He drew the roadmap of India's economic reform, unshackled it from the licence raj and pulled it back from the brink when even its gold reserve was pledged.
To boost domestic manufacturing under the Make in India initiative and reduce dependency on imports, the government is expected to announce in the Budget an increase in the minimum local content requirement for public procurement, with certain sectors being granted exceptions. Currently, firms producing goods, services, or works with at least 50 per cent local content are classified as Class-I local suppliers and are preferred the most in government procurement.
Net inflows were $18.4 billion for the rolling 12-month period ended January 2024 compared to $32.7 billion for the rolling 12-month period ended January 2023.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
'India needs many more job creators, both in manufacturing and services, to make it big.' 'For that, the red carpet must be rolled out fully and for all investors without holding back,' suggests Nivedita Mookerji.
This is despite the fact that total FDI into India has fallen by 22 per cent from $58 billion in FY22 to $46 billion in FY23, according to the Reserve Bank of India.
Position as most-favoured destination moves down a notch to fourth, says Unctad report.
Foreign Direct Investment to Asia reached record heights in 2011, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2012.
Though the countries are lowering international trade restrictions, there is still fear that they may resort to policies that discriminate foreign investors due to weak economic recovery.
Foreign direct investment (FDI) inflows into India in 2010 are said to have decelerated by 31 per cent in 2010, according to a report by the United Nations Conference on Trade and Development (UNCTAD), which is based on data from the Reserve Bank of India (RBI).
Global FDI inflows rose five per cent to $1.24 trillion in 2010, but were still 37 per cent below the 2007 peak and 15 per cent below the pre-crisis average.
A top UN body dealing with trade and development issues has recommended "deep and lasting" reforms to avoid a repetition of the current economic downturn.
Foreign direct investment in India may erode sharply from the record $42 billion in 2008 with trans-national corporations going slow on expansion plans following the global financial meltdown, says an UNCTAD report.
Predicting a gloomy economic future, a top United Nations trade and development agency today said the governments still have a long way to go to tide over the financial crisis.
Last year, India was ranked second in global FDI flows after China. While China continues in the top place, the US climbed up to second place this year, thanks to a surge in investments by Chinese and Indian companies, who acquired several sick American firms.
The report comes at a time when India is debating whether the country's economy will surpass the eight per cent growth during 2011-12.
Despite the enormous commodity potential in developing countries, agricultural finance has been decreasing steadily over the past 20 years
Indian exporters have more trouble in store, as the global merchandise outlook has worsened with UN body UNCTAD estimating 11 per cent decline in international trade in 2009.
Despite the enormous commodity potential in developing countries, agricultural finance has been decreasing steadily over the past 20 years and new modes of financing are needed, says UN.
The global economy is expected to sharply decelerate to 1.5 per cent next year from 2.9 per cent in the current year due to the worsening downturn caused largely by the financial crisis in the United States, the United Nations agency for trade and development said on Wednesday.
However, the net job loss in the export sector is estimated to be 7,48,000 since some sectors like plantation may witness a positive growth. The study said, during 2009-10, India's total exports are likely to dip by 2.2 per cent.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
A large pool of scientists and engineers coupled with the presence of world-class research institutes is pulling a number of trans national corporations
India is increasingly becoming an attractive destination for clinical research for pharma groups looking for faster and more efficient ways to test drugs for western countries
The outward Foreign Direct Investment flows from India, particularly in manufacturing and Information Technology services, have increased since late 1990s even though country's firms were investing abroad for many years, a new UN report has said.
Foreign Direct Investment into India rose by 13 per cent in 2020, boosted by interest in the digital sector, and while fund flows "declined most strongly" in major economies such as the UK, the US and Russia due to the Covid-19 pandemic, India and China "bucked the trend", the UN has said.
While the UN report said that FDI inflows rose 6 per cent in 2018 to $ 42 billion, the government's own data for the entire FY19 period has shown that inbound equity investments declined for the first time in six years in FY19.
The pandemic has brutally highlighted the inadequacy of India's administrative systems. And, the government has demonstrated its culpable inability to speed up vaccination in a timely manner, says Jaimini Bhagwati.
India attracted an estimated $49 billion FDI in 2019, a 16 per cent increase from the $42 billion recorded in 2018.
The trade impact of the coronavirus epidemic for India is estimated to be about 348 million dollars (approximately Rs 25 billion) and the country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade, according to a UN report. Estimates published by United Nations Conference on Trade and Development on Wednesday said that the slowdown of manufacturing in China due to the coronavirus (COVID-19) outbreak is disrupting world trade and could result in a 50 billion dollar decrease in exports across global value chains.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
The RBI has also been asked to consider displaying this information on its website.
Hectic preparations are on at the newly-formed Niti Aayog to welcome the first Vice-Chairman Arvind Panagariya and other members whose appointments were approved by Prime Minister Narendra Modi on Monday.
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Indian-American economist Arvind Panagariya has said that he is "honoured" to be appointed by Prime Minister Narendra Modi as the first Vice Chairman of the newly created NITI Aayog, which replaces the 65-year-old Planning Commission.
Pro-growth economist Arvind Panagariya has been appointed as first vice-chairman of the newly announced NITI Aayog, which has replaced the Planning Commission.
FDI inflows into India were $34 billion in 2014, up 22%.
India stands at an embarrassingly low 130 among 190 countries in the World Bank's Ease of Doing Business rankings. But in our worry over it are we forgetting the big picture -- to make India an attractive investment destination -- wonders Avirup Bose.
In 2015, the Reserve Bank of India cut interest rates by 125 basis points to 6.75 per cent.
'The meanness of the board statement apart, it nowhere answers the most fundamental and damaging aspects of the deteriorating work culture among top company executives to which Narayana Murthy had been repeatedly drawing attention,' says B S Raghavan, the distinguished civil servant.
'Let us hope that with Nandan, like Cincinnatus back on his farm, taking over the reins, Infosys will not only regain its vigour and momentum, but vastly improve upon its achievements as a global player,' says B S Raghavan, the distinguished civil servant.
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