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Viewing cable 07NEWDELHI2280, NEW DELHI WEEKLY ECON OFFICE HIGHLIGHTS

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Reference ID Created Released Classification Origin
07NEWDELHI2280 2007-05-11 12:13 2011-08-26 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy New Delhi
VZCZCXRO2395
RR RUEHBI RUEHCI RUEHLH RUEHPW
DE RUEHNE #2280/01 1311213
ZNR UUUUU ZZH
R 111213Z MAY 07
FM AMEMBASSY NEW DELHI
TO RUEHC/SECSTATE WASHDC 5592
INFO RUEHCG/AMCONSUL CHENNAI 0317
RUEHCI/AMCONSUL KOLKATA 9901
RUEHLH/AMCONSUL LAHORE 3956
RUEHBI/AMCONSUL MUMBAI 9512
RUEHPW/AMCONSUL PESHAWAR 4529
RUEHIL/AMEMBASSY ISLAMABAD 3182
RHEBAAA/DEPT OF ENERGY WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RULSDMK/DEPT OF TRANSPORTATION WASHDC
RHMFIUU/FAA NATIONAL HQ WASHINGTON DC
RUEHRC/DEPT OF AGRICULTURE WASHDC
UNCLAS SECTION 01 OF 02 NEW DELHI 002280 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
USDOC FOR ITA/MAC/OSA/LDROKER/ASTERN/KRUDD 
DEPT PASS TO USTR DHARTWICK/CLILIENFELD/AADLER 
DEPT PASS TO TREASURY FOR OFFICE OF SOUTH ASIA ABAUKOL 
TREASURY PASS TO FRB SAN FRANCISCO/TERESA CURRAN 
STATE FOR SCA/INS MICHAEL NEWBILL AND EB/TRA JEFFREY HORWITZ AND TOM 
ENGLE 
 
E.O. 12958: N/A 
TAGS: EAGR EFIN EINV ETRD IN
SUBJECT: NEW DELHI WEEKLY ECON OFFICE HIGHLIGHTS 
 
 
1.  (U) Below is a compilation of Economic highlights from Embassy 
New Delhi for the week of May 7-11, 2007. 
 
STARBUCKS PENDING INVESTMENT APPLICATION 
--------------- 
2.  (SBU) On May 10, Econoffs held a conference call with Hong Kong 
based Starbucks representative Mike Yeager, Finance & Business 
Development, Starbucks Coffee Asia Pacific.  Yeager reviewed 
Starbucks' revised application to the Foreign Investment Promotion 
Board (FIPB).  He confirmed that Starbucks withdrew their initial 
proposed equity stake to address concerns verbally expressed by the 
Ministry of Commerce.  Currently, Starbucks proposes to enter as a 
non-equity franchisor through a franchisee partnership, where 51 
percent of the franchise is owned by a non-resident Indian, who in 
this instance, the government deemed to be a foreign investor.  The 
application has been sent to the Ministry of Finance, which 
Starbucks expects to rule on it at its next planned FIPB meeting 
this month.  Starbucks seems to have reasonable expectations about 
the pace and scope of policy change in India.  For example, in spite 
of the extraordinarily high tariffs on whole bean coffee, Starbucks 
is developing a business model that does not assume any tariff 
relief.  Plans are to start in Delhi and Mumbai metro areas.  Yeager 
appreciated the Embassy contact and asked that we pass along any 
further details about their FIPB application status and single brand 
retail regulations. 
 
FORWARD MOVEMENT FOR SPECIAL ECONOMIC ZONES 
------------------------ 
 
3.  (U) The Board of Approval (BOA) met on May 9 and approved 16 SEZ 
development proposals, which will soon be notified by the states in 
order to begin their development.  One surprise was that the BOA 
deferred its decision on Mukesh Ambani's Navi Mumbai zone.  Press 
speculation indicates that there are land-related issues.  The GOI 
is still awaiting the land rehabilitation package announcement from 
the Prime Minister's office (previous statements indicated an end of 
April deadline.)  The BOA is scheduled to reconvene on May 31 to 
continue reviewing the 370 pending proposals, of which approximately 
161 already have land identified.  While there is positive movement 
forward, controversies still continue. Another recent agitation 
occurred in Nandigram, West Bengal (WB) even though WB dropped the 
idea of SEZs for that particular area.  The entire GOI SEZ program 
continues to struggle because of the sensitive issue of land 
acquisition and rehabilitation issues especially in West Bengal and 
Orissa. 
 
