Nov. 29 – India on Sunday granted environmental clearance for a nuclear power plant to be built in collaboration with French firm Areva, days before President Nicolas Sarkozy’s visit to New Delhi.
Environmental Minister Jairam Ramesh gave the go-ahead for the plant, which will be built in Jaitapur, Maharahstra, and will use nuclear reactors supplied by Areva. Continue reading
Nov. 24 – As recent news is focused on Chinese companies gobbling up foreign firms and assets, two Indian firms, Mahindra & Mahindra and Coal India have also been on the lookout for lucrative assets and market access in faraway places.
Today saw the signing of a definite agreement by Mahindra & Mahindra, a leading company in India’s sports utility vehicles sector, to purchase Korean automaker SsangYong Motor Company (SYMC) for US$463 million. Continue reading
Nov. 19 – Bucking a three-month trend of declining foreign direct investment inflows, India received US$2.11 billion in FDI in September, good for a 40 percent rise over the same month last year, according to an official from the industry ministry.
Mauritius, the United States, the United Kingdom, Singapore, the Netherlands and Japan made the most significant contributions, investing in key sectors including construction, computer software and hardware, services, and telecommunication. Continue reading
Nov. 18 – Over half of the foreign direct investment coming into India from April through August went to the eastern state of Maharashtra and the National Capital Region (NCR), according to recently released data from the commerce and industry ministry.
Maharashtra, India’s richest state and home of the nation’s financial capital Mumbai, was the most attractive region over the first five months of this fiscal, accounting for 35 percent, or US$2.43 billion, of the country’s total FDI. Continue reading
Nov. 17 – Indian Minister of Commerce and Industry Anand Sharma believes that the relationship between India and Africa will be the defining partnership of the 21st Century and stated that an FTA with different regions on the continent would be the next logical step during the India Economic Summit in New Delhi on Tuesday.
Speaking at a session titled “The New South: Developing the Africa-India Partnership,” Sharma expressed his beliefs that India and Africa share a special strategic relationship which targets each other’s strengths, experiences and resources in a mutually beneficial manner. Continue reading
Nov. 15 – Despite comments earlier this month by Reserve Bank of India Governor Duvvuri Subbarao expressing concern over India’s growing account deficit, the Ministry of Finance has implemented new regulatory changes that allow increased levels of investment from foreign institutions.
Last month India doubled the amount that foreign institutions can invest in government treasuries from US$5 billion to US$10 billion while also increasing the amount that international mutual funds can place in Indian corporate bonds from US$5 billion to US$20 billion, a move that runs contrary to the economic strategies currently employed by many emerging markets. Continue reading
Nov. 12 – Indian Prime Minister Manmohan Singh and Canadian Prime Minister Stephen Harper announced on Friday that they have begun discussing the possibility of a bilateral free trade agreement.
The two leaders officially launched the talks after meeting privately on the sidelines of the G20 Summit in Seoul, commenting in a joint statement that “both sides expect a timely conclusion of an ambitious agreement.” Continue reading
Nov. 11 – India’s food inflation, as measured by the wholesale price index (WPI), slowed to 12.3 percent for the week ending October 30, according to official data released by the Ministry of Commerce on Thursday.
The new rate is an improvement over the 12.85 percent reported the week prior and marks the fourth straight week of decline for India’s WPI – a measure of prices for basic agricultural products like beans, rice, and vegetables. Continue reading