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There is, however, a renewed interest in commercial real estate, a significant volume coming from co-investments which signals a cautionary approach from investors. It is expected to improve further on the back of long term economic growth prospects. US, Japan and Hong Kong lead the foreign inflows.
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The Tamil Nadu government aims to transform the state into a $1-trillion economy by 2030, as envisioned by Chief Minister Stalin.
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So far, investment MoUs worth Rs 54,550 crore have been signed in the UAE, the United Kingdom and Delhi under the leadership of Chief Minister Pushkar Singh Dhami
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In addition to reassuring investors with the help of IN-SPACe that the modified FDI policy in the space sector would soon be approved, Digantara also had to make some structural changes to its Indian operations in order to make this investment happen
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The modified valuation rules would provide for ascertaining the fair market value (FMV) of shares of unlisted companies to levy tax on non-resident investments, an official said.
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The Finance Bill, 2023 has proposed amending Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, excepting DPIIT-recognised startups, under the tax net.
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For India to grow, a healthy balance between co-operation and competition between the states is the need of the hour
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RBI on Wednesday raised the overseas borrowing limits for companies and liberalised norms for foreign investments in government bonds as it announced a slew of measures to boost foreign exchange inflows
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India currently caps total foreign investments into corporate bonds at 2.44 trillion Indian rupees ($38.1 billion). When overseas buying crossed 92 percent of that quota in July, the government suspended the issuance of offshore rupee-denominated bonds until foreign holding falls back below that level.
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Foreign investments into debt and shares have reached a net $31 billion this year, compared with $2.7 billion in sales last year, due to factors including India's low inflation and improving economic growth.
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"If India agrees to lower its tariffs on Harley Davidson motorcycles, Indian consumers will buy more Harleys and save less while Harley will sell more Harleys and invest more," Peter Navarro, Director of White House National Trade Council, said in a letter to the editor to The Wall Street Journal.
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The government may put certain conditions on domestic companies that are keen to bring in foreign investments through optional and partially convertible debentures
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Closely monitored indicators show we have turned the corner in terms of economic revival and though earnings might take a while to recover fully, we see the market discounting it even before it reflects in the numbers, says Abhinav Khanna, Head of Equity at Citi India.
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But while markets took the move in their stride, analysts warn India is likely to expand its crackdown on tax treaties and make it harder for investors to shop around for new havens.
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While expressing his enthusiasm to start ideating with start-ups, Jaitley added that India needs a new ecosystem that is friendly to enterprise and that he sees a large number of potential entrepreneurs here.
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The government is taking several steps to boost FDI. It has relaxed FDI norms for sectors such as medical devices, defence and construction activities. During April-June quarter of this fiscal, foreign direct investment into the country grew by 31 percent to USD 9.50 billion.
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Most areas except defence and cigarettes may soon see more entrants in the e-commerce space.
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Cairn India, the operator of nation's biggest onland oilfield, on Tuesday demanded a stable and predictable investment regime and consistency in policy to boost investor confidence.
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Foreign Exchange Management Act (FEMA) norms will now have to be modified to allow such a change go through.
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Maharashtra Chief Minister Devendra Fadnavis has begun aggressively pitching the state as the most preferred investment destination and wants it to regain its position as an economic powerhouse in the country.
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India may rank poorly on 'ease of doing business', but it emerged as a high-focus area in Finance Minister Arun Jaitley's first full-fledged Budget on Saturday, literally, with as many as ten mentions.
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The industry has sought reduction in customs duty on gold to two percent, from 10 percent now. The gems and jewellery sector, which employs about 35 lakh people, would get a boost from the move. Gold imports in December declined sharply to 39 tonnes, from 152 tonnes in November.
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This is a work in progress and cannot be completed overnight, Chief Economic Advisor Arvind Subramanian said here on the sidelines of the WEF Annual Meeting.
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With the government on a fast-track to lure foreign investments, FIPB will consider as many as 48 FDI proposals, including that of the HDFC Bank and about a dozen from the pharma sector, at its meeting on October 21.
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Describing his 'Make In India' initiative a "win-win" proposition, Modi said the foreign investors should not treat India merely as a market, but should focus on turning it to a manufacturing hub with a view to increase the purchasing power of Indians.
