US looking into India's concerns on outsourcing

Boston: India, which has conveyed its concerns to the US on outsourcing and H1B visa fee hike, has said the Obama administration is looking into the matter, which can be resolved in a "very reasoned and rationale way" given the maturity and increasing depth in bilateral ties, reports PTI.

It also cautioned against building up an "atmosphere of accusations and counter-accusations" over the matter as such things would not help solve it.

"It (outsourcing) is one of the issues in the (US-India) relationship. We have taken it up with the American administration at all levels. They are very aware of the concerns that we have on this issue and the fact that our companies are being targeted for no reason. This is an issue that we would like to see addressed," foreign secretary Nirupama Rao told reporters here.

Ms Rao was in the city to deliver the third Harish Mahindra Memorial Lecture at Harvard University. The lecture is given in honour of industrialist Anand Mahindra's father, who was the founding chairman of Mahindra Ugine Steel Company and a Harvard alumnus.

Earlier, Ms Rao was in Washington where she raised the issue of H1B visa fee hike and ban on outsourcing by Ohio state, apart from discussing president Barack Obama's November visit to India with senior US officials.

"They (US officials) have told us that they are alert and they have understood the depth of our concern on (outsourcing ban). They are looking into the matter," Ms Rao added.

Ms Rao said it is because of a "measure of maturity" in India-US relations that both countries are able to discuss issues such as outsourcing and visa fee hike in a rationale manner.

"Given the maturity and increasing depth in the relationship, issues like this can be handled in a very reasoned and rationale way," she said.

As the two countries seek to grow their "strategic global partnership," Ms Rao said "I don't think building up an atmosphere of accusations and counter-accusations on the issues (like outsourcing) is going to be very constructive or conducive to solving it."

The issue of outsourcing would also be discussed at the Trade Policy Forum meeting by commerce and industry minister Anand Sharma and his American counterpart Ron Kirk.

Indian business associations would also take up the matter during the Indo-US Private Sector Advisory Group (PSAG) meeting in Washington shortly.

"The US is being made fully aware of our position on this, the legitimacy of our concerns on this and the fact that it is difficult for us to comprehend on why our companies are being targeted," Ms Rao said.

Official sources said that issues such as health, energy, removal of export controls on hi-technology and India's bid for a permanent UNSC seat are likely to be discussed between the two countries when president Obama visits India.
 

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Personal finance Tuesday

Kotak Mahindra MF launches Kotak FMP 370 Days Series 8; Sundaram BNP Paribas MF introduces Sundaram BNP Paribas Fixed Term Plan-AO; IDFC Fixed Maturity Plan Quarterly Series 61, 62 & 63 and Half Yearly Series 12, 13 &14 files offer document with SEBI; Birla Sun Life files offer document with SEBI to float Short Term FMP–Series 1 to Series 3; Kotak Mahindra Bank hikes term deposit rates

Kotak Mahindra MF launches Kotak FMP 370 Days Series 8

Kotak Mahindra Mutual Fund has launched Kotak FMP 370 Days Series 8, a close-ended debt scheme. The investment objective of the Scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The Scheme offers two options — growth and dividend (payout). During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The issue opens on 21st September and closes on 23rd September. The exit load for the Scheme is nil. The minimum investment amount is Rs5,000. The maturity of the Scheme is 370 days after the date of allotment.

The benchmark for the Scheme is CRISIL Short Term Bond Index. Deepak Agarwal and Abhishek Bisen will be the fund managers for the Scheme. The Fund seeks to collect a minimum subscription amount of Rs1 crore each, under the Scheme.

Sundaram BNP Paribas MF introduces Sundaram BNP Paribas Fixed Term Plan-AO

Sundaram BNP Paribas Mutual Fund has introduced Sundaram BNP Paribas Fixed Term Plan-AO, a closed-end income scheme. The objective of the Scheme is to generate income with minimum volatility by investing in debt and money market securities, which mature on or before the maturity of the Scheme. The Scheme offers two options — growth and dividend (payout). During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The exit load for the Scheme is nil. The minimum investment amount is Rs5,000. The scheme opens on 21st September and closes on 24th September. The scheme seeks to collect a minimum corpus of Rs1 crore. CRISIL Short-Term Bond Fund Index is the benchmark index.

IDFC Fixed Maturity Plan Quarterly Series 61, 62 & 63 and Half Yearly Series 12, 13 &14 files offer document with SEBI   

IDFC Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch IDFC Fixed Maturity Plan Quarterly Series 61, 62 & 63 and Half Yearly Series 12, 13 &14, a close ended income scheme. The new fund offer price will be Rs10 per unit. The investment objective of the Scheme will be to generate income by investing in debt and money market instruments maturing before the maturity of the Scheme. The Schemes offer following plans: IDFC Fixed Maturity Plan–Quarterly Series 61, 62 & 63 with a duration of three months. IDFC Fixed Maturity Plan–Half Yearly Series 12, 13 &14 with a duration of six months. The Scheme offers two options under Plans — growth and dividend. The minimum investment amount will be Rs10,000. The minimum target amount will be Rs1 crore. CRISIL Composite Bond Fund Index will be the benchmark index. The exit load for the Scheme will be nil. Anupam Joshi is the fund manager.

Birla Sun Life files offer document with SEBI to float Short Term FMP–Series 1 to Series 3

Birla Sun Life Mutual Fund has filed an offer document with SEBI to launch Birla Sun Life Short Term FMP–Series 1 to Series 3, a close ended income scheme. The new fund offer (NFO) price of units of the Scheme will be Rs10 per unit. The Scheme seeks to generate income by investing in fixed income securities maturing on or before the duration of the Scheme. The Scheme will have growth and dividend (payout) option. The minimum investment amount will be Rs5,000. The minimum subscription amount under the Scheme shall be Rs10 crore. CRISIL Short Term Bond Fund Index will be the benchmark index. The exit load for the Scheme is nil. Kaustubh Gupta is the fund manager.

Kotak Mahindra Bank hikes term deposit rates

Private bank lender Kotak Mahindra Bank has increased its interest rates by 25 basis points (bps) for all retail term deposits with maturity of one year and above. The interest rate is increased to 7.25% from 7% for deposits, which have a maturity of one year and above. And for deposits, which have a maturity period of 5-10 years, the interest rate is increased to 7.75% from 7.50%. For senior citizens the interest rates in increased by 50 bps across all maturities.

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