The Department of Industrial Policy and Promotion is closely working with the Reserve Bank of India, DIPP's joint secretary Gopal Krishna told reporters in New Delhi at a Confederation of Indian Industry function.
Foreign direct investment (FDI) in India declined by about 15 per cent to $12.6 billion (Rs 74,971 crore) during April-October this year, Parliament was informed on Wednesday.
Cap in single-brand retail likely to be 74%.
The note recommends allowing FDI in domestic firms through the issue of partly-paid up shares and convertible warrants, but with certain riders.
'We would like to develop Andhra Pradesh into a logistics hub not only for India, but also for South Asia.'
At present, a project with investment of more than Rs 600 crore in sectors routed through the Foreign Investment Promotion Board has to be referred to the Cabinet Committee on Economic Affairs.
Soft drinks and foods major Pepsico India Holdings Pvt Ltd has applied to the Foreign Investment Promotion Board to invest an additional $200 million (around Rs 950 crore) as equity in its Indian operations.
The industry ministry and the finance ministry are holding consultations on whether to bring the banking sector under the purview of new FDI (foreign direct investment) rules, which will categorise some Indian banks -- like ICICI Bank -- as foreign banks.
The Department of Industrial Policy and Promotion (DIPP), the nodal department that handles intellectual property rights (IPR) related matters under the commerce ministry, is launching an ambitious Rs 300-crore (Rs 3 billion) project to sensitise all stakeholders, including law enforcement agencies, scientists, companies, ministries and the general public on IPR issues.
Tusk Investment, Mauritius, a wholly owned subsidiary of private equity firm Elephant Capital, has sought approval from the Foreign Investment Promotion Board (FIPB) to acquire a 30 per cent stake in Amar Chitra Katha Pvt Ltd (ACK).
On December 21, MHA promulgated a draft Arms and Ammunition Manufacturing Policy, which allows the Department of Industrial Policy & Promotion (Dipp) to issue licence to large private companies that are capable of producing advanced weapons, and invest over Rs 50 crore (Rs 500 million), to manufacture arms and ammunition to be "primarily supplied to the Central Paramilitary Forces, Defence and state governments on tendering basis".
As markets gain momentum, investors are again being lured into investing in ULIPs but they may face the heat in case markets fall.
Govt recently relaxed sourcing norms for FDI in single brand retail.
The industry department had planned to get 10,000 price quotations from producers in order to have a new-look WPI, which incorporates a better snapshot of the economy. Out of this, 8,000 products are manufactured items. However, it now emerges that the DIPP may get price quotations from only 6,400 industrial units and factories.
The government is considering a proposal to allow 100 per cent foreign direct investment into the country's defence sector, despite stiff opposition from the defence ministry that has raised security concerns.
The clearances are for three proposals submitted to the Foreign Investment Promotion Board by Bharti Telemedia, which offers direct-to-home television services, Tata Teleservices, in which Japan's DoCoMo has picked up 27.3 per cent equity, and SKR BPO Services, which has made downstream investments in Sparsh BPO. Press notes 2 and 4, issued in February this year, changed the way indirect foreign equity is treated while computing the total foreign investment.
The Kochhars were arrested by the Central Bureau of Investigation (CBI) last Friday. Dhoot was arrested on Monday. The three were produced before special judge S H Gwalani at the end of their earlier remand on Thursday.
A special Central Bureau of Investigation court here on Wednesday extended till December 29 the CBI custody of former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group founder Venugopal Dhoot in connection with a loan fraud case. The probe agency arrested Kochhars last Friday after questioning them briefly. Dhoot was arrested on Monday.
Among other things, taking note of complaints against several Chinese e-commerce players such as Shein, Ali Express etc for sending shipments as 'gifts' to customers in India and avoiding duties, the government has now mandated that all e-commerce sites and apps must have a registered business entity. This will be the importer on record and subject to customs rules, report Subhayan Chakraborty, Neha Alawadhi and Karan Choudhury.
While the new norms are part of the draft policy's guidelines to fight counterfeit and fake products on platforms, they might end up helping brands and e-commerce firms sign exclusive sale deals.
With the shifting of the Foreign Investment Promotion Board to the finance ministry, the government has now reconstituted the board appointing Finance Secretary S Narayan as its chairperson.\n\n\n\n
'At the policy's maturity, the total premium is refunded.'
The Department of Industrial Policy and Promotion (DIPP) has finally sanctioned the proposal of allowing foreign direct investment (FDI) from Pakistan. But the final notification will be issued by the Reserve Bank of India (RBI) within the next couple of weeks. The move will be unprecedented in the bilateral trading relations between both the nuclear-armed neighbours.
Foreign Direct Investment (FDI) as a source of funding has shrunk to a trickle for the once lucrative telecom sector with foreign investment inflows plunging to $43 million in the April-September period of the current fiscal.
Housing market in Mumbai Metropolitan Region recording worst half-yearly performance since global financial crisis in 2008 has worsened the situation for them
DEA objects to the company's 29 Indian stores having sub-brands as a rule violation; DIPP doesn't agree.
The $100-million fund, which has the option to raise a further $200 million, will benefit small and medium enterprises engaged in defence production.
Two unions representing Air India pilots have asked members not to accept the revised compensation and employment offer, calling the company's proposals "unfair labour practices." They said any coercion on pilots to sign the offer would lead to industrial unrest. The Tata group airline announced on Monday a new salary structure for pilots and cabin crew.
The commerce and industry ministry had moved a Cabinet note to allow foreign carriers pick up equity in their Indian counterparts.
India received foreign direct investment (FDI) worth $1.79 billion in February, 2013 -- a decline of about 19 per cent due to global economic slowdown.
Move to impact joint ventures in telecom, insurance, broadcasting.
Stressing on the 'Make in India' initiative, a Ministry of Defence appointed committee has recommended enhanced private sector involvement by granting manufacturers tax and import concessions.
...and getting GDP to measure India's data economy, recommends Ajit Balakrishnan.
Sources said the people would be hired at different levels, including application examiners.
At Prestige Polygon Towers in Chennai's Teynampet, hectic preparations are on for a mega global investors' meet under the aegis of Guidance Tamil Nadu (the state investment promotion agency) scheduled for January 2024. Asked about the key focus areas of the meet, the agency's managing director and chief executive officer, V Vishnu, said the state was betting big on electric mobility. This is no surprise, given that the state has signed electric vehicle (EV)-related memorandums of understanding (MoUs) with several companies in the recent past that may bring in investments worth around Rs 33,000 crore with the potential to create over 43,000 job opportunities.
This was in response to the assertion of some officials of the finance ministry and the Department of Industrial Policy & Promotion that a strategically placed comma in DIPP's press note on FDI in civil aviation meant foreign airlines were allowed to hold up to 49 per cent stake in existing Indian carriers, as well as new airline companies being set up.
Notwithstanding its inability to open multi-brand retail for foreign investment, government on Tuesday notified 100 per cent FDI in single-brand retail, paving way for global chains like Adidas, Louis Vuitton and Gucci to have full ownership of their India operations.
The term of Subbarao as RBI chief ends on September 4, while the next mid-quarter policy review is due on September 18.
