Government disposes of six FDI proposals aggregating to foreign investment of Rs. 503.40 crore 

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During the period 1st July 2017 to 31st August 2017, the Department of Economic Affairs (DEA), Ministry of Finance has disposed of six (6) FDI proposals aggregating to Foreign Investment of Rs. 503.40 crore, as per details below.

  1. The following four (04) proposals have been approved:
S. No Name of the applicant Gist of the proposal FDI (Rs.  crore)
1 AMP Solar India Pvt Ltd Investment in Indian investing company which in turns invest in Indian operating companies.

 

500.00
2 Aditya Birla Capital Ltd Issue and allotment of equity shares of M/s Aditya Birla Capital Ltd, a systemically important CIC-ND-SI registered with the RBI, to foreign equity shareholders and GDR holders in M/s Grasim Industries Limited pursuant to a composite scheme of arrangement.

 

Nil
3 Firstspace Development Management Pvt Ltd Undertaking the activity of rendering Investment Advisory Services to an overseas fund manager

 

0.085
4 CVC Asia Setting-up an investment advisory entity exempt from registration with SEBI 3.32

The following one (01) proposal has been withdrawn:

S. No Name of the applicant Gist of the proposal
1 Indus Way Emerging Markets To accept contributions from offshore investors, accept minimum capital requirement, permit the fund to distribute the income realized on its investments to offshore investors under the automatic route.

 

The following one (01) proposal does not lie before DEA:

S. No. Name of the applicant Gist of the proposal
1 Uniquest Infra Ventures Pvt Ltd Amendment in clauses 1, 2, 4, 5 and 6 of approval letter dated 25.3.17

 

Rajiv Kumar takes over as the New Vice Chairman of NITI Aayog;

Says, focus will be on carrying forward the spirit of Team India

Dr. Rajiv Kumar has taken charge as the new Vice Chairman of NITI Aayog today. A renowned economist, he replaces Shri Arvind Panagariya as the head of the premier think tank of the country. Addressing a press conference in the capital after assuming office, he said the priority would be to carry forward the spirit of Team India for a better future, keeping in mind the aspirations of millions across the country.

The new Vice Chairman said there would be more emphasis on improving Government capacity at the state level to ensure the values of co-operative and competitive federalism. He underlined the need to bring in out of the box thinking and ideas to bring about transformational changes in the country to fulfill the Prime Minister’s dreams of a Shreshtha Bharat.

Dr. Kumar said policy making should not be elitist, rather it should be rooted in ground realities. He added that participative governance involving various sections of society can ensure that development becomes a mass movement. He said that in the Indian context, cross cutting issues are very important to be it agriculture, environment, water, finances, investment and so on. NITI Aayog is well placed to play the role of a platform that cuts across these issues. The thematic focus will be on generating employment, enhancing investment, improving ease of doing business, transforming agriculture, and reforming education and health.

The new Vice Chairman highlighted the need to tap into the potential of the social capital of the country to have an Indian Model of Development. The focus would be on generating employment to meet the rising aspirations of the people and for India to earn the demographic dividend. There is also the need to capitalize on our intellectual capacity.

The Vice Chairman intends to visit all states over the next three months and to begin with he would visit NE states. He said it would be a good idea to have sub groups of states such as Himalayan or NE/ Gangetic / Blue economy states and they should have state specific blue prints of their own. That would be more effective in reducing regional inequalities. NITI would play the role of a consultant as well as a catalyst to help States achieve their goals.

Terming his new assignment as a dream job for an Economist, Dr Kumar thanked the Prime Minister for the opportunity given to him to serve the country. He lauded the contributions of his predecessor, Dr. Arvind Panagariya for nurturing the NITI Aayog and leaving behind a rich legacy. Members of NITI Aayog, Shri Ramesh Chand, Shri VKSaraswat, Dr.VKPaul and CEO NITI Aayog, Shri Amitabh Kant were present on this occasion.

NHAI achieves the first milestone in Electronic Toll Collection: dedicated FASTag lane operationalized at every toll plaza from today 

NHAI achieved the first milestone in Electronic Toll Collection when it operationalized one dedicated FASTag lane at all toll plazas from today. Now FASTag enabled vehicles can cruise through the dedicated FASTag lane without stopping at toll plazas on National Highways.

The FASTag is a RFID tag available both online and offline through banks and Common Service Centres. Two mobile applications were launched by NHAI on 17th August 2017, for ease of obtaining FASTags, which has received a tremendous response. Thousands of road users have downloaded the applications and purchased FASTags in less than two weeks. The penetration of FASTag has increased to 18 % as on 31st August 2017.

The Government of India has mandated that new vehicles being sold with effect from 1st October 2017 will be affixed with active FASTag. The “FASTag Partner App” will facilitate more than 6000 dealers in the country to access a single platform and activate the FASTag at the time of delivery of the vehicle.

NHAI has also launched a massive awareness campaign to make road users aware of the FASTag and its benefits. NHAI officers have been tasked to visit toll plazas personally and ensure operationalization of single dedicated Electronic Toll Collection lane. NHAI plans that as penetration of FASTag increases, more and more lanes will be dedicated to ETC.

 

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