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27th Dec 2012 02nd Jan 2013

IN BRIEF
COVER STORY INDIA - CHALLENGES IN 2013
ECONOMIC INDICATORS BSE Sensex

19426.71
Crude oil prices

$110.22/barrel
(as on 30 Dec)

PERSONALITIES OF THE WEEK

Richard Branson

Rana Kapoor

INDUSTRY ANALYSIS

POWER SECTOR IN INDIA

NEWS DIGEST
BUSINESS NEWS GLOBAL NEWS MISCELLANEOUS NEWS

December Manufacturing PMI at six month high

Bigger fights loom after "fiscal cliff" deal

The Internet turns 30

ECONOMIC INDICATORS 2 INDUSTRY ANALYSIS 5

COVER STORY 3 NEWS ANALYSIS 6

PERSONALITIES OF THE WEEK 4 NEO CORNER 11

PART ONE

K e KN NO OW WY YO OU UR RB BA AS SI IC CS S: :I IN ND DI IA AN NT TA AX XS SL LA AB BS S( (a as ss s es ss sm me en nt ty ye ea ar r2 20 01 13 3-1 14 4) ) NET INCOME RANGE

Upto Rs. 2,00,000 Rs. 2,00,000 Rs. 5,00,000 Rs. 5,00,000 Rs. 10,00,000 Above Rs. 10,00,000 Nil 10% of (total income minus Rs. 2,00,000)* Rs. 30,000 + 20% of (total income minus Rs. 5,00,000)* Rs. 1,30,000 + 30% of (total income minus Rs. 10,00,000)*

INCOME-TAX RATES

* Plus Education Cess and Secondary & Higher Education Cess

E EC CO ON NO OM MI IC CI IN ND DI IC CA AT TO OR RS S
BSE Sensex 19426.71 (-0.09%) as on 30 Dec Reuters The BSE Sensex ended lower on Monday due to caution over the U.S. fiscal cliff negotiations, but ended the year with its best gain in three years as strong foreign inflows and the government's fiscal and economic reforms outweighed worries about the domestic economy. Crude oil prices - $110.22/barrel (down 40 cents) as on 30 Dec Reuters Brent crude oil edged towards $110 per barrel on Monday on worries that U.S. lawmakers may not reach a last-minute deal to prevent a fiscal crisis, although remained on track to post a record annual average price. Brent has averaged more than $111.65 this year, its fourth successive year of annual rises and above the previous record of $110.91 in 2011. C A R T S R A H S L O B A N I T I A U B L I C F F E R I N G S 0 1 2 C H A R T S & G R A P H S G L O B A L I N I T I A L P U B L I C O F F E R I N G S 2 0 1 2 CH H A R T S& &G G R AP P H S G G L O B AL LI I N I T I AL LP P U B L I CO O F F E R I N G S2 2 0 1 2
T H E C O N O M I S T H E E C O N O M I S T T H EE E C O N O M I ST T

AT JUST under $123 billion, the value of initial public offerings (IPOs) last year was the lowest in three years and down by more than a quarter compared with 2011, according to Dealogic, a financial-data provider. Facebooks $16 billion IPO in May was the years largest (and the third-biggest on record for an American company), but its shares subsequent bumpy performance may have spooked investors away from any similar-sized deals: the next-biggest IPO was that of Japan Airlines, at $8.5 billion. American flotations made up the biggest share, accounting for nearly twofifths of world volume, whereas Chinese offerings share (including Hong Kong) fell from over 40% in 2011 to only 18% last year. Mexico and Malaysia both saw IPO issuance rise several-fold over 2011, with their largest flotations ranking third and fourth place globally.

C CO OV VE ER RS ST TO OR RY Y: :I IN ND DI IA A-C CH HA AL LL LE EN NG GE ES SI IN N2 20 01 13 3
GEO-POLITICAL CHALLENGES
China: The year 2013 presents a new set of challenges for India as there have been some significant changes in the upper echelons of political space in the Asia-Pacific region. Both China & Japan now have new premiers in the office who presently are facing an immediate crisis in the South China Sea. India may afford to observe the situation from the sidelines and would like to see if there is any change in the Chinese foreign policies. It is known that China has been very actively pursuing regional dominance. The fact that within 48 hours of ousting GMR from Male airport, Maldivian Defence Minister Mohammed Nazim was in Beijing signing a military deal, is not just a mere coincidence. Yet again in Nepal, China is gaining popularity, partly due to Indian policy failures. Like many others projects, the West Seti hydropower plant, originally meant to supply electricity to India, is now bagged by the Chinese government. Pakistan: Pakistan has failed to meet its promise of granting India MFN status, meaning that bilateral trade will not get any easier. Further, the country seems to be happier with Obamas second term as its strongest opponent Hillary Clinton is now replaced by John Kerry who many believe is soft on Pakistan. Obama administration is no more keen on pursuing the conviction of terrorists in Mumbai attack as it will mean bringing to light ISI involvement. The Americans were on record claiming that ISI enjoys immunity from prosecution by any foreign country. The agency is of prime importance for the US interests as the US is withdrawing from the Afghan battlefield. Further, it is not concerned about Taliban reclaiming power in the region a fact which became visible when Pakistan released 18 Taliban prisoners. The developments are obviously undermining the security situation in the region. Myanmar: Like Maldives and Nepal, Indias policies even in Myanmar arent very promising. The quasi -civilian government of the country undergoing some remarkable political changes has made it clear that India must act fast to ensure it does not miss the opportunities to invest. Still, even after being the fourth largest trading partner, India ranked 13 in the list of countries investing in Myanmar. The country which has lived strongly under the influence of China is now getting closer to the US. This explains why Ms Suu Kyi chose to visit Europe and the US before coming to New Delhi. She even complained about Indias involvement with the military junta. India will have to do more to successfully serve its role as a key player in maintaining the regional balance. Events in the past must serve as an alarm bell for foreign policy makers. Consistent efforts towards building strong relationships with smaller countries in the region can be a key element of Indias foreign policy.

