Tackling inflation will be a priority, the finance minister and RBI governor said on Wednesday, after high prices contributed to painful losses for the ruling Congress Party in state elections.
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India has in recent months stepped up enforcement of tax collections as it looks to raise revenue to help plug its widening fiscal deficit.
The minister expressed confidence that India will get back to high growth path soon.
With the inauguration of the bank in Mumbai, seven branches would become operational across the country including in Kolkata, Chennai, Ahmedabad and Guwahati.
In 2011, the Indian government received the names of 782 Indians who had accounts with HSBC.
With a large gathering of corporate leaders in attendance at the function in Mumbai even as the master blaster played his last test match at the nearby Wankhede Stadium, the Finance Minister said, "Ratan (Tata) is as big a draw as Sachin."
We have to ensure that mergers do not substantially reduce competition and consumer choice, says Indian Finance Minister P Chidambaram.
The two ministers are believed to have discussed the issue of redefining foreign direct investment and foreign institutional investment to remove ambiguities.
P Chidambaram announced a few sops to bring cheer to consumers and some sectors like automobile and capital goods.
Opposition on Monday trashed the interim budget, terming it as a 'farewell budget' of a government which has 'lost' on all counts and has nothing to offer to the people.
Auto makers Tata Motors and General Motors India on Monday announced they will cut prices of their products after Finance Minister P Chidambaram decided to reduce excise on automobiles in the interim Budget 2014-15.
He also said the Forward Contracts (Regulation) Act would be amended to strengthen the regulatory framework of the commodity derivatives market.
Inflation in food articles category in January stood at 8.8 per cent.
A feeder fund makes most of its investments through a 'master fund'.
He could be doling out more funds to woo voters and tax cuts to support industry.
Analysts and the central bank remain concerned about widening oil subsidies.
Stating that money laundering was behind crimes like human and drug trafficking and terror financing, the minister called for greater international cooperation to deal with the menace.
The government, he added, was aware of the problem and was dealing with it.
As India prepares for elections, Finance Minister P Chidambaram on Wednesday hit out at the Bharatiya Janata Party terming its economic policies as retrograde and "blood-eyed" and asked why it's Prime Ministerial candidate Narendra Modi had never fielded a Muslim candidate.
India's policy focus in recent months has been, on containment of fiscal deficit, along with measures that would boost investment levels in the economy.
Any move by developed nations to engage in financial protectionism and keep savings at home will be "terribly misguided", feels Chidambaram.
India has all the three requirements to guarantee investment protection--a stable and democratic political structure, a belief in the rule of law and transparent and independent legal system.
The Congress-led United Progressive Alliance government, in power since 2004, will have to seek fresh mandate of the people in the coming months.
Shivakumar, 57, was arrested by the Enforcement Directorate on September 3 in a money laundering case.
While the country imposed limits, it also eased and simplified other restriction to attract foreign inflows. This is done to plug record current account deficit.
Chidambaram hit out at former Bharatiya Janata Party Finance Minister Yashwant Sinha, saying he was a 'distant memory' for the people of India.
RBI has announced a 50 bpc rate cut, India Inc cheers the move.
In the backdrop of a furore created by the prime minister's former media advisor Sanjaya Baru's book, Finance Minister P Chidambaram in an exclusive interview to CNN-IBN, said that Dr Manmohan Singh is reticent, withdrawn and shy by nature.
Govt has taken corrective steps to revitalise investor enthusiasm, spur growth, and tame spending.
Market regulator Securities and Exchange Board of India would be doing away with different procedures and avenues for many categories.
"The Railway Minister has presented a very responsible, practical and implementable budget," Chidambram told reporters outside Parliament.
The country is biding time to assess the mood of the next Indian government.
To meet the financing requirements of the infrastructural deficit, many more institutions are required to share this responsibility, Chidambaram said on Tuesday, while launching operations of India's first Infrastructure Debt Fund under the NBFC Structure by handing over the First IDF -- NBFC License to the Promoters of India Infra Debt Limited -- ICICI Bank, Bank of Baroda, Citibank and Life Insurance of Corporation.
In a pre-budget memorandum, submitted to the Union Finance Minister, P Chidambaram, the US India Business Council said it was concerned over the several recent policy initiatives of the Indian government in this regard.
Finance Minister P Chidambaram has asked the Income Tax department to focus on the companies that pay less than effective tax rate of 24 per cent.
Finance Minister P Chidambaram, back in the United States for the second time in less than three months, kicked off a series of meetings with American corporate heavyweights, making a pitch for American investment in India, even as the rupee continued to plummet.
Wants sops to encourage investment and promote entrepreneurship.
RBI said that 26 entities have applied for banking licence including Tata Sons, Aditya Birla Nuvo and Department of Posts.
He reiterated government's commitment on observing the path of fiscal consolidation and imposition of fiscal targets.
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