Easier dilution norms for mega initial public offerings (IPOs) have come into effect. Companies with post-listing market capitalisation (m-cap) of more than Rs 1 trillion will not be required to dilute a minimum of 10 per cent. The move to relax dilution norms is seen as a precursor to Life Insurance Corporation's IPO. The central government has said companies with an m-cap exceeding Rs 1 trillion will have to dilute Rs 5,000 crore and at least 5 per cent of their m-cap. Experts said the earlier framework discouraged large companies from listing since they were forced to offload a large volume of shares during the time of their IPO.
Prime Minister Narendra Modi said on Monday that the partnership between India and Germany could serve as an example of success in a complex world as the two sides inked several agreements focused on sustainable development under which India would receive USD 10.5 billion assistance by 2030 to boost the use of clean energy.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
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.
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.
China's population in 2022 -- 1.4118 billion -- fell by 850,000 from 2021, the National Bureau of Statistics (NBS) said.
Abu Dhabi national carrier had bought 24 per cent stake in Jet Airways for $379 million in April.
The central probe agency re-registered the first information report (FIR) of Goa Police on a reference from the Ministry of Home Affairs which was routed to it through the Department of Personnel and Training, officials said.
Though public shareholding in Jet is already down to the mandated 25 per cent, the regulator wants its promoters to pare their stake further.
'...Market-linked debentures, high-value insurance, exemptions from capital gains by investment in real estate, etc.' 'So, there are a number of measures directed at collecting a fair share from higher income individuals.'
Probe reveals "first and second" level of decision making in ministries of finance and commerce was "compromised".
Navy chief Admiral R Hari Kumar on Monday flagged concerns over growing geo-political power play in the Indo-Pacific, and noted that the US-China rivalry in the region is likely to be a "marathon".
Worried over excessive outflow of foreign exchange as royalty and fees for technology transfer and use of brand names, Commerce and Industry Minister Anand Sharma wrote to Finance Minister P Chidambram on the matter.
In a fresh crackdown on foreign fundings to NGOs, the Union Home Ministry has put the Ford Foundation of the USA on its "watch list" and ordered that all funds coming from the international organisation have to be routed only with its nod due to "national security concerns".
In December, Aisha Shah was named as Partnerships Manager at the White House Office of Digital Strategy.
The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services would also be sold.
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
Will Arundhati Bhattacharya be the RBI's first woman governor? Or will Urjit Patel succeed Raghuram Rajanas RBI governor when his term ends on September 4?
While cancelling the legal tender of 500 and 1,000 notes on November 8, the government had allowed them to be used for utility bill payments for the first 72 hours. This deadline was extended repeatedly and the last extension was granted till December 15.
At this year's TIME ball in New York City on Thursday, April 25, you would have run into a Coimbatore-born American scientist, looking lovely in Sabyasachi Mukherjee designer finery, who would most likely have been hanging out with Dua Lipa.
According to him, there are enough laws but their implementation is important.
'He told senior journalists a few days after the Babri Masjid demolition, 'Jo hua theek hua. Maine isliye hone diya ki BJP ki rajniti hamesha ke liye khatam ho jaye.'
The Department of Heavy Industry has been undertaking appraisals of each loss making CPSE to assess the prospects of revival.
Renowned agricultural scientist M S Swaminathan and the driving force behind the nation's 'Green Revolution,' passed away in Chennai on Thursday.
The FIPB, headed by Department of Economic Affairs Secretary Arvind Mayaram, discussed 30 foreign direct investment proposals, including 10 from pharma sector.
The initiative is being called lateral recruitment to senior positions in the government.
While the meetings on Friday were preliminary discussions, it is learnt that sectors like tourism; hospitality; aviation; micro, small and medium enterprises (MSMEs); and livestock have sought deferring loan repayments and temporary tax holidays in specific cases to help them tide over the steep fall in economic activity.
The Cabinet can take a decision on the matter only after the Election Commission's approval.
After more than two decades and three attempts, the government has finally sold its flagship national carrier Air India, and it is deja vu for Maharaja as it returned home to its founding father the Tata group. Jehangir Ratanji Dadabhoy (JRD) Tata founded the airline in 1932 and named it Tata Airlines. In 1946, the aviation division of Tata Sons was listed as Air India, and in 1948, the Air India International was launched with flights to Europe. The international service was among the first public-private partnerships in India, with the government holding 49 per cent, the Tatas keeping 25 per cent and the public owning the rest. In 1953, Air India was nationalised and for the next over four decades it remained the prized possession for India controlling the majority of the domestic airspace.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
'The Emergency was a temporary affair. It was withdrawn after 20 months.' 'But we are in this situation for the last 10 years.' 'If the Emergency was jhatka, this is halal, slow killing.'
Accepting Odisha's proposal of constructing an additional 162 cyclone shelter houses as they helped in providing safe stay for people after evacuation from the coast, WB team agreed to provide assistance of $55 million for the purpose, the sources said.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by Department of Investment and Public Asset Management (DIPAM) - the department running the process for sale of government's entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for acquisition of 26 per cent shares, three sources with knowledge of the matter said.
Claims of a spike in poverty and inequality in India during the Covid-19 pandemic are patently false as such claims are based on uncomparable different surveys, according to a paper co-authored by eminent economist Arvind Panagariya. The paper also noted that inequality fell in the country during Covid years, both in rural and urban areas as well as nationally. Panagariya, Columbia University Professor and former vice chairman of NITI Aayog and Vishal More of Intelink Advisors, New Delhi have co-authored a detailed paper 'Poverty and Inequality in India: Before and After Covid-19'.
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
Cricket Australia continues to monitor the situation in Sri Lanka but has no plans to change the schedule of the upcoming tour of the island state despite continued violence, the governing body said on Thursday.
Lavasa, a career bureaucrat, joined as Election Commissioner on January 23, 2018, and being senior most on the poll panel would have become CEC in April next year after the term of incumbent Sunil Arora ends.
Since becoming the president of the UAE, Sheikh Khalifa has presided over a major restructuring of both the Federal Government and the government of Abu Dhabi.
