Govt to take more steps to turnaround economy, says FM
Finance Minister P Chidambaram today said the government will take some more steps in the next few weeks to revive the economy and boost investment sentiments.
In the recent past, government has taken a number of measures, including opening up of FDI in multi-brand retail and hiking foreign investment cap in the aviation sector, to boost economic growth and restore investor confidence.
While headline inflation has moderated to 7.45 % in October, the retail inflation remains high at 9.90 %. The economic growth in the first half of the fiscal fell to 5.4 %, against 7.3 % in the corresponding period a year ago. The growth in 2011-12 fell to a nine-year low of 6.5 %. In the current fiscal RBI expects it to be around 5.8 %.
(Sources: Economic Times, Indiatimes, Reuters India, Indian Express, NDTV, Zeenews)
Controversial Land Acquisition Bill cleared by Union Cabinet, land prices expected to rise
The Land Acquisition Bill was today cleared by the Union Cabinet, making mandatory the consent of 80 % of people whose land is taken for private projects.
In the case of Public-Private Partnership projects, the bill makes mandatory obtaining of consent of 70 % of the people whose land will be for acquired.
The bill was given the go-ahead in the Cabinet presided by Prime Minister Manmohan Singh.
The GoM had suggested that the consent clause be kept at 67 % for PPP projects and private projects.
The government had constituted the GoM after some ministers voiced strong reservations against certain provisions of the bill at the Cabinet meeting.
(Sources: Indian Express, Financial Express, Zeenews, Times of India, Moneycontrol)
Organised retail has benefitted economy, says Commerce Minister Anand Sharma
Allaying concerns over FDI in multi-brand retail, Commerce Minister Anand Sharma on Thursday said organised retail in the country has been there for over a decade benefitting the economy.
"The organised retail has been there in the country for last 12 years. Our companies like Tata, Birla and Reliance have set up stores in different states. Its benefits have been more than the losses," Sharma said addressing the meeting of the All India Kisan Coordination Committee (AIKCC).
There is no threat to kirana shops as hypermarkets would not be opened in small villages. Also, the policy will benefit farmers in a big way as they would have assured buyers for their products besides creating employment to youth, he said.
(Sources: Economic Times, Indiatimes, Press Trust of India, the Hindu, Moneycontrol, Livemint)
Nationwide Mobile Number Portability by February next year: Kapil Sibal
Telecom Minister Kapil Sibal today said nationwide Mobile Number Portability (MNP) is expected to be rolled out by February next year, which will allow users to retain their numbers even if they move from one state to another.
Under NTP 2012, the government had envisaged implementing MNP on a nationwide level allowing users to retain their mobile numbers even when they shift to a different telecom circle.
(Sources: Economic Times, Indiatimes, Times of India, NDTV, India Today, Hindu Business Line)
Economic growth stabilizing, says Chief Economic Adviser Raghuram Rajan
Chief Economic Adviser Raghuram Rajan today said economic growth seems to be stabilizing and the efforts should be made to strengthen the recovery process.
The growth in the domestic economy will be influenced by developments in the US and the Eurozone countries, Rajan said, adding that there is a need to tap into domestic sources of growth to drive the economy.
India's exports in November contracted 4.17 % year-on-year to $ 22.2 billion, due to slowdown in demand in the US and European markets.
India's economic growth has declined to 5.4 % in the first half of the current fiscal, from 7.3 % in the corresponding period a year ago. The GDP growth in the 2011-12 fiscal was at a nine-year low of 6.5 %.
(Sources: Economic Times, the Hindu, NDTV, Moneycontrol, Financial Express, Times of India)
Panel on investment will help attract more investments: Assocham
Industry today said setting up of Cabinet Committee on Investment to fast-track infrastructure projects will send a positive signal to investors and help in attracting more investments.
Industry body Assocham said the initiative would attract more investments in the infrastructure sector.
The Union Cabinet cleared the proposal to establish Cabinet Committee on Investment, under the Chairmanship of Prime Minister Manmohan Singh, to accord expeditious approval to projects of over $ 183 million.
(Sources: Economic Times, Indiatimes, Moneycontrol, Hindu Business Line, IBNLive)
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