Prime Minister Narendra Modi on Saturday hard sold his government's reforms spanning from manufacturing to taxation to labour, saying they have changed the world perception about the country from 'why India' to 'why not India' and went on to quote record foreign investment during the pandemic as a testimony to that. Speaking at industry association Assocham's Foundation Week event, Modi also said agriculture reforms brought by his government six months back have started benefiting farmers. The reforms in the last six years have influenced in changing the sentiment of the industry from 'why India' to 'why not India' in investing.
While smart boys like the Ruias of Essar, Ajay Piramal, Max India promoter Analjit Singh laughed all the way to the bank, the Tatas, Anil Ambani, Malaysian tycoon T Ananda Krishna of Maxis (which invested in Aircel), Sistema, and Norway's Telenor burnt their fingers, notes Surajeet Das Gupta.
'For our traditional membership base, it would be an access to disruptive ideas,' FICCI President Subhrakant Panda tells Asit Mishra/Business Standard.
The Rs 63,000-cr Mumbai-Ahmedabad high-speed corridor and Rs 14,000-cr CSTM-Panvel suburban corridor are two of the largest projects.
India may outshine China in receiving foreign investments because of its better corporate disclosure, stronger property rights and a more investor-friendly legal system.
'One of the biggest employment generators, the MSMEs, have not got much from the government.'
Commerce and Industry Minister Anand Sharma along with officials from his ministry were in the Nordic country for a two-day visit. They were accompanied by Indian industrialists led by the Confederation of Indian Industry.
The government will press ahead with the sale of public sector companies that have been approved by the Cabinet, Finance Minister Nirmala Sitharaman said on Thursday. Highlighting that FDI flow into India is much higher compared to other emerging economies, she said India's strong macroeconomic fundamentals, ability to do reforms and a stable government help attract long-term foreign funds into Indian businesses.
Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate.
Shah said India's goal is to become a $ 5 trillion economy in the next five years and without contribution from the energy and petroleum sector, this goal can't be achieved.
In this round, the market has won. But it is still for Gautam Adani to decide whether he has lost or not, argues Shekhar Gupta.
UK's largest retailer Tesco, Singapore Airlines and Etihad queued up to invest in India as a persistent UPA threw open more sectors to foreign investments with indications of more big ticket deals to be announced in the new year.
The new government's challenge would be to reverse the tide in FDI, boost manufacturing and come up with an e-commerce policy that is fair to all investors.
Fitch Ratings on Thursday said the resurgence of COVID-19 infections may delay India's economic recovery, but won't derail it, as it kept the sovereign rating unchanged at 'BBB-' with a negative outlook. It projected a 12.8 per cent recovery in GDP in the fiscal year ending March 2022 (FY22), moderating to 5.8 per cent in FY23, from an estimated contraction of 7.5 per cent in 2020-21. Fitch had in June last year revised outlook for India to 'negative' from 'stable' on grounds that the coronavirus pandemic had significantly weakened the country's growth outlook and exposed the challenges associated with a high public debt burden.
The Union Cabinet on Wednesday approved revision in guidelines for providing direct to home (DTH) services in the country under which licenses would be issued for 20 years, Union minister Prakash Javadekar said. The Union Cabinet has also approved 100 per cent FDI in the DTH broadcasting services sector, Javadekar said, adding that while the commerce ministry had spoken of 100 per cent FDI in the DTH sector, the guidelines of the information and broadcasting ministry needed to be changed.
India's economic growth slipped to 6.7 per cent in '09, mainly on account of the impact of the global financial meltdown that started in the US in 2008.
The drop was the result of the change in FDI rules, which was amplified by the border standoff between India and China.
Foreign direct investments into the country is on the rise, jumping to $12.1 billion in May this year, Commerce and Industry Minister Piyush Goyal said on Monday. He also said the government is working on a mission mode to achieve exports target of $400 billion in 2021-22. "India has received the highest ever FDI inflow in 2020-21. "It surged by 10 per cent to $81.72 billion and FDI during May 2021 is $12.1 billion, i.e. 203 per cent higher than May 2020," he said while addressing a meeting of different industry associations on promoting exports.
While welcoming Prime Minister Narendra Modi's announcement on Saturday to celebrate January 16 as National Start-up Day, six years after the Start-up India Action Plan was launched by the government, stakeholders in the ecosystem say that more needs to be done at the policy level to unleash the next phase of growth in the sector. "The Start-up India programme's launch in 2016 was a turning point - that is when the promoter came to be known as the founder in the country and the word 'entrepreneur' entered the common lexicon. "But now we need a Start-up India 2.0 now for the next phase of growth of the ecosystem", said Siddarth Pai, managing partner of venture capital (VC) firm 3one4 Capital. Pai says that Startup India 2.0 must look at promoting Startups headquartered in tier II,III & IV cities and solving the problems of Bharat.
If we work together with dedication, concentration and effort, we should be able to achieve our aspirational growth target of double-digits for a very long period of time, suggests K V Kamath.
Walmart had entered into a joint venture with Bharti Enterprises.
Industry bodies said the decisions will help attract much-needed capital, create jobs, encourage collaboration and benefit cash-starved small and medium enterprises.
India may hold the promise of a big market for China, but that promise is yet to be fulfilled
Paving way for iPhone maker Apple to open its own stores India, the government on Monday relaxed FDI norms by giving a three-year exemption from local sourcing to foreign players in single-brand retail and a further five-year relaxation for 'state-of-art' and 'cutting-edge' technology.
Major global airlines, including Gulf carriers, are keen to invest in this space.
The approval comes few days before the company has to clear statutory liabilities of up to nearly Rs 35,586 crore, of which Rs 21,682 crore is licence fee and another Rs 13,904.01 crore is spectrum dues.
Experts said the rules will help curb market manipulation and money laundering, which could take place during the transfer of shares between residents and NRIs.
'I think we will be able able to inspire confidence in the minds of prospective investors,' says Mukherjee.
Bureaucratic procedural hassles in India are still a "stumbling block" to Italian investment in the country, said Italian Trade Commissioner Vittorio Mecozzi.
Goyal wondered why an e-commerce market place model, where a firm provides an IT platform for buyers and sellers, was incurring such huge losses adding that it needs to be looked into.
India Inc on Friday said major announcements made by government, including operationalisation of 51 per cent FDI in multi-brand retail, are huge "mood lifters", besides dispelling the impression of any policy paralysis in the government.
"Farmers would like to remind the PM that it is 'andolans' that have liberated India from colonial rulers and that is why we are proud to be 'Andolan-jivi'."
As many as 15 companies, including Adani Copper Tubes, LG Electronics and Wipro Enterprises, with committed investment of Rs 1,368 crore, have been selected as beneficiaries under the PLI scheme for the white goods sector, the government said on Tuesday. In March, the commerce and industry ministry had reopened the application window for its Rs 6,238-crore PLI scheme for white goods -- air-conditioners (ACs) and LED lights-- with an aim to accommodate more players as several firms had expressed interest in the initiative. Last year, as many as 46 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 5,264 crore were selected in the first round the scheme.
The government on Friday modified FDI policy allowing unlisted companies to directly list on stock exchanges abroad to raise funds for acquisitions or retiring overseas debts, a move which may help India in containing high current account deficit.
'FDI is not a big issue because Indians are in now a position to raise big money.'
As a special gesture, Frederiksen received Modi at the airport. He arrived in Copenhagen from Germany.
The USS John Paul Jones acted like a dog marking the lamp post, observes Ambassador M K Bhadrakumar.
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