India may surpass China in attracting foreign investment: Nomura

Apr 26, 2016 0

New Delhi–India may surpass China this year in attracting foreign direct investment (FDI), as the gap in inflows between the two has been narrowing with the reforms being implemented by India, according to Japanese financial services firm Nomura.

“We believe FDI inflows to India (as a percentage of GDP) can surpass those into China in 2016, as India already has large investment commitments from MNCs in sectors like electronics, solar energy, auto, defence and railways,” Nomura said in a research report.

Ramesh Abhishek

Ramesh Abhishek

“They can also be viewed as early evidence that reforms in India are bearing fruit,” it said.

The trend of rising inflows to India and moderating inflows to China are likely driven by a mix of pull and push factors like divergent growth outlooks, ongoing FDI liberalisation and economic reforms in India, compared to rising labour costs in China, the report added.

It also said rising FDI inflows not only provide a stable source of financing the current account deficit (CAD), but also bring in technical know-how, which can boost India’s productivity growth in the near future.

FDI inflows to India touched a record level of $51 billion during the April-February period of the last financial year, the government said on Monday.

“We have had a record inflow of FDI in this country, more than $51 billion from April to February, and that is the highest ever,” Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek said here at an event hosted by industry chamber Ficci.

American credit rating agency Moody’s Investors Service has also said earlier this month that India’s rising FDI inflows help reduce the current account deficit and also the external financing needs.

Net FDI inflows into India hit an all-time high in January 2016 at $3 billion, on a 12-month moving average basis. (IANS)

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Foreign investment inflows in India hit record $51 billion in 11 months of last fiscal

Apr 25, 2016 0

New Delhi–Foreign direct investment (FDI) inflow to India touched a record level of $51 billion during the April-February period of the last financial year, the government said on Monday.

“We have had a record inflow of FDI in this country, more than $51 billion from April to February, and that is the highest ever,” the Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek said here at an event hosted by industry chamber Ficci on intellectual property rights (IPR).

Ramesh Abhishek

Ramesh Abhishek (Photo: Facebook)

Abhishek said the FDI numbers show that the government has been able to create a suitable climate in which foreign investors feel confident that their interests are protected.

The government is making a lot of effort to improve ease of doing business which is critical for creating a suitable environment, he said.

“The complex procedures and delays which were the bane of our system for so many decades are now being gradually dismantled. Enormous efforts are being made to make sure that common citizen and business both have an easy time,” Abhishek said.

He said protection of creativity and innovation is important to create a suitable climate in the country for technology to be developed or to come from outside.

“We need growth rate of double digits for the next three decades to improve the quality of life and eliminate poverty but that requires lot of efforts in investment side, IPR side and at other fronts,” Abhishek said.

Credit rating agency Moody’s Investors Service said earlier this month that India’s rising FDI inflows help reduce the current account deficit and also the external financing needs.

Net FDI inflows into India hit an all-time high in January 2016 at $3 billion on a 12-month moving average basis. (IANS)

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AmCham India elects Pratyush Kumar as chairman

Apr 25, 2016 0
Pratyush Kumar

Pratyush Kumar

New Delhi–Industry body American Chamber of Commerce in India (AmCham India) on Monday announced that it has elected Boeing India president Pratyush Kumar as its chairman.

According to AmCham India, Kumar was elected at its 24th annual general meeting (AGM) held in New Delhi on April 22.

Apart from Kumar, AmCham India elected Richard Rekhy, chief executive officer, KPMG in India and Gulshan Kumar Sachdev, managing director, Quaker Chemical India as its vice chairmen.

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India ratifies WTO agreement to boost global economic integration

Apr 24, 2016 0

United Nations– India has ratified the World Trade Organisation’s (WTO) Trade Facilitation Agreement (TFA), which could further “its integration into the global economy” by boosting trade through efficient movement of goods.

India’s Permanent Representative to the WTO, Anjali Prasad, formally presented the instrument of acceptance ratifying the agreement to WTO Director General Roberto Azevedo on Friday in Geneva.

