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| INDIA'S OUTBOUND INVESTMENT INCREASES BY 53.2% |
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| India’s total outbound investments in joint ventures and wholly-owned subsidiaries abroad grew by 53.2 per cent in FY 2008, at $23.071 billion, compared to $15.06 billion in the previous fiscal, the Reserve Bank of India said in its monthly report. |
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| Cyprus, Singapore, Netherlands, the UAE, British Virgin Islands and Mauritius were the biggest destination countries. |
| July 21, 2008 15:34:53 (GMT Time) |
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| REAL ESTATE INVESTMENT FUNDS ALLOWED IN INDIA |
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| SEBI in India has allowed domestic asset managers to launch funds investing directly in real estate.
As per SEBI, these funds shall be close-ended with units listed on stock exchanges, and the net asset values of the funds must be made public every day. |
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| Such real estate innvestment funds should invest at least 35 percent of their funds directly in real estate assets and the rest in mortgage-backed securities and instruments of firms engaged in the sector.
They can invest up to 25 percent of their corpus in other securities, according to the statement.
"Taken together, investments in real estate assets, real estate-related securities... shall not be less than 75 percent of the net assets of the scheme," SEBI said.
The asset managers should get the assets valued every 90 days.
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| April 25, 2008 18:34:33 (GMT Time) |
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| SUBSIDY FOR SSI UNITS TO CONTINUE |
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| Indian government has decided to continue the credit linked capital subsidy scheme (CLCSS) for small scale industry (SSI) units in the 11th Plan.
Under the scheme SSI units get 15 per cent capital subsidy on a loan up to Rs one crore for introducing improved technologies. |
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| With this decision, the SSI units will now be be able to further modernise their plants and machineries and upgrade their manufacturing technologies, offical sources said.
As many as 2,400 units, which have already obtained financial assistance of about Rs 833 crore under the scheme, are awaiting subsidy clearance of about Rs 115 crore.
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| February 22, 2008 00:27:35 (GMT Time) |
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| INDIA OPENS UP MORE SECTORS FOR FOREIGN INVESTMENT |
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| India has liberalised foreign investment regulations in key sectors, opening up commodity exchanges, credit information services and aircraft maintenance operations. The foreign investment limit in PSU refineries has been raised from 26% to 49%. An additional sweetener is that the mandatory disinvestment clause within five years has been done away with.
FDI in Civil aviation up to 74% will now be allowed through the automatic route for non-scheduled and cargo airlines, as also for ground handling activities.
100% FDI in aircraft maintenance and repair operations has also been allowed. But the big one, allowing foreign airlines to pick up a stake in domestic carriers has been given a miss again. |
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| India has decided to allow 26% FDI and 23% FII investments in commodity exchanges, subject to the proviso that no single entity will hold more than 5% of the stake.
Sectors like credit information companies, industrial parks and construction and development projects have also been opened up to more foreign investment.
Also keeping India's civilian nuclear ambitions in mind, India has also allowed 100% FDI in mining of titanium, a mineral which is abundant in India.
Sources say the government wants to send out a signal that it is not done with reforms yet. At the same time, critics say contentious issues like FDI and multibrand retail are out of the policy radar because of political compulsions. |
| January 30, 2008 16:36:09 (GMT Time) |
