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The Centre on Tuesday proposed an outlay of Rs 26,000 crore for various road projects in Bihar. In her <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword> for 2024-25, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Minister Nirmala Sitharaman" meta.hostid="83" meta.entityid="Finance Minister Nirmala Sitharaman">Finance Minister Nirmala Sitharaman</keyword> said the <keyword id="19909265" type="General" weightage="20" keywordseo="Union-government" source="keywords" meta.keywordsubtype="org" meta.entityname="Union government" meta.hostid="83" meta.entityid="Union government">Union government</keyword> will arrange financial assistance to Bihar through aid from multilateral development agencies. The government will also set up airports, medical colleges and sports infrastructure in Bihar, she said. The Centre will also formulate plan 'Purvodaya' for all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. Sitharaman further said the government will support industrial corridor for development in the eastern region. The finance minister also said the government will provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Centre proposes ₹26,000 crore for road projects in Bihar

Budget announcements for the <keyword id="22541837" type="General" weightage="20" keywordseo="marine-sector" source="keywords">marine sector</keyword> such as rationalisation of customs duties and financing facilities will help boost the country's India's <keyword id="20765822" type="General" weightage="20" keywordseo="aquaculture" source="keywords">aquaculture</keyword> and <keyword id="20765821" type="General" weightage="100" keywordseo="seafood-exports" source="keywords">seafood exports</keyword>, <keyword id="22541838" type="General" weightage="20" keywordseo="MPEDA" source="keywords">MPEDA</keyword> said on Thursday. The <keyword id="181386" type="General" weightage="20" keywordseo="Marine-Products-Export-Development-Authority" source="Orion">Marine Products Export Development Authority</keyword> (MPEDA) also said the Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on <keyword id="22541839" type="General" weightage="20" keywordseo="shrimp-production" source="keywords">shrimp production</keyword> and export. Various inputs used in the manufacture of shrimp and <keyword id="22526510" type="General" weightage="20" keywordseo="fish-feed" source="keywords">fish feed</keyword> will now enjoy customs duty exemptions, it said adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty. Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty. The Basic Customs Duty (BCD) on essential aquafarm/ hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed has been reduced to 5 per cent. Import duty for insect meal and single-cell protein has been cut down to 5 per cent. "These announcements made in the Union Budget 2024-25 are set to significantly enhance aquaculture and seafood export sectors," the authority said. It also said that the government has committed to providing substantial financial support to establish a network of <keyword id="22541840" type="General" weightage="20" keywordseo="Nucleus-Breeding-Centres" source="keywords">Nucleus Breeding Centres</keyword> (NBCs) for shrimp broodstocks. "This initiative is anticipated to drastically reduce India's reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually," it said adding hatchery operators are expected to benefit significantly, with projected savings of 50 per cent on broodstock costs. About one lakh farmers will benefit from a 30 per cent reduction in shrimp seed costs. Further, it said the National Bank for Agriculture and Rural Development (NABARD) will play a crucial role in facilitating financing for <keyword id="20342132" type="General" weightage="20" keywordseo="shrimp-farming" source="keywords">shrimp farming</keyword>, processing, and export. "This intervention is designed to cover 80 per cent of project costs for farmers, accompanied by an interest subvention of up to 3 per cent," MPEDA said. It added that a total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds, enabling them to improve and expand their facilities through assistance from NABARD. DV Swamy, Chairman of MPEDA, said that the proposed measures will substantially lower production costs, elevate quality, and enhance the international competitiveness of Indian marine products. The marine products sector has been a vital contributor to India's export earnings, with seafood exports reaching an all-time high of over Rs 60,000 crore in the last financial year. The authority was established in 1972 under the Ministry of Commerce and it is responsible for the development of the marine products industry with a special focus on exports.

Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> has sought proposals from the industry to set up <keyword id="22514802" type="General" weightage="20" keywordseo="E-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> (ECEH) in the country for examination, support, and hand-holding. Based on the proposal, further details, including software requirements for ECEH, to facilitate seamless and expeditious export clearances, will be firmed up, the Directorate General of Foreign Trade (<keyword id="19985555" type="General" weightage="20" keywordseo="DGFT" source="keywords">DGFT</keyword>) has said in a trade notice. In this regard, it said, draft modalities for operation of these hubs have been formulated. Based on draft modalities proposed, the government would like to initiate a pilot launch of ECEH. "In this regard, detailed proposal(s) for setting up ECEH may be submitted to this directorate, for examination, support and hand-holding," the DGFT said. In the Budget, the government announced setting up of these hubs to promote <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> through e-commerce medium in public-private-partnership (PPP) mode. Initially there are plans to set up 10-15 hubs in the country. These hubs would be designated areas, which would act as a centre for favourable business infrastructure and facilities for cross border e-commerce activities. The major objectives are to provide for predictability and shortest possible turnaround time for e-commerce exports, easy re-import for e-commerce returns or rejects, bringing various cross-border e-commerce stakeholders under one roof. At present, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s exports through this medium are only about USD 5 billion compared to China's USD 300 billion, annually. There is a potential to take it to USD 50-100 billion in the coming years. The draft modalities for operations of these hubs talked about movement of goods from supplier's premises to ECEH; pre-screening of goods; design of these hubs; and process flow for customs clearance once a buyer is found. ECEH will have two physical components -- first will be the fulfilment area for packing, labelling, storing to take place after pre-screening and till a buyer is found; and the second will be a customs station where the goods will be customs cleared after the buyer is found, ready for dispatch. Through these hubs, small producers will be facilitated to sell to aggregators and then that aggregator will find markets to sell. Export products, which hold huge potential through this medium include jewellery, apparel, handicrafts and ODOP (one district one product) goods. In such hubs, export clearances can be facilitated. Besides, it can also have warehousing facilities, customs clearance, returns processing, labelling, testing and repackaging. A report by economic think tank GTRI India's e-commerce exports have the potential to reach USD 350 billion by 2030, but banking issues hinder growth and increase operational costs. India has set a target of USD 1 trillion of merchandise exports by 2030 and cross-border e-commerce trade has been identified as one of the mediums to meet this aim. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Govt seeks proposals for setting up e-commerce export hubs

New Delhi: The central government has approved the appointment of a new Chairman and <keyword id="19899229" type="General" weightage="20" keywordseo="Managing-Director" source="keywords">Managing Director</keyword> of the <keyword id="19934368" type="General" weightage="100" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) as the current Chairman, <keyword id="20944427" type="General" weightage="20" keywordseo="Dinesh-Kumar-Khara" source="keywords">Dinesh Kumar Khara</keyword>, is set to retire on August 28. According to a notification by the Department of Personnel &amp; Training, the Appointments Committee of the Cabinet (ACC) on August 6 approved the proposal of the Department of Financial Services for the appointment of <keyword id="22230591" type="General" weightage="20" keywordseo="Challa-Sreenivasulu-Setty" source="keywords">Challa Sreenivasulu Setty</keyword> as chairman of SBI. The ACC has approved the appointment of Setty, 59, the current Managing Director (MD) of SBI as the new Chairman of the country's biggest lender, for a period of three years, effective from the date he assumes office, on or after August 28, 2024. The government order states, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment of Shri Challa Sreenivasulu Setty (DOB: 26.09.1965), Managing Director (MD), State Bank of India (SBI) as Chairman, SBI for a period of three (03) years w.e.f. the date of assumption of charge of the office, on or after 28.08.2024." Additionally, Rana Ashutosh Kumar Singh, the current Deputy Managing Director (DMD) of SBI, has been appointed as the new Managing Director. His appointment will take effect from the date he assumes office. The government order read, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (DMD), State Bank of India (SBI) as Managing Director (MD) in SBI with effect from the date of assumption of office." According to SBI, Challa Sreenivasulu Setty joined the Board of SBI as Managing Director in January 2020 and currently oversees International Banking, Global Markets, and Technology wings of the Bank. He has previously headed the Retail &amp; Digital Banking vertical and various task forces/committees formed by the Government of India. Setty holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers. He began his career with SBI in 1988 as a Probationary Officer. Over his three-decade-long career, he has gained rich experience in corporate credit, retail, digital, and international banking, as well as banking in developed markets. Setty has also held key positions within SBI, including Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager, and General Manager in the Corporate Accounts Group, Deputy General Manager in the Mid-Corporate Group, and Vice President &amp; Head (Syndications) at SBI's New York Branch. (ANI)

Centre approves appointments of new Chairman, Managing Director of State Bank of India

