Anand Sharma for easing FDI norms in telecom, defence
Commerce and Industry Minister Anand Sharma on Sunday indicated that the government was actively considering raising the foreign direct investment (FDI) limit in telecom and defence sectors, amid signs that a catalogue of measures is being readied to attract foreign investment into India.
He said that he is strongly in favour of raising the cap in telecom sector. He has discussed this with the telecom and finance ministers and waiting for the proposal to move to the Cabinet for raising the cap to 100%.
He also said that his ministry wants global majors in defence sector to partner both with the PSUs and the private sector to manufacture weapon systems in India.
Sharma will also chair a retail round table involving CEOs of Indian companies and foreign investors on June 27 to seek views on implementation issues.
(Source: Economic Times, Indiatimes, Indian Express, the Hindu, Hindustan Times)
Ratan Tata to be chief adviser to AirAsia India board
Ratan Tata will be the chief advisor to the board of AirAsia India, the joint venture between the Tata Group, Malaysian low-cost carrier AirAsia and Arun Bhatia, a close relative of steel magnate Lakshmi Mittal. The announcement came three days after HT had reported that Tata would not be on the board of AirAsia India. Both Bhatia and AirAsia Group CEO Tony Fernandes had expressed keenness in roping in the former Tata Group chief as board chairman of AirAsia India.
Fernandes broke the news on micro-blogging site Twitter on Sunday. “I am pleased to announce Ratan Tata as chief advisor to the board of AirAsia India. A legend in every sense. Building a powerful team,” Fernandes tweeted.
Fernandes also said the chairman of the AirAsia India board would be named soon.
(Source: Economic Times, Indiatimes, Times of India, Indian Express, Hindustan Times)
DIPP to send proposal to PMO on review of pharma FDI policy
Concerned over spate of acquisitions of domestic pharma firms by multinationals, the Department of Industrial Policy and Promotion will soon send a comprehensive proposal to the PMO for review of the current policy for FDI in existing drug companies.
Sources said before sending the proposal to PMO, Commerce and Industry Minister Anand Sharma will meet both Health and Pharmaceutical minister to discuss the matter.
The Department of Industrial Policy and Promotion (DIPP) has raised concerns over large number of acquisitions of domestic firms by foreign multi-nationals. It has asked the Foreign Investment Promotion Board (FIPB) not to take decision on any related proposal.
(Source: Economic Times, Indiatimes, Moneycontrol, Smart Investor)
GM India sees North East next growth mkt, aims 8% jump in 2013
General Motors India is expecting a growth of around eight per cent in its sales in North East market this year even as the overall car segment is witnessing a steep fall across the country in the recent months.
General Motors India Vice-President P Balendran said that North East is an important and emerging growth market for General Motors. In terms of sales, it contributes as much as 32 per cent of the total sales in the Eastern region with Assam contributing a major part of the share.
At present, the North East (NE) contributes three per cent to the total sales of the company annually, he added.
(Source: Economic Times, Indiatimes, Rediff News, Press Trust of India, i4u)
Services exports in April up 22% at $12.84 bn
India's services exports in April 2013 stood at $12.84 billion, up 22.5 per cent over $ 10.48 billion reported in corresponding period of last fiscal, according to data released by Reserve Bank of India.
According to the data, during 2012-13 fiscal the services receipt amounted to $133.43 billion while imports of services were valued at $80.49 billion during 2012-13 (April-March).
Import of services (payments) in April 2013 stood at $7.38 billion versus $6.51 billion a year earlier.
The services sector contributes about 55 per cent to the country's Gross Domestic Product. And it has emerged as a prominent sector in terms of its contribution to national and states' incomes, trade flows, FDI inflows and employment.
(Source: Economic Times, Indiatimes, Financial Express, Indian Express)
A night life in Greater Noida soon, Singapore style
All those visiting Singapore and Thailand for the night safaris there can now enjoy the same nocturnal pleasures in Greater Noida. Pulling the project out of an eight-year deep freeze, Greater Noida Industrial Development Authority (GNIDA) is now fast tracking plans to construct a night safari park and zoo across 102 acres in Greater Noida, near the Yamuna Expressway.
It will be developed by Bernard Harrison & Friends, the same company that has developed similar parks around the world, including the one in Singapore, which is among the top tourist attractions there.
The GNIDA is set to invite bids from private developers for this project, which is estimated to entail an investment of around $ 122 million and will be executed in the public-private partnership (PPP) mode. The Uttar Pradesh government will provide the land as part of its deal, while the developer will infuse the capital.
Once completed, the night safari park and zoo will be the fourth such property in the world, after Singapore, Thailand and China.
(Source: Financial Express)
Delhi has highest swine flu cases, Guj records maximum deaths
Delhi has had the highest number of swine flu patients this year while Gujarat has seen maximum deaths due to the disease among the states, according to official statistics.
According to Health Ministry, a total of 4,811 cases were reported in the country this year till June five with Delhi topping the list with 1,506 cases.
Gujarat follows Delhi with 1,027 cases reported during the period followed by Punjab with 845.
Though Delhi registered the highest number of cases, the deaths were 16. Gujarat topped in this category with 194 deaths due to swine flu.
A total of 597 people have died due to the deadly disease, a senior Health Ministry official said.
Rajasthan recorded the highest number of deaths after Gujarat with 162 followed by 83 deaths in Maharashtra.
(Source: Economic Times, Indiatimes, Times of India, Worldnews, News Digest)
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