Image used for representational purposes. File
| Photo Credit: Reuters

Information Technolgy & Human Resource Development Minister Nara Lokesh Babu. File
| Photo Credit: Shiv Kumar Pushpakar

New Delhi:

Union Minister of Commerce and Industry, Piyush Goyal, declared that the H1B visa issue is now “a thing of the past” during a meeting at Vanijya Bhavan, New Delhi.

He emphasized that the topic would no longer be a point of discussion in international dialogues, marking a shift in focus towards other areas of economic and strategic partnerships.

Minister Goyal’s recent visit to the United States included a two-day stay in New York, where he met with CEOs of major companies to discuss reforms initiated by the Modi government aimed at boosting foreign investments in India, particularly in the pharmaceutical and diamond sectors.

Surat, a prominent hub for the diamond industry, was highlighted as a key region for such investments. Goyal met around thirty business leaders who have already established ventures in India, signalling continued interest in expanding business operations in the country.

Following his engagements in New York, the Minister travelled to Washington, where he had a luncheon meeting with 17 CEOs from the CEO forum, including Tata Sons’ top executive.

The discussions primarily centred on restructuring the forum, as the terms of several members are set to expire in December. Various Memorandums of Understanding (MoUs) were also signed during the visit, underscoring the commitment to deepening business ties.

The visit also involved meetings with Small and Medium-sized Enterprises (SMEs), think tanks, educators, and the Center for Strategic and International Studies (CSIS). Goyal described this visit as different from previous trips, noting that there were no “negative agendas” on the table, reflecting a more positive outlook towards Indo-US relations.

Discussions extended beyond traditional sectors, covering potential partnerships in critical areas such as clean energy development, technology transfer, digital telecommunications, and defence.

Talks on biosciences have been ongoing, though Goyal noted that progress on biofuels was limited due to the upcoming US elections.

There were also conversations about setting a stable exchange rate between the Indian rupee and the US dollar, which could benefit bilateral trade.

Tourism and the development of the digital economy were also focal points during his meetings. Goyal’s engagements at the CEO forum and with the CA forum aimed to showcase India’s evolving business landscape and ongoing economic reforms, positioning the country as an attractive destination for global investment.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

This influx is following an inflow of ₹26,565 crore in equities in the entire month of June, driven by political stability and the sharp rebound in markets.
| Photo Credit: The Hindu

Foreign Portfolio Investors (FPIs) injected ₹30,772 crore into Indian equities so far this month, driven by hopes of continued policy reforms, sustained economic growth and a better-than-expected earnings season.

“Additionally, the anticipation of a reform-oriented Budget has also lifted investor sentiment,” Himanshu Srivastava, Associate Director – Manager of Research at Morningstar Investment Research India, said.

“Going forward, if the recent trend of weakness in dollar and bond yields persists, FPIs are likely to continue their buying in the market,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

“Domestic and foreign investors are keenly watching for possible tweaks in the long-term capital gains tax in the Budget to be presented on July 23,” he added.

According to the data with the depositories, FPIs have made a net inflow of ₹30,772 crore in equities this month (till July 19).

This came following an inflow of ₹26,565 crore in equities in the entire month of June, driven by political stability and the sharp rebound in markets.

Before that, FPIs withdrew ₹25,586 crore in May on poll jitters and more than ₹8,700 crore in April on concerns over a tweak in India’s tax treaty with Mauritius and a sustained rise in the U.S. bond yields.

“The formation of the NDA government at the Centre for the third consecutive term has had a positive impact on investor sentiments. It has raised expectations for continued policy reforms and sustained economic growth,” Mr. Srivastava said.

“Additionally, the better-than-expected earnings season so far has also worked towards building investor confidence,” he added.

Apart from equities, FPIs invested ₹13,573 crore in the debt market during the period under review. This has pushed the debt tally to ₹82,197 crore this year so far.

During the fortnight that ended July 15, FPIs were buyers in autos, capital goods, healthcare, IT, telecom and oil and gas. “A notable trend was the lack of buying in financial services, which partly explains the poor performance of financial services in July so far,” Mr. Vijayakumar said.

Flows to date in July 2024 were mixed for emerging markets. In addition to India, Brazil, Indonesia, Malaysia, the Philippines, and South Korea witnessed inflows. On the other hand, Taiwan, Thailand and Vietnam witnessed outflows.