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Policy
Cabinet approves Integrated Energy Policy
The government on Friday approved an Integrated Energy Policy that envisions a road-map for sustainable growth with energy security over a reasonable period of time.
The policy seeks to make energy markets more competitive, have market-determined energy pricing and resource allocation, transparent and targeted subsidy disbursal and improved efficiency. The policy, prepared by the Planning Commission, aims at optimal exploitation of domestic energy resources and exploring and acquiring energy assets abroad to attain energy security for the country.
The government will set up a monitoring committee under the chairmanship of the Cabinet Secretary to review the progress of implementation of the policy.
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New FDI policy set to open it all up
The government has come out with a formula to calculate total foreign investment in Indian companies, which is tantamount to a new foreign direct investment (FDI) policy.
According to the new policy, all investment made directly by a non-resident entity into the Indian company would be counted towards foreign investment.
However, foreign investment through the investing Indian company would not be considered for calculation of the indirect foreign investment in case of Indian companies which are 'owned and controlled' by resident Indian citizens or which are 'owned and controlled' ultimately by resident Indian citizens.
For the present, the new guidelines will not be applicable to the insurance sector, the Department of Industrial Policy and Promotion said.
The objective behind the decision, is "to make it (calculation of foreign investment) more simple and transparent, according to the Department of Industrial Policy and Promotion (DIPP)." Telecom, media, aviation and defence are among the sectors likely to benefit from the new method of calculating the total foreign investment.
The adoption of these guidelines will simplify, streamline and rationalise the methodology of calculation of indirect foreign investment across sectors leading to investor-friendly, credible and predictable regulations, according to the Cabinet note.
"This would facilitate greater foreign capital inflows and send a positive signal in the present difficult economic scenario," the note said
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Regulations
Limited liability partnership act passed
India's parliament has approved a bill paving way for formation of a new type of business entity by professionals like lawyers and chartered accountants, giving flexibility to partners to run their firms.
The Limited Liability Partnership (LLP) Bill, 2008 which was earlier cleared by the Rajya Sabha, was approved by the Lok Sabha.
"Our effort would be to have the first LLP registered by April 1, 2009," Corporate Affairs Minister Prem Chand Gupta said
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