From: Press Information Bureau Ministry of I&B <pib.kolkata@gmail.com>
Date: Fri, Jul 23, 2010 at 1:30 PM
Subject: Releases...........pt1
Press Information Bureau
Government of India
* * * * * *
Prime Minister's Office
Economic Outlook 2010-11Highlights
New Delhi: July 23, 2010.
Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister released the document 'Economic Outlook 2010-11' at a Press Conference in New Delhi today. Following are the highlights of the document:
Economy to grow at 8.5 per cent in 2010-11 and 9.0 % in 2011-12
Agriculture grew at 0.2% in 2009-10. Projected to grow at 4.5% in 2010-11 and 4.0% in 2011-12.
Industry grew at 9.3% in 2009-10. Projected to grow at 9.7% in 2010-11 and 10.3 % in 2011-12.
Services grew at 8.5% in 2009-10. Projected to grow at 8.9% in 2010-11 and 9.8% in 2011-12.
Slow recovery in global economic and financial situation
Rising domestic Savings and Investment chief engines of growth
Investment rate is expected to be 37% in 2010-11 and 38.4% in 2011-12.
Domestic savings rate is expected to be over 34% in 2010-11 and close to 36% in 2011-12.
Current Account deficit estimated at 2.7% of GDP in 2010-11 and 2.9% of GDP in 2011-12
Merchandise trade deficit projected to be $ 137.8 billion or 9% of the GDP in 2010-11 and $160 billion or 9.3% of GDP in 2011-12.
Invisibles trade surplus projected to be $ 96 billion or 6.3% of the GDP in 2010-11 and $109.7 billion or 6.4% in 2011-12.
Capital Flows can be readily absorbed by financing needs of the high growth of the Indian Economy.
Against the level of $53.6 billion in 2009-10, the capital inflows projected to be $ 73 billion for 2010-11 and $91 billion for 2011-12.
Accretion to reserves was $13.4 billion in 2009-10. Projected to be $30.9 billion in 2010-11 and $39.8 billion in 2011-12.
Inflation rate projected at 6.5 % by March 2011 due to expected normal monsoon combined with the base effect.
The provisional headline inflation was above 10% in June 2010.
Controlling high inflation rate essential for sustainable growth in medium term.
Available food stocks must be released to have a dampening effect on prices.
Monetary Policy to complete the process of exit and operate with bias toward tightening.
Credit off take picked up. Strong growth rate in the 1st quarter of 2010-11.
Fund flow from capital market to commercial sector quite strong. Bond issuance growth relatively higher than issuance of equity.
Liquidity conditions are taut enough for monetary policy signals to be appropriately transmitted to the financial sector. A bias toward tightening is necessary.
Exchange rate variations will remain within acceptable range.
Exit from the expansionary fiscal policy not only feasible but also necessary
High buoyancy in direct and indirect tax collections. Telecom auctions and decontrol of the petroleum products prices to provide additional cushion.
Fiscal deficit outturn may be lower than the budgeted consolidated fiscal deficit of 8.4% of GDP for 2010-11.
Revenue Deficit as a ratio of GDP expected to decline from 6.3% in 2009-10 to 4.6% in 2010-11.
Operationalization of Goods and Services Tax (GST) should be a priority.
Budgeted level of Fiscal Deficit and Revenue Deficit still beyond comfort zone.
Need to rationalize the food and fertilizer subsidies.
To sustain a growth rate of 9.0 per cent, focus is required on:
Containing inflation
Improving farm productivity
Closing the large physical infrastructure deficit, especially in the power sector.
