India, Sri Lanka sign agreement for $318 mn line of credit
The Dollar Business Bureau India on Tuesday signed a pact with Sri Lanka for a $318 million line of credit for developing the railway sector of island nation, according to officials. RHS Samaratunga, Secretary in the Ministry of Finance and Mass Media of Sri Lanka, and David Rasquinha, Managing Director of Export Import Bank of India in Colombo signed the agreement. Prime Minister Narendra Modi, during his first visit to the island nation in 2015, had announced a $318 million line of credit for development of railway sector of the country. The visit was the first standalone bilateral visit since 1987 by an Indian prime minister and had come in the wake of rising presence of China in the Indian Ocean country. China has been ...
GST alone will add 2 percentage points to GDP growth
By Manishika Miglani It’s been three years since the Narendra Modi-led government came into power and announced a slew of measures to revive the investment climate of the country since then. In an interview with The Dollar Business, G.V.L. Narsimha Rao, Spokesperson, BJP, talks about the performance of the government, so far, and the party’s roadmap for further leveraging the business sentiment of the nation. TDB: The government has focussed on consolidating the investment scenario of the country? Has it been successful in achieving its targets? G. V. L. Narsimha Rao (GVL): At a time when global FDI inflows have turned negative, India has experienced the highest growth in the sector in the last three years. So, our government has been very successful ...
Bengal signs an MoU with Burn Standard for Kolkota monorail
The Dollar Business Bureau The Bengal Govt signed an MoU with Burn Standard Co., to introduce a monorail in the city of Kolkata. The monorail will function between BudgeBudge, Taratala and Alipore to reach Ruby Hospital on the Eastern Metropolitan Bypass thereby connecting the city with its outskirts. Mamata Banerjee said her Govt is going to provide land for the monorail and estimated that the project could cost Rs 4216 crore. She was speaking to the media after a meeting of the state industry promotion and development board.
Escorts divests OEM, auto products business
The Dollar Business Bureau Escorts Ltd, one of India's major engineering companies, announced on Thursday that it is divesting its OEM and auto products division’s export business to Pune-based Badve Engineering, in an all cash deal. However, the company did not reveal the size of the deal. The deal is a part of the farm equipment manufacturer’s strategy to reorient the business in order to focus on its key verticals in construction equipment, agri-machinery and railway equipment, Escorts said in a release. “We believe that the transfer of OEM and export business to Badve Engineering will help us focus on our core areas. We are delighted that Badve Engineering has stepped in to take the business forward,” said Dipankar Ghosh, CEO, Escorts Auto Products ...
PM reviews projects, calls for focus on rural infrastructure
The Dollar Business Bureau In a move to review the ongoing infrastructure-related projects in the country, the Prime Minister of India, Narendra Modi, recently chaired a high-level meeting focused at development of infrastructure sectors. In the review meeting, which witnessed the deliberations on overall status of the country’s infrastructure sector, a special focus was also laid on specific sectors like rural infrastructure, power, coal, renewable energy and petroleum and natural gas, among others. The Prime Minister, who reviewed the status of currently-stalled projects under infrastructure sector and other sectors, was given a detailed overview of the plans of various Ministries towards completion of pending projects within the current financial year. Besides this, the Prime Minister was also informed about ...
High-level committee to deal with tax issues
The Dollar Business Bureau The Union Finance Minister, Arun Jaitley, on Monday, stressed on need for a non-adversarial taxation policy, as he made clear that the Government of India will not impose ‘retrospective’ taxes. “Our taxation process has to be simpler to increase tax buoyancy and the taxation policy has to be non-adversarial. The government does not intend to tax people retrospectively,” said Jaitley, addressing the D P Kohli Memorial Lecture in New Delhi. Further promising a business-friendly environment for the global investors, the Union Finance Minister called for a globally competitive corporate tax structure. He stated this in reference to the Union Budget 2015, where the government has proposed to reduce the corporate tax from 30 % to ...
Review of FDI policy Sector Specific conditions- Railway Infrastructure
Dated 8th December, 2014 | RBI/2014-15/341 | A.P. (DIR Series) Circular No.47 | Foreign Direct Investment (FDI) in India – Review of FDI policy – Sector Specific conditions- Railway Infrastructure Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to Annex A and Annex B of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. In terms of Annex A of Schedule 1 to the Notification ibid, Foreign Direct Investment (FDI) is prohibited in activities / sectors not open to private sector investment e.g. Atomic Energy and Railway Transport (other ...
