Business reacted with caution to the reforms of 1991, and demanded protection from multinationals and imports. Twenty-five years later, traces of that demand can still be found, reports Bhupesh Bhandari.
A top Republican lawmaker has welcomed India signing a trade deal with Australia, and urged the Biden administration to enter into a similar arrangement with New Delhi that can advance Washington's strong economic agenda in the strategically vital Indo-Pacific region. "I'm pleased to see #Australia & #India sign a strong trade deal," Senate Foreign Relations Committee Ranking Member Jim Risch said in a tweet. "The US needs to do the same and advance a strong economic agenda in the #IndoPacific. "The Biden Admin's failure to lead hurts US growth and our partnership in the region," Risch said in another tweet.
Prime Minister Sharif will be visiting Beijing with a high-powered delegation from November 1, 2022, where minutes of the joint coordination committee meeting will be signed.
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
After Vodafone Idea, Tata Teleservices (Maharashtra) on Tuesday said it will opt for conversion of the interest amount on AGR dues into equity and post conversion, the government's holding in the company is expected to be around 9.5 per cent. The announcement of Tata Teleservices (Maharashtra) came within hours of Voda Idea also deciding to opt for converting the interest amount on AGR dues into government equity. In a filing to the BSE, Tata Teleservices (Maharashtra) said Net Present Value or NPV of interest is expected to be nearly Rs 850 crore as per the company's estimates, subject to confirmation by the Department of Telecom (DoT).
Pranab Mukherjee's stewardship of the economy will stand out as much for the manner in which he managed controversies as for creating quite a few of them, says A K Bhattacharya.
However, BJP has not given any assurance of support and conveyed to the Finance Minister that the matter will be discussed within the party and take a call, sources said.
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.
The Palaniswami government is expected to utilise the Rangarajan Committee's recommendations before the 2021 assembly election.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Insurance firms want more clarity before increasing foreign partner's stake.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
Approval comes 6 months after Swedish clothing giant applied for India entry; FIPB now to consider on Oct 18.
Also the companies should be self-sufficient in product designing and have maintenance and life cycle support facilities.
The department raided more than 35 premises in Maharashtra's capital city on February 25, and the Central Board of Direct Taxes (CBDT) said in a statement on Thursday that 'preliminary investigation indicates that these contractors have evaded income to the extent of Rs 200 crore on account of...malpractices'.
The Home Ministry has conveyed to the Department of Economic Affairs (DEA) that it has not given security clearance to the Abu Dhabi-based Etihad Airways' proposal to buy a 24 per cent stake in Jet Airways.
The aspirations, energy, enterprise and skills of the youth will be the force for India's economic transformation
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.
Organisers said last December that the entire cost of holding the Games would come to about $15.4 billion, including $2.8 billion in costs for the unprecedented postponement from 2020. Since then, the projected bill for postponement has risen to $3 billion.
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.
Against the backdrop of objections by some MPs, Civil Aviation Minister Ajit Singh on Tuesday strongly defended the Rs 2,058 crore (Rs 20.58 billion) Jet-Etihad deal, saying those opposing it were "long on politics and short on facts".
'As far as contract farming is concerned, we already have a model Act and states will be encouraged to adopt them.'
It is understood that the agency wanted to put a fresh set of questions to him regarding the deal and hence had asked him to appear.
This can mean companies like Apple, Zara can sell in India through wholly-owned subsidiaries
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
Much to the surprise of Beijing, Nepal's Parliament on Sunday ratified the contentious US-funded $500 million Millennium Challenge Corporation compact along with an interpretive declaration a day ahead of the February 28 deadline set by Washington.
Many other companies have expressed intent of diluting stakes.
Equity benchmarks extended their decline for the fourth straight session on Wednesday, with the Sensex falling 214.85 points after the Reserve Bank raised the key interest rate by 50 basis points. Continuous foreign fund outflows and surging crude oil prices also weighed on markets. The 30-share BSE benchmark dropped 214.85 points or 0.39 per cent to settle at 54,892.49.
However, that could only be for sectors where 100 per cent FDI is allowed under the automatic route and pose no risk to national security.
Rupee is under pressure against the dollar say currency watchers.
Investors must remember that only resident Indians can open a PPF account and a person can have only one PPF account.
May include 'influencing a company's major policy decisions' in the current meaning.
China had been trying hard to enter the Indian market, without opening its own to Indian products. There is an economic crisis in India-China relations that the Chennai Connect barely scratched the surface, points out Srikanth Kondapalli.
The Pension Fund Regulatory and Development Authority Bill, 2011, provides for market based returns and wide coverage based on several investment options in the pension sector with an aim to building confidence in the subscribers.
A day after his ministry rebuked Twitter for not complying with its orders to take down inflammatory content, Information Technology Minister Ravi Shankar Prasad said social media platforms cannot give differential treatment while handling problems on Capitol Hill and the Red Fort.
Amid prolonged uncertainty, continued policy support will be crucial for sustained economic recovery from the coronavirus pandemic, Reserve Bank Governor Shaktikanta Das said at the recent meeting of the Monetary Policy Committee. "In this period of prolonged uncertainty, it would be wise to remain agile and respond in a gradual, calibrated and well telegraphed manner to the emerging challenges," opined Das, according to the minutes of the MPC meeting released by the Reserve Bank on Thursday. Observing that economic recovery from the pandemic remains incomplete and uneven, he said, "continued support from various policies remains crucial for a sustained recovery." The governor said the renewed surge in international crude oil prices, however, requires close monitoring.
FDI in brownfield investment has resulted in acquisition of domestic drug-manufacturing firms by multinational companies.
The final policy may be out only after formation of the new government, according to sources
China has been an aggressor against India along the Himalayan border, a top American diplomat nominated by President Joe Biden as his next envoy to Beijing has told lawmakers, stating that the US must hold the Chinese government accountable for failing to play by the rules.
