Finance ministry pushing for major changes in retail FDI
A top finance ministry official said the ministry was backing changes in the FDI policy to make it easier for single-brand foreign retailers to invest.
Cabinet had cleared the policy to step up FDI in single-brand retail to 100 per cent, from 51 per cent, in November 2011.
Notification in January 2012. Since then, two FDI proposals — IKEA and Pavers (UK) — have come to the government.
Officials said changes included relaxation in 30% mandatory sourcing requirement from the small-scale sector.
(Sources: Business Standard, Livemint, IBNLive, Financial Express)
As crops rot, millions go hungry in India
Every day some 3,000 Indian children die from illnesses related to malnutrition, and yet countless heaps of rodent-infested wheat and rice are rotting in fields across the north of their own country.
It is an extraordinary paradox created by a rigid regime of subsidies for grain farmers, a woeful lack of storage facilities and an inefficient, corruption-plagued public distribution system that fails millions of impoverished people.
The government is now planning a food security scheme that will guarantee cheap grain to 63.5 percent of the population.
(Sources: Reuters India, Economic Times, Worldnews, Moneycontrol)
Maruti Suzuki's 800cc diesel engine to deliver 30kmpl average
For Maruti Suzuki, India's largest carmaker, this could well be the game changer in the small car segment which makes up for 45% of the market.
The company is working overtime on developing a small two-cylinder 800cc diesel engine along with its parent Suzuki Motor Corp in Japan. According to conservative estimates, it will be ready for a rollout by 2015 in India.
(Sources: Economic Times, Indiatimes, Worldnews, Wheelomania)
$ 2.34 billion booster for electric, hybrid vehicles on the anvil
The government plans to invest around $ 2.34 billion over a period of eight years to promote electric and hybrid vehicles in the country and the Department of Heavy Industries is expected to seek Cabinet approval for the same within the next three months.
According to sources, the Department of Heavy Industries has also decided to include a clause in the draft National Mission for Hybrid and Electric vehicles (NMHEV) suggesting PSU banks to offer loans to customers for purchasing electric vehicles (EVs).
(Sources: Economic Times, Financial Express, NDTV, Zeenews, Indian Express)
Time to buy India? Some investors say yes
India's problems from a record current account deficit to stalled policy reforms and economic growth running at its weakest pace in nine years are well known and explain a slump in the rupee to a record low.
The biggest obstacle remains policy inaction, a key factor behind decisions by Standard & Poor's and Fitch Ratings to cut their sovereign outlooks on India to "negative", threatening the country's investment-grade rating.
But a handful of signs suggest prospects could be changing. Furniture maker IKEA and Coca Cola have announced they will pump nearly $5 billion into India.
(Sources: Reuters India, Economic Times, Indiatimes, Moneycontrol)
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