India mulls exemption of PAN for foreign investors directly investing in capital markets
India may exempt individual foreign investors and trusts that invest directly in the capital markets from the need to acquire a Permanent Account Number (PAN), a mandatory requirement for all tax payers. In January this year the government allowed individual foreign investors, such as family offices that manage the investments of wealthy families, to invest directly in Indian debt and equity through the qualified investor route (QFI).
The proposal, mooted by finance ministry's department of economic affairs (DEA), has been triggered by feedback from potential investors at road shows held outside India.
(Sources: Times of India, Economic Times, Indiatimes, Worldnews, the Tribune)
VE Commercial Vehicles to invest $ 18 bn by 2013 to expand business
VE Commercial Vehicles Ltd said it will invest $ 18 billion by 2013 on various activities, including expansion of engine production capacity, launch new products and enhancing R&D.
The investment will go into various areas, including ramping up engine production capacities, enhancing R&D infrastructure, developing new products and strengthening distribution and after sales network.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Moneycontrol)
Plan panel cuts annual GDP growth target to 8.2 per cent for 12th Plan
In view of fragile economic recovery, Plan panel has decided to lower annual average economic growth rate to 8.2 % in the 12th Five Year Plan (2012-17) from 9 % envisaged earlier.
"The panel will propose the annual economic growth rate target of 8.2 % for the 12th Plan. The issue will come up for discussion at the meeting of the Full Planning Commission, to be presided over by the Prime Minister, on September 15," a source privy to the development said.
(Sources: Economic Times, Business Standard, IBNLive, Zeenews, Financial Express)
Government approves $371.5 mn FDI proposals
India approved 11 foreign direct investment proposals worth $371.5 million including Mauritius-based Cloverdell Investments, a government statement said on Thursday.
The proposals were approved by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board.
Since taking charge of the ministry last month, Chidambaram has directed officials to put FDI approvals on fast track as part of a drive to revive investor confidence after growth slowed to its slowest pace in nearly a decade.
(Sources: Economic Times, Livemint, Zeenews, Worldnews, i4u)
India's water reservoirs at 65% of capacity: Government
Water levels in India's main reservoirs were at 65 % of capacity in the week to September 6, down 14 % points from a year ago, reflecting this year's weak monsoon, government data issued late on Thursday showed.
Reservoirs are primarily important for hydropower, which accounts for a quarter of India's generation capacity, but they are also used during the summer for irrigation if monsoon rains are not enough for planting crops such as cotton.
The reservoirs provide water later in the year to irrigate winter crops such as wheat and rapeseed.
(Sources: Economic Times, Indiatimes, Zeenews, Worldnews, i4u)
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