Long Term Rural Credit Fund established to provide refinance support to cooperative and regional rural banks from PSL shortfalls.
Establishment of a Long Term Rural Credit Fund at NABARD to provide refinance support to Cooperative Banks and Regional Rural Banks, financed by an initial corpus contributed from the shortfall in achievement of Priority Sector Lending targets by Scheduled Commercial Banks, intended to boost capital formation in agriculture and the rural economy.

Senior citizen pension scheme revived offering guaranteed return on lump sum and immediate annuity payments via electronic transfer.
Varishta Pension Bima Yojana revival offers immediate annuity pensions to persons aged 60 and above for a one year window, administered through a life insurer, with electronic disbursement and return of the purchase price to nominee on death. Subscribers purchase periodic pensions by paying prescribed lump sum purchase prices subject to specified minimum and maximum pension levels and corresponding purchase price bands.

Tax evasion arrest for failure to remit collected service tax leads to criminal action and custodial remand.
Investigation disclosed failure to obtain timely service tax registration, non filing of statutory returns, and retention of service tax collected from customers instead of crediting it to the Government exchequer. These acts brought the matter within the penal provisions of Section 89(1)(d) read with Section 89(1)(ii), cognizable under Section 90, and arrest was effected under Section 91; the proprietor admitted the contraventions and was remanded to judicial custody while further investigation proceeds.

Bilateral economic engagement strengthened through MOUs and high-level meetings to deepen trade, investment and cultural cooperation.
The government reaffirmed commitment to expand and deepen bilateral engagement with China across economic, trade, cultural and tourism domains based on mutual complementarities, noting regional and strategic significance; a high-level Chinese delegation met the Union Finance Minister and memoranda of understanding were concluded between Chinese and Indian companies to build prospects for sustained cooperation.

Investment promotion in MSMEs through credit, infrastructure and technology schemes shapes policy and resource allocation.
Promotion of the MSME sector is implemented through multiple central schemes providing credit support, infrastructure development, technology upgradation and enterprise competitiveness measures. The Ministry uses aggregated scheme expenditure reporting and periodic All India censuses to monitor enterprise numbers, employment and to estimate the sector's contribution to GDP, guiding policy and resource allocation for MSME support.

Industrial licence validity extended; administrative ministries may grant multi-year extensions to streamline licensing and ease business.
The industrial licence regime now provides an initial validity of three years with further extensions possible up to seven years through two successive multi-year extensions; extension applications may be granted by the concerned Administrative Ministry without referral to the Licensing Committee to streamline licence processing.

National Manufacturing Policy implementation advances regulatory simplification, state partnership, and approvals for national investment and manufacturing zones.
The National Manufacturing Policy establishes a Central enabling framework with State partnership, providing incentives and financing instruments for infrastructure via public private partnership, while directing States to simplify business regulations and pursue skill development. Implementation measures include advisory support to States, an approval and monitoring mechanism, a Technology Acquisition and Development Fund scheme, Planning Commission approval for Master Planning of NIMZs, circulation of guidelines and proforma for NIMZ establishment and approval, cluster definitions and dispensations, and "in-principle" approvals for multiple NIMZs.

Industrial growth measures expand investment corridors and business reforms to stimulate manufacturing and electricity sector output.
The document reports a modest recovery in the Index of Industrial Production (IIP) for April-September 2014-15 with manufacturing and mining returning to positive growth and electricity showing stronger gains, and describes Government measures-regulatory simplification, FDI policy easing, the e biz project, fiscal and administrative Budget measures, the "Make in India" programme, and development of industrial corridors-to stimulate industrial production and attract investment.

Trade and investment cooperation advances bilateral regulatory dialogue to facilitate market access, standards alignment, and services liberalization.
The statement establishes ministerial Trade and Investment Cooperation to deepen bilateral engagement across agriculture, services, manufacturing investment, and intellectual property. It creates a technical agricultural dialogue to pursue science- and risk-based regulations aligned to international standards, commits to explore enhanced market access and harmonize packaging and labeling rules, and advances services liberalization, visa and social security coordination, single-window manufacturing facilitation, conformity assessment exchanges, and IPR capacity building to foster a transparent, predictable policy environment for investment.

Industrial licence exemption for on site ANFO manufacture enables mine owners to produce ANFO without IDR Act licensing.
The regulatory change eliminates the need for an industrial licence under the Industries (Development & Regulation) Act for mine owners who prepare ANFO on site for immediate captive blasting use, while preserving compliance requirements under the Explosive Rules, 2008 (including NOCs and monthly returns) and reporting obligations under the Ammonium Nitrate Rules, 2012.

Savings certificate reintroduction: Kisan Vikas Patra will double investment over its fixed maturity and permit transfers and pledging.
Reintroduction of Kisan Vikas Patra restores a government-backed certificate savings instrument available in specified denominations with no upper ceiling on investment. Certificates may be issued in single or joint names, transferred multiple times, moved between post offices nationwide, nominated, and pledged as security for loans. KYC norms apply; sales will commence at post offices and extend to designated nationalised bank branches. The scheme provides for a fixed maturity where invested capital doubles and permits encashment after a lock-in period at recurring maturity intervals, offering liquidity while supporting household savings and government financing objectives.

