Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), has completed a tour of three Indian cities as part of plans to increase foreign investment.
The roadshow covered Mumbai, the financial hub of India, as well as Hyderabad and Kochi, leading commercial and information technology hubs in the south of the country.
According to state news agency WAM, Dubai FDI reached out to solutions providers in diverse domains, including logistics, aviation, biotechnology, engineering, construction, financial services, industrial machinery, healthcare, pharmaceuticals, tourism and hospitality in the three Indian cities.
Ibrahim Ahli, director of Investment Promotion in Dubai FDI, said: "There hasn’t been a better time for bilateral engagement between Dubai and India. UAE-India relations are on a faster and stronger track, and leaders on both sides are determined to make their partnership a game-changer in global trade.
"In India we were able to connect with our audiences and engage them in identifying areas where Dubai can place them on the forefront of emerging industries and technologies," Ahli said.
He added that India has consistently been the among the top five bilateral trade partners of Dubai and a major source of FDI into Dubai. For the last three years India has been the second largest investor in Dubai and Indians are among the top five nationalities of property owners in the emirate.
By 2020, UAE-India trade is estimated to hit $100 billion and Dubai’s industrial, residential, tourism and entertainment sectors, along with existing airports as well as sea ports, will play a major role in achieving the milestone.
Ahli said major areas where UAE-bound FDI landed in 2017 included manufacturing, renewable energy, aviation, travel and tourism, logistics, technology and healthcare.
"Indians and their enterprises are a significant component of the Dubai community and the emirate’s airports and seaports provide the most competitive transit point for cargo and passengers travelling to and out of India. We have 1,600 flights a week between Dubai and India, and in 2017, 1.2 million Indian tourists stayed across hotels and hotel apartments in Dubai," Ahli added.
Source:- Arabian Business
India’s biggest steelmakers are set to expand production to a record after reporting solid quarterly earnings amid strong steel prices.
JSW Steel Ltd. posted record net income Wednesday and outlined a $6 billion plan to raise output. Tata Steel Ltd., which aims to double domestic capacity, swung to profit, helped by a one-time gain.
Both mills are ramping up to meet an anticipated surge in domestic consumption with the government set to spend trillions of dollars on expanding infrastructure. Paving the way are the best market conditions in years as prices are bolstered by lower exports from China, the world’s biggest producer.
Mills around the world are also benefiting. ArcelorMittal, the biggest, posted its best quarterly profit in six years last week, and Thyssenkrupp AG said earnings at its metal-making division more than doubled.
JSW sees Indian steel consumption rising by as much as 7.5 percent in the 2019 financial year, supported by a government push for infrastructure projects and strengthening consumer demand, said joint-Managing Director Seshagiri Rao.
“The medium term demand growth outlook is quite constructive,” he said.
The Mumbai-based producer aims to boost steelmaking capacity by 37 percent to 24.7 million metric tons a year by March 2020, the company said in its earnings statement.
Tata Steel is aiming to double capacity in India to 26 million tons in five years. Both producers will expand their own facilities while seeking to snap up some of the distressed assets for sale under India’s new bankruptcy laws.
Source:- Business Standard
Twenty of India's fastest-growing companies were today felicitated with the prestigious London Mayor's awards for their innovation and high-growth promise.
The Mayor's India Emerging 20 (IE20) business programme covers companies from regions across India and represent some of country's stand-out ventures specialising in technology, life sciences and business services. They will now receive help from the Mayor's office in setting up or expanding their business in London.
"London has strong cultural and economic ties with India, and Indian businesses make an important contribution to our city," said London Mayor Sadiq Khan.
"Following my visit to India last year, I see lots of opportunities to strengthen investment between London and Indian cities," the Pakistan-origin Mayor said.
The 20 winners were chosen from over 300 applications from some of India's leading business hubs such as Mumbai, Bengaluru and New Delhi.
The IE20 programme was launched by the Mayor of London's official promotional agency, London & Partners (L&P), in collaboration with BDO and Lalit Hotels, with the aim to identify some of India's most ambitious companies that are considering international expansion.
The winners are given the chance to benefit from discounted rates on a London office and tailored expert advice on marketing, access to finance and local market analysis.
Rajesh Agrawal, London's Indian-origin Deputy Mayor for Business, said: "London is the best city in the world in which to grow a business, so I am delighted that these exciting companies will now be able to explore opportunities to expand here in the capital.
"It is now 16 years since I moved from India to London. This great city welcomed me with open arms and thanks to its entrepreneurial spirit helped me to launch two successful businesses. It is great news that these 20 companies will now be able to experience the same welcoming business environment that I enjoyed."
Entering its third year, the IE20 programme has helped a number of previous winners set up or expand in London.
Indian medical technology company, RX Prism, opened a 2 million pound innovation hub in London, while Chennai-based analytics firm LatentView and Curadev Pharma have also expanded their operations in the British capital since their involvement with the IE20 initiative.
"The India Emerging 20 programme has opened doors for our business and helped us with our international expansion plans. Through our involvement in the programme, we have gained valuable insight into the UK market and understood how best we can bring future focused talent solutions to build the workforces of tomorrow," said Arjun Pratap, Founder & CEO EdGE Networks and 2017 IE20 winner.
Some of the 2018 winners, unveiled at an event in Bengaluru today, include Hyderabad-based wearable tech firm Hug Innovations, Mumbai's music education firm Furtados School of Music, Bengaluru-based marketing tech firm Ittisa Digital Media Services, and Delhi's premier table reservation platform Dineout.
According to L&P data, London is a leading destination for Indian companies looking to expand globally, with India the third-largest investors into the UK capital, behind the China and the US.
