Aadhaar enrollment aiming to combat subsidy leaks

The Indian economy is surrounded by all bad macros, including the industrial growth contraction and climbing consumer inflation. However, one long-term positive that maybe taking place is the Aadhaar enrolment and some steps on giving direct cash in place of subsidies.

Over just the last one month, nearly 10 lakh LPG consumers spread over 18 districts have already received Rs 41 crore in direct cash transfers and initial calculations show that this mechanism has already helped clean-up the LPG database. LPG consumption has fallen 3 percent year-on-year over the last six months, against a growth of 7-8 percent seen over the same period over the last 3 years.

Brokerage CLSA says that once rolled out pan India, more leakages in the system will be plugged and the government stands to save nearly USD 2 billion.

CLSA estimates that of the existing 140 million LPG connections, 25 million could turn out to be duplicates, or customers holding more than one connection at the same address. Of these, 6.3 million accounts have already been blocked thanks to the new Know Your Customer (KYC) norms.

The Aadhaar initiative will also help immensely, especially when it comes to governance at the state government level.

The Aadhaar scheme is seeing 15-20 million enrolments a month, and now covers 367 million Indians. Though seeding of Aadhaar cards with bank accounts continue to remain a challenge, state governments have begun using the platform to cut down on systemic inefficiencies in welfare programs and to improve overall services.

The Maharashtra government, for instance, plans to link Unique Identification Authority of India (UIDAI) data to property tax records, a move that will help eliminate ghost beneficiaries. Jharkhand, meanwhile, has mandated Aadhaar for registering land deals from January 2014.

It may be a while before Aadhaar based cards or direct cash can be transferred to food, kerosene and fertiliser beneficiaries. But with states insisting on Aadhaar numbers for land sales, for education and health benefits are we going to see more savings on ghost applicants and fraud claimants?

To know more on Aadhaar linked bank accounts and how it will benefit states, click here .

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India needs to do more to attract large FDI: US leaders

There is more concern among US businesses now about investing in India than was a few years ago though New Delhi was pursuing reforms, senior American leaders have said.

Also Read: India, US to brainstorm bilateral trade and eco ties

The US Trade Representatives (USTR), Mike Froman; and David Cote, chairman and CEO of Honeywell, said India needs to address the concerns of the American business on a host of policy issues so as to attract foreign direct investment in key areas like infrastructure sectors.

They said bilateral trade with India was way below that with China and called for addressing key issues.  At the same time, Froman and Cote - who are the US Co-Chairs of the India-US CEOs Forum - said the key Indian functionaries are committed to reforms.

They said those including Finance Minister P Chidambaram, Commerce and Industry Minister Anand Sharma and the Planning Commission Deputy Chairperson, Montek Singh Ahluwalia, are committed to the reforms, "though it is not happening much as they would like to".

"In our relationship with a number of different countries, the business community often has been the strongest component of close relationships.

"When the business community feels that things are not going well and begin to raise questions about the relationship, it has an impact on the bilateral relationship on the politics, which you seen by the reaction from the members of the Congress as well. So that is so important," Froman said.

In an exclusive joint interview to PTI at the Foggy Bottom headquarters of the State Department after the meeting of the India-US CEOs Forum, the two representing the voice of Obama Administration and Corporate America, said their issues with India are recoverable.

"It is recoverable.  That is why it is so important that we are requesting the Government of India to address these issues so that we can maintain the strong foundations for a good US India relationship," Froman said.

"There was a very frank discussion, where in body held back any issues," Froman said. "Over the last two years we have felt a cooling when it comes to US interests in investing in India.

"They are cooling, because we have seen a number of actions taken, each explainable in itself but cumulatively causing US investors to say aaaann, you know, I may be wanting to think up a little bit more," Cote said.

Responding to a question, Cote gave a sense that US companies are unlikely to be forthcoming in investing in India much unless their concerns are addressed.

"There is more concern now about investing in India than was a few years ago. This is all very recoverable.". Froman said the US companies are the friends of India.

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'India to lead global growth; bet on financial services'

Ajay Piramal of Piramal Group hailing from a family that ran a very successful textile industry business, switched track to become one of India's renowned pharmaceutical entrepreneurs business. Today, he has holds the reputation of being one of India's savviest deal-makers and investors.

