With $ 9.94 billion, UP tops in PPP road projects
With under-construction road projects worth $ 9.94 billion through the public-private partnership (PPP) route, Uttar Pradesh has left its peers far behind with a share of 33 % of all such projects in the country.
According to a study by the Associated Chambers of Commerce and Industry of India (Assocham) released here on Tuesday, there were 15 road projects underway in UP under PPP till August 2012.
The country’s road sector has the highest number of projects either under operation or bidding through the PPP route.
(Sources: Business Standard, Hindu Business Line, Economic Times, Press Trust of India)
FIPB approves IKEA's single-brand entry
Swedish furniture maker IKEA’s much talked about entry into India’s single-brand retail space was cleared by the Foreign Investment Promotion Board (FIPB) on Tuesday. IKEA proposes to bring in $ 1.89 billion of foreign direct investment (FDI), the largest in the category so far.
“FIPB has approved the proposal of IKEA,” Economic Affairs Secretary Arvind Mayaram told reporters after a meeting of the board to consider FDI proposals. The proposal will now go to the Cabinet Committee on Economic Affairs (CCEA), as is the norm for all proposals worth $ 216 million and above.
IKEA plans to set up 25 single-brand retail stores in India through its 100 % subsidiary, Ingka Holding Overseas BV.
(Sources: Economic Times, Business Standard, Moneycontrol, Livemint, IBNLive)
Tatas to invest $ 1.08 billion in 4 years to spruce up car biz
Tata Motors will spend more than half of $ 542 million annual capital expenditure on sprucing up its passenger car business as a large portion of its manufacturing plants is lying idle. Low sales and tepid demand affected passenger car business of Tata
Motors, prompting the company to invest more in product development, enter new segments and bring out product refreshes regularly.
(Sources: Hindustan Times, Hindu Business Line, Tribune India, Economic Times)
India can revert to 8-9 pc growth in 2-3 years: Jagdish Bhagwati
India's growth rate could revert to the pre-global crisis level of 8-9 % in two to three years by intensifying the recent economic reforms initiatives, said internationally acclaimed economist Jagdish Bhagwati has said.
India had been growing around 8-9 % before the global financial meltdown of 2008. The growth rate in 2011-12 slipped to nine-year low of 6.5 %.
Recently, the government had liberalised FDI policy in retail, aviation and approved changes in the banking and insurance laws, with higher FDI limits.
Finance Minister P Chidambaram has said India's economy should expand by 5.5-6 % this year.
(Sources: Economic Times, Indiatimes, Press Trust of India, World News, i4u, Rediff)
Gems and jewellery exports down 20%
Gems and jewellery exports declined 20 % to USD 2.7 billion in October due to weak demand in western markets, according to the data provided by GJEP.
In October last year, these exports stood at USD 3.39 billion.
Major markets for the country's gems and jewellery include Europe, the US, the UAE and Hong Kong.
Gems and jewellery exports sector which employs 1.5 million people constitute 17 % of India's total exports. During 2011-12, these exports were worth USD 43 billion.
(Sources: Economic Times, Hindu Business Line, Financial Express, Indian Express, Zeenews)
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