Report: India Becomes Top FDI Destination in 2015
India has become the top destination for foreign direct investment (FDI) by attracting $63 billion worth of FDI projects in 2015, says fDi Intelligence, a division of The Financial Times.
Power Minister Goyal Attracts Global Investors
Piyush Goyal, Minister of State for Power, Coal and New & Renewable Energy, visited the U.S. recently to participate in the launch of the International Solar Alliance programs. Attracting global investors, including private equity giants such as Blackstone and Warburg Pincus, Goyal highlighted the initiatives taken by the Government to make India more business friendly.
Atlantic Council Launches India-U.S. Trade Initiative
Top U.S. think tank, the Atlantic Council, has launched an India-U.S. trade initiative aimed to strengthen economic ties. On this occasion, India’s Ambassador to the U.S. Arun K. Singh said, “India and the United States enjoy a robust and thriving trade relationship which holds tremendous potential for the future in a number of sectors including renewable energy, infrastructure, smart cities, IT services, digital economy, and defense.”
India Beats 2015-16 Solar Energy Target by 1.5x
India has surpassed its solar energy target for 2015-16 more than one and a half times, commissioning 3,018 MW during the year vs. the 2,000 MW target. At the end of 2015-16, country’s cumulative solar capacity stands at 6,753 MW, up from 3,744 MW a year ago. Rajasthan state remains No.1 in overall installed capacity at 1,264 MW.
Big Companies Bet Big on India’s ‘Smart Cities’
Global firms such as Ericsson, Nokia, Huawei and Cisco are betting big on India’s “smart cities” project, which is estimated to be an up to $50 billion business opportunity over five years. Players like Ericsson and Huawei have started working on some of the projects in the country, while Cisco is involved in more than 25 cities, including the Government’s 20 official smart cities shortlist.
India Signs Paris Climate Pact
India signed the historic Paris climate agreement along with more than 170 nations, bringing together developing and developed nations to begin work on cutting down greenhouse gas emissions to combat global warming. Environment Minister Prakash Javadekar signed the agreement in the UN General Assembly.
Govt. Increases Highway Construction Target by 2.5x
Minister of Road Transport & Highways Nitin Gadkari has fixed a 2.5 times increase in the target for award and construction of National Highways for the year 2016-17. The Minister has set a target of 15,500 miles of National Highways to be awarded in 2016- 17 up from 6,200 miles awarded in 2015-16.
Roadmap to a $10 Trillion Indian Economy by 2032
NITI Aayog – National Institution for Transforming India – has laid out a roadmap to help Asia’s third-largest economy cross the $10 trillion mark by 2032. NITI Ayog has listed seven key areas, including infrastructure, skill development, ease of doing busing business etc., where the government needs to focus to ensure 10% growth.
Ministry of Commerce & Industry Launches ‘Twitter Seva’
To be more responsive to the populace, the Minister of State for Commerce & Industry (I/C) Smt. Nirmala Sitharaman has launched a “Twitter Seva.” Through this Twitter Seva, queries on matters relating to the Department of Commerce and the Department of Industrial Policy & Promotion will be answered. Those with questions can use the hashtag #mociseva.
Govt: Automatic Approval Likely for More Sectors
Economic Affairs Secretary Shaktikanta Das said India plans to further liberlize rules for overseas investors as the Govt. looks to reduce the need for number of approvals. He also said investors appreciate the accelerated pace of decision making and are positive about India.