Anjali Prasad presents India''s instrument of acceptance ratifying the Trade Facilitation Agreement to WTO's Director General Roberto Azevedo on Friday, April 22, 2016. (Credit: WTO/IANS)

Anjali Prasad presents India”s instrument of acceptance ratifying the Trade Facilitation Agreement to WTO’s Director General Roberto Azevedo on Friday, April 22, 2016. (Credit: WTO/IANS)

“India is one of the most dynamic economies in the world today and has become a top recipient of foreign investment,” Azevedo said. “Ratifying the WTO’s Trade Facilitation Agreement will help India further boost economic growth by reducing trade costs and supporting its integration into the global economy.”

India is the 76th WTO member to accept the TFA, which will enter into force once two-thirds of WTO 162 members formally accepted the Agreement.

The TFA was agreed upon at the WTO Ministerial Conference in Bali in 2013. The agreement aims at expediting the movement and clearance of goods, including goods in transit and establishing effective cooperation between customs and other authorities on trade facilitation and customs compliance issues.

The implementation of the TFA has the potential to increase global merchandise exports by up to $1 trillion per year, according to the WTO’s 2015 flagship World Trade Report. (IANS)

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India, France launch $1 trillion potential solar programme for developing countries

Apr 23, 2016 0

By Arul Louis

United Nations– India and France have launched a programme with $1 trillion potential to help developing countries harness fully their solar resources for a clean energy future to meet the “biggest challenge humanity has ever faced”.

Power Minister Piyush Goyal and French Environment Minister Segolene Royal announced on Friday the solar finance programme that aims to lower the cost of finance and facilitate the flow of more than $1 trillion investment to members of the International Solar Alliance (ISA).

Power Minister, Piyush Goyal, right, and French Environment Minister Segolene Royal, center, at a meeting of the International Solar Alliance Friday, April 22, 2016, at the United Nations in New York, announced a programme with $1-trillion potential to help finance solar initiatives in developing countries. At left is Syed Akbaruddin, India's Premanent Representative to the UN.(Credit: Indian UN Mission)

Power Minister, Piyush Goyal, right, and French Environment Minister Segolene Royal, center, at a meeting of the International Solar Alliance Friday, April 22, 2016, at the United Nations in New York, announced a programme with $1-trillion potential to help finance solar initiatives in developing countries. At left is Syed Akbaruddin, India’s Premanent Representative to the UN.(Credit: Indian UN Mission)

A second programme they launched at the ISA meeting held during the signing ceremonies for the Paris Climate Change Agreement here aims to make available solar technology for farmers. The meeting was attended by representatives of over 25 countries including the US, Brazil, Bangladesh and Nigeria.

Goyal said the ISA initiatives were in “response to probably the world’s largest challenge humanity has ever faced”.

Beyond providing clean energy and dealing with climate change, the harnessing of solar energy was also about energy security, he said.

Royal said: “I would like to emphasise the cooperation we have had with India, which is exceptional.”

“We will have to leverage our energies on (building solar) infrastructure,” she said. The ISA member nations can count on France and India to scale up the programmes for the “energy of the future”, she added.

Goyal said he was confident that the programmes will ensure flow of affordable finance for solar projects and serve the interests of the farming communities in the ISA member countries.

Explaining the benefits of solar-rich nations collaborating through the ISA, he said it would provide benefits of scale leading to reduction in prices; promotion of collaboration in research and development; and wider deployment of solar technologies.

The ISA is about “all of us working toward a shared vision, a shared goal to take the solar initiative forward”, he said.

The ISA, which was launched at the Paris Climate Change Summit last year by Prime Minister Narendra Modi and French President Francois Hollande, seeks to empower solar-rich countries located between the tropic of Cancer and the tropic of Capricorn, many of which have at least 300 days of sunshine, and share common challenges and opportunities.

