponsors on these bills in the New York City Council.

“All New Yorkers deserve to be counted so that they can receive the city services that are funded by their tax dollars,” said NYC Council Member Daniel Dromm (D – Jackson Heights, Elmhurst), prime sponsor of Intro 251 and 552. “I am proud to join Council Member Chin in advocating for the passage of Intros 251, 551 and 552 which will help provide Asian and Pacific Islanders, multi-­racial people and the LGBT community with greater access to vital health and human services. These important bills go a long way toward protecting these residents who have been subject to institutional discrimination and neglect for far too long.”

“When it comes to making sure that New Yorkers get the services they need, we cannot afford to leave anyone out,” said NYC Council Member Margaret Chin, (D – Lower Manhattan), prime sponsor of Intro 551. “As a co-sponsor of this important legislation with Council Member Dromm, we are helping Asian and Pacific Islanders, multi-racial people and members of the LGBT community stand up and be counted. I am proud to be part of this effort to connect all New Yorkers with the resources they need to thrive.”

Many leaders across New York City and nationally are speaking in support of Intro 251, 551, and 552, including the Coalition for Asian American Children and Families, The Center for LGBTQ Studies, NYU Center for the Study of Asian American Health, Empire State Pride Agenda, Arab-American Family Support Center, Center for American Progress, and Asian & Pacific Islander American Health forum.

“The Asian Pacific American is the fastest growing community in New York City. Yet little is known about the over 40 different ethnic groups that comprises the APA community and the needs of our diverse communities. We know from our members that services and resources are not adequately allocated to meet the growing demand of APA communities. For too long, when city agencies issue reports, APAs are either not mentioned, categorized simply as “Asian”, “Asian/Pacific Islander”, or “Other”, said Sheelah Feinberg, Executive Director of the Coalition for Asian American Children and Families. “This aggregation approach renders the different APA ethnic communities invisible and masks the unique social, educational, and economic difficulties in our communities. We support Intro 251, because it will bring us one step closer  to dispelling the model minority myth and providing a better understanding of the real challenges facing New York City’s fastest growing group,” Feinberg added.

“I find it necessary for city agencies and advocates who fight for services to have data available to show how large and diverse the LGTBQ and gender non-conforming (GNC) community is in all of the New York City””, said Bryan Ellicott, Transgender Activist. “With Intro 552, additional fields on certain forms and documents will capture data on individuals based on sexual orientation and gender identity. These are necessary and require very little change and training. In 2016, knowledge of the LGBTQ and GNC community should be in place for all these agencies.”

“As a research organization, the NYU Center for the Study of Asian American Health strongly supports Intro 251. Aggregate data on Asian Americans bolster the model minority stereotype indicating Asians are healthier than other racial/ethnic minority populations, and gives policy makers license to ignore true social disparities. Research generated by our Center has consistently found that when we analyze disaggregated, granular data by ethnic subgroup, unsetting disparities exist both within and across Asian American communities, including disproportionate rates of smoking among Korean men, Type II Diabetes among Asian Indian and Bangladeshi communities, uncontrolled hypertension among Filipinos, and mental health risk factors among Cambodian and Vietnamese communities. Our city agencies can no longer remain complicit in masking the true nature of health disparities in our communities – the time for change in how we report citywide data on Asian Americans is now,” said Nadia Islam, Ph.D., Assistant Professor of the NYU Center for the Study of Asian American Health.

“The collection of data is critical to identifying and meeting the health and human service needs of LGBTQ New Yorkers, such as substance abuse counseling, mental health treatment, and assistance for seniors and youth,” said Matthew T. McMorrow, Director of Operational Transition of the Empire State Pride Agenda.” Government-collected data determine which programs are created, which organizations are funded, and which health disparities are prioritized. Without this critical information about the LGBT and other communities, it is difficult for government resources to be targeted effectively or efficiently. We urge the City Council to make these important bills a priority.”

“The Arab-American Family Support Center stands in solidarity with the Asian Pacific American organizations and communities to tell City leaders: Invisible No More! We know that by not recognizing the various ethnic Asian American including Arab Americans, we do not do justice to the true diversity that exists within New York City, ” said Lena Alhusseini, Executive Director of the Arab-American Family Support Center. ” We call upon City leaders to remove the cloak of invisibility that shrouds our communities and ensure our full recognition in all City data collection procedures.”

“As a professor and researcher at CUNY, we need to disaggregate data so that we can advocate for subgroups who are lumped under a general Asian American umbrella and presumed to be doing well, ” said Kevin Nadal, Ph.D., President of the Asian American Psychological Association and Executive Director of the CLAGS: The Center for LGBTQ Studies at the Graduate Center at the City University of New York. “For example, studies find that LGBTQ Asian Americans often have multiple mental health issues and limited access to resources; yet, without proper data collection, the true prevalence of this issue is unknown and this huge part of the community continues to be underserved.”

“As a small organization serving a community of 10,000 Southeast Asian refugees in the Bronx, Mekong NYC recognizes that every group within the ‘Asian’ category has its own unique history, needs, and challenges. Improved data collection would help to increase greatly needed culturally sensitive and targeted services to our Cambodian and Vietnamese communities,” said Chhaya Chhoum, Executive Director of Mekong NYC. “Additionally, as a mother of multi-racial children living in New York City, I would cherish the opportunity for my kids to identify as multi-racial for them to know that their identities and their histories matter.”

“Accurate and robust data collection is extremely important to help us better understand conditions, diseases, and other health issues that specifically and disproportionately affect Asian American, Native Hawaiian, and Pacific Islander communities,” said Iyanrick John, Policy Director of the Asian & Pacific Islander American Health Forum. “The lack of disaggregated race and ethnicity data masks inequities in health status and access among certain subgroups. The good news is that there are now several promising practices at the state and federal levels to collect and disseminate better data, much in the way New York City is leading in this area through these three critical bills.”

“The data equity bills would continue New York City’s long tradition of leading the country on both legal and lived equality for all residents, including LGBT people and their families,” said Laura E. Durso, Ph.D., Senior Director of the LGBT Research and Communications Project at the Center for American Progress. “Even in localities with comprehensive non-discrimination laws and strong social services, inclusive data collection remains necessary to craft effective solutions to the remaining challenges facing residents of all ethnicities, nationalities, sexual orientations, and gender identities. Passing these bills would send a powerful signal that in New York, all people are seen, counted, and valued.”

The adoption of standard approaches to disaggregation will improve the delivery of vital services to New York’s residents. Agencies will be able to rely on information that reflects the diversity of demographics and service needs in the City’s population. This is especially critical to develop vital programs in a timely and efficient manner.

Bank Of Baroda Celebrates World Hindi Day

(New York, NY: February 13, 2016) Bank of Baroda, the leading Indian Bank, organized World Hindi Day celebrations for the second year in a row in its US headquarters here in New York City. The CEO of the bank Ashok Garg, had all members of the staff gathered to celebrate World Hindi Day with some of the best known scholars and lovers of Hindi language. They included Deputy Consul General Manoj Mohapatra, Dr. Gambhir, Mrs. Rana, Prof. Indrajit Saluja and Mrs. Purnima Desai.

In his welcome address Garg spoke about the Bank of Baroda being the second largest public sector bank. He dwelt upon the strengths of the bank. About Hindi he said it is the duty of all Indians wherever they are to promote Hindi by using it themselves and encouraging the younger generation to have love of Hindi. He said at the Bank of Baroda the staff makes it a conscious effort to make use of Hindi language.

In his keynote address Dr. Gambhir spoke about the growing popularity of Hindi abroad, particularly in the US where Hindi is being taught in many universities. Also, he spoke about various programs being conducted to teach and popularize Hindi. Mrs. Rana said there are hundreds of languages spoken in India and appealed for giving proper recognition to them all.

Prof. Saluja expressed the fear that in the next 50 years or so there may not be many Indians Americans knowing Hindi. He said the present generation does not find it necessary to know Hindi. And the generation that follows the present one will naturally not know Hindi. Only those who would need to know Hindi for their professional and business needs will bother to learn Hindi.

Mrs. Purnima Desai spoke highly about Hindi, eulogizing it as a divine language and said it was the duty of every one with any linkage with India to learn and promote the language.

In his presidential comment Mr. Mohapatra spoke of the richness of Hindi language and said Hindi alone was a language which connected the entire people of the nation. He congratulated Mr. Garg for organizing the World Hindi Day celebrations in the bank.

Garg, who is well versed in Hindi and makes every effort to use the language in day to day business of the bank, underscored the need for promoting Indian languages in the adopted land.  Such celebrations may not instantly promote the cause of Hindi but they are a powerful reminder of the need to promote the language which is the national and official language of India.

Google Search Chief Amit Singhal Stepping Down, Plans to ‘Give Back’

Amit Singhal, who has led technology giant Google’s Internet search business for more than a decade, announced in a blog post he is stepping down. A 2006 Google Fellow for his engineering work on the early search engine, Singhal has been a staple at Google for 15 years. The Indian American executive will step down Feb. 26 and will be replaced by John Giannandrea, currently a vice president of engineering of Google’s artificial intelligence business.

“When I started, who would have imagined that in a short period of fifteen years, we would tap a button, ask Google anything and get the answer,” he was quoted to have said. “Today, it has become second nature to us. My dream Star Trek computer is becoming a reality, and it is far better than what I ever imagined.”

Among the achievements Singhal accomplished in his time with Google was leading the push for the company to improve its mobile-based search results. In his Feb. 3 blog post on Google Plus, Singhal wrote, “Search is stronger than ever, and will only get better in the hands of an outstanding set of senior leaders who are already running the show day-to-day.”

The post, titled, “The Journey Continues…,” went on to say how his life has been a dream journey. “From a little boy growing up in the Himalayas dreaming of the Star Trek computer, to an immigrant who came to the United States with two suitcases and not much else, to the person responsible for Search at Google, every turn has enriched me and made me a better person.”

His work at Google filled him with pride, he added, with Search transforming people’s lives. “Over a billion people rely on us,” he wrote. “Our mission of empowering people with information and the impact it has had on this world cannot be overstated. When I started, who would have imagined that in a short period of fifteen years, we would tap a button, ask Google anything and get the answer,” he went on. “Today, it has become second nature to us. My dream Star Trek computer is becoming a reality, and it is far better than what I ever imagined.”

With the move to Giannandrea, who joined the tech giant in 2010, Google will merge its research efforts with Search. Singhal’s replacement led Google’s machine learning efforts, applying the technology to products such as image recognition for Google Photos search and the smart reply for Google Inbox.

“Machine intelligence is crucial to our Search vision of building a truly intelligent assistant that connects our users to information and actions in the real world,” Google said. Singhal wasn’t specific as to what he planned on doing upon his retirement from Google, but added that, when asked what he plans to do for the next 15 years of his life, “The answer has overwhelmingly been: give back to others.”

“It has always been a priority for me to give back to people who are less fortunate, and make time for my family amidst competing work constraints,” he added. “But on both fronts, I simply want to give and do more.”

How to Make Sense of Plummeting Global Markets

Washington, DC; January 24, 2016: When one looks at the global economy, and what leading forecasters think it will do in 2016, things look to be in a reasonably solid state. The world economy will grow 3.4 percent this year, economists at the International Monetary Fund projected last week, up from 3.1 percent in 2015. Private sector forecasters mostly have similar expectations.

If you look only at global financial markets, it’s been terrible, gloomy, and falling steadily, and is beyond one’s understanding. Stock, bond and especially commodity markets have swung in ways that suggest this is a perilous time, but the cause is puzzling. In the first three weeks of the year, global financial markets swung in ways that suggest this is a perilous time. “As the US stock market continues its wild ride mostly downward and the price of oil dips below $30 a barrel this week, we highlight some of the analysts trying to make sense of the indicators. Are we headed for another round of global economic decline or is this volatility temporary?” Carla Thorson, Senior Vice President, Programs, wrote.

Their volatility and direction are consistent with the prospect of a new crisis or global recession. The main European stock exchanges also slid to a 15-month low. Markets in Dubai closed at a 28-month low, while in Japan shares fell to their lowest level since October 2014. Many markets are now in so-called bear market territory – a fall of 20% or more from their most recent peak.

At one point, the benchmark Brent oil index was down more than 5%, while US oil fell almost 7%, fueling fears about the impact on economic growth and falling revenues earned by oil-rich nations. Since the FTSE 100’s all-time high of 7,103.98 points on 27 April last year, the total market capitalization of the index has fallen by £396bn. Top emerging market shares and currencies were also caught up in the turmoil, with the Russian Rouble hitting a new record low of 80.295 against the dollar.

Some observers think that many markets were riding for a fall. Asset prices were pumped up by ultra-low interest rates in the developed world and also by the central banks that have engaged in quantitative easing, buying financial assets with newly created money. That happened with shares, with bonds and with commodities. For commodities the boom is well and truly over, partly due to the slowdown in China and in the case of oil mainly due to plentiful supplies.

In the past, when the stocks fell, there were clear reasons, In the summer and fall of 2011, markets were tumbling on fears that the European Union using the euro currency would dissolve; in 2008, it was fears that the global financial system would collapse; in 2000 it was on the realization that stock prices, especially for tech companies, had gotten out of line.

Many policy makers around the world are finding it hard to tell a simple story about what is driving them. It could be that the markets are moving according to their own internal logic, driven by money managers’ psychology, with their habitual toggle between fear and greed turning back toward the former. More frightening: The markets could be pricing in some darker facts about the outlook for the world that economists don’t fully understand.

The recent market swings are “puzzling,” writes Olivier Blanchard, until recently the chief economist of the International Monetary Fund and now a senior fellow at the Peterson Institute for International Economics. As a general rule, if Mr. Blanchard is puzzled about something involving global economics, you probably should be, too.

According to analysts, the price of oil is where most of the action is, with West Texas Intermediate Crude trading below $27 a barrel last week, down from around $37 at the end of December, $60 in June and $100 in mid-2014. The broad S.&P. is down 9 percent so far in 2016, and stock indexes in many emerging economies are down even more. Bond and currency markets point to economic troubles in oil-producing nations. The Dollar has been on the rise against most currencies. The Canadian dollar is down 19 percent against the United States dollar since May.

The drop in oil price creates vast numbers of winners in India and China and gives oil-dependent economies like Saudi Arabia and Venezuela an urgent reason to embrace reform, according to the author. Collapsing revenues could bring instability to fragile parts of the world. Cheap oil also has a green lining as it drags down the global price of natural gas, however in the long run, cheap fossil fuels reduce the incentive to act on climate change. The Economist wrote that the benefits of such ultra-cheap oil still outweigh the costs, but markets have fallen so far that even this is no longer clear.

China’s once-blockbuster economic growth does seem to have slowed a good deal, though it’s not clear why that should have enormous effects outside China. Oil prices are down so much that profits of oil companies will suffer mightily, and some will surely go bankrupt.

