The Finance Minister P Chidambaram has suggested creation of National Investment Board for speedy clearance of mega projects. He said the board headed by the Prime Minister Dr. Manmohan Singh may take a investment proposals above 1000 crore rupees in the infrastructure sector. He said, the gross budgetary support during the plan period has been estimated at 35.68 lakh crore rupees which translates into 5.23 per cent of GDP over the five year period. Mr Chidambaram said direct cash transfer of subsidies in food, fertilisers and petroleum will help in the reduction of non-plan expenditure. He was speaking at the 12th plan panel meet on Saturday.

 The Prime Minister Dr. Manmohan Singh has said, the present slowdown was not inevitable or irreversible. Addressing Convocation ceremony at IIT Bombay, Dr. Singh said, after half a century of zero rate of economic growth, from 1900 to 1950, India managed to register 3.5 per cent growth for three decades after Independence, from 1950 to 1980. But from 1980 to now, over the subsequent three decades, the country nearly doubled that rate of growth.

He said, the fundamentals of our economy are sound and with greater effort being made to mobilise all the latent physical and human resources, we can go back to the growth rate of 8 to 9 per cent per annum achieved from 2003 to 2008. Dr. Singh said, the large investments in the development of human resources that we have made in the last eight years would facilitate that outcome.

ndia today expressed its keenness to invest in development of war-torn Sri Lanka in a big way. It has also promised to rope in private players to develop ports, exploration of oil and gas and other sectors.

In his official meetings in Colombo, Commerce Minister Anand Sharma, now on a visit to Sri Lanka, reaffirmed India's commitment to building infrastructure and institutions in the island nation.
Sharma said both countries reviewed the bilateral ties with reference to rehabilitation and resettlement of
displaced Tamil civilians.

India has been involved in a number of developmental projects in Sri Lanka as part of its efforts to rebuild the
country after the end of the civil war in 2009. 
The country is also building nearly 50,000 houses for displaced civilians in
Tamil-dominated Northern Province.infrast

India has stressed the need for free movement of labour across borders. Addressing the Global Investment Conference in London, Commerce and Industry Minister Mr Anand Sharma said if the trade paradigm is viewed from a perspective of generating sustainable employment, it is imperative to address the issue of free movement of labour across borders. Mr Sharma wondered as to why in today's globalised world, where capital and technology move with unprecedented speed and volumes across national boundaries, labour cannot move.

Stating that India has engaged with all dynamic and emerging parts of the world in a spirit of true partnerships, Mr Sharma said that New Delhi is in an advanced stage of concluding an ambitious Broad based Trade and Investment agreement with the European Union.

He said India, in the last three years, has also signed Trade in Goods Agreement with ASEAN and Comprehensive Economic Partnership Agreements with South Korea, Japan and Malaysia

Mr Sharma said that trade during the 21st century is vastly different from that during the last century. He said it is so because the 21st century trade is based on a strong trade and investment linkage which is anchored in international investment in production facilities and trade in intermediate goods.

The minister said at present intermediate goods account for more than half of developed country imports and nearly three quarters of imports of large developing economies.

Union Minister for Commerce, Industry and Textiles, Anand Sharma left for London on Wednesday to attend the Global Investment Conference. Mr. Sharma will speak during a session on the Global Trade Partnerships along with the British Minister of Business, Innovation and Skills, Dr. Vince Cable and Dr. Olusegun Aganga, Nigerian Minister of Trade and Investment. During the conference, Mr. Sharma is likely to touch upon the global economic architecture and challenges being faced by the world trade. He may also highlight the new partnerships that India has formed during the recent time in new markets.

In the bilateral meetings with British Ministers, he will discuss the issues of mutual interest and review the growth of economic ties between India and the United Kingdom. The bilateral trade between India and UK in 2011, stood at over 16 billion US Dollars which was around 12 billion US Dollars in the previous year.

New Delhi today assured the economic partners across the world that investment environment in the country is friendly. Talking to reporters in New Delhi today, Commerce Minister Anand Sharma said that the government has taken enough measures to welcome investors into the country.

Reacting to the US President Barack Obama's remarks that India must carry out difficult economic reforms, Mr Sharma said he has every right to convey what his perceptions are but the policy making is a sovereign decision and India's FDI policy regime is investor-friendly.

The Minister exuded confidence that India will remain one of the attractive destinations for investment in the next three years as most of the sectors are open for FDI. Mr Sharma said the government is committed to ensuring that investment sentiment is revived.