ECONOMIC CHALLENGES
Twin deficits: India has not been able to control its Current Account Deficit (CAD) and the fiscal deficit. In the JulySeptember quarter, CAD was registered at its all time high of 5.4 percent of GDP. This is further going to surge in 2013, as the US Congress has arrived at a decision avoiding the Fiscal Cliff, which many feared would induce a worldwide recession. As the fears are gone, oil prices are going to surge. Further, there is additional demand from China where manufacturing PMI continues to remain at a seven month high since November 2012. Renewed demand for Oil and Steel is going to inflate Indias import bill. On the domestic front, the government took some remarkable steps for reducing the fiscal deficit when it decided to raise petrol prices in 2012. However, more such steps would be required in 2013. Raising the interest rates and a drastic reduction in government spending could help in meeting Fiscal targets. Implementation of FDI decisions: In September, the government increased the FDI limit in sectors such as retail, aviation and broadcasting. Amendments in banking laws were also taken up to improve investment across the sectors. However, 2013 will be a testing year for multi brand retailers like Walmart, who still have to develop their logistics and supply chain in India. At present only nine states have welcomed foreign multi brand retailers; success or failure in these nine states would decide their fate in other parts of India. Investment: There are signals that the global environment of uncertainty that stretched throughout 2012 is now over. Additionally, the sentiment is positive due to GoIs Big Bang FDI decisions. Apart from foreign investors, one can expect India Inc (sitting on a cash pile of 456,700 crore as on September 30,2012) to invest more in the economy. The need is to ensure that the National Investment Board continues to grant clearances to long stuck investment projects. At the same time it has to ensure that last years policy debacles (GAAR and retrospective tax amendments) are not repeated.

P PE ER RS SO ON NA AL LI IT TI IE ES SO OF FT TH HE EW WE EE EK K

Richard Branson-Founder & Chairman, Virgin Group

Flamboyant, successful, powerful, ambitious, adventurous, super-rich and ruggedly handsome are some of the adjectives which pop into mind when Richard Bransons name is mentioned. Touted as the most successful high school drop-out, Branson presides over 400 companies and holds a personal net worth of over $4 billion, putting him on the list of UKs top five wealthiest people. A charismatic leader and a very-well loved boss, Branson is known to write monthly letters to each of his employees to encourage them and to tap into their creativity to help improve the functioning of Virgin Group. By way of his influential persona and multi-industry success, Branson contributes a lot of energy (and money) into a number of humanitarian efforts. Branson was born in 1950 in London. He belonged to a cost-conscious middle-class English family with both parents working (his father was a barrister and mother a flight attendant). To save money on light-bills, his parents would turn off light bulbs when the children went to sleep and even today, "struggling through dark corridors to find the loo" is a vivid childhood memory for Branson. A not-detected-in-time dyslexia and nearsightedness led to poor academic performance in school and Branson dropped out at the age of 16. Conscious of his entrepreneurial streak and supported by his ability to connect with people, Branson started a youth culture magazine called Student in 1966. Three years later, to help fund his magazine, he started a mail order record company called Virgin (which eventually became the mainstay of his business). Success led him to open a recording studio in 1972(which signed exclusive deals with once struggling bands/artists such as Janet Jackson), Virgin records megastores across continents, Virgin Atlantic in 1984, Virgin Mobile in 1999, Virgin Galactic in 2004 and many more. Branson is known to learn quickly from his past mistakes-colleagues identify him as someone who defies risks, turns them into opportunities and meets challenges head-on. A smart businessman, he is known to catch trends just as they are beginning. He has used his professional wealth and status to fulfil his need for adventure, holding world records for crossing the Atlantic in the fastest time. For a man known for his glitzy lifestyle and royal self-promotions, Branson has a frugal approach to life-his personal car is a Range Rover that is given to him as a gift each year by the brand and all property owned by him is available for renting or leasing. A self-made man, Branson aims to Virginize a wide range of products and services around the world. In 2000, he was knighted by Britains Prince Charles for his contribution to entrepreneurship.

Above all, you want to create something you are proud of. Thats always been my philosophy of business. I can honestly say that I have never gone into any business purely to make money. If that is the sole motive, then I believe you are better off doing nothing.

Rana Kapoor-Founder, MD & CEO, YES Bank

Leaving behind a hard earned comfort zone and venturing out to form an entrepreneurial partnership in the fiercely competitive Indian banking sector is a brave choice-a choice Rana Kapoor made chasing rainbows. A high profile risk-taker, Kapoor has steered YES Bank to emerge as the best mid-sized bank in the Business Today-KPMG Study 2012 (beating close rivals like Kotak Mahindra Bank). His perseverance and ability to responsibly adapt his business have also led to YES Bank winning many national and international accolades. Kapoor was born and brought up in New Delhi. In 1977 he graduated with Honours in Economics from Delhi University and followed it up with an MBA from Rutgers University, New Jersey in 1980. To finance his management education, he worked in an assembly plant, as a library assistant and as a clerk-an experience which taught him the importance of the motto, nothing ventured, nothing gained. A summer project at Citigroup convinced him that he wanted to be a banker and he started his career with Bank of America (BoA) in 1980 as a management trainee, eventually going on to lead the banks wholesale banking business. Kapoors consistent and excellent performance was rewarded by the Eagle Pin-the highest professional recognition for services rendered to the organization. In 2003, Kapoor and his partners were granted a banking license and set up YES Bank with the aim of "Building the Best Quality Bank of the world in India" by 2015. Since its inception, YES Bank has gone from strength to strength. However, not a man to rest on his laurels, Kapoor is looking to expand the consumer lending business and to make the bank a one-stop shop for all financial services. Kapoors need to grow urges him to build a knowledge driven culture in offbeat areas. A leader who thinks that investing in the right kind of people is of utmost importance, Kapoor considers trust, transparency and responsible banking as the predeterminants of a flourishing venture. For Kapoor, Bill Clinton and Ratan Tata are his role models and he firmly believes that there is no substitute to hard work-an attitude he encourages all his employees to cultivate. Kapoor believes in staying fit (he runs five times a week) and thus believes that older Indian private banks should be strengthened (made fitter) instead of allowing entry to new players. Kapoor unwinds by reading and watching TV and draws inspiration from the ladies in his family.

There are three things in management that are very important having strong grasping skills, making decisions be it right or wrong, and having good problem solving skills.