There’s a more complex story in which global banks are sitting on loans for oil exploration that will go bad, creating losses in the financial sector that could cause a pullback in lending more broadly, a risk described by researchers at the Bank for International Settlements in 2015. In this scenario, loans for oil exploration could be what subprime mortgages were in 2007 — a trigger that reveals bigger problems in the financial system.

One piece of evidence for this theory: Bank stocks have fallen even more in 2016 than the stock market over all, implying that investors believe banks did a little too much oil-field lending, though certainly this won’t amount to the kinds of declines and major troubles of 2008.

Another possibility is that this sell-off reflects the unwinding of “herd” behavior among global asset managers, who piled into similar investments during the 2009 to 2014 stock market rally and are now racing to unload the same high-yield bonds, emerging market stocks and energy investments all at once. In this telling, the moves in market prices reflect more the psychology of money managers than fundamental information about the state of the global economy.

Analysts says, financial markets are always more volatile than the underlying economy; the stock market has predicted nine of the last five recessions, as an old line often credited to the economist Paul Samuelson has it. It was certainly true in the fall of 2007, when the stock and bond markets were more prescient about the looming recession in the United States than the consensus view of economists.

In The Atlantic, Bourree Lam wrote about the consequences of the unequal growth. Acoording top him, since the financial crisis, there is a renewed, more urgent focus on the issue of inequality at the World Economic Forum. The stated goal of the conference is “improving the state of the world” – it is evident that there are several reasons for pessimism about the world economy. However, nonprofits, activists and even the pope encourage Davos participants to address inequality. Oxfam’s yearly report on inequality is grimmer than ever: the wealth of the 62 richest people in the world have about the same amount of money as the poorer half of the world.

The challenge for investors is to determine whether the stock market moves of the last few weeks represent the rational kind of fear or the irrational kind of fear, and we probably won’t know the answer anytime soon. Clearly there are some troublesome developments and the IMF has a warning: “If these key challenges are not successfully managed, global growth could be derailed.”

Shaan Patel Scores Perfect SAT Score: Will Appear On ‘Shark Tank”

Las Vegas, NV; January 24, 2016: Shaan Patel, an Indian American, who had scored a perfect score on his SAT exam, is set to  appear in an episode of “Shark Tank” on January 29th. Patel, a native of Las Vegas, Nevada, who first lived in a budget motel his parents owned, took the distinction of acing his SAT to start the company 2400 Expert, an educational test-prep startup that now runs six-week SAT and ACT prep courses online and in-person in 20 cities around the country.

Patel, 26, graduated from Clark High School in Las Vegas and then went on to earn his bachelor’s from the University of Southern California in biology and his M.B.A. in healthcare and entrepreneurship from Yale University. He is currently studying for his medical degree from the USC Keck School of Medicine.

At Clark High, Patel was valedictorian, homecoming king and a recipient of 20 college scholarships. He has sold more than 20,000 copies of his “McGraw-Hill’s SAT 2400 in Just 7 Steps” book, which is a bestseller on Amazon.com for SAT prep.

On the show, Patel will pitch his company to the “Sharks” to help take it to the next level. In an interview with CBSlocal.com in Las Vegas, Patel said the secret to getting on the show is to ignore “Shark Tank.”

“Every year 50,000 people apply to ‘Shark Tank’ and approximately 100 make it onto the show,” he said in the CBSlocal.com article published Jan. 19. “Entrepreneurs who would like to get on ‘Shark Tank’ should not focus on getting on ‘Shark Tank.’ Instead, they should focus on building their business.

“Every entrepreneur who has ever appeared on ‘Shark Tank’ has spent years working day and night to create value,” he added. “If you come up with an idea for the purpose of getting on ‘Shark Tank,’ then you are doing everything backwards. You should start with a great idea, but more importantly, great execution of that idea. Once you have done that, ‘Shark Tank’ will be much more interested in what you have to offer.”

Patel’s company touts that thousands of students who go through the program have received admission into Ivy League schools, won millions of dollars in college scholarships and have earned perfect SAT scores. Despite his book smarts, the Indian American told CBSlocal.com, “I was extremely nervous about pitching,” adding that he had never pitched his company before.

Additionally, he’s having a viewing party at his old high school where he will be giving away $30,000 worth of SAT prep books, and another $100,000 in prep courses. “Shark Tank” airs Fridays at 9 p.m. on ABC.

Patel is using the 2400 Expert Twitter account to ask people to help the Jan. 29 episode of “Shark Tank” be the highest viewed episode in the show’s history, using the hashtag, #breaktherecord.

India among Top 5 Most Promising Markets Globally

Washington, DC; January 24, 2016: India has emerged as one of the five most promising markets for businesses globally as it offers one of the best opportunities for both domestic as well as global companies, says a survey.

According to the annual global CEO survey of consultancy giant PwC released here at the WEF Annual Meeting, the top five markets considered as most important for overall growth prospects by the respondents are USA, China, Germany, the UK and India.

“India, which has continued to do well under Prime Minister Narendra Modi’s pro-business government, is now among CEOs’ five most promising overseas markets,” said the survey which covered 1,409 CEOs spread across 83 countries.

It further noted that the confidence level among Indian CEOs remains higher than the global average although they have also become less confident since last year about the growth prospects of their own companies.

As per the findings, CEOs are less optimistic about prospects this year and those who think global growth would improve over the next 12 months have declined to 27 per cent from 37 per cent seen in 2015. Further, those who think the situation would worsen have increased to 23 per cent from 17 per cent. “Against this tide of pessimism, CEOs in India (64 per cent), Spain (54 per cent) and Romania (50 per cent) stand out as more optimistic,” it said.

PwC India Chairman Deepak Kapoor said CEOs in India have given strong indication of general uplift in sentiments by showing much more confidence than their global counterparts when it comes to revenue growth for their companies. “Recent policy reforms and a consequent pick up in investment and the government’s aim to boost infrastructure are also playing a role in boosting CEO confidence,” he noted. However, Kapoor said the CEO community continues to be concerned by lack of infrastructure and over-regulation.

As many as 90 per cent of the Indian CEOs cited inadequate basic infrastructure as a major threat and 80 per cent mentioned exchange rate volatility and 77 per cent cited over-regulation.

“Of business threats, 81 per cent stated availability of key skills, 79 per cent stated speed of technological change, 78 per cent stated bribery and corruption,” the survey said.

“With India as the fastest growing large economy in the world, it offers one of the best opportunities for both Indian and global companies in a world that is still coming to terms with a slower growth paradigm and increasing geopolitical uncertainty,” he added.

With respect to the global economy, 39 per cent of Indian executives expect an improvement whereas the global average is 27 per cent. Around 75 per cent of Indian CEOs believe there are more growth opportunities for their companies today than three years ago.

About countries most important for their companies’ growth in the next one year, 54 per cent said it was the US while 29 per cent respondents mentioned China and 23 per cent went for the UK.

As many as 56 per cent of the Indian executives plan to implement a cost-reduction initiative over the next 12 months. While 70 per cent anticipate increase in head count during the same period.

When it comes to disruptive trends in their industry most likely to transform wider stakeholder expectations over the next five years, 80 per cent of the respondents cited technological advances followed by demographic shifts (64 per cent) and shift in global economic power (55 per cent).

Around 64 per cent of Indian CEOs felt the government had been ineffective in achieving greater income equality. About 51 per cent thought that the government had been ineffective in reducing environmental impacts as well as in achieving a clearly understood, stable and effective tax system.

“93 per cent of Indian CEOs agree that tax is a business cost that needs to be efficiently managed like any other business cost… 87 per cent agree that a stable tax system is more important than low rates of tax,” it said.

Around 81 per cent agreed that reducing administrative burden of tax is as beneficial as reducing tax rates. With 79 per cent of CEOs concerned about over-regulation, it remains the biggest concern and is followed by geopolitical uncertainty.

The latter comes at a time when terror attacks are increasing and touching every part of the world, many linked to the heightened conflict in Iraq and Syria. “Global conflicts are also connected to anxieties about social instability and readiness to respond to crises, named by 65 per cent and 61 per cent of CEOs, respectively.

“Cyber security is also a worry for 61 per cent of CEOs, representing as it does (pose) threats to both national and commercial interests,” the survey said. As many as 66 per cent of the CEOs see more threats for their companies than it was three years ago, the report said.

Ohio apparel firm to recall Lord Ganesha products

Washington, DC; January 24, 2016: Hindus have urged for the immediate withdrawal of tee shirt, tank tops, mug and blanket with Lord Ganesha’s image sold by a Columbus (Ohio) headquartered apparel and home goods company Print Syndicate, calling these highly inappropriate.

Hindus have strongly objected to slogans/statements printed on these five products (marketed under its brand “Look Human”) around Lord Ganesha’s image, such as NAMASTE BITCHES and BITCH DON’T KILL MY VIBE.

Hindu statesman Rajan Zed, in a statement in Nevada today, said that Lord Ganesha was highly revered in Hinduism and was meant to be worshipped in temples or home shrines and not to be trivialized on consumer products with such slogans. Inappropriate usage of Hindu deities or concepts for commercial or other agenda was not okay as it hurt the devotees.

Zed, who is President of Universal Society of Hinduism, urged Print Syndicate to withdraw these products from other vendors also besides its own website, and its CEO Tanisha Robinson to offer a formal apology.

Hinduism was the oldest and third largest religion of the world with about one billion adherents and a rich philosophical thought and it should not be taken frivolously. Symbols of any faith, larger or smaller, should not be mishandled, Rajan Zed noted.

Zed further said that such trivialization of Lord Ganesha was disturbing to the Hindus world over. Hindus were for free artistic expression and speech as much as anybody else if not more. But faith was something sacred and attempts at trivializing it hurt the followers, Zed added.

Print Syndicate claims to offer consumers access to timely, curated, well-designed and high-quality products that allow them to express who they are. Its “values” include integrity, compassion and fairness and its products (apparel, phone cases, house wares, etc.) are sold through the company’s six e-commerce brands. Tagline of Look Human is “Dress Yourself To Express Yourself”.

In Hinduism, Lord Ganesha is worshipped as god of wisdom and remover of obstacles and is invoked before the beginning of any major undertaking. There are about three million Hindus in USA.

Rajat Gupta Back Home After 19-month Prison Stay

Former Goldman Sachs Group Inc. director Rajat Gupta is a free man after serving 19 months in federal prison for leaking tips to hedge fund billionaire Raj Rajaratnam. Jailed in June 2014 in Devens, Massachusetts, Gupta was freed after receiving credit for good behavior against his 30-month sentence, according to Patrick McFarland, a manager for the Federal Bureau of Prisons program in the New York area which is overseeing Gupta. McFarland declined to provide more details.
According to a person familiar with the matter, who asked not to be named because the information isn’t public, Gupta was released Jan. 5 and has been living at his Manhattan home. He’s allowed to go to an office during weekdays, the person said.
A former McKinsey & Co. managing partner, Gupta is the highest-profile executive convicted in a U.S. crackdown on insider trading at hedge funds. Since August 2009, federal prosecutors in New York won 80 convictions.
Christian Saint-Vil, a spokesman for Manhattan U.S. Attorney Preet Bharara declined to comment on Gupta’s early release.
Gupta was found guilty in 2012 of passing illegal tips to Rajaratnam, a co-founder of the Galleon Group LLC hedge fund. He told Rajaratnam about Berkshire Hathaway Inc.’s $5 billion investment in Goldman Sachs and the bank’s financial results for two quarters in 2008.
Under a U.S. Bureau of Prisons program called Residential Reentry Management, Gupta must spend his evenings at home, the person familiar with his case said. He’s also permitted to leave for doctors’ and lawyers’ appointments, but must get prior approval from prison officials.  
“The idea of our facilities is to assist inmates with transitioning from incarceration to full release,” McFarland said in a telephone interview Tuesday. He supervises the program for inmates who win early release from federal prison in cases handled by U.S. prosecutors in the Southern and Eastern Districts of New York as well as New Jersey.  
The Bureau of Prisons will continue to oversee Gupta until March 13, when his case will be transferred to federal Probation Department officials, McFarland said. 
Gupta is still challenging his conviction, despite having had his appeal rejected by a New York court in July. He asked the appeals court to reconsider, but may have to wait until the Supreme Court rules on the issue, probably by the end of June.
The high court Tuesday agreed to hear a case that may definitively resolve what constitutes a personal benefit in insider trading cases, and whether it has to be something concrete like cash, or just the benefit of a close personal relationship.
Gupta has argued he didn’t get a personal benefit from Rajaratnam.

The minimum-security prison camp where Gupta did his time is about 40 miles (60 kilometers) west of Boston and formerly the site of a military base. Rajaratnam, who is serving 11 years for trading on inside tips, is at an adjacent medical center because he has diabetes and kidney disease.

India a Land Of Opportunities among BRICS Countries: Experts

India is a land of opportunities among BRICS nations but lack of knowledge about various compliance requirements seem to be posing a challenge to the corporates here, say experts.

In recent times, stricter regulatory framework and disclosure requirements have been put in place as part of the efforts to ensure protect investor interest, increased transparency and make India a more easier place for doing business.

Describing India as a “land of opportunities”, a senior executive of global research group ‘The Conference Board’ today said efforts should be made to bring out the best practices of corporate governance here.

“The main challenge to companies in India for compliance is lack of knowledge about regulations and legislature,” The Conference Board’s Asia Pacific Executive Director Nick Sutcliffe told.

Speaking on the sidelines of the launch of ‘Handbook on Corporate Governance in India’, Sutcliffe said there is significant interest among corporates to have a better understanding about good governance practices.

The book’s author, Afra Afsharipour, a professor at the University of California, said India stands out among its BRICS peers.

“With most of the BRICS nation seeming to be in an economical difficulty, it is India which stands out and presents opportunity to the world. There was a real need to uncomplicate things,” she noted.

About various changes brought in the regulations by capital markets regulator Sebi as well as those in the Companies Act, Afsharipour said more things have now been brought under the ambit of legislature in a more structured manner.

“These (the changes) are not drastic overhaul or a major change. These things were there and now it is brought under the purview of legislature in a more structure way,” she added.

The book has been launched as part of the ‘The Director’s Collective’ initiative by KPMG, Khaitan & Co, Russel Reynolds and The Conference Board.