Speaking to CNBC-TV18, Piramal adds that he wishes to be both a strategic investor and a financial powerhouse focusing on sectors where the risks in execution have been overcome and are in need of last-mile funding. He says that the economy touching a bottom was one of the reasons behind the shift of his investment focus from overseas markets to India.

Below is the edited transcript of the show on CNBC-TV18

Q: After you sold your business to Abbott , you used the pile of cash to foray into real estate, financial services business and earned the reputation of being a very savvy and contrarian investor. What is your outlook regarding the investment climate?

A: As an investor, I exited the domestic Indian pharmaceutical business in 2010 as I felt the investment climate was not very conducive. In 2010, we decided to diversify a little and enter overseas markets. We invested USD 630 million in an information management company in the US. Now I think that the investment climate in India has probably hit a bottom and its time to re-look at investing in India.

Q: That's a contrarian view because at the moment one couldn't get more gloomier on India — the uninterrupted depreciation in the rupee, complete lack of any policy action.

A: My view was contrarian even in 2010. Investors wondered why we exited the pharmaceutical sector which was at its peak. But one look at the valuations for our domestic business in 2010 makes it clear that it will not be possible to get the same valuations today.

Q: Were you paid nine times your sales figures?

A: A little over that and about 30 times operating profits.

Q: Putting that into perspective, the Daiichi-Ranbaxy deal was five times sales?

A: That's right.

Q: Do you think those valuations will return?

A: You can never say 'never'. It looks difficult today because the domestic economic environment is not what it used to be. Frankly, the buzz that India generated in 2010 is not there today. I don't think there is any deal that's taking place at these valuations today.

Q: You mean the buzz in the pharma sector?

A: The buzz in the pharma sector, the buzz about India as a really hot growth economy is not what it was in 2010.

Q: Yet you think today is not a bad time for investment in India?

A: I believe that in the future India's growth rate in is going to be higher than rest of the world. There are so many needs much we have — consumption, infrastructure. Economic growth has actually suffered a lot in the last few years. I don't see that trend continuing. There will be changes.

Q: But isn't it your style to look and invest slowly as and when the opportunity arises ?

A: That's right. Yes, I have been investing. Another plan that I followed up on after exiting the pharma sector in 2010 besides the information management investment, was to start planning a foray into financial services. That's where I found opportunities to invest.

An overview of the In the financial-services sector shows that the banking sector is stretched due to tepid economic growth and the lack of sufficient funds. The returns on offer are higher than what one would get in normal circumstances.

Q: You have also invested in Shriram Transport . Do you plan to be a strategic investor in high growth financial companies or become a financial powerhouse?

A: I plan to be both. I have already started a non-banking financial company (NBFC) which has been performing well. I have also invested in Shriram Transport because this sector is unique. Despite the entire commercial-vehicles sector coping with difficult times, Shriram Transport Finance has been able to record strong growth with a change in the focus on funding second-hand vehicles.

I believe that there are many sectors such as infrastructure which need last mile funding and the risks in execution have been overcome.

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Why Chidambaram is the right man in the wrong party

R Jagannathan
Firstpost.com

It was often said of Atal Behari Vajpayee that he was the right man in the wrong party a liberal caught up in the right-wing Bharatiya Janata Party. We don't know that for sure, but the observation is probably truer of Palaniappan Chidambaram for the opposite reason a right-wing reformer caught up in a hopelessly populist Congress party.

At Firstpost, this writer has often criticised Chidambaram for his half-hearted efforts at reform , but I must also acknowledge this is not the true Chidambaram. This is the only kind of reform we will get when a Chidambaram has the deadweight of the Congress party tied to his waist.

The truth is the Congress does not love doers and no-nonsense reformers like Chidambaram. It prefers incompetents, whether it is for the prime minister's job, or the home minister's or the finance minister's as Manmohan Singh, Shivraj Patil and Sushilkumar Shinde, and Pranab Mukherjee proved to be. (To be fair, Mukherjee was a good administrator, but he had his image of a tinkerer working against him all the time).

Also See:

Come back Chidambaram, your job is here, not in Washington

Chidambaram and Sharma's US visit is a waste of time

Increase India's competitiveness to cash in on rupee fall: Indranil Pan

Chidambaram is given the job only when the Congress party has no further incompetents to spare or when the situation is desperate. He got the finance minister's job in 2004 in order to provide a counterweight to the Left whose support the Congress depended on not because the party believed in his reforms platform.