I IN ND DU US ST TR RY YA AN NA AL LY YS SI IS S: :P PO OW WE ER RS SE EC CT TO OR RI IN NI IN ND DI IA A
Overview: The power sector in India ranks fifth in the world with a capacity of generating over 210 Giga Watts of electricity. Emerging economy - China is leading the race in the electricity generation sector in the world with an annual capacity of 4,700 TWh (Tera Watt Hours). India produced over 1000 TWh of electricity in 2012 and held a position behind United States, Japan & Russia. The Indian power sector is dominated by public utilities with around 69% market share. The non renewable power plants constitute 89% of the installed capacity. Although 100% FDI is allowed in the power sector through automatic route (except for atomic energy), private companies (Indian & foreign combined) make up for only 29% of the overall sector. The state-run utilities are the largest power generators (41%), followed by central-government owned companies (30%). Indias smallest state Goa, is the biggest consumer of electricity with a per capita consumption of 2,000 kWh (Kilowatt hour). Puducherry, Punjab, Gujarat and Haryana are the top five electricity consuming states. The National Capital Delhi and Indias second most populous state Maharashtra rank 6th and 16th respectively, in terms of energy consumption. The Power sector is driven by a strong demand which has increased over a period of years. The availability, however, remains an issue which leads to shortfall of electricity. In order to reduce the demand, the government uses methods like blackouts and load shedding. But these are not economically viable solutions, as they can dampen the overall growth (specifically industrial growth) of the country. In 2011, four states including Gujarat and Himachal Pradesh achieved a great feat by generating surplus electricity. According to the 17th electric power supply survey: In FY11, the electricity consumption by industrial users was highest (35%), followed by domestic household (28%), agriculture (21%) and commercial users (9%). The electricity demand is expected to be 1,392 TWh by 2017 and 1,915 TWh by 2022. The loss of electricity during distribution and transmission is currently 31%. India needs to build up a capacity to generate additional 135 GW of electricity in next five years, in order to remove the demand-supply gap. A McKinsey report has suggested that Indias energy requirements would reach 300 GW by next five years. It has outlined the demand drivers for the same: The rise in disposable income will lead to the increase of purchasing power of individuals. Indias manufacturing sector is set to grow at a rapid pace. The government is planning to connect over one lakh villages to the electric grid in the next few years through Rural Electrification Corporation Limited. Power generation: India heavily depends upon Thermal Power for its energy needs. But power generation through fossils fuels has adverse effects on the environment. Fuels like coal and lignite are used to generate over 56% of the electricity. The government is now looking for alternative sources of energy (including clean energy through renewable sources and nuclear energy) for the future energy needs. India is one of the early adopters of hydro-power. Public utilities like NHPC and NEEPCO are engaged in the development of hydro-electricity in India. Public utilities like NHPC and NEEPCO are engaged in the development of hydro-electricity in India. The nuclear power plants generate around 4% of the total electricity produced. Globally, India ranks 15 th in terms of electricity generation through nuclear energy. The government is in talks with countries like Japan and Russia for its ambitious nuclear programme which includes development of the Kudankulam Nuclear Power Plant in Tamil Nadu. Energy generation through renewable sources in India is still in its nascent stage. Cleaner energy alternatives like solar power, wind power and biomass power are currently used but only at a smaller level. Scientists are conducting research on developing cheaper alternative energy methods for generating geothermal energy and tidal wave energy.

N NE EW WS SA AN NA AL LY YS SI IS S
1) As Cyrus Mistry leads Tata, Bengal hopes for Singur settlement - Business Today/Business Standard IMPACT: With Cyrus Mistry taking over as Chairman of the Tata Group on December 28 after Ratan Tatas retirement, there seems to be some possibility of a settlement between the business house and the West Bengal government over the Singur land issue. West Bengal Industries Minister Partha Chatterjee says he is hopeful of a deal. "I called him (Mistry) up today (Friday) and congratulated him for the new job. He too said that (West) Bengal was a good destination for investment," state Chatterjee said, referring to Mistry taking charge as Chairman of Tata Sons on Friday. Tata Motors had to shift its plant for the Nano small car out of Singur in Hoogly district of West Bengal after unrelenting protests by farmers against land acquisition, led by Chief Minister Mamata Banerjee herself, who was then an opposition leader to the Left government. Many insiders suggested it had become a personal struggle of sorts between Ms Banerjee and Mr.Tata, with both targeting each other at every opportunity. KEY PLAYERS: Cyrus Mistry, Ratan Tata, Mamata Banerjee HOW IT IS IMPORTANT? The Singur issue is at the centre of a bitter legal battle in the Supreme Court between the West Bengal government and Tata Motors. The issue resulted in huge cost escalation for Tata Motors due to shifting of the entire plant and also dented the image of West Bengal as unstable for big investments. A compromise will help both sides. 2) HCL Tech loses two executives handling more than 30% of business - ET IMPACT: Indias fourth largest IT company HCL Technologies has lost two high profile executives overseeing about one-third of the companys Rs. 23, 650 crore business. Rajeev Sawhney, President for HCLs European Operations as well as its government business and Pradeep Nair, the Senior Vice President for Healthcare, have left the company, an official spokesman confirmed. The European business contributes about 28% to HCLs sales while around 12% of the contribution is made by the companys healthcare vertical. Pharma majors like GlaxoSmith-Kline, Pfizer and Merck are amongst its healthcare clients, while Danfoss, Statoil, Electrolux, UPM and Nokia are among its clients from Europe. Only this year, HCL Infrastructure Services head Anant Gupta was elevated to the post of President and Chief Operating Officer as Chief Executive Vineet Nayar focused on identifying opportunities in emerging technology areas. KEY PLAYERS: HCL Technologies, Rajeev Sawhney, Pradeep Nair WHY IT IS IMPORTANT? The exits come at a time when the company is looking at winning multi-billion dollar technology outsourcing contracts coming up for renewal in the US and Europe. HCL, known for it Employee first, Customer Second policy, has seen many senior management staff leave in 2012 like Virender Aggarwal, Ravi Shankar and Animesh Parihar. 3) CPSEs must double minimum CSR contribution from 2013-14 ET IMPACT: As per new rules of the Department of Public Enterprises, top revenue generating Central Public Sector Enterprises will have to double their minimum expense on Corporate Social Responsibility (CSR) initiatives from the beginning of fiscal year 2013-14. "CPSEs earning net profit of over Rs 500 crore will have to raise their minimum expenditure on CSR to 1 per cent from the next fiscal from existing 0.5 per cent," Department of Public Enterprises (DPE) Secretary O P Rawat told PTI. However, the new norms for earmarking budgets for CSR will be in place till the new Companies Law comes into effect, after which the quantum of funds to be allocated for CSR would change for all companies, including Public Sector Units. However, the percentage of funds required to be earmarked for PSUs having net profit of less than Rs. 100 crore at 3 per cent of their income. Also, the guidelines for CSR and sustainable development will be combined into one set. On the basis of the new guidelines, the emphasis of CSR and sustainable development would be on capacity building, inclusive growth, protection of environment, promotion of green and efficient technologies, development of backward regions and upliftment of under-privileged people. KEY PLAYERS: Department of Public Enterprises, Central Public Sector Enterprises, CSR, Sustainable development WHY IS IT IMPORTANT? Corporate Social Responsibility initiatives are one of the most important mediums through which businesses can bring about a positive change in the society they cater to. The CSR responsibility of businesses in India till recently was a voluntary one. Specific guidelines for carrying out this vital task are very important for the industry in India including the public sector and private sector.

