Page 8 - Fdi

No rethinking on support for Chinese for investments in India: Piyush Goyal

European Union has suggested India devise its own mechanism instead of paying carbon tax for imports, says Commerce Minister

Reduction of corporate tax in Budget will promote India-US trade: Ex-CEA

Professor Krishnamurthy Subramanian said that the removal of Angel Tax would be significant for India's startup ecosystem and encourage investments from outside

No rethinking on supporting Chinese investments in India: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said there is no rethinking in the government to support foreign direct investments (FDI) from China as was pitched by the Economic Survey recently. He said it was a report that always speaks about new ideas and gives out their own thinking. The Survey, he said, is not at all binding on the government and there is no thinking on supporting Chinese investments in the country. "There is no rethinking at present to support Chinese investments in the country," the minister told reporters here. In 2020, the government made its approval mandatory for FDI from countries that share landed border with India. Countries which share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan. The minister was responding on a pitch made by the pre-Budget Economic Survey on July 22 for seeking FDI from China to boost local manufacturing and tap the export market. As the US and Europe are shifting their

DPIIT working on proposal to further tighten FDI rules in tobacco sector

The Commerce and Industry Ministry is working on a proposal to further tighten the foreign direct investment norms in the tobacco sector to check promotional activities and curb smuggling in the segment as firms are trying to circumvent norms, an official said. At present, foreign direct investment (FDI) is prohibited in the manufacturing of cigars, cheroots, cigarillos and cigarettes of tobacco or its substitutes. However, it is permitted in technology collaboration in any form, including licensing for franchise, trademark, brand name and management contracts in the tobacco sector. "FDI in tobacco is prohibited, and there is a need to control the sectors' promotional activities also. By doing promotion of those products, some companies try to create a system where smuggling increases," the official said. The Department for Promotion of Industry and Internal Trade (DPIIT) has circulated a draft note seeking the views of different ministries on the issue. The official added that ..

Clear guidelines needed for approving China's FDI plans: NITI Aayog VC

India needs a 'clearer set' of guidelines for approving Foreign Direct Investments (FDI) from China expeditiously as the system of case-by-case review is slow, NITI Aayog vice chairman Suman Bery has said. Bery further said at the moment India scrutinises FDI proposals from China for security purposes similar to what the United States is doing. "I think what is needed, on the basis of experience, is a clearer set of guidelines because case-by-case review is slow and we do have an interest in getting investment from China because China is surplus in savings, it has got good technology," he told PTI. Earlier this week, the pre-budget Economic Survey has also made a strong case for seeking FDI from Beijing to boost local manufacturing and tap the export market. "But the fact of the matter is that we have diplomatic difficulties with them and so we have to be cautious," the NITI Aayog vice chairman observed. At present, the bulk of the FDI coming into India falls under the automatic .

Shouldn't have fiscal incentive or disincentive towards savings: DEA secy

We are moving in the direction of fiscal prudence as well as finding adequate money for priority expenditure, he says

DPIIT to create timelines for govt agencies for clearance of FDI proposals

The Department for Promotion of Industry and Internal Trade (DPIIT) will formulate strict timelines for different government agencies and departments for clearance of Foreign Direct Investment (FDI) proposals from prioritised sectors, a top official said. DPIIT Secretary Rajesh Kumar Singh said though there is a standard operating procedure (SOP) for these clearances, still there are delays as the SOPs are not being followed. The secretary was responding to the Budget announcement that the rules and regulations for FDI and overseas investments will be simplified to facilitate foreign direct investments, and nudge prioritisation. He said that the concerned ministries and departments will be nudged to prioritise applications and speed up the process of approvals. "The idea is to cut short that (clearance and approval) process, we have not yet decided about the sectors where some liberalisation is possible, but certainly there is a view in the government that the processes, where the

UK businesses, investors community receive Union Budget with enthusiasm

The Union Budget tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday has been received with much enthusiasm within the UK business and investor community, with the fall in the Corporate Tax rate for foreign companies from 40 to 35 per cent and the abolition of the "Angel Tax" among the stand-out proposals. Announcements by the minister on India's fiscal deficit being on a downward trajectory, estimated at 4.9 per cent of GDP for this financial year, were among the aspects that experts feel would help boost foreign investor sentiment towards the economy. The country clocking an 8.2 per cent growth in the previous financial year and efforts to create jobs and enhance skills were among the other key highlights for UK business and industry. Overall, I would say it's a positive Budget for the Indian economy. There have been some really positive measures, particularly on infrastructure and supporting the agricultural economy, said Anuj Chande, Partner and Head of the

