Search Result for : Union Cabinet

The Dollar Business Bureau The Government on Wednesday made a number of amendments in India’s Foreign Direct Investment (FDI) policy for some major sectors. The Cabinet has allowed 100% FDI via automatic route in single brand retail trading and construction, while it has raised the existing limit in power exchanges and aviation sectors. “The Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its approval to a number of amendments in the FDI Policy. These are intended to liberalise and simplify the FDI policy so as to provide ease of doing business in the country. In turn, it will lead to larger FDI inflows contributing to growth of investment, income and employment,” said an official statement. For single brand retail trading, ...

The Dollar Business Bureau The Cabinet on Wednesday permitted the membership of India for the European Bank for Reconstruction and Development (EBRD), a step that will help the country in obtaining funds in various sectors such as manufacturing and services.  “The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved India's Membership for European Bank for Reconstruction & Development (EBRD),” said an official statement. “Necessary steps will be initiated by the Department of Economic Affairs, Ministry of Finance to acquire the membership of the EBRD,” it added. The membership of the multilateral institution will enhance the scope of cooperation between EBRD and India through opportunities for co-funding in various sectors such as manufacturing, services, energy and information technology (IT).  With EBRD membership, India’s investment opportunities would ...

The Dollar Business Bureau The Cabinet on Wednesday approved the trade agreement between India and Ethiopia for boosting and promoting trade and economic cooperation between the two countries. “The Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its ex-post facto approval for the trade Agreement between India and Ethiopia for strengthening and promoting trade and economic co-operation,” said an official statement. The trade Agreement between the two countries was signed on October 5, 2017 during the visit of President Ram Nath Kovind to Ethiopia. The new trade agreement will replace the present trade agreement, which was signed between India and Ethiopia in 1982. The new Agreement will provide for all the necessary steps to promote trade, investment economic and technical cooperation ...

The Dollar Business Bureau (Source: PIB) The Narendra Modi led government went in for a major reshuffle today at 10.30 am when new ministers were added to his team while some were elevated to the Cabinet rank. The ministers were inducted at the Rashtrapati Bhavan in the presence of the new President, Ram Nath Kovind. What is consdered to be a major change is the induction of three technocrats, Alphons Kannanthanam, a former Indian Administrative Service (IAS) officer, Hardeep Singh Puri, a former Indian Foreign Service (IFS) officer and Satyapal Singh, a former Indian Police Service (IPS) officer have taken oath as ministers. Dharmendra Pradhan, who earlier had the independent charge of the Oil and Petroleum Ministry, was the first one to take oath ...

The Dollar Business Bureau  It is being speculated that the Minister of State (Independent Charge) for Commerce & Industry Nirmala Sitharaman has offered to resign from the post. But there are sources who say this may not be altogether true. There's also talk of another official being given the Commerce Ministry's charge. The final announcements are due this coming Sunday. Such reports are now common given the count of resignations that are being handed over at the Union level. A number of Union ministers have resigned on Thursday, indicating a major reshuffle in the Prime Minister Narendra Modi’s cabinet that according to reports could happen on Friday or Saturday, before Modi leaves to attend the BRICS summit in China on September 3. MoS (independent charge) ...

The Dollar Business Bureau  In order to boost the textile and handloom sector, the Cabinet has approved a memorandum of understanding (MoU) with Australia on cooperation in the field of textiles, fashion and clothing. The Union Cabinet chaired by Prime Minister Narendra Modi has approved the MoU on cooperation in the textiles, clothing and fashion sectors between the Ministry of Textiles and the Department of Foreign Affairs and Trade, Australia, an official statement said on Thursday. “The MoU will enable cooperation with regards to matters within the fashion and textiles sectors which may be of mutual benefit and interest to the participants,” it added. The participants will mutually identify some appropriate measures to link the Indian and Australian fashion and textile sectors; promote partnership and international engagement ...

The Dollar Business Bureau The Indian Cabinet has given its approval to the Memorandum of Understanding (MoU) between Ministry of Agriculture & Farmers’ Welfare and the Ministry of Agriculture in the State of Palestine on agriculture cooperation. This was signed in May 2017, when Palestinian Minister of Foreign Affairs had visited the country. What could seem to be an innocuous agreement, one should also look at the extra efforts on the part of the Indian government to balance its ties with Israel, Palestine, Iran and the West Asian countries. The MoU provides for cooperation in the fields of agricultural research; veterinary field including capacity enhancement of Palestinian Veterinary services and Animal Health; irrigation and climate change. It will also be extended to areas ...

The Dollar Business Bureau The Cabinet has approved a proposed agreement for export credit of $9 billion between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for infrastructure development in the country and for supplying goods and services as a part of project in other nations. “The Cabinet, chaired by the Prime Minister Narendra Modi, has approved the proposed memorandum of understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of $9 billion for infrastructural development in India and for the supply of goods and services as part of projects in third countries,” said an official statement. The MoU is likely to be signed between the two sides when Finance ...