Govt committed to make India manufacturing hub of world: Anand Sharma

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Making a strong pitch to the US companies to look at India as a long term investment opportunity, the Minister of Commerce and Industry, Anand Sharma said that the government is committed to make the country as manufacturing hub of the world. In an exclusive conversation hosted by the Confederation of Indian Industry (CII) and the US India Business C

India Inc to be severely hit by rupee’s depreciation: Crisil

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India based integrated research house Crisil Research has said that rupee’s depreciation against the US dollar will severely hit the Indian companies that carry large foreign currency debt on their books, most of which is unhedged. Even as exporters tend to benefit from the depreciating currency, Crisil said that Indian exporters are unlikely to

Subbarao expresses concern over high inflation, CAD: Media Report

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The Reserve Bank of India (RBI) governor D Subbarao on Thursday reiterated that inflation and Current Account Deficit (CAD) were high and curbing them will remain its priority, as per a media report. The report from Reuters cited Subbarao as saying that central bank will consider inflation, growth as well as the external situation while framing its m

Chidambaram urges US companies to set up local manufacturing bases in India

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The Finance Minister P Chidambaram, who is visiting US to promote India as an attractive investment destination, on Thursday met with top American executives, the US senator and urged them to set up local manufacturing bases in India. “It is in the mutual interest of both countries for India to become a large manufacturing economy,” Chidam

CCEA nod for disinvestment in STC, ITDC as deadline for complying with Sebi’s MPS norm nears

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The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved disinvestment in two more state-owned firms-- State Trading Corporation (STC) and India Tourism Development Corporation (ITDC)—as the deadline of August 2013 for complying with market regulator’s minimum public shareholding (MPS) norm approaches. The government, which ho

Financing and infrastructure constraints affecting India-Africa bilateral trade: Joint CII-WTO report

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India-Africa bilateral trade and investment increased exponentially, yet it is far away from the true potential, a joint CII-WTO report said. According to the joint CII-WTO report, lacks of financing and poor infrastructure facilities are the two key constraints in India-Africa bilateral trade and investment. India-Africa bilateral trade has grown fr

Commerce Minister arrives in US to promote India’s FDI policies

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The Union Minister of Commerce & Industry Shri Anand Sharma has reached US for a four-day tour to promote India as an attractive investment destination and lure American companies to invest in India while addressing the issues faced by them. During his visit, Sharma is also expected to meet business leaders like Scott Price, President and CEO of

India’s Gross Direct tax collection up 11.5% during Q1 FY’14

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India’s gross direct tax collection during the first quarter of current fiscal rose 11.5 per cent at Rs 123,993 crore, said the data released by Ministry of Finance on Tuesday. The government had mopped up Rs 111,183 crore during the corresponding quarter of previous fiscal. The data showed that collection of corporate taxes increased 7.8 per ce

Need to remove bottlenecks in manufacturing sector to grow at 8-9% again: PM

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India’s growth, which slowed down to decade-low level of 5 per cent in FY’13, can return to 8-9 per cent in the future through sustained growth in manufacturing sector, said Prime Minister Manmohan Singh. Singh, addressing the meeting of the High Level Committee on Manufacturing, said India hardly has any manufacturing capabilities in elec

Slowdown not over yet; May IIP seen hitting three-month low: Media Report

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According to a poll conducted by Reuters, the industrial output growth for the month of May might have eased to 1.6 per cent—lowest in three months—hit mainly by the weak infrastructure sector output and sluggish exports. The factory output data, as measured by Index of Industrial Production (IIP), will be releasing this week. The data wil

Financing, Infrastructure constraints has hit India-Africa bilateral trade and investment: CII-WTO

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India-Africa bilateral trade and investment has increased over the years, but still remains way lower than its actual potential due to lack of financing and poor infrastructure facilities, said the joint CII-WTO report “India-Africa: South-South Trade and Investment for Development”. The survey conducted on some 60 key Indian and African

RBI restricts banks from currency F&O trading to stem rupee fall

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Reserve Bank of India (RBI) has forcibly put restriction on banks with regard to trading in currency Futures and Options (F&O) with immediate effect in order to contain the fall in the value of rupee. In a notification, RBI said, “On a review of the evolving market conditions, it has been decided that... banks should not carry out any propr

Indian economy witnessing recovery as inflation eases, says OECD

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Indian economic growth, which slowed down to decade’s lowest of 5 per cent in 2012-13, is slowly starting to recover as inflationary pressures ease, said Paris-based think tank OECD, as per a media report. The report cited OECD as saying that growth in most of the developed countries will witness moderate improvement as indicated by Composite L

