"Wheresoever public money is involved, there should be responsibility, autonomy and a monitoring system," said Department of Public Enterprises Secretary R Bandyopadhyay. As is the case with the CPSEs, the state level public enterprises would also be given targets in conformity with the long-term mission and vision of the enterprises. There are about 1,000 SLPEs which the Centre feels can show improvement if the monitoring mechanism is strengthened & accountability enhanced.
The preferred format would be for the top BJP leadership in the government to reach out to the alliance leaders on a case-to-case basis.
PSU mammoths have already set up an established network of retail outlets and pipelines. To that extent, it would be very difficult for the private players.
The government on Saturday announced a host of measures such as setting up of a new Fund of Funds Scheme (FFS) with Rs 10,000 crore corpus; and extension of period of incorporation by five years with a view to promote growth of budding entrepreneurs.
'It won't be a V-shaped recovery. It'll be consolidation.' 'Investors might exit during that grind. It'll be painful.'
Finance Minister Pranab Mukherjee gave the Business Today Best CFO in the Public Sector Award to Sarraf, ONGC said.
HAL, BEL and MDL feature on Sipri's list of the 100 largest arms producers in the world.
Inflation targeting has worked well and the government must stay with it, and the framework is going to work well in the period ahead also, former RBI Governor D Subbarao said on Thursday. He also said low inflation contributes to sustainable growth. Addressing the 'Times Network India Economic Conclave' virtually, Subbarao said the government's proposal to privatise some public sector units is not akin to selling family silver but it is a route for putting India on a sustainable growth path.
India is working on new technologies such as the small modular reactors that can be factory-built and help make clean energy transition, Science and Technology Minister Jitendra Singh said in New Delhi.
After the success of the National Highways Authority of India's (NHAI's) first infrastructure investment trust (InvIT) with foreign institutional investors, the Centre is working on a proposal to launch a fresh InvIT for national highways, where domestic retail investors can hold units of the trust
The Union Cabinet has approved amendments to the General Insurance Business (Nationalisation) Act, paving the way for privatisation of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Centre to hold at least 51 per cent in public sector insurance companies at any given time. It will also have an enabling provision for the transfer of management control from the government to the potential buyer of the public sector insurance company. The finance ministry will move amendments to the insurance Act in the ongoing Parliament session.
"This money will be used for the revival and modernisation of the PSUs," BRPSE Chairman Nitish Sengupta said. He said instead of providing budgetary support, the option of land sale could be considered for the revival of units in some cases. Elgin Mills in Kanpur, Kolkata-based National Jute Mills, National Textiles Corporation and HMT are among those which have been permitted to sell their surplus lands.
In a dramatic shift in Canada's foreign policy, Prime Minister Mark Carney on Thursday declared that the long-standing economic and security relationship between Canada and the United States has ended, responding to US President Donald Trump's announcement of new auto tariffs that could severely impact Canada's economy, Politico reported.
The Central Bureau of Investigation (CBI) has sent a judicial request to the United States seeking information from private investigator Michael Hershman, who has claimed to possess crucial details about the Rs 64-crore Bofors bribery scandal of the 1980s. Hershman, the head of the Fairfax Group, had previously expressed his willingness to share information with Indian agencies, alleging that the investigation into the scam was derailed by the then Congress government. The CBI's request comes after previous attempts to obtain information from US authorities yielded no results. This move highlights the continued efforts to uncover the truth behind the decades-old scandal, which has had a significant impact on Indian politics.
The title 'Navratna' was given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997, which allowed them greater autonomy to compete in the global market.
'If they aim to remain aligned with the public sentiment, as any democratic government should, then they must respond. Why else would the prime minister have cut short his visit to Saudi Arabia? And why would he have instructed the home minister himself to travel to Srinagar to assess the situation firsthand? This suggests that something is indeed being planned. I am quite certain of that, although the exact form it will take remains to be seen.'
The Indian Army is enhancing the combat prowess of its artillery units along the frontier with China by procuring an array of weapons systems, including an additional batch of 100 K9 Vajra howitzers, swarm drones, loitering munitions and surveillance systems.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
Notably Trump had withdrawn from the Paris Agreement immediately after his first inauguration in January 2017. Joe Biden reversed that decision later.
