-The Business Standard   Concerned over rising inflation, the Inter-Ministerial Group (IMG) today suggested opening up multi-brand retail to foreign investors and changes in agriculture marketing laws to check the rate of price rise. “We are taking a clear position on Foreign Direct Investment (FDI) in multi-brand retail. Of course, it is a recommendation, not policy,” said chief economic advisor and IMG chairman Kaushik Basu. The IMG, he added, favours formulation of a...

The government may approve acquisitions of local drugmakers by global firms on a case-by-case basis on certain conditions to ensure availability of medicines at affordable prices, despite calls for restrictions on such deals in the wake of a spate of takeovers in the last three years. Multinationals may have to move buyout proposals through the Foreign Investment Promotion Board (FIPB), allowing the government to understand the firm's rationale for buying a...

Taking on board citizens' concerns over corruption and quality of governance, the 12th Five Year Plan proposes re-designing of government programmes even as it targets 9-9.5% economic growth with focus on health and education. Aiming at 100% adult literacy, the next Plan (2012-17) proposes to increase expenditure on health from 1.3% to at least 2-2.5% of GDP. The full Planning Commission meeting today presided over by Prime Minister Manmohan Singh was given...

Wants limit to be raised to 49% Keen to enter the growing insurance sector, U.S. billionaire Warren Buffett on Friday wondered if India would raise the FDI limit in the sector to 49 per cent. The U.S.-based company is keenly watching the developments regarding further opening of the sector to foreign investment. Mr. Buffett, whose group Berkshire Hathaway recently entered the Indian insurance market, called on IRDA Chairman J. Harinarayan here and...

The government is looking at allowing foreign direct investment (FDI) in multi-brand retailing as part of a slew of measures to make India more attractive to overseas investors. Senior government officials told TOI that the thinking was that a gradual opening up would be a better strategy with global chains first allowed to open stores in metros, while wholesale cash-and-carry being limited to smaller towns and cities, at least for the...