A squad full of debutants, free from past baggage will aim to ace the ultimate test of their lives when the shooting competition of the <keyword id="4833237" type="General" weightage="100" keywordseo="Paris-Olympics" source="Orion">Paris Olympics</keyword> begins in the sleepy French town of Chateauroux on Friday. <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has won four Olympic medals in shooting out of its overall tally of 35 but none in the last two editions of the Summer Games, putting the additional pressure of expectations on the record 21-member Indian contingent based in central France. The national shooting federation, National Rifle Association of India (<keyword id="19910689" type="General" weightage="20" keywordseo="NRAI" source="keywords" meta.keywordsubtype="org" meta.entityname="NRAI" meta.hostid="261" meta.entityid="NRAI">NRAI</keyword>), chose current form over pedigree to pick the squad for the mega event and it will be hoping they hit the bullseye at the <keyword id="22557904" type="General" weightage="20" keywordseo="National-Shooting-Centre" source="keywords" meta.keywordsubtype="org" meta.entityname="National Shooting Centre" meta.hostid="261" meta.entityid="National Shooting Centre">National Shooting Centre</keyword> here. Even the quota winners were made to battle out in the trials with the inexperienced Sandeep Singh pipping 2022 world champion Rudranksh Patil, who had secured India's quota in the 10m air rifle. Patil wrote to NRAI proposing his selection in the team despite finishing behind Sandeep in the trials, but the federation stuck to its guns. The athletes have been training away from the hustle and bustle of <keyword id="19916613" type="General" weightage="20" keywordseo="Paris" source="keywords">Paris</keyword> and that could work in their favour come competition day. Barring <keyword id="20241095" type="General" weightage="20" keywordseo="manu-bhaker" source="keywords">Manu Bhaker</keyword>, Aishwary Pratap Singh Tomar, Anjum Moudgil and Elavenil Valarivan, all will experience the biggest sporting stage for the first time. India will have representation in all 15 shooting events. It is not just peak performance on the day that matters in the Olympics, luck too plays a major part. The 22-year-old Bhaker, who has won a bagful of medals in world events, had a stroke of bad luck at the Tokyo Games where her weapon malfunctioned in 10m <keyword id="20105950" type="General" weightage="20" keywordseo="air-pistol" source="keywords">air pistol</keyword> qualification and she could not recover from that setback. She will be taking part in three disciplines - 10m air pistol, 25m pistol and 10m pistol mixed team. India's main challenge will come from China who are also fielding 21 shooters across disciplines. Another women shooter to watch out for will be Sift Kaur Samra, who won the 50m rifle three positions gold at the Asian Games. Moudgil, one of the seasoned pros in the squad, is making a comeback and will lineup alongside Sift in the women's 50m rifle three positions. Twenty-year-old Rhythm Sangwan will be participating in two events, women's 10m air pistol alongside Bhaker and the 10m air pistol mixed team. "The preparation has been going good. The range is beautiful. I was a little upset staying away from main village in Paris. It is not as I expected but I am here for the competition and win and not pass any comments on the Games Village. Olympics is the biggest stage out here," said Sangwan. Among the male participants, only Tomar has been part of the Olympics before. Tomar, member of the gold winning team at the 2023 World Championships, will be seen in the men's 50m rifle three positions alongside Swapnil Kusale. The male debutants who have a decent international experience include Anish Bhanwala, Sarabjot Singh, Arjun Babuta, Arjun Singh Cheema and Vijayveer Singh. Gagan Narang, the 2012 Olympic bronze medallist who is here as India's chef de mission, is backing the shooters to end the <keyword id="22557903" type="General" weightage="20" keywordseo="medal-drought" source="keywords">medal drought</keyword> in this edition. "My first Olympic experience was in 2004 and I remember at that time, we were not as confident as we are today. There is genuine belief that we are at par with the best in the world," said Narang. The biggest test of the shooters' lives awaits. Full squad Rifle: Men's 10m air rifle: Sandeep Singh, Arjun Babuta Women's 10m air rifle: Elavenil Valarivan, Ramita Jindal Women's 50m rifle 3 positions: Sift Kaur Samra, Anjum Moudgil Men's 50m rifle 3 positions: Aishwary Pratap Singh Tomar, Swapnil Kusale 10m air rifle mixed team: Sandeep Singh/Elavenil Valarivan, Arjun Babuta/Ramita Jindal Pistol: Men's 10m air pistol: Sarabjot Singh, Arjun Cheema Women's 10m air pistol: Manu Bhaker, Rhythm Sangwan Men's 25m rapid fire pistol: Anish Bhanwala, Vijayveer Sidhu Women's 25m pistol: Manu Bhaker, Esha Singh 10m air pistol mixed team: Sarabjot Singh/Manu Bhaker, Arjun Singh Cheema/Rhythm Sangwan Shotgun: Men's trap: Prithviraj Tondaiman Women's trap: Rajeshwari Kumari, Shreyasi Singh Men's skeet: Anantjeet Singh Naruka Women's skeet: Maheshwari Chauhan, Raiza Dhillon Skeet mixed team: Anantjeet Singh Naruka/Maheshwari Chauhan.

