Beating Mauritius
FDI surge from Cayman Islands makes it the new Mauritius; chorus grows China might be routing investments into India through it
Illustration by Raj Verma
Cayman Islands is situated in Caribbean Sea, 480 miles southwest of Miami, USA. The three islands are spread over 101 square miles, have a population of 65,000 and gross domestic product (GDP) of $5.5 billion, slightly more than that of the Union Territory of Puducherry.
Still, it was the third-largest contributor of equity foreign direct investment (FDI) in India in the first six months of FY21 ($2 billion). Only Singapore ($8.3 billion) and the US ($7.13 billion) were ahead. The tiny British Overseas Territory even bettered Mauritius, traditionally the biggest source of FDI into India.
Lighter compliance burden, easier debt resolution for small companies
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With a focus on ease of doing business, the government would take up decriminalisation of compoundable offences under the Limited Liability Partnership Act, Sitharaman said.
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The minister also announced changes to the rules governing one-person companies (OPCs).
More companies are set to benefit from a lighter compliance burden as the finance minister has proposed to revise the definition of a small company under India’s corporate laws.
Also, firms will find it easier to resolve their debt, and the mergers and acquisitions space will likely see increased activity, as Nirmala Sitharaman said the government would introduce alternative methods of debt resolution including a special framework for micro, small and medium enterprises, along with measures to strengthen the National Company Law Tribunals.
As part of efforts to further improve the ease of doing business, the corporate affairs ministry has sought comments on the recommendations of a high-level committee regarding the LLP Act., , llp act, government, debentures
Exporters hopeful of recovery after pandemic blows in 2020 PTI
New Delhi: After being severely hit by the COVID-19 pandemic this year, the country’s exports growth is expected to rebound in 2021 on the back of recovery in economic activities and demand worldwide.
However, the uncertain global trade situation due to rising protectionism, which adversely impacted exports in 2019, could have a bearing on the country’s outbound shipments in the coming months.
Exporters’ community is hopeful that outbound shipments would start recording healthy growth rates from April 2021, helped by growth in demand in developed as well as developing countries, and effective COVID-19 vaccines that may bring life back on track the world over.