Big News

India Plans Incentives to Bring in Foreign Manufacturers.  The government will create a land bank for ready-to-move-in industrial clusters, offer investment, location-based incentives and rationalize anti-dumping duties to incentivize 324 large global companies to set up factories in a bid to capitalize from the trade war between China and the US.

India Expected to Supply Nuclear Reactors to Africa.  India’s government is exploring supply of small nuclear power reactors to African countries where hydropower generation has witnessed a decline, leading to lower supply of electricity.

Indian Oil Corporation in Talks with Rosneft to Import Russian Oil.  Indian Oil Corporation, one of India’s leading refiners, is in talks with oil major Rosneft to import Russian oil, as part of the country’s efforts to gradually identify new oil sources to hedge itself against geopolitical risks.

Labour Code Bill Introduced in Lok Sabha for Approval.  The Labour Code on Industrial Relations bill which aims to improve the business environment in the country largely by reducing the labour compliance burden of industries has been introduced in the lower house of India’s parliament for approval.

Indian IT spending is Expected to Grow to US$94bn in 2020.  According to Gartner, IT spending in India is expected to reach US$94bn in 2020 from US$88.5bn in 2019, primarily led by growth in consumer devices. Software and IT services is expected to lead the IT spend growing at 15.2% and 13.4% respectively in 2020.

FII Equity Holding Rises to Eight-Quarter High in July-September.  Foreign investors have increased their ownership across 414 firms in the BSE 500 index, which comprise c.90% of India’s market capitalization, to an eight-quarter high of 20.93% by the end of September.