Anchorage Infrastructure Investment Holding’s FDI request of Rs 15,000 crore has been approved by the CCEA.

Anchorage Infrastructure Investment Holding’s FDI request of Rs 15,000 crore has been approved by the CCEA.

The government approved a Rs 15,000-crore foreign direct investment (FDI) application for infrastructure investment from Anchorage Infrastructure Investment Holding Ltd, a subsidiary of a Canadian pension fund. The FDI proposal was accepted by the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, for investment in infrastructure and construction-development industries.

Transport and logistics, as well as downstream investment in the airport sector and aviation-related industries and services, may be among them.

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According to an official statement, the transaction also comprises the transfer of a stake of Bangalore International Airport Limited to Anchorage and a Rs 950 crore investment by the 2726247 Ontariao Inc in Anchorage Infrastructure Investment Holding Ltd.

OAC is the administrator of OMERS, one of Canada’s largest defined benefit pension plans, and 2726247 Ontariao Inc is a wholly-owned subsidiary of OAC.

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The investment will provide a significant boost to the infrastructure and building industries, as well as the airport industry. It will bolster the Indian government’s ambition to construct world-class airports and transportation infrastructure through private partnerships, according to the statement.

The investment will also provide a major boost to the recently announced National Monetisation Pipeline, according to the announcement (NMP). It will assist support the leasing of state-owned infrastructure assets to private operators, which includes assets such as highways, trains, airports, sports stadiums, power transmission lines, and gas pipelines.

Anchorage Infrastructure Investment Holding Ltd proposes to invest downstream in some of the NMP-affected sectors.


The investment will also result in direct job creation, according to the statement, because the sector in which Anchorage Infrastructure Investment Holding Ltd proposes to make downstream investments is capital- and employment-intensive.

The investment will also create indirect jobs in the construction and related industries, according to the statement.

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Fix issues with the Income Tax e-filing portal by September 15, 2021: FM to Infosys

Fix issues with the Income Tax e-filing portal by September 15, 2021: FM to Infosys

The Finance Ministry met with Infosys to discuss issues with the Income Tax Department’s e-filing portal.

Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, met with Mr Salil Parekh, MD & CEO, Infosys, here today afternoon to express the Government’s and taxpayers’ deep disappointment and concerns about the ongoing glitches in the Income Tax Department’s e-filing portal, even two and a half months after its launch, which was also delayed. Smt. Sitharaman demanded an answer from Infosys for the taxpayers’ ongoing problems.

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The Ministry of Finance emphasised the necessity for Infosys to invest more resources and effort in order to assure the much-delayed delivery of agreed-upon services. Mr. Parekh was also made aware of the challenges faced by taxpayers, as well as the issues that have arisen as a result of the portal’s slow operation.

The Finance Minister demanded that the team overcome the challenges that taxpayers are having with the portal’s present features by September 15, 2021, so that taxpayers and professionals may work together effortlessly on the platform.

India’s exposure to US securities has increased by more than 10pc in the last 3 months 

Mr. Parekh stated that he and his staff are doing all possible to ensure the portal’s flawless operation. Mr. Parekh further stated that around 750 team members are working on this project, which is being directly overseen by Mr. Pravin Rao, Infosys’ COO. Mr. Parekh also stated that Infosys is working quickly to ensure that taxpayers have a smooth experience on the platform.

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India’s exposure to US securities has increased by more than 10pc in the last 3 months

India’s exposure to US securities has increased by more than 10pc in the last 3 months

In the three months ending in June, India’s holdings of US government securities increased by more than USD 20 billion to USD 220.2 billion, owing to surging foreign exchange reserves. When compared to June of last year, when the coronavirus pandemic crippled most economic operations, India’s exposure to US Treasury securities increased by approximately USD 40 billion.

According to the most recent data from the US Treasury Department, India is the 11th largest holder of these assets, withholdings of USD 220.2 billion at the end of June this year, while Japan has the greatest exposure at just over USD 1.277 trillion.

Since March, when it was at USD 200 billion, India has steadily increased its government securities exposure. The stockpile increased to USD 208.7 billion in April, then to USD 215.8 billion by the end of May.

The country’s exposure in February was USD 204.4 billion, down from USD 211.6 billion in January. At the end of June 2020, the stake was valued at USD 182.7 billion.

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The rise in India’s exposure to US treasuries, according to Unmesh Kulkarni, Managing Director Senior Advisor at wealth management firm Julius Baer India, must be viewed in the context of the country’s continuing build-up of foreign reserves.

“US Treasury yields have been on the decline since May’21, after bottoming out in the middle of last year and rising steadily thereafter, while RBI has been gradually increasing its exposure since April’21,” he told PTI.

In the week ending August 13, India’s forex reserves were USD 619.365 billion, down from a record high of USD 621.464 billion the previous reporting week.

Domestic liquidity in the Indian money markets has been high, according to Kulkarni, and the RBI has been attempting to normalise the situation through variable-rate reverse repo auctions.

“Growing foreign exchange reserves boost to local rupee liquidity, thus it makes sense for RBI to buy foreign assets to drain some of the excess liquidity.”

 

“Among forex sovereign assets, the US dollar is generally the RBI’s preferred currency; contrary to market expectations, the US dollar has remained stable in the current calendar year so far, appreciating 4.1 per cent (Dollar Index) and 1.8 per cent against the INR,” he said, adding that Indian commercial banks have also begun deploying some.

India’s forex reserves have reached a new lifetime high of $621.5 billion.

Japan is the largest holder of US Treasury securities, followed by China, with a combined exposure of USD 1.061 trillion at the end of June.

According to the data, the UK came in third with USD 452.9 billion in holdings, followed by Ireland (USD 322.9 billion), Luxembourg (USD 301.8 billion), Switzerland (USD 270.1 billion), Brazil (USD 249 billion), Cayman Islands (USD 244.8 billion), Taiwan (USD 239.4 billion), and Belgium (USD 228.5 billion).

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