Indra Nooyi Is Most Generous Donor To Yale

Indra K. Nooyi, CEO and chairman of PepsiCo and a 1980 graduate of Yale University, made a landmark gift to endow the deanship of the School of Management
With the gift, the amount of which was not divulged by the university, Nooyi becomes the most generous graduate of Yale School of Management in terms of lifetime giving to the school. She is also the first woman to endow the deanship at a top business school, Yale said in a press release.
Nooyi has previously made substantial contributions to the construction of Edward P. Evans Hall at the Yale School of Management, including gifts to name the Nooyi Classroom and the Isaacson Classroom in memory of Professor Larry Isaacson. With her latest gift of the deanship, she also inaugurated the Fifth Decade Innovation Fund, named in recognition of the school entering its fifth decade.
“My experience at the Yale School of Management forever altered the course of my life,” Nooyi is quoted saying. “My gift to this wonderful institution pales in comparison with the gift that Yale gave me—the fundamental understanding that leadership requires an expansive worldview and a deep appreciation of the many points of intersection between business and society.”
She said she hoped the endowment will teach future generations of leaders that the most successful companies of tomorrow will do more than make money. “They will make a difference and create shareholder value by improving the quality of life in every market in which they operate,” she said.
PepsiCo is the second largest food and beverage company in the world. Nooyi, 60, has been the CEO of PepsiCo since 2006, and chairman since 2007. She is the chief architect of “Performance with Purpose,” the company’s promise to deliver top-tier financial performance integrating sustainability into its business strategy, the company bio says. Under her watch the company diversified its product line so that today, less than 25 percent of its global revenue is derived from carbonated soft drinks and approximately 20 percent comes from the company’s nutrition businesses. She has also promoted environmental sustainability in business practices, leading to reducing the company’s use of water by 23 percent and improving energy efficiency by 16 percent, according to the release.
Born in Chennai, then Madras, Nooyi studied at Madras Christian College, graduating with a degree in chemistry, physics and math. She studied at the Indian Institute of Management, Calcutta, before attending Yale. Considered among America’s top corporate visionaries, Nooyi was appointed to the U.S.-India CEO Forum by President Obama. She is also a member of the Foundation Board of the World Economic Forum and the American Academy of Arts & Sciences. She is married to Raj Nooyi, a management consultant, and the couple has two daughters, Tara and Preetha. Nooyi lives in Greenwich, Connecticut.
Prior to joining PepsiCo in 1994, Nooyi worked in senior roles at Asea Brown Boveri, Motorola, and the Boston Consulting Group. She serves as a member of the boards of U.S.-China Business Council, U.S.-India Business Council, the Consumer Goods Forum, Catalyst, Lincoln Center for the Performing Arts, and Tsinghua University. She is a past member of the Yale Corporation, the top governing board and policy-making body for the university. She is also a member of the, and was

Toshiba Slashes 7,000 Jobs after $4.53 Billion Loss

Toshiba, the Japanese multinational conglomerate corporation has informed the media that it will cut down approximately 7,000 jobs in the near future as a result of $1.3 billion accounting scandal. The company is all set to sell their television manufacturing plant in Indonesia. This sudden move might cause a huge cut down in the consumer electronic jobs in the company, reports Economic Times

According to reports, the deal of the Indonesian plant is going to be done on a net loss of $4.53 billion at the end of this financial year. The company stated that “By implementing this plan, we would like to regain the trust of all stakeholders including shareholders and transform ourselves into a robust business,”

The company has addressed a 37.8 billion yen loss in August which reflected costs and conservative estimates on operations, including the South Texas Project, a US power plant project. In July it has been reported that the company also had employees questioning their superiors. The company which launched world’s first market laptop in 1985 has said to have long overdue. The 140 years old organization is going through a change in fortune. The company has been a prominent power in the Japanese business market over a century and its former executives has also served as policy advisors for the government.

Signal Settlement to Indian Guest Workers Reduced to $5 Million

Signal International, LLC will pay about $5 million to settle a federal race discrimination lawsuit that has been pending for four years, the U.S. Equal Employment Opportunity Commission announced Dec. 18.

The final amount – approved by a bankruptcy court – significantly reduces a $20 million settlement agreed to last July by the shipping giant and 476 guest workers from India, who had filed 11 suits against the company for forcing them to live and work in harsh, brutish conditions (http://bit.ly/1e0WyQl). Signal declared Chapter 11 bankruptcy proceedings on the same evening it agreed to the settlement for all 11 lawsuits and an EEOC complaint.

The settlement establishes a claims process and ensures that all aggrieved individuals included in the litigation may receive relief in spite of the bankruptcy proceedings, noted the EEOC.

Commenting on the settlement, David Lopez, EEOC general counsel, stated: “This case was challenging and hard-fought, but shows that EEOC will fight for the right of all workers to be free from discriminatory working conditions.”

“This case should remind companies that EEOC remains vigilant to prevent the exploitation of immigrant and vulnerable workers. We are especially grateful for the cooperation of the Southern Poverty Law Center during the investigation and prosecution of this egregious case,” he said.

Delner Franklin-Thomas, district director for EEOC’s Birmingham District, said in a press statement: “This lawsuit sends a powerful message that an employer must treat all workers equally without regard to their national origin or race.”

“We are very pleased Signal has accepted responsibility for its wrongdoing and that these workers, who have waited 10 long years for justice, will now receive compensation and can move on with their lives. In many cases, these men paid thousands of dollars to come to the United States, only to be subjected to inhumane conditions and exploitation after they arrived,” said Franklin-Thomas.

“We’re getting towards the end of a very long struggle. The workers will finally get the justice they deserve and we’re proud to represent them,” Jim Knoepp, deputy legal director at the Southern Poverty Law Center, told India-West shortly after the July 12 settlement was announced.

The funds for the settlement would be based on the assets from the sale of Signal International’s facility in Orange, Texas, which sold last year for an estimated $30 million, according to Knoepp.

The workers’ immigration status or their current country of residence – the U.S. or India – will not affect their ability to participate in the settlement if they were claimants in any of the lawsuits, he said. Knoepp was not available for comment on the reduced amount of the settlement.

When they arrived in the U.S. in 2006, the 500 Indian welders and pipe-fitters – some of whom paid recruiters more than $20,000 for the opportunity to work in the country – reportedly were forced to live in squalid conditions, sleeping in small, cramped quarters and receiving sub-standard food. Costs for boarding and lodging — $1,050 per month — were deducted from the guest workers’ paychecks. The workers received $18 per hour.

Dewan Consulting was used by Signal in India to hire guest workers primarily from Kerala; recruiters charged fees of $15,000 to $20,000, promising the workers they would receive a green card and eventually be able to bring their families to reside permanently in the U.S.

Indian guest workers told this publication that they were forced to live and work in slave-like conditions and were not allowed to leave the facility to find accommodation elsewhere.

The immigrant workers were recruited to assist in cleanup efforts in the wake of recent natural disasters, including Hurricane Katrina and Hurricane Rita.

Senior trial attorney Gerald Miller said the EEOC encourages all Indian H-2B workers formerly employed by Signal International to immediately contact the EEOC by calling 205-212-2060, or by e-mail at Signal_Settlement@eeoc.gov to verify their contact information and meet claim deadlines in order to receive claim forms to request monetary compensation from the settlement fund.

‘Invest Karnataka 2016’ to Focus On Women Entrepreneurs

The Karnataka government’s ensuing Global Investors Meet (GIM) here on February 3-5 would focus on promoting women entrepreneurs in the state, an official said last week. “For the first time in a GIM, a session on promoting women entrepreneurship in the state will be held on February 4. They will also be given a centre-stage platform to connect and network with other stakeholders,” Additional Chief Secretary, Commerce and Industries, K. Ratna Prabha said in a statement here.

The three-day ‘Invest Karnataka 2016’ will be held at Bangalore Palace grounds in the city centre to promote the southern state as a premier destination for investments from across the country and overseas. “A delegation of women entrepreneurs from San Francisco on the U.S. west coast will participate in the GIM as an outcome of an agreement between the two cities (Bengaluru and San Francisco),” Prabha said in the statement after chairing a meeting with women associations on the event here.

Asserting that women entrepreneurs were talented, hard working and forward looking, Prabha said they performed much better in diverse sectors such as aerospace, biotech, IT, textiles and tourism. “We are encouraging women entrepreneurs also to move away from Bengaluru and set up units in tier-two and tier-three cities for giving impetus to other regions in the state,” Prabha added.

The state government has decided to provide two exclusive industrial areas for women entrepreneurs at Hubballi-Dharwad and Harohalli in Ramanagara district, about 45km from Bengaluru, five percent of plots and sheds in industrial areas and estates and exclusive textiles and gems & jeweler clusters.

Alabama-based ship-building firm to pay $5 Million to Indian workers to settle EEOC Lawsuit

An Alabama-based ship-building and repair company was last week asked by the Equal Employment Opportunities Commission to pay $5 million to476 guest workers from India to settle a national origin discrimination lawsuit filed by the federal agency against the company.
EEOC announced Dec.18 that it has reached an agreement with Signal International, LLC, a Mobile, Ala. company, under which the latter will pay an estimated $5 million to the workers who were brought from India on guest worker visas by the company to work at its facilities in Texas and Mississippi after the hurricanes Katrina and Rita in 2005.

The Indian workers, EEOC alleged, were forced to live in “overcrowded, unsanitary, guarded camps.” EEOC had alleged that Signal subjected the men to “a pattern or practice of race and national origin discrimination”, including unfavorable working conditions and forcing the men to pay $1,050 a month to live in overcrowded, unsanitary, guarded camps.

“As many as 24 men were forced to live in containers the size of a double-wide trailer, while non-Indian workers were not required to live in these camps,” it said in a press statement.

According to the lawsuit, Signal International recruited the workers from India through the federal H-2B guest worker program to work at its facilities in Texas and Mississippi in the aftermath of hurricanes Katrina and Rita.

EEOC alleged Signal subjected the men to a pattern or practice of race and national origin discrimination, including unfavorable working conditions and forcing the men to pay $1,050 a month to live in overcrowded, unsanitary, guarded camps. As many as 24 men were forced to live in containers the size of a double-wide trailer while non-Indian workers were not required to live in these camps. Such alleged conduct violates Title VII of the Civil Rights Act of 1964 which prohibits discrimination in employment-including terms and conditions of
employment–based on race or national origin.

EEOC filed suit in federal court in Mississippi in 2011 after first attempting to reach a prelitigation settlement through its conciliation process, and the suit was later transferred to the Eastern District of Louisiana.

After Signal International filed for Chapter 11 Bankruptcy in Delaware, the settlement of EEOC’s suit and eleven related suits became subject to approval by the bankruptcy court. The settlement establishes a claims process and ensures that all aggrieved individuals included in the litigation may receive relief in spite of the bankruptcy proceedings. In addition to monetary relief, Signal International’s CEO has issued a statement “acknowledging the company’s wrongdoing” and apologizing for its treatment of the guest workers.

David Lopez, general counsel of EEOC, said in a statement that the case was challenging and hard-fought, but shows that EEOC will fight for the right of all workers to be free from discriminatory working conditions.

“This case should remind companies that EEOC remains vigilant to prevent the exploitation of immigrant and vulnerable workers. We are especially grateful for the cooperation of the Southern Poverty Law Center during the investigation and prosecution of this egregious case and to the U.S. Attorney for Delaware for assistance during the bankruptcy proceedings,” he said.

“This lawsuit sends a powerful message that an employer must treat all workers equally without regard to their national origin or race,” said Delner Franklin-Thomas, district director for EEOC’s Birmingham District.

“We are very pleased Signal has accepted responsibility for its wrongdoing and that these workers, who have waited 10 long years for justice, will now receive compensation and can move on with their lives. In many cases, these men paid thousands of dollars to come to the United States, only to be subjected to inhumane conditions and exploitation after they arrived.”

Padmasree Warrior Named CEO of NextEV U.S.

Padmasree Warrior has been appointed CEO of Chinese electric car company NextEV, the company announced last week. The former Cisco’s chief strategy officer will also hold the role of Chief Development Officer.

Warrior was one of former Cisco CEO John Chambers’ top lieutenants, but she left the company when Chuck Robbins took over as CEO earlier this year. Since leaving Cisco, the rumor was she was on the hunt for a CEO position of her own, the first of her career. At one point, her name was suggested to run Twitter.

NextEV is working on smart, high-performance electric vehicles and is considered to be one of the top contenders to muscle into the territory of high-end EVs currently dominated by Tesla.

NextEV is eyeing California as one of its break-out markets. California wants to have 1.5 million zero-emission vehicles on the road by 2025.

Warrior could be a good choice to lead the EV company’s US efforts. She is smart and articulate and very well-connected in the Valley after her years spent working on Cisco partnerships and M&A deals. After leaving Cisco, she joined Microsoft’s board and also serves on the boards of Box and Gap. Plus she mentors a number of startups (although she isn’t known as a particularly active angel investor).

Headquartered in Shanghai, NextEV has an 85,000 square-foot research facility in San Jose, Calif., plus design centers in Munich, Beijing, Hong Kong and London. It’s not clear how much money NextEv has raised. It was reportedly asking for $1 billion last September, Bloomberg reported, although Crunchbase says the figure it raised was half that, at $500 million (which is still a respectable sum). It is backed by some investors with deep pockets including Chinese internet giant Tencent; Bitauto.com founder William Li; autohome.com.cn founder Xiang Li; JD.com founder Richard Liu, and VCs Hillhouse Capital; Sequoia Capital and JOY Capital.

Foreign Affairs Magazine Features Global Inequality

“Real incomes and wealth have stagnated for the vast majority of Americans, even as they have skyrocketed for those at the very top,” and this trend has largely been repeated across the developed world, writes Gideon Rose, editor of Foreign Affairs, in his introduction to the new issue’s package of articles on inequality. “These trends are starting to define our era. But what is driving them? What is the significance of the economic inequality that has resulted? And what can or should be done about it?” The six articles leading this issue focus on the definition of inequality and its role in a healthy democracy.

“The extent to which inequality increases or decreases,” writes Ronald Inglehart, professor of political science at the University of Michigan, “is ultimately a political question.” As issues such as the environment, gender equality, and abortion were introduced into politics in the later decades of the twentieth century, an earlier tendency to vote along social-class lines all but disappeared, weakening demand for distributive economic policies. Yet thanks to unprecedented growth in the gap between haves and have-notes, the political pendulum may soon start swinging in the other direction, predicts Inglehart. “The more current trends continue,” he writes, “the more pressure will build up to tackle inequality once again.”

“The same factor that can be credited for the decline in inequality among countries can also be blamed for the increase in inequality within them: globalization,” writes François Bourguignon, professor of economics at the Paris School of Economics. “To maintain the momentum behind declining global inequality, all countries will need to work harder to reduce inequality within their borders, or at least prevent it from growing further,” he concludes. “Failing to do so could cause disenchanted citizens to misguidedly resist further attempts to integrate the world’s economies—a process that, if properly managed, can in fact benefit everyone.”

The conditions that led to the egalitarian policies of the early twentieth century have disappeared and have been replaced by the celebration of individual performance and responsibility, writes Pierre Rosanvallon, professor of political history at the College de France. “If inequality is to be reduced once more, therefore, the effort will have to be grounded in a solid, shared conception of what equality involves and why it is worth promising.” That conception requires “a more robust vision of democratic equality—one based on the singularity of individuals, reciprocal relations among them, and a social commonality.”