The party chief could also not have been unaware that Manmohan Singh and Chidambaram did not share a great equation and so making him FM was a good counter-weight to Singh's reformist credentials too. The party then forced Chidambaram to do things he would not otherwise have done like the farm loan waivers of 2008.

He got the Home Minister's job in 2008 after Shivraj Patil made a hash of it; he got the finance minister's job again last year after Mukherjee failed to deliver the goods (though, one must add, the party didn't give Pranab the support he needed for it).

He has gotten the job of rescuing the economy only because the Congress party's situation is desperate. Once again, the party's calculations are purely political and not about the country. The party needs reformer Chidambaram in order to push through its economically dangerous Food Security and other bills. Chidambaram is the mukhauta behind whose mask the Congress can push bad ideas.

Chidambaram's recent airdash to Washington shows why he could have a made a success of the external affairs ministry as well.

In an increasingly interdependent world, foreign affairs is as much about economics as geopolitics. Chidambaram's Washington trip, reportedly to calm investor jitters over India's economic slowdown and the rupee's free fall, may have been a waste otherwise, but we have now seen yet another demonstration of his capabilities.

In the current trip, he has done what Manmohan Singh and Salman Khurshid couldn't effectively put India's case across to influential sections of the Washington elite.

According to a report in The Times of India today, Chidambaram showed up the US hypocrisy on economic issues for what it is worth. US businessmen have been raising a hue and cry over many issues market access, protectionist barriers to US business, and violation of drug patents.

First, he pointed out that this was exactly what the US was doing. The US was making laws to restrict the movement of IT professionals, which was essentially a non-tariff barrier to trade in services.

Next, he pointed out that the fuss over compulsory licensing of Bayer's anti-cancer drug Nexavar was much ado about nothing. The US had commandeered ciprofloxacin drugs when it had its anthrax scare after 9/11. Moreover, against one case of compulsory licensing in India, Italy and Canada had done four, Malaysia three and Indonesia six.

Chidambaram and his team clearly put the Indian arguments across at a meeting of the US-India Joint Business council, and he is reported to have said that "business rivalries should not be brought to the political table."

According to the Times report, Chidambaram's officials drove the knife home when they pointed out that the US was ignoring the "elephant in the room" patent infringements by the Chinese, who had also effectively taken all manufacturing jobs away from the US and the developed world.

The short point is this: there's little doubt Chidambaram is competent. He is the best foreign minister India never had. The only question is: is he in the wrong party?

The writer is editor-in-chief, digital and publishing, Network18 Group

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Amar Bose, inventor of Bose audio systems, dies at 83

Amar G Bose, the Indian-American visionary entrepreneur and acoustics pioneer, famous for making high-quality Bose audio systems and speakers for home users, auditoriums and automobiles, has died.

He was 83. Bose's death was announced on Friday by his company Bose Corp's president, Bob Maresca, and the Massachusetts Institute of Technology, where Bose was on the faculty for more than 40 years.

Also Read: Microsoft revamp to keep up with technological changes

Bose died on Friday at his home in Wayland, Massachusetts. His death was confirmed by his son, Vanu G Bose. "Bose founded Bose Corporation almost 50 years ago with a set of guiding principles centred on research and innovation," Maresca was quoted by the New York Times as saying in a statement.

"That focus has never changed." Bose was born on November 2, 1929, in Philadelphia. His father, Noni Gopal Bose, was a Bengali freedom fighter who was studying physics at the Calcutta University when he was arrested and imprisoned for his opposition to British rule. Noni Gopal Bose escaped and fled to the US in 1920, where he married an American schoolteacher.

At 13, Amar Bose began repairing radio sets for pocket money for repair shops in Philadelphia. As founder and chairman of the privately held company, Bose focused relentlessly on acoustic engineering innovation. His speakers, though expensive, earned a reputation for bringing concert-hall-quality audio into the home.

And by refusing to offer stock to the public, Bose was able to pursue risky long-term research, such as noise-cancelling headphones and an innovative suspension system for cars, without the pressures of quarterly earnings announcements.

