New Delhi: A government panel on Tuesday proposed raising foreign investment limits in sectors like defence, multi-brand retail and telecommunications, to spur investment in the country and tide over the Current Account Deficit woes. "We have submitted the report to the Finance Minister. Action will be taken on it as and when the government decides. Policy is with DIPP so finally they will take a call. This is just our recommendation," Economic Affairs Secretary Arvind Mayaram told reporters in Delhi.
The committee, which was set up by Finance Minister P Chidambaram to review the sectoral caps, has suggested that the Foreign Direct Investment (FDI) ceiling in the defence sector be raised to 49 per cent under the government approval route from 26 per cent at present. In order to make multi-brand retail more attractive to foreign investors, the panel suggested that the FDI limit be raised to 74 per cent under the Foreign Investment Promotion Board (FIPB) route from 51 per cent. In case of single-brand retail, it suggested easing of the norms by advocating 49 per cent investment under the automatic route.
Currently, the government allows 100 per cent FDI under the approval route. Similarly in case of pharmaceuticals sector, the committee recommended 49 per cent under automatic route as against 100 per cent under the government approval route. As regards the telecom sector, the Mayaram panel said that 100 per cent FDI be allowed under the FIPB route as against 74 per
12:08 AM, Jun 19, 2013
New Delhi: A high level meeting between Defence Secretary, National Disaster Response Force and other agencies has been convened to expedite the relief process after 58 people died in Uttarakhand following heavy rains that have caused massive landslides and floods in the state, Cabinet Secretary Ajit Seth told CNN-IBN. "We are going to take Indian Air Force's help to evacuate people from all corners of the state," Singh said. "We...
10:03 PM, Jun 18, 2013
Pune: Holding that a "peaceful and stable" Pakistan was in India's interest, Defence Minister AK Antony on Tuesday said that the neighbouring country must initiate strong action against terrorist groups operating from its soil, in order to improve Indo-Pak ties. "We are concerned about terrorist groups in Pakistan. They should take strong action against them which will help improve our relations," he told reporters here when asked whether change of...
05:50 PM, Jun 18, 2013
New Delhi: Larsen & Toubro Ltd is competing for defence contracts worth up to Rs 8,000 crore that will be awarded in the next few months, MV Kotwal, president of the company's heavy engineering department, said on Monday. It has bid for four contracts from the Indian coast guard to supply training ships and support vehicles, worth about Rs 4,000 crore in total. The orders are likely to be finalised...
05:07 PM, Jun 17, 2013
Islamabad: Pakistan's cash-strapped new government announced a hefty 15 per cent hike in its defence budget to Rs 627 billion, with the powerful Army getting the lion's share of the outlay. The government increased the allocation for defence in its budget for fiscal 2013-14 to Rs 627 billion (about $ 6.32 billion), marking an increase of little more than 15 per cent over the outlay for the current fiscal. The...
03:06 AM, Jun 13, 2013
Mushaf Air Base: With an olive green head scarf poking out from her helmet, Ayesha Farooq flashes a cheeky grin when asked if it is lonely being the only war-ready female fighter pilot in the Islamic republic of Pakistan. Farooq, from Punjab province's historic city of Bahawalpur, is one of 19 women who have become pilots in the Pakistan Air Force over the last decade - there are five other...
02:26 AM, Jun 13, 2013
New Delhi: Army's top secret details about operational plans and deployment along the India-China border could have been compromised and around six military personnel have been indicted by a Court of Inquiry (CoI) in this regard. Sources said the indicted personnel are in the process of facing disciplinary action on various counts in the incident which happened around a couple of years ago. The sensitive information could have been compromised...
09:39 PM, Jun 12, 2013
New Delhi: Denial of leave to Army personnel including officers and soldiers may tempt them to have extra-marital affairs and in extreme cases, they may also resort to misbehaviour and flirting, an Army study has said. In its study 'roadmap to promote dignity of women and care for girl child in Army', the Jodhpur-based 12 'Konark' Corps has recommended that "grant of leave at regular intervals coupled with adequate training...
07:41 PM, Jun 03, 2013
Islamabad: Pakistan Prime Minister-elect Nawaz Sharif will oversee the sensitive foreign and defence portfolios as he seeks to forge a working partnership with the all-powerful military in the early days of his tenure, sources close to him said on Tuesday. Sharif, ousted in a bloodless military coup in 1999, has decided not to appoint defence and foreign ministers in the cabinet he is putting together. He led his party, the...