Danielle Allen, director of Harvard University’s Edmond J. Safra Center for Ethics, focuses on the notion of “an eternal conflict” between equality and liberty, pointing out that until Cold War rhetoric took hold, Americans saw equality and liberty as mutually reinforcing ideals. “Political equality, shored up by economic equality, was the means by which democratic citizens could secure their liberty,” she explains. To get back to economic equality, Allen writes, “we need a virtuous circle in which political equality supports institutions that, in turn, support social and economic equality.”

Politicians like talking about the inequality problem, but they have proposed few ideas for actually solving it, asserts Anthony B. Atkinson, Centennial professor at the London School of Economics. Atkinson proposes a number of measures to chip away at growing inequality, including increasing the percentage of taxes paid by those in the top income brackets, providing government transfers with a focus on children, and establishing a specific target for unemployment. Not only are these politically feasible, but, he writes, “If properly designed, the measures can in fact improve the performance of the economy.”

Since taking office in 2009, “the president has been besieged by foreign policy crises, constrained by diminished American power, and pressured by opponents at home and allies abroad to take action and show leadership, even when dealing with intractable problems,” writes Fred Kaplan, a columnist for Slate. Kaplan pulls back the curtain on the decision-making process behind the president’s foreign policy, drawing on interviews with dozens of senior administration officials to write an account of the decisions that have defined Obama’s tenure. He gives Obama credit for steering clear of military adventurism and for remaining patient with drawn-out diplomatic negotiations. But Syria, he writes, “is where Obama’s foreign policy met its most brutal challenge, and where his tools for dealing with crises—words, logic, persistent questions, and sequential problem solving—proved inadequate.”

India 97th On Forbes Best Countries For Business List

India has been ranked 97th, three notches below China, in Forbes annual ranking of the best countries for business, with Denmark topping the list for the sixth time in ten years. European countries represent two-thirds of the top 25, with the U.S. sliding four spots to No. 22, continuing a six-year descent since 2009 when the US ranked second overall.

Denmark ranked in the top 20 in all but one of the 11 metrics used by Forbes to gauge the Best Countries for Business. It finished 28th for red tape. New Zealand moved up one spot to No. 2; it ranked first in 2012. Rounding out the top five are Norway, Ireland and Sweden.

While the U.S. fell in Forbes ranking, the world’s next four biggest economies all improved their overall standing. Britain and Japan both moved up three spots to No. 10 and No. 23 respectively. Germany improved two places to No. 18. China rose from No. 97 to No. 94.

India is developing into an open-market economy, yet traces of its past autarkic policies remain, Forbes said.  India’s rankings on the 11 metrics were: Trade Freedom 125, Monetary Freedom 139, Property Rights 61, Innovation 41, Technology 120, Red Tape 123, Investor Protection 8, Corruption 77, Personal Freedom 57, Tax Burden 121 and Market Performance 65.

India’s growth in 2014 fell to a decade low, as India’s economic leaders struggled to improve the country’s wide fiscal and current account deficits, the business magazine noted. Rising macroeconomic imbalances in India, and improving economic conditions in Western countries led investors to shift capital away from India, prompting a sharp depreciation of the rupee, Forbes noted.

However, investors’ perceptions of India improved in early 2014, due to a reduction of the current account deficit and expectations of post-election economic reform, resulting in a surge of inbound capital flows and stabilization of the rupee.

The outlook for India’s long-term growth is moderately positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy, Forbes said.

However, India has many challenges that it has yet to fully address, including poverty, corruption, violence and discrimination against women and girls, an inefficient power generation and distribution system and ineffective enforcement of intellectual property rights, it said.

U.S. Business Leaders Want Funding Pakistan To Be Tied To Reigning in Terror

An influential group of American business leaders, academics and policy experts has recommended that if Pakistan does not rein in terror, the U.S. stop funding Islamabad’s defense equipment purchases and reimbursing coalition support funds. The task force included Ajay Banga, the Indian American MasterCard CEO and former chairman of the Indo-US Business Council; Ashley J. Tellis, a former U.S. government advisor on nuclear policy and now a senior associate of the Carnegie Endowment for International Peace; Charles R. Kaye, the co-CEO of the investment company Warburg Pincus; Robert D. Blackwill, the former U.S. ambassador to India and now a senior fellow of the Council on Foreign Relations; Stephen P. Cohen, senior fellow of the Brookings Institution; Marshall M. Bouton, senior fellow of the Asia Society Policy Instiute; and Nicholas Burns, a former special envoy for the U.S.-India Peaceful Atomic Energy Cooperation Act and a professor at Harvard University.

“The U.S. should demand that Pakistan meet its obligations as a state to tackle terrorism emanating from its territory, in both India and Afghanistan,” an Independent Task Force of the Council on Foreign Relations said in a statement Nov. 12. But “if Pakistan is not willing to rein in terror, Washington should be prepared, at minimum, to end U.S. taxpayer funding for defense equipment sales and reimbursement of coalition support funds,” the experts said.

“India is poised for power and prosperity if it can remain focused on its domestic transformation, and the risk of conflict with Pakistan threatens to drag India down,” the task force said in its report, “Working With a Rising India: A Joint Venture for the New Century.”

It added, “India should not have to, nor should it want to, endure further decades of having its strategic options limited by Pakistan.”

As for New Delhi, the report said, “The U.S. should encourage India to improve its relationship with Pakistan — as an investment in its own rise — particularly, at least to start, through greater trade connectivity.” Recognizing India’s concerns about the deteriorating situation in Afghanistan which could impact the region, the experts said that the U.S. “should commit to a doctrine stating that future decisions regarding the size, scope, and timeline for deployment of U.S. forces will be determined by on-the-ground realities and not artificially imposed schedules, and without a declared date of departure.”

“Such a move would help assure India and others that U.S. actions will not undermine the goal of long-term regional stability,” they said, and recommended that Washington “extend its commitment to Afghanistan — even beyond President Barack Obama’s decision to slow the withdrawal of U.S. troops from Afghanistan and retain a force of some 5,000 troops in the country into 2017.”

On why New Delhi is important, the report said that India has the capacity to develop into a $10 trillion economy if it keeps the current growth trajectory and this, combined with its national security and global potential, offers the U.S. one of the most substantial opportunities to advance America’s national interests.

In view of this, the experts recommended that Washington give top priority to economic ties with India and collaborate “actively with India to envision a more ambitious economic goal.”

The dividend for the U.S. in this scenario, their report said, is that a wealthier India will be a stronger strategic partner, as it would be able to invest more in its own defense, and be an effective partner in homeland security matters.

The task force acknowledged that Washington’s relations with New Delhi will be unlike that with its conventional allies because of “India’s size, its class-of-its-own sense of self, and its fierce independence” and New Delhi not wanting a formal alliance, and said that it called for a new model of working together.

They said Washington should “emphasize a ‘joint-venture’ model for U.S.-India relations, focused on a slate of shared pursuits on which interests converge and with clear mechanisms for coordinating and managing the known and expected disagreements.”They identified the cyber arena, global health, climate change and clean energy, and democracy building as areas for joint ventures.

Force India in Talks With Aston Martin, Johnnie Walker

Force India are in talks with Aston Martin and Scotch whisky brand Johnnie Walker about a deal that would see the Formula One team change its name and look, co-owner Vijay Mallya said here last week. “Yes, there are discussions on with Aston Martin. Yes, there is excitement on both sides,” he told the media the Mexican Grand Prix, media reports here stated.

“But it still has to go through due process before we agree and shake hands on a concept, whatever that concept may be … we have not exchanged anything in terms of an outline or draft contracts. This is a sort of tri-partite discussion that is going on which involves Diageo with its Johnnie Walker brand as well.”

Force India in Talks With Aston Martin, Johnnie WalkerAs per reports, Mallya, whose co-owner Subrata Roy of the Sahara Group has been in jail in India for more than a year, said that if the Mercedes-powered team did change name, it would still remain Indian registered. “I named the team Force India only to give India and all of the motorsport fans in my country pride of place on a Formula One grid,” continued the liquor baron, who also has business troubles following the collapse of his Kingfisher airline.

“But they’ve enjoyed that for eight years and now they know this team is synonymous and will still be an entry from India flying the Indian flag. So what name we run under is not as critically important as it was for the first three or four years.”

According to reports, Mallya bought the Spyker team, previously Midland and Jordan, and renamed it Force India for the 2008 season as the first Indian outfit in Formula One. The team have struggled financially and this month sought a $10 million advance on their 2016 championship payments, the same amount they were granted before the start of this season.

Loss-making Aston Martin, famous as the marque of choice for fictional British secret agent James Bond, is five percent owned by Mercedes — who provide Force India’s engines. Johnnie Walker are owned by Diageo, who are majority shareholders in Mallya’s United Spirits Limited and several of their liquor brands are already visible on the Force India cars. The whisky brand has partnered former champions McLaren, who are enduring their worst season and are ninth of the 10 teams, for 10 years but is also a global sponsor of Formula One.

“So Aston Martin, a premier British marque, Johnnie Walker, premium Scotch,” said Mallya. “That sort of premium-ness element forms the package.” Asked when a deal might be done, with reports already of a likely blue and gold livery for the rebranded cars, Mallya said he did not know.

Force India in Talks With Aston Martin, Johnnie Walker
Vijay Mallya

“I can say that discussions have progressed substantially since (Silverstone),” he said. Aston Martin Chief Executive Andy Palmer attended that race in July as a guest of Force India. “Obviously if something is going to happen, it should happen before the start of next season because then one would have to think about the livery, the uniforms, team kit and so many other things.”

Palmer told Reuters at the time that the chances of Aston Martin returning to Formula One for the first time since 1960 were “improbable”.

“Everybody knows Aston Martin. I have a job to do in terms of getting us back into the conversation amongst people that cross-shop sportscars, be it McLaren, be it Ferrari or Porsche. I need to be in that conversation,” he said then. “But to get into Formula One, that’s serious money that I don’t have.”

U.S. India Business Council Applauds Conclusion of US – India Trade Policy Forum

Following the successful conclusion of the ninth round of U.S.-India Trade Policy Forum, the USIBC hosted a reception, providing an opportunity for deeper engagement between industry stakeholders and government officials from both the United States and India. The U.S.-India Trade Policy Forum (TPF) is a government-to-government trade dialogue aimed at increasing bilateral investment between the two nations.

The trade policy forum comes on the back of U.S.-India Strategic and Commercial as well as Prime Minister Modi’s visit to the west coast of the United States. The talks focused on four primary areas of bilateral ties-agriculture, services, promoting investment in manufacturing, and intellectual property. USIBC member companies submitted recommendations under these four working groups to the USTR.

The reception was attended by high ranking government officials such as Minister of Commerce and Industry Nirmala Sitharaman, United States Trade Representative Michael Froman, Commerce Secretary of India Rita Teotia and Deputy USTR Ambassador Holleyman.

The event received broad representation from USIBC’s diverse membership base of 300+ companies that include Ford, MasterCard, Pfizer, Lockheed Martin, Bank of America, PayPal and Boeing.

During the discussion, Minister Sitharaman and Ambassador Froman highlighted the direction in which the two nations are working together to foster a robust and open bilateral trade environment. Following Prime Minister Narendra Modi’s visit to the west coast and a series of successful dialogues over the last few months, both nations view the bilateral relationship with greater enthusiasm.

Mukesh Aghi, President of the U.S.-India Business Council said, ” The trade policy forum couldn’t have come at a better time. We have seen India rise in World Bank’s Ease of Doing Business Index under the leadership of Prime Minister Modi. The Trade Policy Forum represents another important step towards strengthened trade relations between the U.S. and India. India is growing to be one of the most open economies in the world today and USIBC member companies are excited by the opportunity to grow the bilateral trade five-fold. Increasing FDI projects in sectors like manufacturing, defense, Smart Cities and clean technology along with positive environment fostered by initiatives like Make in India and Digital India are proving to be game changers and creating jobs for the Indian economy.”

“We have seen enhanced engagement between the United States and India in the course of the past year, with a high bar set by President Obama and Prime Minister Modi,” said United States Trade Representative Michael Froman. “Our work this week under the Trade Policy Forum focused on translating engagement into tangible results that will increase the pace of trade growth between our economies. To that end, Minister Sitharaman and I focused our work on forward looking policy initiatives in intellectual property, manufacturing, agriculture and services that can expand trade and investment and benefit our manufacturers, workers, innovators, service providers, farmers, and ranchers.”

Minister Sitharaman congratulated Ambassador Froman on the successful conclusion of the Trans-Pacific Partnership (TPP) after eight years of painstaking efforts and said, “The U.S.-India Trade Policy Forum was an intense engagement, one which we can say with confidence is moving forward with a lot of positive outcomes.”

“Abbott continues to see India as a promising market for growth. The government’s vision for promoting ease of doing business and attracting investment enables Abbott to help more people live healthier, better lives,” said Claude Burcky, Vice President of International Government Affairs, Abbott.

Air India Launches Incentives for Inaugural SFO-Delhi Flights

Air India has rolled out incentives to attract more bookings on its newly launched and much anticipated first-ever non-stop flight between San Francisco and New Delhi from Dec. 2, its officials announced during a press conference at the India Community Center here Oct. 15.

The national carrier’s officials offered promotions and more information related to the airline’s ambitious project during the event that was also attended by various Indian American community leaders.

A $999 round-trip introductory fare was announced for the SFO-New Delhi flights, which are currently bookable on Air India’s site.

“We have an introductory offer from here to Delhi at $999, so anyone who takes the flight to Delhi in the first few days will probably get that offer,” Pankaj Srivastava, director-commercial and board member of the airlines, said at the event.

Air India Launches Incentives for Inaugural SFO-Delhi FlightsThe airline is running another promotion for customers choosing to fly in the airline’s premium cabins. SFO-New Delhi flight passengers who purchase round-trip first or business class cabin tickets to travel between Dec. 2, 2015 and Jan. 31, 2016 will receive a free round-trip executive class ticket on Air India’s domestic network.

The thrice-weekly flights to be operated on Sunday, Wednesday and Friday will use Boeing 777-200 LR aircraft and will offer a 3-cabin configuration, with eight seats in first class, 35 seats in business class and 195 seats in economy class. This ultra-long route will be clocking in at 7,700 miles and about 17 hours.

The flight will take off at 10 a.m. (PST) from San Francisco International Airport and land in New Delhi at 3:35 p.m. (IST); in the other direction, it will leave New Delhi’s Indira Gandhi International Airport at 2:45 a.m. (IST) and reach SFO at 6 a.m. (PST).

“Air India is constantly replacing its fleet. It’s no longer an old airline,” S. Venkat, director-finance for Air India, remarked. “The average age of Air India’s fleet is 5.6 years. It is one of the youngest airlines in Southeast Asia. It has improved its product all the way, and you will be impressed. From India Gate to Golden Gate and Golden Gate to India Gate.”

