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Foreign firms investing in Uttar Pradesh by bringing in equity as well as loans will now be eligible to avail benefits under the state government's incentive policy. A decision in this regard was taken by the cabinet chaired by Chief Minister Yogi Adityanath here on Monday. The incentive policy has been rechristened as 'Foreign Direct Investment, Foreign Capital Investment and Fortune Global 500 and Fortune India 500 Investment Promotion Policy 2023'. Earlier, incentives under the policy were available to only equity investments. "Through this amendment, the Yogi government has given big relief to foreign investors. Through this, now foreign companies will also be able to invest in the state which brings in investment through equity as well as loan or any other source. With this decision of Yogi government, there is a possibility of increase in foreign investment in the state," an official statement said. Briefing about these decisions, UP Finance Minister Suresh Khanna said that
The government has notified amendments to the foreign direct investment policy in the space sector to attract offshore investors in satellite manufacturing and satellite launch vehicles segments. Amendment made in the FDI policy for space sector through a gazette notification dated April 16, 2024, prescribes liberalized entry route and provides clarity for FDI in satellites, launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving Spacecraft and manufacturing of space-related components and systems. "These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2024," the gazette notification said. The liberalized entry routes under the amended policy are aimed at attracting potential investors in the Indian companies in space. The Union Cabinet earlier this year gave approval to these amendments. The notification comes days ahead of the scheduled visit of Tesla CEO Elon Musk who is expecte
Union minister Hardeep Singh Puri on Monday launched the Offshore Bid Round offering and assured transparency, efficiency and ease of doing business to investors. In a keynote address to industry leaders in Houston, the Union Petroleum and Natural Gas Minister described the initiatives taken by his Ministry in accelerating the exploration and production activities in India. Puri also gave his views on the importance of Coal Bed Methane in increasing India's domestic production and reducing the country's import burden. He launched the Special CBM (popularly known as Coal Seam Gas) Bid Round - 2022 for International Competitive Bidding on Monday at Houston. Simultaneously, Puri launched the Offshore Bid Round offering 26 blocks -- 18 carved out by DGH and eight as a result of expression of interests (EoI) from potential investors -- covering an area of approximately 2.3 lakh Sq. Km. Out of 26 blocks, three blocks based on EoIs are onshore covering an area of only 3,666 sq km, a medi