Budget 2024: Well-defined, well-responsible Budget, says Usispf Ceo Aghi

Describing the maiden budget of Modi 3.0 as a very well defined and responsible budget, the head of a India-centric American business and strategic advocacy group on Tuesday said that it would help in attracting more foreign direct investment and propel India's growth story. I think (it is) a very well-defined budget, a very well-responsible budget. We compliment the prime minister and the finance minister for delivering their budget, Mukesh Aghi, president and CEO of US India Strategic and Partnership Forum (USISPF) told PTI in an interview. When you look at the preliminary analysis of the budget, one thing is the budget is focused on job creation, is focused on skilling and is focused on attracting FDI into the country, he said responding to a question on the annual budget presented by Finance Minister Nirmala Sitharaman in the Parliament on Tuesday. When you look at incentives for the first-time workers, guaranteed one month's salary, that's an important part. The budget is focus

Budget 2024: Slow improvement in capacity utilisation, FDI falling

Rules for foreign direct investment and overseas investments to be simplified

Budget proposes to simplify norms pertaining to FDI, overseas investments

FM says 'not disowning' Economic Survey's suggestion that India should attract more FDI from China

Changing ties: Eco Survey bats for more FDI from China to tap export market

Cites Apple, Foxconn success stories on China Plus One; Calls to strike a balance between importing goods and FDI from China

Goyal cites ease of doing, other steps to attract US investors to India

Commerce and Industry Minister Piyush Goyal on Saturday appealed to the Indian diaspora of the US to help promote the country as a preferred investment destination, highlighting the vast opportunities available in various sectors. He said that the government has taken a series of measures to attract investments and those steps include promoting ease of doing business, reducing compliance burden, opening sectors like space and efface for foreign direct investments. Goyal also asked the diaspora to participate in making India a developed nation by 2047. "Help promote brand India as a premium investment destination. Investing in India has tremendous growth potential and we saw NRI deposits (increasing to) USD 3 billion between April and May, and that is four times what it was last year. I am sure many of you would be looking at investments in the Indian stock market, bond market, banking systems, fixed deposits, depending on your appetite for risks," he said while virtually interacting

India's outward FDI rises to $2.14 billion in June, shows RBI data

Outward FDI was $3.16 billion in April-June 24

Domestic mutual funds increase stake in Paytm, firm's FDI dips by 2%

The shareholding of foreign portfolio investors was pegged at 20.5 per cent in Q1FY25, a 0.16 per cent decline from Q4FY24

Gujarat received FDI worth $7.3 bn in 2023-24, jump of 55% from last fiscal

Gujarat has attracted a Foreign Direct Investment (FDI) of USD 7.3 billion in the financial year 2023-24, a jump of 55 per cent over the previous fiscal, the state government said in a release on Friday. With this, Gujarat now occupies the second spot in the country after Maharashtra in terms of the FDI inflow, it said. Citing the data released by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry, the state government said Gujarat has topped the charts in the annual increase in FDI inflow during 2023-24 by recording a jump of USD 2.6 billion. "Registering a 55 per cent increase in the FDI inflow during FY 2023-24 as compared to the inflow during FY 2022-23, Gujarat received a whopping USD 7.3 billion in FY 2023-24 as compared to the USD 4.7 billion received in the FY 2022-23. With the FDI inflow of USD 7.3 billion, Gujarat moved ahead of Karnataka and Delhi to reach the second spot in the country," said the release.

Realty firm Experion Developers buys 8-acre land in Gurugram for Rs 400 cr

Realty firm Experion Developers has acquired a 7.81-acre land in Gurugram for Rs 400 crore to develop a real estate project. The company, a fully FDI-funded real estate developer and a wholly-owned subsidiary of Experion Holdings Pte Ltd, Singapore, has acquired the land parcel in Sector 88A, Gurugram. "The 7.81-acre plot was acquired through an outright purchase for approximately Rs 400 crore," Experion Developers said in a statement. The project will have a built-up area of about 3 million square feet. In April, the company had said it would invest about Rs 1,500 crore to develop a luxury housing project 'Experion Elements' in Noida as part of its expansion plans amid a sharp rise in demand for residential properties. The company is developing around 320 housing units in this 4.7-acre project at Noida in Uttar Pradesh. In the first phase, around 160 units are being launched for sale. Experion Developers is developing township, housing and commercial projects in Gurugram, Amrits

Course correction

FDI fall shows need for reform and openness

Relationship between India, US 'multiplicative': US envoy Eric Garcetti

The India-US relationship has never been better, US envoy to India Eric Garcetti has said, asserting that ties between the two strategic partners are not just "addictive" but also "multiplicative". Garcetti made the remarks on Monday at an event on the sidelines of the SelectUSA Investment Summit, to which the largest delegation is from India. This (India-US) is a relationship that isn't just additive. It's not just the US plus India. It's multiplicative. It's the United States times India, Garcetti said at the meeting held in the suburbs of Washington. Garcetti underlined that the relationship between India and the US has never been better. We've never had a closer relationship with India. Americans of Indian descent are now about 1.5 per cent of our population. And pay six per cent of the taxes in America. It is the most successful immigrant community in America, he said. Garcetti spoke at the event in which India's JSW Steel announced its plans to invest USD 140 million in Bayt

India sees 43% decline in FDI inflows in 2023, drops to 15th spot

In 2022, India's FDI inflows rose by 10% to $49 bn