During Hollande’s visit to India in January, the two leaders laid the foundation stone for the ISA headquarters in Gurgaon. (IANS)

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India doubles share in global GDP to $2,091 billion in 15 Years

Apr 23, 2016 0

New Delhi–India doubled its share in world GDP from 1.43 percent in 2000 to 2.86 percent in 2015, industry body PHD Chamber said on Saturday.

“India’s GDP stood at $477 billion in 2000 and increased to $2,091 billion in 2015, showing more than four-fold increase over a period of 15 years,” PHD Chamber president Mahesh Gupta in a statement.

Mahesh Gupta

Mahesh Gupta

Mahesh Gupta

According to the statement, the five countries of BRICS — Brazil, Russia, India, China and South Africa — accounted for a combined GDP of more than $16 trillion.

“BRICS economies also contributed a significant share in the world GDP which increased from 8.27 percent in 2000 to 22.53 percent in 2015,” said Gupta.

Among the BRICS nations in 2015, China led the pack with a GDP contribution of 15.01 percent, followed by India (2.86 percent), Brazil (2.42 percent), Russia (1.81 percent) and South Africa (0.43 percent).

Interestingly, the BRICS countries’ GDP volume rose significantly from 2000, particularly after the economic crisis in 2008 while India’s growth turned out to be phenomenally well.

“India is projected to notch up to 8 percent in 2016-17. Growth will continue to be driven by private consumption, which has benefited from lower energy prices and higher real incomes,” added Gupta.

The BRICS countries account for 42 percent of the world population and a quarter of the entire land mass, the statement added. (IANS)

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Mahindra: Climate change pact launched; redemption opportunity for business

Apr 22, 2016 0

By Arul Louis

United Nations, NY–The historic climate change agreement was ceremonially launched Friday with 171 countries lining up to sign the document that US Secretary General Ban Ki-moon hailed as a “new covenant with the future”.

Indian business magnate Anand Mahindra, speaking on behalf of the world’s corporate sector at the start of the ceremony, said it gave an opportunity for business “to redeem itself from the trust deficit”.

Actor Leonardo DiCaprio, the UN Messenger of Peace, who addressed the opening of the signing ceremony for the Paris climate change agreement, seen with Seceretary General Ban Ki-moon Friday, April 22, 20016. (Credit: UN/IANS)

Actor Leonardo DiCaprio, the UN Messenger of Peace, who addressed the opening of the signing ceremony for the Paris climate change agreement, seen with Seceretary General Ban Ki-moon Friday, April 22, 20016. (Credit: UN/IANS)

In a singular honor, the chief executive of the Mahindra Group, shared the platform with presidents, prime ministers, the US secretary of state and a princess who spoke at the ceremony, which also featured the actor Leonardo DiCaprio, the UN Messenger of Peace.

Indian Environment Minister Prakash Javadekar was scheduled to sign the agreement formally binding India to the pact to fight climate change later Friday with 171 leaders lining up for it. On Thursday, speaking at the UN General Assembly, he had called the implementation of the agreement a “test” for developed and developing nations on how they “walk the talk”.

Mahindra, in his address, likened the process of arriving at the agreement to the ‘manthan’ or churning in the Hindu scriptures that brought forth ‘amrit’ or nectar of everlasting life, in this case the pact to “safeguard the world as we know it”.

“This agreement has not come easily,” he said. “It came after much debate, much discussion, much churning. And the word churning brings to my mind a story form Indian mythology, about manthan, the great churning of the cosmic ocean. In that story after of eons of bitter divisions, gods and demons decide to put aside their differences and work together to jointly churn the cosmic ocean to obtain its treasures.

“That churning is not easy. It results in great upheaval and in turbulence. But at the end of this joint enterprise wonderful things begin to emerge from the churned ocean,” he said. “Most importantly, there emerges the amrit, the nectar of eternal life, which is now available to all those who participated in the journey.”

“Now our transition to a greener way of life is also happening after much churning,” he said. “But in this indisputably positive things are beginning to emerge.”