Record shooting contingent out to end India's 12-year medal drought

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> on Saturday proposed to launch a <keyword id="18717471" type="General" weightage="20" keywordseo="G20-satellite" source="Orion">G20 Satellite</keyword> Mission for Environment and Climate Observation, with an aim to help the countries of the global south. Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> made the suggestion at the <keyword id="42981" type="General" weightage="20" keywordseo="G20" source="Orion">G20</keyword> Leaders' Summit at the Bharat Mandapam international convention centre here in the presence of world leaders including US President <keyword id="99719" type="General" weightage="80" keywordseo="joe-biden" source="Orion">Joe Biden</keyword>, UK Prime Minister <keyword id="221875" type="General" weightage="80" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> and South Africa President Cyril Ramaphosa among others. Modi said the G20 satellite mission would be beneficial for all of humanity just as the data obtained from India's successful Chandrayaan moon mission. With the same spirit, India is proposing the launch of the 'G20 Satellite Mission for Environment and Climate Observation', he said. "The climate and weather data obtained from this will be shared with all the countries, especially the countries of the Global South. India invites all G-20 countries to join this initiative," Modi said during a session at the G20 Leaders Summit. SEE ALSO:<a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank">G20 Leaders Summit adopts New Delhi Declaration</a><a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank">G20 Summit: PM Modi announces launch of Global Biofuel Alliance</a><a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank"></a> <a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank">From Dream Girl 2 to Tootsie – Epic roles which saw male actors crossdress</a>

India proposes G20 satellite for climate observation

The Centre is considering a request from Elon Musk-run <keyword id="107096" type="General" weightage="100" keywordseo="tesla" source="Orion">Tesla</keyword> to lower tariffs for imported electric vehicles (EVs) as the company looks into setting up a plant in the country, a media report said on Monday. According to the Financial Times, citing sources, the automaker has asked the government for an initial tariff concession that would offset <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s steep customs duties of 70 per cent for cars under $40,000 and 100 per cent for cars above $40,000. "Their view has always been that they need some tariff concessions at least in the interim period. It would have some kind of sunset clause," one of the officials was quoted as saying. Tesla had asked for the concession as a condition for constructing a plant in the country. The reduced tariffs would apply to all EV manufacturers. The officials stated that the reduced rate under consideration would be 15 per cent for EVs of all prices, but that the policy had not yet been agreed upon within the government, the report mentioned. "We want to create a package which is good for India and which doesn't become a curated package for one company. Others are free to take advantage of this window, subject to meeting these kinds of requirements," one of the officials stated. In September, a report said that Tesla is planning to build a factory for battery storage in India and has submitted a proposal for the same to the government. The electric car-maker proposed supporting the country's battery storage capabilities with its 'Powerwall' during recent meetings. Musk is also aiming to build a Tesla supply system in India. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/british-luxury-carmaker-lotus-cars-enters-the-indian-market-with-2-55-electric-suv/articleshow/105092076.cms">Lotus Cars enters India with Eletre, a luxury electric SUV priced starting at ₹2.55 crore</a><a href="https://www.businessinsider.in/sports/news/cricketers-who-played-a-crucial-role-on-field-while-injured/slidelist/105177391.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/news/cricketers-who-played-a-crucial-role-on-field-while-injured/slidelist/105177391.cms" target="_blank">From Maxwell to Kumble – When the injured stood up and stole the show</a> <a href="https://www.businessinsider.in/tech/news/ex-apple-employees-launch-ai-pin-a-wearable-which-wants-to-replace-your-smartphone/articleshow/105113255.cms">Ex-Apple employees launch AI-Pin, a wearable which wants to replace your smartphone</a>

