Indian Economy-News & Updates

[SpArK]

India Approves Rs.802.07 Cr. FDI Proposals

12/26/2012 5:59 AM ET
The Indian government on Wednesday said it had approved 12 foreign direct investment (FDI) proposals, including that of Ratnakar Bank, amounting to Rs.802.07 crore based on the recommendations of the Foreign Investment Promotion Board or FIPB, reports PTI.

The FIPB headed by Economic Affairs Secretary Arvind Mayaram, however, rejected Mahindra and Mahindra's proposal to form a defense joint venture with Israel's Rafael Advanced Defence System for production and development of a naval defense system and other products.

Besides, the proposal of Swedish furniture major IKEA has been recommended for consideration of the Cabinet Committee on Economic Affairs, it said. Even after FIPB clearance, FDI proposals of over Rs.1,200 crore have to be approved by the Cabinet Committee on economic Affairs (CCEA).

Permission was given to Ingka Holding Overseas to set up a wholly-owned subsidiary to undertake single brand retailing of IKEA products.

As per the statement, Ratnakar Bank's proposal to increase foreign equity in the bank to 55 percent from 43 percent has been approved. The move will bring in Rs.300 crore worth of FDI.

Taqa Jyoti Energy Ventures has also got the government's nod to bring in foreign investment of Rs.252 crore.

 

[Azazel]

Top Japanese companies show interests in 19 DMIC projects

NEW DELHI: Japanese engineering companies such as Mitsubishi Heavy Industries, HitachiBSE 1.50 %, Mitsui Engineering & Shipbuilding Co, Toshiba, Sojitz etc. have shown interests in executing 19 projects that would be funded out of $4.5 billion Japanese support promised for India-Japan friendship project, Delhi Mumbai Industrial Corridor (DMIC). The project that envisages creating seven new industrial cities around Western Dedicated Rail Freight Corridor between Delhi and Mumbai, is expected to create infrastructure worth over $100 billion. In September last year, the government had approved Central assistance of Rs 18,500 crore for a period of five years for the DMIC.

The 19 short-listed projects under Japanese funding include Ahmedabad-Dholera rail line project, Dahej water supply, Delhi-Manesar-Bawal metro rail, power projects in Maneswar and Neemrana Industrial Parks, conveyance system of Delhi's treated sewage water to Rajasthan, just to name a few. According to a list published in the official website of the Ministry of Economy, Trade and Industry (METI) of Japan, recycling solution maker company Japanese Environment Planning (Jeplan) could be engaged in a mobile phone recycle project in Gujarat whereas NEC Corporation, Japan's leading provider of Internet, broadband network and enterprise business solutions may be roped in for a logistic data bank project which will not be specific to any state. The same list says Toshiba has shown interests in Light Rail Transit system in Pune.

When contacted, DMIC Development Corporation CEO Amitabh Kant refused to elaborate on the prospective projects within DMIC and about Japanese companies that could handle them. Kant added that DMIC would meet the deadline. "Despite being a complicated project involving a number of state governments, we have moved ahead satisfactorily. Every deadline will be met. We need to remember, for such a vast project like DMIC, the planning is as important as its implementation," he said.

Top Japanese companies show interests in 19 DMIC projects - The Economic Times

 

[SpArK]

Diesel, kerosene prices likely to be hiked by Rs 10 per litre : North, News - India Today

 

[3Idiots]

Diesel, kerosene prices likely to be hiked by Rs 10 per litre : North, News - India Today

I was honestly, shocked .. but later came after reading the link that the headline wasn't fully correct !

It's only a proposal (as of now! - fat chances, IMO) ... but more importantly, even the proposal plans to do this over a period of 10 months.

I support DCT (direct cash transfer), and market prices ..... but, even that is going to take quite a bit of time nation-wide.

 

[SpArK]

Volvo cars explores possibility of setting up plant in India - Indian Express

 

[Abingdonboy]

Volvo cars explores possibility of setting up plant in India - Indian Express

They'va already got a major Bus plant there so why not?

