Prime minister bats for common standards to be implemented in all jurisdictions.
The Bill also envisages ushering in a regime of royalty concessions for the first time in the country.
The immediate trigger is the environment ministry's latest policy of asking corporates to mandatorily commit five per cent of project investments in environment protection measures.
Finance ministry officials said they were scrutinising many deals, but the actual tax liability would depend on many factors, including the kind of payment (royalty, interest, stake sale) and the Double Tax Avoidance Agreement with the country where the foreign company was based.
The heightened activity on permissions to power and mining projects, which had been stuck for long, coincides with the run-up to a likely reshuffle of the council of ministers this month.
The railways buy an average of 2.4 billion litres of diesel every year spending around Rs 4,500 crore (Rs 45 billion) annually on diesel fuel expenses for operating locomotives.
If June 2010 diesel price is taken as the base, then the increase is a mere 2 per cent. By contrast, petrol prices have gone up by 23 per cent in the same period.
Getting compensated for at least 90 per cent of losses without government subsidy appears difficult.
The government indecisiveness on petroleum price rise, coupled with late release of cash subsidy, has sent the borrowings of three government-controlled oil marketing companies to an all-time high of around Rs 118,000 crore (Rs 1,180 billion).
The sector attracted foreign investments to the tune of $1,252 million during the year, a 12.8 per cent decline compared to $1,437 million registered in the previous year, according to latest data released by the Department of Industrial Policy and Promotion (see table).
Schneider Electric, the $20-billion French engineering major, has identified India's perennial power shortage as a major business opportunity.
Work on the much-delayed dedicated railway freight corridor is expected to begin with contracts worth Rs 10,000 crore (Rs 100 billion) to be awarded before the end of the current financial year.
The turnaround has been possible due to availability of domestic gas on priority.
Girish Chandra Chaturvedi (57), a 1977 batch Indian Administrative officer from the UP cadre, took charge as the new petroleum secretary on May 3.
With Trinamool Congress (TMC) chief Mamata Banerjee's landslide victory in West Bengal, the Union railways ministry is set to have a new minister soon and a revamped board.
RGPPL has signed a power purchase agreement with the government of Daman and Diu for selling about 98 Mw of power from July.
The report, submitted to the government last week, says the slow pace of field development is the reason production has fallen to 50 million standard cubic metres a day (mscmd) from a peak of 60 mscmd last year.
IEA has forecast that in 2011 demand will grow by 1.4 million bpd to 89.4 million bpd.
Started in 1857, Alstom is one of the grand old companies of Europe.
RIL is insisting on a more relaxed contract for committing more gas to NTPC.
