Expressing commitment to augment the country's infrastructure, Finance Minister Nirmala Sitharaman on Monday proposed to significantly enhance capital expenditure to Rs 5.54 lakh crore in the next fiscal, besides creating institutional structures and giving a big thrust to monetizing assets to achieve the goals of the National Infrastructure Pipeline (NIP). Sitharaman said NIP, that was launched in December 2019 with 6,835 projects, has now been expanded to 7,400 projects and around 217 projects worth Rs 1.10 lakh crore under some key infrastructure ministries have been completed. "For 2021-22, I propose a sharp increase in capital expenditure and thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE of 2020-21," the finance minister said.
The Reserve Bank (RBI) resisted a 'raid' planned by some in the government to extract Rs 2-3 lakh crore from its balance sheet in 2018 to meet populist spending in run-up to general elections, Viral Acharya, who was deputy governor at RBI at that time, has written.
While passing the scrutiny of courts is a tough challenge, with eight proposed amendments to the insolvency law, the government has sought to turn the focus back on at least some of the functions of the bankruptcy law.
Finance Minister Nirmala Sitharaman is likely to step up efforts to boost consumption and rural economy while keeping inflation under check when she presents her sixth straight Budget on February 1. Experts said one way to boost consumption is to put more money in the hands of people, and one of the possible ways of doing it is by reducing the tax burden through tinkering with tax slabs or increasing the standard deduction. Another proposal is related to increasing the funds under the rural employment guarantee scheme MGNREGA and higher payout for farmers.
Indian lenders are unlikely to clear the vertical split of BSE-listed Vedanta Ltd in a hurry, considering that the demerger would reduce the fungibility of cash flows across businesses and increase their volatility, according to analysts. The demerger plan, which would result in six separate listed entities, would require approval from shareholders, lenders and other statutory bodies. "We believe that a separate listing of different businesses would reduce the fungibility of cash flows across businesses and increase the volatility of cash flows.
The Centre has estimated that nearly 14,000 people have gathered along the Punjab-Haryana border with 1,200 tractor-trolleys, 300 cars, 10 mini-buses as well as small vehicles and conveyed its strong objections to the Punjab government for it, sources said on Tuesday.
The alpona (artwork) on the steep, winding road leading to Makaibari bears testimony to the visit of G20 delegates for the second tourism working group meeting in April last year. The lush tea bushes, the delegates joining in for the moonlight plucking of Silver Tips Imperial first flush, a favourite of late Queen Elizabeth II, cut a picture of mystical magic. But it's not the Kurseong tea garden's only shining moment - the last few years have been busy for the estate and its bungalow.
The varsity will send a proposal in this regard to the University Grants Commission and the ministry of education.
Challenging the "illegal" reduction in its claim by the erstwhile resolution professional (RP) in the Jet Airways revival plan, the Punjab National Bank (PNB) has moved the National Company Law Appellate Tribunal (NCLAT) citing discrimination. The NCLAT on Thursday issued notices to RP Ashish Chhawchharia and the committee of creditors on PNB's plea to set aside the insolvency court's approval of the airline's revival plan. It has posted the matter for further hearing on September 21.
The Election Commission of India has set up more than 200 polling stations within housing societies in the urban areas of Uttar Pradesh to increase the voter turnout in the politically crucial state.
Amid a tug-of-war between Congress and the Shiv Sena-Uddhav Balasaheb Thackeray over seat sharing in Maharashtra ahead of the Lok Sabha elections in 2024, Shiva Sena-UBT MP Sanjay Raut expressed confidence in the Maha Vikas Aghadi (MVA) alliance, saying that the discussion on seat sharing is underway.
The panel headed by Justice (retired) Ritu Raj Awasthi has submitted its report to the government, calling for an exhaustive overhaul of the law.
The National Stock Exchange (NSE) has withdrawn its decision to change the expiry day for Bank Nifty derivatives contracts from Thursday to Friday. The move follows a "request" from the BSE, which settles its Sensex and Bankex derivatives contracts on Friday. The proposed change in Bank Nifty settlement was scheduled to be effective from July 6 with the first weekly expiry on July 14.
The new government that presents the full Budget for 2024-2025 in July should be ready to restructure the way divestment is managed and implemented, proposes A K Bhattacharya.
Holidays on Ram Navami and Janmashtami, associated with the most popular of Hindu deities Lord Rama and Lord Krishna respectively, have been done away with and on the other hand, the number of days requiring schools to remain shut for Muslim festivals has been increased, Modi alleged.
The revamped Special Economic Zone (SEZ) law is unlikely to see the light of the day before the upcoming Lok Sabha elections, two people aware of the matter said. The commerce department had sought the Union Cabinet's nod to bring amendments to the existing SEZ Act, 2005 late last year. The plan, thereafter, was to introduce the Bill in the winter session of Parliament. Cabinet's approval remains pending.
The Eleventh Plan draft document has built a strong case for relaxing foreign direct investment norms in key sectors like insurance, private banking, single brand retailing and broadcasting. The draft would be discussed at full Planning Commission panel meeting on Thursday.
Asked if BSNL is looking to approach Zain directly, he said "no further progress as far as this proposal on Zain is concerned".
In a major development, India is planning to buy 26 Rafale fighter aircraft and three Scorpene class conventional submarines from France.
European soccer's governing body UEFA on Monday said clubs and players joining the proposed breakaway Super League could be banned from all of its competitions and the World Cup as it condemned a "disgraceful and self-serving proposal".