CPI-M Spokesman Opines on the Economy 
------------------ 
 
4.  (SBU) Emboffs met with CPI-M Spokesman Nilotpal Basu on May 9 
and discussed current economic dynamics in the country.  First up 
was discussion of CPI-M's views on the new budget and its 
allocations.  Basu acknowledged that allocations for health, 
education, and rural development had improved, but stated they were 
not sufficient.  The government needed to spend more money on 
investment in rural infrastructure, he claimed, and "big company" 
spending (implicitly meaning retail plans by Reliance and others) is 
not sufficient to address rural India's needs.  Econoff (thinking of 
poorly implemented programs such as wheat and rice ration cards and 
kerosene subsidies) asked Basu's views on proposed subsidy reforms 
which could free up more government revenues for rural investment. 
Basu instead criticized corporate subsidies, saying that effective 
tax rates are too low, especially when corporate profits are so 
high. 
 
5.  (SBU) Basu then discussed the need for increased manufacturing, 
to create needed jobs for the rural poor.  They need an alternative, 
he explained, because the land cannot support everyone in the 
agricultural sector.  It is the government's responsibility to build 
the infrastructure needed to promote manufacturing.  When asked 
about Special Economic Zones (SEZs), Basu's voice rose a bit.  Too 
much space within the proposed zones has been allowed for 
speculative real estate development and not enough for 
manufacturing.  Unprompted, he mentioned the recent violence at 
 
NEW DELHI 00002280  002 OF 002 
 
 
Nandigram, regretting the loss of life but defending the CPI-M by 
saying that as soon as the tragic incident occurred, the party 
backed off because it was not trying to force anyone off the land. 
 
 
6.  (SBU) Land compensation and resettlement were central issues 
that must be decided, Basu claimed.  The government must have a 
policy that provides alternative livelihoods for the landless 
workers as well as the landowners.  Basu said rural people are very 
smart; they will be able to assess whether an offer is good and are 
not tied emotionally to their land if they can see the livelihood 
offer is better.  He also asserted that Reliance wants too much land 
for its proposed SEZ in Mumbai. (Note: See para 3 above for details. 
 The government Board of Approval this week postponed decision on 
Reliance's proposal, even as it approved more than a dozen others; 
this may be because of resistance from the Left.  End note.) 
 
7.  (SBU) Bio note: Basu was impressively knowledgeable about 
India's macroeconomic and fiscal situation, citing tax revenue 
growth, social indicators, agriculture's share of GDP, and much more 
with ease.  He is known as a straightshooter and demonstrated this 
with his direct and often critical comments.  At the same time, his 
positions were mostly pragmatic, with little ideological bent, and 
some of his observations have a broader audience than just the Left 
parties. 
 
Branchless Banking Models Being Explored 
---------------------------------------- 
 
8.  (SBU) Econoff attended two presentations this week that 
demonstrated growing interest--and technological capacity--in 
providing banking services to poor and remote villages across India. 
 India's largest private bank, ICICI, demonstrated its new rural 
"smart card" which utilizes microfinance groups to electronically 
enroll and provide banking,services to rural areas that do not have 
a bank branch.  To balance customer simplicity and know your 
customer compliance, the RBI has permitted ICICI to accept local 
government (panchayat) leaders' statement of villager identity, 
which is then captured and maintained with the use of biometrics, by 
digitally recording the customer's fingerprints.  Future customer 
transactions can only occur if the customer's fingerprints and smart 
card match the bank's digital records.  ICICI currently hopes to get 
six million rural customers on smart cards by the end of the year, 
although many of those initially will be existing customers who now 
use only paper transactions.  The process will help build credit 
histories--and credit patterns--that ICICI will use to develop 
customized banking products for these low income rural customers. 
 
9.  (SBU) A further sign of growing interest in the viability of 
low-income financial inclusiveness is a visit this week by a 
Washington-based consortium of bilateral and multilateral donor 
agencies.  The group, CGAP, is examining the regulatory environment 
for implementing in India emerging types of branchlss banking in 
different countries, such as the Philippines or Brazil.  The group 
provided an initial assessment of the RBI's perspective on this new 
banking model: the central bank regards existing microfinance 
institutions, self help groups, and public sector banks as the main 
actors for rural banking.  The RBI's cautiousness is exemplified in 
its reaction to Bharti Enterprises' proposal to transmit worker 
remittances over cellular phones (Barti owns large Indian telecom 
company Airtel), a system that is growing fast in the Philippines. 
The RBI only permits phone to phone transmissions--with no ability 
to deposit or withdraw money except at banks--and Bharti is not 
permitted to use airtime dealers as agents. 
 
10.  (U) Visit New Delhi's Classified Website: 
http://www.state.sgov/p/sa/newdelhi 
 
Pyatt