Archive for May, 2012

Indian Foreign Investment Promotion Board approved 25 FDI Proposals

Comments Off | 05-30-2012

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 9, 2012, Government has approved 25 Proposals of Foreign Direct Investment amounting to Rs. 2973.40 crore approximately.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 09.05.2012
Following 25 (Twenty five)

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Maharashtra Plan for 2012-13 Finalized

Comments Off | 05-30-2012

The Annual Plan for the year 2012-13 for the state of Maharashtra was finalised here today at a meeting between Deputy Chairman, Planning Commission, Mr. Montek Singh Ahluwalia and Chief Minister of Maharashtra, Mr. Prithviraj Chauhan. The plan size has been agreed at Rs. 45,000 crore.
In his comments on the plan performance of the State,

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Guidelines for Declaring a Financial Institution as Public Financial Institution Under Section 4a of the Companies Act, 1956

Comments Off | 05-30-2012

The Ministry of Corporate Affairs has after giving due consideration decided that any Financial Institution applying for declaration as PFI shall fulfil the following criteria:-
(a) A company or corporation should be established under a special Act or the Companies Act, 1956 being a central act;
(b) Main business of the company should be industrial/infrastructural financing;
(c) the

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International Crude Oil Price of Indian Basket Increases on 28.05.2012 to US$ 105.73/bbl; Declines in Rupee Terms

Comments Off | 05-30-2012

The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas increases to US$ 105.73/barrel (bbl) on 28.05.2012. This was higher than US$ 105.25/bbl, on the previous trading day’s figures of 25.05.2012.
In rupee terms however,

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India Government agrees that there is a need to support Textiles Industry at this time of crisis

Comments Off | 05-30-2012

The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma met the Finance Minister Shri Pranab Mukherjee, here today to urge a loan restructuring for debt stressed textiles industry. Textiles Industry Associations had represented to Shri Sharma of high stress levels and industry sickness and sought his intervention for a restructuring package. Industry associations

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Indian Prime Minister’s address to the think-tanks, intellectuals and Business Community in Yangon

Comments Off | 05-30-2012

Following is the text of the Prime Minister, Dr. Manmohan Singh’s address to the Think-tanks, Intellectuals and Business Community in Yangon today:
“I am extremely grateful to the Union of Myanmar Federation of Chambers of Commerce and Industry and the Myanmar Development Resource Institute for inviting me to speak to this distinguished gathering.
I bring with me

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India and Netherlands sign Protocol Amending DTAC

Comments Off | 05-26-2012

The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend the Article 26 of

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India and Australia Discuss Business in Steel Sector

Comments Off | 05-26-2012

The Australian High Commissioner to India, Mr. Peter Varghese called on the Union Minister for Steel Shri Beni Prasad Verma in New Delhi on 22nd May. During the meeting bilateral issues related to the steel business were discussed, specific issues related to SAIL and NMDC were also discussed at length.
Shri Beni Prasad Verma advised Indian

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Achievements of the Department of Heavy Industries in the Past one Year

Comments Off | 05-26-2012

Milestones achieved by the Department of Heavy Industries in the past one year:
• Thirty two operating Central Public Sector Enterprises under the Department of Heavy Industry have achieved an aggregate turnover of over Rs. 56007.62 crore showing a growth of 12.33%.  They are likely to earn an aggregate annual profit of Rs. 7430.78 crore.
• BHEL

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India and Japan hold tremendous potential to co-operate in the area of Urban Transportation; says Kamal Nath

Comments Off | 05-26-2012

Kamal Nath, Urban Development Minister, speaking at the India Japan Business Summit, said, “The strategic partnership between India and Japan holds tremendous potential to bring prosperity and progress to our two Nations. So significant has been the contribution of Japan in India and so deep rooted is the goodwill that our relations and engagement enjoy

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