New Delhi: The Finance Ministry on Tuesday said it will take steps to increase foreign investment flows into the country to strengthen rupee and the regulators will act at appropriate time to contain the fall in domestic currency that touched a record low of 58.96 to a dollar.
"We will continue to implement measures to ensure that portfolio investor inflows are enabled and encouraged and some of these measures will be announced very shortly.
In the coming weeks, we will recommend to the Cabinet policies to enhance FDI limits on number of areas all this will help not just in short-term objective of financing the CAD safely but also in the longer term objective of ensuring sustainable growth," Chief Economic Advisor Raghuram Rajan told reporters here. The exchange rate has depreciated by 5.5 per cent cent since January 1 and over 2.5 per cent in last two trading session.
"There has been some volatility in the financial markets in the last few days. The government, RBI and Sebi are watching the market development and each one will take action as warranted," Rajan said....
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04:50 PM, Jun 11, 2013
Mumbai: New rules requiring foreign supermarkets to set up their own warehouses and stores in India are likely to further delay the entry of companies like Walmart Stores Inc, increase costs and hurt cash-strapped local retailers eager to partner with foreign companies. India allowed foreign chains to enter the country to set up retail stores in September 2012, but ambiguities in the policy means that so far, no foreign company...
09:59 AM, Jun 08, 2013
New Delhi: In response to the DIPP's plea for clarity on FDI policy in multi-brand retail (MBR), the Cabinet issued clarifications which allow only 30-per cent sourcing for front-end stores and forbid the MBR entity from conducting any other form of distribution. The sourcing conditions are only for manufactured store-products and does not apply to the procurement of fresh produce. MBR entities are to make fresh investment for back-end infrastructure...
10:45 PM, Jun 06, 2013
New Delhi: The Enforcement Directorate on Wednesday slapped a Rs 8,600 crore show-cause notice on construction major Emaar MGF Land Ltd and its sister firms for alleged forex rules violation, the biggest such penal action in country's real estate sector. The agency, which began an investigation in 2010 with regard to the group bringing in Foreign Direct Investment (FDI), alleged that the firm has violated the rules stipulated by the...
10:54 PM, Jun 04, 2013
New Delhi: The government on Friday said it has approved eight FDI proposals worth Rs 696 crore, including those of ACME Solar Energy, GETIT Infoservices and McKinsey & Company. The Foreign Investment Promotion Board (FIPB) cleared the proposal of ACME Solar Energy to bring in foreign investment worth Rs 275 crore, the Finance Ministry said in a statement. Besides, FIPB cleared GETIT Infoservices' proposal to receive foreign investment worth Rs...
07:26 PM, May 31, 2013
Howrah: West Bengal Chief Minister Mamata Banerjee on Friday accused the Centre of issuing threats of engaging CBI against the state government since Trinamool Congress quit the UPA on the issue of FDI in retail. "They (Centre) are threatening us with CBI. There is no use of intimidating or threatening us. We had quit UPA on the single issue of FDI in retail. We will continue to oppose it," Mamata...
07:20 PM, May 31, 2013
Kolkata: India's current account deficit, which was around 5 per cent of the country's gross domestic product (GDP) last fiscal, is expected to decline to 4.5 per cent this fiscal, rating agency ICRA said on Tuesday. "This is based on the expectation that incentives announced by the government of India would provide a limited boost to non-oil, non-jewellery merchandise exports and lower crude oil prices would dampen growth of oil...
04:54 AM, May 29, 2013
New Delhi: Investigation into whether US giant Walmart may have bribed Indian officials to gain wider access to the country's vast market has been closed due to lack of evidence, sources said on Sunday. Corporate Affairs Ministry has confirmed and said no evidence of lobbying was found. The one-man committee of Former Chief Justice of Punjab and Haryana High Court Mukul Mudgal probing the matter had submitted a report to...
05:59 PM, May 19, 2013
New Delhi: A committee looking into US giant Walmart's lobbying activities to enter India today submitted its report to Corporate Affairs Minister Sachin Pilot. Former Chief Justice of Punjab and Haryana High Court Mukul Mudgal who headed the panel set up to look into lobbying activities by Walmart, submitted the report to Pilot at his residence. No details of the report were immediately available. ...