“For corporations this is the first step towards visibly integrating our interests with the interests of the future of the planet,” he said. “It is our responsibility because we have contributed to the problem. And it is up to us to help mitigate it.”

“But it is also an opportunity because this mitigation gives business a chance to redeem itself from the trust deficit it has been facing after the 2008 Occupy Wall Street Movement,” he added, referring to the youth-driven anti-capitalist movement that rocked New York, the world’s financial capital, and spread elsewhere.

Anand Mahindra of the Mahindra Group addressed the opening of the signing ceremony for the Paris climate change agreement Friday, April 22, 2016, on behalf of the world's corporate sector. (Credit: UN/IANS)

Anand Mahindra of the Mahindra Group addressed the opening of the signing ceremony for the Paris climate change agreement Friday, April 22, 2016, on behalf of the world’s corporate sector. (Credit: UN/IANS)

He said that investments in renewable energy are outstripping investments in conventional energy for the first time and Mahindra Group has “invested more than $350 million for the green revenue portfolio and it is going to be one of the best investments we have made”.

Mahindra’s place on the podium reflected the important role UN is giving the private sector to achieve the climate change goals and expected contributions of India.

At the start of the ceremony, Ban sounded an alarm for the environment: “We are breaking records in this chamber – and that is good news. But records are also being broken outside. Record global temperatures. Record ice loss. Record carbon levels in the atmosphere.”

“The window for keeping global temperature rise well below two degrees Celsius, let alone 1.5 degrees, is rapidly closing,” he warned. “We are in a race against time.”

“The era of consumption without consequences is over,” he added.

Urging fast international action, DiCaprio said: “Now think about the shame that each of us will carry when our children and grandchildren look back and realise that we had the means of stopping this devastation, but simply lacked the political will to do so.” (IANS)

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Babson’s First India Symposium Draws 250 People, Pitches India as Next Business Destination

Apr 22, 2016 0

WELLESLEY, MA– Babson College’s first ever Babson India Symposium drew about 250 people, four keynote speakers and over two dozen accomplished panelists. The event was held on April 16 at the Sorenson Theater of Babson College in Wellesley, MA.

Rohan Murty in a candid conversation with Prof. Bala Iyer

Rohan Murty in a candid conversation with Prof. Bala Iyer

This year’s symposium provided a great platform for business leaders, entrepreneurs, and academicians to share their experiences on starting up and investing in India.

The range and selection of topics were diverse and varied interests of the audience were catered, organizers said.

The opening key-note by Rohan Murty of Catamaran Ventures/Infosys spoke about the influence of technology on the world, while the closing key-note by V.G Siddartha, CEO of Café Coffee Day, spoke about varied opportunities to pursue business ideas and how important it is to dream big.

Family business panel with Prof. Sam Hariharan

Family business panel with Prof. Sam Hariharan

In his key-note address, Vallabh Bhansali, Founder of Enam Securities, explored the idea of India becoming the next economic superpower, which was aptly followed by a fiery keynote from Laxman Narasimhan, CEO of PepsiCo Latin America. He spoke about how to understand the billion consumers which India offers.

The panel discussions included engaging topics such as conducting business within family businesses and starting up in India. The importance of value-driven and conscious work culture was exemplified by Karambir Kang, the hero of the terrorist attacks in Mumbai and a long-standing employee of the Taj Group of Hotels (TATA group). Stand-up comedian, Abish Mathews spoke about unconventional careers alluding to India truly being the land of opportunities.

The entire day was jam-packed with compellin

Intimate conversation between Mr. Karambir Kang, savior and survivor of the Mumbai terrorist attacks and presently Area Director of Taj Hotels, USA and Prof. Raj Sisodia

Intimate conversation between Mr. Karambir Kang, savior and survivor of the Mumbai terrorist attacks and presently Area Director of Taj Hotels, USA and Prof. Raj Sisodia

g topics and engaging discussions, and definitely drove the point that India is the next big destination, with immense potential and with a huge scope to scale up.

