Connect with us

National

India attracted USD 22 billion of FDI flows in first half of 2018: UN report

Published

on

India

United Nations | India attracted USD 22 billion of FDI flows in the first half of 2018, according to a UN report which states that the global foreign direct investment dropped by 41 percent in the same period due to tax reforms carried out by the Trump administration.

The UN Conference on Trade and Development (UNCTAD) said on Monday in its ‘Investment Trends Monitor’ report that in South Asia, India attracted USD 22 billion of FDI (foreign direct investment) flows, contributing to the subregion’s 13 per cent rise in FDI in the first half of the year. The report, however, said that with the USD 22 billion FDI, India just about managed to make it to the top 10 host economies receiving the most FDI during the period.

China was the largest recipient of FDI, attracting an estimated USD 70 billion in inflows in the first half of the year, followed by the UK with USD 65.5 billion, the US with USD 46.5 billion, The Netherlands at USD 44.8 billion, Australia with USD 36.1 billion, Singapore got USD 34.7 billion and Brazil received USD 25.5 billion, it said.

Global foreign direct investment fell by 41 per cent in the first half of 2018, to an estimated USD 470 billion from USD 794 billion in the same period of 2017, mainly due to large repatriations by the US parent companies of accumulated foreign earnings from their affiliates aboard following tax reforms, the report said. Overall, the global financial picture is “gloomy”, said James Zhan, UNCTAD’s Director, Division on Investment and Enterprise.

The decline in global FDI is mainly owing to recent tax reforms implemented by US President Donald Trump’s administration that led to big firms in the US to bring home earnings from abroad principally from Western European countries. Other factors have contributed to this year’s “huge difference in repatriation” of overseas profits by US multinationals, Zhan said.

These include uncertainty about the detail and impact of tax reform and the potential impact of unresolved international trade disputes; such as the tit-for-tat tariffs imposed by the US and China, Zhan added.

In contrast to the overall decline in foreign investment, the report highlights a 42 percent increase in so-called “greenfield” projects to USD 454 billion.

These initiatives can involve building operations in a foreign country from scratch and they are seen an indicator of future trends, Zhan said, adding that investment in this sector had been at “relatively low levels” in the same period last year.

The report noted that while the fall in foreign direct investment had happened mainly in richer nations, including Ireland (down USD 81 billion) and Switzerland (down USD 77 billion), developing economies saw FDI flows declining “only slightly” in the first half of the year by four percent to USD 310 billion compared with 2017. This includes developing Asia – down four percent – to USD 220 billion – in the same period, driven mostly by a 16 percent decline in investment in East Asia.

Latin America and the Caribbean saw a six percent drop in investment, amid uncertainty over upcoming elections that were offset by higher commodity prices, the report said.

National

Legal perspective being sought for quotas for upper castes in Bihar: Nitish Kumar

News Desk

Published

on

quotas

Nitish Kumar, the Bihar chief minister today on Monday declared his government will implement quotas for the economically-backward among the unreserved category once they get a legal perspective concerning the suitable modalities.

Nitish Kumar stated that a legal perspective was being sought as to whether the new quotas, which have been brought forth by way of a recent constitutional amendment and are in addition to the existing reservations, could be introduced in the state through an executive order or an Act passed in the legislature.

He also stated that we are bound by the top court judgement, which placed a cap of 50 percent on the quotas for the educationally and socially backward, but added that he is in the support of the demand for increasing the limit to make reservations proportionate to the population of the respective caste groups.

He added, “But opposition parties which are voicing the demand have no clue as to how to go about it. In my view, there should be a fresh tally wherein the separate populations of social segments like SCs, STs and OBCs is taken into account. Based on its report, the nation can move towards ensuring proportional representation for various castes”.

