India will become self-sufficient in urea production in five years.
Earlier, 40 MPs had written to Prime Minister Manmohan Singh about the intentional delay in appointing the chairmen.
Budget 2011-12 is likely to announce significant measures to deepen the corporate bond market. Among the several measures on the government's agenda is allowing banks to provide guarantees for bonds issued by companies.
Even joint owners and trustees have to maintain records for past 16 years.
Tarun Gogoi, who steered the Congress to a spectacular win in Assam, will be sworn-in as chief minister for the third consecutive term on Wednesday, Pradesh Congress Committee sources said on Monday.
The move, he said, would enable the Authority for Advance Rulings set up under the Income Tax Act 1961 to also function as the Authority for Advance Rulings for Indirect Taxes. The AAR was established to address the taxability issues of NRI assessees. The assessees can put in an application to the authority and seek judgement on their tax issues.
The statement indicated that RBI might further increase policy rates to tame inflation, which was still at an uncomfortably high level.
In the wake of the all out attack on Home Minister P Chidambaram by Opposition parties, particularly the Bharatiya Janata Party, asking for his resignation and the fact that Parliament had to be adjourned for the second day on the issue of Chidambaram, has led to suspicions that it is being instigated by elements within the ruling party itself.
The latest inflation numbers are the lowest since December 2009 when headline inflation was at 7.15 per cent.
Introduction of GAAR, which was proposed by then Finance Minister Pranab Mukherjee in the Budget 2012-13 to check tax evasion, had triggered strong opposition by foreign investors following which its implementation was postponed till April next year.
Prime Minister Manmohan Singh's attempt to win over ally Trinamool Congress on the government's decision to allow FDI in retail was on Friday rebuffed by West Bengal Chief Minister Mamata Banerjee, who bluntly told him her party cannot back the move.
The issue of constituting a mechanism for the wide ranging consultations promised by the Centre on Telangana is expected to come up on Friday at a meeting of the Congress core group headed by party president Sonia Gandhi.
The state of the economy did not deteriorate so sharply in the last eight days that the principles behind not announcing changes in tax rates in an Interim Budget had to be set aside. Nor can it be argued that the demand from industry and members of Parliament for some stimulus measures became so irresistible that the finance minister had to announce the tax rate changes in his reply to the Interim Budget debate.
Indian economic growth slowed down to 6.7 per cent in 2008-09 from 9 per cent in the previous three years, as an aftermath of the global financial crisis.
Finance Minister Pranab Mukherjee on Thursday said the Reserve Bank's move to raise its short term lending and borrowing rates is in the right direction as inflationary pressures are still there in the economy.
The seven-member grouping has seen two changes -- S Jaipal Reddy replacing Murli Deora after taking over as the Oil Ministry, while Kamal Nath has given away to the new Road Transport and Highways Minister C P Joshi.
After a see-saw week, the Congress-Dravida Munnetra Kazhagam alliance seems to firmly back on track with reports suggesting that DMK chief and Tamil Nadu Chief Minister M Karunanidhi will speak to Sonia Gandhi on Tuesday and thank her for the Congress's acceptance of their seat-sharing formula.
Concerned over high service tax substantially raising air ticket prices, Civil Aviation Minister Ajit Singh has urged Finance Minister Pranab Mukherjee to revert to the earlier rates which were capped at Rs 100 and Rs 500 per domestic and international ticket.
Chidambaram had expressed unhappiness over the manner in which the two major contributors to the subsidy bill, petroleum and fertilisers, were handled prior to his appointment.
Terming decline in economic growth rate to nine-year low of 6.5 per cent in 2011-12 as "disappointing", Finance Minister Pranab Mukherjee said the government will take "necessary steps" to improve growth.
The government is set to announce some significant measures to reduce the high transaction costs faced by the country's exporters in their day-to-day operations. Finance Minister Pranab Mukherjee will be unveiling the measures on February 8.
Cracking the whip after tough talk, the Congress on Tuesday suspended 12 rebel candidates including three sitting legislators who defied the party line and filed nominations as independents against 'official' nominees of Trinamool and Congress alliance in West Bengal.
The 10-member GoM headed by external affairs minister and finance minister Pranab Mukherjee will include defence minister A K Antony, Home Minister P Chidambaram, agriculture minister Sharad Pawar, communications minister A Raja, railway minister Lalu Prasad, chemical and fertilisers minister Ram Vilas Paswan, law and justice minister H R Bhardwaj, minister of state for external affairs Anand Sharma and planning commission deputy chairman Montek Singh Ahluwalia.
Congress leaders say that part of their calculations and preparations for the Presidential poll have focused on getting the numbers without Mamata, reports Renu Mittal.
According to sources, the task force made a separate presentation on fertiliser, LPG and kerosene, covering issues like existing subsidy regime and the proposed new model.
Finance Minister Pranab Mukherjee has said that the successful implementation of the Goods and Services Tax (GST) can give a trillion-dollar boost to the economy, taking the total output to $2 trillion in a short span of time.
With the government putting off an increase in diesel prices, Petroleum Minister Murli Deora sought an increase in government subsidy to bail out the three oil marketing companies (OMCs). Deora met finance minister Pranab Mukherjee in Mumbai to seek an immediate release of `10,000 crore as interim subsidy to Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
The GoM, which would be headed by Finance Minister Pranab Mukherjee, would suggest a comprehensive policy and institutional mechanisms to tackle paid news, sources said.
Under attack from social activist and anti-graft crusader Anna Hazare, Union Agriculture Minister Sharad Pawar on Wednesday quit the Group of Ministers on corruption, saying he does not want to be "associated" with the panel anymore.
In its policy review meeting on Tuesday, the Reserve Bank of India hiked interest rates by 25 basis points.
The government proposed creating a mechanism to address disputes arising in taxing subsidiaries of foreign companies.
The annual rate of price rise of food items in the previous week was 16.74 per cent. Week-on-week, prices of fruits and vegetables fell by six per cent and tea became cheaper by two per cent during the week under review.
As India's investment rate is estimated to decline this financial year, industry chamber CII has asked Finance Minister Pranab Mukherjee to give a boost to investments in the forthcoming Budget, but economists believe a rollback of stimulus may continue.
P Chidambaram was conspicuous by his absence on the dais at the second day of the plenary.
The growth in the industrial sector was fuelled by manufacturing that expanded by 19.4 per cent in April, particularly in capital and consumer goods.
In April, S&P had lowered India's rating outlook to negative from stable
The first meeting of the Group of Ministers on inclusion of caste categories in the census is likely to be held on July 1.
Current President Robert Zoellick, who took office in July 2007, is schedule to retire in June.
Recent slide in inflation no consolation amid exceptional shrinkage in industrial growth.
Association points out that over 40 clearances from various agencies are required for real estate projects.
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