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Its a nice 3 day weekend for this Diwali.  Here’s wishing all of you and your loved ones a Happy & Prosperous Diwali in advance.

Say no to crackers that cause noise and air pollution.  There are better ways of celebrating the festival with family and friends.

We are in the final 2 months of the year.  2010 seems to have sped past even before we could realise.  Some bumper performance by the companies pre-Diwali and am sure when the 3rd quarter results are unveiled, there could be even better performance to see.  Not to mention, Obama making his trip to India coinciding with the festival.

Enjoy the holidays and stay safe.

Previous Diwali posts of 2009, 2008 & 2007

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For years China has been pursuing its policy of a string of pearls; which meant having naval stations around the Indian subcontinent as a means of encircling India.  The building of a port in the Sri Lankan town of Hambantota, Gwadar in Pakistan, courting the island states of Seychelles, Maldives, Mauritius and not to mention Myanmar.

Unwittingly of course, India had been resorting to its own plan of undoing this pearls by its Look East policy that it put in place a couple of decades ago.  Over these years, India has strengthend not only economic, but also military partnership with some key nations of South East & East Asia like Japan, South Korea, Philippines, Indonesia, Thailand & Singapore.

Its no secret that China is one of the biggest trading partner of ASEAN as well as of Japan & South Korea.  But its also a fact that most of these countries are not comfortable with the flooding their domestic markets with Chinese goods.  Also China’s yuan manipulation keeps the prices of their goods cheaper and affects the local economies of countries like Vietnam, Philippines, Thailand, Indonesia etc.  And many of these countries are already protesting the same.

The increasing economic clout of China has also massaged its military ego and it now has a lot of territorial claims against countries like Japan, Vietnam and other South East Asian countries.

It is in this context that one can see how India’s Look East policy is reaping rich dividends.  Not only has it led to economic benefits, but also robust military exchanges between the countries and India.

In all these hoopla, what is not being missed is the increasing defence collaboration between the militaries of America and India.  During the cold war era, India was fully dependent on the Russians for arms supply.  with the collapse of the USSR, the spares dreid up and defence procurement dipped to a low for India. During the Kargil war, it was the Israelis who came to India’s aid with timely supplies of spares and the required ammunition.

Today Israel and the US are increasingly becoming the biggest arms suppliers to India. Over the last couple of years, India has purchased six C-130J Super Hercules aircraft for almost US$1 billion and eight Boeing P-8I planes for more than US$2 billion (2009) from the US.

Also US is in running to bag the massive $12 billion 126 advanced figher for which the testing is already underway.

Though it would do a world of good for India to have a coherent defence policy instead of buying piecemeal arms and ammunitions.  Not to mention try to have an indegenous arms production industry within the country.  Depending on the DRDO and its allied organisations is a suicidal step for the country.  Privatisation of the defence industry would go a long step in indigenisation of defence technology.   The Mahindras, L&T, Tatas are increasing their participation in defence technology and it would do a lot of good in future.

Some good reads on this topic

How India is undoing China’s string of pearls
Delhi’s obsequious Obamamania
India counters China’s “String of Pearls” through Naval Diplomacy

Above pictures courtesy: Tactical Life & Twenty22

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Blackburn have edged closer to opening up a new frontier in English football by becoming the first Premier League team to have Indian owners.

The club confirmed that talks with the Venky’s conglomerate over a £46million deal are close to conclusion and a takeover should be completed next month. The price includes £25m to buy the club from the family of the late Blackburn benefactor Jack Walker and a further £15m to clear debts.

Venky’s managing director Balaji Venkatesh Rao, whose father founded the company, said: ‘It’s very much confirmed and we will be announcing it formally in the next 10 days.

‘It’s a £46m deal. I wouldn’t say that is cheap or expensive but we will have to pump in some more money later on. The money is up front from our own sources. We are not here to compare with anybody but this is a first for India. It’s a prestigious moment for everybody and one we should cherish.’

Read the full article here

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Mahindra & Mahindra Ltd said Wednesday it expects to complete the acquisition of South Korea’s Ssangyong Motor Co. Ltd in four months and that the two auto makers may share vehicle platforms, helping reduce vehicle development costs.

“While we will maintain a distinct identity between Mahindra and Ssangyong vehicles, there is a potential for sharing platforms,” Pawan Goenka, president incharge of Mahindra’s automobile and tractor business, told reporters at a news conference.

Mahindra was selected as the preferred bidder by Ssangyong’s creditors on Aug. 13 to acquire a majority stake in the Korean firm, which has been under court-led bankruptcy protection since early last year after experiencing a severe cash shortage due to a slump in sales of its mainstay SUVs.

Goenka said synergies between the two companies might help bring down vehicle development costs. He refused to elaborate on the likely deal size or on the stake it plans to buy in the Korean auto maker.

But Goenka said Mahindra may consider introducing in India Ssangyong’s new sport-utility vehicle, Korando C, which goes on sale in South Korea by December.

Ssangyong is likely to sell between 70,000 and 75,000 of its vehicles in its home market this year, more than double of the 35,000 units it sold in 2009, Goenka said.

Read the full article here

Above pictures courtesy: Businessweek & 4theloveofjeeps

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Its a hat-trick of wins for Saina Nehwal.  After the Indian Open and the Singaporean Open, the defending champion Saina has won the Indonesian Open again in Jakarta.  True, the top seeded Chinese were not in the draw, but it doesnt take the sheen away from the wins of the World’s 3rd ranking player.

Ace Indian shuttler Saina Nehwal continued her rampaging form as she completed a spectacular hat-trick of titles by clinching the Indonesia Open Super Series with a three-game triumph over Japan’s Sayaka Sato on Sunday.

Unbeaten for the past three weeks, the top seeded defending champion defeated her unseeded but resolute rival 21-19, 13-21, 21-11 in a rollercoaster encounter that lasted 45 minutes.

This was Saina’s third successive title, having won the Indian Open Grand Prix at home and the Singapore Open Super Series Tournament last week. This is also the 20-year-old world number three’s third Super Series title overall.

Read the rest of the news here

Above picture courtesy: Dhirendra

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