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FDI equity inflows up 168% to $ 17.57 billion during April-June 2021-22

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NEW DELHI: Foreign direct investment (FDI) into the country rose by more than twofold to $17.57 billion during April-June this fiscal on account of measures such as policy reforms and ease of doing business, an official statement said on Saturday.
Total FDI inflow rose to $22.53 billion during the first three months of 2021-22 as against $11.84 billion in the same period of the last year, it said. Total FDI comprises equity inflows, reinvested earnings and other capital.
“FDI equity inflow grew by 168 per cent in the first three months of 2021-22 ($17.57 billion) compared to the year ago period ($6.56 billion),” it said.
The data showed that the automobile industry has emerged as the top sector during the period under review with 27 per cent share of the total FDI equity inflows. It was followed by computer software and hardware (17 per cent) and services Sector (11 per cent).
Further, Karnataka is the top recipient state during April-June 2021, with 48 per cent share of the total FDI equity inflows. It was followed by Maharashtra (23 per cent) and Delhi (11 per cent).
Measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased foreign inflows into the country, the commerce and industry ministry said.
The FDI trends are an endorsement of India’s status as a preferred investment destination amongst global investors, it added.





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Union Budget again goes green, cuts down on printing to bare minimum

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NEW DELHI: The Union Budget will go green this year too, cutting down on the vast printing of documents that was associated with the presentation of tax proposals and financial statement of Asia’s third largest economy.
The budget documents will be available mostly digitally, with only a handful of physical copies, officials said.
The printing of several hundred copies of the voluminous budget documents was such an elaborate exercise that printing staff had to be quarantined inside the printing press in the basement of North Block — the seat of the finance ministry — for at least a couple of weeks.
This quarantine and the beginning of the printing would begin with a traditional ‘Halwa ceremony’ attended by finance minister, deputy finance ministers and senior officials in the ministry.
Since coming to power, the Modi government has curtailed printing of the budget copies — initially cutting copies distributed to journalists and outside analysts and then reducing those provided to Lok Sabha and Rajya Sabha MPs citing outbreak of the pandemic.
This year, the outbreak of the highly infectious Omicron variant has brought more curbs.
As a result, the symbolic halwa ceremony is being given a go-by, sources said, citing the prevailing pandemic.
However, a small group of staffers will undergo mandatory quarantine for the compilation of the digital budget documents.
The budget documents usually include the finance minister’s speech in Parliament, highlights, annual financial statement, finance bill containing tax proposals, memorandum explaining the provisions in financial bill, and macroeconomic framework statement.
They also include the medium-term fiscal policy cum fiscal policy strategy statement, outcome framework for schemes, customs notification, implementation of previous budget announcements, receipt budget, expenditure budget and statement of budget estimates.
The documents are so bulky that a cotton bag used to be provided with each set to carry them.
Finance minister Nirmala Sitharaman, who in her maiden budget presentation in 2019 shunned the long-standing practice of carrying the speech and budget document in a briefcase in favour of a ‘bahi-khata’ holding the papers, used a handheld tablet to read her speech on the last occasion on February 1, 2021. She came to Parliament carrying the gadget inside the red-coloured ‘bahi-khata’ cloth.
She will present her fourth budget on February 1, 2022.
The ‘halwa ceremony’ was usually held 10 days prior to the Union Budget.
Last year, it was the first time since the presentation of independent India’s first Budget on November 26, 1947, that the documents containing income and expenditure statement of the Union government along with the finance bill, detailing new taxes and other measures for the new financial year, were not physically printed.
Also, for convenience, the finance ministry had in 2021 launched the ‘Union Budget Mobile App’ for hassle-free access of budget documents by Members of Parliament (MPs) and the general public.
As part of the ritual, ‘halwa’ was prepared in a big ‘kadhai’ (large frying pot) and served to the entire staff involved in the Budget making the exercise of the ministry.
The significance of the event is that after the sweet dish is served, a large number of officials and support staff who are directly associated with the Budget making are required to stay in the ministry and remain cut off from their families till the presentation of the budget in the Lok Sabha.
They are not even allowed to contact their near and dear ones through phone or any other form of communication, including e-mail.





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Monday mayhem: Sensex plummets over 1,500 points; Nifty below 17,150