4) RIL buys back shares worth Rs. 3, 800 crores - Business Standard IMPACT: Reliance Industries Limited has bought back shares worth more than Rs. 3,800 crore from public shareholders since the February launch of its share repurchase programme. The company purchased some 4.62 crore shares from the secondary market between February 14 and December 24 in the year 2012 at an average price of Rs 834 per share, achieving 37% of its targeted buyback volume with the buyback slated to end on January 19, 2013. RILs Rs.10, 440 crore share repurchase will be the biggest buy-back by any Indian company. In 2011, Piramal Healthcare had bought back shares worth Rs. 2, 508 crore. The success of buyback offers depends on many factors like willingness to buy the proposed shares and premium stability, says CNI Research head Kishor Ostwal. "I do not think RIL would complete even 50% of the targeted amount and it would aggressively buyback shares in case the price falls drastically," predicts Ostwal. KEY PLAYER: Reliance Industries Limited WHY IS IT IMPORTANT? RIL has one of the largest market capitalizations of any company on the Indian stock market. The share buy-back programme was announced to lift the value of RIL shares which have underperformed the markets in 2011 and have been trading sluggishly in 2012 as well. 5) Visa offers network for distributing cash subsidies to Aadhar cardholders - ET IMPACT: Visa International, the global giant in the electronic payments industry has offered to provide its nationwide network for the governments direct benefits transfer scheme aimed at distributing cash subsidies directly to the beneficiaries. Visa had last month rolled out Saral Money, a new payment service, together with a consortium of Indian banks. Saral Money will allow Aadhaar cardholders to deposit as well as withdraw money from their low-cost bank accounts through existing ATMs, point of sales terminals, bank branches and proposed micro-ATMs. "We're in talks with the government through the consortium of banks that we have tied up with. We're talking to them for trying to use us in any of the 51 districts or any of the schemes they are planning," said Visa's group country manager for India and South Asia, Uttam Nayak. Visa had also partnered last month with the (UIDAI) with the aim of allowing an Aadhar cardholder to instantly open a bank account using biometric recognition for authentication of personal information KEY PLAYERS: Visa International, UIDAI, Aadhar card WHY IS IT IMPORTANT? The direct benefits transfer scheme is being touted by the government as a real game-changer in the distribution of various subsidies in the country. The success of this scheme depends much on the coordination between government agencies and various financial and banking institutions. The willingness shown by Visa to be a part of the process is critically needed for the desired results. 6) December Manufacturing PMI at six month high - ET IMPACT: The HSBC Markit India Manufacturing PMI, which gauges the business activities of Indian factories, climbed to a six month high of 54.7 in December. The index shot up sharply from 53.7 in November on the back of strong factory output and an increase in new orders, notching up its biggest monthly gain since January 2012. For the fourth consecutive year now, the Manufacturing PMI has consistently been above the 50 mark, which is the separating point between growth and contraction. In another positive sign, the new-orders sub index jumped from 55.8 in November to 58.0 in December, suggesting good business ahead for factories. Also, new orders from overseas clients grew at a faster pace than last month for a fourth consecutive time, after shrinkages in July and August. However, a Reuters poll suggested that while overseas demand for Indian goods is strong, the US economy will remain sluggish during 2013, underscoring a fragile outlook for world economy. KEY PLAYERS: HSBC Manufacturing PMI WHY IS IT IMPORTANT? A sharp rise in the country's manufacturing activity is good news, indicating business activity is clawing back to previous growth levels, after suffering setbacks due to domestic constraints and international economic gloom. The rise in factory output indicates increasing business confidence and will also result in job creation.

7) UKs retail giant Tesco to set up sourcing arm in India IMPACT: The economic slowdown has affected various countries across the globe. Developed countries in the European region and the US are struggling to recover from the global meltdown. Big retailers like Walmart & Tesco are also suffering huge losses owing to high operating costs and low revenues. Tesco, in particular, has lost millions of dollars since 2007 in its US based retail chain Fresh & Easy. The company is now looking to cut costs by sourcing raw materials from India. It plans to source fresh and processed food items from India for its stores in the US and the UK. Tesco has been sourcing apparels and other general merchandise from India since the past ten years. The latest move by Tesco will help it build back end operations before its entry into the Indian retail market. After the Indian government approved 51% FDI in multi-brand retail, retail biggies like Walmart and Carrefour are designing strategies to enter the worlds second largest populous nation. KEY PLAYERS: Tesco, Walmart, Carrefour WHY IT IS IMPORTANT? Tescos chief executive Mr. Philip Clark recently visited executives of Tata Group, thus suggesting the UK based retailers plans to enter into the multi-brand retail market in India. Tesco has been planning to enter India since long. It had formed a venture with Tata Group in 2008, to start a chain of hypermarkets - Star Bazaar (this was under Tatas brand name). However, after the FDI approval, it seems that the company is looking forward to open a retail chain under its own brand name. 8) Maruti Suzuki to set up a new plant in Africa IMPACT: Indias leading car manufacturer Maruti Suzuki is in the process of setting up an assembly plant in Africa in the wake of falling export figures. Three years ago, Europe was the biggest market and accounted for almost 70% of the companys exports. However, due to the economic crisis this figure has fallen down drastically and has now come up to 30% (2012 - estimated). So the company is looking for emerging markets in Africa to increase its exports. An assembly plant in Africa will help Maruti in reducing vehicle costs (as import duty on cars is high). This will also be in line with some countries compulsory policy of localising car assembly operations. According to analysts, the current state of African automobile market is similar to that of the state of Indian auto market 15 years ago. It is huge and largely untapped. The demand for basic cars is high. Thus, by offering low prices, Maruti can achieve higher sales volume. KEY PLAYERS: Maruti Suzuki, Tata Motors WHY IT IS IMPORTANT? Maruti exported approximately 1.3 lakh car units last year. Its domestic sales figures were also not encouraging. The reason: Weak economy and labour unrest in Marutis Manesar plant. The unrest resulted in shut do wn of the manufacturing unit for over a month. The manufacturing activity had come to a halt. The waiting period for Maruti cars increased and people started switching to other car companies. The company lost crores of rupees and its rivals Hyundai & Tata banked on this opportunity (with existing and new models) to increase their market share. 9) Cyrus Mistry takes over the reins of Tata Group IMPACT: Cyrus Mistry became the Chairman of Indias largest conglomerate Tata Group on Dec 28. He is the son of business tycoon Pallonji Mistry and was selected as the group chairman a year ago by a panel of five members including shareholders & senior executives. Pallonji Mistry owns a majority stake of 18.5% in Tata Sons. Cyrus Mistry has been groomed for the role by Tatas executives since past one year. He is the sixth chairman of the company and second person outside the Tata family after Nowroji Saklatwala to hold the position. Ratan Tata was at the helm of Tata Group for 21 years. He took over from his uncle JRD Tata in the early 1990s. In these two decades, Ratan Tata has transformed the company. He is known for his risk taking ability and his bold decisions that included international acquisitions which lead to the speedy growth of the companys businesses. Ratan Tata steered the companys growth post economic liberalization a time during which Indian companies were struggling with fierce competition from foreign players. KEY PLAYERS: Ratan Tata, Cyrus Mistry, Tata Group WHY IT IS IMPORTANT? Rattan Tata has also taken several missteps during his tenure causing huge losses for the conglomerate. He acquired huge debts and spent over $21 billion in mergers and acquisitions. According to Moneylife, during Ratan Tatas tenure, Sensex outperformed for majority of the Tata Groups companies namely: Tata Motors, Tata Steel, Tata Global Beverages, Tata Power Company and Indian Hotels. Except for the hotel business, other companies made compounded annual total shareholder returns (CATSR) of less than 14%.

