Latest news with #ForeignDirect
Business Recorder
12 hours ago
- Business
- Business Recorder
Tax officials' new powers: FPCCI mulling moving the court
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has unequivocally rejected the new powers granted to tax officials in the recently announced Federal Budget, branding them as 'excessive, overly-subjective, and harassment-prone.' During a press conference in Karachi, FPCCI leadership announced their intention to challenge these authorities in superior courts, specifically those enabling taxmen to withdraw funds from business accounts and conduct raids on business premises without prior notice. The FPCCI leadership urged the federal government to withdraw these stringent measures before the budget's final passage from parliament to restore confidence within the business community. FPCCI President Atif Ikram Sheikh emphasized that tax collection targets can only be met if industrialists and exporters are actively engaged through a comprehensive consultative process. He lamented that the budget largely overlooks the necessary steps to empower the business community to realize the Prime Minister's vision for export-led growth. Sheikh further elaborated on a globally established principle: increased intervention or interaction by tax collectors with taxpayers tends to undermine fairness, transparency, and impartiality, as heightened human-to-human interactions and subjective human judgments become a source of nuisance. Saquib Fayyaz Magoon, Senior Vice President of FPCCI, demanded the restoration of the Fixed Tax Regime (FTR) for exporters in its original form and for a long-term duration. This, he argued, is crucial for bringing clarity, certainty, and consistency to taxation policies, thereby attracting both Foreign Direct Investment (FDI) and domestic investment by ensuring Pakistan remains competitive as a country. Magoon also highlighted the necessity of broadening the Export Facilitation Scheme (EFS) to include local manufacturers, warning that without such inclusion, Pakistani products would face supply line disruptions and a lack of competitiveness in regional and international markets. He further expressed resentment that the FPCCI's recommendations for special incentive packages for the high-growth Information Technology, mines & minerals, and fishing industries were disregarded in the Federal Budget. FPCCI Vice President Asif Sakhi urged tax authorities to cease accusing the business community of tax evasion or theft. Instead, he called for a transformation of the tax machinery into a facilitative body that engages with taxpayers through amicable and respectful behaviour. During the press conference, FPCCI Vice President Aman Paracha proposed the formation of a high-powered fact-finding committee to ascertain the root cause of the FBR's inability to achieve the tax collection target for fiscal year 2025. Vice President Nasir Khan highlighted a concerning trend, stating that many businessmen have already relocated to more lucrative and stable investment, trade, and industrial destinations, while those remaining are struggling to operate their factories without incurring losses. Another concern raised by the FPCCI was the restriction imposed on Special Economic Zones (SEZs) developers for a period of 10 years or until tax year 2035, whichever comes first. Copyright Business Recorder, 2025
&w=3840&q=100)
Business Standard
a day ago
- Business
- Business Standard
Purvankara share price zooms over 7% as subsidiary bags deal worth ₹272 cr
Puravankara share price: Puravankara share was buzzing in trade in an overall muted session on Thursday, June 19, 2025, with the scrip rallying up to 7.45 per cent to hit an intraday high of ₹301.10 per share. However, by 10:37 AM, Puravankara shares were off day's high, and were trading 3.28 per cent higher at ₹289.40 per share. In comparison, BSE Sensex was trading flat with a negative bias at 81,419.45 levels. Why did Puravankara share price jump in trade today? Puravankara share price zoomed after the company announced that its wholly-owned subsidiary, Starworth Infrastructure & Construction, secured a letter of intent (LoI) worth a little over ₹272 crore from TRU Dwellings Private Limited. In an exchange filing, Puravankara said, 'We write to inform you that M/s. Starworth Infrastructure & Construction Limited which is the Wholly Owned Subsidiary of Puravankara Limited, has received a Letter of Indent for Civil and Finishes Works for the proposed Residential Apartment at 'TRU AQUAPOLIS' in Varthur, Bengaluru for M/s. Tru Dwellings