The officials said that for passengers travelling beyond Delhi, the airline offers quick and seamless connections to the cities of Bengaluru, Mumbai, Chennai, Kolkata, Hyderabad, Kochi, Ahmedabad, Pune and Bhubaneswar.

“The 17 hours of flying will give passengers the best comfort with the extra seat-pitch, more legroom, great food and a variety of in-flight entertainment, and the safety and security standards that we have on Air India are unmatchable,” he said, adding, “And if you have any suggestions, send them to us even if they are negative, to help us improve our services.” The flight, officials said, will take the polar route, over the Atlantic.

It will provide three meals on board with about 26 options to choose from and, keeping in mind the long haul, flatbeds will be available in first and business class while the economy zone seats will enjoy legroom of 34 inches. The baggage allowance will be 50 pounds for two pieces in economy, and 70 pounds in first and business class.

The carrier, a member of Star Alliance, is also offering an attractive Frequent Flyer Program wherein passengers can earn and redeem miles on any of their partner airlines when flying them domestically. Making an instant offer, Srivastava said that new members registering on the Frequent Flier Program would receive a starting bonus of 5,000 points. San Francisco is Air India’s fourth destination in the United States after New York, Chicago O’Hare and Newark, where it operates daily non-stop flights.

Sanjay Mehrotra’s SanDisk Bought Out by Western Digital for Nearly $19 Billion

In a cash-and-stock deal, Irvine, Calif.-based Western Digital bought Milpitas, Calif.-based and Indian American-led SanDisk, a flash-memory chip maker. The deal is worth about $19 billion, with SanDisk’s stock valued at about $86.50 a share.

Western Digital is a maker of hard drives for businesses and personal computers, and is hoping to extend its reach in the storage industry with the deal. The two companies said they have complementary product lines, including hard disk drives, solid-state drives, cloud datacenter storage solutions and flash storage solutions. SanDisk president and CEO Sanjay Mehrotra is expected to join Western Digital’s board upon the transaction closing.

“The combined company will be ideally positioned to capture the growth opportunities created by the rapidly evolving storage industry,” Western Digital CEO Steve Milligan said in a statement. When the deal, approved by both boards, finalizes and the companies combine, Milligan will remain CEO and the headquarters will stay in Irvine. The deal, still needing approval from SanDisk shareholders, is expected to close in the third quarter of 2016.

Western Digital had previously announced investment from Unisplendour in September. The deal with Unisplendour, a division of China’s Tsinghua Holdings, would make them a minority shareholder in Western Digital with a $3.78 billion investment.

If that deal closes prior to the SanDisk Corp. acquisition, Milligan’s company will pay $85.10 per share in cash and 0.0176 shares of its stock for each SanDisk Share. However, if the acquisition comes first, the price will be $67.50 in cash and 0.2387 shares for each share of SanDisk. The WD-SanDisk transaction is expected to add to adjusted earnings per share within a year of the deal closing. Up until that time, WD expects to continue paying its quarterly dividend and plans to suspend its stock buyback program.

Indian Companies Among Top 10 Acquirers in U.S.

India has been ranked among top 10 acquirers in the U.S. market this year with 16 deals valued at $1.7 billion, according to Baker & McKenzie report. A majority of these deals were in the pharmaceutical sector, with six transactions totalling $1.5 billion, as Indian companies sought to increase their scale in the U.S. generics market, the report said.

“Indian companies (particularly in the pharmaceutical sector) have been on a acquisition spree and I think this trend will continue in the near term, given the low valuation and the need for Indian companies to increase their scale to compete in the increasingly competitive generic markets, as well to dip their toes into the innovator side of the business,” said Ashok Lalwani, global head of Baker & McKenzie’s India practice.

Most of these acquisitions are funded internally as Indian companies are generally cash-rich, he said. “On the other hand, there is an uptick in Indian pharmaceutical companies tapping into the debt market for acquisition funding, as money continues to be relatively cheap right now,” Lalwani added.

India is witnessing more cross-border M&A deals and beyond 2015, and the country could become a “sweetheart for U.S. dealmakers,” as the Indian government continues to pursue reforms to open the economy to foreign investors, said the report. “There is optimism and people are moving into India for that reason,” Baker & McKenzie’s global head of M&A Michael DeFranco said. There are, however, some risks that could disrupt market activity, such as changes in the macro-economy.

“If the U.S. Federal Reserve raises interest rates faster than expected or China’s slowdown is greater than anticipated, it could create uncertainty that gives dealmakers pause,” DeFranco added. Globally, overall deal activity in the year-to-date is already at $2.91 trillion, well ahead of last year’s pace and cross-border transactions have so far totalled $1.05 trillion.

“Improving economic indicators in the U.S., easing concerns in the EU and emerging opportunities in Asia Pacific should continue to spur cross-border activity, particularly so-called ‘mega deals’,” DeFranco said.

India To Be 3rd Largest Economy With Largest Labor By 2030

Washington, DC: Not long ago, India was considered among the underdeveloped and sometimes a developing Third World Nation. The new path India took with the modernization of its economy in 1990s has taken India to new heights and today, it is ranked among the largest of economies among the nations of the world. India continues to be on the growth path, making sustainable development in almost all areas. And if the current trend continues, in the world 15 years from now, India will be the third largest economy in the next 15 years from now. India, ranked eighth in 2015, will climb past Brazil, the United Kingdom, France, Germany and Japan to take third place in the world ranking.

India To Be 3rd Largest Economy With Largest Labor By 2030The International Monetary Fund calls India “the bright spot in the global landscape.” The country will have the largest workforce in the world within the next 15 years, the IMF notes, and among the youngest. Despite all the glow around India’s growth, it is notable that India still has nearly 300 million of its population below poverty line, which is in contrast with the growth path by many other developing nations.

According to the US Department of Agriculture’s latest macroeconomic projections that go out to 2030, the US will be far less dominant, several emerging markets will catapult into prominence, and some of the largest European economies will be slipping behind. The US will just barely remain the global leader, with $24.8 trillion in annual output the country, worth 25 % of the world economy in 2006 and 23% in 2015, will see its share decline to 20%.

China’s GDP will grow to more than twice its size today, helping the Asian powerhouse to almost entirely close its gap with the US.  India will be followed by Japan in fourth place, then Germany, and Brazil at number six.

According to the same report, some of the other nations won’t be so lucky, particularly among developed economies. Japan, which was a roaring economy until its asset bubble burst in the early 1990s, has already slogged through decades of stagnation and will likely continue to see very little growth over the next 15 years. That will push Japan down a spot in the rankings by 2030, according to the USDA estimates.

Japan is “an important lesson in how quickly you can downshift your status of what a structure of an economy delivers,” said Bruce Kasman, JPMorgan’s chief economist. In the overall ranking, Jamaica will surrender the most ground, bumping down 13 places to 136. Countries with the biggest advances — like Uganda, which will climb 18 spots to rank 91 — are concentrated in Africa, Asia and the Middle East. It’s important to take estimates stretching out so far with a note of caution, though.

“There are lots of uncertainties,” said Kasman. “Whether China grows at 4% or 6% matters an awful lot for where it looks like it’s going to be in the global economy. Whether India grows at 3% or 8% — these are huge differences when you compound them over long periods of time.

India To Be 3rd Largest Economy With Largest Labor By 2030Meanwhile, Moody’s has raised India’s credit rating outlook to positive from stable, marking a robust endorsement of policy initiatives by the Narendra Modi government aimed at reviving growth and putting it ahead of other economies. Rival rating agency Fitch was more circumspect, praising the reform initiatives but leaving the outlook unchanged.  The rating upgrade could be possible in the next 12-18 months, Moody’s said. Fitch will wait to see the growth impact that the economic changes have once they are fully implemented. The three big rating agencies — Standard & Poor’s, Moody’s and Fitch — have India at the lowest investment grade, just a notch above ‘junk’ status. “The upgrade in outlook is significant but we’ve to do more,” Finance Minister Arun Jaitley tweeted after Moody’s raised the outlook and affirmed its Baa3 rating.

“India has grown faster than many other peers over the last decade and the actions of the policymakers should further boost the country’s economic and financial strength in coming years,” Moody’s said in a statement. “The ability of policymakers to strengthen India’s sovereign credit profile to a level consistent with a higher rating will become apparent over the next 12-18 months.” Fitch said the Modi government’s program is bringing about a change in sentiment. This had turned gloomy in the final years of the previous United Progressive Alliance government as growth slumped to decadal lows and projects got stalled.

Apple Inc. ordered to pay $234 million to BITS Graduates

Gurindar Sohi and Terani Vijaykumar, both electrical and electronics engineering graduates of Birla Institute of Technology and Science, Pilani, were part of the four-member WARF team that developed the chip technology used without permission by Apple.

Apple Inc. has been ordered to pay $234 million to the intellectual property arm of Wisconsin University for using patented technology developed by its team, including two Indian-American engineers. The award by a federal jury in Madison on Friday was about $165 million less than the amount sought by Wisconsin University Alumni Research Foundation, according to the Wisconsin State Journal.

WARF sued Apple in January 2014, claiming that Apple infringed on one of WARF’s patents in creating a processor for its popular mobile devices, starting with the iPhone 5S in 2012. U.S. District Judge William Conley, who presided over the trial, complimented the lawyers on their professionalism and spoke to Wisconsin University-Madison computer sciences’ Prof. Sohi, who led the WARF technology team, seated in the courtroom.

“For Dr. Sohi, I hope you felt that your invention was vindicated,” Conley was quoted as saying. “This is a case where the hard work of our university researchers and the integrity of patenting and licensing discoveries has prevailed,” said Carl Gulbrandsen, managing director of WARF.

Apple attorneys declined to comment, referring questions to the California company’s public relations office, the Journal said. But spokesperson Rachel Tulley said Apple would appeal the verdict.

India to be in Top-3 pharma manufacturing countries by 2020: Study

As the TechSci Research Report released here today India is expected to be in top three pharmaceutical manufacturing countries with a turnover of $55 billion by 2020. The report was released at the Assocham and Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers conference on intellectual property rights (IPR) in pharmaceuticals in Ahmedabad on Wednesday.

Speaking at the event, Harish Padh, vice-chancellor, Sardar Patel University said that though pharma has matured till implementation of new IPR Regime in 2005, diagnostic and medical devices are the sectors that are being negatively impacted by implementation of new IPR Regime.

He also highlighted that India is expected to be in top three pharmaceutical manufacturing nations in the world. “However, to ensure that full potential of the pharmaceutical industry be realised, innovation must be allowed to flourish and the IPR rights must be properly recognised, respected and rewarded. This will add speed to the wheels of progress of nation ushering in a new paradigm,” Padh said.

Experts here felt that the new paradigm of IP protection brings for the country an excellent opportunity to further stimulate the biopharmaceutical industry creating thousands of new, high value jobs, while paving the way for newer avenues of foreign direct investments.

Kiran Kalia, director, National Institute of Pharmaceutical Education & Research, Ahmedabad said, “The enactment of the Patent (Amendment) Act, 2005 is viewed as a milestone which substantially changed the protection regime in India. However, patent disputes have regularly arisen in India, recently in the context of compulsory licensing.”

While the Union governement has been supporting SMEs in pharmaceutical manufacturing through developing clusters in various parts of the country, it has also approved setting up of six new pharmaceutical parks with an estimated investment of $26.9 million.

Wal-mart Paid Thousands of Bribes in India: WSJ

America’s multinational retail corporation Wal-mart is suspected to have paid bribes worth millions of dollars in India, according to a report. The Wall Street Journal said Wal-mart’s “suspected bribery” unearthed in India involves thousands of small payments to low-level local officials to help move goods through customs or obtain real-estate permits.

“The vast majority of the suspicious payments were less than $200, and some were as low as $5, the people said, but when added together they totalled millions of dollars,” the daily said. In 2013, Wal-mart shelved plans to open retail stores in India by severing a joint venture with Bharti Enterprises Ltd and instead decided to become solely a wholesaler, the report said.

Wal-mart, which was pushing the previous Manmohan Singh government for permits to open a store, also lobbied with the U.S. Congress in this regard, Congressional disclosure reports have said in the past few years. According to the report, Wal-mart’s massive bribery efforts is unlikely to bring in any penalty under the provisions of the U.S. Foreign Corrupt Practices Act because its Indian operation did not yield any profit. There was no immediate response from Wal-mart’s corporate headquarters here on the Wall Street Journal’s report.

India climbs one rank with a 32% sprint in brand value

India’s nation brand value has in 2015 increased by a whopping 32 per cent to $2.14 trillion, compared with $1.62 trillion last year, shows a report by London-based Brand Finance, a leading independent brand valuation and strategy consultancy. Not only has India’s rate of increase been the highest among the top 10 by brand value, it has also helped the country improve its global ranking by a notch to seventh.

Only three Asian nations – China, India and South Korea – figure among the top 20 most valuable nation brands. Even as China has maintained its second position, it has lost one per cent of its value over a year to $6.3 trillion in 2015. South Korea has improved its ranking to 12th from 17th with a 10 per cent increase in value to $1.1 trillion.

Meanwhile, in a classic case of how one company’s mess can hurt a country, the recent crisis faced by automaker Volkswagen has not only affected Germany’s brand value but also cost it its position as the world’s strongest nation brand.

In addition to a four per cent erosion in brand value to $4.2 trillion, Germany, the third-most-valuable nation brand, has been replaced in the strongest nation brand pecking order by Singapore.

With its intolerance for corruption, generous wages for public officials to discourage graft, heavy tax on cars leading to less congestion and good public transport, and a high-quality education system, Singapore, which has a nation brand value of $412 billion, is now the strongest nation brand.

India climbs one rank with a 32% sprint in brand valueAccording to David Haigh, chief executive officer, Brand Finance, a nation brand is one of the most important assets for any state in a global marketplace, “encouraging inward investment, adding value to exports and attracting tourists”.

Though the US remains the most valuable nation brand in Brand Finance’s 2015 edition of Nation Brands report, the country’s image as the ‘Great Satan’ in Iran will affect the ability of its firms to export into Iran. The report says: “Those with a neutral and internationalist branding, such as Apple, should be largely unaffected. But the more ‘all-American’ brands like Coca-Cola might struggle to overcome negative perceptions.”

In the case of the UK, there are even stronger negative associations with Iranians, many of whom resent the UK’s historical political interference in their country. Germany and France, by contrast, were faster to reach out and had a more established presence in Iran before sanctions were imposed on that country. “France’s Peugeot was the market leader in the Iranian automobile market. However, its perceived abandonment of the country might mean other European firms are better placed to profit,” says the report.