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NEW DELHI: Equity indices crashed for the fifth straight session on Monday with the benchmark BSE sensex falling over 1,500 points amid heavy sell off across sectors.
In a highly volatile session, sensex fell over 3 per cent to day’s low of 56,984. The 30-share BSE index then recovered marginally to end 1,546 points or 2.62 per cent to at 57,492; while the broader NSE Nifty settled 468 points or 2.66 per cent lower at 17,149.
Tata Steel, Bajaj Finance, Wipro, Tech Mahindra and Titan were the top losers in the sensex pack falling as much as 5.98 per cent.
All 30-shares in the BSE index finished in red.
Similarly, on the NSE platform all sub-indices settled lower with Nifty Metal, Realty, Consumer Durables falling over 5 per cent.
Here are the top reasons for today’s market loss:
* IT, metal, realty stocks were worst hit
Technology stocks have been under pressure since last week as investors globally have been worried about high inflation and braced for tighter monetary policies.
The Nifty IT sub-index fell 3.42 per cent to hit a seven-week low, after shedding more than 7 per cent last week.
While, the Nifty metal sub-index slid as much as 5,23 per cent. Shares of JSW Steel fell 6.92 per cent after the company’s quarterly net profit missed analysts’ estimates.
Realty stocks fell 5.9 per cent to a four-week low, while pharma stocks slipped 1.85 per cent to a nine-month trough.
* New age stocks experiencing correction
According to expert new age stocks were witnessing pressure as investors are selling off IT stocks globally.
Food delivery platform Zomato crashed 19.65 per cent and online retailer Nykaa tumbled 12.93 per cent, hitting their lowest since 2021 debuts.
Both the shares have lost almost 30 per cent from their highest level that it scaled in November last year.
“Most stocks that went public recently are very expensive and a much needed correction is now underway,” Anita Gandhi, director at Arihant Capital Markets told news agency Reuters.
* Investors eye Fed meet
Investors have been growing increasingly worried about how aggressively the Federal Reserve, which will hold a policy meeting this week.
The Federal Reserve has its inflation-fighting weapons ready to fire and the focus will not be on whether they will pull the trigger but rather how many times.
Historically low interest rates, dubbed quantitative easing, or QE, have helped support the broader market as the economy absorbed a sharp hit from the pandemic in 2020 and then recovered over the last two years.
“The broad-based selling we saw last week has spilled over and only after the Fed meeting this week, we’ll be able to get some clarity on further moves,” Anita Gandhi, director at Arihant Capital Markets told news agency Reuters.
* Concerns over rising inflation
Rising costs are raising concerns that consumers will start to ease spending because of the persistent pressure on their wallets.
At the same time, outbreaks of the Omicron variant of the coronavirus are threatening to slow recoveries from the crisis.
Some economists believe the Fed and other central banks need to move faster to tamp down surging prices by raising rates.
US consumer prices rose 7 per cent in December compared to a year earlier, the biggest increase in nearly four decades.
* Weak global cues
Markets across Asia followed the US stock exchanges which ended with significant losses in the overnight session on Friday. In fact, Wall Street logged its worst week since the pandemic began in 2020.
The tech-heavy Nasdaq composite index had dipped 2.7 per cent to 13,768.92. It has fallen for four straight weeks and is now more than 10 per cent below its most recent high, putting it in what Wall Street considers a market correction.
The Dow Jones Industrial Average fell 1.3 per cent to 34,265.37.
The Hang Seng in Hong Kong shed 1.2 per cent to 24,656.46. In Australia, the S&P/ASX 200 lost 0.5 per cent to 7,139.50.
South Korea’s Kospi dropped 1.5 per cent to 2,792.00 on heavy selling of big technology companies like Samsung and LG Chemical. Thailand’s SET lost 0.7 per cent.
(With inputs from agencies)





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Jio completes 5G coverage plans for top 1,000 cities in country

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NEW DELHI: Jio has completed 5G network coverage planning for top 1,000 cities in the country and is augmenting its fibre capacity as well as running pilot across sites, a senior company official said during a presentation.
The company has created teams to focus on dedicated solutions for 5G deployment in India, Reliance Jio Infocomm president Kiran Thomas said on Friday evening.
“5G coverage planning has been completed for 1,000 top cities across the country. Jio has been doing trials on advanced use cases across healthcare and industrial automation on its 5G network,” Jio said in a statement.
Thomas during the presentation said that the company is running a 5G pilot in multiple cities and network planning for the roll out of 5G using 3D maps and ray tracing technology is going on.
“We are using the most modern approaches towards network planning, especially 3D maps and ray tracing technology because 5G is pretty unique technology, which requires very advanced network planning techniques, and we are undertaking that for all of India, so that as and when the approvals are received for us to roll out this network, we will be well geared-up to prioritise our rollout, where we can make the maximum contribution,” Thomas said.
Auction for 5G spectrum is expected to be held in the first quarter of the next financial year.
Reliance Jio reported to close the third quarter which ended December 31 with net addition of 1.02 crore customers year-on-year (YoY) at 42.1 crore.
The subscriber base, however, declined on a quarter-on-quarter basis.
“We closed the quarter at 421 million subscribers. That was a reduction of 8.4 million, but the gross addition continued to be very strong 34.6 million. And the reduction was really on account of SIM consolidation and some of the less active customers, now with tariff increases, etc, looking at consolidating uses in a single SIM,” Reliance Jio head of strategy Anshuman Thakur said.
On a reported number basis, Jio’s ARPU remained almost flat but the company’s average revenue per user (ARPU) increased by 8.4 per cent to Rs 151.6 on a year-on-year after making adjustments interconnection usage charges (IUC) which it had to pay to other operators.
The IUC charges have become nil from January 1, 2021.
Jio Platforms posted an 8.8 per cent increase in net profit at Rs 3,795 crore for the third quarter ended December 2021.
It had posted a net profit of Rs 3,486 crore in the same period a year ago.
Gross revenue from operations increased by 5.76 per cent to Rs 24,176 crore from Rs 22,858 crore in the October-December 2020 period.
Reliance Jio Infocomm Ltd (RJIL), the telecom services arm of Jio Platforms, posted a 9.8 per cent rise in net profit at Rs 3,615 crore for the quarter, compared to Rs 3,291 crore in the year-ago period.
RJIL’s revenue from operations increased 4.62 per cent to Rs 19,347 crore from Rs 18,492 crore earlier.

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