Category: India

India Defends Its Pharmaceutical Industry After Tainted Drug Scandal

India on Monday defended its lucrative and booming generic drugs industry as “safe” and “highly regulated”, after the country’s largest drug maker Ranbaxy pleaded guilty last month to U.S. criminal charges of making adulterated medicines.

In a bid to defend its generic drugs export sector, the Indian government also suggested that “vested interests” may be making up the “isolated reports” of spurious generic drugs found in global markets allegedly from India.

India Urges S&P To Upgrade Its Sovereign Rating

Indian officials on Thursday met with analysts from ratings agency Standard & Poor’s to argue for an upgrade in its sovereign rating, citing recent steps by the government to put the economy back on track, according to a report by Reuters.

India To Expedite Shale Gas Exploration

India’s government will unveil its shale gas policy within the next two weeks, said oil minister Veerappa Moily on Sunday, with the world’s fourth largest oil consumer hoping to reduce its energy imports and rein in a widening current account deficit.

Moily, who was speaking in New Delhi, said that the government saw shale gas as a “game changer”; and pointed to how the U.S. was gradually cutting its gas imports to demonstrate the potential of shale.

India “Well Behind” In Internet Infrastructure, Warns Google Boss

Google’s executive chairman Eric Schmidt on Thursday urged the Indian government to invest more in fast-speed Internet connectivity across the country, highlighting that just 20 million users had access to high-speed broadband – out of an estimated 130 million Internet subscribers in a population of 1.2 billion people.

Indian Economy To Return To High Growth In 2-3 Years: PM

India’s Prime Minister Manmohan Singh on Wednesday predicted that the nation’s economy would return to a high growth trajectory path within the next 2-3 years, admitting that the government must take further steps to address domestic issues and promote inclusive growth.

Singh, who was speaking at a session of the lower house of the Parliament, said that the economy has slowed primarily to international factors, though the government was also taking responsibility for future action.

India to Raise Taxes on the Rich

India announced on Thursday it would seek to impose an additional tax on the country’s wealthiest individuals as well as large business. Asia’s third largest economy has been hurt by both global and domestic factors and is expected to grow 5 percent this year, far below its previous projection of 7.6 percent.

Presenting the federal budget for the financial year starting April 1, Finance Minister P Chidambaram on Thursday vowed to cut India’s deficit as he unveiled new taxes targeting the rich as well as big businesses.

Indian Billionaires Vie To Set Up Banks After New License Guidelines

Indian billionaires Kumar Mangalam Birla and Anil Ambani are among several corporate players keen to set up their own banks in the world’s second most populous nation, reported Bloomberg News on Monday, after the government announced changes to its banking license guidelines last week – in order to boost banking accessibility and credit growth in the nation’s rural areas.

India Warns China Against Violating Water Rights

India’s government has urged China to respect its water rights over the Yarlung Tsangpo/Brahmaputra River, reported AFP on Thursday, after the Chinese government revealed plans to build three hydroelectric dams upstream, which may possibly affect water flow along Indian territory.