Page 10 - Fdi

Govt reviewing FDI flow from China in Paytm Payments Services: Report

The government is examining foreign direct investment from China in Paytm Payments Services Ltd (PPSL), the payment aggregator subsidiary of One97 Communications Ltd, sources said. In November 2020, PPSL had applied for licence with the Reserve Bank of India (RBI) to operate as a payment aggregator under the guidelines on Regulation of Payment Aggregators and Payment Gateways. However, in November 2022, RBI rejected PPSL's application and asked the company to resubmit it, so as to comply with Press Note 3 under FDI rules. One97 Communications Ltd (OCL) has investment from Chinese firm Ant Group Co. Subsequently, the company filed the required application on December 14, 2022 with Government of India for past downward investment from OCL into the company in order to comply with Press Note 3 prescribed under FDI guidelines. An inter-ministerial committee is examining investments from China in PPSL and decision would be taken on the FDI issue after due consideration and comprehensive

Rs 5,077 crore FDI reported by companies operating in defence sector: Govt

Foreign Direct Investment (FDI) worth Rs 5077 crore has been reported by companies operating in the defence sector, the defence ministry said in Lok Sabha on Friday. The data was provided by Minister of State for Defence Ajay Bhatt while replying to a question. The defence industry sector was opened up in May 2001 for private sector participation, he said. "The FDI limit in the defence sector was enhanced in 2020 up to 74 per cent through the automatic route for companies seeking new defence industrial licence and up to 100 per cent by the government route wherever it is likely to result in access to modern technology," Bhatt said. "So far, Rs 5077 crores worth of FDI has been reported by companies operating in the defence sector," he added. The minister said the government also promotes co-development and co-production of niche defence technologies with foreign original equipment manufacturers to encourage FDI in the defence sector. To a separate question, he said the defence ..

India continues to be preferred destination for FDI, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said India continues to be a preferred FDI (foreign direct investment) destination despite soaring global interest rates. He said that interest rates rose worldwide including in the US and that led to the flow of capital back in the developed nations. "That was a period where one would have imagined a much deeper impact on the developing economies than what India witnessed, but the strength of demand in India, the strength of opportunities that people saw in India, ensured that we did not see the drastic fall that many of our other peer countries (witnessed)," Goyal said. The total FDI -- which includes equity inflows, reinvested earnings and other capital -- contracted 15.5 per cent to USD 32.9 billion during April-September this fiscal against USD 38.94 billion in April-June 2022. "We continue to have significant FDI coming in...a lot of reinvestment of earnings happened even during this period when ideally I would have though

It is for RBI to deal with Paytm issue, says Financial Services Secy Joshi

Financial Services Secretary Vivek Joshi on Wednesday said it is for the Reserve Bank to deal with the Paytm issue and the government has nothing to do with the matter for now. He also said that Paytm Payments Bank Ltd (PPBL) is a small financial entity and there are no systemic stability concerns. Amid concerns over non-compliance, Reserve Bank of India (RBI) has taken various measures against PPBL wherein it will not be allowed to offer any services concerning deposits, prepaid instruments and e-wallet after February 29. The entity has also been directed to stop onboarding new customers. "It is action taken by the regulator. They regulate the banks. The government has had nothing to do until now when it comes to the actions taken against Paytm. And we believe that RBI must have taken the action in the overall interest of the consumer and the economy," Joshi told PTI in an interview. With regard to Foreign Direct Investment (FDI) in Paytm's payment aggregator subsidiary, he said

Padma Bhushan for Young Liu embodies how Foxconn has grown roots in India

But to flower further, it may need to reduce dependence on Apple Inc

Ikea looks at investment in India after fulfilling Rs 10,500-cr promise

Swedish furniture retailer IKEA is looking at the next round of investment in India after exhausting its commitment of Rs 10,500 crore when it entered the country 10 years back, according to the company's India CEO Susanne Pulverer. The company, which kicked off its retail operations in India with the opening of its first store in Hyderabad in August 2018, is currently setting up projects in Delhi-NCR that are expected to open in 2025 and will complete its committed investment for 10 years. "This first investment that we committed is booked with the projects in NCR. So with that, we have exhausted the Rs 10,500 crore and we are looking at the next level of investment to further build IKEA presence in India, to expand volumes and increase sourcing. So that is in the plan making and we will announce more when we are ready. The plans are being formulated, and we will make announcements when ready," Pulverer told PTI. In 2013, the government approved a Rs 10,500 crore FDI proposal by Ik

Interim Budget: A path of fiscal prudence towards Viksit Bharat by 2047

The government has outlined a vision for Viksit Bharat by 2047, with GDP being given a new connotation of 'Governance, Development and Performance'