GDP Growth – Actual & Projected
Unit: per cent
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| 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009/10 | 2010/11 | 2011/12 |
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| QE | Rev | f | f |
| Year-on-year Growth Rates | ||||||||
| 1 | Agriculture & allied activities | 5.2 | 3.7 | 4.7 | 1.6 | 0.2 | 4.5 | 4.0 |
| 2 | Mining & Quarrying | 1.3 | 8.7 | 3.9 | 1.6 | 10.6 | 8.0 | 8.0 |
| 3 | Manufacturing | 9.6 | 14.9 | 10.3 | 3.2 | 10.8 | 10.0 | 10.5 |
| 4 | Electricity, Gas & Water Supply | 6.6 | 10.0 | 8.5 | 3.9 | 6.5 | 7.5 | 9.0 |
| 5 | Construction | 12.4 | 10.6 | 10.0 | 5.9 | 6.5 | 10.0 | 11.0 |
| 6 | Trade, Hotels, Transport, Storage & Communication | 12.1 | 11.7 | 10.7 | 7.6 | 9.3 | 10.0 | 10.0 |
| 7 | Finance, insurance, real estate & business services | 12.8 | 14.5 | 13.2 | 10.1 | 9.7 | 9.5 | 10.5 |
| 8 | Community & personal services | 7.6 | 2.6 | 6.7 | 13.9 | 5.6 | 6.0 | 7.5 |
| 9 | Gross Domestic Product at factor cost | 9.5 | 9.7 | 9.2 | 6.7 | 7.4 | 8.5 | 9.0 |
| 10 | Industry (2 + 3 + 4 + 5) | 9.3 | 12.7 | 9.5 | 3.9 | 9.3 | 9.7 | 10.3 |
| 11 | Services (6 + 7 + 8) | 11.1 | 10.2 | 10.5 | 9.8 | 8.5 | 8.9 | 9.6 |
| 12 | Non-agriculture (9 - 1) | 10.5 | 11.0 | 10.2 | 7.7 | 8.8 | 9.2 | 9.8 |
| 14 | GDP (factor cost) per capita | 7.8 | 8.1 | 7.7 | 5.2 | 6.2 | 7.0 | 7.5 |
| Some Magnitudes | ||||||||
| 15 | GDP at factor cost - 2004/05 prices in Rs lakh crore (or Trillion) | 32.5 | 35.6 | 38.9 | 41.5 | 44.6 | 48.4 | 52.8 |
| 16 | GDP market & current prices in Rs lakh crore (or Trillion) | 37.1 | 42.8 | 49.5 | 55.7 | 62.3 | 70.3 | 79.2 |
| 17 | GDP market & current prices in US$ Billion | 837 | 947 | 1,231 | 1,222 | 1,317 | 1,529 | 1,722 |
| 18 | Population in Million | 1,106 | 1,122 | 1,138 | 1,154 | 1,170 | 1,186 | 1,203 |
| 19 | GDP market prices per capita current prices | 33,512 | 38,182 | 43,479 | 48,305 | 53,258 | 59,305 | 65,867 |
| 20 | GDP market prices per capita in current US$ | 757 | 844 | 1,082 | 1,059 | 1,126 | 1,289 | 1,432 |
Note: QE refers to the Quick Estimates for National Income released on 29 Jan 2010. Rev refers to the Revised Estimate for National Income released on 31 May 2010.
f stands for forecasts made by the Council.
Balance of Payments
Unit: US$ billion
|
| 2004/05 | 2005/06 | 2006/07 | 2007/08 | 2008/09 | 2009 / 10 | 2010/11 | 2011/12 |
| Merch. Exports | 85.2 | 105.2 | 128.9 | 166.2 | 189.0 | 182.2 | 216.1 | 254.0 |
| Merch. Imports | 118.9 | 157.1 | 190.7 | 257.6 | 307.7 | 299.5 | 353.9 | 414.3 |
| Merchandise Trade Balance | –33.7 | –51.9 | –61.8 | –91.5 | –118.7 | –117.3 | –137.8 | –160.3 |
| –4.7% | –6.2% | –6.5% | –7.4% | –9.7% | –8.9% | –9.0% | –9.3% | |
| Net Invisible Earnings | 31.2 | 42.0 | 52.2 | 75.7 | 89.9 | 78.9 | 96.0 | 109.7 |
| 4.3% | 5.0% | 5.5% | 6.2% | 7.4% | 6.0% | 6.3% | 6.4% | |
| o/w ITES | 14.7 | 23.8 | 27.7 | 37.2 | 44.5 | 41.3 | 46.2 | 53.1 |
| Private Remittances | 20.5 | 24.5 | 29.8 | 41.7 | 44.6 | 52.1 | 58.3 | 67.0 |
| Investment Income | –4.1 | –4.1 | –6.8 | –4.4 | –4.0 | –6.4 | –6.5 | –6.5 |
| Current Account Balance | –2.5 | –9.9 | –9.6 | –15.74 | –28.7 | –38.4 | –41.8 | –50.7 |
| –0.3% | –1.2% | –1.0% | –1.3% | –2.4% | –2.9% | –2.7% | –2.9% | |
| Foreign Investment | 13.0 | 15.5 | 14.8 | 45.0 | 3.5 | 52.1 | 55.0 | 65.0 |
| o/w FDI (net) | 3.7 | 3.0 | 7.7 | 15.4 | 17.5 | 19.7 | 30.0 | 30.0 |
| Inbound FDI | 6.0 | 8.9 | 22.7 | 34.2 | 35.0 | 31.7 | 50.0 | 55.0 |
| Outbound FDI | 2.3 | 5.9 | 15.0 | 18.8 | 17.5 | 12.0 | 20.0 | 25.0 |