The Commerce Minister said, the government is taking every possible step to ensure that more and more domestic goods are exported so that they find markets abroad. Expressing concern over the country's widening trade deficit with China, Mr Sharma asked Beijing to provide more access to Indian goods and services to bridge the gap. He said sectors like IT and pharmaceuticals should get better access in the Chinese markets so that the gap can be closed or reduced.

The Minister said that he has taken up the issue with the authorities there. He added that Prime Minister Dr. Manmohan Singh has already discussed the issue with his Chinese counterpart, Wen Jiabao.

Replying to a query regarding inflation, Mr Sharma said that it is cyclic and expressed the hope that monsoon will revive so that prices of food articles do not go up.

Earlier, Mr Sharma inaugurated a fair named Tex Trends 2012 that brings together the best in India apparel and accessories, fabrics, handicrafts, woolen products and carpets all under one roof. Our correspondent reports, the 3-day fair, which is the biggest ever event featuring a blend of traditional and modern textiles, has over 400 domestic exhibitors and about 2000 global buyers displaying diverse range of products.

Buyers from countries including the United States, the United Kingdom, Japan, Spain, Brazil and South Africa are participating in the fair. The exhibition being held at Shakuntalam theatre, Pragati Maidan comprises activities like fashion shows, seminars and award ceremonies. The event features in handmade silk, silk sarees, blankets, shawls, handloom clothing, curtains and bed covers.

The fair also showcases cane and bamboo handicrafts, jute specialities, packing materials, shopping and carry bags.

The government has decided to identify the potential and approaches to attract funds in the Inland

Waterways sector. With a push from the Prime Minister's Office, a committee has been set up to identify the areas of investment as also the business models to scale up private investment. An official statement said that the Committee will undertake a systematic effort to identify new areas for private investment, both in infrastructure and in transportation. It will also identify multiple business models which could then be bid out through concessions.

This will be supplemented by designing Model Concession Agreements (MCAs) and other standardised documents for facilitating a rapid scaling up of investment.

The Committee will be headed by Secretary (Planning) and include Secretary (Shipping), Director General of Inland Waterways Authority of India (IWAI) and a representative of Department of Economic Affairs as members.

The statement said,since January, PMO has identified and fast-tracked implementation of key projects in the National Waterways -1, 2 and 3. These are the Varanasi-Haldia stretch of the Ganga (NW-1), the Brahmaputra in Assam (NW-2) and the inland stretch in Kerala (NW-3).

IWAI has moved forward on large scale private investments to transport coal and fertilizer on NW-1, foodgrains and coal on NW-2 and a lot of cargo on NW-3.

Peru has urged the Indian businessmen to invest in that country. Addressing a business meeting in New Delhi today, the visiting Vice Foreign Minister of Peru Jose Beraun Aranibar said that the country offers excellent opportunities for investment in energy, agriculture, mining, petrochemicals and refining sectors. Mr Aranibar is on a two-day official visit to India . Secretary (West) in the ministry of External Affairs M Ganapathi will hold the 4th round of Foreign Office Consultations with the visiting dignitary tomorrow. Both the sides will be signing two MOUs on Cooperation in geology and mineral resources and for setting up of a Centre of Excellence of Information Technology.

AIR correspondent reports, bilateral trade between India and Peru has touched a record of 835 million US Dollars last year and is likely to cross one billion US Dollars this year. There are also significant Indian investments in Peru particularly in Mining, Hydrocarbons, Pharma and IT.

Both the sides have always maintained close contacts in the United Nations and other multilateral fora. Peru supports India’s claim for permanent membership of an expanded United Nations Security Council.

A UN report has said, major global companies consider India their third most favoured destination after China and the United States and investment inflows could increase by more than 20 per cent both this year and the next.

Releasing the UNCTAD's World Investment Report 2012, Mr. Nagesh Kumar, Chief Economist, United Nations Economic and Social Commission for Asia and the Pacific said, Foreign direct investment (FDI) flows into India leapt 30 per cent to nearly 32 billion dollar in 2011. He said, though held back by slow pace of reforms, it still remains a long way down the league table of FDI recipients. China drew 124 billion dollar last year, while Brazil attracted nearly 67 billion and Russia 53 billion dollar.

Some 179 global companies - from the manufacturing, services and primary sectors - were surveyed between February and May, on their favoured investment destinations for 2012 to 2014. Mr. Kumar said FDI growth seems to be keeping its momentum in 2012.

