India Inc set to increase headcounts next quarter as hiring sentiment improves

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India Inc is likely to boost hiring in the first quarter of the upcoming fiscal as business sentiment improves amid hopes of a pickup in Asia’s third biggest economy while pressure on margins eases after two successive interest rate cuts and abating inflationary pressures. Job opportunities are likely to increase in Q1 FY2013-14 with 67 per cent

India getting investment in various sectors, but output not adequate: Rangarajan

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The Prime Minister’s Economic Advisory Council (PMEAC) chairman C Rangarajan on Sunday said that country needs to speed up work on pending infrastructure projects which is key for reviving investors’ confidence in the economy. "Decline in investment growth is higher than the decline in savings rate which is a serious issue. The countr

States gets freedom of choosing timing of Food Security Bill notification

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Partial roll out of the Goods and Services Tax (GST) proposal has given freedom to the states to choose the timing of implementing the UPA's proposed ambitious programme—Food Security Law. Cleared by the Cabinet last week, the National Food Security Bill (NFSB) gives the states an option to notify the Bill and also its various necessities at

High lending rates bothers borrowers; Bankers says no chance of relief for now

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Borrowers bothered by the elevated interest rates will now have to wait for some time now to get some relief as bankers have virtually ruled out any immediate cut in the lending rates, citing high cost of funds. The situation still seems tough even after the Reserve Bank delivered two successive rate cuts of a cumulative 0.50 per cent this year. State

CGFF with corpus of Rs 500 cr to start functioning in 3-4 months

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The Credit Guarantee Fund for Factoring (CGFF), with the initial corpus of Rs 500 crore, is expected to be operational in the next 3-4 months. CGFF comes under the leadership of Small Industries Development Bank of India (SIDBI) and the new entity in the umbrella will be set up as a trust. The services portfolio will include, providing credit guarante

Fiscal freebies evade small industries

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Even as the chief minister Mamata Banerjee swears on the SME sector (as she did in the Bengal Leads), the government is still defaulting on paying incentives to industries like never before. Most of these enterprises that are affected belong to the small and medium bracket. The Mamata Banerjee government failed to pay the payments to the tune of Rs 50

Govt-appointed panel proposes unified regulator for financial sector

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The Financial Sector Legislative Reforms Commission, a panel appointed by government in March 2011 to rewrite sector’s laws, proposed a unified regulator for markets, insurance, commodities and pensions, but, however, proposed to keep banking out of the purview. The proposal, which could be a game-changer for the Indian financial sector, also in

Government announces norms for NIMZ units

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With an aim to promote manufacturing operations in the country, the government recently issued norms for setting up of National Investment and Manufacturing Zones (NIMZs) with host of benefits, including exemption from capital gains tax. At least 30 per cent of the total land area would be devoted to manufacturing units. As per the guidelines issued b

Growth, CAD to weigh on GDP growth: Barclays

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Expressing concern over growth and widening fiscal deficit, global financial services provider Barclays in a report said that these near-term risk may pull down GDP growth to about 6.2 per cent next fiscal. The report stated that, though, risks arising from high inflation and fiscal slippage have receded, but the effort to reduce fiscal deficit throug

Government clears 12 FDI proposals worth over Rs 2,609 crore

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The government has approved 12 FDI proposals, including that of pharma firm Claris Otsuka, totaling over a whopping Rs 2,609 crore. Apart from this, the foreign investment promotion board (FIPB) led by economic affairs secretary, Arvind Mayaram, also approved Decathlon Sports India's proposal for initiation of foreign equity worth Rs. 700 crore to

Government to impose stern regulations on foreign firms having online operations in India

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The government has brought foreign companies that operate in the electronic mode but are not registered in India, under the Companies Act, so as to safeguard consumer interest. The move comes against the backdrop of certain foreign entities conducting online activities in India, sans any formal registration of their profiles in the country. "The

RBI proposes measures to boost inflows from India Inc’s foreign investments

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The Reserve Bank of India (RBI) has come up with several fresh proposals with the government to rein in current account deficit of the country while easing some guidelines on income of India Inc from foreign investments. As per a media report, RBI has proposed exemption of dividend payout from tax and credits for corporation tax paid by the arms of JV

FM set to review PSUs’ capex, investment plans: Report

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PSUs sitting on huge cash piles may now have to get their capex and investment plans re-examined by finance minister P Chidambaram as he plans to boost flow of funds towards the country’s infrastructure sector. Media report said that FM, to discuss such plans and also to nudge the private sector to invest more, may hold a meeting during the rece