Space industry seeks liberal FDI policy, PLI scheme in Union Budget

India's nascent space sector has sought a liberal FDI policy on a par with the defence industry and production-linked incentive in the interim Budget that the government will present next week. The industry body Indian Space Association (ISpA) has also sought GST exemption for satellites, launch vehicles and ground equipment manufacturing, lower tax rates for external commercial borrowings and reduction of satellite sector withholding tax from 10 per cent to two per cent, given the low profit margins. "Our expectation is for enabling a more liberal FDI (foreign direct investment) policy in the space sector. As of now, even one per cent of FDI has to go through the government approval route and that takes months and months," Awais Ahmed, founder and CEO of Pixxel, a Bengaluru-based start-up, told PTI. "The defence sector has 74 per cent FDI through the automatic route. Beyond that, you have to go for the government route. At least matching what is there for the defence side would be

Sebi may allow AIFs to 'exclude' investors from certain investments

Proposal will help address concerns about evergreening of loans

Reconfiguration of global trade and FDI

Third globalisation has seen slow but profound changes

India eyes $100 bn annual FDI in coming years: IT minister Vaishnaw

Foreign investors have bet big on India since Modi came to power in 2014, with the likes of Apple, Samsung, Kia, and Airbus expanding operations

Africa's biggest insurer Sanlam banks on India as its home market reels

India's $3.4 trillion economy is expanding almost five times quicker than Sanlam's home market, with the World Bank forecasting 6.4% growth this year

Davos 2024: India on cusp of FDI flood, says Bajaj Finserv's Sanjiv Bajaj

'Ten years of this growth we have seen, at least another five years of a strong majority government will end up institutionalising those policies to a fair extent,' Bajaj said in an interview in Davos

Supreme Court to hear stayed ruling on tax residency certificates in March

The Delhi High Court had in January 2023 said that TRC is sufficient for a foreign investor's claim to pay zero or lower tax under treaties between India and foreign jurisdictions

India's outward FDI nosedives to $2.25 billion in December: RBI data

Outbound FDI, expressed as a financial commitment, comprises three components: equity, loans, and guarantees

Outgrowing Apple

India must approach its industrial policy with a lighter and practical, reform-oriented touch instead of trying to deal with individual companies like Apple or Tesla

Tamil Nadu govt's 3rd Global Investors Meet set to begin on January 7

Tamil Nadu is all set to host the third edition of the Global Investors Meet, and the first one by the ruling DMK government, from Sunday with a galaxy of leaders set to participate in it. A host of representatives from several multinational companies, over 450 international delegates, and representatives from 50 countries are expected to attend the two-day event. The previous editions of the Global Investors Meet (GIM) were held in 2015 and 2019, when AIADMK was the ruling party, under the chief ministers late J Jayalalithaa and Edappadi K Palaniswami, respectively. The Ministry of Industries and Guidance Tamil Nadu--the state's investment promotion agency--, who are the organisers of the event, expect over 30,000 participants during GIM 2024 with Union Commerce Minister Piyush Goyal set to be part of the inauguration along with Chief Minister M K Stalin and his cabinet colleagues. "As the Tamil Nadu Global Investors Meet 2024 approaches, the air is thick with anticipation! With o

'Vibrant Gujarat summits helped state get $55 bn FDI in two decades'

The biennial Vibrant Gujarat Global Summit, being organised by the Gujarat government since 2003, coupled with years of carefully-planned strategies and thoughtful implementation has helped the state garner a cumulative foreign direct investment (FDI) of USD 55 billion between 2002 and 2022, officials said. The Vibrant Gujarat Global Summit (VGGS) has grown in tandem with the state economy, and since its humble beginning, it has proved to be a gateway for foreign investment in the state, industry leaders said. The 10th edition of the VGGS, based on the 'Gateway to the Future' theme, will be organised in Gandhinagar from January 10 to 12. Addressing a Vibrant Gujarat roadshow in Hyderabad last month, state's Minister of State for Micro, Small and Medium Industries Jagdish Vishwakarma said a testimony to Gujarat's FDI-friendly policies is the fact that many Fortune 500 companies have invested in the state. "Gujarat contributes 8.3 per cent, approximately USD 282 Billion, to India's .

PM Modi to inaugurate Vibrant Gujarat Global Summit on January 10

Prime Minister Narendra Modi will inaugurate the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar on January 10, an official said on Friday. The event will be held at the Mahatma Mandir Convention Centre in the state capital, he said. A day before the summit begins, the PM would also inaugurate the 'Vibrant Gujarat Global Trade Show 2024' at Helipad Ground near Mahatma Mandir on January 9, Additional Chief Secretary of Industries and Mines Department, S J Haider, said in a press conference. The PM will arrive in Gandhinagar on January 9, he said. "The 10th edition of the Vibrant Gujarat Global Summit will be held between January 10 and 12 in Gandhinagar and the PM will inaugurate the event on January 10. We are also organising 'Vibrant Gujarat Global Trade Show 2024' as part of the summit. It will also be inaugurated by the PM in the afternoon of January 9. The trade show will remain open till January 13," he said. The previous Vibrant Gujarat Summit was held in ..

Foreign investments into Indian bonds reached six-year high in 2023

The U.S. 10-year bond yield has fallen to around 3.85% on rate cut hopes, widening the spread with its Indian peer to 335 basis points from around 240 bps in late October