India’s gold imports in June plunge 80.6% at 31.5 tonnes: Media Report

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In a huge relief to the policymakers seeking to rein in Current Account Deficit (CAD), a report on Monday said that India imported 31.5 tonnes of gold in the month of June, down 80.56 per cent from the previous month. The development will provide relief to the government and RBI as they struggle to arrest rupee’s slide against USD amidst widenin

Fresh investment proposals fell 75% in FY’13: Report

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The industry body Assocham on Monday said that fresh investment proposals by domestic as well as foreign entrepreneurs fell a massive 75 per cent during the fiscal year 2012-13 at Rs 1.4 lakh crore from Rs 6 lakh crore during the previous fiscal, as per a media report. The report cited a survey by Assocham which showed that India attracted 697 propos

RBI may meet OMCs as rupee breaches 61/USD level: Media Report

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The Reserve Bank of India (RBI) may meet Oil Marketing Companies (OMCs) later on Monday to evaluate their foreign exchange needs as rupee continues to slide against USD, breaching the 61/USD life-time low level, said a media report. The report said that central bank might discuss the proposal of separate dollar window for OMCs, among other things, dur

India’s exports of software and ITES/BPO services during 2011-12 touched Rs 2,484.3 billion: RBI

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The Reserve Bank of India (RBI) on Friday said that India’s exports of software services and ITES/BPO services during 2011-12 stood at Rs 2,484.3 billion (USD 51.8 billion) reflecting an annual growth of 14.5 per cent. RBI’s survey showed that exports of Computer Services and ITES/BPO services accounted for 75.2 per cent and 24.8 per cent

India not ready yet to roll out Food Security Bill: Ficci

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Heating up the ongoing debate over government’s move to bring ordinance on Food Security Bill, the industry body Ficci has said that the announcement came at a time when country’s fiscal deficit is already high and this bill will make it tough to get back on the path of fiscal consolidation. Ficci said that the decision was premature and I

Emerging markets’ growth in June slowest in over four years: HSBC

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Emerging markets like India and China, which had the excuse of Eurozone slowdown last year for explaining the faltering growth, seems to have been hit by home-grown troubles as their growth in the month of June slipped to over four year low levels even as Euro zone financial strains eased, said HSBC in its Mid-Year commentary on Friday. HSBC’s

Assocham lauds Cabinet’s decision to bring Food Bill ordinance

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The industry body Assocham on Wednesday lauded the decision of Union Cabinet to bring an ordinance to implement the Food Security Bill, saying that it will insulate a large number of people from the inflation and would ultimately help the country in human development index. Assocham President Rajkumar Dhoot said government has shown a lot of courage

Govt approves 8 FDI proposals worth Rs 1,311 cr; decision on Jet-Etihad deferred

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The government, seeking to bring foreign capital inflows back into India, approved eight Foreign Direct Investment (FDI) proposals worth Rs 1,311 crore at a meeting held on June 14, 2013, based upon the recommendations of Foreign Investment Promotion Board (FIPB). Among the proposals which got green-signal, the biggest was that of Norwegian telecom gi

Not all applicants to get bank licences: D Subbarao

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Amid rising expectations from new banking licenses norms, the Reserve Bank of India chief Duvvuri Subbarao said at a media briefing on Thursday not all applicants that have filled for banking licences will necessarily be granted one. With the RBI set to issue new licences to a host of private companies, as many as 26 applicants submitted application l

Focus on top defaulters and take action against them: Chidambaram tells PSBs chiefs

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The Finance Minister P Chidambaram on Wednesday asked public sector banks chiefs to tighten screws over their top defaulters and take action against them for recovering dues, said a media report. The report quoted Chidambaram as saying that it is the 30 biggest Non-Performing Asset (NPA) accounts which account for the bulk of the NPAs in any bank.

India’s services PMI dips in June as new business flow moderates

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Indian services sector has also hit the slowdown barrier in June as survey released on Wednesday showed that new business inflows moderated, signaling the tough road ahead for economy which is struggling to recover. The HSBC Markit Services Purchasing Managers' Index for the month of June fell to 51.7 from 53.6 in May; the index above 50 separates

Telecom Commission approves 100% FDI in telecom sector

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The Telecom Commision on Tuesday gave its nod to raise Foreign Direct Investment (FDI) limit in telecom sector from 74 per cent to 100 per cent, subject to approval from the Cabinet, said a media report. The development, if gets Cabinet’s approval, will help foreign companies buy 100 per cent stake in their Indian subsidiaries or it would also d