Newsmakers: Make in India raised FDI by 29%, jeweller shops shut for 15th day and more

Key business news events for the day

• 1/5

Recovery process to continue till Cairn takes settlement: FM Close on heels of Income Tax Department slapping a Rs 29,000-crore tax demand notice on Cairn Energy, the government on Wednesday said normal recovery process will continue till the British firm takes one-time settlement offered in the Budget. In the Budget for 2016-17, Finance Minister Arun Jaitley made a one-time offer to waive interest and penalty if the companies against whom tax demands have been made using retrospective tax law, paid the principal amount to settle the disputes.

• 2/5

Jewellers protest excise duty, shops shut for 15th day Gold and jewellery establishments across the country remained closed for the 15th day on Wednesday as traders are protesting the Budget proposal to levy 1 per cent excise duty on non-silver jewellery. Most jewellery houses have been closed since March 2, demanding withdrawal of the proposed excise duty.

• 3/5

PM Modi's Make in India pushed FDI 29% upwards: Govt Foreign direct investment in the country increased by 29 per cent for the 15-month period-ended December last year-after the launch of 'Make in India' initiative, Parliament was informed. Launched on September 25, 2014, the initiative aims at promoting India as an important investment destination and a global hub for manufacturing, design and innovation.

• 4/5

Petrol price raised by Rs 3.07, diesel by Rs 1.90 per litreOil marketing firms on Wednesday raised the price of petrol and diesel on movement in international oil prices and rupee dollar exchange rate. Petrol in Delhi will now be sold at Rs 59.68 per litre, effecting a hike of Rs 3.07 per litre.

• 5/5

Royal Enfield launches 'Himalayan' at Rs 1.55 lakh Niche bike maker Royal Enfield launched Himalayan, an all terrain 411-cc bike, priced at Rs 1.55 lakh (ex-showroom Maharashtra). The company, which is the two-wheeler arm of Eicher Motors, currently sells various popular models like Bullet, Classic, Thunderbird and Continental GT.