Finance Minister Nirmala Sitharaman on Thursday said the Indian economy is witnessing a strong recovery after a long and strict lockdown. Addressing a press conference to announce more stimulus measures to boost growth, she said macro-economic indicators are pointing towards recovery. She noted that COVID-19 active cases have declined from over 10 lakh to 4.89 lakh with case fatality rate (CFR) at 1.47 per cent.
After nearly five months wait, the government on Friday cleared UK's BP Plc buying 30 per cent stake in most of Reliance Industries' oil and gas blocks, including the showpiece KG-D6 gas fields, for $7.2 billion.
Doha-based Qatar Foundation Endowment has bought five per cent stake for $1.18 billion in Bharti Airtel.
The decision to procure the fleet was taken at a meeting of the Cabinet Committee on Security (CCS) chaired by Prime Minister Narendra Modi, Defence Minister Rajnath Singh said.
Sources say the Mark Zuckerberg-led company wants to ensure there are no issues in its investment in the subsidiary of Reliance Industries and has roped in one of the Big Four consultancy firms to advise it on how the new "beneficial ownership" norms would apply to the proposed investment in Jio.
The proposed e-commerce rule book issued recently by the ministry of consumer affairs does not mention foreign companies or foreign direct investment (FDI) at any place, unlike most other government guidelines for the sector so far. That is a heartening development since the latest proposals could be fine-tuned as e-commerce policy.
Political analysts are deciphering her desperation as Mamata Banerjee's last resort to fight several investigations launched by the Centre against her party colleagues and close aides.
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.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
The government would try to minimise layers in FDI ceilings.
Changes in the multi-brand policy unlikely to help the entire retail sector.
In a written interview with Chinese media based in Delhi, Singh said India faces an unsustainable imbalance in its trade with China and one of the ways of overcoming the trade deficit is for India to attract larger flows of foreign direct investment from China.
In its latest lobbying disclosure report filed with the US Senate and the House of Representatives for the quarter ended March 31, 2013, the various lobbying issues of Walmart during the period included 'discussions related to FDI (Foreign Direct Investment) in India'.
The CBI, in its letter, said the matter was 'analysed' by the agency and it 'revealed violations of RBI guidelines and FEMA regulations'.
The department of industrial policy and promotion, nodal agency for FDI policy under the ministry of commerce and industry, seems to have prepared a note for the Cabinet Committee of Economic Affairs to consider.
USTR has said India imposed several barriers in major services industries such as insurance, banking, audiovisual, accounting, legal, telecommunications, distribution services, postal and express delivery services.
Last year in January at Amazon's flagship event Smbhav, Infosys Co-founder N R Narayana Murthy had to shorten his keynote speech from 20 minutes to about five because the event was delayed by 1.5 hours. "I will try to finish it in five minutes, because I am not used to delays," said Murthy, while addressing hundreds of micro, small and medium enterprises (MSMEs) about building businesses that last. In the audience was Amazon founder Jeff Bezos. Murthy referred to Bezos' prediction that the 21st century will be the Indian century. "That confidence enhances our enthusiasm," said Murthy. The relationship between Murthy and Bezos dates to 2014, when Prione, a 49:51 joint venture (JV) between Amazon and Murthy's venture capital company Catamaran, was formed.
In an oblique attack on the United Progressive Alliance government, Gujarat Chief Minister Narendra Modi on Monday said there was lack of trust in governance in the country, which poses a "grave danger" to democracy.
An emergency arbitration hearing between Amazon and retail conglomerate Future Group took place last week and a verdict is expected in the next few days, according to sources.
India's economy is capable of absorbing $50 billion in foreign direct investment per year, feels FM.
Mamata Banerjee, who had pulled out of UPA-II over FDI in retail, among other issues, would dedicate mall to people of Kolkata.
Finance Minister P Chidambaram talked to the press in New Delhi on Thursday to allay public concerns about the economy which is in doldrums.
Latest 'clarifications' add to the confusion; foreigners may delay investments, and Indian firms will find it difficult to get investors.
In a letter to Prime Minister Manmohan Singh, Global Federation of Insurance Associations has said the global insurance industry is 'most encouraged' to learn that the government intends to bring up Insurance Laws (Amendment) Bill, 2008, for consideration in the current session of Parliament.
The Reserve Bank of India (RBI) is precariously balancing two opposing objectives - maintaining easy financial condition in the domestic market, while ensuring external stability - and economists have started taking note. They say India is going through the classic trilemma of the 'Impossible Trinity'. The RBI cannot have an independent monetary policy (setting domestic interest rates) in an environment of an open capital account and flexible exchange rates. What is even more complicated for the central bank now is that financial market stability overlays all the other three objectives.
Rejecting the contention that adequate consultations were not held with stakeholders on Foreign Direct Investment in retail, Commerce and Industry Minister Anand Sharma on Thursday dared the Opposition to bring privilege motion against him in Parliament.
The government on Tuesday accused Emaar MGF Land Ltd, a joint venture between Dubai's Emaar Properties PJSC and India's MGF Development Ltd, of violating foreign exchange rules over investments of Rs 86 billion ($1.51 billion).
How the first FDI in aviation was achieved.
Naresh Goyal becomes the country's first airline promoter to receive foreign investment.
India to build 2 new ports, 8 new airports, new industrial corridors and rail projects, said Dr Singh.
The group wants to expand its drug store chain.
Almost four years after savage tariff cuts, the telecom sector is slowly limping back to normalcy.
CPI leader D Raja also attacked govt for going back on its assurance to hold consultations with all stakeholders.
In matters of policy, this court will not interfere unless it is unconstitutional, the judge declared.
The finance minister added that Indian government revenues are expected to increase by 21 per cent in the 2013-14 fiscal year.
In June 2012, the country had received FDI worth $1.24 billion.
Mauritius is back in the news, and as usual not for the right reasons.
Last month, Prime Minister Narendra Modi had said that the economy is showing "green shoots" as the country emerges from the coronavirus lockdown and underscored the importance of being focussed on both life and livelihood.
The first five days of the fair from November 14-18 are restricted to business visitors.
The department of telecommunications, in the draft universal licence guidelines to be signed with telcos which recently won spectrum in the 1800 MHz auction of November, has included a new clause for foreign companies.
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