10) PM hints at hike in fuel, power prices BL IMPACT: Pointing out that unlimited and uncontrolled subsidies could lead to a drastic cut in plan expenditure (to other sectors) or an unwanted increase in the fiscal deficit, the Prime Minister put forward a proposal for a gradual hike in the prices of petroleum products (particularly diesel), coal and power. Admitting to the fact that subsidies are a part-and-parcel of any welfare state, the Minister stressed the importance of well-designed and effectively targeted subsidies. In the wake of this statement, share prices of oil firms like ONGC increased. Shares of oil marketing companies (HPCL, BPCL, etc) also benefitted in the face of reports that the Petroleum Ministry plans to increase diesel prices by one rupee a litre every month over a ten month period. KEY PLAYERS: Petroleum Ministry, Indian people WHY IS IT IMPORTANT? In India, coal, petroleum products and natural gas are priced way below international prices. Adjustment in their prices is the need of the hour to reduce imports (by restricting demand) and to achieve inclusive and sustainable growth. Indias heavily subsidized fuel is in part responsible for putting the country on the negative outlook map of global rating agencies. Though diesel (which accounts for 40% of Indias refined fuel consumption) was initially subsidized to benefit Indian farmers, the huge difference between diesel and petrol prices has caused the dieselization of the economy with auto-makers launching diesel-versions of cars to lure the cost-conscious and ever-growing middle class-leading to huge demand for the fuel and thus huge imports. This is not good for Indias balance of trade situation. India imports around three-fourths of the crude oil it requires and this is the biggest driver of its trade gap. Analysts feel that GoIs fuel subsidy is keeping the demand for fuel products artificially high and is stirring up the gap even further. Increasing prices may help salvage the situation. 11) Bigger fights loom after "fiscal cliff" deal Reuters IMPACT: In a major win for Democrats over Republicans, the US Congress voted on a fiercely debated deal which raises taxes for the wealthiest 2% of Americans while making permanent Bush administrations tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. The increase in tax rates from 35% to 39.6% for wealthy Americans will raise approximately $600 billion in revenues over a period of ten years. Though the deal passed extended unemployment insurance by one year, it refused to cut government spending on popular programmes Medicare (which the Republicans had lobbied for and which they say is necessary to bring about any long term solution to the nations debt). The US House of Representatives also deferred by two months the decision on introducing spending cuts (known as the sequester) and whether to raise or do away with the countrys legal borrowing limit (which currently stands at $16 trillion). As the deal came through, financial markets around the world responded positively to the news with most of them witnessing a jump in their index by 1-2 per cent. Indias Nifty posted a 43 points jump and rose above the 6,000 mark for the first time in two years (though for a brief period). KEY PLAYERS: US law-makers, US citizens, US economy WHY IS IT IMPORTANT? Economists have predicted that the political deal to avoid the fiscal cliff will hit economic growth and reduce job generation (though a full-force recession may be avoided). Increase in deductions for social security from employees will take out $113 billion from the economy per year-money which would otherwise have been spent on goods and servicesleading to an expansion of GDP only by 1.7-2 per cent per year. Rating agencies like S&P and Moodys have announced that the implementation of this deal will not change their negative outlook of US sovereign rating as they believe that more work needs to be done to place the U.S.'s medium-term public finances on a more sustainable footing". The IMF observed that containing federal spending and taking a stance on the debt ceiling was of utmost importance. However, if across-the-board spending cuts are introduced, there is a high risk of the US economy going back into recession and its unemployment rates surging back into the 9% range. 12) Government considering steps to curb gold imports ET/BS IMPACT: In the face of Indias current account deficit (CAD) widening to 5.4% of GDP in the September quarter, Finance Minister P Chidambaram had announced plans to limit the import of gold (the second biggest contributor to the import bill after crude oil) by increasing the import duty on it. The countrys CAD is the widest in absolute terms since 1949 and has weakened the rupee in addition to exposing the economy to costly imports. Imports of gold alone ($20.25 billion) have contributed to a CAD of 4.6% of GDP-a staggering figure-in the first six months of the current fiscal year. A contraction to Indians exports by 6% leaving in its wake a wide trade deficit is also not helping matters. In response to the ministers statement, Indian gold futures extended gains to their highest level in two weeks riding on the wave of speculative buying from physical traders. KEY PLAYERS: GoI, gold imports, gold buyers WHY IS IT IMPORTANT? Indias poor external accounts and widening fiscal deficit have led global rating agencies like S&P and Fitch to threaten downgrading its credit rating to junk status. Increase in the basic customs duty on gold in the last Budget has already led to an increase in the amount of gold smuggled into the country (which has defeated the purpose of increasing the duty in the first place). In an effort to reduce the demand for gold, the RBI recently urged investors to shift from buying physical gold as a hedge against spiralling prices to financial products like inflation-linked bonds. However, imports of the yellow metal rose by 9% in the September quarter with analysts predicting a further increase in December due wedding-season buying. Some economists are of the view that Indias love for gold has helped the economy remain buoyant in the face of the dying India growth story.

