Defence Minister A K Antony has shot down Commerce Ministry's proposal to raise Foreign Direct Investment in defence from 26 per cent to 49 per cent, saying it will be a "retrograde" step and "stymie" the growth of the domestic industry while increasing dependence on foreign manufacturers.
To check rising current account deficit, the government raised import duties and the RBI imposed curbs on import of the metal and also laid down various pre-conditions for inward shipments of the precious metal.
Currently, 100 per cent FDI is permitted in brownfield pharma firms through clearance from the Foreign Investment Promotion Board.
The Commerce Ministry earlier this week commissioned a study to assess the impact of free trade agreement with South Korea, with which India had a trade deficit of about $9 billion in 2012-13.
A letter reversing the decision was sent by Rajasthan Chief Minister Vasundhara Raje to Commerce and Industry Minister Anand Sharma.
Talking tough, India on Friday threatened to drag the European Union to the World Trade Organization if the 28-nation bloc did not lift its ban on the import of Indian mangoes and vegetables.
Rajya Sabha was adjourned twice during Question Hour on Monday as the Congress created uproar saying there were inconsistencies in government statements on the World Trade Organisation though Finance Minister Arun Jaitley asserted there was no contradiction.
Seeking to spur foreign investments, Finance Minister P Chidambaram has said the Union Cabinet will decide on raising FDI caps in different sectors in the third week of this month.
India's IT services sector witnessed 4.2 per cent growth in 2012-13.
FDI in brownfield investment has resulted in acquisition of domestic drug-manufacturing firms by multinational companies.
Industry is displeased over the failure of the National Manufacturing Policy, which has failed to invite any sizeable investment since it was launched more than two years ago.
The Prime Minister directed that a special cell be created immediately in the Cabinet Secretariat.
Inspections only in domestic authorities' presence, visiting US drug regulator told
The government has already said it is keen on starting ore mining and exports.
No one's quite sure on the retail FDI issue in this regard, after the new Rajasthan and Delhi governments cancelled the approvals given by their predecessors
The prime minister is likely to talk about its possible extension.
While India allows 100 per cent FDI in a large number of the sectors, there is a ceiling on foreign investment in sensitive segments like multi-brand retail, insurance, defence and telecom.
Under the India-South Korea Bipa, a party can drag the other to international arbitration if its investments are threatened.
Flaring of tempers comes atop much simmering trouble on clashing views; these stands might now get frozen.
The finance minister admitted that there was no quick-fixes to economic problems and the government is working to stabilise the economy which may take time.
The Indian government has simplified FDI policy inorder to attract global retail chains.
Any delay in passing the coal bill may cause a crisis in the coal sector which would also affect the power sector.
The compulsions of domestic politics notwithstanding, India and Bangladesh script a new story in bilateral relations, say Nayanima Basu and Aditi Phadnis
Most of the opposition parties blamed Rashtriya Swayamsevak Sangh-affiliates for the cow vigilantism.
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