In August, domestic equity markets garnered one of the highest foreign portfolio investor (FPI) flows since the outbreak of the pandemic in 2020, despite the US Federal Reserve standing firm on unwinding its stimulus measures to control inflation. FPIs pumped in over Rs 51,000 crore ($6.4 billion) in August, the most since December 2020 and the third-highest tally since March 2020-the month the Covid-19 pandemic roiled global markets. This was the second consecutive month of positive foreign flows. In the preceding nine months, FPIs had yanked out over $32 billion or Rs 2.2 trillion.
Prime Minister Narendra Modi arrived in Bali on Monday for the G20 Summit and bilateral meetings on its sidelines with key leaders attending this annual conference of the world's major economies.
Even as the bilateral relationship between the two neighbouring countries remains hostile, there is growing coordination between India and Pakistan on one multilateral forum - the World Trade Organization (WTO). Both countries have made two joint submissions at the WTO as co-sponsors in the past two months. In June, Pakistan joined India, Cuba, and 44 African countries, seeking sufficient flexibility in intellectual property rights for developing countries to fight the Covid-19 pandemic.
Foreign Secretary Vinay Kwatra on Wednesday refused to speculate on whether the G20 foreign ministers' meeting would be able to come out with a joint communique against the backdrop of widening differences between the West and Russia on the Ukraine conflict.
The UK government made its first major commitment to support UN Security Council reforms and India's permanent membership within it as part of a refreshed defence and foreign policy review tabled in Parliament on Monday.
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.
'While foreign institutional investor flows are still negative, they will turn positive in the latter part of 2023 as India's resilient growth becomes perceptible.'
The G20 declaration, which hit snags on the language to describe the Ukraine war, amounted to a 'coup' for host Prime Minister Narendra Modi though the final compromise statement reflected a stand far softer than those the United States and its Western allies have adopted on Russia, the world media said on Sunday.
The talks took place on the sidelines of the G-20 foreign ministers' meeting in the Indonesian city of Bali.
'... as has been happening in the last three weeks, then the foreign exchange reserves will not be comfortable to ensure that the rupee does not fall drastically.'
The BRICS summit offers Modi an excellent platform to reach out to world leaders and conduct diplomacy on the very ticklish issue of reform of the world governance structure, and to exchange notes with his peers on international, regional and bilateral issues on the margins of the meeting, says Rup Narayan Das.
10 non-bank and non-finance stocks from the BSE500 Index universe that offer an optimal blend of low valuation, reasonably robust revenue and earnings growth in recent quarters, a strong balance sheet, and most importantly, positive cash flow from their operations.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
The BRICS stressed on resolution of conflicts in a declaration issued after a virtual meeting of foreign ministers of the member nations of the grouping. The meeting was attended by External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi.
With Donald Trump unable to make it, Modi settles for Brazilian President Jair Bolsonaro.
The unilateral pressure by US administration on India, at the behest of US Business Associations lobby through US International Trade Commission investigations and request to USTR to enlist India under Priority Foreign Country under Special 301 review, lacks legitimacy under WTO framework, the signatories to the letter said.
As someone with nostalgia for the good cheer and friendly feelings of Brazilian people, former Ambassador to Brazil B S Prakash can only hope that when they see on their TV screens their President being feted on Rajpath, they will sense India's goodwill for Brazil.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
Nobutaka Kitajima, chief investment officer -- equity, LIC Nomura Mutual Fund, tells Business Standard the reaction to the Fed's statements has been overdone and the current downturn has punished certain stocks much more than their inherent economic worth and business potential.
The five-nation grouping BRICS on Tuesday resolved to combat terrorism in all its forms and manifestations, including the cross-border movement of terrorists, and vowed to step up joint efforts in building support for an India-backed global framework to effectively deal with the menace.
India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.
From early indications, the Modi government's foreign policy seems to be pragmatic and reciprocal, says K G Suresh.
In his address to RIC Foreign Ministers, Wang said the three countries should 'correctly handle and properly deal with sensitive factors in bilateral relations and safeguard the overall interests of mutual relation', without directly referring to the current round of India-China military tensions along the Line of Actual Control, (LAC).
Around 41 per cent of these companies saw such instances, compared to the global average of 29 per cent. India's number is higher than other countries such as the United States (26 per cent), the United Kingdom (32 per cent) and Japan (27 per cent). It is also worse than other emerging markets. China had 39 per cent of firms affected by data theft. It was 19 per cent and 16 per cent for Brazil and Russia, respectively.
'The MEA, hopefully, made it clear that the Indian PM can't be seen in Xi Jinping's company when China has, for all intents and purposes, annexed over 1,000 sq kms of Indian territory in eastern Ladakh, and essentially that the Wuhan spirit and the Mamallapuram spirit have turned into vinegar.'
The defence minister also took an indirect dig at Gandhi for "doubting" the government's intention in the handling of the border row with China and said politics can not be done on the basis of "falsehood".
India believes rich nations should be away from farm subsidies.
India remains an attractive destination for foreign direct investments (FDI) on account of healthy prospects of economic growth and its skilled workforce, according to a survey by Deloitte. A large proportion of international business leaders remain confident in India's short- and long-term prospects and are readying plans to make additional and first-time investments in the country, it said on Tuesday. "The survey, which questioned 1,200 business leaders of multinational corporations in the US, UK, Japan and Singapore, found that India remains an attractive destination for investments, scoring highly for its skilled workforce and prospects for economic growth," the survey - India's FDI Opportunity - said.
Wang arrived in Delhi on Thursday evening in the highest-level visit between the two countries after the ties came under severe strain following the military standoff in eastern Ladakh that began nearly two years ago.
Market experts believe the retreat is because of uncertainty.
India and Brazil on Wednesday called for urgent progress in reforms of the UN Security Council, as they agreed to scale up bilateral ties and deepen cooperation in international fora.
Maharashtra received the lion's share of the foreign direct investment inflows into India during April-August this fiscal, according to industry ministry's latest data.
As regards India, FIIs have pumped in over Rs 34,400 crore in the Indian stocks in calendar year 2021.
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.
India gains at the expense of Russia and Brazil
'Pleasure to meet FM Sergey Lavrov, this time in person. Excellent talks that reflect our Special and Privileged Strategic Partnership. Value our exchanges on the international situation,' Jaishankar tweeted after talks with his Russian counterpart on the sidelines of the SCO meeting.
Most sought-after market of the past few years doesn't feature among top bets in Asia, emerging markets
Substantial gains can still be made with good policies and initiatives.
'He is seeking to harness the power of Indian Diasporas to national (support for India in global capitals) and political (enhance the Bharatiya Janata Party's support base) ends.'
