An all-India express highway
An all-India express highway, thanks to MalaysiaAugust 18, 2006 02:46 IST The Malaysian government will submit a detailed proposal for building an 'all-India express highway' to Prime Minister Manmohan Singh in the next few months.
A part of the total investment required for the project would be provided by Malaysian companies, said YB Dato S Samy Vellu, minister for works, Government of Malaysia.
Addressing a press conference after inaugurating the three-day international expo-cum-seminar on 'Surface Transportation' organised by the All India Manufacturers' Organisation, Tamil Nadu State Board, Samy Vellu said he had discussed the idea of an all-India express highway with the Prime Minister at the ASEAN Summit held at Kuala Lumpur earlier this year, pointing out the need for building world-class infrastructure in India to attract more foreign investments.
However, the final plan for the all-India express highway project, including the estimate cost, will be completed shortly and is expected to be submitted to the Indian government in the next few months.
He suggested that Malaysian companies could bring in about 10 billion Ringgits with the government too sharing a portion of the project cost.
The remaining fund required could be mobilised through various sources, he said.
The expressway could be developed in phases. Malaysian government has suggested that in the initial phase, an expressway connecting southern capitals � Chennai, Bangalore, Hyderabad and Thiruvananthapuram � could be built.
Earlier, addressing the inaugural function, he said that Malaysia emerged as a key player in the construction sector globally in about 10 years.
It had, so far, earned about $9.4 billion by executing projects worldwide, with one-third of its revenue coming from India.
SBI opens first full fledged branch in China
SHANGHAI, AUGUST 9: The State Bank of India became the first Indian bank to begin full-fledged opeartion in China by opening a branch.
"Being India's largest bank, it is only befitting that SBI should be the first Indian bank to open a branch in mainland China," SBI Chairman O P Bhatt said at a reception held in China's largest city and commercial hub.
Noting that India-China bilateral trade and investment opportunities have rapidly risen to record levels since 1997 when SBI established its Representative Office (RO), Bhatt said the bank was very confident of operating in the huge Chinese market, which is opening up to foreign competition and expansion.
He noted that India-China bilateral trade in 2005 was worth over 18 billion US dollars and during the first six months of 2006, the trade volume has already touched 11.45 billion dollars, indicating that this year total foreign trade between the two Asian giants would cross 20 billion US dollars.
"The opening of the Shanghai branch would go a long way in facilitating trade and investment flows between our two great nations," he said.
For 1 McD burger, Delhi needs to slog an hr
NEW DELHI, AUGUST 9: There is some good news and there is some bad news for Indian urbanites-Mumbai and Delhi are among the world's least expensive cities and so people living in the two biggest cities of the country could go on shopping till they drop.
However, they do not have enough in their kitty to splurge on the baskets of goods and services, as the wages of the people living in the two cities are also among the lowest in the world.
The gross earnings in Indian cities are less than 10 per cent of the wages in top-ranked cities.
According to a study conducted by Swiss banking major and the world's largest wealth manager UBS, Mumbai has emerged as the second least expensive city, while Delhi is a tad expensive as the fourth least expensive.
At the same time, Delhi has been ranked at the lowest position in the earnings chart with gross hourly average wage of USD 6.1, as against Copenhagen's USD 118.2.
UBS said in its price and earnings 2006 report, published on Wednesday, that a Delhiite needs to work nearly one hour (59 minutes) to buy a large McDonald burger, which is higher than the global average of 35 minutes of work.
In contrast, in American cities like Los Angeles, New York, Chicago and Miami a maximum of 13 minutes are needed for a mouthful of a big mac, while the time jumps to as high as one and a half hours in Nairobi.
Among the 71 cities covered in the study globally, Oslo, London, Copenhagen, Zurich and Tokyo are the five most expensive cities, while excluding the cost of housing.
However, the living costs are highest in London and New York if rents are included.
Mumbai has been ranked at 70th position on the living cost chart, excluding the rent, up one position from its 71st position in the 2005 ranking. The national capital New Delhi is placed at 68th position in the latest list.
While including the housing costs, Mumbai and Delhi move a bit higher on the chart, but still remain among the world's least expensive cities.
The rankings were given on the basis of the cost of a shopping basket consisting of 95 goods and 27 services, which costs 38.5 dollars in Mumbai and 42.8 dollars in Delhi, in contrast to as high as USD 121.5 in Oslo and more than a 100 dollars in London, Copenhagen, Zurich, Tokyo, Geneva and New York.
Food costs are the lowest in Mumbai and highest in Tokyo. A basket of goods with 39 foodstuffs costs USD 174 in Mumbai, USD 195 in Delhi and as high as USD 723 in the Japanese capital.
The sad part is that Indian cities again rank below the line in terms of wages. While gross earnings are the highest in Scandinavia, while Switzerland, Copenhagen, Oslo, Zurich and Geneva also rank high in the global comparison of wages.
Gross wages in Mumbai, Delhi and other Asian countries like Jakarta and Manila amount to less than 10 per cent of the wages in the top-ranked cities.
While gross hourly wages average 16-17 dollars in Europe and North America, they drop to an average of 5 dollars per hour before taxes and social security contributions in Asia.
UBS said that in the countries benefiting from the outsourcing trend, there might be more employment opportunities, but there is little evidence of rising wages. A constant influx of job seekers into the big cities, coupled with often-rudimentary labour laws in emerging countries are keeping wage growth low, it added.