The US has lauded India's initiative to host a major investment summit on
Afghanistan. Describing it as an excellent initiative, The US said, more than a dozen American companies have
signed up to participate in the upcoming event in New Delhi.
State Department spokesperson Victoria Nuland told reporters that it will
strengthen private sector investment and regional links and shows great leadership on the Indian government's part. The meeting which is scheduled to be held in New Delhi on Thursday.
Nearly 40 countries, including Iran, China and Pakistan are expected to take part in the investment meet to mobilise flow of private capital to the war-torn
country.

The objective of the Summit is to attract foreign investment into Afghanistan in the light of new opportunities opening up in various sectors in that country.

India has already committed 2 billion dollars towards reconstruction and developmental activities in Afghanistan.

Congress leader Mani Shankar Aiyar today said, relaxation in visa norms was essential for improving trade relations between India and Pakistan. He was speaking at a function on India-Pakistan relationship in New Delhi.

Mr.Aiyar,however,held Pakistan responsible for delay in implementation of the liberalised visa regime.Pakistan, he said, has suggested that such an agreement should be signed by ministers and not at the secretary level.

Recently, at the Home Secretary level meeting between India and Pakistan, both the sides failed to ink the pact and merely agreed to do it at an early date after Islamabad insisted on political participation.

Mr.Aiyar also said trade should be backed up with mutual investments between the countries.Pakistani industry had expressed concerns that opening of trade with India will affect small units. Mr. Aiyar said India and Pakistan should consider doing trade in rupee. He also called for opening up of consulate in Karachi and completely open trade routes between Mumbai and Karachi.He pointed out that Indian goods are reaching Pakistan via UAE.

On political issues, Aiyar blamed Pakistan for not resolving the Siachen dispute.Recently, Pakistan Foreign Minister Hina Rabbani Khar had said India should take a bold initiative to resolve the Siachen dispute that has been lingering for 23 years on the world’s highest battleground.Mr. Aiyar said that Pakistan's continuous and healthy relationship with India would help them in reducing the role of army in the neighbouring country.

India is likely to sign a wide range of agreements and memorandums of understanding with Myanmar to further strengthen the bilateral relationship between the two countries during the forthcoming visit of Prime Minister Dr Manmohan Singh to Myanmar beginning on Sunday.

These will include bilateral cooperation in the fields of security, connectivity, Infrastructure development, trade, investment promotion and Capacity building. There will be agreements in the areas of Human resource development and people to people contact besides academic exchanges between the two countries.

Briefing media in New Delhi on the visit of prime Minister, the Foreign Secretary Mr Ranjan Mathai said Dr Manmohan Singh's visit is following the successful visit of the Myanmar's President Mr Thei Sein in October last year. He said the visit comes at a time when Myanmar is undergoing rapid transformations. 

Mr Mathai hoped that the visit will enable India to build a new foundation of multifaceted relationship with Myanmar which was laid during the state visit of Mr Thein Sein last year. The Foreign Secretary also informed that Dr Manmohan Singh will be accompanied by the Minister of External Affairs Mr S M Krishna and senior officials. A delegation of Indian CEOs is also visiting Myanmar the same time.

This is the first visit of Prime Minister to Myanmar in 25 years. The last visit was by the then Prime Minister shr Rajeev Gandhi in 1987.

The Prime Minister Dr. Manmohan Singh has said that the fiscal situation in the country needs careful management and determined measures are required to boost the climate for industrial investment, both domestic and foreign.

Speaking at a function organised at the Prime Minister’s residence in New Delhi yesterday to mark the completion of the third year of the UPA-II Government, Dr Singh said his government is facing pressures on the balance of payments situation. He said that the government will take difficult decisions on spending and revenue mobilisation.

Dr.Singh also underlined the need to resolve issues relating to land acquisition, the resettlement and the environment on priority basis and strengthen the food security system by building more storage capacity. He further said, poverty has declined at twice the rate that it did before the UPA government's tenure.

The Prime Minister said, rural wages have also increased. This year has seen record foodgrain production, crossing 250 million tonnes for the first time in the country’s history.

The Prime Minister further said that despite an adverse international environment, the Indian economy grew by about 7 per cent in 2011-12, which is amongst the highest in the world.

In her brief address, UPA Chairperson and Congress President Sonia Gandhi said that the ruling alliance can earn another mandate only on the basis of its actions in the coming two years and not promises.