A perfectionist and a devotee of classical music, Bose was disappointed by the inferior sound of a high-priced stereo system he purchased when he was an MIT engineering student in the 1950s. His interest in acoustic engineering piqued when he realised that 80 percent of the sound experienced in a concert hall was indirect, meaning that it bounced off walls and ceilings before reaching the audience.

This realisation, using basic concepts of physics, formed the basis of his research.

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Decoding the Modi QA: Where he goofed, where he didn’t

R Jagannathan
Firstpost.com

Much has been made of Narendra Modi's reference to a puppy caught under the wheels of a car he wasn't driving in answer to a question on 2002. It was a godsend to his detractors, who used it to suggest what a crass man he is. But it is worth decoding Modi's words in the Reuters interview (given below) in a more neutral way.

Given below are Modi's replies to Reuters' questions, and our interpretation of what they mean, or could have meant, and what they certainly could not mean. Our comments are in itals after Modi's replies.

Q: Is it frustrating that many people still define you by 2002?

Modi's reply: People have a right to be critical. We are a democratic country. Everyone has their own view. I would feel guilty if I did something wrong. Frustration comes when you think "I got caught. I was stealing and I got caught." That's not my case.

Wonder why his critics did not latch on to this opening paragraph where he makes a reference to getting caught after stealing. Though Modi is obviously saying that he had done nothing wrong in 2002, the reference to getting caught while stealing has an import of its own. Is he trying to say frustration can result only from getting caught? Or that he did not steal and hence is frustrated when people blame him?

Also see:

Uproar over Modi's comment on 2002 riots: Who said what

2002 Gujarat riots and Modi: The continuing absence of grace

'Puppy' analogy: How Modi's media machine dropped the ball

Do you regret what happened?

I'll tell you. India's Supreme Court is considered a good court today in the world. The Supreme Court created a special investigative team (SIT) and, top-most, very bright officers who oversee the SIT. That report came. In that report, I was given a thoroughly clean chit, a thoroughly clean chit.

Another thing, any person if we are driving a car, we are a driver, and someone else is driving a car and we're sitting behind, even then if a puppy comes under the wheel, will it be painful or not? Of course it is. If I'm a chief minister or not, I'm a human being. If something bad happens anywhere, it is natural to be sad.

This puppy statement has been deemed most controversial by the commentariat. Was this a reference to Muslims killed in 2002? If it was, the comment was disastrous. If by this he meant he would be sad even if a puppy was caught under his car, it's not so bad. But Modi's surely was asking for it with this analogy. Nobody will give him the benefit of doubt.

The clean chit from the SIT is also a figleaf. It doesn't help him since the courts have still not closed the matter.

Should your government have responded differently?

Up till now, we feel that we used our full strength to set out to do the right thing.

Nothing of note here. He has always said he did what was his duty.� If people died, it could not be blamed on him.

But do you think you did the right thing in 2002?

Absolutely. However much brainpower the Supreme Being has given us, however much experience I've got, and whatever I had available in that situation, and this is what the SIT had investigated.

The key phrases to note are "however much experience I've got" and "whatever I had available in that situation" these are essentially Modi's codewords for saying that if anything went wrong, it could have been due to his inexperience in handling riots at that time, but he can't say it too loudly since it would destroy his good governance plank. Hence the need to add "whatever I had available" probably a reference to the fact that the army took its time coming to help, by which time many deaths had occurred in communal rioting. Modi's critics has been pointing out that the word "sorry" never escapes his lips, but Modi probably sees the apology demand as a trap, and an acceptance of complicity.

Do you believe India should have a secular leader?

We do believe that … But what is the definition of secularism? For me, my secularism is, India first. I say, the philosophy of my party is 'Justice to all. Appeasement to none.' This is our secularism.

This is Modi's standard line: it sends out a message both to his Hindutva fans (no appeasement of Muslims) without giving his so-called secular detractors another thing to criticise (justice to all surely cannot exclude Muslims.)

Critics say you are an authoritarian, supporters say you are a decisive leader. Who is the real Modi?

If you call yourself a leader, then you have to be decisive. If you're decisive then you have the chance to be a leader. These are two sides to the same coin … People want him to make decisions. Only then they accept the person as a leader. That is a quality, it's not a negative. The other thing is, if someone was an authoritarian then how would he be able to run a government for so many years? … Without a team effort how can you get success? And that's why I say Gujarat's success is not Modi's success. This is the success of Team Gujarat.

