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Allaying apprehensions that global events like high oil prices may impact growth, Finance Minister Pranab Mukherjee today exuded confidence that the economy would return to nine per cent growth in 2011-12.
Government today sought to allay members’ apprehension in the Rajya Sabha that black listed NGOs could be getting funds from the Centre. “No blacklisted NGO can get grant-in-aid,” Social Justice and Empowerment Minister Mukul Wasnik said in Question Hour. He said that NGOs are given grant in aid only after recommendation of the state governments who are duly informed by ministries whenever any NGO is blacklisted.
The Union Budget 2011-2012 is likely to be more beneficial for the special and underdeveloped states, including J&K, Himachal Pradesh and Bihar, rating agency Fitch said on Wednesday.”The Union budget 2011-2012 is a credit positive for special-category states, who receive a larger share of their revenues from the central government. Underdeveloped states are benefited from higher allocation to Backward Region Grant Fund in FY12,” Fitch Ratings Director Devendra Kumar Pant said.
The telecom companies, under scruitny for having benefited in 2G spectrum scam, today told the Supreme Court that allocation of the air waves since 2003 should be scrapped if the first-come-first serve policy adopted during the tenure of former Telecom Minister A Raja is held illegal. In a clear reflection of the war among telecom players, senior advocate Harish Salve, appearing for Etisalat DB Telecom Pvt Ltd, submitted the government never followed the policy of auction for 2G spectrum allocation and many companies benefitted by getting additional radio waves without any charge since 2003.
The country’s highest court — the Supreme Court of India — on Tuesday mulled invoking terror and other stringent penal charges against Pune stud-farm owner Hassan Ali Khan who has been accused of massive money laundering and tax evasion and for his alleged links with arm dealers and people linked to terror activities.
Shri Kapil Sibal, the Union Minister of Communications and Information Technology(C&IT) launched today “e-post office”, the e-Commerce portal of India Post. The portal will enable the customers to transact postal business any time and from anywhere using either debit card or credit card through the medium of internet. Speaking on the occasion Shri Sibal said that in the changing word, the ways we live are changing. Launch of e-Post is a step in this direction offering a bouquet of services to the consumers. This is inline with shift in marketing trend of service provider reaching the consumers.
European Union (EU) has been raising protective barriers against Textiles & Garments exports from India through various Non- Tariff barriers such as Labelling Certification and REACH (Registration, Evaluation, Authorisation and Restriction of Chemical Substances).
Fifty four public sector companies, including Air India, Eastern Coalfields, Bharat Coking Coal Limited and Scooters India, have posted a combined loss of Rs 14,424 crore in 2008-09, Parliament was informed today. Among these, Air India (formerly National Aviation Company of India Ltd) incurred a loss of Rs 5,548.26 crore in 2008-09, followed by Eastern Coalfields, whose loss was at Rs 2,109.09 crore during the period, Minister of State for Heavy Industries and Public Enterprises A Sai Prathap told Rajya Sabha in a written reply.
Government has decided to provide equity support to public sector banks (PSBs) to enable to maintain Tier I CRAR at 8% and also to those PSBs where Government of India’s holding is less than 58% to raise Government of India holding in these PSBs to 58%. Modalities in this regard are being worked out. This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Rajya Sabha today.
When the Securities and Exchange Commission brought charges against former Goldman Sachs director Rajat Gupta in an administrative proceeding — rather than in federal court — it signaled a possible new front in the SEC’s pursuit of insider-trading cases. The SEC typically sues insider-trading defendants in federal court; Gupta will instead be defending himself in a court that is an arm of the agency that is suing him, in a proceeding overseen by an administrative law judge who works for the agency.
