NRI Worldwide > NRInvest
India's forex reserves rise yet again
Report dated 05/06/2011 @ 10:59 PM
For the second consecutive week, India's foreign exchange (forex) reserves climbed by $1.68 billion to $310.21 billion for the week ended May 27.
Foreign currency assets, the biggest component of the forex reserves kitty, is expressed in US dollar terms and include the effect of appreciation or depreciation of non-US currencies such as the British pound.
The value of gold reserves remain unchanged at $23.79 billion.
India among world's top four fastest wealth creators
Report dated 05/06/2011 @ 1:31 AM
According to management consultants Boston Consulting Group's annual Global Wealth Report, the US, UK, China and India are the nations showing the largest absolute gains in wealth in 2010.
Global wealth continued a solid recovery in 2010 and is expected to grow at a compound annual rate of 5.9% till 2015 with India and China forecast as the nations where wealth will grow fastest. In Japan wealth is expected to decrease slightly before recovering.
Global millionaire households increased by 12. 2% to about 12.5 million. Saudi Arabia has the highest UHNW (Ultra-high-net-worth) concentration followed by Switzerland, Hong Kong, Kuwait and Austria.
India introduces scheme to boost Solar projects
Report dated 04/06/2011 @ 1:19 AM
The Indian Federal cabinet has approved the allocation of $108 million toward a scheme to guarantee payments for electricity bought from solar power producers. The funds will be used as a guarantee in case state-run power utilities and distribution companies default on payments for solar power.
The scheme will also help the government meet targets under its National Solar Mission, that aims to build 1000 megawatts of capacity by 2013 in the first phase.
India currently has 20,000 MW of renewable energy capacity, constituting over 11 percent of the country's total power generation capacity of around 174 gigawatts.
Special NRI cell for investments in Bengal
Report dated 31/05/2011 @ 2:30 AM
Mamata Bannerjee, Chief Minister, has announced a special cell to serve NRIs interested in investing in Bengal, that will be in operational in the next months. The cell is to be set up under finance minister Amit Mitra.
Mamata cited information technology as a potential area for investment and expressed hope that the sorry state of industry will improve within a year.
The CM said improving the work culture and restoring faith in the state administration topped her agenda.
Land Rover Freelander now made in India
Report dated 30/05/2011 @ 2:09 AM
Land Rover's first India made Freelander 2 that was partially assembled in India, made its official debut on May 27 2011.
It's owner, Tata Motors turned on the production line for the first time since it acquired the brand along with Jaguar, in 2008.
Land Rover and Jaguar are experiencing lifetime record sales of some 300,000 vehicles with profits of over 1.3 billion Pounds.