FDI dips by 6 % to $ 5.47 billion in Jan-March 2013
Foreign direct investment (FDI) in India has declined by six per cent to $ 5.47 billion during January-March quarter of the current calender year even as government is making efforts to promote the country as an investment destination.
FDI inflows were worth $ 5.84 billion in January-March 2012.
During the quarter, highest FDI of $ 2.15 billion was received in January followed by $ 1.79 billion in February and $ 1.52 billion in March, according to the Department of Industrial Policy and Promotion (DIPP) data.
The government had taken several decisions to attract foreign investments. It has liberalised FDI policy in sectors like multi-brand retail, civil aviation, broadcasting and power exchanges and is seeking legislative approval for increasing FDI cap in insurance and pension sectors.
According to industry experts, there is a need to improve business environment in the country to boost FDI.
(Source: Zeenews, Daily India News, Economic Times, Indiatimes, News Hour 24)
Global warming will make India's monsoon unpredictable: World Bank
India's summer monsoon will become highly unpredictable if the world's average temperature rises by two degree Celsius in the next two-three decades, a scientific report commissioned by the World Bank says.
The report released here today evaluates at the likely impacts of warming between two degree Celsius and four degree Celsius on agricultural production, water resources, coastal ecosystems and cities across South Asia, sub-Saharan Africa and South East Asia.
Coastal cities like Kolkata and Mumbai are "potential impact hotspots" threatened by extreme river floods, more intense tropical cyclones, rising sea levels and very high temperatures, the report 'Turn down the heat: Climate extremes, regional impacts and the case for resilience' says.
(Source: Economic Times, Indiatimes, Moneycontrol, the Statesman, Livemint)
Maharashtra has ongoing PPP port projects worth$ 2.04 billion: Assocham
Maharashtra ranks second in under-construction and under-bidding port projects under public-private partnership (PPP), with a share of 15 % and 37 %, respectively, in value terms, according to a report by Assocham released here today.
With a share of over 53 %, Gujarat tops the nine maritime states as it could create almost double the capacity at the minor ports than was envisaged in the 11th Plan, highlights the Assocham study. “The capacity of India’s nine maritime states — Andhra Pradesh, Goa, Gujarat, Karnataka, Kerala, Maharashtra, Odisha, Pondicherry and Tamil Nadu — as on March 31, 2007, was about 228.3 million tonnes, which was expected to add about 337.4 million tonnes during 2007-12 and the capacity realised as on March 31, 2011, was 418.3 million tonnes,” said D S Rawat, national secretary-general of Assocham, while releasing the chamber’s study.
(Source: Business Standard, Rediff News, Bharat News)
World Fish Prices Climb to Record on Demand for Salmon and Tuna
Global fish prices rose to a record in May on rising demand for salmon and falling supplies of tuna, according to the UN’s Food & Agriculture Organization.
An index of fish prices tracked by the Rome-based United Nations agency rose to 168 points in May, advancing 6.3 % from April and up 16 % from a year ago, data published in the FAO’s biannual Food Outlook report last week show. Aquaculture production is predicted to climb 5.6 % in 2013, while capture of wild fish may rise 0.9 percent.
Total fish production is forecast to climb 2.9 % to 161.2 million metric tons this year from 156.7 million tons, with aquaculture output climbing to 70.2 million tons from 66.5 million tons. The value of fish exports is predicted to climb 2 % to $130.8 billion this year after rising 0.5 % to $128.2 billion in 2012.
(Source: Bloomberg, IBTimes, Livemint)
Curbs on gold import to encourage grey market: GJF
The national body of jewellers, the All India Gems & Jewellery Trade Federation (GJF), on Wednesday, said that the recent restrictions on gold imports will encourage smuggling and grey markets activities in the country.
India imports about 1200-1600 tonnes of gold annually. The country’s gems and jewellery market is pegged at around $ 30.32 billion while in Odisha, the jewellery trade is estimated at$ 1.02 billion.
Reports of gold smuggling at different airports in India rose by 2,200 % last year, he claimed and added that the gold consumption has gone up despite increase in the import duty from one per cent to eight per cent in January last year.
(Source: Business Standard, Smart Investors, Rediff News)
Air India might charge for meals on domestic flights
Full service carrier (FSC) Air India is now planning to charge for all meals onboard on its domestic flights.
In case it does so, it will be the first FSC in the country that will charge for meals, a practice common among low-cost carriers.
The move is clearly part of Air India’s attempt to generate more revenues as well as reduce its costs to control its losses.
According to initial estimates, the airline is expected to generate savings of around $ 85.20 million over the next six months by implementing some of the recommendations.
(Source: Economic Times, Indiatimes, India Today, the Statesman, NDTV, Hindustan Times)
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