| Portfolio capital | 9.3 | 12.5 | 7.1 | 29.6 | –14.0 | 32.4 | 25.0 | 35.0 |
| Loans | 10.9 | 7.9 | 24.5 | 41.9 | 4.1 | 11.9 | 16.8 | 24.5 |
| Banking capital | 3.9 | 1.4 | 1.9 | 11.8 | –3.2 | 2.1 | 0 | 0 |
| Other capital | 0.7 | 1.2 | 4.2 | 9.5 | 4.5 | –12.7 | 0 | 0 |
| Capital Account Balance | 28.0 | 25.5 | 45.2 | 108.0 | 8.7 | 53.6 | 72.8 | 90.5 |
| 3.9% | 3.0% | 4.8% | 8.8% | 0.7% | 4.1% | 4.8% | 5.3% | |
| Errors & Omissions | 0.6 | –0.5 | 1.0 | 1.2 | 1.1 | –1.7 |
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| Accretion to Reserves | 26.2 | 15.1 | 36.6 | 92.2 | –18.9 | 13.4 | 30.9 | 39.8 |
| 3.6% | 1.8% | 3.9% | 7.5% | –1.5% | 1.0% | 2.0% | 2.3% |
Note: Percentage figures proportion to GDP
akt/ad/hs/lv/rk/dk/kol/13:10 hrs.
Press Information Bureau
Government of India
* * * * * *
Ministry of Finance
18 FDI Proposals Approved
New Delhi: July 23, 2010.
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 12, 2010, Government has approved 18 Proposals of Foreign Direct Investment amounting to Rs. 2245.32 Crore approximately.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 12.07.2010 are as follows:
Following 18 (Eighteen) proposals have been approved.
| Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. In Crore) |
AGRICULTURE & COOPERATION
| 1 | M/s Frigorifico Allana Ltd., Mumbai | To set up a Joint Venture company for manufacture and test marketing of the product. | 125.00 |
ECONOMIC AFFAIRS
| 2 | M/s The ARJ Investments Limited, Mauritius | Transfer of shares from non-residents (erstwhile OCBs) to NR. | Nil |
| 3 | M/s Amsted Rail Company, Inc. USA | To set up a JV company to manufacture and assembling of castings, bearings, and wheels of the undercarriage of the freight car internationally. The proposal attracts Para 4.2.2 of Circular 1 of 2010 of Consolidated FDI Policy. | 0.049 |
| 4 | M/s Pridhvi Asset Reconstruction and Securitization Ltd. | Enhancement of NRI equity participation to undertake the business of Securitisation and Asset Reconstruction
| 0.45 |
INFORMATION & BROADCASTING
| 5 | M/s Interpublic Mauritius Limited, Mauritius | To establish a WoS company to carry on the business of advertising and media communications. The proposal attracts Para 4.2.2 of Circular 1 of 2010 of Consolidated FDI Policy. | 0.50 |
| 6 | M/s Henrietta Julia Marleen Holtz, Germany | To set up a WoS to undertake printing of speciality magazine. | 0.029 |
INFORMATION TECHNOLOGY
| 7 | M/s My-Tec Software Pvt. Ltd., Hyderabad | Transfer of shares by way of share swap, to own, manage and run computer training and data processing centers and to act as consultants, advisors, developers, and traders in computer programming etc. | Nil |
MINES
| 8 | M/s Turquoise Metals & Electricals Pvt. Ltd., Delhi | Ex-post facto approval for issue of partly paid up shares to carry out the business of Mining and refining of Metals Ores and producing iron and other metals. | 10.36 |
URBAN DEVELOPMENT
| 9 | M/s Nisarg Building Art & Technology Pvt. Ltd., Mumbai | Ex-post-facto approval for issue of partly paid up equity shares. | 51.81 |
AGRICULTURE & COOPERATION
| 10 | M/s Modi Naturals Limited, Delhi | To invite subscription to warrants. | 7.92 |
| 11 | M/s Glencore Grain India Pvt. Limited | To make an amendment in the FC approval. | Nil |
CONSUMER AFFAIRS
| 12 | M/s ADM Investor Services International Ltd., UK | To acquire 100% equity of a company engaged in the business of commodity broking. | 0.23 |
CORPORATE AFFAIRS
