The approvals would be handled independently by administrative ministries of different sectors.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
The proposed FDI of Rs 503.37 crore (Rs 5.03 billion) by ArcelorMittal, Netherlands, has been approved by the Foreign Investment Promotion Board, the finance ministry said in New Delhi.
The proposal of Media Content and Communication Services to uplink Star News channel from India is still being examined by the Information and Broadcasting Ministry after Foreign Investment Promotion Board cleared it.
Other measures being considered include relatively stringent KYC norms and a separate standard operating procedure for approval, renewal, and fresh investment from India's neighbouring countries.
Tightening the norms, the government has done away with automatic approval of foreign direct investment (FDI) in the existing pharmaceutical companies.
A government panel on Tuesday proposed raising foreign investment limits in sectors like defence, multi-brand retail and telecommunications, to spur investment in the country and tide over the Current Account Deficit woes.
If convicted, the offences entail a maximum punishment of seven years.
The government on Wednesday cleared 21 foreign direct investment proposals worth Rs 18.46 crore.
Tesco, which has sought the government's permission to buy 50 per cent stake in Tatas-owned Trent Hypermarket Ltd, will have to invest atleast $55 million in creation of fresh back-end infrastructure.
Edtech firm Think and Learn, which owns Byju's brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT's decision, a top official said on Tuesday. On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju's.
No reason was cited for rescheduling of the meeting.
Tata Motors is likely to have one more achievement to cheer about as it gets into the new financial year, when Thailand's Board of Investment (BoI) approves the company's proposal to make an eco-car. A BoI official in Bangkok told Business Standard that the internal approval meeting, scheduled for April 2, 2008, was likely to give its nod to India's third largest passenger car maker to manufacture the eco-car.
In a reversal of its recommendations made in April 2008, the Telecom Regulatory Authority of India whittled the increase it had suggested then in the foreign direct investment cap for companies set up to uplink television news channels, as well as in FM radio.
The ED said that Chidambaram has remained evasive and therefore grant of pre-arrest bail at this stage would be highly detrimental to the investigation.
The government on Tuesday approved 30 foreign direct investment proposals amounting to Rs 305.29 crore (Rs 3.05 billion), including the proposal of Japanese firm Kansai Paints to acquire stake in Mumbai-based GoodLass Nerolac Paints for Rs 104.27 cro
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The proposal of Tatas and Singapore Airlines for a new joint venture, entailing foreign investment of $49 million, is likely to come up before the Foreign Investment Promotion Board for approval on October 18.
The government cleared 15 foreign direct investment proposals worth Rs 70.1 crore (Rs 701 million) including that of Honda Motor, Teva Pharmaceuticals, Fijitsu, Atlanta Electricals and Marubeni Corporation.
Chidambaram's son Karti has been questioned twice by the ED in this case.
These companies struck joint ventures with foreign partners before the government relaxed FDI sectoral limits by issuing Press Notes 2 and 4 in February this year, and had approached FIPB for approvals later. FIPB sent a note to this effect to the RBI a month ago, advising the central bank to deal with such cases.
The government has so far approved 73 foreign direct investment proposals worth Rs 4,044 crore for the mining sector.
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.
FIPB may be asked to vet downstream projects.
The new system would be especially beneficial for Qualified Foreign Investors.
The government has allowed ONGC Videsh, the foreign arm of state-owned Oil and Natural Gas Corp, to make investments of up to Rs 300 crore (Rs 3 billion) in oil and gas properties abroad without going to the Cabinet for approval.
The Cabinet on Thursday approved 49 per cent foreign investment in insurance companies through the Foreign Investment Promotion Board route ensuring management control in the hands of Indian promoters.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
According to finance ministry officials, Bharti which is in exclusive talks with MTN till September 31, will also have to seek the approval from the Foreign Investment Promotion Board if the foreign direct investment limit (direct or indirect) crosses the 49 per cent limit.
Proposals of Principal Financial Group, South African Breweries, AB Electrolux and Caterpillar Inc were among the 52 foreign direct investment cases totalling Rs 321 crore (Rs 3.21 billion) approved by the government on Thursday.
Among Sensex gainers, Power Grid jumped the most by 4.16 per cent after its board approved an investment of Rs 656 crore in transmission projects. Private lenders HDFC Bank, Axis Bank, Kotak Bank, IndusInd Bank and ICICI Bank were also among lead gainers. NTPC, Nestle and Hindustan Unilever also ended the session with gains.
Jet Airways' plan to raise funds from international institutional investors will come up for approval by the Foreign Investment Promotion Board this week.
Mobile operator Spice Telecom, which is planning to tap the capital market with an initial public offer, has got Foreign Investment Promotion Board's nod for the public issue.
With the FIPB giving approval to the Tata-Singapore Airlines joint venture to start a full-service carrier, Tata Group Chairman Emeritus Ratan Tata on Friday met Commerce and Industry Minister Anand Sharma.
Market regulator Sebi on Thursday announced new rules for foreign investments through financial instruments such as participatory notes, asking FIIs to wind up P-Notes for investing in derivatives within 18 months.
A major chunk of this FDI would flow through induction of foreign stake in telecom infrastructure provider Aster Infrastructure Ltd. The Secunderabad-based company plans to hike foreign stake to 72.5 per cent for Rs 232.58 crore (Rs 2.32 billion).
The 15 proposals were cleared following recommendations by Foreign Investment Promotion Board.
