DPIIT identifies 106 firms across sectors from 30 countries under strategic investment targets | Mint - Mint | Canada News Media
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DPIIT identifies 106 firms across sectors from 30 countries under strategic investment targets | Mint – Mint

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The Department for Promotion of Industry and Internal Trade (DPIIT) on 9 July informed that it has identified as many as 106 companies across sectors from 30 countries under its strategic investment targets initiative.

Aimed at promoting investments in India, the initiative was recently discussed during a meeting convened by the Commerce and Industry ministry with industry and exporters, reported news agency PTI.

“An outreach was conducted through the ministry and meetings and video conferences are being set up with the leadership of these companies,” the news agency quoted an official as saying, who added there is also a plan to engage with people of Indian origin (PIO) under the initiative.

ALSO READ: DPIIT to roll out mandatory quality norms for home electrical appliances soon

Measures like reducing the compliance burden, easing foreign direct investment norms, rolling out of logistics policy, the announcement of a production-linked incentive scheme for 14 sectors, and easing procedures through the national single window system to promote investments into the country are being taken by the government.

“Both the Department of Commerce and the DPIIT are working together to promote trade and investments in a concerted way,” the official said.

Apart from this, there are also plans to hold investment roadshows in countries like the US, Canada, the UAE, Saudi Arabia, the UK, Germany, Sweden, Japan, Taiwan, and South Korea.

Also, the initiative assumes significance as Foreign Direct Investment (FDI) into India declined by 22 percent to $46 billion in 2022-23.

Total FDI inflows, including equity inflows, re-invested earnings, and other capital, declined by 16 percent to $70.97 billion in the last fiscal as against $84.83 billion in 2021-22.

According to DPIIT data, Singapore emerged as the top investor with $17.2 billion FDI. It was followed by Mauritius ($6.13 billion), the US ($6 billion), the UAE ($3.35 billion), the Netherlands ($2.5 billion), Japan ($1.8 billion), the UK ($1.73 billion), Cyprus ($1.27 billion), Cayman island ($772 million), and Germany ($547 million) during April-March 2022-23.

With agency inputs. 

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Updated: 09 Jul 2023, 11:13 PM IST

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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