Business & Economy

India ranks third among world's
preferred FDI destinations 

What is India News Service, Tuesday, 13 October 2004, 1900 hrs IST

India and China are aggressively challenging the U.S. as the world's most favoured destination for foreign direct investment, says a study. 

The latest study on the Foreign Direct Investment Confidence Index by the global management consultant firm, A.T. Kearney, is based on an annual survey of executives from the largest companies. 

The study found that India had risen from the sixth to the third most likely FDI location globally, the country's highest ranking ever, just behind the U.S. China maintained its top ranking. Though the U.S. remained in the second position, the gap between the U.S. and India may be closing. "As China and India forge their leading positions in the global economy, the U.S. and the rest of the world will face severe competitive pressures from these two dynamic and rapidly evolving economies," the firm said.

PM to review oil prices: Increasing global oil prices are affecting economy as well state owned oil companies which have not increased retail prices of petroleum products. 

Guidelines on AIR shortly: In a bid to check tax evasion, the Finance Ministry will shortly come up with detailed guidelines on annual information return (AIR) that would record high value transactions above Rs 50,000.

UBI CMD booked for accepting bribe: Sleuths belonging to the CBI on Monday booked United Bank of India(UBI) Chairman-cum-Managing Director Prakash Singh.

Patni Computer to acquire Cymbal for $68 million: Patni Computer Systems Ltd is to acquire US-based Cymbal Corporation, an IT services company in telecom space, in a $68 million all-cash deal. 

Kinetic rolls out most expensive bike: Carrying a price tag of Rs. 1.76 lakhs, Comet 250, India's most expensive motorcycle was rolled out today by Kinetic Engineering with an eye on the upwardly mobile youth. 

Kerala\92s politicians divided over mineral sand mining: A UDF minister and a former Congress MP are now at the centre of a raging controversy over allowing mineral sand mining in Alappuzha. 

HCL Tech buys 100% stake in Shipara Tech: IT services company HCL Technologies on Tuesday acquired 23 per cent stake in Shipara Technologies, making the Bangalore-based entity its fully-owned subsidiary. 

Phone users most dissatisfied in metros: Phones users, both mobile and fixed line, in the country's metros have become increasingly dissatisfied with the quality of services mainly in billing and network performances, the Telephone Regulatory Authority said on Tuesday.

Overall:

India scored high on FDI list: It is next only to the US and China in attracting foreign direct investment.

Government may hike petro prices: The prime minister is looking at the oil bill and may order a raise in retail prices. 

Phone users unhappy with service: The telephone regulatory authority said urban phone users were dissatisfied with billing and network performance.