Daily Economic News - 3 June 2014

India slips to seventh spot on FDI confidence index
India has slipped to its lowest position in over a decade in the foreign direct investment confidence index, which has been topped by the United States for the second year in a row, a study has showed. The survey of 300 global executives by global consulting firm A T Kearney found that the US was ranked top destination in the world for foreign direct investment. India was ranked second for three years in 2005, 2007 and 2012 and was placed on the third spot in 2010. India attracted $25.5 billion in FDI inflows in 2012, down from $31.6 billion in 2011, according to 2014 A T Kearney Foreign Direct Investment Confidence Index released on Monday.

(Source: Business Standard)

Raghuram Rajan's RBI hikes overseas annual investment cap by Indians up to $125,000
Encouraged by an improvement in the forex market, the Governor Raghuram Rajan's Reserve Bank of India (RBI) today raised the annual overseas investment ceiling for individuals to USD 125,000 from USD 75,000. The RBI had in August last year reduced the ceiling from USD 200,000 to USD 75,000 per person in a financial year under the Liberalised Remittance Scheme (LRS) in view of the worsening current account deficit and a volatile rupee.
In the monetary policy, the RBI also permitted all residents and non-residents, except citizens of Pakistan and Bangladesh, to carry up to Rs 25,000 in Indian currency notes while leaving the country. The current limit for carrying domestic currency notes for Indians travelling overseas is Rs 10,000. India's current account deficit narrowed to 1.7 per cent of GDP in 2013-14 from a record USD 88.2 billion, or 4.8 per cent of GDP, in 2012-13.

(Source: The Financial Express)

India overtakes Germany and Italy, is new world No. 2 in textile exports
India has overtaken Germany and Italy to emerge as the world's second largest textile exporter. But it lags China, whose exports are nearly seven times higher. India's textiles exports were estimated at $40 billion in 2013, compared with China's $274 billion. Textiles include everything from fibre and yarn to fabric, made-ups and readymade garments made of cotton, silk, wool and synthetic yarn.
Over 55 per cent of the global trade relates to readymade garments, where India ranked sixth in 2013 with exports of $16 billion, which is around 40 per cent of the country's textiles exports. India beat Turkey to move up a notch.

(Source: The Economic Times)

Thaiindianet. Team

3 June 2014