 

[cloud_9]

Essar Ports commissions 16 MMTPA terminal at Paradip Port​

Mumbai, December 22, 2012: Essar Ports Limited, one of the largest private sector port companies in India and part of the US$ 27 billion Essar Group, has announced the commissioning of its 16 million metric tons per annum (MMTPA) dry bulk terminal at Paradip, taking the aggregate handling capacity of Essar Ports Limited to 104 MMTPA.

The project involved the upgradation and mechanization of the existing 230m long CQ3 berth at Paradip with installation of a fully mechanized ship loading system with a capacity of 5,000 tons per hour. It is an all weather terminal with a capability to handle large size ships. The terminal is connected to the stockyard by a 9km long conveyor system having a capacity of 5,000 tons per hour . The stock yard has been equipped with 2 Reclaimers with a capacity of 2500 tons per hour each.

Commenting on the achievement, Mr. Rajiv Agarwal, Managing Director, Essar Ports Limited said “This is our first project on the east coast of India and is a modern facility with best in class capabilities. The terminal will help achieve better handling rates, improve efficiencies with faster turn around time for ships and would benefit the Paradip Port and its customers.”

 

[Azazel]

They'va already got a major Bus plant there so why not?

They are two different companies.Volvo's car division is now owned by a Chinese car company with a goofy name.

 

[Abingdonboy]

They are two different companies.Volvo's car division is now owned by a Chinese car company with a goofy name.

True, all I meant was it wouldn't be hard for VOLVO to set such a plant up. I guess I should have said Ford,Nissan,Renualt,Chevrolt,BMW,Honda,Suzuki,Skoda,Toyota,Hyandui,Audi,VW, Mercedes etc etc have all set up production facilities in India!

 

[Azazel]

True, all I meant was it wouldn't be hard for VOLVO to set such a plant up. I guess I should have said Ford,Nissan,Renualt,Chevrolt,BMW,Honda,Suzuki,Skoda,Toyota,Hyandui,Audi,VW, Mercedes etc etc have all set up production facilities in India!

Hehe,Now I am waiting for BMW and JLR

 

[cirr]

True, all I meant was it wouldn't be hard for VOLVO to set such a plant up. I guess I should have said Ford,Nissan,Renualt,Chevrolt,BMW,Honda,Suzuki,Skoda,Toyota,Hyandui,Audi,VW, Mercedes etc etc have all set up production facilities in India!

Yet both your annual production and sales volumes are 1/10 of China's?

You are so full of yourself and errors.

Audi has set up a plant in India? Where is it in India？

BMW？Mercedes？Habitual wet-dreaming is not conducive to your health。

True, all I meant was it wouldn't be hard for VOLVO to set such a plant up. I guess I should have said Ford,Nissan,Renualt,Chevrolt,BMW,Honda,Suzuki,Skoda,Toyota,Hyandui,Audi,VW, Mercedes etc etc have all set up production facilities in India!

Yet both your annual production and sales volumes are 1/10 of China's?

You are so full of yourself and errors.

Audi has set up a plant in India? Where is it in India？

BMW？Mercedes？Habitual wet-dreaming is not conducive to your health。

 

[dee]

Audi India uses Škoda Auto India Private Limited manufacturing facilities in Aurangabad, Maharashtra to assemble the Audi A4 and Audi A6 models locally.

 

[The A-5]

@cirr

Haven't you still heard of the Bharat Benz production facilities? What are chinese serach engines for?
mulling?

 

[acid rain]

Yet both your annual production and sales volumes are 1/10 of China's?

You are so full of yourself and errors.

Audi has set up a plant in India? Where is it in India？

BMW？Mercedes？Habitual wet-dreaming is not conducive to your health。



Yet both your annual production and sales volumes are 1/10 of China's?

You are so full of yourself and errors.

Audi has set up a plant in India? Where is it in India？

BMW？Mercedes？Habitual wet-dreaming is not conducive to your health。

BNW's plant in India - way back in 2007

BMW opens first manufacturing plant in India - Automotive Business Review

 

[Abingdonboy]

Indian economy to grow at 6.8% in 2013: D&B - Hindustan Times

There are conflicting numbers as you'd might expect. Anything above 6.3% is good IMHO. I hope MMS can do what he has promised and get reforms going next year. This is a MUST.