Neighboring nation, Pakistan and India are trying to tie up bilateral relations between them.
Earlier this month, Pakistan President Mr. Zardari visited here, made private discussion over several issues then and decided to have a meeting between both nations’ Financial Commerce Ministers.
Now for acting on their committing, India has took first move as offering helping hand to Pakistan by giving approval for foreign direct investment (FDI) from it. Read the rest of this entry…
In the business sector, a JV between New York Life and Max India has exited in form of selling its 26 % shares by New York Life to Mitsui Shumitomo, non-life Insurance Corporation.
Max New York Life is an Insurance Company whose partner New York Life is a foreign shareholder that led to having 26% share of partnership.
Foreign shareholder has directly sold its shares to Japanese Company and now makes Max India, the owner of a large amount of 74% stake in the JV. Read the rest of this entry…
Still restriction on foreign retailers for direct investment in India has in the way to downward; recent announcement to open it’s a new branch by Wal-Mart, once again raise issue of FDI.
It has been reported that Wal-Mart, the largest globally developing retailer, is in way to set up its B2B stores pipeline in India, targeting the low-cost, no frills front-end multi-branded retail stores.
This plan comes in existence by partnership with Bharti Enterprises as a joint venture partner. Its main focus is to offer merchandise to retailers, offices and institutions, hotels, restaurants and caterers at best prices. Read the rest of this entry…
Once again Supreme Court slapped government on Tuesday by dismissing its petition to review of Court’s verdict in the Vodafone-Hutch tax case.
Last month, tax authorities had filed review plea in Court to consider its judgment that had ruled in favour of Vodafone in January in tax case of $11 billion deal to buy Hutchison Whampoa Ltd’s Indian mobile business.
In its application, the government wrote that SC ruling had error in its findings of Vodafone’s offshore transaction, providing company a 67% stake in Hutch-Essar was bona fide structured FDI in India that the effect of legitimising transactions through the tax havens. Read the rest of this entry…
In National Capital, the time of the Budget session of Parliament starts on Monday in which UPA Government has difficult situation to convince for its bills as Congress defeated with worst performance in the Assembly Elections.
All party leaders now ready to stand their issues before government in Parliamentary session and major issues in the list are like NCTC, FDI in retail, the ISRO controversy, quota politics and the fishermen killing incident involving two Italian naval personnel.
In this session meanwhile, the government is hoping to pass some important bills the most awaited one is the Lokpal Bill and the Right to Education Bill.
Congress always held against the approval of Lokpal Bill, but the time is not as per accordance and it is likely seem that this time it could not stand against Anna’s Core Committee. Read the rest of this entry…
Mnamohan Singh holds meet to consider action on 2G verdict
In January 2012 Supreme Court scrapped 122 telecom licences issued in 2G scam 2008.
But Court’s order is dealing with quitting situation by foreign companies from India. Telnor and Bahrain Telecommunications Co (Batelco) has already sold its share and exit from market.
To reviewing the Court’s order, Prime Minister Manmohan Singh held a meeting with Finance Minister Pranab Mukherjee, Communications Minister Kapil Sibal and Attorney General GE Vahanvati on Saturday at his residence.
In this met, they together for defining ones opinions on the Supreme Court judgment under 2 G scam so that the government can find the forward actions and able to handle the future situation.
Talking to Media, Kapil Sibal said, “The purpose of this exercise was only to inform the prime minister and the group about the salient features of the judgment and its consequences and implications, and the basis on which the judgment has been rendered.” Read the rest of this entry…
Decision to allow international carriers to invest up to 49% in domestic airlines has been approved except saying ‘yes’ by cabinet.
This step would really sort out the cash flow management related problems in Indian aviation sector that are at present a big headache for Indian airlines like Kingfisher and Go Air.
After attending a meeting with Pranabh Mukhrjee, the Civil Aviation Minister Ajit Singh informed to Media, “49% FDI is already there.
The question was to allow foreign airlines to participate in FDI. I discussed the matter with the finance minister and he agreed. We will move a note for the cabinet now.” Read the rest of this entry…
The decision of 51% stack in FDI in retail will enable reduction in and stabilization in prices, a lot of employments and ensure improved training and development of provide consumers with better and fresher choices in all product categories.
But the main reason of govt. especially Pranab Mukherjee, Finance Minister of India, is to earn money for smooth flow of economy.
In a report issued, “I need the money,” said by Pranab Mukherjee which shows his worry about the financial position of country.”
Today India facing such financial problem like sliding growth, falling stock markets, slumping rupee, dwindling foreign equity investments, in short inflation . And he wanted to do something that slow down the slope. Read the rest of this entry…
As per the fresh business reports, it is said that the United States has welcomed India’s decision to allow foreign direct investment (FDI) in the multi-brand retail sector. The report released by US authorities has said that such economic reforms will help to improve business-to-business ties between the two nations.
While talking to media, Mark Toner, an official of State Department said, “We welcome India’s decision. We think economic reforms, such as these, will further strengthen business-to-business ties between our two countries.”
According to him, “It’s going to create new economic opportunities and it’s also going to lead to more choices for Indian consumers.”
He said, “But we viewed this, as I said, as a way to deepen our economic ties with India.” Read the rest of this entry…
Decision regarding 51 percent FDI in multi-brand retail being approved by the Cabinet is opposing by BJP and allies together to roll back gaining momentum.
While on Monday evening, Prime Minister Manmohan Singh called an emergency meeting at his house and Industry Minister Anand Sharma, Finance Minister Pranab Mukherjee and AK Antony were attended the meet.
The main threat is – will it create jobs or takeaway jobs?
To the reporter, Rajan Bharti Mittal, Bharti Walmart Chairman said, “Retailing in India will bring different contours for farmers, small manufacturers and employment.”
“Today, modern retail offers creation of 8-10 million jobs over the next 8-10 years. I don’t think this kind of employment generation possible in any other industry intervention,” said CII National Retail Committee Chairman Thomas Varghese. Read the rest of this entry…