S&P affirms
India's negative outlook
New Delhi: International credit rating agency, Standard and
Poor's on Tuesday affirmed negative ratings for local currency of
India while pointing out that it could be lowered further if
current negative fiscal and debt trends continued.
"The ratings could be lowered if current negative fiscal and
debt trends continue or if government fails to stimulate economic
growth through deeper structural reforms," S&P's said in
a statement issued from Singapore.
"Many encouraging announcements in the current year's budget
designed to improve growth prospects remain unimplemented
including steps to loosen unworkable labour laws and to introduce
liberalisation into agricultural sector," it added.
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IA
to resume Dhaka-Kolkata flight
Dhaka: Indian Airlines which had suspended its Dhaka-Kolkata
flights earlier this month will resume the service on Wednesday.
The flight timings have been adjusted to provide passengers from
Bangladesh better connection to several Indian cities such as New
Delhi and Mumbai. Travellers from Dhaka could now reach New Delhi,
Mumbai, Chennai and other Indian cities by the same evening.
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FDI
proposals worth Rs 203 cr cleared
New Delhi: The government cleared foreign direct investment
(FDI) proposals of Mobil Petroleum of US, Scotland-based Standard
Life Investments, Asea Brown Boveri, Mitsubishi Corp of Japan and
US auto manufacturer Ford Motor and Mobil Petroleum.
These are among the 39 FDI proposals worth Rs 203 crore cleared by
the foreign investment promotion board (FIPB).
The Rs 22 crore proposal of US-based Mobil Petroleum Co Inc,
involved in the manufacture of lubricant and specialty products,
is for increasing the foreign equity from 50 to 100 per cent.
The Standard Life Investments Rs 40.03 crore proposal is for
starting NBFC activities. The proposal involves increase in
foreign equity from 26 per cent to 39.90 per cent.
Ford Motor and Japanese Mitsubishi Corporation's proposals for
amending the existing foreign capital were also cleared. Both the
proposals did not involve any fresh inflow of FDI.
The major investment proposals pertain to chemicals and
petrochemicals, software development, ISP and other IT related
services, electrical industry, engineering equipment and
accessories, telecommunications and NBFC activities.
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