By , NEW DELHI (Reuters) - India has stepped up scrutiny of investments from companies based in neighbouring countries, in what is widely seen as a move to stave off takeovers by Chinese firms during the coronavirus outbreak.India’s trade ministry said in a notification dated April 17 the changes to federal rules on investment were meant to curb “opportunistic takeovers/acquisitions”. It did not mention China.Investments from an entity in a country that shares a land border with India will require government approval, it said, meaning they can not go through a so-called automatic...…By , NEW DELHI (Reuters) - India has stepped up scrutiny of investments from companies based in neighbouring countries, in what is widely seen as a move to stave off takeovers by Chinese firms during the coronavirus outbreak.India’s trade ministry said in a notification dated April 17 the changes to federal rules on investment were meant to curb “opportunistic takeovers/acquisitions”. It did not mention China.Investments from an entity in a country that shares a land border with India will require government approval, it said, meaning they can not go through a so-called automatic...WW…

By , NEW DELHI (Reuters) - India’s health ministry warned on Sunday that a huge gathering of devotees for a Hindu festival could send coronavirus cases surging, as the country recorded the most new infections in nearly four months.Slideshow The ministry said up to 40 people were testing positive for COVID-19 daily around the site of the weeks-long Mahakumbh that began this month and peaks in April in the Himalayan holy town of Haridwar, next to the Ganges.The festival is held only once every 12 years. Organisers have said more than 150 million visitors are expected, as many Hindus believe...…By , NEW DELHI (Reuters) - India’s health ministry warned on Sunday that a huge gathering of devotees for a Hindu festival could send coronavirus cases surging, as the country recorded the most new infections in nearly four months.Slideshow The ministry said up to 40 people were testing positive for COVID-19 daily around the site of the weeks-long Mahakumbh that began this month and peaks in April in the Himalayan holy town of Haridwar, next to the Ganges.The festival is held only once every 12 years. Organisers have said more than 150 million visitors are expected, as many Hindus believe...WW…

By , NEW DELHI/MUMBAI (Reuters) - India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.The measure is in line with a January government agenda that called for banning private virtual...…By , NEW DELHI/MUMBAI (Reuters) - India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.The measure is in line with a January government agenda that called for banning private virtual...WW…

By , NEW DELHI/MUMBAI (Reuters) - India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.The measure is in line with a January government agenda that called for banning private virtual...…By , NEW DELHI/MUMBAI (Reuters) - India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.The measure is in line with a January government agenda that called for banning private virtual...WW…

By , NEW DELHI/MUMBAI (Reuters) - India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.The measure is in line with a January government agenda that called for banning private virtual...…By , NEW DELHI/MUMBAI (Reuters) - India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.The bill, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.The measure is in line with a January government agenda that called for banning private virtual...WW…

By , NEW DELHI (Reuters) - India is ready to offer incentives to ensure Tesla Inc’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari told Reuters.Gadkari’s pitch comes weeks after billionaire Elon Musk’s Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric sedan in India.“Rather than assembling (the cars) in India...…By , NEW DELHI (Reuters) - India is ready to offer incentives to ensure Tesla Inc’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari told Reuters.Gadkari’s pitch comes weeks after billionaire Elon Musk’s Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric sedan in India.“Rather than assembling (the cars) in India...WW…

By , NEW DELHI (Reuters) - India is ready to offer incentives to ensure Tesla Inc’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari told Reuters.Gadkari’s pitch comes weeks after billionaire Elon Musk’s Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric sedan in India.“Rather than assembling (the cars) in India...…By , NEW DELHI (Reuters) - India is ready to offer incentives to ensure Tesla Inc’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari told Reuters.Gadkari’s pitch comes weeks after billionaire Elon Musk’s Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric sedan in India.“Rather than assembling (the cars) in India...WW…

By , NEW DELHI (Reuters) - India plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil, according to a government proposal seen by Reuters.A proposal drafted by NITI Aayog, a federal think tank chaired by Prime Minister Narendra Modi, said India could slash its oil import bills by as much as $40 billion by 2030 if electric vehicles were widely adopted.The proposal is likely to be reviewed by Modi’s cabinet in the coming weeks, said a senior government...…By , NEW DELHI (Reuters) - India plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil, according to a government proposal seen by Reuters.A proposal drafted by NITI Aayog, a federal think tank chaired by Prime Minister Narendra Modi, said India could slash its oil import bills by as much as $40 billion by 2030 if electric vehicles were widely adopted.The proposal is likely to be reviewed by Modi’s cabinet in the coming weeks, said a senior government...WW…

By , NEW DELHI/BENGALURU (Reuters) - India reported a record jump in coronavirus infections on Saturday, a day after the government in the capital New Delhi ordered hospitals to cancel any leave and have workers return to duty immediately.India saw an increase of 14,516 COVID-19 cases, the health ministry said, taking the total to 395,047 with 12,948 deaths.It now has the world’s fourth highest number behind the United States, Brazil and Russia.In a memo to all government hospitals on Friday, the Delhi government ordered all leave cancelled and said further leave would only be granted under...…By , NEW DELHI/BENGALURU (Reuters) - India reported a record jump in coronavirus infections on Saturday, a day after the government in the capital New Delhi ordered hospitals to cancel any leave and have workers return to duty immediately.India saw an increase of 14,516 COVID-19 cases, the health ministry said, taking the total to 395,047 with 12,948 deaths.It now has the world’s fourth highest number behind the United States, Brazil and Russia.In a memo to all government hospitals on Friday, the Delhi government ordered all leave cancelled and said further leave would only be granted under...WW…