The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
Walmart acquired Bharti's 50 per cent stake in the wholesale joint venture.
The government on Thursday cleared the Rs 30 crore (Rs 300 million) FDI proposal of a Chinese company, Haier Electrical Appliances to set up a 100 per cent subsidiary in India.
The government on Thursday further liberalised the foreing investment regime by allowing Foreign Investment Promotion Board to clear proposals from overseas entities worth up to Rs 1,200 crore (Rs 12 billion), against the existing limit of Rs 600 crore (Rs 6 billion).
India is losing over $10.3 billion (about Rs 75,000 crore) in taxes every year owing to global tax abuse by MNCs and evasion by private individuals, a report said on Friday. The State of Tax Justice report said globally countries are losing a total of over $427 billion in taxes each year to international corporate tax abuse and private tax evasion. This is costing countries altogether the equivalent of nearly 34 million nurses' annual salaries every year -- or one nurse's annual salary every second.
The Centre plans to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction.
Auchan and another French retailer, Carrefour, exited India in 2014
The previous United Progressive Alliance government had permitted up to 51 per cent foreign direct investment in multi-brand retail but the current National Democratic Alliance government is opposed to it.
The Cabinet Committee on Economic Affairs has approved the proposal of GlaxoSmithKline Pte Limited, Singapore for acquisition of 24.33 per cent shares in existing Indian subsidiary company of GSK Group.
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
India's trade with Nordic countries stands at over USD 5 billion (2020-21) and a cumulative FDI of over USD 3 billion (April 2000- March 2021).
Insurance firms want more clarity before increasing foreign partner's stake.
The CBI had sought the sanction of the government to prosecute the international human rights organisation because of mandatory clause of Section 40 of the FCRA.
South Korean steel giant Posco said on Wednesday that it had signed the memorandum of understanding with the Orissa government for a $12 billion Indian steel project.\n\n
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
The central government is on track to meet its fiscal deficit target of 6.4 per cent of the GDP for 2022-23 on the back of strong growth in revenue collections, the World Bank said in its India Development Update on Tuesday. High nominal GDP growth in the first quarter supported strong growth in revenue collection, especially Goods and Services Tax (GST), despite tax cuts on fuel. Notwithstanding an increase in spending due to expanded fertilizer subsidies and food subsidies for vulnerable households in response to the commodity price shock, the government is on track to meet its FY22/23 fiscal deficit target of 6.4 per cent of GDP and the general government deficit is projected to decline to 9.6 per cent from 10.3 per cent in FY21/22 and 13.3 per cent in FY20/21.
Eight FDI proposals worth Rs 1,311.54 crore (Rs 13.11 billion), including that of Norwegian telecom firm Telenor, have been cleared by the government on the basis of FIPB approvals.
You will be part of fastest growing major global economy, India's ambassador to the US Harsh Vardhan Shringala told young American students.
Virginia's Republican Governor, Bob McDonnell says the sky is the limit where the Indian market is concerned and "there's plenty of business for everybody."
India could attract as much as Rs 4,000 crore (Rs 40 billion) in foreign direct investment in real estate by 2010 if certain Acts pertaining to Urban Land Ceiling, Rent Control and Land Acquisition were repealed.
Speaking at a defence industry outreach seminar, PM Modi said India's self-reliance on defence capabilities will boost its standing of being a net security provider in the Indian Ocean and make it a defence supplier for many friendly countries, depending on strategic ties.
However, as compared to April last year, foreign direct investment in the first month of the fiscal 2009-10, was much lower.
India has invited Singapore to explore opportunities of investing in township development projects and mass rapid transit systems, where 100 per cent foreign direct investment is allowed.
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For India to invoke "sovereign" or "state" immunity to safeguard its foreign assets, which are under threat of getting seized in the intensifying legal battle with Cairn Energy, may come with several riders. Experts point out that the Indian government has to first satisfy the French court that the properties or assets that are under consideration are being used to dispense the state's sovereign functions.
One of the biggest ways in which recent government actions have been seen as investor-unfriendly is New Delhi's decision to unilaterally revisit almost every Bilateral Investment Treaty it has signed with other countries, says Mihir S Sharma.
'The government wants foreign companies to capture the insurance market.'
The race for space has got real, and it is attracting funding like never before. In 2022 so far, funding to private players in the space sector has jumped a whopping 61.5 per cent - soaring to $108.52 million compared to $67.2 million in 2021. Propelling it is the government's decision to open up the space sector to private players and the work done by companies like Skyroot Aerospace, the Hyderabad-based start-up behind the launch of India's first privately developed rocket on November 18.
Karnataka, Maharashtra, Tamil Nadu, Telangana and Kerala have been ranked as the top five states in innovation in Niti Aayog's second Innovation Index released on Wednesday. The index, released by Niti Aayog's vice chairman Rajiv Kumar and CEO Amitabh Kant, has been developed on the lines of the Global Innovation Index. Jharkhand, Chhattisgarh and Bihar have been ranked at the bottom of the index. Karnataka topped the index for the second year in a row.
The e-commerce marketplace is like an information intermediary these days.
The probe is being conducted under various sections of the Foreign Exchange Management Act (FEMA) after the central probe agency recently received a communication from the commerce ministry seeking "necessary action" against e-commerce players like Amazon and Flipkart pertaining to certain multi-brand retail businesses and an observation made by the Delhi High Court in relation to Amazon.
The Rashtriya Swayamsevak Sangh is 'not an economic fundamentalist', senior Sangh leader Ram Madhav said on Thursday making it clear that the Narendra Modi government is free to take decisions for the good of the country including on foreign direct investment.
Foreign direct investment in India has increased by about 35 per cent to $13.6 billion during the first half of 2013 with merger and acquisitions accounting for the bulk of inflows, says an UNCTAD report.
'Air India's privatisation is acceptable as long as its control does not pass on to a foreign entity,' says A K Bhattacharya.
India's rank was further amplified by the collapse of the South American and Russian economies.
The Enforcement Directorate (ED) on Monday conducted raids at over a dozen locations in Chhattisgarh including at premises linked to state Congress leaders as part of an ongoing probe into the alleged coal levy scam, officials said.
A few days after the government made the crucial policy announcement, Tony Fernandes, chief executive officer of Air Asia, the largest low-cost carrier in Southeast Asia, said he would visit India this month.
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