Efforts will continue to kick-start 341 stalled projects: FM

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Finance Minister P Chidambaram on Monday said as many as 341 projects are stalled in India currently for various reasons and also expressed his commitment to remove those hurdles which are hampering the implementation. The statement came after Chidambaram met leading bankers on Monday to discuss the reasons for various stalled projects. “We are

Foreign debt funds stop remittances back to Cyprus

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PE players and other foreign funds which invested in Indian debt instruments through Cyprus are now refraining from taking their redeemed investments back to the near-bankrupt tiny Mediterranean island, said a media report. Analysts said that these funds are wary of safety of their money following the imposition of haircuts on bank accounts, tax hike

Govt proposes to provide direct cash subsidy on LPG

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Under the direct benefit transfer scheme, the government has decided to transfer the cooking gas, liquefied petroleum gas (LPG) subsidy direct in cash, finance minister, P Chidambaram told media. Chidambaram while addressing media said that he would soon meet petroleum minister Veerappa Moily to have words on the aforesaid proposal. The proposal which

Excise duty hike weigh heavily on Govts revenues as it loses Rs 2,500 cr in FY13

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As the finance ministry started battle against tax evaders, it has been revealed that excise duty evasion in the country rose up to Rs 2,500 crore in 2012-13, an increase of 120 per cent over evasion of Rs 1,139 crore in the previous fiscal, mainly due to increase in duty by 2 per cent. Reports said that sectors such as coal, iron, steel and non-ferr

India Inc. raises Rs 5,676 cr through QIP route in Feb13

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Qualified Institutional Placements (QIPs) is increasingly becoming one of the most preferred routes for fund raising for India Incorporation. Indian companies garnered a mammoth Rs 5,676.2 crore by issue of shares to institutional investors in February 2013, the biggest amount raised through QIPs since October 2010, data from market regulator the Secu

FIIs may go on a selling spree over coming days amid cloudy domestic

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Foreign Institutional Investors (FIIs) pumped a net Rs 639 crore into the Indian stocks markets in April so far. However, market experts see the probability of FII outflows over the coming days as fears of early elections; a widening current account deficit and a deepening economic slowdown dampen sentiment. According to data from market regulator SE

6% growth just not enough given India's poverty level: Subbarao

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The Reserve Bank of India (RBI) governor D Subbarao on Saturday said it will announce its economic growth estimates for the current financial year (2013-14) on May 3, when it announces its annual monetary policy. Speaking at an event organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), Subbarao said, “Various inves

Close collaboration between center, state governments will create jobs: Sachin Pilot

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Corporate Affairs Minister, Sachin Pilot today said that the central government should work in close collaboration with the state governments in order to attract more investments from the private sector, a move that will create additional jobs in the country. "... We as government of India have to work very closely with state governments because

Government's $15 bn fighter jets buyout likely to get delayed

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One of the most sought-after Rafale deal involving 126 fighter jets is expected to face some delays. Touted as one of the most expensive agreements signed with a firm called Dassault Aviation, the two sides have been struggling to reach an agreement over the role of state-run Hindustan Aeronautics Ltd (HAL). India chose Dassault-made Rafale jet for ex

I-T department issues tax notice of nearly Rs 4000 crores to AV Birla group companies

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The Income Tax (I-T) department has recently given a major thrash to the AV Birla Group by encircling two group entities, Idea Cellular and Aditya Birla Telecom Limited (ABTL) and issuing them a tax demand of nearly Rs 4000 crores on a telecom business de-merger executed in 2009. The information has been revealed by three sources familiar with the dev

CPI (M) sends out negative vibes to ongoing BTIA negotiations

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Bengal’s CPI (M) has shown deep concern over the ongoing talks about the Bilateral Trade and Investment Agreement (BTIA), saying that it has proceeded without any due examination by Parliament. The party clearly stated that the entire negotiating process has been non-transparent sans any scope of public consultation with affected sections, parl

RBI governor presses upon need of preventing round-tripping

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The Reserve Bank of India Governor, D Subbarao has stated that there is a requirement of preventing round-tripping in order to prevent abuse of treaties. The move will aid in pitching for tighter control on inflow of funds and that too from dubious sources. "There is round-tripping and there is a need to prevent that," Subbarao quoted. &quo

Chidambaram to meet India Inc, Bankers to set free stalled projects

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Worried about the slowing economic growth, finance minister P Chidambaram will initiate a series of discussions with India Inc and bankers from next week to remove the infrastructure bottlenecks which are stalling projects worth around Rs 7 lakh crore. FM’s first meeting is scheduled on Monday in Mumbai, followed by another in Bangalore. The me

