Foreign firms evince interest to set up business units in Punjab
The Dollar Business Bureau Companies from various countries including China, Russia and the UAE, have shown interest for establishing businesses in Punjab, a spokesman of the state government said, after meeting various company officials. The foreign companies have evinced interest in diverse fields such as metro railway and defence, the spokesman said. A representative from Russian banking and financial services company Sberbank, on behalf of Russian firm Energo Group Company LLC, met Chief Minister of Punjab Amarinder Singh, with a proposal on projects in waste-to-energy in Punjab, providing turnkey solutions in the field of renewable energy, a statement said. Vigen Sogomonyan, Head - Corporate Banking at Sberbank India branch, said that Energo Group had conducted extensive research in the state and seeing its potential in agriculture, ...
DIPP Secy authorised to issue licences to pvt players for mfg defence items
The Dollar Business Bureau A gazette notification issued by India’s Home Ministry on Saturday, says that the Secretary in the Department of Industrial Policy and Promotion (DIPP) can now issue licences to private players for manufacturing defence items. Private sector players can now apply to the commerce ministry for licences to take up the manufacture of tanks, fighter planes, warships and other defence equipment. This is a step the government feels will promote ease of doing business and give impetus to the 'Make In India' initiative. However, the licences will be issued only after the Home Ministry supervises the contenders to the license. The power of issuing licences was exclusively with the home ministry earlier. The decision has been taken ...
India to clock 7.1% GDP this year, 7.5% in 2018: UN report
PTI India is expected to clock 7.1% growth this year before edging up to 7.5% in 2018, according to a UN report, which warned that the country faces heightened risks related to the concentration of bad loans in the public sector banks. The UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in its annual flagship report 'The Economic and Social Survey of Asia and the Pacific 2017' launched yesterday that the economic growth for India is projected to be stable at 7.1% in 2017 before edging up to 7.5% in 2018, underpinned by higher private and public consumption and increased infrastructure spending. Growth in India is forecast at 7.1% this year as "re-monetisation restores consumption, ...
GST alone will add 2 percentage points to GDP growth
By Manishika Miglani It’s been three years since the Narendra Modi-led government came into power and announced a slew of measures to revive the investment climate of the country since then. In an interview with The Dollar Business, G.V.L. Narsimha Rao, Spokesperson, BJP, talks about the performance of the government, so far, and the party’s roadmap for further leveraging the business sentiment of the nation. TDB: The government has focussed on consolidating the investment scenario of the country? Has it been successful in achieving its targets? G. V. L. Narsimha Rao (GVL): At a time when global FDI inflows have turned negative, India has experienced the highest growth in the sector in the last three years. So, our government has been very successful ...
GST alone will add 2 percentage points to GDP growth
By Manishika Miglani It’s been three years since the Narendra Modi-led government came into power and announced a slew of measures to revive the investment climate of the country since then. In an interview with The Dollar Business, G.V.L. Narsimha Rao, Spokesperson, BJP, talks about the performance of the government, so far, and the party’s roadmap for further leveraging the business sentiment of the nation. TDB: The government has focussed on consolidating the investment scenario of the country? Has it been successful in achieving its targets? G. V. L. Narsimha Rao (GVL): At a time when global FDI inflows have turned negative, India has experienced the highest growth in the sector in the last three years. So, our government has been very successful ...
India, Oman agree to enhance defence cooperation
The Dollar Business BureauIndia and Oman on Wednesday explored potential areas to enhance bilateral cooperation, as the navies from the two countries held meetings to discuss strategically important regional issues. Indian Navy Chief Admiral Sunil Lamba met Oman's Defence Minister Bader al Busaidi, Commander of Royal Navy of Oman and Rear Admiral Abdullah bin Khamis Al Raisi on the second-leg of his two-day visit to Oman. The two nations deliberated on bolstering engagement between their navies, amid the evolving security situations in the region. Lamba also met Chief of Royal Air Force of Oman Mattar Al Obaidani to jointly discuss the issues of strategic importance to both the countries. The Indian navy chief is will also visit the Sultan Qaboos Naval Academy and ...
Top US defence and aerospace firms show support to Make in India at Aero India 2017
The Dollar Business Bureau The US-India Business Council led delegation participating at the Aero India 2017, pledged to support the Make In India campaign of the Indian PM. This could be a show of solidarity and the furthering of US-India defence ties. The ongoing Aero India 2017 show at Bengaluru, is playing host to more than 20 senior executives from American aerospace and defence companies. USIBC is led by George Standridge, VP for Strategy and Business Development for Lockheed Martin and Tom Bell, Senior VP, Boeing. Some of the top defence executives representing companies like Honeywell, Harris Corporation, Textron Systems, Arconic, Raytheon and Telephonics are also a part of USIBC delegation, a statement released by USIBC said. India enjoys the exclusive tag of ...
Second line of production for LCA in the pipeline: Parrikar
The Dollar Business Bureau At the inaugural of Aero India 2017, an International Aerospace and Defence Exhibition, Defence Minister Manohar Parrikar announced the government's plans to providing impetus to an indigenous production of defence aircraft. In particular, the government has sanctioned expenditure of Rs 359 crore to set up a second line of production for Light Combat Aircraft (LCA) Tejas. While this project is likely to commence in three months, the production process shall take a year and a half to get rolling. The Defence Minister also said that Hindustan Aeronautics Ltd (HAL) has been asked to augment production in various sectors by outsourcing in 'large quantities'. The government has also discussed the export potential of LCA Tejas with Hindustan Aeronautics Ltd and Indian Air Force, in its bid to touch the targeted $2 billion export mark for the defence sector. Parrikar, in order to align the ...