Here, Modi is defining a leader as someone who can take decisions in contrast to the UPA, which cannot take bold decisions. By implication he is saying that bold decisions may sometimes seem authoritarian. Modi prefers dealing with bureaucrats rather than empowering fellow politicians. The reference to Team Gujarat is probably a reference to his comfort with commanding bureaucrats who don't have problems with his authority. Only rival politicians do.

What about the suggestion that you don't take criticism?

I always say the strength of democracy lies in criticism. If there is no criticism that means there is no democracy. And if you want to grow, you must invite criticism. And I want to grow, I want to invite criticism. But I'm against allegations. There is a vast difference between criticism and allegations. For criticism, you have to research, you'll have to compare things, you'll have to come with data, factual information, then you can criticise. Now no one is ready to do the hard work. So the simple way is to make allegations. In a democracy, allegations will never improve situations. So, I'm against allegations but I always welcome criticism.

Again, a standard Modi line. He is effectively saying he is open to criticism that is constructive which cannot come from politicians out to carve a niche for themselves. Allegations are the result of politics.

On his popularity in opinion polls

I can say that since 2003, in however many polls have been done, people have selected me as the best chief minister. And as best chief minister, it wasn't just people from Gujarat who liked me, not like that. People outside of Gujarat have also voted like that for me. One time, I wrote a letter to the India Today Group's Aroon Purie. I requested him "Every time I'm a winner, so next time please drop Gujarat, so someone else gets a chance. Or else I'm just winning. Please keep me out of the competition. And besides me, give someone else a shot at it."

Here Modi is unable to conceal his real self and unselfconscious gall: it comes across as assertive to his fans, and as arrogant to those who dislike him. How else does one interpret the statement that he asked India Today to drop Gujarat from the comparison, or else others would not get a "chance." This is both presumptuous and insufferable. But that is Modi, like him or not.

Allies and people within the BJP say you are too polarizing a figure

If in America, if there's no polarization between Democrats and Republicans, then how would democracy work? It's bound (to happen). In a democracy there will be a polarisation between Democrats and Republicans.

This is democracy's basic nature. It's the basic quality of democracy. If everyone moved in one direction, would you call that a democracy?

Perhaps one of his best answers in this Q&A. He has neatly deflected the idea of polarisation as essential to democracy. And why consensus is not necessary for forward movement.

But allies and partners still find you controversial

Up till now, no one from my party or the people who are allied with us, I've never read nor heard any official statement (about this from them). It might have been written about in the media. They write in a democracy … and if you have any name that this person is there in the BJP who said this, then I can respond.

This is neither here nor there. Modi did not answer this question, and his interviewers were not prepared to quote even LK Advani on the note he issued while sulking in his tent over Modi's elevation as chief of campaign committee last month.

How will you persuade minorities, including Muslims, to vote for you?

First thing, to Hindustan's citizens, to voters, Hindus and Muslims, I'm not in favour of dividing. I'm not in favour of dividing Hindus and Sikhs. I'm not in favour of dividing Hindus and Christians. All the citizens, all the voters, are my countrymen. So my basic philosophy is, I don't address this issue like this. And that is a danger to democracy also. Religion should not be an instrument in your democratic process.

This reply is an addendum to his earlier one on "justice for all and appeasement of none." In giving this reply, Modi is essentially side-stepping his response to minorities. So we don't have an answer to the question: how will he deal with them?

If you become PM, which leader would you emulate?

The first thing is, my life's philosophy is and what I follow is: I never dream of becoming anything. I dream of doing something. So to be inspired by my role models, I don't need to become anything. If I want to learn something from Vajpayee, then I can just implement that in Gujarat. For that, I don't have to have dreams of (higher office in) Delhi. If I like something about Sardar Patel, then I can implement that in my state. If I like something about Gandhiji, then I can implement that. Without talking about the Prime Minister's seat, we can still discuss, that yes, from each one we have to learn the good things.

This reply puts Modi apart from widely-accepted leaders of the past, even while seeking to claim their heritage and his own space. Politically sensible.

On the goals the next government should achieve

Look, whichever new government comes to power, that government's first goal will be to fix the confidence that is broken in people. The government tries to push a policy. Will it continue that policy or not? In two months, if they face pressure, will they change it? Will they do something like — an event happens now and they'll change a decision from 2000? If you change decisions from the past, you will bring the policy back-effects. Who in the world will come here?

