Law ministry approves screen test for FDI

The law ministry has given its approval for the long-pending proposal of enacting a new law to screen foreign direct investment (FDI). A final call is awaited for the proposed legislation and the final draft is expected to come out by the year-end after which it will be placed before Parliament for approval.

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Large power projects continue to face chronic delays

India’s power sector continues to struggle with delays despite the government’s efforts to speed up capacity generation plans. The problems are particularly compounded with the ultra mega power projects (UMPPs) through which the government hopes to bridge the huge gap in supply and demand of power that currently exists in the country.

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Fertilizer units revival now on CCEA radar

The fate of the revival of six state-run fertilizer units now rests with the Cabinet Committee on Economic Affairs (CCEA), which is expected to consider the proposal soon. Last month, the Empowered Committee of Secretaries (ECoS) had approved the revenue-sharing model for reviving the units of the Fertiliser Corporation of India (FCIL) and Hindustan Fertiliser Corporation.

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Government sticks to 7% growth forecast for current fiscal

Despite the poor monsoon threatening to decelerate India’s faster-than-expected recovery so far, the government has chosen to stick to its forecast for the economy growing by 7% during the current fiscal. The economy registered a growth of 6.1% in the first quarter of the fiscal.

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Global tech M&A touches $31.4 billion in September: Dealogic report

The global merger and acquisition (M&A) activity in the technology sector has touched a whopping $31.4 billion in the month of September, the highest monthly volume for technology targeted M&A since May 2008, thanks to Xerox Corp’s $8.4 billion acquisition of Affiliated Computer Services Inc (ACS), according to Dealogic report.

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NSE’s drive for trading transparency in the offing

The biggest stock exchange — National Stock Exchange of India (NSE) — has decided to select a set of randomly picked investors’ information on their stock market transactions every day. The latest move is expected to force brokers to take a more transparent outlook in servicing investors.

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Government readies disinvestment strategy

Indian government may announce the blueprints of its disinvestment plans within next couple of weeks. A departmental note in this regard has been prepared by the department of disinvestment which is likely to be circulated in the cabinet soon. The plan will be reviewed by the cabinet committee on economic affairs (CCEA) before being finalised.

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RBI to continue OMOs in rest of the fiscal

The Reserve Bank of India (RBI) said on Tuesday that it would continue with its open market operations (OMOs) in the second half of the current fiscal as and when necessary. The apex bank said that during first half of the fiscal, it had purchased government securities worth about Rs 50,000 crore.

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Government to stick to borrowing target

The government on Tuesday cleared that its full fiscal year’s borrowing target would not be changed despite the droughts’ increasing pressure on the expenditure side. The government therefore would be borrowing Rs 1.23 lakh crore through the open market during the October-March period.

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Finance secretary bats for bank consolidation

The issue of bank consolidation has figured once again with the government saying that public sector banks would need to merge into bigger entities in order to improve upon their competitive strength as the banking industry in the country is opened more liberally to the global banks.

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