To get more crude oil to India, oil companies want the Union government to allow them to import crude oil on what is called the cost, insurance and freight (cif) basis, without requiring any approval from the Shipping Ministry. The move is expected to eventually help more foreign flagged vessels to ship crude oil to India. Allowing crude imports on cif basis will transfer the power of how crude oil carriers are chosen to the selling party Ćā that is, firms in other countries.
Tag: Union government
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Proposed aviation policy to improve Indian aviation infra
There is some progress in the Union government's move to being in a policy to set up aviation hubs in the country with the Prime Minister Manmohan Singh recently setting up an inter-ministerial committee. The aim of the committee is to iron out inter-ministerial differences over the proposed policy. The polity's objective is to improve civil aviation infrastructure outside the four Indian metro cities.
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Govt suspends gold imports, exports from SEZs
The Union government has partially suspended pure gold imports and exports from special economic zones (SEZs), alarmed at the rampant diversion of the duty-free yellow metal to domestic markets. SEZs are allowed duty-free imports as opposed to a maximum of 6 per cent charged on imports by other entities.
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India allows airlines to charge for check-in baggage
The Union government will allow airlines to unbundle charges for services such as preferential seating, meals, snacks, drinks (except drinking water), the use of lounges, baggage, the carriage of sports equipment and musical instruments, and the treatment of valuable items.
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Govt may relax norms for low-cost housing, infra
To enable Indian companies access cheaper funds abroad, the Union government might further ease the norms for raising funds through the external commercial borrowing (ECB) window, particularly for low-cost housing and infrastructure sectors like telecom and ports.
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Govt clears 2 National Highway projects in Rajasthan
The Union government approved two highway extension projects in Rajasthan involving investments of Rs 713 crore with assistance from the World Bank. A press release from the Ministry of Road Transport and Highways said that government has approved a proposal for rehabilitation and upgrading of two stretches of National Highways in Rajasthan under Phase I of National Highway Interconnectivity Improvement Projects (NHIIP) with World Bank loan assistance.
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Govt takes initiative to electrify tribal areas
The Union government has taken several steps for effective implementation of Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY). As part of the steps, the
government has set up an inter-Ministerial Monitoring Committee under chairmanship of Secretary (Power) which periodically meets to sanction projects and review progress of implementation.
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Govt eases norms for SEZs to rekindle investors interest
The Union government on April 18 announced a 'package of reforms', including easing of land requirement norms and an exit policy, to rekindle investor interest in Special Economic Zones (SEZs). Union Commerce and Industry Minister Anand Sharma said the SEZ scheme has not been able to realise its full potential so far.
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Govt announces relief to SEZ with regard to land requirement
The Union government on April 19 announced relief for special economic zones (SEZs) by tweaking the minimum-land-area requirement and allowing change in ownership. In its last supplement to the Foreign Trade Policy (FTP), 2009-14, the Commerce Department, however, did not meet the much-awaited demand for doing away with the minimum alternate tax (MAT) on SEZs.
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Centre plans to develop a road regulatory authority
The Union government is striving to set up a road regulatory authority by consulting all the stakeholders. The road sector needs a regulator to address challenges before it... Work is on towards developing a regulatory philosophy in consultation with all stakeholders, Union Road Transport and Highways Minister CP Joshi said.