Tata Steel plans to focus more on India as it expects global markets to face headwinds due to geopolitical issues.
N Chandrasekaran, Chairman, Tata Steel said the global steel industry continues to witness challenging times though the performance of the industry has been better this fiscal.
According to the World Steel Association, global steel output would taper next year and the slowdown is expected to continue through 2035 as countries around the world start to rein in output while demand retreats, he said in the 110th annual report released on Saturday.
Given the current stage of development and the likely growth path for India’s economy in the next decade, steel demand in India will witness significant growth in future.
While the steel sector in India is financially stressed, the government has outlined its intent to ensure the long-term viability of the sector through the recently announced National Steel Policy 2017, said Chandrasekaran.
Going forward, he said, Tata Steel’s priorities will be to focus on the Indian market, achieving operational excellence and delivering value-added and differentiated products to its customers.
T.V. Narendran, Managing Director, Tata Steel, said the global economy today is confronted with increased geopolitical risks and fast-paced disruptions in technology. This trend increases the risk of protectionism, unemployment and a global trade war that could have a material impact on the global economy and the financial markets.
In the year gone by, while the broad economic parameters have shown signs of stability, the underlying fragility of the global economy continues to be high. Policy-makers, regulators and the political eco system both in developing and developed economies will have to address the imminent challenges of inequality, job creation and climate change through a sharper and sustainable policy framework, he said.
The global steel industry continues to face structural overcapacity but we see recovery in developed economies such as Europe, gradual improvement in demand in India and better industry conditions in China. At the same time, risk of uncertainty is likely to remain at elevated levels due to structural issues such as geo-political uncertainty, especially in the US and UK, and the rising trend of protectionism, said Narendran.
The Indian Navy has begun its process of acquiring 110 light utility helicopters after rejecting Russia's Kamov Ka-226T, which are being built for the Air Force and Army, according to a Ministry of Defence official.
"The Kamov 226T does not have blade folding and cannot be fitted inside a ship's hangar. Moreover, it is not suitable to carry the torpedoes, which is the mandatory requirement," said an Indian Navy official.
The light utility helicopters, or LUH, will be procured under the strategic partnership policy India's government approved last month, under which a private-sector defence company will be selected as a strategic partner, which, in turn, will tie up with an overseas original equipment manufacturer, or OEM, shortlisted by the MoD.
In the next two months, an expression of interest will be given to domestic companies, including Bharat Forge, Reliance, Larsen & Toubro, Mahindra Aerospace and Tata Advanced Systems. The domestic companies will partner with overseas OEMs to compete for the contract worth $5 billion.Under the proposal, 30 helicopters will be procured off the self and the remaining 80 will be manufactured in India by the selected private company. The Indian Navy wants to begin induction of the LUH within eight years.
However, the response for technology transfer of LUH from OEMs is not expected to be enthusiastic due to the lower number of order, the Indian Navy official said.
Airbus helicopters from Europe, Russian helicopters from Sikorsky and Bell helicopters from the U.S. are likely to compete in the LUH program.
The MoD has yet to decide whether to ask AgustaWestland, a subsidiary of Leonardo of Italy, to participate in the program because of pending alleged corruption against AgustaWestland in its 2010 contract for VVIP helicopters, which was finally cancelled in 2014.The contract will be awarded to the best technical offer and lowest price offer, the MoD official added.
The Indian Navy's LUH will be a twin-engine helicopter weighing 4.5 tons and can be used for both shore-based and offshore operations and operate from ship decks in all weather during the day and at night.
India is expected to achieve the projected growth rate of 7.4 percent in 2017 and further up 7.6 percent next year on strong consumption demand, with South Asia leading the growth chart in Asia and the Pacific, an ADB supplement report said today.
"India, the sub-region's largest economy, is expected to achieve previous growth projections of 7.4 percent in 2017 and 7.6 percent in 2018, primarily from strong consumption," the supplement of Asian Development Bank (ADB) Outlook 2017 said.According to the report, South Asia will be the fastest growing of all sub-regions in Asia and the Pacific, with growth on track to meet original projections of 7 percent in 2017 and 7.2 percent in 2018.
The growth prospects in developing Asia for 2017 have improved on the back of stronger than expected export demand in the first quarter of this year, it said.
