New auto policy allows 100% FDI
New Delhi: The union cabinet has approved a comprehensive auto policy aimed at self-sustained growth in the automobile industry by allowing 100 per cent foreign direct investment.

The auto policy, providing for 100 per cent FDI through automatic approval route, stipulates a minimum capitalisation of $100 million in case of four wheelers and $25 million for two and three wheelers.

The policy, formulated in conformity with the commitments made by India under the WTO, also provided that companies wishing to undertake investments in India could pick up equity either entirely in the auto segment or jointly in the auto and component segments.
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Govt. clears 100 % FDI in films, advertising
New Delhi: Union cabinet has decided to allow 100 per cent foreign direct investment in advertising and film industry through the automatic approval route.

The government liberalised the investment norms for foreign investors in the film industry while lifting the FDI ceiling of 74 per cent for advertising sector.

The proposal to allow 100 per cent FDI on the automatic approval route in the film sector meets a long pending demand of the industry which is seen as having enormous potential.
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PF rate may be cut
New Delhi: Provident Funds return may be cut from the current 9.5 per cent if government reduces returns on special deposit scheme (SDS) following a 0.5 per cent cut in small savings rate in the budget.

Government is expected to decide on SDS rate this month and a decision on further slashing PF rates would be taken after that, central provident fund commissioner Ajai Singh said on the sidelines of a seminar here on 5 March.
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Textile exports target pegged at $30 bn in 2004-05
New Delhi: Indian textile industry can export $30 bn of products in the next three years if it foucses on high-end product segment with innovative design and right kind of fabric, according to textile secretary S B Mahapatra.

He said countries like Bangladesh and Vietnam would give a tough competition to Indian exporters in this segment.

He said exports of fashion apparel and garments would be the key driver of growth for the textile industry in the quota-free regime.
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AP to have tourism institute
Hyderabad: A national institute of tourism and hospitality management is being set up in Hyderabad with private sector participation.

A one-stop tourist facilitation centre, Paryatak Bhavan is also proposed to be set up in the city.

In the last one year, 23 tourism-related projects involving a total private investment of Rs 332 crore had been approved. Another 17 projects involving an outlay of Rs 372 crore were in the final stages of clearance.

In addition, 18 schemes worth Rs 82 crore and being funded by the government were in progress at Hyderabad, Visakhapatnam, Tirupati, Vijayawada, Warangal and Khammam.
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