FDI equity inflow up 21% to $35.3 billion in April-Oct, says DPIIT

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Foreign direct investment (FDI) equity inflows into India grew 21 per cent to USD 35.33 billion during April-October period of the current financial year, according to an official data.


In the year-ago period, FDI equity inflows stood at USD 29.31 billion, as per the data of the Department for Promotion of Industry and Internal Trade (DPIIT).



During the first seven months of the current fiscal, total FDI (including re-invested earnings) increased 11 per cent to USD 46.82 billion from USD 42.06 billion in April-October 2019, it said.


“FDI equity inflow increased by 21 per cent to USD 35.33 billion (April 2020 to October 2020) from USD 29.31 billion reported in the same period of previous financial year,” the department said in a statement while listing out itshighlights during 2020.


Sectors which attracted maximum foreign inflows included computer software and hardware, services, trading, chemicals and automobile.


The country attracts maximum funds from Singapore, the US, Mauritius, the Netherlands, the UK, France and Japan.


In the last one year, the government has eased FDI policy in several sectors including insurance intermediaries and defence.

Housing sales recover in Oct-Dec; industry expects momentum to continue

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India’s residential real estate market seems to have bottomed out in 2020 and sales momentum that picked up during October-December is likely to continue through the next year to reach pre-COVID level or even surpass it provided there are no further unforeseen negative events, according to top property developers and consultants.


The prevailing low-interest rates on home loans, stagnant housing prices, discounts, attractive payment plans, the stamp duty cut by some States, and increased importance of homeownership amid pandemic are some of the factors that will drive sales during the next year, they added.


According to Anarock data, in the October-December rose to 50,900 units across seven big cities from 29,520 units in the previous quarter. Nevertheless, the sales fell 47 per cent to 1.38 lakh units in 2020 against 2.61 lakh units last year.


“The residential real estate segment seems to have bottomed out now. We have every reason to look to 2021 with real hope and optimism and with renewed confidence in the strong fundamentals that drive the Indian housing story,” Anarock Chairman Anuj Puri said.


Tata Realty & Infrastructure Managing Director (MD) and Chief Executive

Norway Landslide Buries Homes, 11 Missing

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A major landslide destroyed homes overnight in a village in Norway close to the capital Oslo, leaving at least 11 people unaccounted for and 10 injured, police and local media said Wednesday.

Video footage from the scene showed a whole hillside had collapsed in Ask, in the municipality of Gjerdrum, 25 kilometres (15 miles) northeast of the capital. Homes were left crushed and buried in dark mud.

Snow fell throughout the morning as the emergency services evacuated the injured and attempted to secure those homes still standing. Some houses had been left teetering on the edge of the crater left behind by the slide, with a few falling over the edge as the day went on.

Norway’s Prime Minister Erna Solberg, who travelled to the village of around 1,000 people on Wednesday, described the landslide as “one of the largest” the country had seen.

“It’s a dramatic experience to be here,” Solberg told reporters, expressing particular concern for those still missing.

“The situation is still so unstable with the mud that it’s not yet possible to do anything other than helicopter rescues,” she added.





Norway’s Prime Minister described the landslide as ‘one of the largest’ the country had seen
 NTB

Exports may reach $290 billion by end of fiscal year, says trade body

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The country’s may reach USD 290 billion by the end of this fiscal as the outbound shipments were hit hard by the COVID-19 pandemic during the first half of the year, said on Wednesday.


Federation of Organisations (FIEO) President Sharad Kumar Saraf also said that 2021 would bring a ray of hope and optimism for the exporting community.



“We are confident that a V- shaped recovery will be witnessed in world trade and we will recover much more from what we lost in 2020. Since the first and second quarter have been pretty bad, we may end the financial year 2020-21 with of around USD 290 billion,” he said in a statement.


However, looking into the good order booking position for food including processed food, pharma, medical and diagnostic products, technical textiles, chemical, plastics, electronics and networking products, “we should endeavor to take exports to USD 350 billion in 2021-22,” he added.


He suggested that the government should focus on sectors where major imports are happening and boost traditional sectors, which are important for exports as well as employment.


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