| 13 | M/s Mcnally Sayaji Engineering Limited, Kolkata | To issue warrants to undertake the business of Engineering equipment. | 6.23 |
INDUSTRIAL POLICY & PROMOTION
| 14 | M/s NTT Communications Corporation | To make an amendment in the FC approval. | 7.4 |
| 15 | M/s Transcend Infrastructure Limited | Acquisition of 100% equity to undertake the business of building towers, acquiring towers for securing management rights of towers for the purpose of leasing or licensing the shared use of these towers to communication and broadcasting. | 1932.00 |
INFORMATION TECHNOLOGY
| 16 | M/s. Arkadin SAS, France | Acquisition of equity stake up to 60% in the paid up share capital of a company engaged in the telecom sector. | 1.80 |
TELECOMMUNICATIONS
| 17 | M/s. Telstra Private Limited | Increase in the foreign equity in the telecom sector. | 5.54 |
INFORMATION & BRAODCASTING
| 18 | M/s GETIT Infoservices Pvt Ltd. | Increase in the foreign equity and to undertake additional activity relating to publication. | 96.00 |
The following 21 (Twenty one) proposals have been deferred:
| Sl. No | Name of the applicant | Particulars of the proposal | |
| 1 | M/s Advanta India Limited, Hyderabad | To issue and allot Rights Equity Shares, CCPS and Warrants to carry out the business of research, development, production, distribution and marketing of hybrid agricultural field crop seeds and plant seed. | |
| 2 | M/s Star Health Investments Pvt. Ltd., Chennai | Induction of foreign equity in an investing company. | |
| 3 | M/s KKR Mauritius Cement Investments, Ltd., Mauritius | Induction of foreign equity in an investing company. | |
| 4 | M/s Shriram City Union Finance Limited, Chennai | Ex-post facto approval for issue of warrants. | |
| 5 | M/s Bharat Broadcasting Network Ltd. | Ex-post-facto approval for transfer of shares to NRI to carry out the business of uplinking news and current affairs channel. | |
| 6 | M/s Asian Genco Pte Ltd., Singapore | To set up an investing company. | |
| 7 | M/s Wipro Ltd. | To undertake additional activity relating to defence sector. | |
| 8 | M/s UTStarcom India Telecom Pvt. Ltd. | To undertake additional activity relating to Telecom sector. | |
| 9 | M/s Karuturi Global Limited, Bangalore | Ex-post-facto approval for issuance and allotment warrants to carry out the business of Floriculture & Food processing. | |
| 10 | Mr. Samir V.Mehta, Mumbai | To set up a Limited Liability Partnership (LLP) in India in conjunction with non-resident partners. | |
| 11 | M/s Verizon Communications India Pvt. Ltd. | Transfer of equity shares from non-resident shareholder to non-resident group in Telecom Sector. | |
| 12 | M/s Alexandria Real Estate Equities, Inc., USA | To set up of a WOS to operate and manage fully furnished, staffed and equipped facilities for medical professionals. | |
| 13 | M/s Jagran Media Network Pvt. Ltd., Kanpur | Induction of foreign equity into a company which do not have any operations and also do not have any downstream investments. | |
| 14 | M/s Sea TV Network Limited, Agra | Induction of foreign equity to carry out the Cable Networking operations. | |
| 15 | M/s Zee Entertainment Enterprises Ltd | Transfer of shares by way of share swap. | |
| 16 | M/s Essar Capital Holdings (India) Ltd., Mumbai | Acquisition of equity shares by way of subscription to new equity shares and/or purchase of existing equity shares in an investing company engaged in the telecom sector. | |
| 17 | M/s. Etisalat DB Telecom Private Limited | Transfer of shares from Resident to Non-Resident of a company engaged in the Telecom Sector. | |
