CCEA approves its Rs 10,500-cr investment in India.
'The first year of the Modi government's second term has laid the roadmap for the future and we will embark on it with gusto,' promises Gopal Krishna Agrawal, the BJP's national spokesperson on economic affairs.
The Cabinet Committee on Economic Affairs on Thursday steeply increased the price of gas, hitting the aam-aadmi, also gave a meagre hike to the minimum support price of food-grains, adversely affecting farmers, reports Sheela Bhatt.
A high-level meeting will be convened soon to decide on probing the India operations of Chinese Telecom companies -- 'Huawei' and 'ZTE' -- against the backdrop of the US calling the two firms a threat to American national security.
In a sign of deepening bilateral ties, Bhutan Prime Minister Jigmi Y Thinley will arrive in New Delhi on a three-day visit during which he will hold talks with the top leadership on hydro-electric projects among other issues.
The group proposes to invest Rs 10,500 crore in single-brand retail trading in India through a 100 per cent subsidiary.
CCI, sector regulators may consult each other if jurisdictions overlap
The appointment of new expenditure secretary comes a month-and-a-half ahead of the Budget for 2020-21 to be presented on February 1.
Documents related to 2G spectrum allocation cannot be accessed by the public till the Joint Parliamentary Committee completes its probe and submits its report, the Central Information Commission has stated. The JPC, which is probing the high-profile scam, has directed the finance ministry not to reveal any information till it completes the probe.
India's foreign investment panel has approved Swedish retailer IKEA's Rs 10,000 crore plan to set up shop in the country, the trade minister said.
The rupee has lost over 2.5 per cent in the two trading days of this week and nearly 10 per cent in the past six weeks on concerns of scaling down of stimulus packages by the US.
The sluggish market situation notwithstanding, Finance Minister P Chidambaram on Thursday clarified to ministry officials he wouldn't accept any slippage in the government's Budget divestment target of Rs 30,000 crore (Rs 300 billion) for this financial year.
Traditionally, the Budget making exercise begins from mid-October.
DEA official writes to DIPP suggesting that govt needs to understand what has been left out, and why, in the revised application of the retailer.
The price would increase from $4.2/mbtu to $10/mbtu if Rangarajan formula is accepted.
The foreign investment proposal by Italian jewellery brand Damiani to set up a 51:49 joint venture with Mehta's Pvt Ltd also got the government's approval, sources said.
Industry is demanding a cut in repo rate to help revive India's sagging GDP growth that hit decade's low of 4.5 per cent in the third quarter of 2012-13.
In a note for the Cabinet Committee on Economic Affairs, the ministry has proposed raising gas price for state-run firms immediately and that for RIL from April 2014, sources privy to the development said.
North Block and Mint Road seem likely to now stick to the earlier convention of the RBI governor coming to Delhi and being the only MPC member meeting the finance minister and senior bureaucrats on pre-policy meetings
The actual expenditure will only be marginally higher and hence, the multiplier effect will be muted.
Tech giant allowed to set up fully owned shops, with 30% local sourcing like everyone else.
While the meetings on Friday were preliminary discussions, it is learnt that sectors like tourism; hospitality; aviation; micro, small and medium enterprises (MSMEs); and livestock have sought deferring loan repayments and temporary tax holidays in specific cases to help them tide over the steep fall in economic activity.
Mandatory pvt participation, annual tariff hikes, conforming to FRBM limits seen difficult.
The call for rate cut comes ahead of the annual monetary policy announcement scheduled for Friday, wherein it is widely expected that the apex bank will cut lending rates by 0.25 per cent as inflationary pressures have eased much more than its projected levels.
Bihar Chief Minister Nitish Kumar has long been demanding special category status for his state.
It is more than certain that coal supply is a major constraint on power production; and power is a major constraint on industrial growth.
The ED had filed the first chargesheet in the case against Chidambaram's son Karti; later, a supplementary chargesheet was also filed against him.
The Department of Disinvestment proposes to begin the stake sale process in September.
The move is part of a larger initiative by the government to speed up work in the highway sector.
Rajan has shifted from the conventional ground floor room occupied by CEAs to a room on the first floor, adjacent to Chidambaram's office.
Modi has appointed P K Sinha, who superannuated as cabinet secretary on Friday, as Officer on Special Duty (OSD) in the Prime Minister's Office (PMO), he said.
"Historically, all possible combinations have occurred: inflation with and without [economic] development, no inflation with and without [economic] development".
Foreign airlines can now pick up 49 per cent stake in India's domestic carriers, a step that is expected to give a boost to cash-strapped aviation industry.
A direction is this regard was given on Wednesday after Finance Minister P Chidambaram and Coal Minister Sriprakash Jaiswal met in the presence of the secretaries of the Department of Economic Affairs and Coal Ministry
The Finance Ministry on Saturday said there is no dilution of the permission granted to the Swedish furniture major Ikea to set up its business in India, as the Rs 10,500 crore (Rs 105 billion) investment proposal is limited to only single brand retailing.
Even as the rupee plunged to a 10-week low against US dollar on Friday erasing almost the entire gains it made since the recent reform waves, the Finance Ministry on Saturday expressed optimism of a recovery before the fiscal-end and ruled out any intervention by RBI.
In a bid to sort out some thorny issues between India and Bangladesh -- including the delay in implementation of the land boundary agreement, signing of a deal to share water of the Teesta river, the Tipaimukh barrage project etc -- two advisers to Bangladesh Prime Minister Sheikh Hasina are currently visiting New Delhi.
Market watchers believe that the change in guidelines fly in the face of some of the recent initiatives taken by the government, such as easing norms for foreign portfolio investors.
The sources said the matter should have been referred to the Cabinet Committee on Economic Affairs as foreign investments above Rs 600 crore (Rs 6 billion) can only be cleared by Cabinet Committee on Economic Affairs headed by the Prime Minister.
The government is committed to restricting fiscal deficit at 5.3 per cent of GDP this financial year and has no immediate plans to go for additional market borrowings, a senior government official said.
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