Beijing: Amid a crackdown on a host of MNCs over alleged violations of the anti-monopoly laws, foreign investments into China slumped in July by 16.95 percent from a year earlier to USD 7.81 billion, the government said Monday.
The sharp decline, resulting in a two-year low figures, was in contrast with a minor 0.2-percent increase seen in June, the Ministry of Commerce (MOC) said.
Constant reforms helped China remain the biggest recipient of foreign direct investment (FDI) in the last three decades due to liberal investment environment despite being a Communist nation.
New Delhi : The controversial Insurance Bill is likely to be referred to the Select Committee of Parliament in a day or two amid receding hopes in the government over convincing the Opposition on supporting its first major economic reform initiative.
The bill, which proposes hike in FDI in insurance sector to 49 per cent, has been caught in a logjam with Congress-led Opposition insisting on referring it to a Select Committee.
New Delhi: After registering a huge decline in the recent past, foreign direct investment in the telecom sector grew manifold to USD 1.5 billion in the first two-months of the 2014-15 fiscal.
In 2013-14, the sector has received total FDI of USD 1.3 billion.
FDI in the telecom sector, which includes radio paging, cellular mobile, basic telephone services, attracted only USD 9 million during April-May period of the last fiscal, as per the Department of Industrial Policy and Promotion.
New Delhi, July 24 : The Union Cabinet on Thursday gave its approval to the proposal of raising the foreign direct investment (FDI) cap in the insurance sector to 49 percent from the existing 26 percent.
Finance Minister Arun Jaitley, while presenting his maiden budget in Parliament, had proposed raising the FDI cap in insurance sector from 26 percent to 49 percent.
However, the management control of insurance companies will be with the Indian companies only.
The move to increase FDI limit is set to benefit private sector insurance companies, which require a huge amount of capital. (ANI)
Mumbai: Stock prices of insurance companies saw renewed buying interest and surged up to 9 percent in view of the reports that government is contemplating raising FDI cap in the sector.
Max India rose by 9.01 percent, while Reliance Capital shares rallied 5.22 percent on the BSE.
Shares of Bajaj Finserv gained 4.83 percent, while Religare Enterprises was up 2.58 percent.
Reports said earlier this week that the Finance Ministry is contemplating raising FDI cap in insurance sector from 26 percent to 49 percent with some riders like restriction on voting rights.
The Indian economy suffered a year-on-year decline of around 3 per cent in foreign direct investment (FDI) in 2013, the Department of Industrial Policy & Promotion (DIPP) revealed in its latest report.
According to DIPP data, India attracted FDI worth US$22.03 billion during 2013, as against US$22.78 billion of FDI in the previous year. Any decline in FDI hurts the value of rupee. The partially-convertible Indian currency, which had depreciated to its record low of 68.85 against the US dollar on August 28 last year, recently slipped below the psychological mark of 60.
New Delhi, Feb 20 : The Cabinet Committee on Economic Affairs Thursday approved a proposal of GlaxoSmithKline Pte Limited, Singapore, to acquire 24.33 percent in the subsidiary company of the GSK Group in India.
The approval would result in foreign investment of around Rs. 6,390 crore in the country.
The acquisition would be made by way of a voluntary open offer under SEBI (SAST Regulations) in the pharmaceutical sector, said an official release. (IANS)
New Delhi, Jan 30 : Finance Minister P. Chidambaram Thursday asked main opposition Bharatiya Janata Party (BJP) to clarify its economic policies, especially related to foreign direct investment (FDI) in multi-brand retail.
In a statement, Chidambaram asked BJP prime ministerial candidate Narendra Modi to clarify his position on key economic issues facing the country like fiscal deficit, current account deficit and the monetary policy.
"I have further questions: Why do Madhya Pradesh and Gujarat oppose GST and prevent a consensus? Why did Shri Modi write to the Prime Minister opposing the Food Security Act,” Chidambaram asked.
The decision of Delhi's Arvind Kejriwal-led Aam Aadmi Party Government not to allow Foreign Direct Investment (FDI) in multi-brand retail in the state has been receiving mixed response even from the multi-brand retailers.
Many people have approved the decision saying it would protect the interests of small shop owners, while many others are opposing the decision saying it would have improved the retail industry.
