India needs a big plan and proper execution to achieve self-sufficiency in edible oils, B.V. Mehta, executive director, The Solvent Extractors' Association, said. The programme needs an investment of at least 50 bln rupees a year till 2030, and a "champion" with decisive authority must be appointed to spearhead it.
The RBI is toying with the idea of setting up a domestic clearing house at the International Financial Services Centre in Gandhinagar-based GIFT City, says bank treasury officials aware of the development.
Ahmedabad-headquartered PSP Projects has emerged the lowest bidder for two Gujarat government projects worth 3.8 bln rupees, and their allotment letters are expected to be shortly issued, sources say.
Aiming to bounce back to the black and reduce at least 10% operating costs, Spencer's Retail has decided to shut down all loss-making stores. The company will also not enter any new cities in the next 12 months, a source says.
The government is working on new guidelines to issue goods and services tax notices to companies as the flurry of system-generated notices since September has spooked the industry, a senior official at the Institute of Chartered Accountants of India said.