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Indian Diaspora and Emigration Reforms
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Magnetotheraphy, Reiki, Chakra theraphy
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| 03. INVESTMENT UPDATE |
ONGC inks pact with Australian co Arrow Energy |
ONGC has inked an MoU with Australia’s Arrow Energy for cooperation in the coal bed methane (CBM) sector.
According to an official statement issued by ONGC, “The main areas of cooperation identified are: joint participation in blocks in India and abroad for exploration, field development and production of CBM, and sharing of knowledge, experience and transfer of technology in the sector.”
CBM, found in coal seams, is fast emerging as an important source of energy. In India, CBM resources are estimated at about 2,600-3,300 billion cubic metre.
The Government has awarded blocks for exploration, development and production of CBM to national and international companies under three bidding rounds.
ONGC has been carrying out CBM activities in Jharkhand, West Bengal, Madhya Pradesh and Gujarat. |
Speaking on the occasion, ONGC’s Chairman and Managing Director, Mr R.S. Sharma, said there is tremendous potential in CBM business, which can be harnessed jointly.
The MoU has been signed by Mr D.K. Pande, Director (Exploration), ONGC, and Mr Nicholas Davies, CEO & Managing Director, Arrow Energy Ltd, here on Wednesday.
Source: The Hindu Business Line |
Government to allow foreign investments in facsimile edition of foreign newspapers |
On a review of the extant policy on Foreign Direct Investment, Government of India has decided to allow foreign investment in publication of facsimile edition of foreign newspapers and Indian edition of foreign magazines dealing with news and current affairs.
The policy for foreign direct investment (FDI) in publication of facsimile edition of foreign newspapers include permitting 100 per cent FDI with prior approval of the Government for the publication of the facsimile edition, provided the FDI is by the owner of the original foreign newspaper whose facsimile edition is proposed to be brought out in India. The policy also specifies that, the publication can be undertaken only by an entity incorporated or registered in India under the provisions of the Companies Act, 1956. Also, the publication would be subject to the Guidelines for publication of newspapers and periodicals dealing with news and current affairs and publication of facsimile edition of foreign newspapers issued by the Ministry of Information and Broadcasting on March 31, 2006, as amended from time to time.
The policy for foreign investment in publication of Indian editions of foreign magazines dealing with news and current affairs includes, up to 26% of foreign investment, inclusive of FDI and investment by NRI/ PIOs/ FII; 'magazine', for these guidelines shall be defined as a periodical publication, brought out on a non- daily basis, containing public news or comments on public news; foreign investment shall be subject to the Guidelines for Publication of Indian editions of foreign magazines dealing with news and current affairs issued by the Ministry of Information and Broadcasting on December 4, 2008.
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Industrial growth on track again
India’s industrial production moved into positive territory in November 2008 after the negative growth it had clocked in October, according to data released by the ministry for industry and commerce on Monday.
The Index for Industrial Output (IIP) registered a 2.4% growth in November as against the negative 0.3% for October that had set alarm bells ringing.
In fact, an ET poll of economists last week had forecast that the IIP would grow by 1.6% in November , the only such survey to hint that the index would move into positive terrain. However, amidst the unexpected good news, the data shows a fall in the capital goods output for the first time since 2002. “The growth in the consumer goods segment to 4.4% — largely on account of strong growth in consumer non-durables segment — shows that the consumption demand in the rural economy remains unaffected. “With monetary and fiscal measures to give a boost to the slowing economy setting in, I expect the IIP numbers to be healthy from here on. The aggregate demand in the economy is already showing signs of improvement,” said Suresh Tendulkar, chairman of Prime Minister’s Economic Advisory Council.
Factory output rebounded from a negative 1.2% year-on-year (y-o-y ) growth in October to a positive 2.4%. Ten out of 17 sub-groups in the manufacturing segment posted positive growth in November. The April-November period witnessed a cumulative growth of 3.9% over the corresponding period last year. However, part of the improvement may be due to the positive base effect. The new IIP figures add to the interim report that rate-sensitive and export-oriented sectors had shown signs of revival in December.
A bounce-back in the growth rate for the intermediate goods segment to 2.6% for November, which had contracted for three consecutive months, suggests higher industrial growth in the months to come. The positive sentiment sets in even as the capital goods sector contracted by 2.3% in November , the first contraction since April 2002. The production of consumer durables, too, declined 4.2% y-o-y , indicating some curbs on discretionary expenditure. |
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Minister invites Pravasis to invest in India
Union Minister for Overseas Indian Affairs Shri Vayalar Ravi has said that investments of non-resident Indians will be safe in India. Speaking at an interactive session on Kerala in the Pravasi Bharatiya Divas Convention in Chennai, he pointed out that India could withstand the global economic crisis due to the strength of our economy.
Referring to the initiatives taken by the Government of Kerala, Shri Ravi said that a Corporation for NRI investments has been formed in the State. The Kochi International Airport itself is an example of NRI participation, he pointed out. NRI investment will have a major share in the growth and advancement of the State in future also, the Minister added.
Participating in the interactive session, Minister for Industries, Government of Kerala Shri Elamaram Kareem said that many NRIs are coming forward to invest in Kerala and the State has become a safe investment destination. A number of major projects are in the pipeline and an international airport at Kannur with the participation of NRIs is one among them.
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Elcot SEZs to attract Rs 25000cr
The proposed IT parks in special economic zones (SEZs), promoted by the Electronics Corporation of Tamil Nadu (Elcot), across seven southern districts of the state are likely to attract Rs 25,000 crore investments. These SEZs are expected to create 540,000 direct and over 1.5 million indirect jobs over the next five years, said Santhosh Babu, managing director, Elcot.
The parks are coming up in Salem, Coimbatore, Tiruchy, Chennai, Hosur, Tirunelveli and Madurai. The total land acquired is over 1,800 acre.
By 2010-11, exports from these parks would be around Rs 15,000 crore. During 2007-08, exports by IT/ITeS companies from the state increased to Rs 27,960 crore from Rs 20,700 crore a year before.
The two IT parks coming up in Chennai at Sholinganallur IT SEZ and Perumpakkam alone are expected to attract around Rs 10,000 crore investments and create 200,000 direct and 600,000 indirect jobs. At Perumpakkam, Elcot is planning to create a Smart IT City on 190 acre under public-private partnership, said Santhosh Babu.
The other big ticket investments, to the tune of Rs 7,000 crore, would be in the Coimbatore IT park at Villankurichi. This park is likely to generate 30,000 direct and 90,000 indirect jobs. IT parks in Salem at Jagir Amma Palaym, Tiruchy at Navalpattu, Hosur at Viswanthapuram, and Tirunelveli at Gangaikondan are likely attract around Rs 9,000 crore . These parks together would create around 190,000 direct and over 400,000 indirect jobs.
Source: Business Standard
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