Experts have welcomed the move from the Paris-based International Organization of Vine and Wine, as it will help in improving the quality standard of Indian wines
The Indian wine industry finally has a reason to cheer. After two Indian wine brands were selected for sale in UK’s leading supermarket chain, India will soon become a formal member of Paris-based International Organization of Vine and Wine (OIV), an elite wine-producers’ club. Experts have welcomed this move as it is expected to improve the ‘quality standard’ of Indian wines a step further.
It is reported that the Union Cabinet is expected to ratify this agreement of India becoming a formal member of OIV, which will allow India access to all scientific information related to vines, wine, wine-based beverages, table grapes and raisins etc. Nitin Desai, director, Indian Grape Processing Board, told Moneylife that the OIV membership will help Indians make better wine. “This is indeed a great initiative which in turn will enhance our skill-sets in all practices of wine-making, right from viticulture to the end product.”
He added, “This will enable Indian wine producers offer better quality and also become price competitive.”
Experts say that this move will also help India to position itself better in the international wine market and allow its participation in international trade fairs.
“Membership to OIV is nothing but upgradation of the quality standards of Indian wines. One of the main parameters of quality of wine is the geographical location. Every soil produces different quality of grapes and hence the wine tastes accordingly. With us being a formal member of the club, we would now be in a position to learn the right set of skills important for grape-growing and wine-making,” said Jagdish Holkar, president of the All-India Wine Producers’ Association.
“It is very essential to define the word ‘wine’ in our country. And through the membership to this club, it will help us to define the quality of Indian wines in both domestic and international markets. Apart from gaining technical knowledge relating to vine and wine, India will now be able to align itself with better-known brands with good branding opportunities in the world market,” Mr Holkar added.
OIV is an internationally-known intergovernmental scientific and technical body in the field of vine and wine, with 44 countries as its formal members.
Survey shows the Finnish company holds 64.8% of market share; India is expected to be served more than 10 billion ads over mobile phones and continue its scorching growth
According to a report published by BuzzCity, a global mobile media company, India has seen the highest growth among 50 countries in mobile advertising. And this massive growth has been aided by Nokia, which still holds more than 64% of the market.
At 30% growth in mobile advertising, India is way ahead of other South Asian mobile-phone countries—most of whom have seen a decline in growth. More than 9.7 billion ads were served to 80 million unique Indian users in the third quarter, 64.8% of whom are still loyal to Nokia. “In spite of global news focusing on the demise of Nokia, countries like India reveal that the Finnish manufacturer is still a force to be reckoned with, especially in the developing world,” said the report.
Globally, Nokia commands some 52% of the mobile market. In diverse markets like USA, Vietnam, Brazil, Saudi Arabia, Thailand, Egypt and Poland, it continues its dominance.
The report also shows that the Indian growth story is largely dependent on mobile content itself, while some financial services offering home loans ran promotions early in the quarter. Notably, online job portals have been migrating to mobiles and have been promoting heavily in India (as well as South-East Asia and the Middle-East).
Advertisers have focused more on the youth, as more than 50% of the ads have been served to people who are between 20-29 years of age. Even users below 20 years of age have been served 18% of the ads. The most popular content has been related to dating, glamour, entertainment and lifestyle. For the next quarter, India is expected to be served more than 10 billion ads and continue growth.
“In economies where such overheating pressures remain high, inflation remains above target and inflation expectations have continued to rise, such as in China, India, and Korea, the current pace of monetary tightening remains appropriate,” the IMF said in its Regional Economic Outlook for the Asia-Pacific
Washington: Ahead of the credit policy review meeting of the Reserve Bank of India (RBI) later this month, the International Monetary Fund (IMF) has supported the RBI’s monetary tightening strategy for taming inflation, reports PTI.
“In economies where such overheating pressures remain high, inflation remains above target and inflation expectations have continued to rise, such as in China, India, and Korea, the current pace of monetary tightening remains appropriate,” the IMF said in its Regional Economic Outlook for the Asia-Pacific.
The RBI has already hiked interest rates 12 times since March 2010 to control inflation, which is currently hovering near the double-digit mark.
With the rise in key interest rates by 350 basis points over the past 20 months resulting in a slowdown in industrial output, there has been a widespread demand for a pause in the rate hikes. The RBI is slated to conduct its second quarter policy review on 25th October.
“Inflation has been driven by commodity prices, but also in many economies by sustained demand pressures,” the IMF said.
It said that commodity price rise has fed to generalised inflation in countries like the Hong Kong special administrative region, India, Indonesia, Korea, Malaysia and Thailand.
“Inflation expectations have also risen since the first quarter of 2011 in a number of economies,” it said.
The report further said that Asian economies are facing a rising risk to growth on account of increased financial worries in the euro area and the growth slowdown in the US.
The multilateral lending agency projected that gross domestic product (GDP) growth across Asia would average 6.25% in 2011.
“Asia remains vulnerable to further trade and financial shocks given its high degree of integration,” the IMF said, adding that the risks for Asia are decidedly tilted to the downside.
“In addition to a drop in global demand for Asian exports, foreign investors could retrench from the region, reversing their large positions. European banks could reduce cross-border lending, causing credit flows to dry up,” the IMF said.
In the World Economic Outlook report released last month, the IMF projected that India’s economic growth rate would moderate to 7.5%-7.75% this fiscal from 8.5% in 2010-11 on account of slowing investment and the sluggish global recovery.