Economy
India eases norms for FDI in 15 sectors
The government eased FDI norms in 15 major sectors, including mining, defence, civil aviation and broadcasting, in a bid to drum up investment and speed up growth
 
The Indian government on Tuesday relaxed norms for foreign direct investment  (FDI) in 15 sectors, including mining, defence, civil aviation and broadcasting, in order to increase investment and speed up growth. In the normal course, the policy corrections in 16 areas would have taken at least one year to process and get approvals.  
 
Foreign Investment Promotion Board (FIPB)'s sanctioning power is also enhanced under the single window clearance to Rs5,000 crore from Rs3,000 crore, a release from the government says.
 
It said, "The crux of these reforms is to further ease, rationalise and simplify the process of foreign investments in the country and to put more and more FDI proposals on automatic route instead of government route where time and energy of the investors is wasted. It is one more proof of minimum government and maximum governance."
 
Within defence manufacturing, firms can automatically increase foreign ownership to 49%, without seeking government approval. The government said it was also easing manufacturing rules to enable firms to move from assembling products to making them in India.
 
The statement listed the sectors for which investment norms have been eased, but did not specify the precise steps. Here are the sectors...
  1. Limited Liability Partnerships, downstream investment and approval conditions.
  2. Investment by companies owned and controlled by Non-Resident Indians (NRIs)
  3. Establishment and transfer of ownership and control of Indian companies
  4. Agriculture and Animal Husbandry
  5. Plantation
  6. Mining and mineral separation of titanium bearing minerals and ores, its value addition and integrated activities
  7. Defence
  8. Broadcasting Sector
  9. Civil Aviation
  10. Increase of sectoral cap
  11. Construction development sector
  12. Cash and Carry Wholesale Trading / Wholesale Trading (including sourcing from MSEs)
  13. Single Brand Retail Trading and Duty free shops
  14. Banking-Private Sector; and
  15. Manufacturing Sector
Along with these sectoral reforms, DIPP has also been advised to consolidate all FDI related instructions contained in various notifications & press notes and prepare a booklet so that the investors don't have to refer to several documents of different timeframes.  

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Delhi elevated road opens - costing 40% less than budgeted!
Delhi Chief Minister Arvind Kejriwal and union Minister M. Venkaiah Naidu on Tuesday inaugurated a six-lane elevated road that was to cost Rs.247 crore but ended up costing only Rs.143 crore.
 
Speaking on the occasion, Kejriwal gave due credit for the project to his predecessor and Congress leader Sheila Dikshit while Naidu of the BJP praised the Delhi government for completing the road on a reduced budget. 
 
The 1.6-km road on the Ring Road connects Azadpur and Prembari Pul in north Delhi. It is expected to cut down commuting time as it will bypass three major intersections at Ashok Vihar, Shalimar Bagh and Keshav Puram. 
 
Addressing the gathering, Kejriwal said: "The credit for this elevated road from Azadpur to Shalimar Bagh goes to Shiela Dikshit. The foundation stone was laid in June 2013 during Dikshit’s tenure.
 
“The sanctioned cost for the project was Rs.247 crore but it was completed at an actual cost of Rs.142 crore by Delhi's PWD (Public Works Department). 
 
"It is unbelievable,” Kejriwal went on. “This can happen only in an honest government.”
 
Naidu also praised Delhi government’s PWD for completing the project at a lesser cost.
 
“It is for the first time I came to know that a project of Rs.250 crore was completed in Rs.150 crore. I congratulate the Delhi government’s PWD department for this achievement,” Naidu said.
 
The project was delayed for months as it was pending before the National Green Tribunal, which did not give permission to cut trees. 
 
The PWD had sought permission to cut around 1,200 trees but was permitted to fell around 700 trees. 
 
Dikshit was Delhi's chief minister for 15 long years before Kejriwal's Aam Aadmi Party (AAP) ousted her government in December 2013, with Kejriwal himself defeating Dikshit. But Kejriwal resigned after just 49 days.
 
The AAP again took power in Delhi in February this year with a full majority.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Leslie Menezes

2 years ago

PWD engineers completing any project at lower than budgeted cost !!!! Questions How was the budgeting done?? Is the present cost also a overrun or a real saving ??? What about the other projects by the PWD. Are they "similarly" budgeted??. One can have an idea how Congress governments budget projects - almost at twice the cost. Any assurance similar patterns are not followed now. After all the engineers and bureaucrats are the same

Government joins monetary framework with RBI to curb inflation: PM
Prime Minister Narendra Modi on Friday said that the government has for the first time entered into a monetary framework with the Reserve Bank of India (RBI) to curb inflation.
 
"We embarked on a course of fiscal consolidation. We entered for the first time into a monetary framework agreement with RBI to curb inflation," Modi said while speaking at the inauguration of Delhi Economic Conclave here.
 
Modi said that by almost every major economic indicator, India is doing better than when he took office 17 months ago.
 
"Maximum value for every rupee spent, maximum empowerment for our poor, maximum technology penetration among masses," said Modi.
 
On development in the banking sector, Modi said that 19 crore people were brought under the banking system in 19 months.
 
"Accounts opened under Jan-Dhan yojana have a total balance of almost Rs.26,000 crore today. For me, JAM (Jan-Dhan, Aadhaar, Mobile) Vision is just about achieving maximum," said Modi, and added that India's GDP has grown and inflation come down in the recent times.
 
He also emphasised that India should be known as a job creater nation, not a job seeker nation.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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