Business & Economy

Cabinet okays setting up of Investment Commission

What is India News Service, Thursday, 28 October 2004, 2000 hrs IST


The Cabinet Committee on Economic Affairs (CCEA) approved the proposal for the creation of an Investment Commission after the Prime Minister, Manmohan Singh, decided that it would be located in the Finance Ministry and would enjoy operational autonomy and Government support.

Originally proposed in the budget by the Finance Minister, P. Chidambaram, the Commission will comprise one chairperson, two members and three professional groups and will initially have a three-year term. 

While suggesting the creation of the Commission, Chidambaram had said it would solicit both foreign and domestic investments and act as a facilitation group between the potential investor and the official machinery. 

Specific problems faced by the investors would be brought to the notice of the Government for speedy resolution so that investments in India rise significantly, Mr. Chidambaram had said.


Investment scout on prowl: The cabinet today approved a high-powered investment commission to help attract more foreign as well as domestic investment for major projects in the country.

NCAER sees sustained upturn in industrial activity: The National Council of Applied Economic Research (NCAER) has said that the investment famine plaguing the Indian economy is practically over and the much-needed pick-up in investment demand has begun to take shape. 

Cairn to pay $20 bn as Ravva profit: Cairn Energy may have to shell around $15-20 billion to the Indian government as its share in the profits.

Discovery's new channel: Discovery Networks India has unveiled a new channel, Discovery Travel & Living, the first 24-hour international lifestyle channel. The channel offers a mix of programming on travel, cuisine, design, decor and fashion.

Stop further release, Bisleri makers told: Maharashtra Food and Drug Administration has directed Parle Exports, the manufacturers of Bisleri bottled water, not to release the product in the market till further orders. 

Maruti profit zooms 45 per cent: Maruti Udyog Limited has reported an income of Rs 5406.25 crore during the first half of the current financial year.

Himachal to lease out profit-making hotels too: The state government is all set to go ahead with the disinvestment in the Himachal Pradesh Tourism Development Corporation not only to lease out the loss making units but also to lease out the profit making units so as to increase their earning potential.

Payroll software launched: The Coimbatore-based Ideatec Softwares (India) Private Limited has launched its "payroll management software" called "ipay" in Tirupur. 

Dr Reddy\92s gulps a bitter diabetes pill: The Hyderabad-based Dr Reddy\92s Laboratories (DRL) said Novo Nordisk has decided to terminate further clinical development of its oral diabetes treatment.

Rahman strikes a discordant note for SBI: The State Bank of India has lost a consumer case to famous music director A R Rahman and has been
directed to pay a compensation of Rs. 50,000 by a city-based Consumer Redressal Forum in a complaint of deficiency of service. 

Overall:

Cabinet okayed investment panel: The Investment Commission will enjoy full government backing.

Maruti profit zoomed: It showd a 45 per cent rise in the first half of this year.

Dr Reddy got bad news: Novo Nordisk terminated clinical tests on its diabetic drug.