With the increase in foreign direct investment into the country, ICICI Bank on Tuesday said it is upping its focus on serving the multinational companies
FDI in India grew by 15 per cent to Rs 2.2 trillion ($30 billion) during the first half of the current fiscal.
Singapore was the second biggest source.
Over next 5 years, 77 per cent of firms looking to ramp up investments, 83 per cent to hire more
Between January and April 2020, Chinese companies and US hedge funds raised their stakes in Byju's, Paytm and many other billion-dollar Indian technology companies
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India's move was attributed to the rising possibility of "opportunistic takeovers" of its companies by those in neighbouring nations, as the coronavirus pandemic wreaks havoc on the economy
FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth
After Palaniswami took over as chief minister in February 2017, cumulative foreign direct investment (FDI) rose by Rs 46,427 crore from Rs 133 trillion (April 2000 to March 2017) to Rs 180 trillion
The official in the Department for Promotion of Industry and Internal Trade (DPIIT) said that they are currently working on a policy for e-commerce sector and are examining several issues under that.
Recently, the government relaxed foreign investment norms in sectors such as single-brand retail trading, coal mining and contract manufacturing
The Union Cabinet also approved 100% FDI under automatic route in coal mining and associated infrastructure
The commerce and industry minister said his ministry has also identified sectors and countries which holds huge potential for investments in India