Devas Multimedia has approached the International Court of Arbitration (ICA) seeking restoration of its contract with Indian Space Research Organisation's (ISRO) commercial arm Antrix which was terminated in February after allegations of wrongdoing emerged over the allocation of S-band spectrum. In February, the UPA government scrapped the controversial contract between Antrix Corporation and Bangalore-based Devas Multimedia for the lease of space segment in S-band. The government had said that it could...

-The Business Standard   Political rhetoric dominated the Federation of Indian Chambers of Commerce and Industry (Ficci) annual executive committee meet today, even as two key faces of Mamata Banerjee’s administration reiterated the government’s stance of not acquiring land for industry. “Under no circumstances will the government acquire land for the industry,” Partha Chatterjee, West Bengal’s commerce and industries minister told the industry body. Also present at the event was state’s finance...

-The Times of India   Food inflation eased to a six-week low on the back of improved supplies of vegetables and pulses in mid-June but fuel inflation inched up sustaining the price pressures on the economy. Data released by the Commerce ministry showed that food inflation slowed to 7.78% in the week to June 18, declining from the previous week's 9.13%. Food inflation has been volatile in the past few months...

-The Telegraph   India is trying to build a consensus on liberalising foreign direct investment (FDI) in retail and defence, finance minister Pranab Mukherjee today told a gathering of business leaders and policy makers in Washington. “Discussions are under way to build a consensus on further liberalisation of the FDI policy in retail and defence,” Mukherjee said. Differences exist within the Indian government on the appropriate policies for foreign direct investments in the...

One of India’s most distinguished economists, Suresh Tendulkar (70), passed away at a private hospital in the city on Tuesday morning. He was former chairman of the Prime Minister’s economic advisory council and also a former part-time chief of the National Statistical Commission. Tendulkar, who was admitted to Prayag Hospital in Deccan Gymkhana following cardiac arrest on June 2, breathed his last around 11 am. Chief minister Prithviraj Chavan and deputy chief minister...