Seen as a major initiative, the 'strategic partnership model' aims to create a vibrant defence manufacturing ecosystem in the country through involvement of both the major Indian corporates as well as the MSME sector.
The Prime Minister's Office has clarified that the total sanctioned strength of the PMO has been around 525 in the period 2011-14. As against this, the actual strength of the PMO in the years 2011, 2012 and 2013 was in the range of 407 to 411. The number has now declined to 385.
Retail, telecom, media and a host of sectors in which foreign direct investment is restricted stand to gain from changes in FDI policy that the Cabinet Committee on Economic Affairs cleared on Wednesday linking approvals to the concept of control for the first time.
Pepsico India Holding need not divest 49 per cent equity in bottling firms to Indian companies, with the government today exempting it from the obligation following change in FDI rules for the food processing sector.
"ITIRs were conceptualised keeping in view the need to boost the growth of both IT/IT enabled services (ITeS) and Electronic Hardware Manufacturing (EHM) units," an official statement said. These regions would become major magnets for investment, creating employment opportunities and economic growth in the area while reducing the pressure on existing urban centres by enabling growth of new townships, it added. The ITIRs will be much larger than IT SEZs.
The allotment is expected to attract investments of $1.5 billion, around 57 per cent less than the $3.5 billion commitment for the 52 blocks awarded under the previous auction. ONGC and its partners bagged the maximum number of 20 blocks in the seventh round, which closed on June 30. Australian mining major BHP Billiton and its partner GVK Power, bidding for the first time, won seven deepwater blocks.
"The policy draft has been approved. The ministry has been renamed as education ministry," a senior HRD ministry official said. The existing NEP was framed in 1986 and revised in 1992. A new education policy was part of the Bharatiya Janata Party's manifesto ahead of the 2014 general election.
The Cabinet Committee on Economic Affairs on Friday approved the Eastern and Western Freight Corridor proposals of the railway ministry.
The Oil Ministry is seeking Cabinet nod to allow Reliance Industries to retain three gas discoveries worth $1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines.
'Nearly 13,000 individuals have been charged for sedition since 2010.' 'If the Supreme Court stay ever gets vacated, arrests will follow immediately.'
ONGC Videsh Ltd, the overseas investment arm of state-owned ONGC, and Chinese firm Sinopec have jointly won the bid to acquire Columbian oil firm Omimex de Columbia.
Upstream firms pay for a portion of fuel subsidies by extending discounts on crude oil they sell to refiners who are forced by the government to sell diesel and cooking fuel at rates lower than cost of production.
28 private sector companies are having FDI varying up to 26 per cent.
The Cabinet committee on WTO approved India's revised offer on services, which include raising the limit for foreign direct investment in telecom to 49 per cent from 26 per cent.
Better stick to equity diversified funds, says Larisssa Fernand
Earlier this year, the Union Cabinet gave the management of state-run companies the freedom to decide on divesting their subsidiaries. However, the very next day a meeting was held at the top level of the Government of India, for the presentation of proposals for more autonomy for state-run companies. Interestingly, no chiefs of any of these companies were invited. It is a problem that will stare the government in the face with the state-owned banks too, as talks have again begun for inviting strategic investments in these companies.
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The development comes after the National Democratic Alliance government this year broke a 92-year-old tradition of presenting a separate Railway Budget, according to suggestions made by the Debroy committee.
The Centre's push to sell Air India on priority has led to delays in other strategic divestment proposals, such as privatising United India Insurance, as well as ongoing transactions, such as Shipping Corporation of India (SCI) and Bharat Petroleum Corporation (BPCL), revealed multiple officials involved in the process. The Department of Investment and Public Asset Management (DIPAM) is yet to take new privatisation recommendations of the NITI Aayog to the core group of secretaries on disinvestment (CGD) headed by the Cabinet secretary, said one of the officials. The priority now is to ensure all approvals for Air India are in place since the government intends to hand over the national carrier as early as this month.
The government is unlikely to come up with the IPO of Life Insurance Corporation (LIC) in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and the preparatory work is still far from complete. There are still some issues that need to be addressed with regard to the valuation of LIC, a senior official of one of the merchant bankers said. Even after the valuation, there are several regulatory processes that have concluded, the official said.
The Central Bureau of Investigation had called Karti for questioning on Thursday in connection with the foreign investment clearance given in the Aircel-Maxis deal in 2006 when his father Chidambaram was the finance minister.
The idea is to do away with the need for the approval of the Core Group of Secretaries on Divestment for privatisation of companies, especially in non-strategic sectors.
The agreement between the two has a long stop date clause, stipulating that all approvals be secured by then.
'A large portion of youngsters who aspire to join the civil services are not motivated by the spirit of public service and idealism of which the civil services offer in abundance.' 'When they join the mandarin club they look for the loaves and fishes of office, rather than make a difference and wipe what Mahatma Gandhi called 'every tear from every Indian',' points out Rup Narayan Das.
They also voiced concerns over a double penalty being sought to be imposed on them for KG-D6 fields output not matching targets.
If convicted, the offences entail a maximum punishment of seven years.
While the whole world is using good words to describe India, its main opposition leader is claiming on foreign soil that the country has been destroyed and democracy is no longer there while the judiciary and the media are in a bad shape, BJP spokesperson Sambit Patra told reporters.
India is one of the largest defence importers.
Industry chamber Ficci has sought details from the government about the "actual progress" of the mega infrastructure projects cleared by Cabinet Committee on Investment.
The Eknath Shinde-led Maharashtra government has come under fire following the Centre's announcement that Tata-Airbus C-295 transport aircraft project would be set up in Gujarat, with the opposition seeking to know why the project that was supposed to come up in Maharashtra went to the neighbouring state.
With Prime Minister Narendra Modi emphasising the need to kick-start investment in the country, the project monitoring group (PMG) under the Cabinet Secretariat has asked various government departments to start monitoring projects for which clearances have been facilitated through this mechanism.
Karti, through his lawyer, has refused to appear before the agency saying a special court had discharged all the accused in the matter.
FIPB has deferred 18 proposals.
The ED had filed the first chargesheet in the case against Chidambaram's son Karti; later, a supplementary chargesheet was also filed against him.
As many as 15 companies, including Adani Copper Tubes, LG Electronics and Wipro Enterprises, with committed investment of Rs 1,368 crore, have been selected as beneficiaries under the PLI scheme for the white goods sector, the government said on Tuesday. In March, the commerce and industry ministry had reopened the application window for its Rs 6,238-crore PLI scheme for white goods -- air-conditioners (ACs) and LED lights-- with an aim to accommodate more players as several firms had expressed interest in the initiative. Last year, as many as 46 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 5,264 crore were selected in the first round the scheme.
Before leaving on a 10-day foreign visit starting Monday, Sharma said he would address concerns of foreign retail sector investors and ensure help in setting up stores.
"As FM, I granted approval in the normal course of business," he said in a statement.
This can mean companies like Apple, Zara can sell in India through wholly-owned subsidiaries
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