Environmental clearances, land issues impacting highway construction, says Ministry

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The road sector has been continuously struggling with delays in environmental clearances and land acquisition issues, which has hurdled the construction of highways in the country. "The pace of progress of development of National Highways has slowed down due to various problems such as delay in land acquisition, shifting of utilities, environment

India’s CAD to reach $92 bn in this fiscal: BofA-ML

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The country’s current account deficit (CAD) for the current financial year is expected to reach USD 92 billion, Bank of America Merrill Lynch (BofA-ML) said in a report. CAD, which touched a record high of 5.4 per cent of GDP in July-September quarter, occurs when a country's total imports of goods, services and transfers is greater than th

Fiscal constraints slow down hiring in government sector

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The government is continuously urging the private sector to invest and create jobs for people. However, the government is still battling with its own difficulties of creating jobs, owing to fiscal constraints. The central government has declared that it will add less than 50,000 employees on a net basis in the next financial year as opposed to nearly

Govt to raise disinvestment target above 40,000 cr in 2013-2014

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The government plans to raise its disinvestment target above 40,000 crore in 2013-2014, including the stake sale of Coal India Ltd (CIL) and Indian Oil Corp (IOC) which could alone fetch the government close to Rs 28,000 crore, said a media report. "This year's disinvestment strategy is set to begin early and with achievable targets in hands

British companies looking out for business opportunities in India, says Deloitte

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Global consultancy firm Deloitte mentioned in its latest study that British companies are eyeing India as one of their favorite destinations for business opportunities. Firms are targeting the infrastructure space that is expected to see investments worth USD 1 trillion in five years. Apart from infrastructure, UK companies are also interested to inve

Government foresees whopping Rs 1,800 cr with mobile tax hike

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Budget declared that swanky mobile phones are all set to get even more expensive. Knowing the ever-increasing aspirations of people for Smartphones, despite the price hike, Finance Minister anticipates a good lift in the government’s indirect tax revenue, next financial year. According to the Indian Cellular Association, representing all leading

Chidambaram expects Reserve Bank may cut policy rates

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With just few days left in the Reserve Bank of India (RBI) monetary policy, the Finance Minister P Chidambaram expected that if the central bank cuts rates further, it would help the economy grow at the targeted 6.5 per cent rate in the next financial year. FM said, "I am sure the monetary policy advisory committee to the (RBI) governor (D Subbar

5-6% growth not sufficient: D Subbarao

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Expressing disappointment at dismal GDP growth, the Reserve Bank of India governor D Subbarao said on Sunday that India's growth story is still intact, with the potential to grow at double digit rates, provided some issues are addressed. "If we do the right things, we can get back on the track of the double digit growth," D Subbarao said

Street expects RBI to cut repo rate 50 bps by Sept

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After the non-event Union Budget, the D-street has increased its expectation from Reserve Bank of India (RBI) to boost the market sentiment by cutting the key rates. In line with government commitment to narrow its fiscal deficit, and improve the gross domestic product (GDP) numbers, the central bank must cut interest rate later this month, market par

Private equity investments fell 70% in Feb on y-o-y basis

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Four-S, a financial advisory firm has said that private equity investments in India dipped 70 per cent in the month of February this year compared to a year ago. In a reports, the firm said that in the second month of 2013 private equity investments stood at USD 245.4 million in Indian companies as against USD 812.9 million a year ago the same month.<

Govt may ease residency norms for FIIs

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In a bid to assure worried foreign investors, the government has said that it will simplify norms to prove residency of the country from which the investment originates which will help them in claiming tax concessions. Taking one step further, the government may also withdraw its disavowal of language in the February 28 budget — the now famous s

All-women bank to start operations from November

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All-women bank, first of its kind in India, will start its operations from November through six branches, said P Chidambaram. According to the media reports, FM said, “It will be inaugurated in November. Initially we should start with at least one branch in each major region of this country, South, West, East, Centre, North and North-east. So th

Confident to get Insurance and Pension Bills passed in current Parliament session: FM

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Hoping to get the required numbers in the Parliament for pending financial sector legislation, P Chidambaram, Finance Minister, said that Insurance and Pension Bills will be passed in the current Budget session of Parliament. As per the media reports, FM said, “I am reasonably confident that we would be able to pass the Insurance Bill and the Pe

Govt should not reduce food security subsidy: Montek Singh Ahluwalia

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Planning Commission, Deputy Chairman, Montek Singh Ahluwalia has expressed his personal views on food security subsidy by stating that the government should not reduce this subsidy, even if the country’s fiscal situation remains under pressure. "I would say food security should be the first charge on subsidy budget. And if it turns out that

Revenue dept to send IT notice to 35,000 assessees: FM

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In a move to reach the government’s collection target for this fiscal, the revenue department will send tax notices to 35,000 assessees by the next week, Finance Minister P Chidambaram said. As per revised estimates, the government intends to collect over Rs 5.65 lakh crore from tax revenues. During the April-January period of this fiscal, the g

India’s economic slowdown deepens as economy grows only 4.5% in Q3

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India’s economy grew at a weaker than expected pace last quarter as elevated inflationary pressures, subdued business investment and a worsening global economy played spoilsport, a sign that India’s slowdown woes are unlikely to end soon, adding pressure on the government to step up the pace of reforms while raising the scope of another im

Rs 3,003.5 cr remain unreleased under MPLAD scheme

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Due to non-receipt of required documents such as utilization certificates, an amount of approximately Rs 3,003.5 crore remain unreleased under the Member of Parliament Local Area Development (MPLAD) scheme. "Against the entitlement of the MPs up to March 31, 2013, an amount of Rs 3,003.5 crore is pending for release due to non-receipt of document

FM to assure investors over TRC concerns

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The Finance Ministry has tried to assure worried investors by stating that their concerns on Tax Residency Certificate (TRC) regarding claiming of treaty benefits will be 'suitably' addressed by the Finance Minister during discussion on Finance Bill in Parliament. "Since a concern has been expressed about the language of sub-section (5) o

Govt to adopt revenue sharing model for oil and gas

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Finance minister P. Chidambaram advocated to change the profit sharing model to revenue sharing model for calculation of the share of earnings that oil and gas operators have to pay to the government. This is in line with the recommendations of the Rangarajan committee on formulating new production-sharing contracts between operators and the governmen

Gujarat earns Rs 158 cr VAT from CNG

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The state government of Gujarat has booked revenue of Rs 158.60 crore from value added tax (VAT) at the rate of 15 per cent on CNG. “VAT was not charged on the quantity of gas sold but was calculated on its price,” said Gujarat's finance minister Nitin Patel, in a written reply to a question by Godhra MLA, C K Raulji.

Accord

Chidambaram eyes greater tax compliance

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Finance Minister P Chidambaram may have left the tax slabs unchanged, as against the expectations of common-man, but at the same time he also ensured greater tax compliance. In line with his promise of delivering a taxpayer-friendly budget, Chidambaram announced setting up of a commission for tax administration reforms, the opening of another large ta

FM announces credit guarantee fund for farmers

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Finance Minister P Chidambaram hailed the farmers for delivering good output despite tough conditions in the country and acknowledging that credit was one of the main drivers of production, he announced that the credit disbursal target for 2013-14 had been raised by 22 per cent to Rs 7 lakh crore. Chidambaram said the increase in credit disbursal woul