Price Stabilisation Fund reform underway to introduce a beneficiary-friendly Modified Price Stabilisation Fund scheme under government consideration.
A restructured Modified Price Stabilisation Fund (MPSF) scheme is being formulated to address identified bottlenecks in the ongoing Price Stabilisation Fund and to make the mechanism more beneficiary friendly; the proposed modifications are under government consideration.

GDP growth assessment signals likely upward revision and affirms agricultural policy impact on growth estimates.
The CSO advance estimate for 2013-14 places GDP growth at 4.9 per cent, with second-half performance stronger than the first, and anticipates upward revision in subsequent estimates, with confidence that the final annual figure will not be less than five per cent; agricultural growth is estimated at 4.6 per cent and attributed to policies such as higher minimum support prices, fertiliser subsidies, expanded agricultural credit and provision of quality seeds, with a forecast of significant improvement in growth for 2014-15.

Tax benefit under section 80C for pension plans launched by mutual funds, notified for income tax exemption in reply.
Two mutual fund houses launched pension schemes that have been notified by the Government to confer a tax advantage under section 80C of the Income Tax Act, 1961, making contributions to these schemes eligible for the specified tax deduction; this was reported in a written parliamentary reply by the Minister of State for Finance.

Introduction of plastic currency notes begins with a limited field trial in selected diverse cities later this year.
Introduction of plastic notes of the ten-rupee denomination will be tested via a field trial deploying one billion notes across five cities chosen for geographical and climatic diversity (Kochi, Mysore, Jaipur, Shimla, Bhubaneswar), with launch scheduled in the latter half of 2014.

Token lease for branch premises sought; limited state response, advertisements and requests for assistance followed.
Bhartiya Mahila Bank requested Finance Secretaries of 17 States to allot space in State Government or State Corporation buildings on a token lease for branch expansion; only Odisha and Jharkhand responded, the Bank has advertised for premises in those States, and the Government has sought further State assistance in locating suitable sites.

Anti-competitive practices: penalty imposed and directions to cease and desist, plus requirement to file undertakings and deposit penalty.
CCI found that the Chemists and Druggists Association, Ferozepur and its office bearers engaged in anti-competitive practices by conditioning trade on association-issued NOCs and letters of credit and by directing members and wholesalers to stop dealing with a competing retailer, creating barriers to entry and excluding a competitor. The Commission imposed a monetary sanction based on a percentage of the Association's average receipts, directed them to Cease and Desist, required undertakings within a set period, and ordered deposit of the penalty within a prescribed timeframe.

Foreign equity increase approved, enabling full foreign ownership in a telecom company and triggering significant inbound investment.
The Cabinet Committee on Economic Affairs approved M/s CGP India Investment Limited's proposal to raise foreign equity in M/s Vodafone India Limited from 64.38 percent to 100 percent, authorising full foreign ownership of the telecom company and projecting an inbound foreign investment receipt of approximately Rs. 10,141 crore.

Bid rigging: penalties imposed for cartel formation in public procurement, with cease-and-desist directives after investigation.
The Commission found three engineering firms engaged in a cartel by submitting identical quotations for feed valves in a procurement tender and imposed monetary sanctions calculated as a percentage of the companies' average turnover for the relevant years; the inquiry was initiated suo motu based on information from the procuring unit and the firms were directed to cease and desist from such anti-competitive conduct.

Umbrella agreements enable major concessional financial and technical cooperation commitment between India and Germany for energy and environment.
Two bilateral Umbrella Agreements formalise financial and technical development cooperation, with the financial agreement providing concessional loans for nine specified projects in energy, energy efficiency, housing, microfinance, urban sanitation and forestry climate proofing, and the technical agreement covering thirteen projects in Energy, Environment and Sustainable Economic Development; both agreements implement sectoral priorities and record Germany's largest commitment to India in this cooperation stream since 1958.

Public Procurement Policy expands mandated government purchasing from micro and small enterprises to boost their market participation.
The Government supports MSME development through credit, subsidy, cluster, marketing and skill programmes with yearly budget allocations, and has enacted a Public Procurement Policy to raise government purchasing from micro and small enterprises; established the India Inclusive Innovation Fund to finance grassroots social innovations; and authorized continuation of non tax benefits for three years after an MSME graduates to a higher category, while acknowledging no central database of beneficiary counts.