Private Limited'. Under the terms of the deal, Puravankara will be responsible for civil and finishes works for the proposed Residential Apartment at 'Tru Aquapolis' in Varthur, Bengaluru for TRU Dwellings. Track LIVE Stock Market Updates About Puravankara Puravankara Limited, based in Bengaluru, is among India's top real estate developers. Established in 1975, the company has built a legacy of over 50 years, delivering high-quality homes with a strong focus on timely delivery, transparency, and innovation. To serve diverse customer needs, Puravankara operates through three key brands. The flagship Puravankara brand focuses on premium, technologically advanced residences. Provident Housing Limited, launched in 2008 as a wholly-owned subsidiary, caters to the mid-income housing segment. In 2021, the group introduced Purva Land, specialising in plotted developments to meet evolving investment preferences. The company's construction arm, Starworth Infrastructure and Construction Limited (SICL), delivers technology-enabled construction solutions. Puravankara has also expanded into commercial office spaces, strengthening its presence across the real estate value chain. With operations in cities such as Bengaluru, Chennai, Hyderabad, Pune, Mumbai, Kochi, Goa, Kolkata, Coimbatore, and Mangaluru, Puravankara was among the first Indian real estate companies to secure Foreign Direct Investment (FDI). It has so far delivered over 86 residential and commercial projects, covering more than 50 million square feet of development.
Indian Express
12-06-2025
- Business
- Indian Express
Fiscal and investment credibility, not headline numbers, will drive India's economic growth
Written by Deepanshu Mohan & Ankur Singh Two critical trends have occurred with little discussion or critical reflection. One is the recent data showing inward FDI (Foreign Direct Investment) capital flows reducing, as against the rise observed in outward FDI (capital moving out of the country), which indicates weakening investor confidence and/or low growth in capacity utilisation of existing (or already invested) private capital in key sectors. According to the RBI, India performs well in terms of greenfield FDI (new projects) investments announced during 2024–25, following the US, UK, and France, as the fourth destination most preferred by investors. But what's important is to distinguish 'gross flows' of investment from 'net flows'. As reported and explained, 'Gross flows account only for the FDI that flows into the country. It doesn't take into account the funds that flow out due to foreign companies repatriating funds to their head offices overseas, or foreign investors selling off investments in Indian companies, or Indian companies investing in ventures overseas. Net flows, after accounting for the outward movement of funds, collapsed to just around $400 million in 2024–25, down from over $10 billion the year before.' This is worrying and signals a structural shift in India's FDI-led investment ecosystem. Beyond this trend, Moody's cut the United States' sovereign credit rating on May 16 from AAA to Aa1. The downgrade wasn't in reaction to a crash, a pandemic, or a war. This was also not a sudden moment of fiscal slippage. It was something slower and far more dangerous: the normalisation of fiscal recklessness at the heart of the global monetary order. The timing of this also matters. Unlike the S&P downgrade in 2011, which followed the debt-ceiling standoff, or Fitch's move in 2023 amid post-COVID distortions, Moody's decision came in a year of relative economic calm, at least on the surface. Inflation is easing, unemployment is low, and global markets are more stable than they've been in years. That's what makes the downgrade quietly radical. Under Trump's presidency, the US has doubled down on a mix of tax cuts, tariff wars, and populist spending — all without credible offsets. The so-called One Big Beautiful Bill, heavy on headline-friendly promises like tax exemptions on tips and overtime pay, masks an extraordinary fiscal burden. Independent estimates peg its ten-year cost at over $5 trillion. That's on top of a debt-to-GDP ratio already exceeding 120 per cent. That shift matters for every other country trying to navigate a world built on dollar stability. It matters most for emerging markets like India, which borrow trust before they borrow money. If even the US can lose its fiscal halo, no country is immune from scrutiny. In India, elections have long served as budget announcements. Whether in the corridors of the Centre or on the campaign trail in the