India's current account slipped into a deficit of $9.6 billion or 1.3 per cent of GDP in the September quarter, the Reserve Bank said on Friday. The current account, which records the value of exports and imports of both goods and services along with international transfers of capital, was in a surplus mode both in the quarter-ago and year-ago periods. India's current account surplus had stood at $6.6 billion or 0.9 per cent of GDP in the April-June 2021 quarter, while in the year-ago period (Q2FY22), the surplus had stood at $15.3 billion or 2.4 per cent of the GDP, the data said.
Gujarat Chief Minister Narendra Modi on Friday accused Prime Minister Manmohan Singh of "acting" in the interest of United States first in getting the nuclear deal through and then allowing FDI in multi-brand retail and questioned why he did not "turn active in India's interest".
Foreign direct investment into India is expected to touch $15 billion by the end of the present fiscal, with more overseas firms eyeing good returns from the sub-continent.
Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers to work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce. In a video message at the G20 Trade and Investment Minister's meeting here, he also emphasised on the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms. "Digitising processes and use of e-commerce have the potential to enhance market access. "I am glad that your group is working on the 'High Level Principles for the Digitalization of Trade Documents'. These principles can help countries in implementing cross-border electronic trade measures, and reduce compliance burdens.
Reinvent and innovate will be the key mantra for the Indian pharma industry in the New Year as the 'pharmacy of the world' looks to move from volume to value leadership, amid emerging challenges of inflation and pricing pressures in the global markets. While R&D investment, market competitiveness, regulatory scrutiny, and domestic price regulations are expected to shape the growth of generics and injectable products, concerns such as price control and customs duties on medical equipment will continue to bother the healthcare industry in 2023. The industry believes that in view of India's G20 Presidency, digital health innovation, achieving universal health coverage, improving healthcare infrastructure and delivery will continue to be the key driving factors in 2023.
In June 2008, the FDI inflow was USD 2.39 billion. However, the total foreign investment inflows during April-June contracted by over 30 per cent to $7.02 billion over the same quarter of 2008-09.
Apple's online launch is a symbol of success for FDI in single-brand retail, though there's no indication of how much the Silicon Valley major would invest in the country.
While the cumulative FDI inflows of $25.35 billion for April-February 2008-09 were higher than the $20.13 billion a year ago, the country has been witnessing a steep fall in foreign investments since October 2008, according to official figures. In February 2008, the foreign investment was $5.67 billion.
The Department of Industrial Policy and Promotion in the Commerce Ministry proposes to scale back the Foreign Direct Investment ceiling for the tobacco industry from 100 to 74 per cent and insert a caveat that cigarettes manufactured in the new ventures or in upgraded facilities must be mainly for consumption outside India.Sources said the department, which is responsible for the policy on FDI, is finalising a cabinet note aimed at comprehensive review of the tobacco policy.
India is one of the largest military equipment importers in the world, at over $8 billion a year.
The government on Wednesday cleared 21 foreign direct investment proposals worth Rs 18.46 crore.
US foreign direct investment inflows into India will increase to $1 billion annually by 2010, according to Indo-American Chamber of Commerce.
Foreign cigarette companies could soon find it harder to sell their products in India. The government is looking into a proposal to ban foreign direct investment (FDI) in the wholesale marketing arms of these companies. It is also exploring the possibility of shifting the import of tobacco products from the open general licence (OGL) to the restricted list.
Admitting that infrastructural bottlenecks were deterring foreign investment, the finance ministry on Wednesday said FDI inflow declined by 24 per cent to $4.66 billion last fiscal.
Foreign direct investment (FDI) in India's aviation sector is long overdue; the Cabinet should back Mr Singh's decision -- which was taken following a meeting with Finance Minister Pranab Mukherjee, Petroleum Minister Jaipal Reddy and Commerce Minister Anand Sharma.
Japan on Tuesday said the labour unrest at Honda Motorcycles and Scooters India could impact foreign direct investment inflows into India, but ruled out its intervention in the matter.
Prime Minister Manmohan Singh on Friday justified the decisions on allowing FDI in multi-brand retail and some other areas, saying these were aimed at pushing economic growth and generating employment in "difficult times".
The new PN3 norms and lack of clarity on what constitutes beneficial ownership are the primary reasons for the decline in investments from China and Hong Kong.
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
Fuelled by the $57.8-billion merger of HDFC twins (HDFC Ltd and HDFC Bank), M&A (merger and acquisition) transactions in India touched a record high of $124.2 billion in the first half of 2022-23. Bankers said with several transactions, including the government's stake sale in IDBI Bank and Hindustan Zinc in the pipeline, the ongoing financial year will end up as the best year for M&A activity in the country. Apart from the HDFC transaction, the $6.5-billion acquisition of Holcim stake by the Adani family and L&T's $3.2-billion acquisition of Mindtree added to the record transactions in the first half of FY23.
The minister is on a two-day visit to Russia for India-Russia Business Dialogue, held under the umbrella of the St Petersburg International Economic Forum 2012.
The Department of Industrial Policy and Promotion in its draft Cabinet has proposed to further tighten the rules for foreign direct investment in brownfield pharmaceutical sector.
SSTL is the second operator after Vodafone that has approached FIPB for raising FDI limit.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
According to sources, Finance Minister Pranab Mukherjee on Monday spoke to Opposition leaders about this decision. Details awaited.
FDI inflows, in August last year, stood at $2.32 billion, the Reserve Bank said in its bulletin.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
The industry ministry on Monday proposed foreign direct investment up to 74 per cent in the defence sector from the present 26 per cent, stating urgent upgrade of equipment in the armed forces was needed as a bulk of them suffered from obsolescence.
A section of traders and hawkers today staged protests in various parts of the country against the government's decision on FDI policy in multi-brand retail, the Confederation of All India Traders (CAIT) said.
The outbound FDI is also expected to increase, resulting in net FDI inflow of $24 billion.
Bharti Walmart is a 50:50 joint venture set up in 2007 between Bharti Enterprises and Walmart and is engaged in wholesale cash and carry trade.
FIPB rejects proposals from firms that have not divulged details of beneficial ownership or source of funding
A DoT panel has suggested completely opening up the telecom sector to foreign direct investment, a move which is expected to bring in fresh funds into the industry that is facing a financial crisis.
In recognition of his efforts in making India an attractive foreign direct investment destination, Commerce and Industry Minister Kamal Nath has been selected as the "Global fDi Personality of the Year
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