Centre considers lowering EV tariff to lure Musk's Tesla: Report

Mumbai, Finance minister <keyword id="129243" type="General" weightage="100" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Friday said Indian companies can now go in for direct listing on foreign exchanges as well as on the <keyword id="6367752" type="General" weightage="50" keywordseo="international-financial-services-centre" source="Orion">International Financial Services Centre</keyword> (IFSC) bourse in Ahmedabad. The nod, which came after three years of announcement as part of the Covid relief package, will enable domestic companies to access foreign funds by listing their shares on various exchanges overseas. A proposal regarding this was first floated as part of the liquidity package announced during the pandemic in May 2020. "A direct listing of securities by domestic companies will now be permissible in foreign jurisdictions. I'm also pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchange. So, this is a major step forward. This will facilitate access to global capital and better valuation, <keyword id="18177935" type="General" weightage="80" keywordseo="sitharmanan" source="Orion">Sitharmanan</keyword> said here. The minister was speaking at an event to launch <keyword id="18177936" type="General" weightage="50" keywordseo="amc-repo-clearing" source="Orion">AMC Repo Clearing</keyword> and a corporate debt market development fund to help deepen the corporate bond market. Further, she called for a regulatory impact assessment so that regulated entities in particular and the markets in general can better understand the fallout of their decisions. She also asked financial market regulators to focus on the quality, proportionality and the effectiveness of their decisions so that companies find further ease in doing their business. Urging large municipal bodies to tap the debt market for their funding needs, <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> said the government has been and will continue to incentivise cities to improve their credit ratings so that they get better pricing for their bonds.

Nirmala Sitharaman says Indian companies can go for overseas listing

With a view of listing the state-run insurance major <keyword id="6368369" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation-of-india">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="COMPANY" weightage="20" keywordseo="LIC">LIC</keyword>), the government has proposed to raise the authorised capital of LIC to ₹25,000 crore. As per the amendments proposed under the Finance Bill 2021, the authorised <keyword id="445210" type="PERSON" weightage="20" keywordseo="share-capital">share capital</keyword> of LIC shall be ₹25,000 crore divided into 2,500 crore shares of ₹10 each. The share capital of the <keyword id="6356315" type="COMPANY" weightage="20" keywordseo="corporation">corporation</keyword> shall consist of equity shares and preference shares, which may be fully paid-up or partly paid-up, said the Finance Bill. "The corporation may from time to time increase its issued share capital, with the previous approval of the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword>, whether by public issue or rights issue or preferential allotment or private placement or issue of bonus shares to existing members holding equity shares, or by issue of shares to employees pursuant to share based employee benefits schemes, or by issue of shares to life insurance policyholders of the Corporation, or otherwise," it said. However, the central government shall at all times, not less than 51 per cent of the issued equity share capital of the corporation and for five years after the IPO, the Centre will hold not less than seventy-five per cent. The mega IPO is likely to take place around Diwali this year. Presenting the Union Budget for FY21-22, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> had said that all the announced disinvestment processes, including the LIC IPO will be completed in the upcoming fiscal. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/check-out-all-the-hiring-opportunities-in-2021-in-india/slidelist/81343839.cms">A whole host of jobs, from government to private to foreign companies in India, are opening up ⁠— here’s a look at some of those</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-the-worlds-top-food-delivery-companies-indias-zomato-and-swiggy-have-a-long-way-to-go-as-compared-to-their-global-counterparts-like-doordash-or-meituan/slidelist/81344728.cms">These are the world’s top food delivery companies – India’s Zomato and Swiggy have a long way to go as compared to their global counterparts like DoorDash or Meituan</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-has-outperformed-its-peers-in-the-last-one-year-but-analysts-are-still-cautious-about-giving-it-a-buy-rating/articleshow/81345564.cms">Wipro's share price has outperformed its peers in the last year — but analysts are still cautious about giving it a 'buy' rating</a>

You Searched For "Centre proposes" and got 9 results

Centre proposes ₹26,000 crore for road projects in Bihar

PTI

Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

PTI

Govt seeks proposals for setting up e-commerce export hubs

PTI

Centre approves appointments of new Chairman, Managing Director of State Bank of India

ANI

Record shooting contingent out to end India's 12-year medal drought

PTI

India proposes G20 satellite for climate observation

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Centre considers lowering EV tariff to lure Musk's Tesla: Report

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Nirmala Sitharaman says Indian companies can go for overseas listing

PTI

Centre proposes to raise LIC's authorised capital to ₹25,000 crore

IANS

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