She said since UPA took charge of the government, India has been advancing on the growth map in a sustained manner because of which it has been able to provide money for projects of social and rural development.

India and the United Arab Emirates have decided to set up a high-level joint task force on investment which will also look into securing more oil supplies from UAE.

Managing Director of the Abu Dhabi Investment Authority Sheikh Hamad bin Zayed al Nahyan and India’s Commerce and Industries Minister Anand Sharma will lead the respective sides of the high-level task force. The decision was taken following wide ranging discussions between External Affairs minister SM Krishna and his counterpart from UAE Sheikh Abdullah bin Zayed Al Nahyan in New Delhi on Friday.

Noting that the United Arab Emirates’ leadership is now keen to address the issue of investments to bring it on par with the multi-faceted relations the two countries enjoy in all other sectors, he said the high-level joint task force would explore further opportunities in investments.

Sheikh Hamad bin Zayed al Nahyan said besides oil, UAE was also looking at investment opportunities in sectors like petrochemicals.

Both the leaders held discussions on ways to boost trade ties and maritime security cooperation to tackle piracy. Other issues that figured in talks, included situation in West Asia, Iran's nuclear programme, Afghanistan and Indo-Pak relations.

The two sides also discussed the 3rd India-Arab Economic Conclave to be held in Abu Dhabi from Monday.

The Planning Commission said it has been adopting policy of seeking funds and resources for investing in basic infrastructure in Tripura. This has brought consistent progress in quality of life and income of people in the state.

I Montek Singh Ahluwalia emphasized the needs for improving the socio-economic conditions of the people in the state. He said the state was achieving satisfactory growth rate particularly in agriculture and services sectors during 11th five year Plan.

On this occasion, Mr. Sarkar said the state government will give more emphasis to create investor friendly environment and open up social sector for private investments in 12th Five Year Plan. In the meeting the Commission has also finalized over 22 hundred crore rupees as Annual Plan for the year 2012-13 for the state.

Sri Lanka Expo 2012, the four day mega trade, investment and tourism exhibition under the theme "Partnering with the hub of Asia" began in Colombo on Wednesday with more than 60 countries participating in it.

Addressing "Sri Lanka Expo 2012”, organized by the Export Development Board this morning, Sri Lankan President Mahinda Rajapaksa said that the presence of a large number of investors is an expression of growing trust in the new opportunities for export trade in a country that was famous for international trade from ancient days .

Referring to the recent US led resolution against Sri Lanka, President Rajapaksa also mentioned Sri Lanka is progressing on the path of peace and reconciliation and that his “government is committed to walk that extra mile to establish permanent peace through reconciliation”. However , he said that “it is our commitment to our people and no one has to tell us what to do”.Countries like India, USA, UK, China and Malaysia are participating in the event.

he Finance Minister, Mr. Pranab Mukherjee on Wednesday called for more investments in the agriculture sector to boost the country’s food security. Mr. Mukherjee said for the first time, India has produced more than one hundred million tones of rice. He said this could not be possible without investment in agricultural extension services and research and development and hailed the scientists and farmers. In this context, he assured that the government will take note of observations of   Appropriation Bills  for future strategy.

Referring to the second green revolution in Eastern India, the Finance Minister said that the government will consider a suggestion to set up a committee of Chief Ministers to promote agriculture in the Eastern States including Chhattisgarh, Bihar, West Bengal, Odisha and Assam. Talking about food security, Mr. Mukherjee said the country has produced about 250 million tones of foodgrains in 2011-12. He said the government has made adequate allocations for ensuring storage facilities.

On the budgetary proposals,  he has taken note of uncertainty prevailing in the country and outside while working out a domestic demand-driven strategy. He said investment in infrastructure, irrigation, rural infrastructure and education is leading towards strengthening the generation of the domestic demand fueling to attain the desired GDP growth.

The Finance minister said he will consider the demand for rollback of excise duty on non-branded jewellery. Later, the House returned the Appropriation Bills, which were passed by the Lok Sabha on Tuesday.

he Prime Minister Dr. Manmohan Singh on Monday asserted that India is taking pro-active steps to improve business climate in the country. He said, investments from South Korea is a priority area. Dr. Manmohan Singh elaborated his argument of India being an attractive investment destination. He said, country will return to 8 to 10 per cent growth. 

Dr. Singh listed six priority areas including about 35 per cent of GDP as saving rate to support his argument. Other important areas include Young working population, heavy investments in education, health and agriculture and huge expansion of skill development and physical infrastructure