Coal India to Invest $20 Billion Over 5 Years
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Power Minister Piyush Goyal said the Government will invest $20 billion to increase coal production to one billion tons by 2019. The investment will upgrade technology, equipment and existing infrastructure, the minister said.
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Upper House OKs Changes in Companies Act to Improve Business Climate
Rajya Sabha, the Indian Parliament's upper house, has approved a bill to amend the Companies Act to promote ease of doing business. Amendments to the Act deal with the winding up of companies, board resolutions, bail provisions and utilization of unclaimed dividends to bring the law in tune with the global standards.
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Highways Developers Get Project-Exit Policy
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The Government has approved a project-exit policy for highway developers and authorized the state-run National Highways Authority of India to intervene in projects that are not progressing fast due to lack of funds. This move will unlock equity from completed projects that can then be re-invested into new projects.
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Govt. Unveils Roadmap on Machine-to-Machine Communications
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Smart street lights that can be controlled from a remote location, parking meters that alert approaching drivers about vacant slots and power meters that do not require manual reading could soon become a reality. The Government has announced a roadmap to make such use of technology under its "National telecom machine-to-machine roadmap."
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Govt. Finalizes Outsourcing Policy, OKs 48,000 Seats
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The Government has finalized a business processing outsourcing policy for smaller towns and has approved 48,000 seats for setting up call centers across the country, Telecom Minister Ravi Shankar Prasad said.He said that Indian outsourcing hubs need to spread beyond cities such as Gurgaon, Pune and Hyderabad to small towns across India.
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Govt. Beats Target, Contains Fiscal Deficit at 4%
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Bettering its own financial targets, the Government has contained the fiscal deficit at 4 percent of GDP for 2014-15 at $79 billion. The revenue deficit has been confined to 2.8 percent, beating the budget target of 2.9 percent for the past fiscal year, the finance ministry said in a statement.
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Use of E-Tourist Visa Surges in 2015
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Use of the Government's E-Tourist Visas, launched in November last year, has surged so far this year. From January to April 2015, 94,998 tourists arrived in India using the new system, compared to 8,008 during the same period last year under the previous system, demonstrating that it is easier than ever to visit India.
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Air Chief Marshal Raha visits U.S.
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Air Chief Marshal Arup Raha is on a four-day visit to the U.S. to meet with senior military leadership and discuss a wide range of bilateral issues on the ongoing defense cooperation between the two countries. Raha will also visit airbases and receive briefings on air defense exercises.
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Tata Consultancy Ranked Top 4 IT Services Brand in U.S.
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India's Tata Consultancy Services was ranked as a Top 4 IT Services brand in the U.S. and was named the 57th overall U.S. brand by Brand Finance in its second annual Top 500 U.S. Brands survey.
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Govt. Approves 19 Foreign Investment Bids Worth $339 Million
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The Government has approved 19 foreign direct investment proposals worth $339 million, including pitches by Bharti Axa Life Insurance Company Ltd., Mylan Laboratories, Par Formulations, Augure Wireless Broadband and RLG Retail.
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