India Now - page 9

NAT I ONAL
ROUND - UP
7
|
APRIL-MAY 2015
PRIME
Minister Narendra Modi’s
recent visit to two Asian countries–
China and South Korea– has
strengthened commercial ties
between these countries. During his
visit to China during
May 14–16, he met
Indian and Chinese
CEOs in Shanghai
and called upon
Chinese business
leaders to invest
in India, saying,
“India is ready for
business,” adding, “I
strongly believe that
this century belongs
to Asia.” Both
countries signed
26 agreements
worth over US$ 22 billion ranging
from renewable energy, power
infrastructure, and steel and small
& medium industries, amongst
others. China had already promised
US$ 20 billion of infrastructure
during its President Xi Jingping’s
visit to India last year. During
Prime Miniter Modi’s visit, Chinese
banks granted US$ 2.5 billion in
credit lines to Bharti Airtel in one
of the biggest ever-
financings for an
Indian group.
Mr Modi visited
another Asian
country, South
Korea on May 18.
During his tour,
both India and
South Korea inked
seven agreements.
South Korea
also decided to
provide US$ 10
billion to India
for infrastructure, development
of smart cities, railways, power
generation and other diversified
areas as the two countries agreed to
upgrade their bilateral relationship
to a “Special Strategic Partnership”.
India Signs Bilateral Trade Pact
with China, South Korea
PM invites
Chinese businessmen to invest in India
INDUSTRY
UPDATE
INDIA
is on an aggres-
sive hard sell path in busi-
ness and leisure tourism.
The Government of India,
in March this year, came
out with a National Tour-
ism Policy 2015 draft that
promotes India as a ‘Must
Experience, Must Revisit’
the PMO and several cru-
cial aspects of the Prime
Minister’s vision like
Make
in India, Swachh Bharat,
Smart Cities, International
Yoga Day
and
Skill Devel-
opment
are part of the
draft policy. The aim is to
increase India’s share in
world tourist arrivals from
0.68 per cent in 2014 to 1
per cent by 2020 and take
it to 2 per cent by 2025.
Policy Push to Tourism
To sell destination India
US$
BILLION WORTH
26 PACTS SIGNED BY
INDIA AND CHINA IN
CRITICAL AREAS
destination. An important
aspect of the draft policy
is the direct access that
it gives to the Prime Min-
ister’s Office (PMO) in
deciding the course of the
crucial sector. A key coor-
dination committee under
the policy will be under
TOURISM
TRACKER
INVESTMENT
TRACKER
o f MN C s i s
answering the call to
Make in India
. Chinese
mobile maker Gionee has
announced an investment
of
`
300 crore in building
a manufacturing facility
in the country in the next
three years as a part of the
company’s commitment to
the initiative. Mylan, the US
generics pharmaceutical
major, is keen to expand
its presence in Andhra
Pradesh with an additional
investment of US$ 5 billion.
Another American com-
pany Hospira has already
invested
`
2,500 crore in
a manufacturing facility in
Visakhapatnam. Japanese
auto major Honda has
announced an investment
of `
`
1,775 crore this fiscal.
Besides, foreign direct
investments (FDI) into India,
according to official data
released recently, surged
by 56 per cent in the five
months since the
Make
in India
programme was
launched on September
24, 2014. The manufactur-
ing sector was a big gainer
seeing a jump of 45 per
cent at US$ 6.9 billion from
US$ 4.8 billion in the cor-
responding period in 2014.
Global Cos Come to Make
in India
Investing in plant and
capacity enhancement
A SPATE
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