In the second major decision to end the UPA government's legacy, Prime Minister Narendra Modi on Tuesday scrapped four cabinet committees, including one on Unique Identification Authority (UIDAI), as part of his efforts to minimise decision-making processes.
The other committees disbanded were the Cabinet Committee on Prices, the Cabinet Committee on Management of Natural Calamities and the Cabinet Committee on World Trade Organisation Matters, an official statement said.
Modi, however, gave additional responsibilities to the all-important cabinet committee on economic affairs (CCEA) which primarily deals with matters of high economic importance such as clearing big-ticket projects, approving FDI or deciding on food export/import.
NDA govt moves to amend Factories Act-Livemint
“The labour and employment ministry proposes to amend the Factories Act 1948,” said a ministry document dated 6 June and posted on its website.
Coincidentally, it was the same day the BJP government in Rajasthan approved amendments to three key labour laws—the Industrial Disputes Act, the Factories Act and the Contract Labour Act—and set in motion a process of decentralizing the labour market and making it “employment friendly”.
The BJP, which has won a majority on its own, had in its manifesto signalled its intent to pursue labour law reforms, saying that if elected to power, it would “bring together all stakeholders to review our labour laws which are outdated, complicated and even contradictory”.
Ahead of Modi-Obama meet, India and US seek to strengthen ties-LiveMint
Wide range of talks planned leading up to Narendra Modi’s meeting with Barack Obama in September
New Delhi: India and the US are looking to reset ties with governments on both sides keen to arrest a recent downslide in relations marked by lethargy and tension after the detention of an Indian diplomat in New York in December, people close to the development said on Tuesday.
On the cards are a wide range of dialogues to intensify engagement—the India-US-Japan trilateral talks and discussions between the commerce and defence departments of the two countries besides the India-US strategic dialogue between Secretary of State John Kerry and external affairs minister Sushma Swaraj. All these are expected to lead up to a meeting between India’s newly elected Prime Minister Narendra Modi and US President Barack Obama in September when the former travels to the US for the United Nations General Assembly
Chinese Foreign Minister Wang Yi seeks Narendra Modi's company to dominate the world-DNA
At the end of his two-day visit to India, Chinese Foreign Minister Wang Yi in a free-wheeling press conference on late Monday evening, said that he felt the winds of change in the new government and that the international community has high expectations of the new dispensation. He was confident that under Prime Minister Narendra Modi, that both India and China relations would achieve greater progress and modernisation.
Wang Yi emphasised that there were more commonalities than differences and greater cooperation than competitiveness between the two countries. Wang had called on President Pranab Mukherjee and PM Modi earlier in the day. He said that Modi had told him of the visit of seventh century CE Chinese Buddhist traveller Zuan Zhang to Gujarat, and that they have agreed to launch a Zuan Zhang cultural exchange programme. He also admitted that India was one of the priorities in China’s foreign policy and that if China too was a priority for India, then the relations between the two countries would grow faster than ever. He said that as India had the Look East policy, China, too, is looking to the west
Modi factor helps stock market cap cross $1.5 trillion-HT
The combined market capitalisation of India's publicly listed companies crossed $1.5 trillion on Monday, as billions of dollars poured into India in the wake of Narendra Modi's stunning election victory in May.
Modi, leading the Hindu nationalist Bhartiya Janata Party, scored the biggest election win for 30 years, pledging sweeping reform to create jobs and boost an economy growing below 5% - its slowest in more than a decade.
Strong foreign buying has pushed both the Sensex and the broader Nifty up by just over 20% so far this year, posting a series of record highs - the latest on Monday - and far outperforming a 5% gain in the MSCI Asia-Pacific index excluding Japan.
At $1.52 trillion as of Monday's close, the market value of the National Stock Exchange and the smaller Bombay Stock Exchange makes India the second largest among emerging markets in Asia, ahead of South Korea, but still below the market cap of $2.4 trillion for Shanghai-listed shares, according to Thomson Reuters data.
India's market capitalisation, however, remains below a peak average of $1.82 trillion hit in December 2007, according to data from BSE
Wang Yi emphasised that there were more commonalities than differences and greater cooperation than competitiveness between the two countries. Wang had called on President Pranab Mukherjee and PM Modi earlier in the day. He said that Modi had told him of the visit of seventh century CE Chinese Buddhist traveller Zuan Zhang to Gujarat, and that they have agreed to launch a Zuan Zhang cultural exchange programme. He also admitted that India was one of the priorities in China’s foreign policy and that if China too was a priority for India, then the relations between the two countries would grow faster than ever. He said that as India had the Look East policy, China, too, is looking to the west
Modi factor helps stock market cap cross $1.5 trillion-HT
The combined market capitalisation of India's publicly listed companies crossed $1.5 trillion on Monday, as billions of dollars poured into India in the wake of Narendra Modi's stunning election victory in May.
Modi, leading the Hindu nationalist Bhartiya Janata Party, scored the biggest election win for 30 years, pledging sweeping reform to create jobs and boost an economy growing below 5% - its slowest in more than a decade.
Strong foreign buying has pushed both the Sensex and the broader Nifty up by just over 20% so far this year, posting a series of record highs - the latest on Monday - and far outperforming a 5% gain in the MSCI Asia-Pacific index excluding Japan.
Foreign investors have bought a net $8.55 billion so far this year, with
$3.31 billion coming since the beginning of May.
At $1.52 trillion as of Monday's close, the market value of the National Stock Exchange and the smaller Bombay Stock Exchange makes India the second largest among emerging markets in Asia, ahead of South Korea, but still below the market cap of $2.4 trillion for Shanghai-listed shares, according to Thomson Reuters data.
India's market capitalisation, however, remains below a peak average of $1.82 trillion hit in December 2007, according to data from BSE
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