Business News 


Delhi bests Mumbai in top EU business spots
Delhi has bested Mumbai as the most preferred Indian location and outsourcing hub for European business investments. Delhi was ranked 5th against Mumbaiís 13th in an international survey on preferred worldwide destinations for future investments from Europe. Shanghai came tops as the favourite city, followed by Beijing, Sao Paulo and Mexico City, in the survey done by real estate agency Cushman & Wakefield. These cities are expected to receive the biggest inflows from Europe in the next five years. As per the survey, many European MNCs are likely to soon follow others like Nokia, Barclays, Prudential, UBS, Volkswagen, Credit Suisse and Nestle in setting up operations in these locales.
Indian consumer confidence soars
The AC Nielsen Consumer Confidence Survey for the first half of 2006 shows India in the lead of both the 41-nation global survey as well as the 14-country Asia-Pacific study. This is the third time in a row that India is at the top of the Index. While the global index has held at 98 points since the last round of the survey conducted in November-December 2005, Indiaís score is 131, down one notch from 132 in the last survey. The survey covered close to 22,000 people, including over 500 people from India. The survey shows Indians remain confident of the job market and personal finance: 90 per cent rate employment prospects as excellent or good, compared with the regional and global averages of 47 and 53 per cent, respectively. 
The result for India is in stark contrast with that for the Asia Pacific, where the sentiment is turning negativeóthe index for the region fell seven points, from 101 to 94.
Hospitality sector woos high-end Russian tourists
High-end luxury tourists from Russia are a much feted lot these days. Indian luxury hotel chains and tour operators are making extra efforts to woo the high-spending, shopaholic tourists from Russia. Seizing the opportunity, the Incredible India! campaign is set to break into Russian mainstream media in the coming weeks. Hospitality chain, The Leela group, is organising a week-long food and culture fest in Moscow for Russians to sample delectable Indian delicacies. Lalit Suriís Bharat Hotels, along with a dozen other Indian hotel chains, is currently participating in trade shows in Russia to understand the market better. With 88,000 millionaires, luxury travel is on top of the list of many Russian holidaymakers. It typically costs a Russian tourist anywhere between $2,000-3,000 per person for a ten-day package to India. Many Russians spend double that amount on food, sight-seeing, and shopping while in India.

November 2006

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