The government has announced reforms in foreign direct investment in India, including 100% FDI under automatic route in coal mining and contract manufacturing. The centre has also approved 26% overseas investment in digital media and relaxed FDI norms for single brand retailers.
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The government has planned to form a holding company named the Indian Railway Rolling Stock Company, like CRRC Corporation Limited of China, that will independently control and manage the private companies.
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The All India Anna Dravida Munnetra Kazhagam, on Tuesday, has formally announced its alliance with the Bharatiya Janata Party and Pattali Makkal Katchi for the upcoming general election and the anticipated bypolls in the state.
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The Narendra Modi government has presented the interim Union Budget for 2019-20 that primarily focused on wooing the middle class, workers from the unorganized sector and farmers, ahead of this year’s Lok Sabha election, which is about two months away.
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Arun Jaitley, the finance minister, will not present the Narendra Modi government’s last Budget on February 1, as he left for the United States for a medical check-up. Piyush Goyal, railway and coal minister, has been given temporary charge of the finance ministry.
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The Congress and BJP accused each other for helping fugitive businessman Vijay Mallya, who is wanted by Indian agencies for bank fraud and money laundering. Mallya had claimed that he met Arun Jaitley before leaving India.
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