Economy & Trade

No Changes in Media FDI Limits

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Aug. 4 – The Indian government will not be changing the limit on foreign direct investment in the banking and media sectors, reports the Wall Street Journal. Indian law only allows for 74 percent  foreign direct investment in private banks and 20 percent in state-run banks. In the media industry, businesses like newspapers and periodicals […]

India Will Not Accept Binding Greenhouse Gas Emission Cuts

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Aug. 3 – With less than 5 months until the anticipated Climate Conference in Copenhagen scheduled for December, India announced its steadfast position that it cannot accept any “legally binding” greenhouse gas emission reductions but assured that its carbon footprint would never exceed that of developed nations. In a joint press conference with U.S. Secretary […]

Japan Invests US$1.6 Billion in Indian Economic Zones

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Jul. 31 – Japan has agreed to invest in US$1.6 billion worth of projects in India’s power, steel, construction and engineering special economic zones, reports the Business Standard. The deals are set to be formalized soon and were part of India’s Assocham week-long trip to Japan to drum up interest for  its special economic zones. […]

India to Host Doha Round in September

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Jul. 30 – India’s capital, New Delhi, is set to host the Doha Development Round from September 3 to 4 that will gather ministers from the G20 countries. Since 2001, the trade-negotiation round of the World Trade Organization (WTO) has aimed to increase and liberalize global trade and more importantly allow developing countries to export […]

U.K’s British Council to Outsource Jobs to India

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Jul. 29 – The British Council has announced that it would outsource 100 IT and finance jobs to New Delhi and other parts of India in an effort to streamline costs. The British Council will cut its staff by 500 in the coming months to save £45 million of taxpayer’s money.  The announcement has created […]

Indian Lending Rate the Lowest in a Decade

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Jul. 28 – As expected, the Reserve Bank of India yesterday kept its base lending rate at 4.75 percent, the lowest in a decade. A spokesman for the bank stated: “It is worth reiterating that the Reserve Bank will maintain an accommodative monetary stance until there are definite and robust signs of recovery.” The news […]

ICICI to Collect Credit Card Debt as Salary Deductions

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Jul. 27 – India’s largest private sector lender, ICICI Bank, has announced that it will soon be allowed to request companies to deduct money from an employee’s  salary to cover credit card debts. The new terms and conditions of banking with ICICI are effective starting July 23 and and is expected to be adopted by […]

ICAC Proposes Major Audit Changes

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Jul. 24 – India’s audit regulator, the ICAC, has recommended new changes to audit procedures in India in the wake of the recent Satyam scandal. These include the appointment of joint auditors for large businesses, and the rotation of auditing partners assigned to specific clients every five years. The changes are recommended due to the […]

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