Investment arbitration under a bilateral protection agreement resulted in a state enterprise satisfying an adverse award, disclosed to legislature.
An adverse investor-state arbitration award under the India-Australia Bilateral Investment Protection Agreement in a UNCITRAL arbitration led to monetary satisfaction by a state-owned commercial entity, and the executive branch disclosed the award and payment to the national legislature.

Safeguard duty on hot-rolled steel imports prompts review of export support and trade remedy measures and policies.
Imposition of a safeguard duty on certain hot rolled steel flat product imports from India applies as a definitive ad valorem charge for a prescribed period and will be progressively reduced under the Agreement on Safeguards of the World Trade Organization; the measure affects exporters of the specified products and is accompanied by government export support measures, import monitoring, and the use of trade remedial tools including anti dumping and safeguards.

Industrial incentives drive growth: policy reforms and targeted schemes aim to bolster manufacturing amid global slowdown.
The administration has adopted policy measures and targeted incentives to boost industrial growth: enactment of the National Manufacturing Policy, reform of the FDI framework, development of major industrial corridors, e Biz facilitation, and establishment of an Invest India joint venture. Complementary support includes transport/freight subsidies, a special package for Special Category States, the North East Industrial & Investment Promotion Policy, and sectoral programmes like infrastructure upgradation and leather development. Monitoring of industrial output shows a slowdown partly linked to global economic conditions.

International representation at global forum: India delegation engaged on economic, policy, climate and governance discussions.
India was represented at the World Economic Forum annual meeting in Davos by a delegation of approximately 125 members to engage in agenda-driven sessions on employment, creative economy, youth aspirations, economic policy making, manufacturing and trade, sustainable business infrastructure, climate change and water security; separate sessions addressed Iran in the world and European currency issues, with participation organised around pre-set agendas and designated speakers.

Service tax exemption on intermediary services to commodity exchange members confirmed where prevailing practice led to non-levy.
Service tax is not required to be paid on taxable services provided by an authorised person or sub-broker to a member of a recognised or registered commodity exchange in relation to a forward contract where a generally prevalent practice resulted in non-levy; the Central Government, under section 11C of the Central Excise Act read with section 83 of the Finance Act, directs non-payment for the period covered by that practice.

India-assisted housing programme continues with direct beneficiary disbursements, staged installments and targeted construction and repair across Sri Lanka.
The India-assisted housing programme supports construction and repair for displaced persons and Indian-origin Tamils in Sri Lanka via direct beneficiary disbursements paid in progress-linked installments for self-construction, an agency-led construction tranche managed through a Project Management Consultant in specified provinces, targeted repair works funded by India, and an earlier completed pilot informing the broader programme.

Anti-competitive practices: associations penalised under Competition Act and ordered to cease margin-fixing, discount restrictions and boycotts.
Associations of chemists, druggists, stockists, wholesalers and manufacturers engaged in anti-competitive practices including gatekeeping via No Objection Certificates, compulsory release charges, fixation of trade margins, restrictions on discounts, and boycott calls. The Competition Commission imposed penalties and issued cease and desist orders under the Competition Act, obtained undertakings from associations to stop such conduct, and warned that non-compliance may result in severe penalties and prosecution while inviting reports of violations.

Mandated deadline compliance: finance commission denies seeking extension and affirms it will submit the report on time.
The Commission rejects media reports of seeking an extension as baseless, confirms ongoing progress reviews and stakeholder consultations, and reiterates its intent to meet the mandated deadline for submitting the report as specified in the presidential notification, framing the statement as administrative assurance of timely fulfilment of its reporting obligation.

PAN allotment procedure suspended pending further orders; existing PAN application and allotment process to continue.
Decision to keep in abeyance the change to the PAN allotment procedure and to suspend the operation of Circular No. 11; the pre existing PAN application and allotment process remains operative until further orders.

Deputation of technical officers permitted for TCIL under public enterprise guidelines to address short term manpower needs.
Approval permits TCIL to fill posts by deputation of Group 'A' officers from the Department of Telecommunications and other ministries with telecommunications and IT background, subject to Department of Public Enterprises guidelines and a cap of ten percent of TCIL's total below board level posts, to meet short term technical manpower requirements.