The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
For many years now, India has given the Commonwealth short shrift so its support for the Commonwealth trade initiative signals a renewed interest in the body.
India, which appears to have been pushed back to being the world's sixth biggest economy in 2020, will again overtake the UK to become the fifth largest in 2025 and race to the third spot by 2030, a think tank said on Saturday. India had overtaken the UK in 2019 to become the fifth largest economy in the world but has been relegated to 6th spot in 2020. "India has been knocked off course somewhat through the impact of the pandemic. "As a result, after overtaking the UK in 2019, the UK overtakes India again in this year's forecasts and stays ahead till 2024 before India takes over again," the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday. The UK appears to have overtaken India again during 2020 as a result of the weakness of the rupee, it said.
BG Exploration and Production India, a part of UK-based BG group and Reliance Industries, hold 30 per cent stake each in the field, while ONGC has a participating interest of 40 per cent.
The ministry of home affairs has received more than 20 proposals for foreign direct investment (FDI), including from China and Hong Kong, requiring security clearance between April and May. 'We are vetting some of these proposals which have come from various sectors. One of the applications is from a well known start-up,' an official said. 'We await inputs from Research and Analysis Wing, intelligence agencies, external affairs ministry, and embassies.'
"As far as the US is concerned, we have certainly reached a level of no return. In other words, we have developed today what we call a Comprehensive Global Strategic Partnership. "We are cooperating across the board on areas that are of mutual interest to both our countries," said Shringla.
India attracted an estimated $49 billion FDI in 2019, a 16 per cent increase from the $42 billion recorded in 2018.
JLR, Tata Steel Europe CEOs caution staff on high risks of leaving the EU
'If a stranger refuses to pet my Russian dog, what treatment can I expect for myself?'
'At this point, it does not appear to be a Lehman Brothers kind of crisis, which had a domino effect on the financial system.'
Stating that recent agriculture reforms have opened new opportunities, the RBI Governor said the farm sector is emerging as a bright spot.
Participating in a debate on 'British Opportunity in India and Indian Investments in the United Kingdom,' Lord Navnit Dholakia said, "Bilateral trade is impacted by our own visa regime." Drawing attention towards the difficulties faced by Indian businessmen in obtaining visas, Dholakia said, "We should make sure that business visitors and senior providers are facilitated to travel to the UK to explore business opportunities and business contracts.
'The news about the new virus strain in the UK provided them with an opportunity to take money off the table.'
Will 2022 be a year of contrasting narratives -- one filled with caution and the other with continued optimism?
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
'India should be adequately prepared for further Chinese mis-adventures at any time in the next few years.'
Reserve Bank Governor Shaktikanta Das on Thursday said the central bank's asset purchases, aimed at mitigating COVID-19-related liquidity stress in the system, did not dilute its balance sheet or compromise on core principles of central banking. In the wake of the pandemic, the RBI undertook several conventional and unconventional measures. "Unlike many central banks, the RBI's asset purchases did not dilute its balance sheet and hence, did not compromise on core principles of central banking," Das said while addressing an event organised by the Bombay Chamber of Commerce. These purchases were confined to risk-free sovereign (government) bonds including state government securities only, he said.
Recalibration is required as some items of interest to Britain may have to be removed
Seeking to strengthen Indo-UK economic ties, Prime Minister Narendra Modi on Thursday arrived in Britain on his first visit to the country during which he will have a hectic schedule that will start with talks with his British counterpart David Cameron.
Europe is the second largest market for Indian IT-BPM industry.
India added three 'unicorns' per month in 2021 to nearly double the overall number of startups valued at over USD 1 billion to 51 as of end-August, a report said on Thursday. Even as, cumbersome regulations are forcing startups to leave India and settle in other countries where they enjoy better treatment, as per the Hurun India, which prepared the list. It can be noted that over the last few years, dedicated efforts have been undertaken to hone the startups ecosystem by the government through flagship initiatives like 'Startup India'.
At $2.6 trillion, the Indian economy is currently ranked sixth in the world behind the US, China, Japan, Germany and the UK.
'Unemployment barely figures in the Budget except as a derived demand from the industry and infrastructure.' 'There is no effort at direct attack on unemployment.'
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
After two decades, the SCO appears to be at a cross-roads with the US withdrawal from Afghanistan, asserts Srikanth Kondapalli, the leading China expert.
In the broader markets, BSE Midcap index slipped 0.3% whereas the BSE Smallcap index inched up by 0.2%
The UK voted to leave the European Union after 43 years.
'And because she was very close to Indira Gandhi, she was close to me.' 'Sonia is a wonderful person'
'Brexit might delay the sale process of Tata Steel's UK operations'.
A day after terminating the tainted VVIP helicopter deal with AugustaWestland, the defence ministry has set in motion the process of encashing the bank guarantee of nearly Rs 1,700 crore furnished by the Anglo-Italian firm.
Britain's vote to leave the European Union means uncertainty for markets and companies as London initiates at least two years of negotiations with the EU.
Asserting that United Kingdom and India should be "partners of choice", British Prime Minister David Cameron on Thursday said the two countries have made "extraordinary progress" on trade and investment since 2010 and that the "positive momentum" should continue.
The earliest ones included whistles shaped like birds, toy monkeys that could slide down a string and small carts made from materials found in nature such as sticks, clay and rocks. While there might be no disputing India's rich toy-making tradition, the industry is languishing for lack of investment and technology, and also owing to competition from cheap imports. And though it has been listed among 24 key sectors under the government's Atmanirbhar Bharat Abhiyaan, the question remains: will this push help place it in the global game? Currently, 80-odd per cent of the toys sold in India are imported - nearly 60 per cent of them from China.
Ola was supposed to expand to the Netherlands, Kenya, Dubai, Israel, and Brazil.
The country's new economic roadmap highlights the importance of creating a virtuous cycle of investment, savings and exports in order to sustain rapid economic growth over the next five years.
The global lending agency also said that Brexit has resulted in global economic uncertainty.
Wiping off nearly Rs 4 lakh crore of investors' wealth during the day, benchmark Sensex crashed on Friday.
Britain's Prime Minister David Cameron on Sunday promised to "stand together" with Pakistan in the war against terrorism and nudged his counterpart Nawaz Sharif to help clinch a peace deal with Afghanistan before NATO's withdrawal from the war-torn nation next year.
Billionaire Mukesh Ambani's Reliance Industries has announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco.
'An internationally established price of crude will encourage more players to invest in India, leading to enhanced domestic production which can be made available to domestic refineries,' recommends Anil Agarwal whose company Vedanta Resources has a controlling stake in Cairn India that operates the country's biggest onland oilfield in Barmer, Rajasthan.
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