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 finance ministry has already raised the fiscal deficit target to a more acceptable level of 5.3 per cent.
The Union Cabinet on Thursday cleared setting up of Cabinet Committee on Investment for providing expeditious clearances to major projects worth over Rs 1,000 crore (Rs 10 billion).
Although it has not been able to sell stake in any PSU so far this fiscal, the government will be able to meet the Rs 30,000 crore disinvestment target set for 2012-13, according to Department of Economic Affairs secretary Arvind Mayaram.
"I dont think we will be able to contain fiscal deficit to our Budget plan of 5.1 per cent (of GDP). It could be 5.2 to 5.3 per cent, which is doable," Department of Economic Affairs Secretary Arvind Mayaram told reporters in New Delhi.
The rural co-operative credit sector in the country is set to get a boost with $1 billion loan from the Asian Development Bank to the centre.
He was last month appointed as Secretary in Department of Economic Affairs in place of his batchmate Arvind Mayaram, who was first shifted to Tourism and then to Minority Affairs Ministry.
The foreign investment regulator cleared a decision on Vodafone Group Plc's $1.6 billion plan to take full ownership of its local unit.
Indian government has hiked the import duty on refined gold three times since January 1 and it now is at a record 10 per cent.
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Economic Affairs Secretary Arvind Mayaram said India had brought its fiscal deficit down more sharply and quickly than any other country, but managing the current account deficit was more complicated because the government had less control of it.
India says it gives equal treatment to foreign companies on tax matters, not special consideration.
Finance Minister Arun Jaitley in the Budget speech has announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost growth.
His nomination is effective from November 11, 2014, RBI said on Monday.
The minister would be accompanied by Finance Secretary Arvind Mayaram and other finance ministry officials.
Chidambaram said NSEL was not a registered or recognised association under the FMC but got exemption even before it started its business.
The Finance Ministry on Wednesday described the sharp fall in the value of the rupee as a reflection of "irrational sentiment" and said there is no need for panic.
In a first, Prime Minister Narendra Modi on Wednesday met the secretaries of all the government departments collectively and asked them to directly get in touch with him to resolve issues and expedite decision-making.
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The National Spot Exchange Ltd, promoted by Jignesh Shah-led Financial Technologies, is facing a Rs 5,600-crore (Rs 56-billion) settlement crisis.
The FIPB, headed by Finance Secretary Arvind Mayaram, at its meeting on Tuesday considered 35 proposals.
The economic growth fell to a decade low of 5 per cent in 2012-13 fiscal.
Gold imports had totalled 335.1 tonne in the April-June quarter, but have declined to 58.37 in the second quarter (up to September 25).
The Foreign Investment Promotion Board (FIPB) on Friday deferred a decision on Rs 2,000-crore (Rs 20 billion) Jet-Etihad deal, the largest foreign investment in the Indian aviation sector, and sought clarity on control and ownership.
Tesco proposal entailing investment of $110 million has been cleared, sources said after the FIPB meeting held in New Delhi.
The facility will be open till November 30.
On the back of strong foreign investor flows, the stock market barometer BSE Sensex today jumped more than 1 per cent to log new lifetime high, while the rupee appreciated 24 paise to trade at 60.65 against the US dollar.
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As per the latest data, India's CAD sharply narrowed to 1.7 per cent of the gross domestic product or $32.4 billion in 2013-14 from a record high of 4.7 per cent in FY'13.
The rupee weakened to 62.58 against the US dollar in the early trade on Thursday.
In early trade on Monday, the rupee fell to 63.33 to a dollar, its weakest since September 18.
Going by its past experience of differences between the central bank and the finance ministry, the government might prefer a person who could bridge this gap.
In yet another secretary-level change, government appointed Hasmukh Adhia, a 1981 Gujarat cadre IAS officer, as the new Financial Services Secretary replacing G S Sandhu.
In his maiden Budget presented in Parliament on July 10, Finance Minister Arun Jaitley has tried to provide relief to the middle class by increasing tax exemption limit by Rs 50,000 to Rs 250,000.
The CIL disinvestment has been hanging fire because of opposition from the trade unions. Mayaram's statement that the coal major will have to pay a higher dividend comes as the government makes efforts to meet its Rs 40,000 crore (Rs 400 billion) disinvestment target.
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Gold prices on Tuesday rose by Rs 227 to Rs 28,418 per 10 gm in futures trade, largely on speculative positions created by participants amid a firming trend at the spot market.
In their new venture, Tata SIA Airlines Ltd, Tata Sons would hold 51 per cent stake and Singapore Airlines 49 per cent.
The high-level meeting comes against the backdrop of the rupee touching a record low of 58.98 to a dollar on Tuesday.
The Foreign Investment Promotion Board on Friday gave conditional approval to the proposal of InterGlobe Aviation which would pave the way for fresh foreign direct investment in private air carrier IndiGo.
The govt is expected to achieve the revenue target of Rs 40,000 crore from spectrum sale this fiscal, Telecom Secretary M F Farooqui said.
In the first half of the fiscal year, government had borrowed Rs 3.44 lakh crore.
With the FIPB giving approval to the Tata-Singapore Airlines joint venture to start a full-service carrier, Tata Group Chairman Emeritus Ratan Tata on Friday met Commerce and Industry Minister Anand Sharma.
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As per the FIPB agenda, the proposal will be taken up on October 18.
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