New Delhi: The government has no proposal to hike foreign direct investment (FDI) limit in the banking and media sectors, minister of state for commerce and industry Jyotiraditya Scindia said in the Lok Sabha on Monday. Foreign direct investment in public sector banks is currently capped at 20%, while in private sector banks, it is 74%. FDI in the print media is capped at 26%.
Direct tax collection in Apr-Jul at Rs75,000 cr
New Delhi: The Union government’s direct tax collections during April-July grew 1.9% year-on-year to Rs75,000 crore, a finance ministry official said on Monday.
The Budget has projected direct tax collections to grow 7.2% to Rs3.696 trillion from revised estimate of Rs3.446 trillion last year.
GDP likely to grow 6.5-7%: Ahluwalia
New Delhi: India’s gross domestic product is likely to grow by 6.5-7% in the year to March 2010, Planning Commission deputy chairman Montek Singh Ahluwalia said on Monday, with the economy seeing a pick-up in industrial activity but a possible decline in farm output on patchy rains.
The government may increase spending on the National Rural Employment Guarantee Scheme in the current fiscal because of the poor monsoon rainfall, Ahluwalia said.
—Reuters & NewsWire18