Short-term rates slide below 10% after two years

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Even as the liquidity conditions have worsened in the past few days due to advance tax outflows, short-term rates fell below the 10 per cent mark for the first time in two years, signalling that interest rates have been cooling off finally with RBI’s decision to cut repo rate by 25 basis points in January and March policy. Short-term rates, whic

Government spends over Rs 12 cr in 3yrs on investor awareness and protection activities

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Government of India has said that its prime focus has been investor awareness and protection activities and it has spent Rs 12.75 crore over past three fiscal years on it. According to the reports, Ministry of Corporate Affairs had spent Rs 4.98 crore in 2011-12, Rs 4.35 crore and Rs 3.42 crore was incurred in 2010-11 and 2009-10 on investor protectio

RBI asks banks to keep tax collecting branches open on March 29-31

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The Reserve Bank of India (RBI) directed the banks to keep their designated tax collecting branches open on March 29, 30, 31 to aid tax collection. March 29 is a holiday on account of Good Friday while March 31 is Sunday. “We have been requested by the Government of India and some State Governments to facilitate collection and accounting of all

Cobrapost sting doesn’t reveal money laundering, but violation of KYC norms: KC Chakrabarty

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The Reserve Bank of India (RBI) deputy governor K C Chakrabarty on Thursday sought to tone down the allegations of money laundering against three private sector lenders, saying that these were all transactional issues which are faced in any system. “Allegations do not mean flouting norms. There is not a single transaction which has taken place.

Anand Sharma calls for early conclusion of India-EU free trade negotiations

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Commerce and Industry Minister, Anand Sharma has called for an early conclusion of Free Trade Agreement (FTA) negotiations between India and EU. The matter is awaiting discussions on the eve of the meeting of chief negotiators in Brussels, which is happening during the last days of the week. At a meeting here with Hugo Swire, the British Minister of S

Switzerland eyeing Visakhapatnam-based industries for joint ventures, says Consulate General of Switzerland

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During his maiden visit to India, Bangalore-based Consulate General of Switzerland Rolf Frei said that local companies in Visakhapatnam, regarded as one of the fastest-developing cities, can form joint ventures with Swiss companies in many sectors. Frei was interacting with local industrialists and investors at a session organized here on Wednesday ev

FIIs get Sebi nod to use Govt, Corporate bonds as collateral

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In a fresh move towards boosting the capital inflows into India, the market regulator allowed Foreign Institutional Investors (FIIs) to offer government and corporate bonds as collateral for their cash and derivatives transactions on stock exchanges. Till now, FIIs could use just cash or foreign sovereign securities with top-grade 'AAA' rating

Egypt offers opportunities to establish free economic zone for Indian firms

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An attempt to renew the economic bonds with India, Egypt has invited Indian investments and showed keen interest towards establishing a free economic zone for Indian companies. “There is also a proposal to establish a free economic zone for the Indian side and to invite the Indian companies to set up their industrial bases in Egypt, promote thei

Delays in clearances put Infrastructure projects worth Rs 7 lakh crore on shelf

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Projects worth over Rs 7 lakh crore, which is equivalent to almost half the government spending in the current financial year — are held up in the absence of environmental and forest clearances, land and fuel. The delay in clearances has adversely affected the creaky infrastructure in the country and is posing an obstacle for an economy, which i

FinMin plans more overseas road-shows this year to lure foreign investments

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The finance minister P Chidambaram doesn’t seem to be giving up easily on the Current Account Deficit (CAD), which poses major threats to India, as he prepares a comprehensive plan to attract more and more foreign investments into the country. According to a media report, Chidambaram has identified various funds - sovereign wealth, pension and u

Drought-hit Maharashtra presents Rs 184 cr revenue surplus budget

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The Maharashtra government on Wednesday presented Rs 184 crore revenue surplus budget for 2013-14 even as its 16 districts are battling with drought and overall economic health remains weak too. Deputy Chief Minister Ajit Pawar, also the state’s finance minister, said he would not like to hike taxes on poor and middle class and instead focus on

FCRA bill to be tabled in parliament today, to give more power to FMC

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The much-awaited amendments to the Forward Contracts (Regulation) Act, 1952 (FCRA) would be tabled in the Lok Sabha today by the consumers affairs minister KV Thomas. Earlier, in October last year, the amendment Bill was cleared by the Union Cabinet. The amendments will seek to give more powers to the commodities market regulator, Forward Market Commi