So whichever government comes to power, it would need to give people confidence, it should build the trust in people, "yes, in policies there will be consistency", if they promise people something, they will honor that promise, they will fulfil. Then you can position yourself globally.

This should have been Modi's key message his focus on economic growth and governance. He has managed to suggest that the UPA is indecisive, but he has not managed to convey the suggestion that he is the answer. A missed chance, despite being given the opportunity.

Modi's spin doctors have a lot of coaching to do in future one-on-ones. Modi's spin doctors have a lot of coaching to do in future one-on-ones.

People say economic development in Gujarat is hyped up

In a democracy, who is the final judge? The final judge is the voter. If this was just hype, if this was all noise, then the public would see it every day. "Modi said he would deliver water." But then he would say "Modi is lying. The water hasn't reached." Then why would he like Modi? In India's vibrant democracy system, and in the presence of vibrant political parties, if someone chooses him for the third time, and he gets close to a two-third majority then people feel what is being said is true. Yes, the road is being paved, yes, work is being done, children are being educated. There are new things coming for health. 108 (emergency number) service is available. They see it all. So that's why someone might say hype or talk, but the public won't believe them. The public will reject it. And the public has a lot of strength, a lot.

A good reply, politically correct.

Should you be doing more for inclusive economic growth?

Gujarat is a state that people have a lot of expectations from. We're doing a good job, that's why the expectations are high. As they should be. Nothing is wrong.

Nothing controversial here.

On indicators like malnutrition, infant mortality

Infant mortality has improved tremendously in Gujarat, tremendously. Compared to every other state in Hindustan, we are a better performing state. Second thing, malnutrition, in Hindustan today, real-time data is not available. When you don't have real time data, how are you going to analyse?

We do believe in inclusive growth, we do believe that the benefits of this development must reach to the last person and they must be the beneficiary. So this is what we're doing.

Blaming delayed data for malnutrition is not going to help Modi. But claiming that Gujarat is a better performing state blandly won't help. If he has the data showing significant improvement, he should have produced it.

People want to know who is the real Modi Hindu nationalist leader or pro-business chief minister?

I'm nationalist. I'm patriotic. Nothing is wrong. I'm a born Hindu. Nothing is wrong. So, I'm a Hindu nationalist so yes, you can say I'm a Hindu nationalist because I'm a born Hindu. I'm patriotic so nothing is wrong in it. As far as progressive, development-oriented, workaholic, whatever they say, this is what they are saying. So there's no contradiction between the two. It's one and the same image.

Another controversial but clever reply. Modi is not calling himself a Hindu nationalist, but he does not deny the tag either. He gives it a different spin, pointing out that he is a nationalist (not anything anyone can take exception to), and born a Hindu. Hence he is saying he is a nationalist Hindu, not a Hindu nationalist (a Hindu fanatic). The statement can mean different things to different people, which is probably what Modi intended anyway.

On Brand Modi and people behind the PR strategy

The western world and India there's a huge difference between them. Here, India is such a country that a PR agency will not be able to make a person into anything. Media can't make anything of a person. If someone tries to project a false face in India, then my country reacts badly to it. Here, people's thinking is different. People won't tolerate hypocrisy for very long. If you project yourself the way you actually are, then people will accept even your shortcomings. Man's weaknesses are accepted. And they'll say, yes, okay, he's genuine, he works hard. So our country's thinking is different. As far as a PR agency is concerned, I have never looked at or listened to or met a PR agency. Modi does not have a PR agency. Never have I kept one.

This is a surprise answer, since the widespread belief is that APCO manages his PR. Unless his denial means the PR is for the government, not him personally.

Bottomline: Modi's real strength is mass communication and public speaking. In direct one-on-ones, he can sometimes goof up as he did in this case. This is why Congress president Sonia and her son never give interviews.

In any Q&A, 2002 will always figure among the questions, as every reporter worth his salt feels compelled to raise it. And Modi's explanations often end up making him look worse that he is.

Modi's spin doctors have a lot of coaching to do in future one-on-ones.

