Big News

Saudi Arabia Plans Investments Worth US$100bn in India.  Saudi Arabia has billed India as an ‘attractive investment destination’ and is evaluating investing c.US$100bn in India across several areas including petrochemicals, infrastructure and mining.

Foreign Investors Infuse US$1.1bn into Indian Capital Markets in September.  After being net sellers for the previous two months, foreign investors infused a net US$1.1bn into the domestic capital markets in September following a slew of economic reforms announced by the government.

India ASEAN to Review Free Trade Pact in Goods.  India and a 10-member bloc of South-East Asian nations have agreed to review their free trade agreement and constitute a joint committee to make it more user-friendly, simple, and trade facilitative for businesses.

Tax on Capital Gains Rolled Back.  The government has rolled back the increase in surcharge on capital gains made by investors from the sale of listed shares, in a move aimed at lifting the sentiment and boosting capital market investments.

India, China Move to Set Up Buyers’ Bloc to Bargain Collectively for Crude Oil Prices.  India and China are nearing an arrangement to form a buyers’ bloc to check the influence of Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC) cartel on oil prices.

Government to Build Massive Clean Energy Parks For US$2bn Each.  In a renewed push to cut India’s dependence on fossil fuels, the central government has directed state-run companies to build clean energy parks of 2,000 MW each, to further bring down solar and wind power tariffs.