states, fiscal responsibility is often the first casualty of political ambition. Loan waivers, free electricity, subsidised gas cylinders, unemployment stipends, direct cash transfers — the list of election-time giveaways has grown longer with each cycle. In recent years, nearly every state election — from Haryana to Jharkhand, Delhi to Maharashtra — has witnessed a scramble among parties to outdo each other in promises of material entitlements: free rides, free water, free laptops. India's general government gross debt stands close to 80 per cent of GDP. Its combined fiscal deficit continues to hover above prudential norms. Yet our politicians treat the budget as an open-ended ledger for electoral engineering, diverting scarce public funds toward short-term voter appeasement rather than long-term nation-building. This erosion becomes all the more dangerous in the context of a shifting global climate — one in which financial markets may no longer be willing to turn a blind eye to fiscal indiscipline, however well-wrapped in democratic legitimacy it may be. Moody's downgrade of the United States marks a turning point. When the world's largest economy, issuer of the global reserve currency and anchor of financial markets, sees its sovereign creditworthiness questioned, it signals a recalibration in how markets view risk. This is not a one-off judgement. It is part of a broader repricing of fiscal credibility — one that should worry emerging economies more than most. With the US downgrade, the club of AAA-rated sovereigns has grown even more exclusive. Germany and Canada, which were long considered models of stability, too are now grappling with their own budget imbalances, prompting speculation that they, too, may soon fall off the list. For India, the implications of this are twofold and urgent. First, it is a reminder that the global financial order no longer offers blanket indulgence to profligacy. Its capital markets remain vulnerable to swings in foreign sentiment, and its monetary policy is constrained by external balances. In such a landscape, credibility must be consistently earned. Second, India's vulnerabilities are institutional. Beneath the headline numbers, what is often ignored is inconsistent tax enforcement, erratic regulatory actions, and delays in judicial and insolvency mechanisms. These are not peripheral issues; they shape how investors price long-term risk. On FDI, behind the headline numbers shared earlier — often denominated in billions of dollars — India has been affected as well. As a share of GDP, net FDI into India peaked at 2.65 per cent in 2009. According to a recent study, other preferred destinations for FDI, such as China or Vietnam, have also seen net FDI as a share of GDP fall in recent years. I have argued earlier that India needs productivism — to borrow from Dani Rodrik's reasoning — and must prioritise the dissemination of productive economic opportunities and investment capital across all sectors and segments of the workforce. This will help utilise effective capital mobility for job creation as well. All this requires a critical shift from fiscal management as a crisis-response to fiscal credibility as the default posture. Markets don't send warnings like this twice. Deepanshu Mohan is Professor of Economics and Dean, IDEAS, Office of InterDisciplinary Studies, Director, Centre for New Economics Studies, Jindal School of Liberal Arts and Humanities. Ankur Singh works at CNES
The Hindu
10-06-2025
- Business
- The Hindu
No declining trend in FDI into India: Piyush Goyal
There is no declining trend in Foreign Direct Investments (FDI) into India, though periodic fluctuations may occur sometimes due to global interest rate changes, Commerce and Industry Minister Piyush Goyal has said. Mr. Goyal added that India is seeing renewed overseas inflows and the government is open to suggestions and will adopt new measures to promote FDI in the country. Over the last eleven financial years (2014-25), India attracted FDI worth USD 748.78 billion, an increase of 143 per cent over the previous eleven years (2003-14), which saw USD 308.38 billion in inflows. Spent an engaging evening with Indian business delegates. Held insightful conversations on exciting opportunities, partnerships, and new avenues for trade & investment between India & Switzerland, emerging from the India-EFTA Trade and Economic Partnership Agreement. 