India Connects - High Commission of India, Colombo

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BILATERAL ECONOMY19th India International Seafood Show to be held in Chennai Next YearThe Marine Products Export Development Authority (MPEDA) in association with the SeafoodExporters Association of India (SEAI) will organise the 19th India International Seafood Show (IISS), abiennial event at Chennai Trade Centre from 10th to 12th January 2014. The 19th edition of IISS has anexhibition wherein all leading international and domestic companies will exhibit their equipments, products,services etc along with a technical session in which many world renowned experts on seafood sector willparticipate. Registration for the same can be done at www.indianseafoodexpo.com and in all field offices ofMPEDA. An early bird scheme with 25 per cent discount on normal rates will be available for those whoregister on or before 30th September 2013.The 19th edition of IISS will project the sustained development of Indian seafood by adopting thetheme of “Guilt free seafood from India”. This will highlight the tradition followed by Indian fishermen andaqua farmers to do their activities in a sustainable way and in harmony with nature making the seafood fromIndia so pristine that can be consumed without any trace of guilt.It will also showcase the state-of-the-art technology now being adopted by the Indian processingunits to produce and export value added products. The event will bring together the Indian seafood exportingfraternity and the overseas buyers under one umbrella and enable them to interact and finalize futurebusiness dealings.The Indian seafood industry has now come a long way with a major stand in the global seafoodmarket. IISS 2014 will also present tremendous scope for tapping new avenues and introducing varioustechnology and products to the global market. With multifold increase in the production of exotic species,Pacific White legged Shrimp (Litopenaeus vannamei), India is poised for enhancement in productioninfrastructure, which presents great opportunity to forge new partnerships and strengthen the existingrelationship, for all the sectors associated with seafood industry.Source: Department of Commerce, India (Press Releases)Previous Page Back to Cover Page Next Page
INDIAN ECONOMYConsolidated FDI Policy: April 2013It is the intent and objective of the Government of India to attract and promote foreign directinvestment (FDI) in order to supplement domestic capital, technology and skills, for accelerated economicgrowth. FDI, as distinguished from portfolio investment, has the connotation of establishing a 'lasting interest'in an enterprise that is resident in an economy other than that of the investor. The present consolidationsubsumes and supersedes all Press Notes/ Press Releases/ Clarifications/ Circulars issued by Department ofIndustrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India, which were inforce as on April 4, 2013, and reflects the FDI Policy as on April 5, 2013. This Circular accordingly will takeeffect from April 5, 2013.Highlights of FDI Policy: April 2013A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/ activities whichare prohibited.Qualified foreign investors (QFl) are permitted to invest through Securities and Exchange Board of India(SEBI) registered Depository Participants (DP) only in equity shares of listed Indian companies throughrecognised brokers on recognised stock exchanges in India as well as in equity shares of Indiancompanies which are offered to public in India in terms of the relevant and applicable SEBI guidelines/regulations.Indian companies can issue equity shares, fully, compulsorily and mandatorily convertible debentures andfully, compulsorily and mandatorily convertible preference shares subject to pricing guidelines/ valuationnorms prescribed under Foreign Exchange Management Act (FEMA).The capital instruments should be issued within 180 days from the date of receipt of the inwardremittance received through normal banking channels including escrow account opened and maintainedfor the purpose or by debit to the NRE/ FCNR (B) account of the non-resident investor.Investments can be made by non-residents in the equity shares/ fully, compulsorily and mandatorilyconvertible debentures/ fully, compulsorily and mandatorily convertible preference shares of an Indiancompany, through the automatic route or government route.India registered 25 per cent FDI growth in April 2013 y-o-yForeign direct investment (FDI) inflows into India registered an increase of 25 per cent year-on-year(y-o-y), the highest level in the past six months, to record US$ 2.32 billion in April 2013. The highest levels ofFDI inflows was registered in the hotels and tourism sector (US$ 2.32 billion), followed by pharmaceuticals(US$ 987 million), services (US$ 238 million), chemicals (US$ 51 million) and construction sector (US$ 32million), in April 2013 . Singapore, alone was responsible for FDI inflows worth US$ 1.29 billion in April 2013,followed by Mauritius, the Netherlands and the US with FDI inflows worth US$ 355 million, US$ 173 millionand US$ 149 million respectively. FDI inflows aggregated to US$ 22.42 billion in 2012-13.In order to provide impetus to the FDI flows, the Government of India has administered numerousreform initiatives, since September 2012 including liberalising FDI norms in civil aviation, power exchangesand retail. The Ministry of Finance has also proposed changes in FDI caps for various sectors, including tea,media, natural gas and petroleum. An increase in FDI will help support the rupee against US dollar. It isestimated that India will need about US$ 1 trillion between 2012-13 to 2016-17 to fund infrastructure such asairports, highways and ports to boost growth.Previous Page Back to Cover Page Next Page
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