Economy
US companies to invest $45 bn more in India: John Chambers
Members of the US-India Business Council have already invested $28 billion in India since September 2014 and investment of another $45 billion is in the pipeline, council Chairman John Chambers told Prime Minister Narendra Modi here.
 
"In September 2014, the USIBC members indicated an investment figure of $41 billion that was likely to be invested over a 2-3 year period. Today, I'm happy to announce that in less than two years, about 20 percent of the USIBC members have already invested $28 billion," Chambers said.
 
"In the next 2-3 years, we will see this pace accelerating -- with indications that USIBC members are on track to invest an additional $45 billion, which is a conservative estimate," he added.
 
Chambers met Modi just after his roundtable with the USIBC members, which included the top brass of companies like PepsiCo, Master Card, Warburg Pincus, Lockheeed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy.
 
The prime minister also presented the USIBC Global Leadership Awards to Dilip Shangvhi of Sun Pharmaceuticals and Jeff Bezos of Amazon.
 
Speaking after receiving the award, Shangvhi said the US is the largest market for his company, and that almost 50 per cent of Sun Pharma turnover is in the US.
 
"We have invested close to $4 billion in the US and we continue to invest both in manufacturing, infrastructure as well in R&D. Out of $450 million we will spend on R&D, $200 million will be spend in the US," he said.
 
Bezos said Amazon.com had pledged another investment of $3 billion in India.
 
"We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy," Bezos said.
 
According to Vikas Swarup, spokesperson of India's Ministry of External Affairs, the prime minister outlined the strengths of the Indian economy and its talented workforce to the chief executives of the American companies and discussed with them the prospects vis-a-vis solar energy and digital connectivity.
 
At a gala in his honour later, Modi lauded the contribution of the Indian diaspora in the US and said a partnership between the American capital and innovation and Indian human resource and entrepreneurship can prove a powerful combination.
 
He also emphasised that emerging economies also have a legitimate wish list for the rich nations.
 
"It is very important for us that developed countries also open their markets, not only to goods from countries like India but also to services," said Modi.
 
"India is much more than a market. India is a reliable partner. It is a source of high quality scientific, engineering and managerial talent," he said. "We are encouraging foreign and domestic investors to set up high-quality and efficient manufacturing facilities."
 
On his part, Modi also promised disciplined macroeconomic policies, gender justice and empowerment, social security net and inclusive growth, while assuring that major steps have been taken to curb corruption, which was one of the main concerns and constraints in India.
 
"This brings me to an achievement that I think even our worst critics do not dispute," he said at the event, where a host of top US political figures joined the business leaders to toast Modi.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

User

Nifty, Sensex struggling to head higher – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex might drift higher. The major indices of the Indian stock markets were moving sideways on Wednesday and they closed with small gains over Tuesday’s close. Intra-day variations were miniscule. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
Key Indian equity market indices were trading in the green during the afternoon session on Wednesday. Good buying was observed in capital goods, telecom and power sectors, while selling pressure was seen in IT sector. With interest rates likely to remain at the same level until the next review, the major indices have not found the fresh impetus to turn the stock market bullish. A good monsoon and rising rural purchasing power may be the only favourable factor for the next few months.
 
Assuring continuity in reforms and predictable tax policies, but with a firm hand against evasion, Prime Minister Narendra Modi invited USA Inc to invest in his country to forge a win-win partnership between American innovation and Indian human resource. Speaking at a gala hosted by the US-India Business Council in USA, he also called upon rich nations to open up their economies to goods and services from emerging countries like India as they seek to make world-class merchandise not just for themselves but also for the entire globe. "India is the future human resource powerhouse of the world with a young hard-working population. In my vision, a partnership between American capital and innovation, and Indian human resource and entrepreneurship can be very powerful," Modi said. "I am convinced we can strengthen both our economies through such a partnership," said the prime minister to a packed audience that included the top brass of companies like PepsiCo, Master Card, Warburg Pincus, Lockheeed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy. 
 
Members of the US-India Business Council have already invested $28 billion in India since September 2014 and another $45 billion is in the pipeline, Council Chairman John Chambers told Prime Minister Narendra Modi. "In September 2014, USIBC members indicated an investment figure of $41 billion that was likely to be invested over a 2-3 year period. Today I'm happy to announce that in less than two years, about 20% of USIBC members have already invested $28 billion," Chambers said. "In next 2-3 years, we will see this pace accelerating -- again with 20 percent of our members indicating that USIBC members are on track to invest an additional $45 billion, which is a conservative estimate," he added. Chambers met Prime Minister Modi just after his roundtable with USIBC members, which included the top brass of companies like PepsiCo, Master Card, Warburg Pincus, Lockheeed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy. The prime minister also presented the USIBC Global Leadership Awards to Dilip Shangvhi of Sun Pharmaceuticals and Jeff Bezos of Amazon.
 
US stocks closed mixed as Wall Street continued to assess US Federal Reserve Chair Janet Yellen's speech on the country's economy. The Dow Jones Industrial Average rose 17.95 points, or 0.10%, to 17,938.28 on Tuesday. The S&P 500 added 2.72 points, or 0.13%, to 2,112.13. The Nasdaq Composite Index fell 6.96 points, or 0.14%, to 4,961.75. Yellen said on Monday that gradual interest rate hikes remain appropriate, but avoided providing precise timing for the central bank's next move. "The positive economic forces have outweighed the negative, and despite the challenges that the economy continues to face, I continue to expect further progress toward our employment and inflation objectives," Yellen said in a speech at the World Affairs Council of Philadelphia. Investors expected that a sharp decline in hiring situation may push back the central bank's decision to raise interest rates in June.
 
The southwest monsoon has finally set in over Kerala and Lakshadweep, the India Meteorological Department (IMD) announced on Wednesday. K Santhosh, director at the IMD office, said "good rains" were expected in the coming days across Kerala. This is good news for the stock markets and there could be an overall cheering effect on the major indices, as the monsoon progresses.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

User

Jaitley discusses sovereign wealth fund roadmap
Finance Minister Arun Jaitley on Wednesday discussed the operationalisation of India's first Rs 40,000 crore sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF).
 
"Second meeting of the governing council of the NIIF was held under the chairmanship of Arun Jaitley to review the status of actions taken for the operationalisation of the NIIF and to provide the road map for further activities," the Finance Ministry said in a statement.
 
Jaitley also launched NIIF website here on Wednesday during the second governing council meet of the sovereign wealth fund.
 
The council discussed the long term investors, sovereign wealth funds and pension funds, which are seeking to invest in the NIIF, the statement said.
 
The progress on the MoUs (memorandum of understanding) for investment in NIIF with several investors such as Abu Dhabi Investment Authority from UAE, open joint-stock company Rusnano from Russia and Qatar Investment Authority, Qatar were also discussed, it said.
 
Financial Times, London has adjudged NIIF as the most innovative structure in Asia Pacific under finance category.
 
The guidelines for investment of the corpus of NIIF were also discussed at the meeting.
 
"The NIIF would have various sector-specific or investor-specific close ended funds and each fund may issue various classes of units. The government along with other investors would subscribe to the units of various funds," it said.
 
The units, investment strategy and accounts of each fund shall be distinct from and independent of the other funds, it added.
 
The shortlisting of projects for initial investment by the NIIF and the selection of its chief executive officer was also discussed at the meeting.
 
"A core team has been put in place to carry-out the activities of the NIIF," the statement said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)