FDI dips 19% at $1.79 billion in February
India received foreign direct investment (FDI) worth $ 1.79 billion in February, 2013 - a decline of about 19 % due to global economic slowdown.
During the April-February period of 2012-13, FDI has declined 38 per cent to $ 20.89 billion, an official in the Department of Industrial Policy and Promotion (DIPP) told PTI.
Sectors which received large FDI inflows during the 11 months of the last fiscal include services ($ 4.74 billion), hotel and tourism ($ 3.21 billion), metallurgical ($ 1.39 billion), construction ($ 1.26 billion) and Pharmaceuticals ($ 1.11 billion), the official added.
India received maximum FDI from Mauritius ($ 8.97 billion), followed by Japan ($ 2.11 billion), Singapore ($ 1.98 billion), the Netherlands ($ 1.67 billion) and the UK ($ 1.06 billion).
In November 2012, India attracted FDI worth $ 1.05 billion, which was a two-year low.
India would require around $ 1 trillion in the next five years to overhaul its infrastructure sector such as ports, airports and highways to boost growth.
Decline in foreign investments could put pressure on the country's balance of payments and may also impact the value of the rupee.
(Sources: Economic Times, Indiatimes, Financial Express, DNA India, Daily India News)
CCI clears 25 oil and gas blocks, 13 power projects
Giving a much-needed boost to large-scale infrastructure projects, the Cabinet Committee on Investment (CCI) on Monday cleared 25 of the 31 oil and gas blocks that were held up for want of clearances. The committee, headed by Prime Minister Manmohan Singh, also cleared 13 power projects, freeing up stalled investment of around $ 6.09 billion.
The blocks were stalled due to security restrictions imposed by the defence ministry. According to the government, the decision will put to use investments worth $2.71 billion and lead to further investments of close to $1.9 billion over the next three to five years in the petroleum sector.
(Sources: Business Standard, Moneycontrol, Times of India, Indian Express, Financial Express)
Steel production up 6.5 pc in March
Domestic steel production grew by 6.5 % in March -- the fastest pace of growth in the last three months -- to 6.86 million tonnes (MT).
The country, world's fourth largest steel producer, had produced 6.44 MT in March, 2012, industry body World Steel Association said in a release today.
Steel production grew by 3.8 % in January while in February it dropped by 0.5 % over the year ago period. India produced 6.6 MT steel in January and 6.2 MT in February, 2013.
(Sources: Economic Times, Indiatimes, Moneycontrol, Hindu Business Line, i4u)
Lebua to add 1,660 rooms, up to 7 new hotels in India in 5yrs
Bangkok-based hospitality chain Lebua Hotels and Resorts today said it is looking at adding 1,660 rooms in up to 7 properties across India in five years as part of its expansion plans.
In order to meet its growth plans in the country, the company will also be hiring around 3,320 people during the period.
At present the chain has three properties, all in Rajasthan, two properties in Jaipur and another in Udaipur with a total of 140 rooms. Globally the chain is present in Thailand and New Zealand.
For the new properties, Lebua is looking at destinations like Mumbai, Delhi, Bangalore, Goa and Rishikesh.
(Sources: Economic Times, Indiatimes, Livemint, Smart Investors, News Now)
Government considering to Incentivise State who are willing to implement GST
The proposed Goods and Service Tax (GST) is designed in a way that it will not hamper the financial autonomy of states, rather it will incentivize them, says the chairman of the empowered committee of state finance ministers. The committee has been tasked with building a consensus on this major indirect tax reform.
Goods and Service Tax (GST) is a reform that seeks to create a common market for all goods and services in India. Many states have been reluctant to join as they fear they may lose the revenue to the central government post the implementation.
The government believes that GST will make imports cheaper and make exports more competitive. It will add around 1.5% to 2% to the gross domestic product (GDP). As of now, there is no national market in India and the introduction of GST will make inter-state trade more efficient, is the logic.
(Sources: Economic Times, Indiatimes, Livemint)
TN leads in renewable energy: report
Tamil Nadu has taken the lead in not only meeting its renewable purchase obligation (RPO) targets but also generating over and above the targets, according to a report.
Greenpeace, a global environmental organisation, on Monday released its assessment report on RPO titled 'Powering Ahead on Renewables: Leaders and Laggards', which ranks performance of all the states on renewable energy supply and calls for revision of RPO mechanism based on equity principle.
RPO refers to the obligation imposed by law on some entities to buy electricity generated by specified green sources.
In all, out of 29 states, 22 failed to meet their RPO targets, which led to a loss of more than 25 % electricity that was expected to be generated from renewable energy in 2012.
(Sources: Business Standard, Times of India, Indiatimes, Hindu Business Line)
Cairn India to invest $ 2.21 billion in the next three years
Oil producer Cairn India Ltd will invest $ 2.21 billion in the next three years on oil and gas exploration and production, the management said on an earnings call on Monday.
Cairn India, which was acquired by London-based Vedanta Resources Plc in 2011, reported a 17.3% increase in net profit to $ 473 million for the three months ended 31 March from the year earlier.
The company intends to drill 450 wells in Rajasthan where most of its hydrocarbon assets lie. This will include 100 exploration and appraisal wells to target prospective resources of 530 million barrels of oil equivalent (mboe). Drilling in the first year itself is likely to test half the prospective resource volumes, a Cairn India statement said.
(Sources: Livemint, Rediff News, Hindu Business Line, India Everyday)
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