Tag: Malaki

Easing biz climate trade norms to help India attract FDI improve CAD

first_imgWashington: Easing business climate and relaxing trade related norms will help India attract foreign investors and improve the current account deficit situation, according to International Monetary Fund (IMF). The IMF in its India section of the External Sector Report has said that although progress has been made on foreign direct investment (FDI) liberalisation, portfolio flows remain controlled. India’s trade barriers remain significant, it said, adding steps to contain fiscal deficit should be accompanied with measures to enhance credit availability through faster cleanup of balance sheets of banks and corporates. Also Read – Maruti cuts production for 8th straight month in Sep “Improving the business climate, easing domestic supply bottlenecks, and liberalising trade and investment will be important to help attract FDI (foreign direct investments), improve the CA (current account) financing mix, and contain external vulnerabilities,” the IMF said. Current account deficit (CAD), which is the net of foreign exchange inflows and outflows, increased to USD 57.2 billion or 2.1 per cent of GDP in FY19 as against 1.8 per cent in the previous year. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to Customs It noted that India’s low per capita income, favourable growth prospects, demographic trends, and development needs justify the CAD. Further, the IMF has suggested for gradual liberalisation of portfolio investments, while monitoring risks of portfolio flow reversals. With CAD projected to continue in the medium term, the NIIP (Net International Investment Position)-to-the GDP ratio is expected to weaken marginally, IMF said. A NIIP is the difference between a country’s external financial assets and liabilities. “The moderate level of foreign liabilities reflects India’s gradual approach to capital account liberalisation, which has focused mostly on attracting FDI. India’s external debt is moderate compared with other emerging market economies, but rollover risks remain elevated in the short term,” the IMF said. It added that the current account deficit is estimated to have increased to 2.5 per cent of the GDP in fiscal year 2018-19 from 1.9 per cent of GDP in the previous year, due to higher commodity prices and strong domestic demand in the first half of the fiscal year. Over the medium term, the CAD is expected to remain about 2.5 per cent of the GDP, it said, adding based on India’s historical cash flow and capital inflow restrictions, global financial markets cannot be counted on to reliably finance a CAD above three per cent of the GDP. Further, it said that FDI inflows are not yet sufficient to cover protracted and large CAD. FDI in India dipped by one per cent to USD 44.4 billion in 2018-19.last_img read more

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ABB helping leading Polish coal miner PGG digitise automate and electrify

first_imgPolska Grupa Górnicza SA (PGG) is a leader in hard coal mining in the European Union, supplying 32 Mt of coal to customers annually. The company is systematically improving its production process and has recently established an office for innovation and implementation of new technologies. It is responsible for acquiring and implementing new technologies, both within the PGG Group and through cooperation with companies and scientific institutions. ABB will support this initiative with its experience in electrification, automation, and digitalisation for the mining industry. The company’s mines Ziemowit and Jankowice already use ABB’s winding machines, and some of the devices in the Marcel mine are powered by inverters manufactured in ABB’s plant in Aleksandrów Łódzki.The combination of the know-how of Polska Grupa Górnicza and the global experience and capabilities of ABB’s specialists expands the potential use for new solutions that will meet the needs of PGG and the larger mining industry. “ABB solutions help secure the reliable supply of inexpensive, high quality energy for mining customers by increasing efficiency and optimising the costs of hard coal production, as well as maintaining high standards of environmental protection and employee safety.”Paweł Łojszczyk, Managing Director of ABB in Poland stated: “We are working closely with our customer PGG on new ways digital technology can help improve their efficiency, worker safety, and capability to react to new market demands and conditions. Innovation is part of our company’s DNA, which is why we are eager to collaborate on the practical use of advanced technologies like those in our ABB Ability MineOptimize portfolio.”“For many decades, ABB has been known as a world-class supplier for turn-key electrification and automation solutions as well as for dedicated mining systems for hoists, gearless or ring-geared mill drives and material handling. Together with its customers andpartners, ABB looked at how mining operation and maintenance can be improved and what the next level of mining will look like. These collaborations triggered many innovative development activities for digital applications and services, that are now part of the ABB Ability MineOptimize portfolio. This truly integrated digital mining solution set includes applications and services for unmatched operation, maintenance, process and production optimisation.”ABB Ability MineOptimize digital applications are based on the ABB Ability automation and information management platforms. “Their proven standardised building blocks are horizontally and vertically connected and ensure the right people have the right information at the right time.”last_img read more

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