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'.
The Union Cabinet on Thursday approved a proposal to allow 100 per cent foreign direct investment (FDI) in public sector refiners, expanding the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL). The approval by the Cabinet will enable the sale of the government's 52.98 per cent stake in BPCL to a foreign buyer, and, at the same time, will open the door for FDI in other public sector companies in the oil sector put up for privatisation.
It rained investments on India as the Make In India programme, envisioned by Prime Minister Narendra Modi with a focus on the manufacturing sector, raked in Rs 15,20,000 crore in committed investments.
The issues around trade gaps, especially around steel and aluminium tariffs imposed by the US, will be addressed separately.
Approval comes 6 months after Swedish clothing giant applied for India entry; FIPB now to consider on Oct 18.
Overall, cumulative direct investment from China stood at just $2.05 billion till June 2018, according to consolidated DIPP figures
Inter-ministerial body Telecom Commission on Tuesday approved hiking foreign direct investment limit in the sector from 74 per cent to 100 per cent.
The 'Make in India' vision cannot survive in the long-term without concrete measures to build a concurrent 'Create in India' movement.
It, however, does not manufacture devices on its own and rather does it through contract manufacturers.
The Union Cabinet on Wednesday approved the participation of the private sector in the entire range of space activities, including planetary exploration missions, Union minister Jitendra Singh said. The newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, Singh, who is the minister of state in the Prime Minister's Office, said.
Telangana and Haryana are at the second and third positions. Others in the top ten are Jharkhand (4), Gujarat (5), Chhattisgarh (6), Madhya Pradesh (7), Karnataka (8), Rajasthan (9) and West Bengal (10).
The US replaced Mauritius as the second largest source of foreign direct investment into India during 2020-21 with inflows of $13.82 billion, according to government data. Singapore remained the top source of foreign direct investment (FDI) into the country for the third consecutive fiscal at $17.41 billion. During the last financial year, India attracted $5.64 billion in FDI from Mauritius, according to the data by the Department for Promotion of Industry and Internal Trade (DPIIT).
An announcement has barred the entry of journalists in the finance ministry.
This FDI includes equity, re-invested earnings and other capital.
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
While the FIPB has sought more transparency on whether the rules concerning effective control would be followed once the deal fructifies, the Finance Ministry has also written to Sebi for a report on the Jet-Etihad deal, official sources said Wednesday.
The CAIT has complained to the Commerce Ministry to take action against these companies.
Inter-ministerial programmes have run into obstacles as rules written by bureaucrats hamper rather than promote investments.
After 100% FDI, DIPP has put a condition an e-commerce entity will not be permitted more than 25% of sales through its marketplace from one vendor or their group companies
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
In June 2012, the country had received FDI worth $1.24 billion.
Jaitley evaded vital questions on this issue.
The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic divestment. The move would facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the company.
Ministries such as road transport and heavy industries are learnt to have objected to NITI Aayog's attempts to become an implementing body for the EV programme.
With the abolition of the Foreign Investment Promotion Board (FIPB), Amazon's proposal will now be vetted by the Department of Industrial Policy and Promotion (DIPP) under the commerce ministry.
One of the beneficiaries is Jindal Steel and Power, which had earlier been kept out of procurement for rails
Foreign direct investment (FDI) in India almost doubled to $2.16 billion in December 2014, compared to $1.10 billion in the same month of 2013.
According to sources, the directorate has sent a letter to Flipkart on the basis of complaints received after the Big Billion Day sale on October 6.
She said Finance Minister Arun Jaitley is working "hard" on the Bankruptcy Code
Services attracted the most FDI during the first eleven months period of 2015-16.
Make in India has seen an overwhelming response on its digital platforms like Facebook and Twitter since its launch just 3 months ago.
A certain segment of the US pharma industry have become vocal about Indian policies on domestic content requirements and IPR.
After a two year run-in with controversies, telecom sector now looks stable and seems back on its feet with initial investment proposal of over Rs 11,000 crore (Rs 110 billion) received in 2013.
The government sought to dismiss reports that the 'Make in India' logo was inspired by a Swiss bank advertisement, saying the symbol has a "vibrant and dynamic" lion as against a "dull and boring" picture in Switzerland's ad campaign.
6 locations in New Delhi and 2 in Mumbai were raided.
Nokia's Chennai plant is under freeze over tax dispute.
Giving major relief to budding entrepreneurs, the government on Thursday allowed startups to avail tax concession only if total investment including funding from angel investors does not exceed Rs 10 crore.
'The procurement cycle still consumes too much time; little has changed.'
India's first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs 1,200 crore at a Rs 6,000-crore valuation. Sources said the company is ready with its draft red herring prospectus documents and is likely to file as early as next week. While the money will be used for business expansion, it will also give MapMyIndia's early investors, including Qualcomm, PhonePe, and Japanese mapmaker Zenrin Co., a chance to exit. The Verma family, which founded the company, will continue to remain promoters.
Nokia may be allowed to sell Chennai mobile plant.
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