🇮🇳🇨🇭 — Piyush Goyal (@PiyushGoyal) June 10, 2025 Additionally, the number of source countries for FDI increased from 89 in 2013-14 to 112 in 2024-25, underscoring India's growing global appeal as an investment destination, Mr. Goyal said. Given these figures, "I don't think that there is any declining trend, periodically there may be some changes, and that happens more due to changes in interest rate cycles in other countries, so if the bond yields in some countries become exorbitantly high, money tends to flow into those countries. we have once again seen money flowing back into India," Mr. Goyal told reporters here. In 2024-25, India received a total FDI of USD 81 billion, which is the highest in the last three years, he said. With USD 81 billion, India is back into the FDI growth trajectory, he said, adding, "We are a listening government. We are open to suggestions and we are always ready to adopt newer measures". The highest was USD 84.83 billion in 2021-22. The minister is here on an official visit to hold meetings with Swiss leaders and companies to boost trade and investments between the two countries. Foreign direct investment in India fell 24.5 per cent year-on-year to USD 9.34 billion in the January-March quarter of 2024-25 but grew 13 per cent to USD 50 billion during the entire previous financial year. Total FDI, which includes equity inflows, reinvested earnings and other capital, grew by 14 per cent to USD 81.04 billion during the last financial year. The same stood at USD 71.3 billion in 2023-24. During 2024-25, Singapore emerged as the largest source of FDI with USD 14.94 billion inflows. It was followed by Mauritius (USD 3.73 billion against USD 8.34 billion), the US (USD 5.45 billion), the Netherlands (USD 4.62 billion), the UAE (USD 3.12 billion), Japan (USD 2.47 billion), Cyprus (USD 1.2 billion), UK (USD 795 million), Germany (USD 469 million), and Cayman Islands (USD 371 million). Sectorally, inflows rose in services, trading, telecommunication, automobile, construction development, non-conventional energy and chemicals.
&w=3840&q=100)
Business Standard
10-06-2025
- Business
- Business Standard
No declining trend in FDI, India seeing renewed inflows: Piyush Goyal
There is no declining trend in Foreign Direct Investments (FDI) into India, though periodic fluctuations may occur sometimes due to global interest rate changes, Commerce and Industry Minister Piyush Goyal has said. He added India is seeing renewed overseas inflows and the government is open to suggestions and will adopt new measures to promote FDI in the country. Over the last eleven financial years (2014-25), India attracted FDI worth $748.78 billion, an increase of 143 per cent over the previous eleven years (2003-14), which saw $308.38 billion in inflows. Additionally, the number of source countries for FDI increased from 89 in 2013-14 to 112 in 2024-25, underscoring India's growing global appeal as an investment destination. Given these figures, "I don't think that there is any declining trend, periodically there may be some changes, and that happens more due to changes in interest rate cycles in other countries, so if the bond yields in some countries become exorbitantly high, money tends to flow into those countries. we have once again seen money flowing back into India," Goyal told reporters here. In 2024-25, India received a total FDI of $81 billion, which is the highest in the last three years, he said. With $81 billion, India is back into the FDI growth trajectory, he said, adding, "We are a listening government. We are open to suggestions and we are always ready to adopt newer measures". The highest was $84.83 billion in 2021-22. The minister is here on an official visit to hold meetings with Swiss leaders and companies to boost trade and investments between the two countries. Foreign direct investment in India fell 24.5 per cent year-on-year to $9.34 billion in the January-March quarter of 2024-25 but grew 13 per cent to $50 billion during the entire previous financial year. Total FDI, which includes equity inflows, reinvested earnings and other capital, grew by 14 per cent to $81.04 billion during the last financial year. The same stood at $71.3 billion in 2023-24. During 2024-25, Singapore emerged as the largest source of FDI with $14.94 billion inflows. It was followed by Mauritius ($3.73 billion against $8.34 billion), the US ($5.45 billion), the Netherlands ($4.62 billion), the UAE ($3.12 billion), Japan ($2.47 billion), Cyprus ($1.2 billion), UK ($795 million), Germany ($469 million), and Cayman Islands ($371 million). Sectorally, inflows rose in services, trading, telecommunication, automobile, construction development, non-conventional energy and chemicals. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
