Economy
FDI inflows witness sharp dip in May to $1.3 billion from $4.7 billion

Experts have attributed the contraction in inflows to global and domestic economic problems and suggested the government to push big-ticket reforms to restore the confidence of global investors

 
New Delhi: Foreign direct investment (FDI) in India declined sharply for the second month in a row in May with inflows slipping to $1.32 billion from $4.66 billion in the year-ago period, reflecting the impact of slowing global economy, reports PTI.
 
Experts have attributed the contraction in inflows to global and domestic economic problems and suggested the government to push big-ticket reforms to restore the confidence of global investors.
 
"Decisions like allowing FDI in multi-brand retail and permitting foreign airlines to buy stake in domestic carriers would help in attracting more and more FDI," FICCI Secretary General Rajiv Kumar said.
 
The decline in FDI comes at a time when India's economic growth slipped to nine-year low of 6.5% in 2011-12. The growth in the January-March quarter was merely 5.3%.
 
Recently, Standard and Poor's and Fitch had lowered India's credit outlook to negative from stable citing reasons such as high inflation and inadequate reforms.
 
During April-May 2012 too, FDI in India declined by 59% year-on-year to $3.18 billion, a senior official in the Department of Industrial Policy and Promotion (DIPP) told PTI.
 
Foreign inflows in April dipped to $1.85 billion from $3.12 billion in April 2011.
 
Contraction in FDI will keep the balance of payments under pressure and could also impact the rupee. If the prices of commodity and oil increases globally, a weaker domestic currency will add to inflationary pressures. .
 
The sectors which received large FDI inflows in May include services ($754 million), pharmaceuticals ($401 million), construction ($181 million) and power ($100 million).
 
In May 2012, India received the highest FDI from Mauritius ($1.12 billion million) followed by the Netherlands ($409 million), the UK ($378 million), Singapore ($231 million) and Cyprus ($177 million), the official added.
 
The inflows had aggregated to $36.50 billion in 2011-12 against $19.42 billion in 2010-11 and $25.83 billion in 2009-10.
 

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Now just log on to EPFO website to check your monthly balance

Active subscribers would have to register themselves on the EPFO portal by furnishing their account details to obtain an e-passbook of their fund

 
New Delhi: Over five crore subscribers of the retirement fund body Employees' Provident Fund Organisation (EPFO) can obtain e-passbook along with details of their updated accounts online from Wednesday, reports PTI.
 
"The EPFO subscribers can get their statement of accounts online from today," Central Provident Fund Commissioner RC Mishra said while addressing a seminar on Employees' Provident Fund Act by the PHDCCI in the capital.
 
In order to avail this facility, the active subscribers would have to register themselves on the EPFO portal by furnishing their account details.
 
The facility to obtain e-passbook will be available only for active members of the EPFO and would not be extended to those whose accounts are inoperative, settled or have negative balance.
 
The members of exempted provident fund trusts regulated by the EPFO, too will too not be entitled for this facility through its portal.
 
The e-passbook will also have additional information like name, date of birth and account number.
 
Mishra also informed that the EPFO is in the process of introducing the facility of online settlement of provident fund claims in a couple of months.
 
At present, the subscribers who are either superannuated or applied for withdrawals, can apply only manually and is time consuming.
 
As per the EPFO citizen charter, such claims should be settled within a month, though it takes longer than that.
 
Mishra said in order to provide the facility of online application of claims, EPFO would require a central database. At present, all regional EPFO offices maintain their database separately.
 
"These works including fund transfers, settlement of PF accounts and withdrawals constitute over 80% of our work," he said, adding online claim settlement will save time and improve efficiency.
 

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Kalmadi restrained from going to London for Olympics

The Delhi HC said Kalmadi should not participate in the opening ceremony of the Olympics as his participation can cause embarrassment to the country

 
New Delhi: Suresh Kalmadi, the sacked chairman of Organising Committee for the CommonWealth Games was on Wednesday restrained by the Delhi High Court from going to London to attend the opening ceremony of the 2012 Olympic Games, saying that his participation can cause "embarassment" to the nation, reports PTI.
 
A bench of Acting Chief Justice AK Sikri and Justice Rajiv Sahai Endlaw also barred Kalmadi from leaving the country till 27th July.
 
In its order, the bench said, "From the national point of view, we have decided the matter and he should not participate in the opening ceremony of the Olympics.
 
"His participation can cause embarrassment to the country," the bench said, adding, "National interest is the prime concern." 
 
However, the bench left it to the International Association of Athletes Federation (IAAF) to decide his plea for attending its meeting after reading the court's order.
 
Kalmadi had made a plea that being the president of Asian Athletes Association (AAA) he was invited by the IAAF.
 
The court passed its order on a PIL filed by lawyer Rahul Mehra seeking to restrain Kalmadi from proceeding to London for the Olympics in view of the criminal cases pending against the Congress MP in connection with the 2010 Commonwealth Games.
 

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