Chennai sees much potential for closer investment and trade links with Thailand
The business community in the Indian city of Chennai has urged Thailand to identify areas of cooperation in trade and investment in a bid to connect the two economies across the Bay of Bengal.
The idea was raised during a recent meeting with a Thai delegation led by the Foreign Ministry's director-general of the South Asia Affairs Department, Narong Sasitorn.
Thailand and Tamil Nadu state have had business links for a long time. On a wider scale, some 45 companies from across India currently operate in Thailand, said Commodre S Shekhar, director of JMPS Sanjivini Consultants.
Meanwhile, many Thai companies, including CP Group, SCG Trading and Rockworth, operate in Chennai, as well as in nearby cities and other states.
(Sources: the Nation, Times of India, Indiatimes, i4u, Bangkok Business Brief)
Indian equities attract maximum FII money in Asia since Jan'12
Indian equities have attracted more foreign institutional flows than any other Asian market so far in 2012 as portfolio investments resumed in July on renewed hopes of policy action by the government to revive the economic growth. Foreign funds have poured close to $11 billion into Indian equities so far this year with the second highest being South Korea, which clocked flows worth $6.3 billion since January.
(Sources: Economic Times, Worldnews, i4u, Indiatimes, IBNLive)
Hamid Ansari wins second term as Vice President of India
Hamid Ansari on Tuesday won a second term as vice-president, with the support of 490 MPs, finishing far ahead of opponent Jaswant Singh who polled 238 votes. Ansari becomes the second vice-president to get another stint in office, the first being S Radhakrishnan.
(Sources: Hindustan Times, Reuters India, Times of India, the Hindu, Hindu Business Line)
ASEAN-India plan of action: $70 million projects being processed
Projects worth over $ 70 million are being processed to enhance people to people contact and institutional connectivity between India and the ASEAN grouping, External Affairs Minister S M Krishna said.
Krishna also hoped the round table will focus on practical aspects of these ideas and will also examine feasibility of public private partnership and joint venture into the programmes of governments concerned.
Krishna also said ASEAN-India trade has already crossed the $ 70 billion target to reach nearly $ 80 billion mark, "showing a very significant growth rate of 37 % in 2011-12."
(Sources: Economic Times, Worldnews, i4u, Indiatimes, Zeenews)
Modern retail to grow 6-times to $220 billion by 2020: FICCI study
Despite the current slowdown, the retail industry is poised to touch $ 1.3 trillion in the next eight years, driven largely by modern trade, which will jump seven-fold by then to touch $ 220 billion.
"The estimated value of the retail sector at the present juncture is about $ 500 billion. Penetration level of modern retail, which currently stands at 5 %, will grow about six times from the current $ 27 billion to $ 220 billion in 2020," says a FICCI- Tata Consultancy Services report.
(Sources: Business Standard, Zeenews, Indiatimes, Economic Times, Worldnews)
FDI in retail: Not consulted on single brand IKEA FDI move, says MSME ministry
Global single brand retailers like IKEA may find it tough to get easing of norms for compulsory sourcing from the Indian tiny and small units, with the Ministry of MSME strongly opposing the move of the Commerce and Industry Ministry.
The government has eliminated 51 % cap on foreign direct investment (FDI) for single brand retailers like IKEA, Adidas, Louis Vuitton and Gucci.
However, those opting for taking FDI beyond 51 % will have to source at least 30 % of their merchandise from the domestic micro and small enterprises.
(Sources: Business Standard, Economic Times, Times of India, Livemint)
Gujarat has maximum share in PPP projects under operation: ASSOCHAM
Gujarat has garnered the maximum share of about 36% in the total number of completed projects put to service delivery under the public-private partnership (PPP) model, says Associated Chambers of Commerce and Industry of India (ASSOCHAM) study. Of the total 227 PPP projects worth over $ 12.34 billion under operation in India as of December 2011, Gujarat accounted for about 31 completed PPP projects worth over $ 4.35 billion, according to a study titled 'Inclusive Growth Through PPP Policy Imperatives' jointly released by ASSOCHAM chairperson-Gujarat Council Bhagyesh Soneji and national secretary general DS Rawat.
(Sources: Economic Times, Indiatimes, IBNLive, Hindu Business Line)
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