Wholesale Price Index fell 0.6% in October 2014; annual WPI inflation eased to 1.77%, with mixed sectoral movements.
The Wholesale Price Index (Base 2004-05=100) for October 2014 declined 0.6% to 183.9 (provisional); annual WPI inflation fell to 1.77% (October over October), with fiscal year build up inflation at 2.00%. Primary Articles dropped 1.2% (food and non food articles down), Fuel & Power declined 1.3%, while Manufactured Products were unchanged overall but showed mixed subgroup movements; annexed tables detail weights, month on month changes, and year on year rates for key commodities.

Trade Facilitation Agreement: India's conditional support pending WTO assurances on public stockholding and developing-country safeguards.
India affirms commitment to a strengthened multilateral trading system and explains its conditional stance on the Trade Facilitation Agreement, withholding consensus on the Protocol of Amendment until assurances addressed its concerns. The statement emphasises that WTO rules should support food security and that implementation of remaining Bali and Doha decisions is necessary to offset costs borne by developing countries and LDCs, urging WTO members to advance a constructive resolution on public stockholding and related safeguards.

Loan financing for technology centre programme expands MSME access to technology, advisory services and skills under a multi-year plan.
Loan Agreement provides World Bank financing for the Technology Centre System Programme to establish fifteen new Technology Centres and modernize eighteen existing centres. The project comprises three components-technical assistance to centres, capital investment for upgrades and new centres, and technical assistance to the Ministry for implementation, monitoring and evaluation-with the objective of enhancing MSME productivity through financially sustainable technology centres. The Office of the Development Commissioner, Ministry of MSME, is the implementing agency and Indian MSMEs, larger firms, trainees and workers are beneficiaries during a multi-year implementation period.

Ministerial appointment: Jayant Sinha assumed charge as Minister of State for Finance after swearing-in.
Shri Jayant Sinha assumed office as Minister of State for Finance following a swearing-in during the first cabinet expansion of the Government; he took charge on 10-11-2014, represents the Hazaribagh Parliamentary constituency in the Lok Sabha, and is an alumnus of IIT Delhi and Harvard Business School.

Non adversarial tax regime guidance limits scrutiny to relevant information and mandates merit based appeals only.
The Board directs field offices to adopt a non-adversarial tax regime by enforcing punctuality, avoiding unnecessary adjournments, and ensuring supervisory oversight to prevent baseless high pitched assessments and unwarranted questionnaires. Limited scrutiny should focus on specified information sources; refunds must allow TDS credit on taxpayer evidence. Recovery, stay and instalment actions require proper disposal of stay applications before coercive steps. Appeals should be filed only on merits, multi charge references need dual senior concurrence, and grievance redress timelines must be followed.

Single window clearance to streamline investor approvals and boost bilateral investment and joint ventures in priority sectors.
The Government committed to remove bureaucratic impediments by instituting single window clearance and business facilitation measures including visa on arrival, promoting a liberalised FDI regime to foster investment in infrastructure, manufacturing, metallurgy, pharmaceuticals, defence and railways. Institutional mechanisms include sectoral roundtables producing roadmaps and two joint working groups to track priority investment projects across sectors such as automobile, machinery, chemical and petrochemical, civil aircraft construction, fertilizers, pharmaceuticals, energy and IT, with recommendations submitted to the inter governmental commission for implementation.

Visa on arrival for business visitors expanded across multiple airports to ease investment and support joint industrial projects.
Visa on arrival for business visitors will be expanded to selected airports to facilitate investment and reduce procedural barriers through single window clearance; this administrative facilitation complements bilateral efforts to promote investment. India and Russia have operationalised joint working groups at Secretary level to identify, prioritise and track key priority investment projects across sectors including machinery, chemicals, civil aircraft construction, fertilizers, pharmaceuticals, energy and IT, and a working group on Modernization and Industrial Cooperation will address project implementation and present recommendations to the inter governmental commission.

Anti competitive agreement: coordinated price bulletin by trade associations found to restrict competition and prompt sanctions.
Coordinated pricing communications via a Daily Price Bulletin by the Gunny Trade Association, followed by members of the Indian Jute Mills Association, were held to constitute a horizontal anti competitive agreement breaching the Act; the Commission directed cease and desist relief and imposed monetary penalties on the associations and responsible executive committee members, and recommended government reassessment of a statutory compulsory jute packaging requirement that distorts market access and raises consumer costs.

Extension of Finance Commission term enables additional consultations and financial projections before final report submission.
Extension of the Fourteenth Finance Commission's term was approved to permit additional time for completion of its report and associated consultations. The extension was sought to enable the Commission to review financial projections and carry out consultations required by an additional term of reference concerning the reorganisation of a State and recommendations for its successor States.