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13) The Internet turns 30 The Hindu IMPACT: The Internet, which has transformed the way people work and live, turned 30 on January 1, 2013. The computer network was first used by the US Department of Defence on January 1, 1983 successfully substituting previous networking systems. Using data packet-switching, the new method of linking computers paved the way for the arrival of the World Wide Web. The first prototype of the Internet was developed at prestigious American universities and research laboratories such as University of California, Los Angeles and Stanford Research Institute. Chris Edwards, an electronics correspondent for Engineering and Technology magazine, commenting on the historic events impact on the world, said that,The Internet means there is nowhere and no one in the world that one cant reach easily and cheaply. KEY PLAYERS: Internet users and providers WHY IS IT IMPORTANT? Through a long journey, the Internet has managed to make the world into a single village. Internet penetration in the West is at an optimum but penetration in the developing world is still not up to the mark and thus there is still scope for the internet to grow. A study by industry body Assocham and internet analytics firm ComScore says India is the fastest growing among the BRIC nations, adding over 18 million users annually at a rate of 41% (in-spite of all the power failures and poor infrastructure it has). Experts are of the view that if sincere efforts are made to improve telecom infrastructure, internet growth in the country can be much higher as there is massive demand from rural population. The sale of more affordable mobile phones, PCs and laptops will lead the next wave of internet revolution in the country. 14) Chengdu city in China aims to become world's next Silicon Valley - Livemint.com IMPACT: If entrepreneurs in Chengdu see their dreams come true, this south-western Chinese city will be the world's next Silicon Valley. The city is already a hi-tech manufacturing hub, with small firms as well as big western companies flocking to city of 14 million people, attracted by cheap labour costs and favourable government policies. Around onethird to half of the iPads sold globally are assembled here, while Intel makes close to half of its chips in the city. Chengdu increasingly desires to become a hub for software development and related innovation, as the government encourages more investment outside coastal regions as part of its 'Go West' development programme, offering perks to start ups. To go beyond manufacturing towards becoming a centre for innovation, Chengdu is also developing a 'Software Park' nearby. Foreign companies already in Chengdu include Texas Instruments, Intel, Fujitsu, IBM, Hewlett Packard, Microsoft, Sun, SAP,Ubisoft, Siemens, Motorola, Nokia, Ericsson, Alcatel and Dell. KEY PLAYERS: Chengdu, Silicon Valley, China WHY IS IT IMPORTANT? While India is still trying to turn Mumbai into Shanghai, China has begun to take on Silicon Valley. Till now known for its manufacturing prowess, Chinas entry into the technology space will pose serious competition to India. There is need to for India to leverage its already abundant resources and talent in this sector to keep its place in the changing scenario. 15) TRAI: Central & State governments should not enter broadcasting business IMPACT: Telecom Regulatory Authority of India (TRAI) has recommended that any Indian political body should refrain from entering the broadcasting business. This reform comes at a time when many television channels, especially news channels, are run by politicians or political bodies. According to ET: I&B secretary Uday Kumar Varma had on November 30th written to TRAI seeking recommendations on whether state or central governments or entities on which they have control could be allowed to enter broadcasting or distribution of channels. In reply to Varma's letter, TRAI's secretary in-charge Sudhir Gupta said that central government ministries, departments, companies, joint ventures or entities which belong to or are funded by centre or state governments "should not be allowed to enter in to the business of broadcasting and or distribution of TV channels." KEY PLAYERS: TRAI WHY IT IS IMPORTANT? The recommendation has caused a stir in the state government of states like Tamil Nadu, Gujarat and Punjab among others. The Arasu Cable TV Corp is owned by the state government of Tamil Nadu. The Punjab and Gujarat governments are also planning to set up TV station and TV channels respectively. This rule if implemented will remove the political influence on television. Reports suggest that most of the regional GECs and news channels are owned by politicians of political parties. But it is likely that this embargo by TRAI will result in the parties finding alternative ways (indirect routes) to enter into the broadcasting business.

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redBus A road less taken Sometimes a problem is faced by millions, everyday, in every corner of the country and yet not one thing is done by anyone to address the problem. Lack of resources, scale of the problem, inadequate knowhow; these are only some of the excuses people give to justify their antipathy. However, some choose to act irrespective. For some, simply sitting down and blaming everything and everyone is just not an option. redBus was born out of a similar problem. A problem faced by many for quite a while; a problem of getting a simple bus ticket without jumping through a thousand hoops. About the Founders

Part 1

Phanindra Sama: This electronics engineer from the prestigious BITS

Pilani hails from Andhra Pradesh. Before he started redBus he was one of the youngest team leads at Texas Instruments, Bangalore. (centre, in the photograph) Charan Padmaraju: Samas BITS batch mate, friend and flat mate Charan, was with Honeywell in Bangalore before redBus began its journey. (right, in the photograph) Sudhakar Pasupunuri: Samas BITS batch mate, friend and flat mate, Sudhakar, was a senior software engineer with IBM in Bangalore before hopping aboard redBus. (left, in the photograph) The Problem Getting a bus ticket is not easy on the best of days and during peak travel season at the nth hour it is a sheer impossibility. This was the problem that Phanindra Sama faced during the Diwali of 2005. In his inability to find a bus ticket to visit his hometown, was the beginning of an idea. He was surprised when the bus agent told him that he didnt have any seats available and he should thus try looking at other agents. The not so obvious question that struck Sama, was that why couldnt THIS agent tell him about seat availability unlike other mass transport mediums? His curiosity got the better of him and the entrepreneurial virus had begun its infection. Phanindra started attending all the events conducted by the Bangalore chapter of TiE(The Indus Entrepreneurs). The lessons he learnt during this time inspired him to dig deeper into the bus ticketing problem. Sama researched the problem by first speaking to bus travel agents and operators. He found that there were thousands of agents each handling a few operators and there was no ticket aggregating system or process in place. So no one really knew how many seats were available in all amongst all operators. This forced travellers to hunt for seats by visiting a multitude of agents and depend on their luck. Price standardization was also not there to aid travellers. Considering the disorganized nature of the bus travel industry, the task in front of Sama was gargantuan to say the least. The conclusions he arrived at, was that a third party was needed to address the problem as none of the bus operators or agents had the necessary size or technology savvy to create and operate their own IT system. His initial thought was to create a software system which will allow operators to update inventory online. He teamed up with his co-founders at that point and created Pilani Soft Labs wherein Charan Padmaraju and Sudhakar Pasupunuri would take care of the software development and Operations whereas Sama would get the bus operators on board. However, when the team travelled to different locations and spoke to operators, the response was far from satisfactory. Most operators were insensitive towards technology and none of them could actually manage a system that asked them to update inventory online. The team was in a fix. What should be the business model as they hadnt really addressed that question up until now. TiE to the rescue! Samas initial lessons from TiE were not going to stop at this stage. Entrepreneurial Acceleration Program or EAP is a ventur e by TiE, wherein TiE members or other body members are asked to submit plans and out of these, certain plans are selected to be mentored and funded by VCs or individuals. Samas plan passed muster after a grilling round. Kiranbir Nag, VP SVB India Advisors, Ashok Yerneni and later on Ashok Anandaram came on aboard as mentors. Their entry, a month before redBuss launch had an immediate impact. A team that didnt even have an excel sheet with the required numbers, Sama & co were about to receive a lesson in business planning and management 101.