Brand Finance measures the strength and value of 100 countries using a method based on the royalty-relief mechanism employed to value large companies. The five-step approach includes preparing a brand strength index on the basis of goods and services, investment and society. The first is sub-divided into governance, market and tourism (for investment, tourism is replaced by people and skills).

It emphasises a six-step approach by governments to improve the nation brand through appraisal, macro and micro image, consistent and focused vision, brand strategy, market strategy and execution. India’s “Incredible India” slogan, used for tourism promotion, has worked well as “an umbrella brand”, with more targeted and detailed campaigns appealing to the different audiences. “Who doesn’t want to discover something incredible? An overarching slogan or campaign could be used across the board,” says Courtney Fingar, editor-in-chief of fDi Magazine, which has partnered Brand Finance for this year’s Nation Brands study.

Interestingly, Iran tops the list of best-performing nation brands; the value of its nation brand value has increased 59 per cent over a year ago to $159 billion. Iran is followed by Cameroon, Tanzania, Kenya and Zambia in high rates of increase. The report says Hassan Rouhani’s moderate approach is slowly shifting the international perception of Iran’s potential.

“The conflict on its doorstep and the Sunni-Shia divide will remain an impediment to trade and investment locally but with a market of 77 million people, vast hydrocarbon reserves and a highly educated population, Iran certainly has a receptive audience globally,” says the report.

Ukraine and Russia, rivals in political arena, are together in the worst-performing nation brand category, at first and third spots, respectively. Russia’s brand value, at $810 billion, is more than 60 per cent lower than India’s.

81 companies sign pledge on climate change: US

The White House said that a total of 81 companies have signed a pledge to reduce greenhouse gas emissions as part of the country’s efforts to combat climate change. Among the companies signing the American Business Act on Climate Pledge are Coca-Cola, Apple, Intel, IBM and Walmart, Xinhua reported.

The White House said in a statement last week that these companies have operations in all 50 US states, employing more than nine million people and representing more than $3 trillion in annual revenue, with a combined market capitalisation of over $5 trillion.

While voicing expectation for a strong outcome from the upcoming UN climate talks in Paris in December, the companies agree to reduce their emissions, increase low-carbon investments, deploy more clean energy, in addition to other actions.

The White House launched the American Business Act on Climate Pledge in July, with 13 US companies such as Microsoft committing a total of $140 billion in new low-carbon investments and more than 1,600 megawatts of new renewable energy at that time.

An independent consortium of long-term investors, created in a White House clean energy investment summit in June, on Monday, also announced its first round of investments totalling $1.2 billion through an “aligned intermediary”, which will be formally launched and branded in mid-2016.

US cancels plans to allow Arctic oil drilling

The US government has cancelled plans to allow oil drilling along the Arctic coasts of Alaska for the next two years, the interior department announced. The decision signifies the elimination of offshore lease sales for oil drilling rights in the Chukchi and Beaufort Seas, and comes less than a month after the Shell oil company decided to suspend its exploration for crude and natural gas on the Alaska coast, EFE reported on Saturday.

On September 28, the Anglo-Dutch oil company announced the suspension of its plans in Alaska due to some “disappointing” results from an important oil well in the sea off Chukotka, that unfortunately coincided with a time when the price of crude was at its lowest in recent years.

“Shell will now cease further exploration activity in offshore Alaska for the foreseeable future,” the oil company said at the time. “This decision reflects both the Burger J well result, the high costs associated with the project, and the challenging and unpredictable federal regulatory environment in offshore Alaska.”

“In light of Shell’s announcement, the amount of acreage already under lease and current market conditions, it does not make sense to prepare for lease sales in the Arctic in the next year and a half,” interior secretary Sally Jewell said.

The Barack Obama administration also decided to refuse the requests of Shell and Norway’s Statoil to move to a later date the lease contracts in the Arctic they obtained from the government of George W. Bush.

The two offshore lease sales that the US had planned for the next two years were the one in 2016 for drilling rights in the Chukchi Sea and the other in 2017 for the Beaufort Sea. Despite the hold on bidding during the next two years, the interior department still has plans for possible lease sales for drilling rights in the Arctic for the years 2020 and 2022. The final decision in those two cases will be up to the US president elected in 2016. Meanwhile, environmentalists have opposed all plans to drill for oil in the Arctic, warning that such operations could harm polar bears and seals.

SriLankan Airlines flies the Windies to the Island

Colombo October 1, 2015: National Carrier SriLankan Airlines flew the star-studded West Indies cricket team to the island, today. Arriving from London, the cricketers were warmly welcomed by the SriLankan staff at Bandaranaike International Airport. The visitors are scheduled to play 2 test matches, three one day internationals and two T20 matches against the home side starting from October 14, 2015.

The SriLankan Airlines office in the USA was instrumental in making the national carrier the team’s choice of travel for their tour of Sri Lanka, which is incidentally after a lapse of three years. The West Indians were here last in 2012 to participate in the T 20 World Cup.

SriLankan Airlines flies the Windies to the Island
SriLankan Airlines flies the Windies to the Island

Google, Microsoft End Patent Litigations

Microsoft and Google have agreed to bury all patent infringement litigation against each other, the companies announced last week, settling 18 cases in the United States and Germany. The companies said the deal puts an end to court fights involving a variety of technologies, including mobile phones, Wi-Fi, and patents used in Microsoft’s Xbox game consoles and other Windows products. The agreement also drops all litigation involving Motorola Mobility, which Google sold to Lenovo last year while keeping its patents.

However, as Microsoft and Google continue to make products that compete directly with each other, including search engines and mobile computing devices, the agreement does not preclude any future infringement lawsuits, a Microsoft spokeswoman confirmed.

The agreement brings an end to legal battles over the use of technology in mobile phones and Wi-Fi and of patents covering games for the Xbox video-gaming console and Windows products, Efe cited the two companies as saying in a joint statement. “Google and Microsoft have agreed to collaborate on certain patent matters and anticipate working together in other areas in the future to benefit our customers,” the companies said without disclosing financial terms.

The legal battles began in 2010, when Microsoft accused Motorola, later acquired by Google, of non-compliance with its obligation to allow companies to license patents covering wireless networking and video technologies at a reasonable price. Google sold Motorola Mobility to Lenovo last year but kept some assets, including the majority of its patents.

Valuation of India’s top 30 software firms crosses $10 billion: Report

The total valuation of India’s top 30 enterprise software product companies is touching $10.25 billion, pushing up the value of an index compiled by software products think tank iSpirt by 20 per cent. “We see a steady growth in this space and we expect it to continue to grow nicely. The data tells us that the ecosystem is accelerating,” said Dev Khare, managing director at Lightspeed India Partners Advisors, who helped put together the report for iSpirt. The report, based on an index called iSPIxB2B comprising top 30 software product companies in India and their valuations, said that the number of employees at these companies have also grown by nearly 18 per cent to over 21,200 employees.

“There has been a notable increase in the enterprise value per employee, showcasing shift from services heavy to product-heavy offerings,” said the report. Khare said the growth in the number of enterprise software companies is due to three key reasons—the growing domestic market, easier access to global customers via the internet and a growing breed of entrepreneurs who have deeper understanding of software products and industries.

“There is a new class of entrepreneurs coming in with a very close finger on the pulse of the needs today and creating solutions for that,” said Khare. An overwhelming majority of the companies (80 per cent) including the likes of cloud telephony company Knowlarity, customer support software maker Freshdesk and ad tech company InMobi are focused on the global market while the rest are looking to tap into the Indian market.

About 67 per cent of the companies are domiciled in India but since 2009, majority of Indian B2B companies have started incorporating in the US and Singapore, the report noted. “The government is trying to introduce policies which makes it more conducive for companies to remain domiciled in India,” said Khare. In June, India’s market regulator Sebi said it will launch an alternative trading platform for internet startups with relaxed norms for listing.

Most of the companies in the index have bootstrapped themselves without institutional financing in the early stage. Nearly 43 per cent are bootstrapped and most institutionally-funded companies got growth financing, rather than early-stage venture capital financing, said the report.

Companies from Delhi dominate the index followed by Bengaluru, Chennai, Pune, Mumbai and other cities. Nearly 40 per cent of the companies in the index sell products across different enterprises but the rest are focussed on financial services, retail, media and travel, the report said.

U.S. Congress Lets ‘Discriminatory’ Outsourcing H-1B Fee Lapse

Indian companies and high-skilled Indian American workers have been a major force that utilizes the much sought-after H-1B worker visa in the United States. The “discriminatory fee on processing the visa application has been a bone of contention between the US and the many companies that use the visa for its employees, who get to fill the vacuum in the US economy. Passed on August 10, the law contains provision to hike H-1B and L-1 Visa fee per application by USD 2,000 and USD 2,250 respectively for qualifying firm; which mainly targeted Indian IT companies.

In a breather for Indian IT firms, the “discriminatory” USD 2,000 H-1B fee mostly imposed on them has now lapsed in a Republican-majority U.S. Congress.  The charges, often called outsourcing fee, had forced Indian IT companies in the last few years to pay millions of dollars towards protecting the U.S.-Mexican border from illegal immigration.

Indian firms had described the fee on highly-qualified IT professionals coming to the U.S. on a H-1B visa as “discriminatory.”  The legislation with regard to a USD 2,000 fee on H-1B visas for companies having more than 50 per cent of its employees oversees was adopted by the US Congress in 2010 mainly at the instance of a group of lawmakers led by Senator Charles Schumer.

The duration of law was extended from four to five years under James Zadroga 9/11 Health and Compensation Act of 2010 to provide healthcare and financial compensation for the firefighters and other ‘First Responders’ who helped out in the aftermath of the 9/11 attack.

In a report released last month, NASSCOM said Indian tech industry contributed an estimated over USD 375 million during this period to the U.S. Treasury including helping America secure its borders.  In a recent interview, NASSCOM president R. Chandrashekhar described the fee as unjustified.  “It had nothing to do with the IT industry. It was applied in an inequitable way, which specifically targeted Indian companies,” he said, adding that he would welcome any move to eliminate the fee.

The Congress can still come up with a legislation to reinstall the discriminatory H-1B fee, which lapsed yesterday night, Congressional sources said.  However, Institute of Electrical and Electronics Engineers (IEEE-USA) in a statement criticised the U.S. Congress for the lapse of the H-1B fee.

USA Today Reports of India Displacing China as Silicon Valley’s Next Frontier

Silicon Valley on the west coast of the United States is filled with new and innovative ventures that look to the future and is known for its technological inventions that have transformed the world. There are several Indian Americans who have made new innovations that contribute to the transformation of the world and the way people perceive the future. Silicon Valley, in the southern San Francisco Bay Area, is home to hundreds of start-ups and global technology companies, with Google, Apple and Facebook among the most prominent.

Affirming the contributions of the Indian tech giants, the popular USA Today said last week in a news dispatch from San Francisco, “China may be a Silicon Valley obsession, but India increasingly is in the conversation and may soon displace its Asian neighbor as tech’s next big frontier.”

The first Indian Prime Minister of India to visit California in more than three decades, Modi over the weekend spent several hours at the headquarters of iconic companies such as Tesla, Google and Facebook. He also had interactions with the top CEOs including Tim Cook of Apple, Satya Nadella of Microsoft and Google’s newly-appointed Indian-origin CEO Sundar Pichai.

“The near-future was on full display last week,” USA Today said referring to Modi’s meetings in the Silicon Valley. “The Facebook of India is Facebook. The Google of India is Google,” Beerud Sheth, CEO of Teamchat, a communications app with employees in India and the U.S., was quoted as saying.  “In China, those services are banned,” he said.

Modi’s Visit Strengthened Indo-U.S. Bonds: American Lawmakers

The historic visit by the Prime Minister of India, Narendra Modi to the United States last month has strengthened the bonds between India and the US, the two largest democracies of the world and opened up new avenues of co-operation, top American lawmakers have said.

“There are many different areas and sectors where the U.S. and India’s growing friendship will cover mutually beneficial ground. Prime Minister Modi’s second visit to the U.S. has allowed us to continue to strengthen those bonds and explore new opportunities for us to work together,” Democratic Congresswoman from Hawaii, Tulsi Gabbard, said.

Gabbard is the first ever Hindu Congresswoman elected to the U.S. House of Representatives. She was among the top American lawmakers to have met Modi and attended his address to the community at SAP Center in San Jose, California. During her meeting with Modi, she and other members of Congress discussed plans to build U.S.-India relations and promote technology partnerships. “Prime Minister’s 2-day tour of Silicon Valley included meetings with technology executives who offered their ideas and assistance in bringing India fully into the digital world,” she said.

Congresswoman Loretta Sanchez, who also met Modi in San Jose, said Modi’s visit to Silicon Valley is symbol of the collaboration and cooperation between the US and India. “Innovation and entrepreneurship are values that both of our countries excel at and serve as a model for,” he said. Among the members of Congress who attended the event were the Minority Leader Nancy Pelosi; Ed Royce, Chairman of the House Foreign Affairs Committee; Ami Bera and George Holding, co-chairs of the Congressional Caucus on Indians and Indian Americans; Eric Swalwell; Mike Honda and Jim McDermott.

Congressman Matt Salmon said the India and the U.S. were natural partners. “Our growing cooperation on issues like counter-terrorism, peacekeeping, and maritime security is a positive development for the region and the world,” he said. “At the same time, our economic and commercial ties have not kept pace with our deepening political ties,” he said.

“I am pleased to support the elevation of commercial issues in the recently concluded first U.S.-India Strategic and Economic Dialogue and Prime Minister Modi’s visit to the U.S., where he heard ideas first-hand from entrepreneurs and business leaders in Silicon Valley on how we might advance our economic relationship,” Salmon said.

Following her meeting with Modi over the weekend, Congressman John Garamendi said that he raised the concerns of about the treatment of religious and ethnic minorities in India with the Prime Minister. He is Sikh Caucus Co-Chair. “I appreciate that Prime Minister Modi gave me the opportunity to discuss these critical issues. Rest assured that he knows where I stand and that the message of my constituents was heard loud and clear,” he said.

Indra Nooyi, Shobhana Bharatia Receive USIBC Global Leadership Award

PepsiCo chairman Indra Nooyi and Hindustan Times Group chairperson Shobhana Bharatia were honored with the 2015 Global Leadership Award by the U.S. India Business Council Sept. 21 at its annual gala for their commitment to driving a more inclusive global economy and their roles as women leaders. U.S. Vice President Joe Biden and Secretary of State John Kerry were among those who spoke at the gala.

Noting that USIBC plays an important role in strengthening the India-U.S. relationship, Nooyi said there are tremendous opportunities ahead to work together in new ways that capitalize on their collective strengths, paving the way to shared prosperity.

In other news, a venture capital fund backed by Reliance Industries Ltd. and a United States-based technology firm have signed an agreement to bring cutting-edge software technologies to India. Reliance-backed GenNext Ventures and Ecorithm’s partnership was announced on the sidelines of the inaugural India-U.S. Strategic and Commercial Dialogue.

