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The Dollar Business Bureau The next edition of consolidated FDI policy details were released by the Ministry of Commerce  on Aug 28, incorporating the changes made last year. The Department of Industrial Policy and Promotion (DIPP) in its press release said that the ‘new circular will take effect’ from today ie, Aug 28, 2017. The consolidated FDI policy is a compilation of the various decisions taken by the government in the past year and the DIPP which deals with FDI related matters, compiles all policies related to foreign investment regime into a single document to make it simple and easy for investors to understand. This enables an investor friendly climate for foreign investors who would otherwise have to go through various press notes and ...

The Dollar Business Bureau On Wednesday, the Cabinet Committee on Economic Affairs approved a foreign investment proposal of Rs 9000 crore, put forward by Twin Star Technologies. The FDI proposal is expected to generate employment opportunities for 30,000 people in India.  According to the proposal, the Mauritius based company will invest the said amount in India on or before March 2025. The investment route will comprise a mix of equity, compulsorily convertible preference shares, compulsorily convertible debentures, and other FDI compliant instruments.  The proceeds of the investment will flow towards operations of Twin Star Technologies in India – a venture led by business magnate Anil Agarwal who is also the founder and Chairman of Vedanta Resources Plc. Vedanta’s business interests in India include ...

The Dollar Business Bureau Indian steel processing industry body Federation of Industries (FII) on Sunday alleged that the government is providing one-sided protection to domestic steel producers. “The steel consuming industry sector has neither been consulted nor heard by the steel ministry before taking important decisions like imposing of MIP (minimum import price) and safeguard duty, increasing customs duty and also while placing steel imports under BIS (Bureau of Indian Standards) certification scheme," the Federation of Industries in India (FII) said in a letter to the Ministry of Steel. The government had increased import duty on steel to 12.5 percent from 5 percent to support primary producers and had imposed 20 percent safeguard duty, that would be applicable till 2018, to protect them. ...

The Dollar Business Bureau With plans to attract more foreign investment, the Reserve Bank of India has laid down rules allowing up to 100% Foreign Direct Investment in Credit Information Companies (CICs). This is allowed only if the ownership of the company is very well diversified. If the ownership is not well-diversified, then there is a FDI cap of 49 percent. A diversified company is where one or more shareholders own more than 10 percent of the voting rights. RBI earlier has said that it may consider allowing foreign investments in the companies that have established a track record of running a Credit Information Bureau in a well-regulated environment. Talking about the investments by Foreign Institutional Investor (FII) and Foreign Portfolio Investment (FPI), RBI ...

The Dollar Business The FIPB (Foreign Investment Promotion Board) has cleared proposals amounting to Rs.13,030 crore that includes the proposals of Axis Bank asking to increase the shareholdings of foreign investors to 74 percent. According to the finance ministry sources,  in its meeting on Friday, the government panel has cleared five proposals out of 14. Axis Bank, the third largest private sector bank in India, got the nod from the government to increase the limit of foreign direct investment (FDI) from 62 percent to 74 percent. The proposal involves an inflow of foreign investment of around Rs 12,900 crore. Currently, the private banks in India have a limit on accepting foreign investment to 74 percent, and the limit for Foreign Institutional Investors (FII) is ...

The Dollar Business Bureau  India’s insurance sector is likely to receive Foreign Direct Investment (FDI) worth up to Rs.12, 000 crore during this year with a dozen of multinational companies planning to invest in joint ventures, said Associated Chamber of Commerce and Industry (ASSOCHAM). According to the study, the passage of the Insurance Laws (Amendment) Bill in March 2015 has encouraged many foreign investors to pump in funds in their Indian joint ventures and raises their equities. With the liberalisation of foreign investment cap to 49% from 26%, several insurance giants like AXA of France, Bupa of the UK, Nippon Life Insurance of Japan, announced raising of their stakes in their respective joint ventures and a dozen more including BNP Paribas Cardif, Standard Life ...

Source: PTI The Modi government has kindled huge interest in the US private sector on India but needs to take steps on economic reforms, including the key GST bill, as creating a more transparent and predictable tax structure is critical, a top Obama Administration official has said. “(Prime Minister Narendra) Modi has taken a big stand on the global stage on essentially talking about India and its economic journey," Assistant Secretary of State for South and Central Asia Nisha Desai Biswal said, noting that after he came to power there has been a huge amount of interest in the US private sector. “I think, the Prime Minister is probably the greatest brand ambassador for India in attracting that kind of economic ...

The Dollar Business Bureau India's manufacturing sector received Foreign Direct Investment (FDI) worth $9.61billion during the last financial year, registering an increase of more than 50% from previous year’s total inflow of $6.38 billion. According to the annual report released by the Reserve Bank of India (RBI), the country attracted whopping $24.74 billion FDI in the last fiscal, up 54% from previous year’s $16.05 billion and the highest since 2010. And the manufacturing sector accounted for more than one-third of the total overseas investment. Experts attribute this sharp rise in foreign investments to the “Make in India” initiative launched by the government and several other measures to ease the business process. “FDI mainly flowed into the manufacturing sector responding to the ...