Five New IITs and Five New IIMS to be set up

The Government of India has allocated Rs 500 crore (US$ 83.11 million) in the Union Budget 2014-15 to set up five more IITs and five IIMs.

FDI cap in insurance raised to 49%

The Government of India has increased the FDI limit in the insurance sector to 49 per cent in the Union Budget 2014-15 which is expected to allow many players, both in the life and general insurance space to become profitable.

Budget 2014: FM Arun Jaitley proposes 16 new port projects

The Government of India has proposed 16 new port projects and has also planned to invest Rs 11,635 crore (US$ 1.93 billion) to develop the phase one of the outer harbour project in VO Chidambaranar Port Trust at Tuticorin.

MSMEs allocated Rs. 10,000 crore VC fund

The Government of India has proposed to set up a Rs 10,000 crore (US$ 1.66 billion) venture capital (VC) fund intended to be a catalyst to attract private capital.

India has the second fastest growing services sector

India has the second fastest growing services sector with a CAGR of nine per cent. Also, India ranked 12th in terms of services gross domestic product (GDP) in 2012 among the world's top 15 countries.

Passenger car sales grow by 15 per cent in June

Total passenger car sales in India grew by 15 per cent to 160,000 units in June 2014 as compared to around 140,000 units in June 2013, according to a report by the Society of Indian Automobile Manufacturers (SIAM).

India, UK to set up Financial Partnership in three months

India and the UK have planned to launch a UK-India Financial Partnership that that aims to promote closer ties between Mumbai and London as financial centres over the next three months.

Ministry lays special emphasis on education

The Ministry of Railways has taken some initiatives to help its staff continue their education. It has proposed to set up an innovations incubation centre to harness the ideas generated from the staff and convert them into practical solutions.

Rail Budget 2014: 58 new trains to be introduced, 11 existing trains to be extended

The Railway Budget released by Mr D V Sadananda Gowda , Union Minister for Railways, Government of India, on July 8, 2014, proposed to introduce 58 new trains. The budget also proposed to extend the run of 11 existing trains.

Glenmark gets USFDA nod to launch anti-hypertension drug in US

Glenmark Generics Inc, USA, a subsidiary of Glenmark Generics, has been granted final abbreviated new drug approval (ANDA) from the United States Food and Drug Administration (USFDA) for Telmisartan tablets, indicated for the treatment of hypertension.

India records 9 per cent growth in foreign tourist arrivals

India saw a 9 per cent increase in foreign tourist arrivals (FTAs) in June 2014 in comparison to the corresponding month last year. This has also resulted in an increase in foreign exchange earnings (FEEs) from the tourism sector.

Govt approves Rs 1,000 minimum monthly pension under Employees’ Provident Fund

The Government of India has approved the minimum monthly pension of Rs 1,000 (US$ 16.73) for the Employer’s Provident Fund Organisation’s subscribers which shall benefit about 2.8 million pensioners.

Approval for electronics manufacturing hub in Kochi

The Department of Electronics and IT Industry has given an in-principle approval to Kinfra’s proposal to develop an electronics manufacturing hub in Kochi. The project with an outlay of Rs 250 crore (US$ 41.78 million) is intended to create an industrial park with all modern facilities exclusively for electronics industry.