CII to host first-ever 'Invest North' campaign in November
CII wants investors to go north. It will host the first-ever 'Invest North' in November to showcase the investment potential of Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, and UT Chandigarh, with an eye to attracting both domestic and foreign investors.
This follows in the footsteps of previous investor meets organised by CII, namely 'Emerging Kerala', 'Vibrant Gujarat' and a global investors meet, Karnataka. According to the CII, northern India contributes 25.6% to India's GDP and accounts for 31% of India's agri-GDP.
The northern states also contribute over 20% of FDI inflows into the country. In case investors need more convincing, they can be informed about the industrial corridors across Delhi, UP, Haryana and Rajasthan to come up, that are proposed along the Delhi-Mumbai railway freight corridor.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Worldnews)
Growth may be back on track next year, says RBI
The positive intent shown by the government recently on key reforms such as foreign direct investment in key sectors such as insurance, retail, aviation and urban infrastructure seems to have enthused the country’s central bank.
In its annual report released on Thursday, the Reserve Bank of India (RBI) said while the economic growth scenario was still gloomy, there was a ray of hope that growth would pick up later in the year. That hope, of course, hinges on how fast the government delivers on its promises.
(Sources: Business Standard, Hindu Business Line, Livemint, i4u)
UP targets 1,000-Mw solar energy by 2017
To partially tide over the prevailing power crisis and explore green energy resources, the Uttar Pradesh government is aiming for 1,000-Mw solar power generation by the year 2017.
This would be in addition to the generation of hydro and biomass energy under the public -private partnership (PPP) model. At present, UP is facing almost 3,000 Mw of power deficit. In May this year, Chief Minister Akhilesh Yadav had inaugurated UP’s first megawatt (Mw) scale grid connected solar power unit.
(Sources: Business Standard, Economic Times, Indiatimes, Hindu Business Line)
Bengal to expedite schemes in handicraft and handloom sectors
West Bengal government is keen on quick implementation of all state and central schemes for the development of handicraft and handloom sectors in the state involving over 1,200,000 artisans and weavers.
There are more than 550,000 handicraft artisans and 665,000 handloom weavers in the state as per the Handloom Census 2010 who are engaged in intricate varieties of handicraft and handloom products, Micro and Small Scale Enterprises and Textile Minister Manas Bhunia said here on Thursday.
(Sources: Business Standard, i4u, Rediff, Times of India, Financial Express)
FDI nod for Disney as govt approves $180 million proposal
India approved a $180 million foreign direct investment plan by U.S. media group Walt Disney (DIS.N), part of a new push to clear a backlog of investment proposals as the finance ministry seeks to inject new life into the slowing economy.
In total, Finance Minister P. Chidambaram cleared 10 foreign direct investment proposals worth $ 228 million, on the recommendation of the Foreign Investment Promotion Board (FIPB), the government said on Thursday.
Disney has plans to restructure its digital assets in India to drive growth in segments like mobile, online and interactive TV, the company says on its India website.
(Sources: Reuters India, Firstpost, Business Standard, i4u, Rediff, IBNLive)
Centre's nod for petrochem investment region in TN
The Centre has approved the proposal of the Tamil Nadu government for setting up petroleum, chemical and petrochemical investment region (PCPIR) in Cuddalore and Nagapattinam districts. The region is expected to attract an investment of around $ 16.68 billion.
Development of physical infrastructure such as roads, rail, air links, ports, water supply, power and desalination plant among others alone would cost around $ 2.41 billion.
(Sources: Business Standard, i4u, Rediff, Zeenews, IBNLive)
ICRA revises its growth forecast to 5.7% from 6.2-6.4%
ICRA has revised its growth forecast to 5.7% from 6.2-6.4% for financial year 2013. According to the rating agency, deficient monsoons could have an implication for growth, inflation and fiscal deficit.
The rating agency expects RBI to keep the interest rates unchanged in its mid quarter policy review by RBI. Absence of concrete improvement in investment sentiment, weaker than normal monsoon, an upward revision in the anticipated inflation rate for 2012-13 has prompted the rating firm to lower its growth target for the current financial year.
(Sources: Economic Times, Indiatimes, i4u, Rediff, Financial Express)
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