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FIPB clears 6 FDI proposals worth Rs 1,200 crore

The Foreign Investment Promotion Board (FIPB) has approved six Foreign Direct Investment (FDI) proposals worth Rs 1,200 crore. Decision in this regard was taken by FIPB meeting headed by Economic Affairs Secretary Shaktikanta Das.

It has approved the proposals of, Star Den Media Services, Sanofi Synthelabo India, Idea Cellular Infrastructure Services, Menarini India, Boehringer Ingelheim India and Recipharm Participation.

Background

India allows FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, then those proposals first have to be cleared by FIPB. The Union Government has taken a slew of measures in the recent past to boost foreign direct investment into the country. The FDI in the country has grown to $40 billion in the financial year 2015-16 as against $30.94 billion in the previous FY 2014-15.

About Foreign Investment Promotion Board (FIPB)

The FIPB is inter-ministerial body that offers a single window clearance for applications on Foreign Direct Investment (FDI) that are under the approval route. The finance secretary is the chairman of the FIPB. It is housed in the Department of Economic Affairs, Union Ministry of Finance. Presently, FDI proposals up to 3,000 crore rupees are cleared by the FIPB. However, those proposals involving FDI of more than 3,000 crore rupees are given final clearance by the Cabinet Committee on Economic Affairs (CCEA).

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India, Qatar inks five agreements

India and Qatar have signed five agreements including in the field of visas, cyberspace and investments.

These agreements were signed after bilateral talks held between Prime Minister Narendra Modi and his Qatari counterpart Sheikh Abdullah bin Nasser bin Khalifa Al Thani in New Delhi.

Singed Agreements are
  • Protocol on Technical Cooperation in cyber space and combating cybercrime.
  • Letter of Intent on an Agreement on grant of e-Visa for businessmen and tourists
  • MoU on greater collaboration and exchange in the field of national ports management.
  • Agreement on exemption from visa requirement for holders of diplomatic, special and official passports.
  • MoU between Qatar’s Supreme Committee for Delivery and Legacy and Confederation of Indian Industry (CII).
Bilateral talks

Both sides held bilateral talks on key issues of energy, trade and security. India expressed its keenness to invest in hydrocarbon projects in Qatar. They also agreed to enhance cooperation in defence and security in particular in cybersecurity and jointly tackle money laundering and terrorist financing. Qatar welcomed Indian investment in the port sector of Qatar. It also invited India’s participation in infrastructure and investment opportunities coming up in the wake of Qatar hosting the FIFA World Cup in 2022.  They also discussed the regional situation, particularly in Iraq, Syria and Yemen.

India-Qatar Relations

India enjoys close and friendly relations with Qatar. The relationship is based on mutually beneficial commercial exchanges and extensive people-to-people contacts. Qatar is one of the most important trading partner of India in the Gulf region and important contributor to India’s energy security. It is the largest supplier of LNG to India, accounting for 66% of the total imports in 2015-16. Indians form the largest expatriate community (around 630,000) in Qatar. They have provided positive contribution in the progress and development of Qatar.

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Gionee inks MoU with Haryana Government to set up manufacturing hub in Faridabad

The Gionee India has signed a Memorandum of Understanding (MoU) with the Haryana government to set up its phone manufacturing hub in Faridabad.

The MoU was signed by Gionee Mobiles Chairman Liu Lirong and Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) in presence of Chief Minister Manohar Lal Khattar.

Key Facts

  • The hub would be set up with an initial investment of Rs. 500 crore over an area of 40-50 acres in Faridabad. It would provide employment to 28,000 people in next 3 years.
  • This unit will Gionee Mobiles to achieve the inventory levels required to take it to the next level of growth.
  • Gionee Mobiles had chosen Haryana for its manufacturing hub due factors such as great government policies, availability of skilled manpower and infrastructure support.

Gionee had entered the Indian market in 2013. It has already reached a turnover of 3,250 crore rupees by end of 2015. About 60% of its devices sold in the country are manufactured locally at facilities run by Dixon (in Noida) and Foxconn (in Tamil Nadu).

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