Business, Economy & Banking Current Affairs

India’s first Mobile Open Exchange zone inaugurated at Noida

Prime Minister Narendra Modi laid the foundation stone of country’s first Mobile Open Exchange (MOX) zone in Noida, Uttar Pradesh. UP government had signed MoU with World Trade Centre, Noida at UP Investors Summit to develop Tech Zone which will act as catalyst for growth of mobile and allied sectors in the state.

Mobile Open Exchange (MOX) zone

MOX will be dedicated ecosystem for mobile industry, providing integrated platform to mobile manufacturers, research and development (R&D) and allied industries. It brings service providers, handset manufacturers, mobile content, application and service providers, retailers and distributors at one place which promotes indigenous R&D in hardware and start-ups in app development and other domains of the industry.

This unique zone will play pivotal role in attracting investment and area will reap huge benefits from it. The ecosystem will channelize foreign direct investment (FDI) and generate revenues from consumption-based and destination-based taxes. Moreover, its proximity to universities will strengthen industry-academia relations and provide them opportunity to work together in R&D. Chinese company already has set up its manufacturing facility in WTC Noida complex and directly and indirectly employs over 15,000 people.

Month: Categories: Business & Economy Current Affairs 2018

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India ranks 11th in 2018 AT Kearney FDI Confidence Index

India has fallen out of top 10 destinations for Foreign Direct Investments (FDI) in terms of its attractiveness according to 2018 Kearney FDI Confidence Index, in which it was ranked 11th, down from 8th in 2017 and 9th in 2016. The index was released by report published by global consultancy firm A T Kearney.

Key Highlights of Report

Fall in India’s rankings may be due to teething troubles in implementation of goods and services tax (GST) and Government’s demonetisation decision in 2016. These policies may have deterred investors in the short term as they have disrupted business activity and weighed on economic growth

Several of India’s reforms such as removing Foreign Investment Promotion Board (FIPB) and liberalising FDI limits in key sectors such as retail, aviation, and biomedical industries have maintained India’s high rankings in terms of FDI attractiveness.

In future, potential investors are likely to be cautious as they are monitoring political risks such as China abolishing presidential term limits and upcoming general election in India. But sheer size of Chinese and Indian markets, will continue to be draw for investors and they will remain highest-ranking emerging markets on the index.

FDI Confidence Index

The index is annual analysis of how political, economic, and regulatory changes will likely affect FDI inflows into countries in coming years. It is constructed using primary data from proprietary survey administered to senior executives of world’s leading corporations. Companies participating in survey have annual revenues of $500 million or more.

Month: Categories: Business & Economy Current Affairs 2018

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