Continue Reading

National

PM Modi to inaugurate Pravasi Bharatiya Diwas convention in Varanasi on Tuesday

News Desk

Published

on

Pravasi Bharatiya Diwas

Prime Minister Narendra Modi on Tuesday will inaugurate the 15th convention of the Pravasi Bharatiya Diwas in his parliamentary constituency of Varanasi.

It is for the first time that the three-day long convention is being organized from 21st January to 23rd January in place of 9th January to permit the participants for visiting the Kumbh Mela in Allahabad and attend the parade of Republic Day here.

A statement from the Prime Minister’s office stated that the theme of the convention for this year is ‘role of the Indian diaspora in building new India’.

The chief guest of the convention will be Prime Minister of Mauritius Pravind Jugnauth, whereas a member of Parliament of Norway, Himanshu Gulati will be the special guest. Further, member of Parliament of New Zealand, Kanwaljit Singh Bakshi, will be the guest of honour.

The decision to celebrate the Pravasi Bharatiya Diwas was taken by the then Prime Minister Atal Bihari Vajpayee and the first event was celebrated on 9th January 2003 in Varanasi.

As a matter of fact, January 9 was picked to be the day for the celebration of Pravasi Bharatiya since it was this day in the year 1915 that Mahatma Gandhi had returned from South Africa to India.

The Pravasi Bharatiya Diwas is now celebrated once in every two years and gives a platform to the Indian community overseas for engaging with the government and reconnecting with their roots said the statement.

Pravasi Bharatiya Sammaan, is discussed on the selected overseas Indians for their imperative contributions to different spheres both abroad and in India.

Continue Reading

National

India among the most trusted nations globally: Reports

Published

on

By

Davos | India is among the most trusted nations globally when it comes to government, business, NGOs and media but the country’s brands are among the least-trusted, according to a report.

The The 2019 Edelman Trust Barometer report released on Monday, ahead of the the World Economic Forum (WEF) meet here, noted that the Global Trust Index witnessed a marginal increase of 3 points to 52.

China topped the Trust Index among both the informed public and the general population segments, with scores of 79 and 88 respectively.

India was at the second place in the informed public category and third place in the general population category.

The Index is the average per cent of trust in NGOs, business, government and media.

The findings are based on an online survey in 27 markets covering over 33,000 respondents. The fieldwork was conducted between October 19 and November 16, 2018.

In terms of trust in companies headquartered in each market, the most trusted are those from Switzerland, Germany and Canada. The brands from these countries have a trust score of 70 each while that of Japan is 69 per cent.

However, companies headquartered in India, Mexico and Brazil are the least trusted, followed by China and South Korea, as per the report.

While the score of India and Brazil is 40 per cent, that of Mexico and China stood at 36 per cent and 41 per cent, respectively.

The report noted that there is a growing feeling of pessimism about the future, with only one-in-three mass population respondents in the developed world believing his or her family would be better off in the next five years.

Among the mass population, just one-in-five believe the system is working for them and 70 percent desire change. And despite a full-employment economy, fear of job loss remains high among the general population.

This is based on views of respondents about global companies headquartered in specific countries and how much these firms are trusted by them ‘to do what is right’.

According to the report, globally ‘my employer’ is significantly more trusted than NGOs, business, government and media

“The last decade has seen a loss of faith in traditional authority figures and institutions,” said Richard Edelman, president and CEO of Edelman.

When it comes to reliable sources for news, search and traditional are among the most trusted. Search and traditional media have a score of 66 each, while the score of social media is 44 per cent, the report noted.

“73 per cent worry about false information or fake news being used as a weapon,” it added.

Stephen Kehoe, global chair, Reputation at Edelman said that divergent levels of confidence between the mass population and informed public about the future signal a continued underlying rot in the structure of society.

“While not everyone is taking to the streets, the data shows why protests like the Gilet Jaunes in France, the women’s marches in India and walkouts by employees at some major tech companies could become more mainstream,” Kehoe said.

Continue Reading

Popular Stories

Copyright © 2018 Theo Connect Pvt. Ltd.