Government Approves Sixteen (16) Proposals of Foreign Direct Investment (FDI)

Government Approves Sixteen (16) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 6750.86 Crore Approximately


            Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 218th meeting held on 28th May 2015, Government has approved 16 proposals of Foreign Direct Investment amounting to Rs. 6750.86 crore approximately.


Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 28.05.2015

1.         Following 16 (sixteen) proposals have been approved by the Government:

 The following 21 (twenty-one) proposals were deferred:

            The following 6 (six) proposals have been rejected:

            The following 5 (five) proposals were not considered by/did not lie before FIPB:

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Finance Minister approves the formation of 2 Committees for facilitating implementation of Goods and Services Tax from 1.4.2016.

Finance Minister has approved the formation of 2 Committees for facilitating implementation of Goods and Services Tax from 1.4.2016.

A Steering Committee been formed under the Co-Chairmanship of Additional Secretary, Department of Revenue and Member Secretary, Empowered Committee of State Finance Ministers. This Committee has Members from Department of Revenue, Central Board of Excise & Customs, Goods and Services Tax Network (GSTN) and representatives of State Governments. This Committee shall monitor the progress of IT preparedness of GSTN/CBEC/Tax authorities, finalisation of reports of all the Sub-Committees constituted on different aspects relating to the mechanics of GST and drafting of CGST, IGST and SGST laws/rules. The Committee shall also monitor the progress on consultations with various stakeholders like trade and industry and training of officers.

Another Committee has been formed under the Chairmanship of the Chief Economic Advisor, Ministry of Finance to recommend possible tax rates under GST that would be consistent with the present level of revenue collection of Centre and States. While making recommendations, this Committee would take into account expected levels of growth of economy, different levels of compliance and broadening of tax base under GST. The Committee would also analyse the Sector-wise and State-wise impact of GST on the economy. The Committee is expected to give its report within two months.

Meanwhile, progress is underway to finalise various aspects of GST design like business processes, payment systems, matters relating to dual control, threshold, exemptions, place of supply rules and also making of model GST, SGST and IGST laws and rules. This task is being undertaken through various Sub-Committees formed by the Empowered Committee which has officers from Government of India as well as State Governments as Members.

Goods and Services Tax Network (GSTN) is taking steps for preparing the IT infrastructure for roll out of GST. The IT infrastructure shall enable online registration, filing of returns and getting refunds. Various State Governments are also preparing the necessary back end IT infrastructure for implementation of GST which shall relate to aspects like assessments and audit.

Periodic reviews are being held in the Department of Revenue to monitor the progress of all the above activities.
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Union Minister of Chemicals & Fertilizers Shri Ananth Kumar launches Cluster Development Programme for Pharma Sector.



            The Union Minister of Chemicals & Fertilizers Shri Ananth Kumar formally launched the Cluster Development Programme for Pharma Sector (CDS-PS) here today.  Speaking on the occasion, he said that the programme will provide support to the Pharmaceutical industry in becoming more capable, productive and competitive.  Shri Ananth Kumar said that for the common man, availability, quality and affordability of drugs and medicines is of utmost importance and the Cluster Development Programme will be the key step in ensuring health security of the country.  The Minister said that by the end of this financial year, 06 Pharma Clusters are likely to come up of which 03 will be greenfields.  Shri Ananth Kumar said that these Clusters will ensure adequate testing, training and affluent treatment facilities for pharmaceuticals industry.  The Minister said that the Government will also come up with the Bulk Drugs Parks and the Medical Devices Parks.

            The Minister of State for Chemicals and Fertilizers Shri Hansraj Gangaram Ahir said that the Cluster Development Programme is in the interest of the nation as well as of the society.  He said that the private sector is playing a lead role in the production of Generic medicines and this programme will help in its holistic expansion.

            The Secretary in the Department of Pharmaceuticals Dr. V.K. Subburaj said that the Pharmaceutical industry is growing @ 14 to 15% per annum and is likely to touch the figure of 4 Lakh Crore by 2020.  The sector needs due attention so that the quality can be improved and cost brought down.  Dr. Subburaj said that some Clusters do exist already but not on scientific basis and this programme is meant to develop Clusters in a scientific manner.

         



            The Clusters Development Programme for Pharma sector would be implemented on a Public Private Partnership (PPP) format through one time grant-in-aid to be released for creation of identified infrastructure and common facilities.  The scheme is for setting up of new Clusters as well as up-gradation of existing Clusters.  Rs.125 Crores have been earmarked for the Central Sector Scheme for the 12th Five Year Plan.  The following benefits are likely to accrue from the programme:-

Ø  Increase the competitiveness, easy access to standard testing facilities and value addition in the domestic pharma industry especially to SMEs through creation of common world class facilities.
Ø  Strengthening the existing infrastructure facilities in order to make Indian Pharma industry a global leader in pharma exports.
Ø  Reducing the cost of production by up to 20% in the clusters leading to better availability and affordability medicines in domestic market.
Ø  To help industry meet the requirements of standards environment at a reduced cost through innovative methods of common waste management.
Ø  Exploit the benefits arising due to optimization of resources and economies of scale.
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