The visa-on-arrival facility at the Attari-Wagah check post to Pakistani nationals over 65 years of age will begin from January 15, but they would not be able to stay in Punjab, Kerala and Jammu & Kashmir.
After taking charge, P Chidambaram promised fine-tuning of policies and place a stable tax regime.
The tax authorities and insurance regulator Irda are working on the possibility of removing Service Tax on first premium.
The wholesale price-based inflation hovered over seven per cent through 2012, down from 10 per cent inflation seen in the previous year, reflecting the impact of tight money policy of the Reserve Bank of India.
The central bank will have to draw a balance between the need to fuel economic growth and contain inflation.
Much to the delight of borrowers, home and car loan rates came down to as low as 8 per cent, the lowest in six years, during the year.
The year was particularly significant as the market regulator Securities and Exchange Board of India acted in favour of the investors and eased norms making it easier for them to invest in mutual funds.
The government had first mentioned raising foreign direct investment ceiling in insurance sector to 49 per cent from the current 26 per cent in the 2004 Union Budget and introduced a Bill to do so over a year ago.
Investors got the upper hand in 2009, while fund houses struggled to cope with regulatory changes and upheavals in the economy, even as the industry shrugged off recession blues with its assets hitting an all time high of Rs 8 lakh crore (Rs 8 trillion).
The biggest irony is that nearly two-thirds of these funds are estimated to have come from investors in overseas markets, which themselves were in shambles and where companies were in dire need of capital, forcing them to beg their respective governments for money.
The pinnacle of a market economy is when the consumer feels like king. Never before have Indians had such a vast choice and for the icing on the cake, prices from kitchen goods to cars started falling in 2008.
They used to be an avenue of mutual gains for investors in both good and bad times for years, but incurred heavy losses in 2008, when mutual funds became poorer by about Rs 1,50,000 core (Rs 1,500 billion) or about one-third of their total size.
Volatility in lending and deposit rates witnessed during the year is expected to end in 2009 with interest rates seen to be going down, due primarily to an easy monetary stance being pursued by the Reserve Bank of India to push growth.
Five major steel producers including SAIL, Tata Steel and Essar have decided to hold the price line for up to three months after an appeal by Prime Minister Manmohan Singh not to manipulate prices for short-term gains. India has said it will take measures to bring down steel prices, but would first wait to see if producers do it on their own. High steel prices are partly to blame for soaring inflation, which rose to 7.33 per cent for the week ended April 12.
SBI is keen on big overseas acquisitions that will give it a 'strategic fit' along with new products and access to cheaper capital. SBI is not keen on small foreign banks worth a few millions, chairman O P Bhatt said.
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