Modi brings poor into ‘economic mainstream’, targets 7.5 crore new bank accounts

ModipoorNEW DELHI: Prime Minister Narendra Modi on Thursday launched his government’s ambitious mega financial inclusion scheme, Jan Dhan Yojana, to bring the poor into the “economic mainstream” and to “eradicate financial untouchability”.

Some 1.5 crore bank accounts are expected to be opened on the first day itself, that will be a record of sorts. Continue reading

Sweeping changes in judiciary during Modi tenure

indiacourtNEW DELHI: The National Judicial Appointments Commission brought in by the NDA government could be appointing 21 judges to the Supreme Court during Narendra Modi’s tenure. That makes up 68% of the total strength of 31 judges in the apex court.

Given the corresponding 759 possible vacancies that may arise in the 24 high courts across the country till May 2019, the new NJAC could be involved in selection of 80 per cent of those judges, including chief justices of almost all the high courts, over five years. Continue reading

Gush of overseas capital flooding India’s e-commerce industry

Indian-e-commerce-marketMUMBAI: Finding a way into India’s vast but vexing market has long frustrated foreign retailers. Now, overseas investors are pouring billions of dollars into e-commerce ventures that are circumventing the barriers holding back retail powers such as Wal-Mart and Ikea.

Some investors see India as the world’s next big e-commerce opportunity, with the upcoming mammoth public stock offering of Chinese online giant Alibaba hinting at the potential. Continue reading

US: India will shape ‘new world order’

ChuckHagelNEW DELHI: Describing India as one of the most significant countries in the world, US Defence Secretary Chuck Hagel has said the world’s largest democracy will help shape a “new world order” that is emerging in this century.

“When you look at the world today, and you’re all quite familiar with this, that India not only represents one of the most significant countries by any measurement in the world today, but will help shape a new world order that is emerging in this young century,” Hagel told reporters travelling with him to India. Continue reading

Ratan Tata sees boom in e-commerce

ratan_tataKOLKATA: Asserting that Prime Minister Narendra Modi has a proven track record, Tata Sons chairman emeritus Ratan Tata Wednesday said the new government should be given more time to turn around the country’s economy.

Participating at an interactive programme here, Tata said he was hopeful of Modi making the economy growth–oriented, despite it being a huge task. Continue reading

PPP drive welcome but tweaking contracts not enough

roadworksNEW DELHI: India’s new government is betting on Prime Minister Narendra Modi to replicate his relative success with regional infrastructure projects to ensure fewer public-private partnerships (PPP) stall for want of land.

The government wants private companies to contribute half of a US$1 trillion investment target over five years to 2017 to alleviate clogged-up roads and end electricity blackouts. Continue reading

Media blitz to draw investors to India

fdi-investmentNEW DELHI: The Commerce and Industry Ministry is planning a media blitz — print, electronic and social — to hard sell India as an attractive investment destination.

“The objective of the campaign is to generate awareness about the investment opportunities and prospects of the country to promote India as a preferred investment destination in the source markets overseas and to increase Indias share of global FDI,” said a DIPP notice inviting request for qualification-cum-request for proposal. Continue reading

Will Modi’s Nepal visit see an upswing in ‘do-able’ issues?

modiNEPAL-INDIACOMMENT NEW DELHI: Although India and Nepal have shared cordial and friendly ties without much tensions, there was a perception in Kathmandu that New Delhi no longer took the Himalayan country seriously.

According to many observers in Nepal, this was evident from the one-way, high-level political visits from the Nepalese side during the last decade, which mostly went unreciprocated from the Indian side. Continue reading