The writer is editor-in-chief, digital and publishing, Network18 Group

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Glenmark's ANDAs for epilepsy in US face legal challenge

Glenmark Pharmaceuticals on Friday said its applications for generic version of epilepsy treatment drug Vimpat in America have been challenged by UCB Inc and other companies in a US court.

"UCB Inc, UCS Pharma GmbH, Research Corporation Technologies Inc and Harris FRC Corporation filed suit against Glenmark Generics Ltd and Glenmark Generics Inc on July 10, 2013 in the US District Court of Delaware seeking to prevent Glenmark from commercialising its ANDAs prior to expiration of the US Patent No RE 38,551," Glenmark said in a filing to BSE.

Also Read: Buy Pidilite, Glenmark, Indiabulls Real, Voltas: Mirani

The company's subsidiary Glenmark Generics had filed the abbreviated new drug applications (ANDAs) for Lacosamide tablets and oral solution with US Food and Drug Administration (USFDA) with a Paragraph IV certification, Glenmark said.

"If Glenmark is successful in its challenge of the patent, it will garner 180 days exclusivity for its products," it added.

According to IMS Health data for the 12 months ending March 31, 2013 Vimpat tablets and solution had total US sales of approximately USD 353 million, Glenamrk said.

Vimpat is indicated for an adjunctive therapy in the treatment of partial-onset seizures in adults with epilepsy.

The company scrip closed at Rs 597.70 on the BSE, down 1.14 per cent from its previous close.

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Plan to rollout national manufacturing policy ready: Maira

Planning Commission member Arun Maira told CNBC-TV18 that the plan has been chalked out to implement the National Manufacturing Policy (NMP).                

Adding that poor policy formulation was a big bottleneck in inviting and encouraging investments, Maira said that the Planning Commission was coordinating with the government and other stakeholders to ensure that a speedier policy-making process was established.

The move comes in the wake of the regulatory environment in India becoming a challenge to investment in India and Maira called all stakeholders to convert contention into collaboration.

The positive result of NMP will start taking effect only after five years and implementation of the policy will help country to achieve growth of 9 percent. The policy will usher in administrative and institutional reforms.

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China cancels $6-bn uranium project after protest

China has cancelled plans to build a uranium processing plant in a southern Chinese city a day after hundreds of protesters took to the streets demanding the project be scrapped, a local government website said.

Also Read: Obama to set nuclear arms cut goal in Berlin speech

The proposed 230-hectare complex in the heart of China's Pearl River delta industrial heartland in Guangdong province had also sparked unease in neighbouring Hong Kong and Macau.

Authorities in the gambling enclave had formally raised the issue with their Guangdong counterparts, the South China Morning Post reported.

A one-line statement published on the Heshan city government's website said that "to respect people's desire, the Heshan government will not propose the CNNC project". State-run China National Nuclear Corporation had planned to build the 37-billion yuan project.

CNNC officials could not be reached for comment.

The surprisingly swift decision to cancel the project came after hundreds marched to city offices on Friday that forced officials to pledge an extension of public consultation by 10 days. Locals had planned more protests on Sunday.

Chinese authorities are becoming increasingly sensitive to local protests over environmental issues, having cancelled, postponed or relocated several major petrochemical and metals plants.

Guangdong is one of the country's largest nuclear power bases, already running five nuclear reactors and building another dozen, incorporating technologies from companies like French Areva

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Disney film units settle Silicon Valley anti-poaching suit

Walt Disney Co's Lucasfilm Ltd and Pixar units have settled a lawsuit accusing them and other technology companies of conspiring not to poach each others' employees, resolving their part in a case that involves some of Silicon Valley's biggest names.

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The settlement was disclosed in a Friday court filing that did not elaborate on terms of the deal. Disney was not immediately available for comment.

This year, a US judge in San Jose, California ruled that the lawsuit, brought by five tech employees alleging a broad industry conspiracy, cannot proceed as a class action but left the door open for workers to eventually sue as a group.

The case has been closely watched by Silicon Valley, with much of it built on emails among top executives, including the late Apple chief executive Steve Jobs and former Google chief executive Eric Schmidt.

If the plaintiffs win class certification, then they would have more leverage to extract large financial settlements than if they were to sue individually.

The plaintiffs claim the companies' agreement to refrain from recruiting each others' employees drove down wages in Silicon Valley.

Other defendants in the case include Adobe Systems Inc , Intel Corp and Intuit Inc.

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