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 ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing.
The government has asked Chinese mobile companies to increase their exports from India and there is no proposal to ban the sale of handsets below Rs 12,000 made by such firms, Union Minister Rajeev Chandrasekhar said on Monday. The Minister of State for Electronics and IT also said that Indian companies also have a role to play in the country's electronic ecosystem but it does not mean exclusion of foreign brands. "Only issue that we have raised and done very transparently with some of the Chinese brands is that we have said that our expectation is that they will do more exports.
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.
Decision-making is stretched because of differences in views between ministries.
This election will decide in what shape and form the Akali Dal will survive.
Industry is displeased over the failure of the National Manufacturing Policy, which has failed to invite any sizeable investment since it was launched more than two years ago.
The approvals would be handled independently by administrative ministries of different sectors.
The Budget proposal will help startups with better incubation, talent and capital
The vehicle scrapping policy will offer about 5 per cent rebate to those buying new cars if they junk their old vehicles, Union Minister Nitin Gadkari said in Rajya Sabha on Thursday terming it a "win-win" situation. The voluntary vehicle scrapping policy announced in the Union Budget for 2021-22 provides for fitness test after 20 years for personal vehicles while commercial vehicles would require it after the completion of 15 years. "The 'Voluntary Vehicle-Fleet Modernisation Programme' or 'Vehicle Scrapping Policy' will offer a rebate of about 5 per cent to buyers on new car purchases in lieu of scrapping of the old.
Approval comes 6 months after Swedish clothing giant applied for India entry; FIPB now to consider on Oct 18.
Worried over excessive outflow of foreign exchange as royalty and fees for technology transfer and use of brand names, Commerce and Industry Minister Anand Sharma wrote to Finance Minister P Chidambram on the matter.
The 'Make in India' vision cannot survive in the long-term without concrete measures to build a concurrent 'Create in India' movement.
Services attracted the most FDI during the first eleven months period of 2015-16.
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
The long-awaited high-speed 5G services are expected to be rolled out in about a month, Minister of State for Telecom Devusinh Chauhan said on Monday. Addressing the inaugural event of the International Telecommunication Union's Regional Standardisation Forum (RSF) for Asia and Oceania region, Chauhan said India is likely to deploy indigenously developed and manufactured 5G telecom gears by end of this year for 5G services. "In about a month, 5G mobile services will roll out in the country, which will have multiplier effects on the development of all sectors.
To boost the 'Make in India' initiative, the Union home ministry has liberalised the Arms Rules to encourage investment in the manufacturing of arms, ammunition and weapon systems in the country.
Senior BJP leader Arun Jaitley on Sunday said with slew of graft cases surfacing during the UPA government, corruption has taken the shape of a "small scale industry", and the upcoming Lok Sabha polls will be a fight between morality and immorality.
In a move that is being seen as a snub to Walmart, Commerce and Industry Minister Anand Sharma on Thursday cancelled a meeting with US retail giant's Asia head Scott Price.
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.
Any narrative against the Dravidian model may impact the BJP's prospects in Tamil Nadu. This may explain why the BJP in Tamil Nadu is placing more emphasis on corruption allegations against the DMK, even as the party focuses nationally on the Sanatana controversy.
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.
The 4 week online learning programme is available in English and Hindi, and will soon be offered in some regional languages.
The Indian government has simplified FDI policy inorder to attract global retail chains.
The lock-in requirement has been reduced from three years to one year for angel funds and their minimum investment threshold has been slashed from Rs 50 lakh to Rs 25 lakh.
On an annual basis, we'll seek out solutions to Indian Railways' most critical problems through 'innovation challenge': Suresh Prabhu
Some companies are already seeking review of the new norms.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
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.
Nike has been present in India since 1996.
The government is considering blocking internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know. Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce India's own digital currency in line with what China and other countries had done. This move is part of that. The government had also proposed to promote technology like blockchain. Industry, however, says banning decentralised currencies like bitcoin and ethereum is not possible.
A special court in Mumbai on Saturday remanded ICICI Bank's former CEO and MD Chanda Kochhar and her husband Deepak Kochhar in the custody of the Central Bureau of Investigation (CBI) till December 26 in connection with alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The Kochhars were arrested by the probe agency on Friday night after a brief questioning session. The CBI has alleged that they were evasive in their response and did not cooperate in the investigation.
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 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.
The 28 new ministers who joined the Chouhan cabinet on July 2 include 20 of cabinet rank and eight ministers of state.
Without directly referring to the farmers' agitation, which entered the 17th day on Saturday, Modi said agriculture reforms as part of government efforts are aimed at removing roadblocks, and the new laws will also bring in technology and investment in the sector.
The Bombay high court granted interim bail to Videocon Group founder Venugopal Dhoot on Friday, nearly a month after he was arrested by the Central Bureau of Investigation (CBI) in the ICICI Bank-Videocon loan fraud case. A division bench of Justices Revati Mohite Dere and P K Chavan granted bail to Dhoot on a surety of Rs one lakh. The court permitted him to furnish cash bail and then deposit the surety amount two weeks thereafter.
Inter-ministerial programmes have run into obstacles as rules written by bureaucrats hamper rather than promote investments.