The Department of Telecommunications (DoT) has asked Vodafone Idea (Vi) to come back to it with a business plan soon in light of its decision not to launch 5G services for now (unlike its competitors Reliance Jio and Bharti Airtel) and in view of its assessment of the possible impact of BSNL's impending launch of 4G in a few months and then 5G by August 15. "We are worried about Vi as we want to have three private players and one government player in the market. "The global trend now is to have two to three players.
Deriving from Narendra Modi's continuing charisma, the proposed scheme, if and when implemented, can cut both ways. That is to say, if Modi can win, he can lose. Or, someone else in his place, later on, could lose as much as he could win in his time, points out N Sathiya Moorthy.
Arunachal Pradesh Chief Minister Pema Khandu on Wednesday expressed concern over China's proposed mega hydropower project on the upstream of Siang River in Tibet, stating it will have a cascading effect on India and Bangladesh in the near future.
Due to a 'Kisan Mazdoor Mahapanchayat' convened by farmers at the Ramlila Maidan in New Delhi on Thursday, the Delhi Police has beefed up security and deployed heavy force for checking vehicles, which might lead to traffic snarls in the central parts of the city, officials said.
The meeting was called for discussing the points which were raised by Governor Kalraj Mishra on Monday.
New business premium (NBP) growth of life insurers in March is expected to be weak owing to the high base effect in the year-ago period due to revision in taxation norms for high-value policies, insurers said. In the Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit-linked insurance plans or Ulips) with an aggregate premium exceeding Rs 5 lakh would be taxed. This rule came into effect on April 1, 2023. In March 2023, the NBP of life insurance companies witnessed a strong growth after the tax announcement. Premiums rose by 14.45 per cent year-on-year (Y-o-Y) to Rs 59,608.83 crore in March 2023 from Rs 52,081.12 crore.
Elections are not won or lost by expounding on such macro-economic matters. For the aam admi, what matters in manifestos are promises that will improve their quality of life, notes Vinayak Chatterjee.
India on Saturday pulled off a big diplomatic win after the G20 summit adopted a consensus declaration overcoming major differences on the Russia-Ukraine war, as Prime Minister Narendra Modi called for ending "global trust deficit".
Adopted after nearly two weeks of hectic negotiations, the first Global Stocktake deal, being termed the UAE consensus, urges countries to accelerate efforts toward the phase-down of unabated coal power, which is a climb down after India and China strongly resisted the singling out of coal.
Vietnam-based electric vehicle maker VinFast, a rival of Tesla in the global market, has set foot in India and began work on building its Rs 16,000 crore EV manufacturing facility at Thoothukudi in Tamil Nadu. The company has already sought a reduction in import duties on its cars for about two years until customers get familiar with the brand and its unit in the state. The global major kicked off the construction of the first phase of its integrated EV hub, which may see Rs 4,000 crore of investment initially and will create more than 10,000 jobs.
Maharashtra Deputy Chief Minister Devendra Fadnavis on Tuesday said he had proposed to the Bharatiya Janata Party leadership to make Eknath Shinde, who had rebelled against the Shiv Sena leadership, the new chief minister after the collapse of the Maha Vikas Aghadi government last week.
The ministry of education is yet to take call on the recommendations by the empowered expert committee and the University Grants Commission.
Taiwan-based Hon Hai Technology Group, the subsidiary of Foxconn Industrial Internet (Fii), is in talks with the Tamil Nadu government to invest around $200 million to set up an electronic components unit in the state. According to a Reuters report, FII, which makes communication, mobile network and cloud computing equipment, has shared the plan with the Tamil Nadu state officials. Business Standard had reported last week that Fii's chief executive officer (CEO) Brand Cheng met Tamil Nadu Chief Minister M K Stalin and Minister for Industries, Investment Promotion and Commerce TRB Rajaa.
Unwilling to jeopardise its cordial relationship with the all-powerful BCCI, the England and Wales Cricket Board (ECB) has rejected a lucrative 10-year buy-out offer of their franchise-based property 'The Hundred' from former IPL commissioner Lalit Modi, the Daily Telegraph reported.
'The ministry may like to consider setting up an ombudsman similar to electricity ombudsman and insurance ombudsman, to ensure a time-bound resolution of consumer issues within the airline sector.'
Hospital chain Aster DM Healthcare's plans to sell its Gulf business may run into rough weather with voting advisory firm Institutional Investor Advisory Services (IiAS) raising concerns over the transaction. Recommending an 'against' vote on the resolution, IiAS has said there is no clarity on how Aster DM will utilise the proceeds that it will obtain by selling the unit, which contributes to bulk of its revenues. In November, Aster DM had announced its plans to sell its wholly-owned subsidiary Affinity Holdings, which conducts business in the Gulf Cooperation Council (GCC) region, to Alpha GCC for $1 billion.
Farmer leader Sarwan Singh Pandher on Tuesday said the Centre should convene a daylong Parliament session to bring a legislation on the minimum support price (MSP) for crops, a key demand of protesting farmers.
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL), has been hitting successive all-time highs over the past three trading sessions. The rally in the scrip has helped it notch over a 21 per cent gain since the start of February, outperforming the National Stock Exchange Nifty Auto Index. The gains for the leader of small passenger cars have been more recent, as the company still trails the Nifty Auto over one- and two-year periods.
Government sources argued that this meets the 21-day notice requirement on which governor Kalraj Mishra was insisting.
The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said. The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval. This represents a departure from the department's earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance.
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