Indian companies invest nearly $18 bn in US; create nearly 113,000 jobs

Source: Business Standard, Nov 15, 2017

Wahington: Indian companies have created more than 113,000 jobs in the US and invested nearly $18 billion in the country, according to an annual report which gives state-by-state breakdown of the tangible investments made and jobs created by 100 Indian firms doing business in America and Puerto Rico.

The report titled ‘Indian Roots, American Soil’, which was released by Confederation of Indian Industry (CII) yesterday, states that Indian companies have also contributed USD 147 million towards corporate social responsibility and $588 million as research and development expenditures in the US.

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Government to put more capital in PSBs to strengthen them, says Finance Minister Arun Jaitley

Source: Financial Express, Nov 12, 2017

Gurugram: Finance Minister Arun Jaitley today said the government has decided to inject more capital in state-owned banks to strengthen the banking system and spur economic growth. Last month, the government had unveiled a staggering Rs 2.11 lakh crore two-year road map to bolster NPA-hit public sector banks, which includes recapitalisation bonds, budgetary support and equity dilution. Addressing heads of state-owned banks at ‘PSB Manthan’ here, Jaitley said the government has decided to put in more capital from the Budget, through bonds and banks’ equity expansion and “therefore, it is the country which is virtually going to pay to keep the banking system in good health”. The finance minister assured the bankers who gathered here that “you won’t find us interfering” in commercial transactions, but “when the system is making all these changes and all these monetary contributions in order to strengthen the banking system, we want robust public sector banking system so that your ability to support growth itself increases”. He further said one of the focus areas banks have taken up is to support MSMEs because the sector creating jobs and giving boost to the economy has no access to international finance or bond market.

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Modi said to approve $14 billion injection to rural road plan

indexSource: The Economic Times, Nov 10, 2017

Prime Minister Narendra Modi is planning to spend an additional $14 billion to provide road connectivity in India’s remote villages by March 2020, officials with knowledge of the plan said.

About Rs 1.4 lakh crore has already been spent under the program. The cost will be shared in the ratio of 60:40 by the federal and state governments, the officials said, asking not to be identified citing rules.

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Largest Dubai lender Emirates NBD enters India

images.jpgSource: IBEF.org, Nov 10, 2017

Mumbai: Emirates NBD, the biggest lender from Dubai, has entered the country with its first branch in the megapolis and will cater to corporates, institutional clients and NRIs.

The Mumbai branch, located in the plush BKC CBD, is the fifth international branch outside of its UAE network. The group will invest USD 100 million capital towards Indian operations, the bank said in a statement.

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The digital register is ringing loud and clear

Source: The Hindu Business Line, Nov 07, 2016

New Delhi: If there is one big positive that demonetisation has brought to the economy, it is the digitalisation drive.

This has brought dividends to the common man in various spheres, including efficiencies in government services such as payment of taxes and utility bills.

Clearly, the Centre has helped the cause by remaining steadfast in its commitment to automate the tax administration — both IT and GST.

Prime Minister Narendra Modi’s actions to digitise India has brought a momentum to the entire payment ecosystem and helped build a new framework for the digital economy. Read the rest of this entry »

World Bank arm to pump $23 mn into Ashiana affordable housing projects

Source: Business Standard, Nov 07, 2017

The World Bank’s investment arm IFC will pump in $23 million in projects by Ashiana Housing Limited (Ashiana) meant for affordable / mid-income housing as well as retirement homes for the elderly.

The total project cost of the project is estimated at about $267 million.

IFC is one of the few financiers of affordable/mid-income projects in India.

IFC said that its long-term capital is not readily available to the real estate sector. IFC’s equity investment is a structured 8-year equity investment, which would provide capital with a tenor that matches the project’s life.

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35,000 companies deposited, withdrew Rs17,000 crore after demonetisation

index.jpgSource: LiveMint.com, Nov 06, 2017

New Delhi: Indian regulatory agencies have tracked down about Rs17,000 crore of suspicious transactions, indicating possible tax fraud, by shell companies after analysing data thrown up following last November’s demonetisation exercise, said the Union corporate affairs ministry.

The sum, equivalent to the money set aside in the Union budget for imparting skills, generating employment and providing livelihood, has been identified following a preliminary probe into 35,000 companies and 58,000 bank accounts, the ministry said in a statement on Sunday.

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