PM Modi Launches International Solar Alliance
India launched an International Solar Alliance at the CoP21 Climate Conference in Paris, with an announcement by Prime Minister Modi that the revolution in the field would bring power to all citizens, and create unlimited economic opportunity.
Govt. Relaxes Foreign Investment Policy in Defense
The Department of Industrial Policy and Promotion has eased foreign direct investment (FDI) rules in 15 sectors, including defense, single brand retail broadcasting and construction development. The Government relaxed rules in the defense sector by allowing FDI up to 49 percent under the automatic route and beyond that requiring an okay from the Foreign Investment Promotion Board.
Goyal: Govt. Will Seek Global Bids for Natural Gas Supply
The Government plans to call for global bids for securing a long-term supply of natural gas for the power sector, Piyush Goyal, Power, Coal and New & Renewable Energy Minister, said. “This would not only supplement the existing gas pooling mechanism which is there until 2017, but also add to the gas supplies beyond that,” Goyal said.
Reserve Bank Eases Overseas Borrowing for Indian Firms
To attract more overseas funds, the Reserve Bank of India has relaxed external commercial borrowing rules with fewer restrictions on end uses and allowed loans from sovereign wealth funds, pension funds and insurers.
Finance Ministry Signs 11 New Unilateral Advance Pricing Agreements
The Finance Ministry has said it has so far entered into 31 Advance Pricing Agreements with Indian subsidiaries of foreign companies operating in various segments. “The Central Board of Direct Taxes (CBDT) has entered into 11 more unilateral Advance Pricing Agreements (APAs),”the Finance Ministry said. The CBDT aims to finalize another 30 to 40 APAs before the end of this fiscal year to provide stability and confidence to foreign enterprises operating in India.
PM Modi Meets President Obama on the Sidelines of COP21 Summit
Prime Minister Modi held a bilateral meeting with US President Barack Obama on the sidelines of the Conference of Parties (CoP) 21 Summit in Paris. During the meeting, President Obama welcomed Prime Minister Modi’s initiatives to increase renewable energy deployment in India, his leadership to form a solar alliance, and partnership to launch Mission Innovation.
Modi at Mission Innovation Launch: Make Clean Energy Accessible
Prime Minister Modi, while speaking at the launch of Mission Innovation in CoP-21, Paris, said that access to energy and a better life is a universal aspiration, and so are a clean environment and clean habitat. He also added that we can make conventional energy cleaner and develop newer source of renewable energy..
India’s Economic Growth Accelerates
India’s economic expansion accelerated last quarter as robust growth in manufacturing helped it pull further ahead of China as the world’s fastest-growing big economy. Gross domestic product in the three months ended Sept. 30 grew 7.4% from a year earlier, according to Government data.
Global Mobile App Firms Head to Bengaluru for Talent
Some of the global next-gen mobile companies are making Bengaluru their new home. Applift and Glispa of Germany, Airpush of the U.S., and Alibaba-backed Quixey, through its Dexetra acquisition, have checked into the city, and are seeking to attract top developer talent. Bengaluru has one of the largest pools of engineering talent for mobile app development.
Morgan Stanley: India May Spend $95 Billion on Rail Over 5 years
India is expected to spend a whopping $95 billion on ramping up its rail infrastructure, a step that will help in increasing the country’s manufacturing competitiveness, a Morgan Stanley report says.