Challenges notwithstanding, India promises to provide enormous opportunities, and the student community at Babson promises to return next year with a bigger and a better edition of the India

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India’s technical textiles sector has tremendous potential

Apr 21, 2016 0

Mumbai– The technical textiles sector in the country has tremendous growth potential for generating employment opportunities and is consistently being looked upon for the future growth of the country, Maharashtra Chief Minister Devendra Fadnavis said here on Thursday.

He was speaking at the inauguration ceremony of the fifth edition of India’s premier exhibition “TECHNOTEX-2016” on the theme “Technical Textiles: Towards Future”.

Devendra Fadnavis Maharashtra CM

Devendra Fadnavis Maharashtra CM

The three-day event, showcasing exhibitions, seminars and conference and being held at the Bombay Exhibition Centre in Goregaon from April 21-23, is jointly organised by the ministry of textiles and the Federation of Indian Chambers of Commerce and Industry (FICCI).

Fadnavis, along with state Textiles Minister Santosh Kumar Gangwar, released “i A-TUFS” software and guidelines, “Textiles Compendium 2014-15”, standards, “Knowledge Report and Technotex 2016 Exhibition Directory,” at the ceremony.

A gateway to the technical textile arena, the event bridges the gap between the buyer and seller by facilitating B2B (business to business) and G2B (government to business) meetings.

Addressing the gathering, Fadnavis said: “While the government has taken up concrete initiatives in the arena, the industry players also need to bring in large-scale innovations.”

“Maharashtra as a state had and will always actively participate in the initiatives taken up by the government for the further acceleration of the technical textiles in the country,” the chief minister added.

Sharing his vision on the future of technical textiles in India, Gangwar said: “The technical textile sector is still at its nascent stage but it has been recognised as the fastest growing segment of the textile sector by the government of India and industry stakeholders alike.”

The working group on technical textiles for 12th Five Year Plan (FYP) has projected the market size to Rs.1.58 lakh crore for the year 2016-17, with a growth rate of 20 percent during the 12th FYP.

“I am confident when the global technical textile industry revisits our shores in the next edition of “Technotex 2017″ from May 4-6, the Indian technical textile sector will be one of the most promising sector in the World,” Gangwar stated.

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India No.1 for Global In-house Centres: Nasscom

Apr 21, 2016 0

Hyderabad–India is the number one location for setting up Global In-house Centres (GIC), owing to value proposition extending beyond cost and efficiency to innovation and digital transformation, said industry body Nasscom on Thursday.

“GICs are an integral part of the Indian IT-BPM sector and have played a stellar role in contributing to the growth journey of this industry. The Nasscom GIC Council over the last few years has helped bring diverse GICs together across verticals and geographies and built an ecosystem for this sector,” said Nasscom chairman C. P. Gurnani at the opening day of the sixth edition of GIC Conclave, a statement said.

C. P. Gurnani

C. P. Gurnani

Themed ‘Multinational companies demonstrate high inclination to setup GICs in India’, the two-day conclave is focusing on ‘Transforming the Global Enterprise’ with an aim to sharing perspectives on the role of GICs in the transformational journey of enterprises.

Nasscom GIC Council chair Navneet Kapoor said: “A key theme for the Nasscom GIC Council is to enable the Neo GIC that can help build new sources of value for enterprise digital transformation.”

He added that today’s GICs are focused on catalysing innovation and are actively building programs for partnerships with start-ups, apart from enhancing internal capabilities.

According to the statement, GICs in India, numbering more than 1,050 in 2016, contribute a 20 percent share to the IT-BPM industry exports and account for a revenue of $22 billion.

As many as 7.90 lakh people work in the in-house centres while nearly 20 percent of all the new GICs in 2016 were established in India, the statement said.

Known earlier as Global Captives, the GICs operate across all service lines of IT, BPM, engineering services and product development. (IANS)

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