Ecorithm’s powerful suite of technologies can be applied to build systems and various other enterprise solutions to improve operations, optimize systems, and minimize energy use, a media release said.

“As we bring Ecorithm into India, we are keen to deploy the technology to optimize the energy efficiency of our buildings and raise the standard of environmental design and operation for buildings and enterprises to global levels,” said Vivek Rai Gupta, managing director of GenNext Ventures. Asserting that India offers immense opportunities, External Affairs Minister Sushma Swaraj sought investments from United States industry leaders in public and private sectors.

In her address at U.S. India Business Council’s 40th annual gala Sept. 22, Swaraj said U.S. businesses are “best placed” to make their business decisions. “But it would help if I underline here the scale of India’s economic ambition and the size of economic opportunity that it represents for both our countries,” she said.

“We have plans to boost urbanization, and we are determined to provide affordable power and housing for all. We want to connect manufacturing in India with global supply chains… to develop product-based and service-based industrial and governance platforms around Digital India,” she said.

All of these initiatives and plans present commercial and business opportunities for U.S. industries to partner with India’s public and private sectors for a “win-win outcome,” the minister said. Meanwhile, John T. Chambers, executive chairman of Cisco, has been elected as the new chairman of the U.S. India Business Council.

India to become the fastest-growing emerging market this year: Goldman Sachs

“We forecast India’s potential growth could rise to 8 per cent over the period FY16-20 from 7 per cent in FY12-15, under the new GDP series, based on bottom-up factors and structural reforms,” Goldman Sachs said on Monday, September 21st, 2015. As per the firm, India is likely to become the fastest-growing emerging market this year and its potential growth could rise to 8 per cent over the next five years driven by Technology, gains in Education and Ease of doing business due to less red tape,

Terming these three factors as TEE’s, the global brokerage firm said these could be the key drivers of growth and can contribute 3.6 percentage point to GDP growth annually. Moreover, in a faster reform scenario, India’s potential growth could rise to 9 per cent over this period due to reforms in labour, infrastructure and education, it said.

“With the government focusing its efforts on improving the business climate, we think that micro conditions could see an improvement in contribution to GDP growth over the period,” Goldman Sachs Chief India Economist Tushar Poddar said in the research note.

“The areas in ease of doing business where the brokerage expects some improvement are dealing with construction permits, getting electricity, and registering property due to a big push by the government to move these permits online, as well as resolving insolvency due to a new bankruptcy code, expected in FY16,” Poddar added.  The report further noted that it has taken more time in India for each factor of productivity to affect the economy, while in China, every variable has had a faster impact.

Urbanisation has contributed to growth twice as fast in China compared to India, and in agricultural productivity it was three times as fast. Goldman Sachs said that by 2020, India’s economy could gain over 300 million more internet users and 50 million more high-school graduates.

It is already adding 200 thousand bank accounts every day, and nearly 800 government services have moved online, reducing red tape. These changes can allow the economy to leapfrog a generation of creating physical infrastructure in retail, banking, and government services, and lead to a jump in productivity, the report said. The report, however, cautioned that there are several caveats to our forecasts for potential growth. First, the baseline forecasts are predicated on a set of reforms playing out, as discussed above.

Clearly, if they were not to play out, then the growth potential would be reduced. India will likely add more people to its labour force over the next decade than any other country, it said.

Over the next few years, large-scale capex in manufacturing may be constrained due to weak global demand, as well as local impediments.  “We think it is more likely that services will drive economic growth and jobs, and this can play to India’s strengths,” Poddar said.

India to join UN-based ‘Better Than Cash Alliance’

India is joining the UN-based ‘Better Than Cash Alliance’, which promotes transition from cash to digital payments to reduce poverty and drive inclusive growth, the government said today.

“The new partnership with the Better Than Cash Alliance, made up of governments, companies, and international organisations, is an extension of Indian government’s commitment to reduce cash in its economy,” the Finance Ministry said in a statement.

India joins the Alliance for digitisation of payments to achieve financial inclusion and to share success stories from PMJDY, the world’s largest financial inclusion programme, the statement said. Under PMJDY, in one year, about 180 million new accounts have been opened, with deposits totaling more than USD3.4 billion (223 billion Rupees).

The announcement has come ahead of United Nations Special Summit in New York, where Prime Minister Narendra Modi along with other world leaders will launch Sustainable Development Goals (SDGs). Commenting on the development, Better Than Cash Alliance Managing Director Ruth Goodwin-Groen said that India’s leadership and progress are inspirational for countries around the world.

The Better Than Cash Alliance is a partnership of governments, companies, and international organisations that accelerates the transition from cash to digital payments in order to reduce poverty and drive inclusive growth.

NYC Taxi and FHV Drivers Rally at NYS Governor’s Office to Protect Full Time Jobs

Taxi drivers are taking to the streets to demonstrate against “Ubernomics,” a business model predicated on turning full-time driving jobs into part-time gigs, monopolizing service by flooding the streets and overtaking the heavily regulated taxi industry through “disruption,” and ultimately bringing in the driverless car to replace drivers altogether. In cities with legions of Uber cars, drivers report massive loss of income, both for taxi drivers and Uber drivers themselves. Earlier in the summer, Uber Chief Strategist David Plouffe said “the vast majority of Uber drivers have another job and their income from driving Uber is supplemental.” Professional taxi drivers say, what about the full-time jobs that have existed for generations?

“This income is not supposed to be supplemental. It’s the primary income for a quarter-million workers in this country. Uber has set everyone on a vicious race to the bottom where no worker wins,” said Bhairavi Desai, Executive Director of the New York Taxi Workers Alliance.

Uber and other App companies legislate the business model through state-wide laws that allow them to dispatch “on-demand” directly to non-regulated private motorists with personal cars. As a “Transportation Network Company” (TNC), they win special explicit exemptions from all laws governing taxis and for-hire service, including commercial insurance, commercial registration and inspections, vehicle standards, driver security background checks, tax requirements, and compliance with Americans with Disabilities Act (ADA.) There are also no protections against price gouging, or requirements for customer service.

Despite Uber and Lyft’s failed attempts over the past several years to pass TNC legislation in NYS, drivers say they fear the outcome of the Governor’s public pledge to support Uber and bring it across the state. “Since Uber doesn’t believe it needs to follow the same rules as taxis, the only other way it would be in upstate is as a TNC,” said Beresford Simmons. “Drivers in Buffalo are going to be swarmed in traffic during all the busy times, like rush hour and weekend nights. And when the work dries up, all those private cars are naturally going to enter the City where the work is. Whether NYC is in the law or not, we’ll be squeezed. And none of us can afford to lose more.”

With no cap on the number of TNC vehicles, cities like San Francisco have as many as 30,000 private cars competing for fares in a city served by 3,000 regulated taxis. Drivers have reported losing as much as 70% of their income, while the city is now plagued with the second worst traffic congestion in the country.

The laws also explicitly exempt drivers from employee classification, pre-empting state laws that otherwise have classified similarly dispatched black car and car service drivers as employees for decades.  Cities with strong regulated taxi and for-hire service would stand to lose significant revenue from taxes and fees, but city regulators would be precluded from banning such cars as the state would trump their authority.  There are also no limits on the number of vehicles.

Many states have defeated such measures and activated heavy enforcement to stop Uber’s illegal entrants into local markets. Most recently, Philadelphia seized dozens of cars and fined Uber $300,000. Countries across Europe and Asia have banned Uber due to its anti-regulation stance and Uber CEOs in Paris face criminal charges. Taxi and For-Hire-Vehicle Drivers in New York City urge Governor Cuomo to stand up to Uber and say no to TNCs.

India-US CEO Forum to hold meeting next month to improve economic ties

The India-US CEO Forum would hold its next meeting here on September 21 during which top business and government leaders from the two countries will discuss efforts to improve commercial and economic ties, an official announcement said last week.

During the Forum, CEOs from India and the US will have an opportunity to provide joint private sector recommendations directly to high-level government officials from both countries that address economic challenges in several key areas including trade and investment, said the Department of Commerce.

The meeting will also aim at fostering innovation; developing a skilled workforce; and enabling rapid and secure movement of goods, it said. The US Commerce Secretary Penny Pritzker, along with Caroline Atkinson, Deputy Assistant to President and Deputy US National Security Advisor for International Economics, serve as the US government co-chairs for the US-India CEO Forum.

American CEOs selected for this year’s forum include Ajay Banga, President and CEO of MasterCard; Mary Barra, CEO of General Motors; Sanjay Bhatnagar, President and CEO of WaterHealth International; Shantanu Narayen, President and CEO of Adobe Systems and Indra Nooyi, Chairman and CEO of PepsiCo.

Michael Burke, Chairman and CEO of AECOM Technology Corporation; Ahmad Chatila, CEO of SunEdison, Inc; David Cote, Chairman and CEO of Honeywell International Inc. who is also the Forum Co-Chair; Dinesh Paliwal, Chairman, President and CEO of Harman International Industries; Paul Jacobs, Executive Chairman of Qualcomm, Inc. are among others selected.

US Unveils Visa Modernization Initiative

The US Government has unveiled a proposal designed to streamline various immigration procedures, including the process of applying for a T visa – for victims of human trafficking – or a U visa – for victims of crime and domestic violence, which has been applauded by Suman Raghunathan, Indian American executive director of South Asian Americans Leading Together.

DHS will now allow victims of domestic violence to self-petition for a permanent visa and simultaneously apply for work authorization. The Obama administration unveiled a proposal July 15 designed to streamline various immigration procedures; critics concur, however, that legislative action is still necessary to clear huge backlogs in the system.

Last November, President Barack Obama announced an executive order that would allow about four million undocumented people to live and work legally in the U.S. The executive order also expands the Deferred Action for Childhood Arrivals program, as well as allotting more employment-based visas.

Congress immediately blocked the measure, saying the president had overstepped his role, but the Senate allowed the order to stand. Twenty-six states then filed suit to block implementation of the president’s mandate. Texas U.S. District Court Judge Andrew Hanen issued a temporary injunction in February.

The White House Council of Economic Advisors has reported that the president’s executive actions, if fully implemented, would boost the U.S. gross domestic product to over $100 billion, expand the size of the American labor force, and raise average annual wages for U.S.-born workers by four percent over the next 10 years. The president’s actions would also cut the federal deficit by $30 billion in 2024, reported the three-member Council.

In keeping with the president’s mandate, Cecilia Munoz, director of the White House Domestic Policy Council, introduced a report July 15, “Modernizing and Streamlining Our Legal Immigration System for the 21st Century,” which highlights a number of new actions that federal agencies will undertake to improve the visa processing experience.

“Currently, the process to apply for a visa is complex, paper-based, and confusing to the user,” said Munoz. “Many immigration documents pass through various computer systems and change hands no fewer than six times,” she said, adding: “Our goal is to modernize this process and deliver a positive experience to our users.”

A team of engineers from the U.S. Digital Service agency will work with the Department of Homeland Security to bring the majority of the visa application process online and deliver consistency and ease of use throughout. The administration stated it is aiming to reduce government costs, reduce burdens on employers who must verify that their employees are eligible to legally work in the U.S., and mitigate fraud and abuse of the immigration system.

The new actions simplify the H-1B application process, along with reducing the number of documents needed for applications and extensions of H-1B visas. The new action also simplifies the process under which an employer can directly sponsor students on F-1 visas for legal, permanent employment.

The process of applying for a T visa – for victims of human trafficking – or a U visa – for victims of crime and domestic violence – has also been simplified. “There are numerous avenues for humanitarian relief provided to vulnerable individuals in our immigration system. However, many of our existing policies and regulations do not reflect the most recent laws. These recommendations will improve our system for individuals seeking humanitarian relief,” said the White House in a statement.

Suman Raghunathan, Indian American executive director of South Asian Americans Leading Together, cheered the simplification of the T and U visa application process and noted that DHS will now allow victims of domestic violence to self-petition for a permanent visa and simultaneously apply for work authorization. Currently, many victims of domestic violence remain in abusive households as their immigration status is linked to their spouse’s status. An abusive partner can hold immigration status as a weapon to keep a spouse in her place, note agencies that work with domestically-abused women.

But the action plan falls short of providing relief for many immigrants, said Raghunathan in a press statement. “The job is not done,” she said, adding that the plan cannot address visa backlogs, which require legislative action.

“Today’s announcement only further underscores the importance of the continued push for comprehensive immigration reform legislation that includes a path to citizenship,” said Raghunathan. “Our nation and our communities continue to need just and inclusive immigration reform legislation that includes a pathway to citizenship, keeps families together, and expands economic opportunity for all aspiring Americans. We remain committed to that ultimate goal,” she said.

In related news, Commerce Department Secretary Penny Pritzker July 15 commented on the value of immigrants to the U.S.’s economic growth goals at National Council of La Raza’s Annual Conference in Kansas City, Missouri.

“To succeed in the global economy, our path forward must ensure that America continues to be a place where anyone can contribute their ideas and abilities to our prosperity,” said Pritzker. “The United States has been built, strengthened, and sustained by generation after generation of immigrants. This remains true today.”

“Advancing permanent, comprehensive immigration reform is not just a moral obligation; it is a matter of economic necessity. If we do not welcome the best and brightest to our shores, if we do not attract the top minds, workers, and innovators to our communities: put simply, we will be left behind,” she said.

Pritzker said she was also inspired by undocumented youth, who are known as DREAMers.

“Every time I meet a DREAMer, I come away moved by their stories, inspired by their potential, and more committed than ever to their cause. They want the chance to change the course of their lives and participate in our economy. They want to be a part of America’s success in the years to come. Yet they too often sit in limbo,” she said.

India, U.S. resolve 35 transfer pricing disputes in IT sector

The Revenue Department on Thursday said 35 transfer pricing disputes between India and the U.S. in different segments of Information Technology (IT) have been resolved and another 100 are likely to be settled in the next three months. A Framework Agreement was recently signed with the U.S. under the Mutual Agreement Procedure (MAP) provision of the India-U.S. Double Taxation Avoidance Convention (DTAC).

“This is a major positive development,” the Central Board of Direct Taxes (CBDT) said in a statement. About 200 past transfer pricing disputes between the two countries in IT (Software Development) Services [ITS] and Information Technology enabled Services [ITeS] segments are expected to be resolved under this Agreement during the current year.

“So far, 35 disputes have been resolved and another 100 are likely to be resolved in the next three months,” the CBDT said. The Framework Agreement with the U.S. opens the door for signing of bilateral Advance Pricing Agreements (APAs) with the US, it said.

“The MAP programmes with other countries like Japan and UK are also progressing very well with regular meetings and resolution of past disputes. “These initiatives will go a long way in providing stable tax environment to foreign investors doing business in India,” said the CBDT, which is responsible for direct tax collections in the country.

