News Digest: FM to take steps to cut CAD, Foxconn's Odisha plan, and more

Five states -Chhattisgarh, Rajasthan, Madhya Pradesh, Mizoram and Telangana - would go to the polls between second week of Nov and first week of Dec

Govt will meet fiscal deficit goals, fresh steps on cards to narrow CAD: FM

Union Finance Minister Arun Jaitley on Saturday promised more steps to cut the current account deficit (CAD) and bolster foreign exchange inflows, seeking to calm frayed nerves amid a stock market crash and falling rupee.

Jaitley said India would continue to be the leading destination of foreign direct investment despite the adverse global situation, but added there could be some transient problems. He reiterated that maintaining fiscal prudence was one of the top priorities of the government. “You can afford to take liberties only when fiscal position is strong and not otherwise,” he said.

The finance minister said the CAD was linked to global oil prices because foreign exchange was mostly spent on crude oil. Read more 

Five states to see high-stakes poll battle before 2019 Lok Sabha Elections

Five states — Chhattisgarh, Rajasthan, Madhya Pradesh, Mizoram and Telangana — would go to the polls between the second week of November and the first week of December, the Election Commission announced on Saturday. The counting of votes will take place on December 11.

The Assembly elections will be a precursor to the Lok Sabha polls of 2019, and an indicator of the political temperature, at least in the Hindi belt, which is crucial for Prime Minister Narendra Modi and the Amit Shah-led Bharatiya Janata Party (BJP).

In Chhattisgarh and Madhya Pradesh, the BJP has been the ruling party since 2003. Rajasthan, however, had never elected an incumbent government since 1993. Read more 
 

Foxconn revives Odisha plan for mobile manufacturing after two-year gap

The world’s biggest contract electronics manufacturer Foxconn has rekindled interest in Odisha for a mobile manufacturing facility after a gap of over two years.

Foxconn eyeing Odisha as a possible location follows its marked delay in commissioning an electronics manufacturing plant in Maharashtra, where it pledged $5 billion investment with a promise to spawn around 50,000 jobs. The Taiwanese firm known for assembling the iconic iPhones, had inked a memorandum of understanding (MoU) with the Maharashtra government for the facility in August 2015. The massive project, however, has shown little signs of taking off at the ground. Foxconn’s India operations are in Andhra Pradesh and Tamil Nadu where it makes Xiaomi- and Nokia-branded handsets respectively. Read more 

 

Pravin Srivastava appointed as India's third Chief Statistician

Eight months after TCA Anant demitted office, the government has appointed 58-year-old Pravin Srivastava, a senior officer with the Ministry of Statistics and Programme Implementation (MoSPI), chief statistician of India (CSI).

Srivastava’s tenure will be a little less than two years, till August 31, 2020.

His appointment would take effect from the date of assumption of charge by him, said an official statement.

The 1983-batch Indian Statistical Service officer has worked in the ministries of statistics and health in various positions, and briefly in the Union Public Service Commission, in his 35-year career. Read more 
 

Ford Motor, an automaker at a crossroads, seeks cuts and partners

When Ford Motor was celebrating the 100th anniversary of its Rouge industrial complex last week, its chairman, William C. Ford Jr., offered an optimistic outlook for the years ahead.

The company is still solidly profitable, he said, and while it is losing money overseas, it is working on a solution. Furthermore, he praised the ability and leadership of Ford’s chief executive, Jim Hackett, who he said was doing “a really good job.”

“I don’t think it’s even close to a crisis,” he said.Not everyone shares his confidence.

The automaker’s bottom line is weakening despite record sales of its pickup trucks and sport utility vehicles. Read more