The finance ministry is resisting pressure from other departments to cap foreign ownership of domestic drugmakers, fearing such a move would discourage potential investors, a senior ministry source said.
"Unfortunately, while homage was paid to the photos of Bapu, and he found mention in speeches for many years, Khadi, handicrafts, use of swabhasha and swadeshi were forgotten. After becoming the prime minister, Narendra Modi gave a new lease of life to all these ideas of Bapu," Shah said.
Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
India on Monday said it could consider imposing "some kind of safeguard duties' on Chinese imports to bridge the huge trade gap as it cannot be sustained in the long run.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
India has been ranked as the most attractive investment destination in the world for the next three years.
Abu Dhabi-based Etihad Airlines has agreed to halve the number of directors on the Jet Airways Board to two posts under the Rs 2,058 crore deal, giving the Indian promoters 'effective control' of the carrier.
Nokia's Chennai plant is under freeze over tax dispute.
Even as the industrial cycle has ground to a halt during the 21-day lockdown, the industry has been hit hard by foreign orders from major clients in the US and Europe being cancelled. Also, a sudden lack of labour has crippled the sector because of a mass exodus of workers from industrial units to the hinterland.
The ministry of defence has set a goal of $26 billion, including export of $7 billion for the industry by 2025-26 through its Defence Production Policy 2018.
'India's manufacturing will take 10-15 years to catch up with China.'
Introduced in 2015 under the Foreign Trade Policy, the mega MEIS was created out of a merger of five existing reward schemes.
On October 23, the top court said people in the country can only burst firecrackers from 8 pm to 10 pm on Diwali and other festivals. It also allowed the manufacture and sale of just "green crackers" which have low emission of light, sound and harmful chemicals. The apex court carved out an exception for Christmas and the New Year's Eve, saying crackers on these days could be burst between 11.55 pm and 12.30 am since the celebrations start at midnight.
Government planning to slash the number of days required to start a business in Mumbai, Delhi from the current 26.
Market place model of e-commerce means providing of an IT platform by an e-commerce entity on a digital and electronic network to act as a facilitator between buyer and seller.
Capital dumping is being used by foreign e-commerce firms to subsidise and engage in predatory pricing, oil-to-telecom conglomerate Reliance Industries (RIL) has told the Associated Chambers of Commerce and Industry of India (Assocham) in an internal document. The document alleges that this is leading to massive unemployment and financial distress among small merchants and kirana stores. It consists of various recommendations and proposed changes that deal with Press Note 2 of 2018 (PN 2), which RIL wanted Assocham to present to the government, according to sources.
RBI kas hiked short-term lending (repo) rate by 0.25 per cent to 7.5 per cent.
Nokia may be allowed to sell Chennai mobile plant.
The ban has been in force since last Friday.
The government will present findings of the probe panel that looked into Walmart's lobbying activities to enter the Indian market, along with action taken report, before Parliament in the monsoon session.
What does Udhayanidhi's induction as minister mean? For the DMK, it indicates the future course, direction and leadership. It is continuity with change, and change with continuity, points out N Sathiya Moorthy.
Sources estimate there could be about 60 applications at the department of industrial policy and promotion for up to 49 per cent foreign direct investment in single-brand retail.
The number one way the Modi administration can demonstrate its commitment to the success of the Atal Innovation Mission, Accelerating Growth for New India's Innovations, Make in India, Digital India, and Startup India is to strengthen its IP framework in ways that promote the legal and regulatory certainty necessary for greater R&D investment, high-value jobs, and greater innovative and creative outputs, the report said.
The Union Cabinet on Wednesday approved revision in guidelines for providing direct to home (DTH) services in the country under which licenses would be issued for 20 years, Union minister Prakash Javadekar said. The Union Cabinet has also approved 100 per cent FDI in the DTH broadcasting services sector, Javadekar said, adding that while the commerce ministry had spoken of 100 per cent FDI in the DTH sector, the guidelines of the information and broadcasting ministry needed to be changed.
Modi will get the maximum chunk of the session time.
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Just to promote govt's policy of Make in India, BSNL said, it cannot afford to procure sub-standard equipment from inexperienced companies, not having proven technology. BSNL complained that when competitors were procuring world-class 4G equipment from experienced vendors, why should BSNL be compelled to procure locally.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
In his address, Modi said climate and calamity are linked to culture, and it will be difficult to avoid calamity as long as concerns for the climate do not become a part of culture.
During the Congress regime, India did witnessa slew of reforms which are now taken up by the Modi government too.
India has helped the world discover the true potential of democracy and the keyword for the country today is compassion for the downtrodden, needy and those on the margins, President Droupadi Murmu said on Sunday.
Irdai has listed diseases that can't be excluded from health insurance policies, including neurodevelopmental disorders, mental illness problems, psychological disorders, genetic diseases, puberty- and menopause-related disorders.
Banks' bad loans might cross Rs 10 lakh crore by the end of this fiscal, mainly on account of slippages in retail and MSME sectors, a study said on Tuesday. "NPAs are expected to rise to 8.5-9 per cent by March 2022, driven by slippages in retail, Micro, Small and Medium Enterprise (MSME) accounts, besides some restructured assets," the study by industry body Assocham and ratings firm Crisil said. The study titled 'Reinforcing the Code' said the Gross Non-Performing Assets (GNPAs) of banks are expected to cross Rs 10 lakh crore by March 2022.
In what is seen as the first sign of China's exasperation over Russia's Ukraine war, Chinese President Xi Jinping on Thursday raised 'questions and concerns' over the conflict in his meeting in Samarkand with Russian President Vladimir Putin who thanked Beijing for its 'balanced position' on the crisis.
A panel headed by Economic Affairs secretary Arvind Mayaram had suggested FDI limit be raised to 49 per cent in almost all sectors through the automatic route.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
'What we have done is a symbol of new India; that is what a small start-up can do, a few hundreds of people coming together, developing a rocket and launching to space and succeeding at the very first attempt.'
The country's gross domestic product (GDP) is likely to grow at 5.8 per cent in the third quarter of fiscal 2022, according to an SBI's research report- Ecowrap. The country's economy expanded by 8.4 per cent in the second quarter of 2021-22, to cross pre-pandemic levels. However, the GDP growth in July-September period was slower than the 20.1 per cent expansion in the previous quarter.
Prime Minister Narendra Modi on Saturday hard sold his government's reforms spanning from manufacturing to taxation to labour, saying they have changed the world perception about the country from 'why India' to 'why not India' and went on to quote record foreign investment during the pandemic as a testimony to that. Speaking at industry association Assocham's Foundation Week event, Modi also said agriculture reforms brought by his government six months back have started benefiting farmers. The reforms in the last six years have influenced in changing the sentiment of the industry from 'why India' to 'why not India' in investing.
Billionaire Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency bills, saying India is putting in place the most forward-looking policies and regulations. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build and protect strategic digital infrastructure. Stating that data is the 'new oil', he said every citizen's right to privacy has to be safeguarded. "India is putting in place the most forward-looking policies and regulations," he said at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).
