‘FDI of $1 bn flowed from China to over 1,600 firms’
Investment came over four years: govt.
More than 1,600 Indian companies have received foreign direct investments (FDI) worth $1 billion from China during the April 2016 to March 2020 period, according to government data.
The data was provided in a written reply to the Rajya Sabha on Tuesday to a question on whether it was a fact that large-scale investments had been made by Chinese agencies in Indian companies, especially start-ups.
Over 1,600 companies received $1.02 billion in FDI equity inflows from China for the April 2016 to March 2020 period, the data show.
These companies were in 46 sectors. Out of them, the automobile industry, printing of books, electronics, services and electrical equipment received more than $100 million in FDI each during the period.
The automobile industry received the maximum FDI from China at $172 million. The services sector attracted $139.65 million.
In the reply, Minister of State for Corporate Affairs Anurag Thakur said the Ministry of Commerce and Industry had informed that the FDI Data Cell compiles and maintains the data of FDI reported through equity inflow into the country.
SpiceJet logs ₹593 cr. loss, revenue plunges to a sixth
Carrier delays payments to vendors
Low-cost carrier SpiceJet on Tuesday reported a net loss of ₹593.4 crore in the first quarter ended June, compared with a profit of ₹261.7 crore in the year-earlier quarter.
This figure includes the ₹195 crore as income in the form of compensation from Boeing for the 13 grounded 737 MAXs, which the airline is yet to receive.
The airline’s operating revenue shrunk to a sixth of its pre-COVID-19 levels and stood at ₹514.7 crore for the reported period as against ₹3,002 crore in the same quarter last year.
Operating expenses were reduced by half to ₹1,303 crore, as more than half the fleet remained grounded because of government regulations for COVID-19.
Contraction of 90%
In a statement, the airline said it was operating 47% of its aircraft and that its capacity utilisation, or passenger seat kilometres, in the quarter contracted by 90%.
“On account of its operational and financial position, and the impact of the ongoing COVID-19 pandemic, the company has deferred payments to various parties, including vendors and its dues to statutory authorities,” the carrier added in the statement.
Exports fall 12.7%, trade deficit eases to $6.77 bn
Aug. imports slide 26%, gold bucks dip
Contracting for the sixth straight month, India’s exports slipped 12.7% to $22.7 billion in August, on account of decline in the shipments of petroleum, leather, engineering goods and gems and jewellery items, according to government data released on Tuesday.
The country’s merchandise imports too declined 26% to $29.47 billion in August, leading to a trade deficit of $6.77 billion, compared with a $13.86 billion deficit a year earlier.
Oil imports declined 41.6% to $6.42 billion in the month under review. Gold imports jumped to $3.7 billion in August as against $1.36 billion in August 2019.
Federation of Indian Export Organisations President Sharad Kumar Saraf expressed concern on the dip in figures from labour-intensive sectors of exports, which impacts employment generation. “There is a need to analyse imports as well, as such a steep decline in imports may hamper the industrial recovery in the coming months,” he said.
Utilising capacity fully is the priority: Toyota Kirloskar
Automaker confident of Centre’s support to industry, jobs
Toyota Kirloskar Motor (TKM) on Tuesday said its first priority was to ensure full utilisation of production capacity it had already created in the country.
The company has an installed capacity of 3.1 lakh units spread across two plants in Bidadi, near Bengaluru. “Our first step is to ensure full capacity utilisation of what we have created and this will take time,” TKM said in a statement.
In an interview with Bloomberg earlier, TKM vice chairman Shekar Viswanathan said that the government kept taxes on cars and motorbikes so high that firms found it hard to build scale.
Committed to India
The company later said it continued to be committed to the Indian market, and its operations in the country were an integral part of Toyota’s global strategy.
“We remain confident that the government will do everything possible to support the industry and employment. We recognise the strong proactive efforts being made by the government to support various sectors of the economy and appreciate the fact that it is open to examine this issue despite the current challenging revenue situation,” the firm added.
TKM’s recent partnership with Suzuki in India on sharing technology and best practices are also in support of the ‘Make in India’ initiative and the government’s policy, and aim to enhance the competitiveness of both firms, the automaker said.
Anger in Egypt over demolition of thousands of illegal homes
New government campaign has sparked rare protests in several cities.
Anger is on the rise in Egypt over the demolition of thousands of homes built illegally.
The new government campaign has sparked rare protests in several cities.
Al Jazeera’s Alexi O’Brien reports.
How much your Social Security check will be if you make $40,000 per year
About 88% of Americans over the age of 65 will receive Social Security benefits in 2020.
The average retiree collects more than $1,500 per month, making the program an essential part of retiring in the U.S.
The size of your check will be based on your income from your working years, the year you were born and your age when you decide to start collecting benefits.
Remember: Social Security was not envisioned as your sole source of money for retirement, and the totals are always changing.
So how much should you expect from Social Security if you make $40,000 a year? Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated.
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Social Security cost-of-living adjustment could be 1.3% in 2021
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How much money do you need to retire? Start with $1.7 million
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.