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India Grey Mart GoesBananas Over Apple
One of thesellers on eBay, who plans tosource the handsets from
Aus-tralia and Singapore, said he has
already received more than 20bookings with the full amountpaid
by Wednesday evening. Hislisting had got more than 600 hits,he
said. Australia and Singaporeare part of the global launch.
Apple has enlarged the screen,made the edges more roundedand
slimmed down the iPhoneas it seeks to fight for the h igh-er end of
the smartphonemarket with bitter rival Sam-sung, with which it has
tan-gled in court over alleged pat-ent infringements.
Mania Unstoppable12
[email protected]
Kolkata: The new iPhone seems to
have re-ignited the lust for posses-sion that used to be sparked
off bysome of Steve Jobss more dramaticunveilings. A day after Tim
Cooktook the wrappings off the iPhone 6and the 6 Plus, the Indian
grey mar-ket went a little crazy. People werewilling to pay . 1
lakh and more forthe privilege of getting the phonesoon after its
launched in the USand elsewhere on September 19 andbefore it
officially reaches India, onOctober 17.
On eBay India, a sealed and facto ryunlocked 16GB iPhone 6 was
goingfor . 1 lakh, while a 16 GB iPhone 6Plus was being offered .
1.1 lakh. Thedevices will be shipped to India fromSeptember 21.
Another seller oneBay India listed a network-locked16GB iPhone 6,
which will be un-locked before sale, at . 75,000.
PEOPLE BID . 1 LAKH FOR PHONE
Satish John & Ashutosh R Shyam
Mumbai: Flashback to 1998, and theKargil war. The military is
forced toabort missions due to heavy casu-alties. Then it decides
to deploy thecontroversial Bofors gun to destroyPakistani outposts
from various van-tage points. The strategy pays off, butthe
military realises it will soon runout of ammunition to feed the
howitz-ers. At the urging of army command-ers, the defence ministry
turns to Ba-ba Kalyani and his company BharatForge to make shells
for the 155mmhowitzers.
Kalyani, chairman of the BharatForge Group, recalls how the
compa-ny got the emergency order to make1 lakh shells. Thats how
the compa-nys ability to turn out high-qualityproducts at short
notice, whichhelped burnish its global reputation
in the auto part s industry, came toplay a role in histo ry.
More than a decade since then, thegroup led by flagship Bharat
Forge isready with artillery equipment thatthe Indian defence
forces will soonstart testing. This puts it nicely inplace to take
advantage of the Na-rendra Modi governments initiativeto encourage
greater private partici-pation in the defence sector.
A lot of emphasis on local manu-facturing of defence products
hasbeen put by the current government.Thus, companies like us,
whove tak-en defence seriously, are now produc-tion-ready, Kalyani
toldETin an ex-clusive interview. The governmenthas also opened up
the sector to moreoverseas investments to persuade for-eign
companies to transfer tech-nology to Indian firms.
Army will Soon Test Cos Artillery3
When at War, Bharat Forges Ahead to VictoryThe ability to turn
out high-quality products at short notice helped auto-parts major
become part of history
Baba KalyanisDefence Strategy
Bharat Forgescouting for aEuropean orNorth Americanpartner
tomake small
arms
155mm 155mmartillery gunto tested byDecember
ultra light artillerygun to be testedby next year
ULTRA LIGHT GUN TO BE TESTED BY NEXT
Conversion of 133mm guns to 155mm
Co eyeingplans to makeammunition forthe guns oncegovt
allowsprivate sector
entry
Malaysian infrastruc-
ture conglomerate YTL
Corporation Berhad is
in talks with Hyd-
erabad-based NSL
Group to buy up to 49%
stake in its thermal
power business, a per-
son with direct knowl-
edge of the devel-
opment said. YTL, which
reported $6.1b revenue
for the year ended June
2014, has power assets
across Malaysia, the UK,
Singapore, Australia
and Indonesia.8
YTL may
Buy 49% inNSL Power
[email protected]
San Francisco (United States): Sili-con Valleys top accelerator
Y Combi-nator (YC) is considering bringing itsmuch sought-after
Startup School,where prospective entrepreneurs canget practical
advice from successfulfounders and investors, to India.
Startup School is a free, one-d ay eventwhere speakers like
Facebook founderMark Zuckerberg, actor Ashton Kutch-er, Amazons
Jeff Bezos and VC inves-tor Marc Andreessen, among others,have
shared the podium. This year, forthe first time, Startup School
venturedoutside the Silicon Valley with eventsin New York and
London and is exp ect-ed to debut in China next year.
YC Invested in 700 Cos12
Local Startups will GetGlobal Lessons ShortlyY Combinators
Startup School may come to India soon
UPBEAT In his first interview to a paper after becoming BJP
boss, Amit Shah says corporates are
happy & bureaucrats are active as they feel protected. Party
is sure of win in state polls, he says
SP Fanning Communal Tension;Rajnath not Marginalised: Shah
BANGALORE | 18 PAGES | . 3.50 ONLY THURSDAY, 11 SEPTEMBER
2014
HNIs Rush in to JoinIndian IPO Party CheapMARKETS + FINANCE
9
Ten Transfer Debutantsto Watch Out for in EPLSPORTS 18
Manufacturing: Put LocalMarket Before ExportsWORLD VIEW 15
BENNETT, COLEMAN & CO. LTD.
