Share of central government will be Rs. 5,100 crore and of the state governments of Uttarakhand, Uttar Pradesh, Bihar, Jharkhand and West Bengal will be Rs. 1,900 crore.
The postal department would be floating tenders for procurement of hardware and development of software. Pilots will be held in rural and urban post offices and the final roll out will be completed by September 2012.
The government on Tuesday appointed three external members -- Ram Singh, Saugata Bhattacharya and Nagesh Kumar -- to the RBI's rate-setting Monetary Policy Committee for four years. The central government has reconstituted the Monetary Policy Committee (MPC) of RBI, the finance ministry said in a statement. Ram Singh is the director of the Delhi School of Economics, Saugata Bhattacharya is an economist, and Nagesh Kumar is the director and Chief Executive, Institute for Studies in Industrial Development, New Delhi.
As the Centre announced the inclusion of caste enumeration in the next census on Wednesday, opposition parties said it is a victory for their long-standing demand and sought time-bound implementation.
Jet had planned to raise $400 million (Rs 2,000 crore) via equity investment through the Qualified Institutions Placements route from Foreign Institutional Investors.
The government on Wednesday approved 12 new industrial cities in 10 states on the lines of Greater Noida in Uttar Pradesh and Dholera in Gujarat to boost domestic manufacturing with an estimated investment of Rs 28,602 crore. These industrial areas will be in Khurpia in Uttarakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Agra and Prayagraj in UP, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in AP, and Jodhpur-Pali in Rajasthan, and one in Haryana. A decision in this regard was taken in a meeting of the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi.
Union minister Anurag Thakur on Thursday said the Ministry of Home Affairs (MHA) is gathering information on the security breach during Prime Minister Narendra Modi's visit to Punjab and "big and tough decisions" will be taken.
The chief adviser's decision to stay in office came two days after he told student-led National Citizen Party (NCP) leaders that he was mulling resignation as he felt "the situation is such that he cannot work", citing difficulties in working amid the failure of political parties to find common ground for change.
The Union Cabinet has approved amendments to the General Insurance Business (Nationalisation) Act, paving the way for privatisation of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Centre to hold at least 51 per cent in public sector insurance companies at any given time. It will also have an enabling provision for the transfer of management control from the government to the potential buyer of the public sector insurance company. The finance ministry will move amendments to the insurance Act in the ongoing Parliament session.
Economy has become a major cause of concern for the new government with GDP dropping to 5.8 per cent in the last quarter of the 2018-19.
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.
Dr Manmohan Singh, the architect of India's economic reforms, had to literally face a trial-by-fire to ensure widespread acceptance of his path-breaking Union Budget of 1991 that saw the nation rise from its darkest financial crises.
Deputy Commissioner for the New York City Mayor's Office for International Affairs Dilip Chauhan made the announcement in the presence of Minister of State for Social Justice and Empowerment Dr Ramdas Athawale, who delivered the keynote address at a special event organised at the UN headquarters on Monday to commemorate Dr Ambedkar's 134th birth anniversary.
Jaitley did not say if it will be an outright sale or partial divestment.
In what seemed a political understanding, Trinamool Congress chief and Railway Minister Mamata Banerjee stayed away from a cabinet committee meeting where the government finally cleared two disinvestment proposals she had been opposing.
The move would help insurance firms to get much needed capital from overseas partners.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
UAE's promise of $50-bn investment in Indian infra won't be included.
The Union government on Wednesday constituted a Board for Reconstruction of Public Sector Enterprises.\n\n\n\n
Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
The Cabinet on Wednesday gave in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank in line with the Budget announcement earlier this year. The central government and LIC together own more than 94 per cent equity of IDBI Bank. LIC, currently the promoter of IDBI Bank with management control, has a 49.21 per cent stake. The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved the strategic sale of IDBI Bank, an official statement said on Wednesday.
During the monsoon session, which began on Monday, the Opposition is seeking to corner the government on its handling of the standoff with China along the Line of Actual Control in Ladakh, the COVID-19 situation, economic downturn and unemployment, and is pressing for discussions on these issues.
After nearly five months wait, the government on Friday cleared UK's BP Plc buying 30 per cent stake in most of Reliance Industries' oil and gas blocks, including the showpiece KG-D6 gas fields, for $7.2 billion.
The Union Cabinet on Thursday approved the implementation of the national policy on biofuels.
'The AMs are a different beast and reflect the political play within the government.' 'Prime Minister Modi does not need to assuage any interest group to take the final call on any decision that belongs rightfully to the Cabinet,' points out Subhomoy Bhattacharjee.
A CCEA meeting is scheduled for tomorrow but the approval for the Cairn-Vedanta deal is not listed on its agenda so far.
The Union Cabinet on Thursday cleared the Rs 2,058 crore (Rs 20.58 billion) stake sale deal between Jet Airways and Abu Dhabi carrier Etihad.
CCEA approves its Rs 10,500-cr investment in India.
The Cabinet Committee on Economic Affairs at its meeting this morning approved the project, official sources said.
The government on Friday appointed noted economist Arvind Virmani as the new chief economic advisor in finance ministry.
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.
CCI, sector regulators may consult each other if jurisdictions overlap
About 10,000 km of state highways were declared national highways during the last 10 years.
The government on Thursday formally allowed Swedish furniture major IKEA to invest Rs 10,500 crore for setting up single brand retail stores to sell mostly home furnishing items.
The proposal was mooted by the department of industrial policy and promotion in the ministry of commerce and industry.
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.
At present, a project with investment of more than Rs 600 crore in sectors routed through the Foreign Investment Promotion Board has to be referred to the Cabinet Committee on Economic Affairs.
Former Indian Prime Minister Manmohan Singh passed away at the age of 92 on Thursday. He will be given a state funeral with full state honors at Nigambodh Ghat on Saturday. Singh served as Prime Minister from 2004 to 2014 and was known for his role in India's economic reforms. Leaders from across the political spectrum paid their respects to the departed leader, highlighting his contributions to the nation.
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