| 18 | M/s Icomm Tele Limited, Hyderabad | Ex-post-facto approval for induction of foreign equity in defence sector. | |
| 19 | M/s Pran Beverages (India) Pvt. Ltd., Kolkata | Induction of foreign equity by a Bangladeshi company. | |
| 20 | M/s Alan Dick & Company (India) Pvt. Ltd., Thane | To undertake the additional activity relating to infrastructure provider (IP Category I). | |
| 21 | M/s Tinna Finnex Ltd. | Representation against rejection of the complaint for revocation of approval. | |
The following 10 (Ten) proposals have been rejected:
| Sl. No | Name of the applicant | Particulars of the proposal | |
| 1 | M/s Azure Capital Advisors Pvt. Ltd., Bangalore | To issue units to foreign investors including NRIs. | |
| 2 | M/s Cancer Treatment Services Hyderabad Private Limited, Hyderabad | To issue equity shares against the expenditure incurred by the foreign company.
| |
| 3 | M/s Crest Geartech Pvt. Ltd., Faridabad | To issue and allot equity shares by way of Capitalization of the Advances received against exports. | |
| 4 | M/s Mahindra & Mahindra Ltd. | To make an amendment in the FC approval. | |
| 5 | M/s INX Media Pvt. Limited | To make an amendment in the FC approval. | |
| 6 | M/s S Tel Private Limited, Gurgaon | To issue/allot fully paid-up fresh equity shares to undertake the business of providing telecommunications services in India. | |
| 7 | M/s Telcordia Technologies Inc. USA | To review the proposal on the request of MHA. | |
| 8 | M/s Danobat Grupo Machine Tools India Pvt. Ltd., Delhi | To allot and issue equity shares for consideration other than inward remittances to the account to carry out the business of manufacturing of automatic machine tools and other types of machine tools. | |
| 9 | M/s Siemens Ltd. | Deletion of condition regarding compounding. | |
| 10 | M/s Safran Aerospace India (P) Ltd. | To make amendment in the FC approval. | |
The following 2 (Two) proposals have been advised to access automatic route:
| Sl. No | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. In Crore) |
| 1 | M/s ABU Ghazaleh Intellectual Property TMP Agents India Pvt. Ltd., Delhi | Consultancy services and Advisory services on intellectual property protection. (Application made at the instance of RBI). | 0.093 |
| 2 | M/s Yamazaki Mazak India Pvt Ltd., Pune | To do trading by importing the machineries and reselling the same within India to any customer directly for export to neighboring countries on cash and credit basis. (No retail trade to be allowed) | No Fresh Inflow |
The following 01 (One) proposal has been advised that no specific FIPB approval is required and is permitted as per extant FDI policy:
| Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. In Crore) |
| 1 | M/s Multi Commodity Exchange of India Ltd. | To seek clarification whether post facto FIPB approval is required in respect of foreign investment made in MCX during 2006-2007 with the prior approval of Ministry of Consumer Affairs, food and Public Distribution and FMC. | Nil |
The following 01 (One) proposal has been advised to approach RBI for the necessary permission:
| Sl. No. | Name of the applicant | Particulars of the proposal | FDI/NRI inflows (Rs. In Crore) |
| 1 | M/s Pratibha Ostu Stettin Joint Venture, Mumbai | Ex-post facto approval for investment made in the Joint Venture on repatriation basis. | 1.91 |
dsm/by/kp/gn-233/10/dk/kol/13:13 hrs.
--
Palash Biswas
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