India’s Finance Minister Vows Not To Overspend
“The combination of both a political process that is unfolding in the right direction and an economic reform process that gives some credibility and confidence, I think that combination is likely to make Egypt a very attractive place for investors,” Galal said. “All of them are most welcome to come, sooner rather than later. If I were an investor, I would come to Egypt now, not later, because this is the time when you establish a position, and then later when the economy recovers, this is when you will make your returns.” The interim government’s transition plan includes parliamentary elections in around six months, but supporters of Morsi remain camped out in protest in Cairo, despite being urged by the government to move. Egypt: People’s Revolution or Military Coup? Yousef Gamal El-Din reports live from Cairo on the latest events in Egypt following the ousting of President Morsi by the military last night.
Finance moots 49% multi-brand retail FDI by automatic route
On July 24, commenting on the cabinet note moved by the Department of Industrial Policy & Promotion (DIPP), the finance ministry proposed that FDI up to 49 per cent is allowed on automatic route. The DIPP has declined to tweak the cabinet proposal saying this was not on the agenda of the July 16 meeting chaired by the Prime Minister, at which fresh FDI limits were decided. It was also not part of the suggestions put forward by the Arvind Mayaram committee. Sources, however, said the panel headed by Economic Affairs Secretary Mayaram had recommended that the FDI limit be raised to 49 per cent in almost all sectors through the automatic route, with 74 per cent FDI in multi-brand retail trading by the government approval route.
Chidambaram gestures while he addresses a press conference after the Annual Conference of Chief Commissioners & Directors General of Excise and Customs in New Delhi on July 17, 2013. India will achieve its overall budgeted revenue target in the fiscal year to March, finance minister P Chidambaram said during the press conference. (Image credit: AFP/Getty Images via @daylife) Indias Finance Minister Palaniappan Chidambaram said despite the tough outlook for government finances, and an election coming up, New Delhi has no plans to overspend to win the hearts and minds of the electorate. On Thursday, the Economic Times reported on a Chidambaram presser on the first anniversary of his role as the countrys finance ministry where he said that state-run companies would be encouraged to raise funds overseas in new bond issues.