Further analysis by the agency notes that 2017 was a record year for foreign direct investment (FDI) from India into London, with Indian tech firms accounting for over half of all businesses investing in the UK capital.
Source:- Business Standard
While India enjoys a favourable balance of trade, Bhutan’s export to India is growing faster than the growth of imports from India, the Indian commerce and industry secretary Rita Teaotia said.
“This is welcome,” she said.
The secretary is leading the delegation at the two-day Bhutan-India Bilateral meeting on Trade and Transit, which began yesterday in Thimphu. Economic affairs secretary Dasho Yeshi Wangdi led the Bhutanese delegation
She said India is also the destination for 78 percent of all Bhutanese export goods. Bilateral trade, she said, has grown by Nu 750 million in 2015-16 to Nu 817 million in 2016-17 and to Nu 909 million in 2017-18.
“This is a source of satisfaction that the volume of trade has continued to grow,” she said.
Dasho Yeshi Wangdi said that India has been the top trading partner for both import and export.
In 2017, bilateral trade between India and Bhutan was worth Nu 85.59 billion, which accounts for 82.07 percent of Bhutan’s total trade. Import from India was worth Nu 81.6 billion against an export of Nu 53.97 billion.
Dasho Yeshi Wangdi said that it is encouraging to see India’s growth has rebounded from the transitory shocks of the major structural reforms such as demonitisation and GST.
India is one of the fastest growing economies with a projected growth rate of 7.4 percent and 7.8 percent in 2018 and 2019 according to International Monetary Fund.
Rita Teaotia said there were apprehensions on adverse affects on Bhutanese exports to India with the introduction of the GST.
“The provision data that we have indicates that Bhutan’s merchandise exports to India have shown an increase during 2017-18 as compared to 2016-17,” she said.
There are eight permanent and one seasonal land customs stations, of which the one in Jaigaon handles 90 percent of Bhutan’s trade. The land port authority of India has proposed to develop an integrated check post at Jaigaon, which is expected to further boost trade between the two countries.
As requested by the Bhutan government, the government of India has notified two new trade routes and customs stations, one each in Rangapani in Assam and Birpara in West Bengal.
“We’re committed to further developing the trading infrastructure and to accommodate the requests made by Bhutan as far as possible so as to remove any impediments in the trade,” she said.
She said that India would be happy if Bhutan joins the Bangladesh, Bhutan, India and Nepal movement of vehicular agreement as soon as possible.
A bilateral agreement on cooperation was also signed between the Bureau of Indian Standards and Bhutan Standards Bureau and information being exchanged to finalise the roadmap to implement the agreement, she said.
The food safety and standards authority of India recognises Bhutan Agriculture and Food Regulatory Authority’s certificates of goods for export to India.
She said that the tea estates across the border in India have raised concerns about the adverse effects from various activities in Bhutan including dolomite mining and the untreated effluence or discharge from the industrial estate in Pasakha polluting their tea estates.
The high level meeting will review the decisions taken during the last bilateral meeting on trade and transit held in New Delhi last January.
Dasho Yeshi Wangdi said that since the beginning of formal ties in 1968 relationship between the countries have grown stronger into an exemplary friendship envied by many.
The free trade agreement (FTA) between the two countries stands at the heart of the relationship, he said. The free trade agreement continues to be the corner stone of Bhutan’s trade and economic relations with India.
“The world has more to learn from the FTA between India and Bhutan despite the two countries being geographically, demographically and economically very different,” Dasho Yeshi Wangdi said.
The trading relationship is covered under the ambit of the agreement of trade, commerce and transit.
The free trade agreement was renewed in November 2016 and implemented from July 2017.
Rita Teaotia said that the duty-free transit of Bhutanese merchandise for trade with third countries through designated entry and exit points in India has also helped Bhutan to develop its trading relations with other countries.
India is doing "extremely well" on electrification with nearly 85 per cent of the country's population having access to electricity, the World Bank has said.
Between 2010 and 2016, India providing electricity to 30 million people each year, more than any other country, the World Bank said in its latest report released this week.
While challenges still remain to provide electricity to the rest of the 15 per cent of the 1.25 billion population, India is all set to achieve the target of universal access to electricity before the 2030 target date, Vivien Foster, Lead Energy Economist at the World Bank here told PTI.
The report comes less than a week after Prime Minister Narendra Modi announced that all the villages in the country have been electrified.
The report said that nearly 85 per cent of the country's population has access to electricity.
"India is doing extremely well on electrification. We are reporting India about 85 per cent of the population has access to electricity," said Foster, lead World Bank author of the latest report on Energy Progress.
This figure, she pointed out, is higher than that of the Indian government.
"That might surprise you. The government is currently reporting in low 80s," she said.
While the World Bank's methodology is based on household survey, which includes even those who are off grid, while the figures of the government is based on official utility connection, she said.
"In absolute terms, India is doing more on electrification than any other countries. Thirty million a year, is really an astounding performance and it stands out from the crowd," Foster said.
However, India is not the fastest country in electrification. Bangladesh and Kenya, for example are faster in electrification than India, she noted.
India, she said, is now entering final stage of electrification.
"You are already well over 80 per cent, so you're getting into the more difficult aspects of electrification: the more remote population, the harder to reach people," she explained.
However, reliability of service is an area of concern for India, she said.
"We know that in some parts of India or having the connection doesn't necessarily guarantee the energy's reliable supply. So, getting the connection obviously is very important, but India still has a long way to continue to work on actually making that access meaningful in terms of hours of service," Foster said.
Referring to India's tremendous electrification effort, the report said it expects 250 million people gaining electricity access between now and the early 2020s, when the country reaches full access.
The rapid growth of electricity access in India is propelled by the country's USD 2.5 billion electrification programmes to reach universal electrification, the report said.
Source:- Business Standard