THEECONOMICTIMESWWW.ECONOMICTIMES.COM
[email protected]
New Delhi: In an exhaustiveand detailed interview to EThis first
major media interac-tion since his appointment asBJP president Amit
Shahsquarely blamed SamajwadiParty for rising communal ten-sion in
Uttar Pradesh. And hedismissed all talk on marginali-sation of home
minister and ex-BJP chief Rajnath Singh, add-ing that rumours about
Singhsfamily were not the handiworkof anyone in BJP.
On the so-called love jihad, theheadline-grabbing name for
in-ter-community marriages thatare allegedly a ruse for
conver-sion, Shah said this was more amedia creation and that BJP
hadno big plans to take it up as a cam-paign issue.
But he added that he sees noth-ing wrong in BJP responding toa
grave social problem in gen-uine cases.
Shah, who led BJP to a stagger-ing 71-seat Lok Sabha
perform-ance in 80-seat UP and who wason Wednesday chargesheeted
bythe state police in Muzaffarabadfor an April 4 campaign
speech,said if polarisation was a BJPstrategy, every state in the
electo-ral calendar would have seen arise in the communal
temper-
ature. But sinceonly UP is facingthis problem, theBJP chief
ar-gued, it was SPsone-sided vote
bank politics thats responsible.There is no communal ten-
sion anywhere exc ept in UP. BJPis everywhere, but SP is only
inUP. That only means that SPsone-sided vote bank consolida-tion
politics is responsible forincrease in communal tension,Shah
said.
Theres no tension even inJammu & Kashmira (poll-bound)
sensitive state, he said.
Shah was emphatic in dismis-sing any possibility that
HomeMinister Rajnath Singh was dis-empowered in any way.
My Focus is ClearHRD Minister Smriti Irani says she is re-
signed to the idea that she will continue to
attract controversies because of her star-dom. But she tells
Ritika Chopra that she is
determined to fulfil the promises made in
the BJP manifesto on education.4
Q&AEXCLUSIVE SMRITI IRANIMINISTER FOR HUMAN RESOURCE
DEVELOPMENT
ON LOVE JIHAD
Love Jihad is amedia creation,
not our term. Its
agrave social
problem.
Where injustice
is doneto a woman, then
its natural that
BJP will fight
ON RAJNATH SINGH
How can thecountrys homeminister bemarginalised?Rajnath Singh
istaking all thedecisions in hisdepartment
Tata Honcho Does the Math
to Calculate CSR per ExecutiveA joint task force, led by the
Tata groups chief
ethics officer Mukund Rajan, has propose d a for-
mula to put a monetary value to the ti me devot-
ed by corporate executives for social causes.
Companies8
Inside story
Aksh ay.D eshm [email protected]
New Delhi: Madhya Pradesh willsoon amend its labour and land
acqui-sition laws to make them more inves-tor friendly, becoming
the second BJP-ruled state after Rajasthan that plansto do so.
We will relax and tweak some la-bour and land acquisition laws
toprepare a more conducive atmo-sphere for investors in the
state.While the Union government has al-ready acknowledged our
labour lawsto be the best in the country, we wouldlike to make them
more appealing toinvestors, said Yashodhara RajeScindia, states
industries minister.
These changes are likely to be an-nounced at the states high
profileGlobal Investment Summit, which isscheduled to be held in
Indore nextmonth. Scindia added that MP will al-so announce a
policy for promoting de-fence manufacturing, a first for anystate,
at the event. In early June, theRajasthan state cabinet cleared
20amendments to four labour laws in or-
der to make it easy to hire and fireworkers, close and open
industries,among other things.
Chief Minister Shivraj Singh Chou-han was guarded in his
comments.We wish to promote entrepreneur-ship in the state, and to
this end,schemes for small and medium enter-prises have been
promoted extensive-ly, he said.
After Rajasthan, MP to Roll out Red Carpet for InvestorsShivraj
Singhs state to soon amend labour and land acquisition laws to make
them more investor friendly
FULLINTERVIEW
PAGE 2
Hindi as its first language.Android One will come bun-
dled with local language sup-port and users will not have
todownload any external appli-cation to access their smart-phone in
Hindi, a person withknowledge of the develop-ment told ET.
APPLES RELEASES & LOCAL EQUATIONS7
Google has been con-
stantly working on de-
veloping more salience
around Indic computing
and providing regional
language support
SPOKESMANfor Google
Varu n.Ag garw [email protected]
Bangalore:When Googlelaunches its low-cost An-droid One devices
next Mon-day, Indian users will be ableto give voice commands,
typemessages and use almost allmajor mobile applications inHindi.
This is because theCalifornia, US-based inter-net giant is hoping
that the de-vices, which have been tailor-made for emerging
markets,will help it capture the non-English speaking user basein
the country. Over 40% ofthe population in India lists
Google has been constantlyworking on developing moresalience
around Indic com-puting, providing regionallanguage support to
users forits various products and ser-vices, a Google spokesmansaid
in an email.
Internet users in Indiacould increase by nearly afourth if local
language con-tent is provided, according toa 2014 report from
Internetand Mobile Association of In-dia and IMRB
International.
Google Creating More Hindi
Content12BPOs Move Up Value Chain7
Android One to Speak in HindiGoogles moves aimed at garnering
more Hindi-speaking users
WE HAVE THE MANDATETO FORM DELHI GOVT,SAYS AMIT SHAH3
YC Numbers>$30billionTotal market cap ofall YC companies
>$3billionTotal money raisedby all YC companies
3Number of YC com-panies worth morethan $1 billion
>20Number of YC com-panies worth morethan $100 million
SOURCE: Y COMBINATOR BLOG
716Number ofcompaniesfunded byYC so far
Acceptancerate of the
currentbatch