In the supplement, ADB has upgraded its growth outlook in the Asian region to 5.9 percent in 2017 from 5.7 percent and to 5.8 percent for 2018 from 5.7 percent.
The smaller uptick for the next year reflects a cautious view on this sustainability of this export push, it added. "Developing Asia is off to a good start this year with improved exports pushing growth prospects for the rest of 2017," said Yasuyuki Sawada, ADB's Chief Economist.
"Despite lingering uncertainties surrounding the strength of the global recovery, we feel that the region's economies are well placed to face potential shocks to the outlook.
Imaging giant Canon today said it will strengthen its position in the country's professional camera market, driven by demand from emerging segments like wedding photography and enthusiasts looking to upgrade their equipment.
"India is one of the most important markets for Canon. We are seeing strong demand from wedding photographers, who are looking for better cameras. Besides, there are many who are looking to upgrade as well," Canon India President and CEO Kazutada Kobayashi said.
He added that while the demand for these high-end cameras is coming from metro and tier I cities now, gradually it would pick up from the smaller cities as well.
The company has launched a new range of cameras -- EOS 6D Mark II -- priced between Rs 1.32 lakh-2.03 lakh.
Featuring a full-frame CMOS sensor, the cameras support 26.2 megapixels (effective) and has a shutter speed of 6.5 frames per second (under constant shooting mode). These devices have a DIGIC 7 image processor.
The company is also looking at wooing customers through experiential marketing through its Canon Image Squares.
Currently, the company has 233 such outlets where consumers can experience the products before buying them.
"We want people to experience the products before they make a decision. We will have 260 such Canon Image Squares by the end of the year. These are present across cities, including tier II and below," he said.
Canon India currently holds the leading position in DSLR segment and has around 50 per cent market share.
"Our target is to maintain number one position in DSLR segment and capture more than 50 per cent in terms of market share by the end of 2017.
Pursuit India is pleased to announce its tie-up with the Australian College of Sport (ACS) to act as the ambassador for ACS in India and the rest of the Indian subcontinent. Pursuit will represent ACS for the purpose of scouting and recruiting student athletes to be admitted to the ACS’s sports programmes across basketball, football, cricket, badminton, swimming and golf
This tie-up is a direct result of the Australian Prime Minister, Malcom Turnbull’s visit to India in April 2017, when the Indian and Australian Governments signed several MoUs, including one on sports. This MoU endeavours to connect Australia’s global reputation for sports excellence and expertise with India’s ambition to improve its sports administration and infrastructure.
The Australian College of Sport was established in Adelaide, Australia in November 2006, and focuses on individualized athlete development combined with formal education to prepare athletes for a professional playing career. In 2011, ACS launched its golfing programme in Melbourne and in 2015, expanded its basketball programme and opened a second campus in Sydney.
From an Indian perspective, this tie-up is intended to address the lack of coaching and training facilities in the country, allowing India’s most talented athletes to train and study in Australia’s world class facilities. The focus is on finding players in the age group of 17 to 22, where player development is crucial. Besides honing of pro athletes, ACS also delivers vocational education through its degree pathways with top tier Australian Universities such as Deakin University, University of South Australia and Torrens University
“This tie-up is significant as it provides another pathway to young Indian athletes to develop their craft in a world-class environment. What’s more, the classroom education that ACS offers on sports development and management creates an opportunity for the student-athlete to build a career in the global sports industry,” said Vishnu Ravi Shankar, Director of Pursuit.
“Through this tie-up, we aim to get exposed to the right pool of talent in India and provide the right platform to aspiring athletes in India that are willing to compete professionally and exploring the sporting industry. Our High Performance Training Curriculum enables the athlete to achieve superior results,” said Stuart Roberts, CEO of ACS.
Specifically in the basketball space, this tie-up comes quick on the heels of other major developments, as national basketball player Amritpal Singh is currently playing for Australia’s National Basketball League (NBL) team Sydney Kings at the Atlas Challenge in China. If he is awarded a long term contract by the Kings, that could trigger a flurry of Indian kids going to Australia to train/play there. Just last week, another Indian national team player Vishesh Bhriguvanshi signed a training contract with NBL team Adelaide 36ers.
Source: Punjab News Express