Kejriwal in his public meetings took up issues, which garnered him strong support
Aam Aadmi Party chief spokesperson Yogendra Yadav tells Somesh Jha how Delhi has moved beyond Shahi Imam-type politics. Yadav also takes a dig at Finance Minister Arun Jaitley, and says the AAP had formulated its policies on the streets, unlike the Bharatiya Janata Party.
The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
Several former colleagues say Kejriwal is undemocratic. But his loyalists stand stoutly behind him
It is likely he will rope in an international ATM manufacturer as a strategic partner with equity stake.
A host of lenders, including State Bank of India, IDBI Bank, Indian Bank and Andhra Bank, have lined up meetings of their asset-liability committees this week, to review their lending and deposit rates.
There is a proposal to term forests as areas so notified and not include plantations on private land.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
This comes despite sharp criticism received from various RSS affiliated organisations
Banks have swung into action as gold prices continue to slide. Reduced loan-to-value ratio (LTV), cautious lending, and a close monitoring of the gold loan portfolio have prompted them to hedge their loan books against the reduction in prices.
President Pranab Mukherjee on Friday gave his assent to Rajasthan's amendment to three laws -- the Factories Act, Industrial Dispute Act and Contract Labour Act.
The Narendra Modi-led government has issued around 50 fresh guidelines easing conditions for industry in about six months, beside launching an online system for applying environment clearances.
Paving the way for the first set of labour reforms in the country, President Pranab Mukherjee has given his assent to Rajasthan's amendments to three laws.
The Aam Aadmi Party is gearing up for elections for the third time in one year. Party chief and former Delhi chief minister Arvind Kejriwal says that the Bharatiya Janata Party is trying to deceive people by projecting it as a "fight" between Narendra Modi and Arvind Kejriwal, while the actual chief ministerial contest is between Kejriwal and Jagdish Mukhi. He concedes there is a 'Modi wave' in the country but that wouldn't affect his party' prospects in Delhi.
Customers using e-commerce websites are young and techno-savvy.
Even as State Bank of India, the country's largest lender, has decided to charge its customers for more than five transactions through automated teller machines (ATMs), private sectors banks continue to be on a wait-and-watch mode.
CBI has also named unknown officials of the union environment ministry in the PE.
SBI's number of foreign offices increased from 186 in March 2013 to 190 in March 2014, in 36 countries.
A senior RBI official said the regulator was focusing on performance of banks' statewise and in each district.
In an interview with Business Standard, Arundhati Bhattacharya says she expects stalled projects coming back on track in two quarters.
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