CBDT also said it has entered into two unilateral APAs with two multinational companies as part of a “major initiative” to usher in certainty in taxation. Of these, on is the first APA with a ‘Rollback’ provision. The agreements were signed on August 3.

With this, the CBDT has so far signed 14 APAs, of which 13 are unilateral APAs and one is a bilateral APA. APAs settle transfer prices and the methods of setting prices of international transactions in advance.

“The Government is committed to conclude a large number of APAs to foster an environment of tax cooperation and certainty. Currently, a number of unilateral as well as bilateral APAs with Competent Authorities of UK and Japan etc are at advanced stage of negotiations,” the CBDT said.

The 14 APAs signed relate to sectors like telecom, oil exploration, pharmaceuticals, finance, banking, software development services and ITeS (BPOs). Unilateral APAs are agreed between Indian taxpayers and the CBDT, without involvement of the tax authorities of the country where the associated enterprise is based. Bilateral APAs include agreements between the tax authorities of the two countries. An APA with the ‘Rollback’ provision extends tax certainty for nine financial years as against five years in APAs without ‘Rollback’

Amazon to Invest in India to Make It Biggest Non-U.S. Market

Amazon is planning to invest billions of dollars to catapult India as the world’s largest market outside of the United States, according to news reports. The e-commerce retail company said it could invest as much as $5 billion in the country.

Amazon, which entered India in 2013, committed to investing $2 billion in its Indian operation last year with an eye on capitalizing on the country’s expanding middle class. A large portion of the middle class, according to reports, is going online at a rapid rate. Most of the funds are expected to go toward expanding the company’s network of warehouses and data centers, as well as strengthening its marketplace platform.

It hopes to compete with India-based e-commerce retail rivals like Bangalore-based Flipkart, which was founded by former Amazon employees Sachin Bansal and Binny Bansal. CEO Jeff Bezos said Amazon’s presence in India has already exceeded expectations when it invested the $2 billion.

A report put together by The Associated Chambers of Commerce & Industry of India forecast a 67 percent increase in average annual online spending in 2015. Consulting firm PricewaterhouseCoopers projected India’s e-commerce industry was likely to balloon in value from some $17 billion in 2014 to $100 billion by 2019.

India-U.S. Investment Must Increase in Both Directions, Says Ambassador

SUNNYVALE, Calif. — The U.S.-India partnership is enjoying a historic high, but investment must increase in both directions, said Indian Ambassador to the U.S. Arun Kumar Singh on July 24, during a press conference at the Sunnyvale Hindu Temple here. Singh – who took on the post in May after serving for two years as India’s ambassador in France – noted that 100 Indian companies have invested $15 billion in the U.S., creating roughly 100,000 new jobs for Americans.

Infrastructure, mobile technology and renewable energy are three sectors ripe for U.S. investment in India, said Singh, adding that the country also offers great opportunities for innovation and entrepreneurship. As an example of Indian technology innovation, Singh pointed out that India was the fourth country to send a mission to Mars and did so at about 1/10th of the cost of a similar U.S. mission. India spent just $74 million to create the Mars Orbiter Mission – also known as Mangalyaan – less than the $100 million dollar budget for the movie “Gravity.” By contrast, NASA’s MAVEN Mars Orbiter cost $672 million. The successful mission was completed in October 2014.

“The India-U.S. relationship is very strong: this is the first time a U.S. president has visited India twice while in office,” said the ambassador. “Obama has said that the India-U.S. partnership is the defining relationship of the 21st century and has called for both countries to see what we can do for the rest of the world,” he added.

Earlier in the day, Singh joined a panel discussion on the future of India at the IIT Global Leadership Conference in Santa Clara, Calif. (http://bit.ly/1H78siH). At the talk, Singh said trade between India and the U.S. is poised to grow from $100 billion to $500 billion during the next decade. Chief among India’s interests are purchases in defense and aviation, said Singh, noting that India has already purchased $10 billion in military hardware from the U.S.

The new “Invest India” initiative promoted by Indian Prime Minister Narendra Modi’s administration will figuratively hold the hands of U.S. businessmen hoping to invest in India, and help sort through bureaucratic hurdles, said Singh.

During the press conference, Singh said he would only address the U.S.-India relationship, thereby dodging predicted questions about the treatment of India’s minorities. The ambassador also would not comment on Modi’s upcoming visit to the San Francisco Bay Area this September, saying the prime minister’s trip had not yet been formally announced.

Over $15 Billion Invested in U.S. by Indian Firms, Employ Over 91,000 Jobs

India-based companies have invested over $15 billion across the U.S., creating an estimated 91,000 jobs, according to a new report released by the Confederation of Indian Industry and Grant Thornton. Of the investment destinations for Indian firms, New Jersey, California, Texas, Illinois and New York lead the way, noted the report, “Indian Roots, American Soil,” released on July 14 at an event on Capitol Hill.

Those states have the most Americans directly employed by Indian companies, with New Jersey accounting for 9,278 hires; California employs 8,937; Texas has 6,230 jobs; Illinois has seen 4,779 people land jobs; and New York employs 4,134.

Texas at $3.84 billion; Pennsylvania with $3.56 billion; Minnesota at $1.8 billion; $1.01 billion for New York; and $1 billion from New Jersey account for the highest foreign direct investment from Indian-based companies, the first time a state-by-state breakdown of tangible investments made by Indian firms has been provided.

Indian ambassador Arun Singh
Indian ambassador Arun Singh

Indians are “making a significant contribution to the U.S. economy, investing billions of dollars and creating thousands of jobs across states and sectors,” Indian Ambassador to the U.S. Arun K. Singh said. “This trend has grown stronger over the years and is continuing to show remarkable progress.”

The report said that 100 Indian companies have employed more than 91,000 people across 35 states, as well as Washington, D.C. Those 100 companies have made in excess of $15.3 billion in investments.

On average, the investment from Indian companies for each state is $443 million.

“Today Indian companies are not just investing and creating jobs, they have also become significant stakeholders in the growth and prosperity of their local communities,” Singh added.

CII’s study also said that roughly 84.5 percent of the companies intend to make more investments in the U.S., and 90 percent plan to hire more employees locally in the next five years.

“Prime Minister (of India, Narendra) Modi and President (Barack) Obama’s vision for the U.S.-India relationship is in many ways best exemplified through these Indian companies in America that, though they have Indian roots, are completely enmeshed into U.S. soil,” CII president Sumit Mazumder said.

UC Irvine Computer Scientist Wins $250K Award for Young Scientists

IRVINE, Calif. — Syed Ali Jafar, a University of California-Irvine computer scientist who has changed the world’s understanding of the capacity of wireless networks, last month won the 2015 Blavatnik National Award for Young Scientists in physical sciences and engineering.

One of three winners chosen from among 300 candidates from highly ranked American universities and research institutions, Jafar will receive a $250,000 unrestricted cash prize and a medal in September at New York’s Museum of Natural History.

A professor of electrical engineering and computer science, Jafar explores the fundamental performance limits of wireless communication networks. Determining network capacity — the maximum data rates that can be reliably supported — is the holy grail of network information theory, according to Jafar and others.

And with the rapid growth of wireless communication networks, the quest has taken on unprecedented urgency. Jafar’s research group has gained worldwide recognition for its numerous seminal contributions to this topic, including its groundbreaking work on interference alignment in wireless networks.

This research found that data rates are not limited by the number of devices sharing the radio frequency spectrum, a discovery that changed the thinking about how wireless networks should be designed.

“This is a truly remarkable result that has a tremendous impact on both information theory and the design of wireless networks,” one of the judges, Paul Horn, senior vice provost for research at New York University, stated in a UCI press release.

Jafar became interested in science in high school. “Einstein’s E=mc2 captured my imagination,” he said. The equation made him wonder about how something so profound could be so simple and beautiful – and it became his lifelong dream to pursue beauty through science.

As a graduate student studying information theory at the California Institute of Technology, Jafar found similar elegance in the formula describing the capacity of an information channel. He realized that much about the capacity of communication networks was still unknown and made it his life’s work to solve the mystery.

Jafar earned a B.Tech. degree at the Indian Institute of Technology in Delhi, an M.S. at Caltech and a Ph.D. at Stanford University, all in electrical engineering. He’s a fellow of the Institute of Electrical & Electronics Engineers, and he recently received the UCI Academic Senate’s Distinguished Mid-Career Faculty Award for Research.

Jafar was also recognized as a Thomson Reuters Highly Cited Researcher and included by ScienceWatch among the World’s Most Influential Scientific Minds in 2014.

U.S. Company To Pay $20 M To Exploited Indian Guest Workers

It took 7 long years to get justice for some 200 Indian guest workers defrauded by a major U.S. company, but they stuck it out say their American lawyers, and victory was theirs’ when on July 14, Signal International, a Gulf Coast marine services company decided it would rather pay a total of $20 million to them than face 11 more lawsuits pending in southern courts, media reports here say.

In February this year, Signal International had to cough up $14.4 million in a jury ruling to five Indian guest workers, one of the largest settlements of its kind in U.S. history. The ruling was based on the finding that the company and its agents engaged in labor trafficking, fraud, racketeering and discrimination. The jury also found that one of the plaintiffs was a victim of false imprisonment and retaliation.

In a video posted on the SPLC website, Daniel Warner, SPLC senior supervising attorney in the case described the “dangerous” working conditions for these skilled men in the bowels of the oil rigs and pointed to the huge profits Signal made off their backs after bringing them to this country on false promises. The case was the first of the dozen lawsuits against Signal to go to trial. Now with this an additional settlement of around $6 million to resolve the 11 pending cases, the total of more than $20 million makes it one of the largest labor trafficking cases in U.S. history settled in workers’ favor.

The 11 pending cases were also spearheaded by the Southern Poverty Law Center against Signal along with the leading law firm Crowell & Moring, LLP, the American Civil Liberties Union, the Asian American Legal Defense and Education Fund, Coschignano & Baker, and the Louisiana Justice Institute.

Signal, based in Mobile, Alabama, will issue an apology to guest workers who also sued in Texas and Louisiana. The agreement has yet to be approved by the U.S. Bankruptcy Court as the company has filed for Chapter 11 bankruptcy protection. “We are happy to have reached an agreement and hope to see it quickly approved by the court,” Jim Knoepp, SPLC deputy legal director is quoted saying in a release. “These workers have waited seven long years for justice.”

The settlement, he said also serves as a warning to companies that might exploit guest workers.

India highest recipient of US economic assistance: USAID

Washington, DC: India is tipped to be the second largest economy in the world with the GDP going to be second only to China by 2050. Today, it is the third largest economy in the world after the US and China. However, the US, the largest economy in the world today has been providing assistance to India more than any other nation in the world.

The US provided $65.1 billion as economic assistance to India between 1946 and 2012, according to the US Agency for International Development (USAID) statistics.

It was the highest among the economic assistance provided to 200 countries and regions by the US during the period. USAID is the lead US government agency that works to end extreme global poverty and enable resilient, democratic societies to realise their potential.

The data, which was inflation adjusted, shows India received $65.1 billion in economic assistance, followed closely by Israel, which got $65 billion. Pakistan, which received a total of $44.4 billion from the US, was among the top five countries of the total 200 nations and regions getting the economic assistance.

Indian economic aid was spread over various sectors and programs, including child survival and health, development assistance, HIV/AIDS initiatives, migration and refugee assistance, food aid and narcotics control. Some $26 billion of the total aid was provided for various USAID programs.

In comparison, of the total economic assistance provided to Pakistan, $13.8 billion was given for USAID programs, while $13.7 billion was attributed to the Economic Support Fund and Security Support Assistance.

Companies in India create thousands of U.S. jobs

Arun Singh with President ObamaA remarkable story that has often escaped public attention in the overall context of the vibrant India-U.S. relationship is that Indian companies have been pouring investment dollars into businesses in the U.S. and creating tens of thousands of American jobs. A new report from the Confederation of Indian Industry and the accounting firm Grant Thornton reveals that not only is Indian investment in the U.S. large, it’s also extremely widespread and clearly growing.

The 100 Indian-based companies surveyed for the study have made an aggregate $15.3 billion investment in their U.S. operations. That, in turn, has created 91,000 jobs in the U.S., which by any measure is a substantial contribution to the American economy. Those jobs are scattered throughout the country. In fact, the survey found that Indian companies have a presence in all 50 states.

The U.S. isn’t just a favored destination for the time being; it is likely to remain attractive for Indian investors for years. When asked if they plan to invest in the U.S. in the next five years, 84.5 percent of the Indian companies surveyed said yes. Only 4 percent said no. Asked if they plan to hire more employees locally in the U.S. over the next five years, 90 percent of the companies answered in the affirmative.

The survey also challenges the greatest stereotype about the kinds of Indian companies in the U.S. They are not all information technology companies. Far from it. In the U.S., IT comprises 40 percent of Indian-company investment, according to the survey. The rest is highly diversified. Life sciences, pharmaceuticals and health care companies make up 14 percent of Indian investment here. Another 14 percent are manufacturers and mining companies. 16 percent offer financial, engineering, construction and entertainment services. The remainder is companies in the automotive, energy, hospitality and food businesses.

The average investment received from Indian companies per state is substantial: $433 million. The top five states with the highest volume of investment – $1 billion or more – are Texas ($3.85 billion), Pennsylvania ($3.56 billion), Minnesota ($1.8 billion), New York ($1.01 billion) and New Jersey ($1 billion).

In terms of employment generated by Indian companies, the top five states are New Jersey and California, each with about 9,000 jobs, Texas (6,000 jobs), Illinois (5,000 jobs) and New York (4,000 jobs).

Arun Singh with NRIsAll of these numbers have been rising steadily, a sign that the U.S. market is among the strongest investment destinations in the world. These substantial investments are also a testament to the trust and openness that India and the U.S. enjoy both at the people-to-people and government-to-government levels. According to Select USA, India is now the fourth-fastest growing source of foreign direct investment into the United States. The significant and growing contributions of Indian investments in the U.S. remain a vital component of the bilateral relationship.

American firms, of course, have long been major investors in India. Foreign direct investment by U.S. firms in India has been more than $1 billion a year. Efforts by Prime Minister Narendra Modi to make economic growth a hallmark of his administration have accelerated U.S. investment there.

India has been lowering barriers to investment and encouraging business expansion. For example, the Indian government has over the past year raised limits on foreign investment in sectors such as insurance, medical devices, railways and defense. This will no doubt provide myriad opportunities for U.S. companies to increase their presence in India and will strengthen Indian companies so that they can enlarge their footprint in the U.S.

The exchange is good for both nations and should be encouraged. The U.S. and India have much in common. They are the largest democracies in the world. They are also economic powerhouses that are helping each other grow in a dynamic global marketplace. We have a stake in each other’s economic future – and that future is very bright.

Arun K. Singh is India’s ambassador to the U.S.

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