The mentors met the founders every week wherein the founding team was guided on how to go about converting assumptions into actual tangible numbers and then into an implementable plan. The mentors had selected Samas venture because of primarily two things; Passion of the team and the potential to scale. The teams understanding of the market was also appreciable. However, it was in defining a working business model where the fingerprints of the mentors would be seen. A model that works! For most startups, converting a solution into a business model that works is a significant challenge. Team Sama had differing inputs on what kind of model they should adopt. Some said a Global distribution system as a transaction platform for bus operators was the right solution. The money would be made on per transaction basis. Others disagreed with this approach. However, breaking through all the clutter of analyses, the mentors advised Sama to go ahead with a direct solution that solved a problem. The automation process could be taken care of in due course. The primary problem was at the consumer side. They could create a website wherein the backend could be mimicked even without the automation in place. redBus was born. Considering the lack of computerization at the bus operators end, redBus couldnt simply tap into the operators systems to put seats online. The solution came in the form of block booking, wherein operators partnering with redBus would reserve some of their seats until an hour before departure. Of course this meant that convincing operators to sign up with redBus was going to remain a challenge. In fact redBus launched with just one operator on board. Selling the first seat was the beginning. Through sheer gumption, they signed on operators one by one and the site traffic grew. Team Samas redBus, thanks to word of mouth, PR and search engine marketing, built up its profile and pretty soon it became the number one source on bus related information as no such entity existed that provided consolidated information on fairs, destinations and availability. The site was, for operators, another agent. The company also understood this; however, their primary goal was to bring the concept of good customer experience to a sector that didnt bother with it . The logic was that if redBus provided good customer experience it would add on to the brand value which in turn would bring in more operators eager to sign up with redBus. Considering that their first year turnover was Rs 50 Lakh and the second year it jumped to Rs 5 Crore and is nearly Rs 150 crore according to recent estimates, it seems they are doing more right than wrong in the pursuit of their stated goal.

Watch out for part 2 of Neo Corner (redBus) in next weeks Xed Newsletter.

SOURCES Charts & Graphs: http://www.economist.com/node/21563412 Economic Indicators: http://articles.marketwatch.com/2012-12-24/markets/35987410_1_stocks-slide-budget-pact-stock-market http://www.washingtonpost.com/business/how-the-dow-jones-industrial-average-and-other-major-stock-indexes-faredmonday/2012/12/24/98a5175a-4dfb-11e2-835b-02f92c0daa43_story.html SOURCES FOR COVER STORY http://www.ndtv.com/article/india/india-announces-1-million-to-myanmar-s-troubled-rakhine-state-305597 http://www.hindustantimes.com/India-news/Mumbai/China-willing-to-settle-boundary-issue-boost-ties/Article1-970460.aspx http://www.thehindu.com/opinion/op-ed/in-the-neighbourhood-its-india-fading/article4266008.ece http://www.rediff.com/news/slide-show/slide-show-1-why-the-afghan-endgame-will-be-india-s-biggest-challenge/20130102.htm#1 http://zeenews.india.com/exclusive/2013-%E2%80%93-growing-convergence-india-in-the-world-and-world-in-india_5945.html http://english.peopledaily.com.cn/90001/90776/90786/7245014.html http://www.thehindu.com/opinion/op-ed/in-myanmar-a-winning-hand-for-america/article4259658.ece http://zeenews.india.com/news/nation/india-building-roads-bridges-in-myanmar_815430.html http://www.firstpost.com/world/hillary-clinton-was-indias-friend-but-john-kerry-is-soft-on-pakistan-566255.html http://www.straitstimes.com/breaking-news/money/story/chinas-dec-non-manufacturing-pmi-rises-561-20130103 http://timesofindia.indiatimes.com/business/international-business/Oil-prices-rise-as-US-lawmakers-avert-fiscalcliff/articleshow/17852681.cms http://www.firstpost.com/economy/forget-us-chidu-has-our-own-twin-cliffs-to-deal-with-574716.html http://in.reuters.com/article/2012/12/31/india-economy-deficit-idINDEE8BU03H20121231?type=economicNews http://swaminomics.org/?p=1627 http://blogs.wsj.com/indiarealtime/2013/01/03/indian-retailers-hope-for-better-2013/ SOURCES FOR PERSONALITIES OF THE WEEK: http://en.wikipedia.org/wiki/Richard_Branson http://www.dailymirror.lk/business/features/24606-surviving-in-times-of-crisis--survival-amidst-crisis-learning-from-richard-branson.html http://www.biography.com/people/richard-branson-9224520 http://www.thebiographychannel.co.uk/biographies/richard-branson.html http://www.bornrich.com/richard-branson.html http://www.space.com/18991-richard-branson-biography.html http://www.askmen.com/celebs/men/december99/6_richard_branson.html http://www.brainyquote.com/quotes/quotes/r/richardbra452107.html\ http://en.wikipedia.org/wiki/Rana_Kapoor http://www.yesbank.in/ShowPropertyServlet;jsessionid=1f7XQRQpqP2djpJnL1576hvJkLp0w3kJHhNgJd17nfw6P8tQTm6n!818205730?nodePath=%2FYES+Bank+Reposit ory%2Fen%2FInvestor+Relations%2FPromoters+and+Investors%2F%24+SideNavigation+%24%2FDr.+Rana+Kapoor%2FMain+Content%2F%2FBulletPointText%5B0%5D. UploadFile http://businesstoday.intoday.in/story/best-mid-sized-bank-2012-yes-bank/1/189853.html http://articles.economictimes.indiatimes.com/2010-06-25/news/27602219_1_rainbows-rabobank-rana-kapoor http://www.business-standard.com/india/news/lunchbs-rana-kapoor/434970/ http://www.thesmartceo.in/magazine/cover-story/how-rana-kapoor-built-yes-bank.html INDUSTRY ANALYSIS: http://en.wikipedia.org/wiki/Electricity_sector_in_India#Problems_with_India.27s_power_sector http://www.equitymaster.com/research-it/sector-info/power/Power-Sector-Analysis-Report.asp http://in.finance.yahoo.com/photos/world-s-top-10-electricity-generators-1351505498-slideshow/world-s-top-10-electricitygenerators-photo--1409227797.html http://www.scribd.com/doc/24419590/The-Future-of-the-Power-Sector-in-India http://en.wikipedia.org/wiki/Electricity_sector_in_India#Problems_with_India.27s_power_sector http://www.dnaindia.com/india/report_govt-permits-foreign-investment-in-power-trading-exchanges_1741019 http://www.powermin.nic.in/indian_electricity_scenario/introduction.htm SOURCES FOR NEWS ANALYSIS (1-15) 1) As Cyrus Mistry leads Tata, Bengal hopes for Singur settlement http://businesstoday.intoday.in/story/cyrus-mistry-takes-charge-bengal-amicable-singur-settlement/1/191126.html http://www.business-standard.com/india/news/bengal-bankscyrus-for-singur-breakthrough/200898/on 2) HCL Tech loses two executives handling more than 30% of business http://economictimes.indiatimes.com/news/news-bycompany/corporate-trends/hcl-tech-loses-two-execs-handling-30-of-business-exits-of-rajeev-sawhney-pradeep-nair-critical-forco/articleshow/17801013.cms 3) CPSEs must double minimum CSR contribution from 2013-14 http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/cpses-required-to-double-minimum-csr-contributionfrom-2013-14/articleshow/17830286.cms 4) RIL buys back shares worth Rs. 3, 800 crores http://www.business-standard.com/india/news/ril-buys-back-shares-worth-rs-3800-cr/200961/on 5) Visa offers network for distributing cash subsidies to Aadhar cardholders http://economictimes.indiatimes.com/news/economy/finance/visa-offers-network-for-distributing-cash-subsidies-to-aadharcardholders/articleshow/17849709.cms 6) December Manufacturing PMI at six month high http://economictimes.indiatimes.com/news/economy/indicators/manufacturing-pmi-in-december-jumps-to-54-7-highest-in-sixmonths/articleshow/17852701.cms