06:48 AM, May 29, 2013
Tokyo: Warning against "continuing threats" in the Indo-Pacific region, Prime Minister Manmohan Singh on Tuesday said India sees Japan as a "natural and indispensable partner" in its quest for stability and peace in Asia that is washed by the Pacific and Indian Oceans. The Prime Minister also underlined the need for maritime security across the linked regions of the Indian and Pacific Oceans for regional and global prosperity. He stressed...
07:40 PM, May 28, 2013
London: Supporters of the far right English Defence League rallied in Central London shouting anti-Islamic slogans in protest over the beheading of a soldier last week. Two war memorials have also been vandalised in the city. Three men arrested in London were on Monday released on bail while the two main accused, shot by police, remain under arrest in a hospital. The trio, aged 21, 24 and 28, were arrested...
09:55 AM, May 28, 2013
Thanjavur: Defence Minister AK Antony on Monday will inaugurate an airbase here to house squadron of IAFs lethal Su-30 MKI combat aircraft, making it the first fighter squadron in south India that will help maintain vigil over the Indian Ocean region. The Indian Air Force (IAF) will base a squadron of agile Sukhoi Su-30 fighter aircraft in Thajavur, making it the first fighter squadron in southern India, with a view...
09:10 AM, May 27, 2013
New Delhi: Army has refused to make public under RTI information on soldiers whose bodies were mutilated in skirmishes with Pakistani Army or infiltrators along the Line of Control during the last five years even though such details have been given by Defence Minister in Rajya Sabha. Three months after the application was filed, Army cited Section 8(1)(a) of the RTI Act to refuse the information without giving any reason...
02:08 PM, May 26, 2013
Panaji: Long-delayed aircraft carrier INS Vikramaditya is undergoing trials and could be in India by December, Russian ambassador Alexander Kadakin said Friday. The Russian ambassador also complained that the delay in handing over of the Russian aircraft carrier to India was being written about extensively, as compared to the five-year long delay in the French-built Scorpene submarine. Kadakin was speaking to reporters after inaugurating the Russian consul office in Goa....
08:30 AM, May 25, 2013
New Delhi: Seeking to provide opportunities to orphan youth to join its ranks, the Indian Army has relaxed its recruitment rules to allow them to join the force. Army Chief General Bikram Singh has taken a decision to relax the rules for recruitment for orphan youth which will help them to join the force, Army officials said on Friday. Earlier, such youth faced problems in providing their exact date of...
08:29 PM, May 24, 2013
Gurgaon: With the CBI probing alleged kickbacks in the VVIP chopper deal, Prime Minister Manmohan Singh on Thursday asserted that his government will continue to seek the highest standards of probity in defence deals. The Prime Minister, who laid foundation of the Indian National Defence University in Gurgaon, said the government has paid close attention to sound defence acquisition policies and reformed them to ensure that the armed forces have...
04:45 AM, May 24, 2013
New Delhi: Prime Minister Manmohan Singh will lay the foundation stone for India's first National Defence University in Gurgaon on Thursday. The move comes more than a decade after the Kargil Review Committee recommended such a university. Existing institutions such as the National Defence College will be affiliated to the university. The Indian National Defence University is a dedicated first-of-its-kind institution for training and research in military studies. The proposed...
11:38 AM, May 23, 2013
New Delhi: Aam Aadmi Party (AAP) on Tuesday criticized the appointment of former defence secretary Shashi Kant Sharma as the new Comptroller and Auditor General, accusing the United Progressive Alliance government of accusing of weakening constitutional institutions. "Government is slowly but continuously appointing persons who are weak and who don't have spine to watchdog bodies like CAG, CVC (Central Vigilance Commission), CIC (Central Information Commission), Election Commission which keep an...
04:29 AM, May 22, 2013
New Delhi: Defence Secretary Shashi Kant Sharma was on Tuesday named as the new Comptroller and Auditor General of India (CAG). The 1976 Bihar cadre officer will succeed Vinod Rai, who superannuates tomorrow after five and a half years of eventful tenure as the head of the Constitutional financial watchdog. "The President of India has appointed Shashi Kant Sharma, IAS, as the Comptroller and Auditor General of India, in terms...
07:47 PM, May 21, 2013
India and China on Monday signed eight agreements during Chinese Premier Li Keqiang's visit to India. Premier Li held talks with Prime Minister Manmohan Singh and issues along the Indo-China border were also discussed. ...
07:27 PM, May 20, 2013
