Shortage of cash will end by mid-January: Amitabh Kant
The Dollar Business Bureau NITI Aayog CEO Amitabh Kant said on Friday that shortage of cash due to demonetisation of high denomination bank notes will end by middle of January 2017. He said that by that time about Rs.3 trillion worth of black money would be wiped out of the economy, leaving around Rs.12 trillion of cash to finance regular transactions. The disruption was unavoidable as the country aspires to become a $10 trillion economy, Kant said while addressing the 89th Annual General Meeting of FICCI in New Delhi. Kant is the chairman of the high-level committee created by the government for identifying all possible digital payment modes across sectors as it is pushing on with its drive for a cashless economy. He stated that ...
India will soon be zero petroleum import country, says Nitin Gadkari
The Dollar Business Bureau India is focussing more on developing alternative fuel economy and will soon stop importing petroleum products, Central Minister Nitin Gadkari said today. He was speaking at a conference organised by Niti Aayog. The main theme of the conference was Methanol Economy. Inaugurating the International seminar on India’s leap into Methanol Economy, there were policy makers from road transport to petroleum ministry to Niti Aayog who gathered to discuss and deliberate. Speaking at the inauguration Union Minister Nitin Gadkari said that govt aims for zero imports of petroleum and focus are on the use of bio mass as a source of energy which will boost the rural economy. Vice Chairman Niti Aayog, Arvind Panagriya said, “climate change was a big ...
India to capture world markets to sustain 8-10% growth
The Dollar Business Bureau Observing that India has been ‘slower’ than other nations in entering into free trade agreements (FTAs), Arvind Panagariya, Vice Chairman of NITI Aayog said that the country will need to capture some of the international markets if it has to sustain a 8-10 percent rate of growth in the coming 20-25 years. “On FTAs, India has been surely slower than other nations,” Panagariya said at a discussion organised by the Asia Society Policy Institute in New York on Wednesday. “I just don't see that if India wants to try to sustain a growth rate of 8-10 per cent over a period of 20-25 years, it can be done without actually capturing some of the world markets,” he said. He further ...
India, Japan to finalize bullet train project today
The Dollar Business Bureau Indian delegation, headed by NITI Ayog’s Vice Chairperson Arvind Panagariya, is expected to hold talks about the Rs.98,000 crore Mumbai-Ahmedabad high-speed rail project with Japanese officials on Monday. The joint committee will meet for the second time in Tokyo to discuss about the project which is driven by Modi government’s ‘Make in India’ and ‘Transfer of Technology’ initiatives. The committee is expected to chalk out the final plan of the project, discuss the terms relating to the appointment of general consultant and conditions of procurement. The delegation from India will comprise of Shaktikanta Das-Secretary Department of Economic Affairs, AK Mital-Chairman Railway Board, Ramesh Abhishek-Secretary-Department of Industry Policy and Promotion and S Jaishankar-Foreign Secretary. Hiroto Izumi, Special Adviser to the Prime Minister ...
Telangana set to become defence and aerospace hub
The state will set up an aerospace academy in collaboration with a French company Sai Nikesh | The Dollar Business Frederic Woringer, Director, International Chamber of Commerce and Industry, Bordeaux, addressing the second day of 2nd Defence & Aerosupply India 2015 event in Hyderabad on Tuesday. The government of Telangana along with the central governments key departments like DRDO and NITI Aayog is organizing the 2nd Defence & Aerosupply India 2015 event in Hyderabad from November 30- December 2. The event that witnessed representations from various government departments and defence and aerospacemanufacturing companies from all over the world focused on transforming the newly-formed Telangana state into an aerospace and defence hub. On second day of the event on Tuesday, ArvindKumar,Principal Secretary Industries, Telangana, informed ...
Regulatory framework vital for private participation in railways
The Dollar Business Bureau The Union Minister of Railways, Suresh Prabhu, on Monday, pitched for a regulatory mechanism to attract and check the flow of private capital into the Railways sector. The minister said the regulatory mechanism will ensure that private investments do not affect the public functioning in the sector in any way. The Union minister advocated the need for setting up of such a regulatory body, which should be independent from the service provider for attracting private players. “A regulatory mechanism is specifically required for it. That is why, we are having regulatory framework so that private participation does not compromise public interest, does not hamper public function,” said the minister, according to the sources. “Private players also need ...
