No plan to dismantle FIPB
The Union government has no plans to dismantle the Foreign Investment Promotion Board (FIPB), industry minister Sikander Bakht said here on Thursday. However, the government is committed to reducing bureaucratic controls which create friction to inflows. The government would continue to use the discretionary powers conferred on the FIPB to clear foreign direct investment proposals on a case-by-case basis.
Textile fund to be launched shortly
The Union government is planning to launch the textile modernisation fund soon for expediting the technology upgradation in the industry, said Union minister of textiles Kashiram Rana. Addressing a press conference in Mumbai yesterday, he said that the financial institutions have agreed to provide the necessary fund with an interest incentive of 5 per cent through the government.
Sugar cos seek 40% import duty
Sugar companies have demanded immediate imposition of 20% customs duty and 20% countervailing duty on sugar imports to offset the high incidence of taxes on indigenous sugar. According to Shishir Bajaj, president, Indian Sugar Manufacturers Association (ISMA), sugar imports at zero duty is playing havoc with the domestic industry.
Chidambaram accuses BJP govt of double-talk on Exim policy
Former Union finance minister P Chidambaram has accused the BJP government of indulging in double speak. The modified Exim policy was a classic example that proved how the BJP said one thing while it was in the opposition and did the exactly opposite after it assumed charge at the Centre.
Videocon, Saurashtra under SEBI scrutiny
The Securities and Exchange Board of India (SEBI) has decided to have thorough look at the public offer of Videocon International and the preferential issue of Saurashtra Cements. The market regulator has decided to examine the unusual share price movement in Videocon and the lack of transparency in the preferential issue of Saurashtra.
State mulls power regulatory body
The Maharashtra government will set up an Electricity Regulatory Commission in two months. This was announced on Thursday by the Maharashtra State Electricity Board (MSEB) chairman, Asoke Basak. "We are working on a Bill and will have it as fast as we can," Basak said at a seminar on infrastructure financing organised by the BCCI.
