No FDI in print media
New Delhi: Information and broadcasting minister Sushma Swaraj has ruled out any changes in the policy on foreign direct investment in print media, saying there was "status quo" on the issue.
"There has been status quo on the issue of FDI in print media. The matter was referred to the standing committee on information technology and we are awaiting its report," Swaraj told reporters here.
A 1955 cabinet resolution bars foreign equity in the news sector.
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Government initiates labour reforms
New Delhi: The government has approved a legal provision that would allow easier closure and lay-off of workers in economically unviable units employing up to 1,000 persons.

The cabinet approved amendments to the Industrial Disputes Act 1947 to allow companies employing upto 1,000 persons, as against the existing limit of 100, to retrench workers without getting the government permission.

However, the other major labour reform measure to amend the Contract Labour Act has not yet been cleared as the matter has been referred to a group of ministers.
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CBI raids govt officials
New Delhi: CBI sleuths searched premises of government officials across the country in a bid to unearth black money.

Initial reports suggest that black money worth lakhs had been seized during the searches which were being carried out in almost every state of the country days ahead of presentation of union budget.

The searches had been planned and executed only after the various departments of CBI had managed to gather prima facie evidence that the officials had entered into criminal conspiracy and indulged in corrupt practices.

Nearly 500 sleuths of various wings of the country's premier investigating agency began searches from early morning as a part of the special drive.
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Japan bank okays Rs 2,040-cr loan
New Delhi: Japan Bank for International Cooperation has sanctioned a Rs 2,040-crore loan to India for financing the MRTS project in Delhi and NTPC's Simhadri Thermal Power Station in Andhra Pradesh.

Out of the total loan, 27,473 million yen would be for funding the Mass Rapid Transport System Project (III) being constructed by Delhi Metro Rail Corporation Ltd (DMRCL), an official statement from JBIC said. The remaining 28,659 million yen will be for financing the Simhadri Thermal Power Station Project (III) of NTPC.

The loans carrying an interest rate of 1.8 per cent would have a repayment period of 30 years and a grace period of 10 years.
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RBI relaxes exposure limit for all core projects
Mumbai: The Reserve Bank of India (RBI) has allowed banks and financial institutions to exceed the cap of 50 per cent group exposure by 10 percentage points for all infrastructure projects.

In the Income Tax Act, 1961, infrastructure includes power, roads, highways, bridges, ports, airports, rail system, water supply, irrigation, sanitation and sewerage system, telecommunication, housing and industrial parks.

The RBI has also relaxed the guarantee norms for the infrastructure projects. Banks with funded exposure of at least 5 per cent of the total project cost can now issue any amount of guarantees in favour of other lending institutions.
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Frost & Sullivan to undertake e-biz study
New Delhi: Frost & Sullivan will draw a plan for tapping e-business solutions. The National Association of Software and Service Companies (Nasscom) has asked the firm to undertake a study on the market potential and characteristics for key e-business applications in Asia-Pacific.

The study would cover eight industry verticals across 13 geographies in Asia. The focus would be on devising specific market strategies for the Indian IT companies with an eye on expansion within the region and help them develop a roadmap for developing IT solutions in e-business.

The study would cover Malaysia, Thailand, Singapore, Philippines, Indonesia, Japan, South Korea, Taiwan, Hong Kong, China, Australia, New Zealand and India.

Its scope extends from identifying the current and potential customers of enterprise application in the region across the following verticals: financial services, communications, manufacturing, healthcare and allied services, government, logistics and distribution, travel, tourism and hospitality and IT services and chip design.
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Pak, Iran to study Iran-India pipeline
Islamabad: Pakistan and Iran signed a memorandum of understanding to undertake a pre-feasibility study for a proposed 2,600-km, Iran-India gas pipeline.

Under the plan, natural gas would be transferred from southern Iran via a 1,600-km pipeline to Sindh province in Pakistan and on to India through a 1,000-km line.

Pakistan has assured all-out help and cooperation to make the Iran-India gas pipeline project a viable one.

Islamabad and Tehran also agreed to discuss the feasibility of a joint Iran-Pakistan oil refinery to be built on Pakistan's coast.
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States to start privatisation
New Delhi: A number of state governments are likely to get their own privatisation programmes going very shortly, according to disinvestment minister Arun Shourie.

He said many states were on the verge of embarking on the privatisation route. "I expect that in six months their will be some action in the states," he said.
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Govt to sell stakes in four state firms
New Delhi: Four more state-owned firms including IPCL, Hindustan Zinc and ITDC hotels - would be sold before the end of the financial year in March, according to disinvestments minister Arun Shourie.

He said Hindustan Petroleum Corporation and Bharat Petroleum Corporation will be privatised in the coming financial year.

India plans to raise Rs 120 billion through stake sales in 13 firms and has so far netted more than Rs 50 billion.
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RBI to decide on bank rate after budget
New Delhi: Reserve Bank will take a view on further revising interest rate only after presentation of the union budget on 28 February.

Last year, RBI had slashed rates a day before the budget presentation and then again in March first week following a reduction in small savings rates by the government.

The Bank Rate, the rate at which banks obtain refinance from the cenral bank, was further slashed by 0.5 per cent to 6.5 per cent in Busy Season Credit Policy in October. Cash Reserve Ratio (CRR) was also cut by two per cent to 5.5 per cent.
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