07:35 PM, May 18, 2013
New Delhi: The panel looking into retail major Walmart's lobbying activities with American lawmakers for its entry into the Indian market is likely to submit its report to the government in a day or two. The one-man committee, headed by former Chief Justice of Punjab and Haryana High Court Mukul Mudgal, has finalised the report. Sources said the report is expected to be submitted to the government "this week". The...
02:20 PM, May 18, 2013
Shimla: The Himachal Pradesh BJP, which has been opposing FDI in retail, on Saturday said it would not allow foreign stores like Walmart into the state "Foreign chains like Walmart and Metro Cash and Carry will not be allowed to enter Himachal and the interests of small traders will be fully safeguarded," state BJP president Satpal Singh Satti said. He was reacting to Civil Supplies minister GS Bali's announcement to...
01:53 AM, May 12, 2013
New Delhi: The government on Tuesday said it has cleared 17 foreign direct investment proposals totalling Rs 262.56 crore, including that of Sanofi-Synthelabo (India). The proposals were cleared following recommendations by Foreign Investment Promotion Board (FIPB) headed by Department of Economic Affairs Secretary Arvind Mayaram, an official statement said. Sanofi-Synthelabo's proposal was regarding acquisition of a pharma company through internal accruals. The company proposes to bring in FDI worth Rs...
08:55 PM, May 07, 2013
New Delhi: Daily disruptions and ruckus inside Parliament - that Vice President Hamid Ansari said has been described as "competitive hooliganism" - have become routine and both the government and opposition blame each other for it, but experts say it is a negation of democracy and probably a way to get media coverage. "The way parliament has been functioning, it is a total negation of democracy," Jagdeep Chhokar, a retired...
06:10 PM, May 07, 2013
Mumbai: Hong-Kong entrepreneur Ramesh Tainwala spent 18 months operating branded clothing retail stores in India before deciding it was impossible to succeed without paying bribes. Tainwala, a 55-year-old expatriate Indian, owns Planet Retail, which held the India franchise rights for US fashion labels Guess and Nautica as well as UK retailers Next and Debenhams. He sold the brands last September to various Indian businesses. "Right now it's not possible to...
12:37 PM, May 05, 2013
New Delhi: Describing the decision on 49 per cent FDI in aviation as one which will transform the sector, Civil Aviation Minister Ajit Singh said on Friday the government envisages investment of $12.1 billion in the sector in the 12th Plan period (2012-2016). Singh said the rapidly expanding air transport network and opening up of infrastructure to the private sector have fuelled the growth of air traffic in India. "Indian...
05:57 AM, May 04, 2013
New Delhi: The government on Thursday allowed Swedish furniture major IKEA to invest Rs 10,500 crore - the biggest ever FDI proposal in single brand retail - for setting up home furnishing stores in the country. "Whatever proposal of IKEA was there has been cleared," Information and Broadcasting Minister Manish Tewari told reporters after the application was cleared by the Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan...
09:30 PM, May 02, 2013
New Delhi: Rejecting the Defence Ministry's view on foreign direct investment, a Parliamentary committee has recommended enhancement in FDI limit to attract foreign companies as it would benefit the Indian defence sector in the long run and save precious foreign exchange. The Standing Committee on Defence took note of the divergent views within the Ministry over the issue. While the Department of Defence Production opposes FDI, the DRDO favours it,...
02:45 AM, Apr 30, 2013
New Delhi: Describing the over Rs 2,000 crore business proposal between Jet and Etihad airlines as a win-win deal, Civil Aviation Minister Ajit Singh today said it will be beneficial for flyers. In the first Foreign Direct Investment (FDI) deal after India opened up the aviation sector, Jet Airways will sell a 24 per cent stake to Etihad Airways in a $379 million (Rs 2,058 crore) deal. "It is a...
04:42 PM, Apr 25, 2013
New Delhi: Committing to carry forward the economic reforms programme in the remaining term of UPA-II, Finance Minister P Chidambaram on Wednesday said the government will take more executive actions in the next two to four months and sought cooperation of the main opposition party to push through important bills in Parliament. Ruling out early elections, the Minister said the government would last for 13 months more and would continue...
12:15 PM, Apr 24, 2013
Washington: Walmart continued to lobby with the American lawmakers over Indian retail FDI rules during the first quarter of 2013, even as a probe is underway into the global retail giant's US lobbying activities for facilitating its India entry. 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...
03:40 PM, Apr 23, 2013
