'The government expects demand for electronic products to reach $400 billion by 2023-24. This would be a huge foreign exchange outflow, which may further widen our trade deficit with other nations. Hence, the government plans to push local electronics manufacturing to cut down on their import bill.'
Foxconn, a leading Taiwan based manufacturer of connectors for use in personal computers and printed circuit boards for mobile phones, will set up $110 million plant in Chennai to manufacture mobile handset and other components..
Eyeing to become India's largest player in 2020 Adani Group plans to invest 70 per cent of its capital expenditure in clean energy and energy efficient systems.
The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
Shanghai Gold Exchange plans to open a centre at GIFT City, in partnership with BSE or NSE
The pace of the progress has been very slow over the last eight years.
The zones, says Panagariya, would have to be set up near deep-draft ports, capable of accommodating very large and heavily loaded ships
The development comes after a recent notification from the Union home ministry, which has permitted companies to resume manufacturing operations and reopening of shops in red, green and orange zones with certain riders.
The prejudices the Chinese carry with them mean they are not natural global managers.
The World Bank is eager to double its assistance to India to about $3-4 billion this fiscal, of which $2 billion could be for infrastructure development alone.
'It is a balanced and prudent Budget that sets the foundation for future growth in the economy.'
Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
Sectors that attracted maximum FDI include services, trading, automobile and power.
A blood-soaked Nandigram made Mamata Banerjee what she is today and underpins the hopes of the combustible West Bengal leader of clinching a third straight term in office.
CII, in a communication with the state industries department, cited it had a packed schedule for the year and the dates frozen for the Make in Odisha conclave clashed with a major national summit hosted by the industry body.
Uttar Pradesh government has awarded the project to Vamasundari Investments, the investment arm of HCL
West Bengal has received total investment proposals worth around Rs 2.43 lakh crore spread across sectors like education, health, mining, steel, infrastructure and financial services during the two-day Bengal Global Business Summit, which concluded in Kolkata on Thursday.
Infosys is developing three more projects at Electronics City.
The year 2018 is likely to be steady in terms of institutional investment into real estate
Hyderabad is perhaps one of the most affordable cities among all tier 1 cities of India.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
'Rather than cutting and pasting from advanced economies, we should use basic economic principles to think about what is right for India at the stage of development at which we are,' says Chief Economic Advisor Krishnamurthy Subramanian.
Welcome to the era of too many investors chasing a limited number of commercial real estate deals.
Kamal Nath will need to watch his back because given the slender majority, there is no doubt that the BJP will try to topple his government.
The industry status will help the sector access bank lending at average interest rates
Companies in China, South Korea and Indonesia pay 25 per cent tax, while those in Malaysia pay 24 per cent. Only Japan has a higher tax than India at 30.6 per cent. Hong Kong has the lowest corporate tax rate of 16.5 per cent while Singapore has 17 per cent rate and Thailand and Vietnam levy 20 per cent tax on companies.
Fadnavis had a series of very productive meetings with American CEOs
The Goa Investment Promotion and Facilitation Board, the BJP's brainchild, has been able to create only 1,500 jobs
The Bangladeshi prime minister said that India's sudden decision to stop onion exports has led to a bit of difficulty for her countrymen.
Ahead of the upcoming Maharashtra Assembly polls, the Centre has pushed another big ticket infra project for the state with Union Minister Venkaiah Naidu saying that the groundbreaking ceremony of the city's Colaba-Seepz Metro project will be held soon.
Swadeshi jeans will be entirely made of cotton with no addition of any kind of synthetic material
DLF has a land bank of 295 million sq ft, of which 50 million sq ft is under development.
India will get $35 billion from Japan over the next five years for developmental projects, including building of smart cities and next generation infrastructure as also cleaning of the Ganga, as Premier Shinzo Abe on Monday pledged to partner Prime Minister Narendra Modi's "ambitious" vision of inclusive development.
Budget might turn out to be neutral for the sector.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
GVK Skycity's 20-million sq ft commercial space will be bigger than that in BKC; bids invited for first phase.
Make in India right now is just a slogan. The policy content is missing or not clearly articulated. The lion with cogs and wheels must now show some majestic movement forward, says Rahul Khullar.
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