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Hit by big blows, desi audit cos seek growth with global tie-ups

The primary reason, for global tie-ups, being cited is the growing complexity in audit business.

FDI rules in India

Dec 08, 2019, 09.38 PM IST

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FDI RULES IN INDIA

Modi government taking several steps to incentivise renewable energy sector: R. K. Singh

The government is facilitating developers by allowing Foreign Direct Investment (FDI) of up to 100% through the automatic route. Moreover, Inter State Transmission System (ISTS) charges and losses for inter-state sale of solar and wind power shall also be waived for renewable projects commissioned by December 2022.

From a 10-year view, Indian stocks better than US ones: Chris Wood

Wood said the government has the political will to do PSU divestments

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  • While the idea is to look at all overseas players, the focus is on firms from countries such as China, which are seen to be sensitive. The talks for a set of possible restrictions come at a time when the Centre is weighing the option of allowing Chinese telecom major Huawei to participate in 5G trials.

    The economic unit of RSS said the move to divest companies such as Air India, BSNL and BPCL was “opposed to national interest and prone to being misused by corrupt officials to benefit special business houses”.

    Sept 30 every year is the deadline for ecomm firms to ready their annual compliance reports as per FDI norms.

    "On the economic front in particular, the prime minister has set a goal of becoming a five trillion dollar economy by 2024. While this is an ambitious aspiration, we are on track and fully committed to the same," said Principal Secretary to the Prime Minister Pramod Kumar Misra.

    "Against Sl. No. 15.2.3, for entry (p), the following entry shall be substituted, namely-(p) e-commerce marketplace entity with FDI shall have to obtain and maintain a report of statutory auditor by 30th of September every year for the preceding financial year confirming compliance of the e-commerce guidelines," the gazatte notification said

    Indian Ambasador to USA Harsh Vardhan Shringla also suggested that bilateral relationship between India and the United States is evolving fast both in the strategic and economic domains and this is key to India’s growth story. His comments are significant ahead of the 2+2 ministerial level dialogue on December 18.

    The government had last month asked top two e-commerce firms Flipkart and Amazon to share details of their top five sellers and total business quantum for each seller, variations of commission agreements they have with various sellers, and how investments from their parents are disbursed.

    To increase the flow of foreign funds, govt may ease restrictions on FDI by JVs or WOS of an Indian company.

    Jeff Bezos, the Amazon chief is said to be worried about the changing eCommerce rules in India.

    Department of Industrial Policy and Promotion under Ministry of Commerce and Industry had issued clarifications in December last year pertaining to FDI rules in the e-commerce sector. Now that the govt is tightening the rules for foreign direct investment in e-commerce sector, Retailers Association of India is "cautiously optimistic" on its effective implementation.

    Under the Draft Defence Production Policy 2018, the Indian government eyes $5 billion defence exports by 2025. "On the one hand this target is ambitious, but at the same time it's encouraging that India's defence exports have grown almost six-fold in the last two years," Defence Minister Rajnath Singh said.

    The government has made upfront released Rs 70,000 crore to state-run banks and made additional provision for lending and liquidity of Rs 5 lakh crore to increase credit flow to industries, said Goyal. He said while global growth is forecast at 3% for 2019, India continues to grow faster than the rest of the world.

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