Jaspreet Singh, who runs a grocery store in Gole market of the national capital, said FDI in multi-brand retail sector should be allowed as it would give a fierce competition to high-end shops in prime locations.
Congress-ruled states of Karnataka and Maharashtra will be first beneficiaries of foreign direct investment (FDI) in the multi-brand retail sector, Commerce Minister Anand Sharma said on Monday.
British retail giant Tesco Plc has plans to invest $110 million in partnership with Tata Group's supermarket chain Trent to open multi-brand stores across India. The first of these stores will be opened in Karnataka and Maharashtra.
Twenty foreign direct investment (FDI) proposals worth Rs 916 crore, including Rs 305-crore Tata-Singapore Airlines joint venture proposal, have been approved by the Foreign Investment Promotion Board (FIPB).
Despite the government’s painstaking efforts to boost foreign direct investment (FDI) into India, foreign investments slipped to their lowest level in 8 months in August this year.
According to fresh stats released by the Department of Industrial Policy & Promotion (DIPP), FDI into India slipped 38 per cent year-on-year to $1.4 billion in August this year. In the corresponding month of last year, India had attracted foreign investments worth around $2.26 billion.
Reacting to Walmart's comment that its partnership with Bharti is "not tenable," Commerce & Industry Minister Anand Sharma on Sunday declared that foreign direct investment (FDI) policy can not be company specific.
The Union Finance Ministry on Friday announced that it had approved 15 FDI proposals worth more than Rs 2,000 crore and recommended two FDI proposals for final Cabinet clearance.
The Foreign Investment Promotion Board (FIPB) had cleared the 15 FDI proposals on 27th of August this year.
New Delhi, Sep 27 : The government Friday said it has approved 15 foreign direct investment (FDI) proposals that will result in an inflow of Rs. 2,000.49 crore-worth of overseas capital.
The government has approved the proposals based on the recommendations of Foreign Investment Promotion Board (FIPB). The FIPB had given its recommendations after a meeting held Aug 27, 2013.
Nairobi, Aug 13 : Kenya has set a target of attracting at least $8 billion in foreign direct investment (FDI) over the next five years, the country's investment agency said.
Kenya Investment Authority (KIA) managing director Moses Ikiara said a lot of international firms have shown interest in setting up shop in Kenya's diversified economy, reported Xinhua.
"We are therefore encouraging investments in the manufacturing, agro-processing as well as the services sector in order to increase the country's foreign exchange earnings," Ikiara said.
New Delhi, Aug 5 : Foreign direct investment (FDI) in India surged 24 percent to $3.95 billion in the first two months of 2013-14 year-on-year, government data showed Monday.
Commerce and Industry Minister Anand Sharma said in a written reply in the Lok Sabha that the country received $3.95 billion (Rs. 21,596.38) crore as FDI in April-May period of the current financial year.
India had received $3.18 billion as FDI in the April-May period of the last financial year, according to data available with the Department of Industrial Policy and Promotion (DIPP). This shows 24.21 percent increase in the FDI inflows year-on-year.
Industry body CII welcomed the government's decision to relax foreign direct investment (FDI) norms in multi-brand retail and raising investment caps in several other sectors.
The government on Thursday erased the mandatory 30 per cent local sourcing norm for the multi-brand retail sector and allowed states to allow multi-brand retailing in cities with population less than one million.
In addition, the government raised FDI caps for several sectors. For example, the FDI limit for the telecom sector was raised from 74 per cent to 100 per cent.
New Delhi, July 31 : The government will soon bring in more clarity to the foreign direct investment (FDI) regulations in multi-brand retail which would help attract investments into the country, Finance Minister P. Chidambaram said Wednesday.
"The Commerce ministry is in the last leg of clarifying the policy," the finance minister said at a press conference here.
Chidambaram said the commerce ministry is likely to place the proposal at Thursday's cabinet meeting.
The recent spate of scams will adversely impact inflows of foreign capital into the country, according to a survey conducted together by the Federation of Indian Chambers of Commerce & Industry (Ficci) and Ernst & Young.
The survey report says that it is the inadequate law enforcement that causes corruption in India and that investors feel that corruption will adversely impact foreign direct investment (FDI) inflows.