Showing posts with label FIPB. Show all posts
Showing posts with label FIPB. Show all posts
The Government has cleared 21 foreign direct investment -FDI proposals worth of 2,410 crore rupees including eight from the pharmaceutical sector worth over 1842 crore rupees. The Finance minsitry in its statement has said that thses proposals were cleared on the bais of recommndations of the Foreign Investment Promotion Board (FIPB). It said that the eight pharma proposals cleared by the board are subject to certain conditions.
These pharma companies would be required to maintain for the next five years the quantitative level of National List of Essential Medicines- NLEM drugs production annually at the time of induction of foreign investment. In telecom sector, 500 crore rupees FDI proposals of Sterlite Networks Limited, Dadar and Nagar Haveli has also been approved to engage in additional activities.
These pharma companies would be required to maintain for the next five years the quantitative level of National List of Essential Medicines- NLEM drugs production annually at the time of induction of foreign investment. In telecom sector, 500 crore rupees FDI proposals of Sterlite Networks Limited, Dadar and Nagar Haveli has also been approved to engage in additional activities.
Labels: FIPB
The government has approved 10 proposal of Foreign Direc Invesment-FDI amounting to over 1250 crore rupees. According to an official release, the decison to this effect was taken on the basis of the Foreign Investment Promotion Board-FIPB.
The proposals which have been cleared include entertainment major Walt Disney's FDI proposal of 1,000 crore rupees to expand its operations in India. Of the 16 proposals on which FIPB deferred its decision, half of them were related to pharmaceuticals and medical sector. The release also said that four proposals were also rejected by the FIPB.
The proposals which have been cleared include entertainment major Walt Disney's FDI proposal of 1,000 crore rupees to expand its operations in India. Of the 16 proposals on which FIPB deferred its decision, half of them were related to pharmaceuticals and medical sector. The release also said that four proposals were also rejected by the FIPB.
He said supply side constraints would be removed to achieve price stability and existing food stocks would be used to moderate prices. Chidambaram said that imports would be increased to deal with shortages. He said that his Ministry would work with the Reserve Bank of India to moderate inflation in medium term and take action to ease interest burden on consumers.
The Finance Minister said taxation in IT sector would be reviewed.
Stressing the need to focus on large projects as well as infrastructure projects, the Minister said an Investment-Tracking System for projects with an outlay of a thousand crore or more had been put in place. Proposals pending with the Foreign Investment Promotion Board (FIPB) will be processed and decisions will be taken expeditiously.
The Government intends to raise the level of investment to 30 per cent of Gross Domestic Product and fine-tune policies and procedures to facilitate capital flows, Chidambaram added. He sought support of political parties for the passage of Bills tabled by his Ministry in the House and announced to work with manufacturers and exporters to boost growth. For this he said, the Government would implement appropriate measures, apart from seeking expert advice on fiscal consolidation.
Chidambaram said a roadmap to boost investments and economy by fine-tuning policies would be put in place soon. He said steps would be taken to attract more people to invest in mutual funds, insurance policies and others.
Expressing concern over the weak south west monsoon, the Finance Minister said the Mahatma Gandhi National Rural Employment Gauruntee Act (MGNREGA) and other schemes would be converged to meet the challenge of drought.
The Finance Minister said taxation in IT sector would be reviewed.
Stressing the need to focus on large projects as well as infrastructure projects, the Minister said an Investment-Tracking System for projects with an outlay of a thousand crore or more had been put in place. Proposals pending with the Foreign Investment Promotion Board (FIPB) will be processed and decisions will be taken expeditiously.
The Government intends to raise the level of investment to 30 per cent of Gross Domestic Product and fine-tune policies and procedures to facilitate capital flows, Chidambaram added. He sought support of political parties for the passage of Bills tabled by his Ministry in the House and announced to work with manufacturers and exporters to boost growth. For this he said, the Government would implement appropriate measures, apart from seeking expert advice on fiscal consolidation.
Chidambaram said a roadmap to boost investments and economy by fine-tuning policies would be put in place soon. He said steps would be taken to attract more people to invest in mutual funds, insurance policies and others.
Expressing concern over the weak south west monsoon, the Finance Minister said the Mahatma Gandhi National Rural Employment Gauruntee Act (MGNREGA) and other schemes would be converged to meet the challenge of drought.
Labels: drought, FIPB, investment Tracking System, MGNERGA
The government has decided to set up a Project Clearance Board for speedy one time clearances, including security, to oil and gas projects. It is to be set up on the lines of Foreign Investment Promotion Board-FIPB .
The Board will include representatives from the Ministries of Home, Defence, Environment and Forests, commerce, Coal and other Ministries. The decision was taken at a meeting held in Prime Minister's Office to review the status of clearances of Oil and Gas Blocks awarded under the New Exploration Licensing Policy-NELP.
To be headed by Cabinet Secretary,the Board will meet on a monthly basis to review the status of clearances for energy and infrastructure projects and expedite issuing of security and other clearances. Ministries would report to this Board about the status of issuing of clearances after following their internal due diligence processes.
For the Petroleum and Natural Gas sector, the special cell for clearances being set up in Directorate General of Hydrocarbon, will act as the secretariat. A common mechanism for all sectors will be evolved soon and the Board will be set up in the coming week
The Board will include representatives from the Ministries of Home, Defence, Environment and Forests, commerce, Coal and other Ministries. The decision was taken at a meeting held in Prime Minister's Office to review the status of clearances of Oil and Gas Blocks awarded under the New Exploration Licensing Policy-NELP.
To be headed by Cabinet Secretary,the Board will meet on a monthly basis to review the status of clearances for energy and infrastructure projects and expedite issuing of security and other clearances. Ministries would report to this Board about the status of issuing of clearances after following their internal due diligence processes.
For the Petroleum and Natural Gas sector, the special cell for clearances being set up in Directorate General of Hydrocarbon, will act as the secretariat. A common mechanism for all sectors will be evolved soon and the Board will be set up in the coming week
Subscribe to:
Posts (Atom)
Powered by Blogger.