Top economic news of the day

India Infoline News Service | Mumbai |

Foreign direct investment in the services sector declined by about 61% year-on-year to US$1.8bn during April-January.

Foreign direct investment in the services sector declined by about 61% year-on-year to US$1.8bn during April-January. The services sector had received FDI worth US$4.66bn during April-January 2013, according to data from the Department of Industrial Policy and Promotion. (BS)

The Indian business process outsourcing industry needs to diversify its delivery footprint to take advantage of low-cost centres; otherwise competitors, such as the Philippines, would further consolidate their position, says a joint study conducted by Associated Chambers of Commerce and Industry of India and KPMG. (BL)

The Reserve Bank is likely to order banks to scrap penalty on pre-payment of all retail and small corporate loans and do away with fines for failure to maintain minimum balance if the recent ‘nudge’ does not work. (ET)

In a bid to make public procurements more transparent and curb disputes about contracts, the government has decided to include a clause in all bid documents by public departments explicitly barring any bidder who quotes a zero fee. (ET)
 

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