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India economy & business news in brief for Nov 30: Foreign investors showing increased interest in India, says expert

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By: Shubham Ghosh

Here are news in brief related to Indian economy and business for Wednesday, November 30, 2022:

Foreign investors are exhibiting growing interest in India, as Asia’s third-largest economy increases its manufacturing capacity and upgrades infrastructure, Santanu Sengupta, chief India economist at Goldman Sachs Group Inc. said, according to Bloomberg. As investors eye markets with digital new economy assets, India has consistently seen inflow of annual foreign direct investments of $50 billion to $55 billion, even during the Covid-19 pandemic, Sengupta said in an interview with Bloomberg Television. Government incentives for firms that expand their manufacturing base in the South Asian economy are a big draw, he added.

India has planned to use government capital spending to sustain a strong economic growth, the country’s finance minister Nirmala Sitharaman told  the Reuters NEXT conference on Wednesday, forecasting a “very good” economy in the run-up to the general elections of 2024. She said the Narendra Modi government will also prioritise health and education. “We would continue to push capital expenditure, and that I’m saying even as I’m preparing for the next budget,” Sitharaman, who is preparing the national budget to be presented on February1, the last full budget before the general elections, told the conference. Capital expenditure, accoding to her, “can guarantee good growth.” “As a result, India can look forward to “a very good … growing Indian economy this year and the next,” she said.

German chancellor Olaf Scholz is likely to visit India twice next year as the two countries look to strengthen bilateral relations with an emphasis on green and sustainable development, Press Trust of India reported. “The Chancellor is planning a bilateral visit to India next year…. I am very confident he will come for a bilateral visit before the G-20 Summit,” German Ambassador to India Philipp Ackermann told reporters here. Ackermann said Germany and India have finalised 22 projects covering transition to renewable energy, climate resilient urban development and sustainable use of natural resources totalling one billion euros for the next year under the green and sustainable development partnership (GSDP). The German chancellor, during Indian prime minister Narendra Modi’s visit to Germany in May, had announced support of at least 10 billion euros (£8.6 billion)by 2030 under GSDP.

The Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan, on Wednesday exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation, Asian News International reported. With this exchange of letters, RBI and FSA are committed to deepen relations between the two countries and strengthen the exchange of information, according to a statement from RBI. RBI and FSA also expressed their willingness to hold a dialogue or exchange views about matters of common interest and concerns as appropriate. The letters confirm the interest of both jurisdictions in enhancing cooperation in line with their respective laws and regulations.

The third edition of the ‘Make in Odisha Conclave’ got underway on Wednesday in state capital Bhubaneswar, with several dignitaries from partner countries and company officials attending the first day of the summit, officials said, PTI reported. The five-day of conclave, inaugurated by the state’s chief minister Naveen Patnaik, is likely to see participation of several corporate honchos, they said. Attended by industry representatives and dignitaries from partner countries like Norway, German, and Japan, the inaugural ceremony was followed by a cultural programme. Corporate honchos like Vedanta Resources Ltd chairman Anil Agarwal, Arcelor Mittal’s executive chairman L N Mittal, chairman of Aditya Birla Group Kumar Mangalam Birla, CEO & MD of Tata Steel T V Narendran and Tata Power CEO & MD Praveer Sinha are expected to be in attendance during the conclave days, Odisha industries minister P K Deb said.

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