India is set to attract foreign direct investment of $40 billion in fiscal 2008-09 with overseas investors betting big on the manufacturing sector in the world's second fastest growing economy.
The government has put the process of certification of foreign cement manufacturers on a fast track to facilitate import of the building material in the country to meet the growing demand and tame prices.
The wholesale price-based inflation stands at 9.9 per cent in March, but many analysts criticise the compilation of data, saying it includes several items that are no longer in vogue.
At a time when the world economy is facing the worst credit freeze in several decades, India attracted $2.7-billion FDI in January, up 58.8 per cent from a year ago, and remained a favourite destination for cross-border investments.
According to sources, the Department of Industrial Policy and Promotion and Ministry of IT have supported the reserve price of Rs 2,020 crore (Rs 20.2 billion) as was originally recommended by DoT. Last week, the finance ministry had asked the DoT to double the reserve price for pan-India 3G spectrum.
However, the countries did not take up the issue of proposed withdrawal of export incentives by the US to Indian exporters under Generalized System of Preference.
Data show leather got just 0.12% of the total FDI inflows during August 1991-March 2007.
Inflation based on the wholesale-price-index remained unchanged at 6.46 per cent for the week ended March 17 when compared to the week before. In fact, inflation is now unchanged for the last three weeks.
India is publishing a bulky encyclopaedia, running into 30 million pages, which would extensively cover its vast traditional knowledge as part of efforts to keep out Intellectual Property invaders from patenting its indigenous wealth.
Tesco was the first global retailer to apply for multi- brand retailing in India.
Concerned over attempts to monopolise its traditional knowledge, India on Tuesday asked the United States to tighten its Intellectual Property Rights regime and put in place proper disclosure norms for companies filing for patents.
Asserting that leading international consultancy firm A T Kearney had rated India as the third hottest FDI destination, India on Thursday sought investment from Taiwan in telecom and ICT ventures.
The government on Wednesday cleared the setting up of an Investment Commission to woo foreign as well as domestic investors for major projects in the country.
The government expects foreign direct investment into India to cross $7 billion in 2005-06, with auto and mining sectors expected to attract huge funds.
The Department of Industrial Policy and Promotion in the commerce ministry has asked state governments and central ministries to re-examine and streamline existing procedures, so as to provide a hassle-free environment for business.
Tech giant allowed to set up fully owned shops, with 30% local sourcing like everyone else.
Foreign direct investment in India has seen unprecedented growth in the recent years. FDI's contribution in India's GDP too is on the rise.
The company has pointed at the possibility of fines and financial penalties.
The government on Thursday launched a Grievances Redress Cell for exporters and importers in a bid to improve the of the directorate general of foreign trade.
Close on the heels of Finnish mobile handset maker Nokia announcing its manufacturing plans for India, a Taiwanese rival is in talks with the government to set up shop in the country.
Carrefour, which is said to be close to announcing a tie-up with Wadias, is still talking to some other companies, they said.
The country has received investments worth $1.6 billion in the first four months of the current fiscal.
The government will soon come up with detailed guidelines for private banks including hike in the foreign holding from 49 to 74 per cent and allowing foreign banks to set up subsidiaries in the country.
The state is planning an event similar to PM Narendra Modi's Startup India.
The government on Monday said it was open to suggestions on fine-tuning amendments to patent laws.
The 28 new ministers who joined the Chouhan cabinet on July 2 include 20 of cabinet rank and eight ministers of state.
Modi said it is an outcome of India's consistent reforms trajectory that the country's position is getting credence globally and is being recognised by international bodies like the IMF, World Economic Forum and UNCTAD.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
Stressing on the 'Make in India' initiative, a Ministry of Defence appointed committee has recommended enhanced private sector involvement by granting manufacturers tax and import concessions.
Currently, 100 per cent FDI is permitted in brownfield pharma firms through clearance from the Foreign Investment Promotion Board.