CCEA approves partial decontrol of sugar sector

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The Cabinet Committee on Economic Affairs (CCEA) on Thursday partially decontrolled the Rs 80,000 crore sugar industry of India and abolished the decades-old practice of regulating how much sugar a mill can sell in the market. In a much needed boost to the sugar industry, the CCEA also abolished the levy system in which a company is forced to sell 10

RBI's white paper to bring clarity over FDI & FII

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The ambiguities over Foreign Direct Investment (FDI) and Foreign Institutional Investor (FII) would soon be removed after RBI said it will come out with a white paper within next 15 days. “The paper will include questions like legal and taxation issues involved in the implementation of the new definition. How the different instruments of foreign

Localization issues in Brazil, India posing barriers in telecom sector: USTR report

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The United States has publicly acclaimed the Telecom Regulator Authority of India (TRAI), for making positive moves in 2012 for reducing access and co-location charges at India's submarine cable landing stations. However, it also highlighted few localization issues in Brazil, India, and Indonesia, which is affecting American businesses. US Trade R

Sikkim's annual outlay for 2013-14 gets approval from Planning Commission

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The Planning Commission has finally given its nod to Sikkim’s expenditure of Rs 2060 crore suggested under the state’s annual plan for the current fiscal. The outlay was approved recently in a meeting, which was attended by the Planning Commission Deputy Chairman Montek Singh Ahluwalia and Sikkim Chief Minister Pawan Chamling. During the

Wider CAD to weigh on rate markets: DBS

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Singapore based DBS Bank said that India’s ballooning current account deficit may weigh on rate markets, but maintained that it would not sustain upward pressure for rates lies ahead. Rising high current account deficit (CAD) clearly indicates that there was a wide gap between internal and external demand in the fourth quarter of 2012, says the

OFS rules need to be tweaked to avoid double pricing: Govt

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The Disinvestment Secretary Ravi Mathur on Wednesday said that current Offer-For-Sale (OFS) norms need to be tweaked so as to avoid double-pricing which hampers the sale process. Addressing an investment summit, Mathur said government is keen to discuss the issue with market regulator Sebi and find out a better mechanism that carries an element of su

PM assures to resolve fuel issues in time-bound manner

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Amid the shortage of coal and gas supply faced by the power sector in generating electricity in the country, Prime Minister Manmohan Singh assures that the fuel supply issue will soon be resolved in a time bound manner and positive results would be seen in the next three weeks. "The problem of fuel supply-both coal and gas-to power projects has

Govt injects Rs 2k cr in Indian Energy Insurance Pool to cover Iran oil

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The government has initiated to start an Indian Energy Insurance Pool to protect Iran oil, which will be specifically designed to provide insurance to domestic refineries that have been turned down to get the cover by European re-insurers for processing Iranian crude. The specific insurance pool would be of 2,000 crores and the insurance will guarante

Govt may further raise cap on FIIs holding in bonds as CAD widens

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Looking for ways to rein in the Current Account Deficit (CAD), the government may again raise the FIIs cap in Indian bonds as their current holding inches close to the limit. Experts said that limit on FIIs investment in government securities at USD 25 billion may be raised as CAD widened to 6.7 per cent of GDP in December quarter and FDI inflows rema

Government relevance in growth story cannot be discounted: Manmohan Singh

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Prime Minister Manmohan Singh said government's relevance in growth story cannot be discounted as was talked about in 2007 and asked the industry to have faith in the executive. Singh confessed that the government is not the “prime driver” of growth in the private sector led economy, but the sector needs an environment in which enterpr

Sebi chief calls for one regulator to curb ever-increasing grey market

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Expressing concerns over a fast-growing grey market in the financial sector, Sebi chief U K Sinha recently called for a single watchdog to regulate all entities collecting public money under various illegal means. The Securities and Exchange Board of India (Sebi) Chairman also highlighted that these deposit-taking firms were taking advantage of the lo

Gujarat government-owned firms granted undue benefits to corporate houses: CAG report

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The Comptroller and Auditor General (CAG) said that the government-owned firms in Gujarat have granted “undue benefits” to big industrial houses, which in turn resulted into heavy revenue losses, worth crores of rupees to the state exchequer. The CAG report, for the year ended March 31, 2012, was tabled in the Gujarat State Assembly, yest