7) UKs retail giant Tesco to set up sourcing arm in India ET/Telegraph UK/BS http://articles.economictimes.indiatimes.com/2012-12-27/news/36022233_1_tesco-chief-executive-star-bazaar-hypermarket-chainphilip-clarke http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9732130/Tesco-eyes-two-cities-for-push-into-India.html http://business-standard.com/india/news/delhi-may-become-first-state-to-have-wal-mart-tesco-stores/198923/on 8) Maruti Suzuki to set up a new plant in Africa ET/Moneycontrol.com/NDTV Profit http://www.moneycontrol.com/news/business/maruti-suzuki-gains-2assembly-plantafrica_800715.html http://articles.economictimes.indiatimes.com/2012-12-28/news/36036364_1_maruti-suzuki-india-alto-mayank-pareek http://profit.ndtv.com/news/auto/article-maruti-suzuki-sales-up-3-2-per-cent-in-december-315554 9) Cyrus Mistry takes over the reins of Tata Group Moneylife.in/ET http://articles.economictimes.indiatimes.com/2012-12-29/news/36051110_1_cyrus-mistry-group-through-bold-decisions-relevantpost-economic-liberalisation http://www.moneylife.in/article/ratan-tatas-legacy-one-would-have-been-better-off-investing-in-the-sensex/30479.html 10) PM hints at hike in fuel, power prices BL http://www.thehindubusinessline.com/news/pm-hints-at-hike-in-fuel-power-prices/article4244358.ece?ref=wl_opinion http://www.expressindia.com/latest-news/more-petrol-power-lpg-price-hikes-coming-soon-says-pm-at-national-development-councilto-boost-12th-five-year-plan/1050927/ http://in.reuters.com/article/2012/11/08/india-oil-subsidy-idINDEE8A70CT20121108 http://www.reuters.com/article/2012/09/13/us-india-economy-idUSBRE88C14V20120913 http://in.reuters.com/article/2012/12/28/market-india-stock-close-idINL4N0A22R820121228 http://online.wsj.com/article/SB10001424127887324274404578213450883093748.html 11) Bigger fights loom after "fiscal cliff" deal Reuters http://www.reuters.com/article/2013/01/02/us-usa-fiscal-idUSBRE8A80WV20130102 http://economictimes.indiatimes.com/news/international-business/fiscal-cliff-averted-now-wait-for-the-nextcrisis/articleshow/17864009.cms http://edition.cnn.com/2013/01/02/politics/fiscal-cliff/index.html http://economictimes.indiatimes.com/news/international-business/us-fiscal-cliff-deal-to-slow-growtheconomists/articleshow/17863517.cms http://www.bbc.co.uk/news/world-us-canada-20886182 http://www.thehindu.com/news/international/us-fiscal-cliff-deal-passage-ends-standoff/article4264359.ece http://economictimes.indiatimes.com/news/international-business/us-fiscal-cliff-deal-will-not-affect-credit-outlooksp/articleshow/17865419.cms http://www.financialexpress.com/news/market-flies-high-on-us-fiscal-cliff-deal-nifty-zooms-42-pts/1053516/0 http://economictimes.indiatimes.com/news/international-business/us-fiscal-cliff-actions-not-enough-imf/articleshow/17864368.cms 12) Government considering steps to curb gold imports ET/BS http://economictimes.indiatimes.com/news/economy/foreign-trade/tackling-current-account-deficit-fm-p-chidambaram-likely-to-placemore-curbs-on-gold-imports/articleshow/17865791.cms http://business-standard.com/india/news/govt-considering-steps-to-curb-gold-imports/497588/ http://www.moneycontrol.com/news/commodities/gold-jumps-to-2-week-high-speculative-buying-seen_802530.html http://in.reuters.com/article/2013/01/02/india-gold-chidambaram-imports-idINDEE90102U20130102 http://www.firstpost.com/economy/gold-why-central-banks-arent-taking-their-own-advice-543341.html 13) The Internet turns 30 The Hindu http://www.thehindu.com/todays-paper/tp-in-school/internet-turns-30/article4266960.ece http://www.firstpost.com/tech/happy-birthday-the-internet-is-30-years-old-now-575475.html http://www.dnaindia.com/scitech/report_internet-turns-30_1784836 http://www.dnaindia.com/money/report_internet-turns-30-the-next-30-years-belong-to-india_1784955 14) Chengdu city in China aims to become world's next Silicon Valley http://www.livemint.com/Industry/zm5DItgeyhRm1Q7C1kD0oN/Chinas-Chengdu-aiming-to-be-worlds-next-Silicon-Valley.html 15) TRAI: Central & State governments should not enter broadcasting business DNA/ET http://www.dnaindia.com/money/report_central-state-govts-not-allowed-to-run-tv-channels-trai_1782855 http://articles.economictimes.indiatimes.com/2012-12-28/news/36036327_1_i-b-ministry-digitisation-tv-channels http://www.thehindubusinessline.com/industry-and-economy/trai-asks-govt-to-keep-off-tv-broadcastingdistribution/article4249608.ece