The business services sector in the United Kingdom may see over 300,000 job losses in next four years due to the impact of the recession, a report by economics consultancy Centre for Economics and Business Research (CEBR) has said.
Divestment is the government's mantra to earn big bucks at a time when the country is reeling under a crisis.
The IPO market is set to be bustling next week, with 11 companies like Vishal Mega Mart, TPG Capital-backed Sai Life Sciences and fintech firm One Mobikwik Systems gearing up to launch their initial share sales, collectively aiming to raise nearly Rs 18,500 crore. Other mainboard IPOs to be launched during this period are Inventurus Knowledge Solutions Ltd and Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd.
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
India has its share of both large tech companies and large national laboratories, but why is it that these don't seem to be at the forefront of any innovation news headlines? asks Ajit Balakrishnan.
Concerned over the flight of talent from public sector undertakings to private sector, officers of profit making public sector units have threatened to go on an indefinite strike from December 22 seeking higher salaries.
Journalist and author Chitra Subramaniam has demanded that the Central Bureau of Investigation (CBI) make public its findings from the "box of evidence" received from Switzerland regarding the Bofors payoffs. Subramaniam, author of 'Boforsgate: A Journalist's Pursuit of Truth', expressed concerns about the lack of transparency surrounding the evidence, questioning who opened the box, when it was opened, and what it contained. She also raised doubts about the official narrative regarding the alleged bribe in the Bofors case, suggesting the sum of Rs 64 crore may not reflect the full extent of the corruption. Subramaniam also alleged that the CBI planted stories about Hindi film actor Amitabh Bachchan to derail the investigation and launched a political vendetta against the Bachchans. She recalled that Bachchan had come to her home and asked if she had seen his name. The CBI has recently requested assistance from the United States in the case, seeking information from private investigator Michael Hershman, who claims to have crucial details about the scandal. The Bofors scandal, a major bribery case involving the Indian government and the Swedish arms manufacturer Bofors in the 1980s, pertains to allegations of a Rs 64-crore bribe in a Rs 1,437-crore deal for the supply of 400 155mm field Howitzers.
The growth was primarily driven by domestic investments, which accounted for 60 per cent of the total inflows during the first quarter of the financial year.
On June 1 2017, the credit protocol to the Intergovernmental Agreement of December 5 2008 and the GFA for Kudankulam NPP Units 5, 6 were signed.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from December 16 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented in February, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the past four years.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
Moily said he and all his ministry officials as well as those in public sector units under his ministry will travel by public transport every Wednesday.
It is important to generate an attitude that is receptive to technology-based delivery of services.
State-owned enterprises are depending more on government money to fund their capital expansion in the wake of the economic downturn.
The editorial, titled "Ahimsa Award for the Executioner?", criticized Congress leader Shashi Tharoor for praising the entrepreneurial growth of Kerala under the Left government. It argued that it was "suicidal" to weaken the party from within when the Congress was actively opposing the shortcomings of the LDF government. The editorial also criticized Tharoor's positive remarks on Prime Minister Narendra Modi's recent US visit, calling it a mere gesture by two administrators to improve their image.
The opposition parties on Sunday slammed the move to hire public servants through lateral entry, claiming it will snatch reservations from SCs, STs and OBCs, but the Bharatiya Janata Party hit back stating the National Democratic Alliance government was bringing transparency to this mode of recruitment started by the Congress-led United Progressive Alliance.
Prime Minister Manmohan Singh on Thursday indicated that the full Budget for 2009-10 may announce a disinvestment of government stake in public sector companies. A host of companies waiting for the government nod for disinvestment include Bharat Sanchar Nigam Ltd, railway consultancy firm RITES, National Aviation Company, and Ircon.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
The visitor returns not just with the jewel-like beauty of the country imprinted on the mind, the body rejuvenated by hot stone massages, but also with the captivating stories and myths that are built into every important structure -- whether a tourist magnet or an off-the-beaten track spot.
